Form 4: CEO Murray Stahl Boosts Stake in Horizon Kinetics

Horizon Kinetics Holding Corp's CEO and CIO, Murray Stahl, increased his beneficial ownership of common stock through multiple purchases at $27.23 per share.

Summary

• Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp, acquired additional shares of common stock.
• The transactions occurred on November 28, 2025.
• Shares were purchased at a price of $27.23 per share.
• Stahl directly acquired 12 shares and indirectly acquired 6 shares via Horizon Common Inc. and 4 shares via Horizon Kinetics Hard Assets, LLC.
• Following these transactions, Stahl's direct beneficial ownership is 249,042 shares.
• His indirect beneficial ownership includes 8,216,694 shares via Horizon Common Inc., 59 shares via Horizon Kinetics Hard Assets, LLC, 5 shares via Spouse, 823,923 shares via FRMO Corp., 6,900 shares via Kinetics Institutional Partners LP, 5,810 shares via Kinetics Partners LP, and 952 shares via Horizon Kinetics Asset Management LLC.
• Stahl disclaims beneficial ownership except to the extent of his pecuniary interest for shares where he exercises discretion.

Sentiment

Score: 8

Explanation: The insider buying by the CEO and CIO is a strong positive signal, indicating management's confidence in the company's valuation and future prospects. While the transaction amounts are small relative to total holdings, the act of buying at current prices is a bullish indicator.

Positives

• Insider buying by the CEO and CIO, Murray Stahl, signals confidence in the company's future prospects.
• The purchases were made at a price of $27.23 per share, indicating management's belief in the stock's value at this level.
• Increased alignment of management's interests with those of shareholders.

Future Outlook

NA

Management Comments

• Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.

Industry Context

NA

Stakeholder Impact

• Shareholders: May view the insider buying as a positive sign of management's belief in the company's value, potentially boosting investor confidence.

Key Dates

Recommendation

The CEO and CIO, Murray Stahl, increasing his beneficial ownership through open market purchases at $27.23 per share is a strong vote of confidence from an insider with deep knowledge of the company's operations and future outlook. This insider buying suggests that management believes the stock is undervalued or has significant upside potential, making it a 'buy' signal for investors.

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Insider Buying, Form 4, CEO, CIO, Stock Purchase, Beneficial Ownership, SEC Filing