Form 4: Horizon Kinetics CEO & CIO Murray Stahl Reports Significant Share Acquisitions Post-Merger

Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp, has reported significant direct and indirect acquisitions of company common stock, primarily stemming from the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc.

Summary

• Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp (HKHC), reported the direct acquisition of 248,761 shares of HKHC common stock at a price of $38.5 per share on May 22, 2025.
• Horizon Common Inc., an entity over which Mr. Stahl exercises discretion and holds approximately 21% ownership, acquired 8,216,537 shares of HKHC common stock at $38.5 per share on May 22, 2025.
• FRMO Corp., another entity over which Mr. Stahl exercises discretion and holds approximately 16% ownership, beneficially owns 823,863 shares of HKHC common stock.
• Further indirect beneficial ownership includes 6,900 shares through Kinetics Institutional Partners LP, 5,810 shares through Kinetics Partners LP, and 951 shares through Horizon Kinetics Asset Management LLC.
• These share acquisitions and beneficial ownerships are primarily linked to the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc., which was completed on August 1, 2024.
• Mr. Stahl disclaims beneficial ownership over the shares held by the indirect entities except to the extent of his pecuniary interest.

Sentiment

Score: 8

Explanation: The filing indicates significant insider ownership by the CEO and CIO following a merger, which is generally a positive signal of management confidence and alignment with shareholder interests. No negative information or risks are disclosed.

Positives

• Significant insider acquisition of shares by CEO and CIO Murray Stahl, indicating strong confidence in the company's future prospects.
• The completion of the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc. has led to a formalized ownership structure for key executives.
• Murray Stahl's substantial direct and indirect beneficial ownership aligns his financial interests with those of public shareholders.

Future Outlook

The document does not provide specific forward-looking statements or guidance, focusing solely on changes in beneficial ownership following a merger.

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 a post-merger share distribution for Horizon Kinetics Holding Corp, indicating the integration phase following the combination of Horizon Kinetics LLC and Scotts Liquid Gold-Inc. Such insider ownership disclosures are common after significant corporate actions like mergers, as they formalize the new ownership structure for key executives and related entities.

Comparison to Industry Standards

• As a Form 4 filing, this document primarily reports insider transactions and beneficial ownership changes, rather than operational or financial performance. Therefore, direct comparison to industry-specific financial benchmarks or project results is not applicable.
• However, the significant insider ownership by the CEO and CIO, Murray Stahl, is generally viewed positively as it aligns management's interests with shareholders, a common best practice in corporate governance.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Horizon Common Inc. and FRMO Corp., entities over which Murray Stahl exercises discretion and holds significant ownership, can be considered related party transactions as they involve entities closely tied to the reporting insider.

Stakeholder Impact

• **Shareholders**: The significant increase in insider ownership by the CEO and CIO may be viewed positively, signaling strong management confidence and aligning their interests with long-term shareholder value. It provides transparency on key executive holdings.
• **Employees**: No direct impact on employees is indicated in this ownership disclosure.
• **Customers/Suppliers/Creditors**: No direct impact on these stakeholders is indicated in this ownership disclosure.

Key Dates

Recommendation

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, SEC Form 4, Insider Ownership, Stock Acquisition, Merger, Scotts Liquid Gold-Inc, Beneficial Ownership, CEO, CIO, Corporate Governance