4/A: Horizon Kinetics CEO Amends Ownership Filing

Murray Stahl and Horizon Common Inc. updated their beneficial ownership report for Horizon Kinetics Holding Corp, adding Horizon Common Inc. as a 10% owner.

Summary

• Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp, filed an amended Form 4 (Form 4/A) to include Horizon Common Inc. as an additional reporting person and 10% owner.
• The amendment, signed on September 2, 2025, relates to transactions that occurred on August 26, 2025, and amends the original Form 4 filed on August 27, 2025.
• Mr. Stahl reported direct beneficial ownership of 248,929 shares of Common Stock after acquiring 8 shares at a price of $38 per share.
• He also reported indirect beneficial ownership of 8,216,591 shares through Horizon Common Inc. (after acquiring 6 shares at $38), 823,878 shares through FRMO Corp. (after acquiring 5 shares at $38, including shares from Fromex Equity Corp), and 5 shares through Horizon Kinetics Hard Assets, LLC (after acquiring 2 shares at $38).
• Further indirect beneficial ownership includes 5 shares through Spouse, 6,900 shares through Kinetics Institutional Partners LP, 5,810 shares through Kinetics Partners LP, and 952 shares through Horizon Kinetics Asset Management LLC.
• Mr. Stahl disclaims beneficial ownership over shares held by entities except to the extent of his pecuniary interest or specific ownership percentages (e.g., approximately 21% of Horizon Common Inc. shares, approximately 16% of FRMO Corp. shares).

Sentiment

Score: 5

Explanation: Neutral. This is a routine compliance filing (amendment to an insider ownership report) and does not contain information that would significantly alter the company's fundamental outlook. The small insider purchases are slightly positive but not material enough to shift sentiment significantly.

Positives

• Insider purchases, even in small quantities, can signal management confidence in the company's prospects.
• The amendment enhances transparency by formally adding Horizon Common Inc. as a 10% owner and reporting person.

Future Outlook

No forward-looking statements or guidance were provided in this amendment.

Management Comments

• "Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 21% of those held by Horizon Common Inc. He disclaims beneficial ownership over the remaining shares."
• "Mr. Stahl exercises discretion over the shares of the Issuer and owns approximately 16% of those held by FRMO Corp. He disclaims beneficial ownership over the remaining shares."
• "Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest."

Industry Context

This filing is a routine insider ownership disclosure and amendment, which does not provide information relevant to broader industry trends or competitive analysis.

Corporate Governance

Related Party Transactions

• Murray Stahl's indirect beneficial ownership through entities such as Horizon Common Inc., FRMO Corp., Horizon Kinetics Hard Assets, LLC, Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC, where he exercises discretion and has a pecuniary interest, represents related party dealings in terms of ownership structure and control.

Stakeholder Impact

• Shareholders: Provides updated transparency on significant beneficial ownership and related entities, which can be important for understanding control and influence within the company.
• Regulatory Authorities: Ensures compliance with Section 16(a) of the Securities Exchange Act of 1934 regarding insider ownership disclosures.

Key Dates

Recommendation

This filing is a routine amendment to an insider ownership report and does not contain material information to warrant a change in investment recommendation. While small insider purchases can be seen as a minor positive signal, they are not substantial enough to drive a 'buy' recommendation, nor is there any negative news to suggest a 'sell'. Therefore, a 'hold' recommendation is appropriate as the filing does not alter the fundamental investment thesis.

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Form 4/A, Beneficial Ownership, Insider Trading, SEC Filing, Director, CEO, CIO, 10% Owner, Common Stock, Horizon Common Inc.