Form 4: Horizon Kinetics CEO & Affiliates Boost Holdings

Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp, and related entities, reported significant purchases of common stock.

Summary

• Murray Stahl, CEO, CIO, Director, and 10% owner of Horizon Kinetics Holding Corp (HKHC), reported acquisitions of common stock.
• The transactions occurred on December 1, 2025.
• Stahl directly acquired 249,054 shares at $27 per share.
• Horizon Common Inc., a 10% owner, indirectly acquired 8,216,700 shares at $27 per share.
• Horizon Kinetics Hard Assets, LLC indirectly acquired 63 shares at $27 per share.
• Other indirect holdings reported include 823,923 shares by Stahl's spouse, 6,900 shares by FRMO Corp., 5,810 shares by Kinetics Institutional Partners LP, 952 shares by Kinetics Partners LP, and 5 shares by Horizon Kinetics Asset Management LLC.
• Stahl disclaims beneficial ownership for shares where he exercises discretion, except to the extent of his pecuniary interest.
• The transactions were made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 8

Explanation: The substantial acquisition of common stock by the CEO/CIO and related entities, particularly at a fixed price, indicates strong insider confidence in the company's valuation and future performance. This is generally viewed as a positive signal by the market.

Positives

• Significant insider buying by the CEO/CIO and related entities, totaling over 8.4 million shares, signals strong confidence in the company's future.
• The purchases were made at a consistent price of $27 per share, indicating management's belief in the current valuation or future prospects.
• The transactions were made pursuant to a Rule 10b5-1 plan, suggesting a pre-planned and strategic investment by insiders.

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

Insider buying by key executives and significant shareholders often signals confidence in a company's future prospects, potentially indicating that management believes the stock is undervalued or expects positive developments. This can be a bullish signal for investors, especially when the purchases are substantial and made by individuals with deep knowledge of the company's operations and strategy.

Related Party Transactions

• Acquisition of shares by entities related to Murray Stahl, including Horizon Common Inc., Horizon Kinetics Hard Assets, LLC, FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC.
• Shares indirectly owned by Murray Stahl's spouse.

Stakeholder Impact

• Shareholders may view the significant insider buying as a strong vote of confidence from management, potentially leading to increased investor interest and positive sentiment.
• The transactions, especially those under a 10b5-1 plan, demonstrate management's long-term commitment to the company's equity.

Key Dates

Recommendation

The substantial insider buying by CEO/CIO Murray Stahl and affiliated entities, totaling over 8.4 million shares at a price of $27, signals strong confidence from those most knowledgeable about the company's intrinsic value and future prospects. Such significant purchases, particularly when pre-planned under a 10b5-1 plan, often precede positive developments or indicate a belief that the stock is undervalued. This action suggests a favorable outlook from management, making it a compelling 'buy' signal for investors.

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Insider Buying, Form 4, SEC Filing, Common Stock, CEO, CIO, 10b5-1 Plan