Form 4: Horizon Kinetics CEO Boosts Stake

Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp, increased his direct and indirect beneficial ownership of company common stock through recent transactions and prior merger-related share acquisitions.

Summary

• Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp, reported changes in his beneficial ownership of the company's common stock.
• On August 20, 2025, Mr. Stahl directly acquired 8 shares of common stock at $38.15 per share.
• Indirectly, Horizon Common Inc. acquired 6 shares and FRMO Corp. acquired 1 share on the same date at the same price.
• Following these transactions, Mr. Stahl directly beneficially owns 248,865 shares.
• Indirect beneficial ownership includes 8,216,567 shares through Horizon Common Inc., 823,863 shares through FRMO Corp., 6,900 shares through Kinetics Institutional Partners LP, and 5,810 shares through Kinetics Partners LP.
• A significant portion of these holdings, specifically 248,460 shares for Mr. Stahl directly, 8,214,337 shares for Horizon Common Inc., and 823,863 shares for FRMO Corp., were received on August 1, 2024, in connection with the merger between Horizon Kinetics LLC and Scott's Liquid Gold-Inc.
• Mr. Stahl exercises discretion over shares held by Horizon Common Inc. and FRMO Corp., owning approximately 21% of Horizon Common Inc.'s shares and 16% of FRMO Corp.'s shares, disclaiming beneficial ownership over the remainder.

Sentiment

Score: 7

Explanation: The filing indicates that a key insider, the CEO and CIO, is increasing his direct and indirect stake in the company, which is generally viewed as a positive signal of confidence in the company's future prospects. The significant existing beneficial ownership stemming from the merger further reinforces this alignment.

Positives

• CEO Murray Stahl increased his direct beneficial ownership, signaling confidence in the company's prospects.
• The acquisition of additional shares by entities associated with the CEO indicates continued alignment of management and shareholder interests.

Future Outlook

No forward-looking statements or guidance provided.

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 reflects an insider transaction following a merger, indicating integration and ongoing management involvement post-acquisition. It highlights consolidation activity within the financial services or asset management sector, given Horizon Kinetics' nature.

Related Party Transactions

• Murray Stahl directly acquired shares and indirectly holds shares through entities where he exercises discretion and has pecuniary interest.
• Horizon Common Inc. and FRMO Corp., entities over which Mr. Stahl exercises discretion, acquired shares.

Stakeholder Impact

• Shareholders: May view the insider buying as a positive signal of management confidence.

Key Dates

Recommendation

The CEO and CIO, Murray Stahl, has increased his direct and indirect beneficial ownership in Horizon Kinetics Holding Corp. Insider buying, particularly by top executives, is a strong indicator of confidence in the company's future performance and valuation. This action suggests that management believes the stock is currently undervalued or has significant upside potential. The substantial existing holdings from the merger further align management's interests with shareholders.

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, SEC Form 4, Beneficial Ownership, Insider Trading, Stock Acquisition, Merger, Scott's Liquid Gold-Inc, Corporate Governance