Form 4: Horizon Kinetics CEO and 10% Owner Murray Stahl Acquires Over 8 Million Shares Post-Merger

Horizon Kinetics Holding Corp's CEO and 10% owner, Murray Stahl, directly and indirectly acquired a significant number of common shares on June 4, 2025, following the merger with Scotts Liquid Gold-Inc.

Summary

• Murray Stahl, CEO, CIO, Director, and 10% owner of Horizon Kinetics Holding Corp (HKHC), reported significant share acquisitions.
• On June 4, 2025, Mr. Stahl directly purchased 248,825 shares of HKHC Common Stock at a price of $41 per share.
• On the same date, Horizon Common Inc., an entity over which Mr. Stahl exercises discretion and in which he owns approximately 21%, purchased 8,216,553 shares of HKHC Common Stock at $41 per share.
• These acquisitions are reported in connection with the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc., which was completed on August 1, 2024.
• Mr. Stahl also reported existing indirect beneficial ownership through his spouse (5 shares), FRMO Corp. (823,863 shares, where he owns approximately 16% and exercises discretion), Kinetics Institutional Partners LP (6,900 shares), Kinetics Partners LP (5,810 shares), and Horizon Kinetics Asset Management LLC (951 shares), disclaiming beneficial ownership over these shares except to the extent of his pecuniary interest.

Sentiment

Score: 8

Explanation: The significant acquisition of shares by the CEO and a major owner, especially following a merger, indicates strong insider confidence in the company's future prospects and valuation. This is generally viewed positively by the market.

Positives

• Significant insider buying by the CEO and a 10% owner, Murray Stahl, indicating strong confidence in the company's future prospects and valuation.
• The acquisitions are linked to the recent merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc., suggesting a strategic alignment and commitment post-integration.
• The purchase price of $41 per share represents a specific valuation at which key insiders are willing to increase their equity stake.

Negatives

• The document contains minor discrepancies between the share counts reported in the transaction table and the explanatory footnotes (e.g., 248,825 shares in table vs. 248,460 in explanation for Stahl's direct acquisition; 8,216,553 vs. 8,214,337 for Horizon Common Inc.).

Future Outlook

The document does not provide explicit forward-looking statements or guidance beyond the factual reporting of a transaction and current beneficial ownership.

Industry Context

This Form 4 filing details an insider transaction following a merger in the investment management sector. Such filings are common post-merger as ownership structures consolidate and key personnel adjust their holdings. The acquisition of shares by the CEO and a significant owner suggests a positive internal view of the combined entity's prospects within the financial services industry.

Related Party Transactions

• The document details transactions and beneficial ownership involving Murray Stahl, Horizon Common Inc., FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC. These entities are related parties through Mr. Stahl's direct or indirect control and pecuniary interest.
• Specifically, Mr. Stahl exercises discretion over shares held by Horizon Common Inc. (where he owns approximately 21%) and FRMO Corp. (where he owns approximately 16%), and other Kinetics entities, indicating significant related party holdings and influence.

Stakeholder Impact

• Shareholders: The significant insider buying by the CEO and a major owner could be perceived as a positive signal, potentially increasing investor confidence and demand for the stock. The merger itself has already impacted the shareholder base of both original entities.
• Employees: The merger and subsequent insider share acquisitions may signal stability and confidence in the company's future, which could positively impact employee morale and retention.

Key Dates

Recommendation

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Insider Trading, Form 4, Share Acquisition, Merger, Scotts Liquid Gold-Inc, Beneficial Ownership, CEO, 10% Owner, Investment Management