Form 4: Horizon Kinetics CEO and 10% Owner Reports Significant Share Acquisitions Post-Merger

Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp., along with Horizon Common Inc., reported substantial acquisitions of common stock following the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc.

Summary

• Murray Stahl, in his capacity as CEO, CIO, Director, and 10% Owner of Horizon Kinetics Holding Corp. (HKHC), reported direct and indirect acquisitions of common stock.
• On June 2, 2025, Mr. Stahl directly acquired 248,809 shares of HKHC Common Stock at a price of $43.5 per share.
• On the same date, Horizon Common Inc., an entity over which Mr. Stahl exercises discretion and holds approximately 21% ownership, indirectly acquired 8,216,549 shares of HKHC Common Stock at $43.5 per share.
• These acquisitions are stated to be in connection with the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc., which occurred on August 1, 2024.
• Following these transactions, Mr. Stahl's total beneficial ownership includes 248,809 shares held directly and 8,216,549 shares held indirectly through Horizon Common Inc., 823,863 shares indirectly through his spouse, 6,900 shares indirectly through FRMO Corp., 5,810 shares indirectly through Kinetics Institutional Partners LP, and 951 shares indirectly through Kinetics Partners LP.
• Mr. Stahl disclaims beneficial ownership over portions of shares held by Horizon Common Inc. and FRMO Corp., and generally disclaims beneficial ownership except to the extent of his pecuniary interest in shares where he exercises discretion.

Sentiment

Score: 8

Explanation: The document reports significant insider buying by the CEO and a 10% owner following a merger, which is generally a strong positive signal of management confidence in the company's future.

Positives

• Significant insider buying by the CEO and CIO, Murray Stahl, indicates strong confidence in the company's future prospects post-merger.
• The substantial increase in beneficial ownership by a key executive and 10% owner aligns management's interests closely with those of shareholders.

Management Comments

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

Industry Context

This Form 4 filing reflects a change in insider ownership following a corporate merger, a common event in the financial industry where executive compensation and ownership structures are adjusted post-integration. Insider buying, especially by a CEO and CIO, is generally viewed as a positive signal of confidence in the company's valuation and future performance.

Related Party Transactions

• The indirect beneficial ownership through entities like Horizon Common Inc., FRMO Corp., Kinetics Institutional Partners LP, and Kinetics Partners LP, where Mr. Stahl exercises discretion or has a pecuniary interest, represents related party dealings in terms of beneficial ownership reporting.

Stakeholder Impact

• Shareholders: Increased alignment of management and significant owners with shareholder interests, potentially boosting investor confidence.
• Employees: No direct impact mentioned, but a stable ownership structure post-merger can contribute to organizational stability.

Key Dates

Recommendation

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, insider ownership, Form 4, beneficial ownership, merger, Scotts Liquid Gold-Inc, stock acquisition, corporate governance