Form 4: CEO Murray Stahl Buys Horizon Kinetics Stock

Horizon Kinetics Holding Corp. CEO and CIO Murray Stahl reported multiple purchases of common stock on December 8, 2025, increasing his direct and indirect beneficial ownership.

Summary

• Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp. (HKHC), acquired a total of 22 shares of common stock on December 8, 2025, at a price of $26.73 per share.
• The transactions were made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged purchase.
• The purchases include 12 shares acquired directly, 6 shares indirectly through Horizon Common Inc., and 4 shares indirectly through Horizon Kinetics Hard Assets, LLC.
• Following these transactions, Murray Stahl's direct beneficial ownership stands at 249,114 shares.
• His indirect beneficial ownership includes 8,216,730 shares through Horizon Common Inc., 83 shares through Horizon Kinetics Hard Assets, LLC, 5 shares through his spouse, 823,923 shares through FRMO Corp. (including its subsidiary Fromex Equity Corp.), 6,900 shares through Kinetics Institutional Partners LP, 5,810 shares through Kinetics Partners LP, and 952 shares through Horizon Kinetics Asset Management LLC.

Sentiment

Score: 6

Explanation: CEO and CIO Murray Stahl's purchases of company stock, while signaling management confidence, involve a very small number of shares (22 in total across direct and indirect holdings), which somewhat tempers the positive signal. The transaction being under a 10b5-1 plan also suggests it's a pre-scheduled event rather than an opportunistic buy.

Positives

• The CEO and CIO, Murray Stahl, acquiring company stock, even in small amounts and under a pre-arranged plan, signals management's confidence in the company's future prospects and valuation.

Future Outlook

The filing reports a pre-arranged transaction under a Rule 10b5-1(c) plan, which indicates a planned future purchase of equity securities, reflecting a long-term strategy rather than a reaction to immediate market conditions.

Management Comments

• Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.
• The holding through FRMO Corp. includes shares owned by Fromex Equity Corp, which is a wholly owned subsidiary of FRMO Corp.

Industry Context

Insider buying, even when executed under a Rule 10b5-1 plan, is generally viewed by the market as a positive indicator of management's belief in the company's intrinsic value and future performance, potentially signaling undervaluation or strong future prospects relative to industry peers.

Related Party Transactions

• Murray Stahl's indirect beneficial ownership includes shares held through various entities where he exercises discretion, such as Horizon Common Inc., Horizon Kinetics Hard Assets, LLC, FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC. These represent dealings with entities closely associated with the reporting person.

Stakeholder Impact

• Shareholders may interpret the CEO's stock purchases as a positive sign of management's belief in the company's value, potentially boosting investor confidence.

Key Dates

Recommendation

While the CEO's purchase of company stock, executed under a Rule 10b5-1 plan, indicates management's belief in the company's value, the extremely small number of shares acquired (22 shares) means this transaction alone does not provide a strong enough signal to warrant a 'buy' recommendation. It reinforces a 'hold' for existing investors, but further fundamental analysis is crucial to assess the company's overall financial health and strategic direction.

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Insider Trading, Stock Purchase, Form 4, CEO, CIO, Beneficial Ownership, Rule 10b5-1