Form 4: Horizon Kinetics CEO Reports Minor Stock Purchases

Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp., reported the acquisition of 22 common shares at $27 per share, bringing his total beneficial ownership to over 9.3 million shares.

Summary

• Murray Stahl, CEO, CIO, Director, and 10% Owner of Horizon Kinetics Holding Corp., reported changes in beneficial ownership of common stock.
• On December 10, 2025, Stahl acquired a total of 22 shares of common stock at a price of $27 per share.
• These acquisitions included 12 shares acquired directly, 6 shares indirectly via Horizon Common Inc., and 4 shares indirectly via Horizon Kinetics Hard Assets, LLC.
• Following these transactions, Stahl's total beneficial ownership stands at 9,303,561 shares.
• This total beneficial ownership comprises 249,138 shares owned directly and 9,054,423 shares owned indirectly through various entities and a spouse.

Sentiment

Score: 6

Explanation: The filing reports minor insider purchases, which is a neutral to slightly positive signal. The overall beneficial ownership remains substantial, but the transaction size itself is not highly impactful.

Positives

• Insider buying, even if minor, can signal management's belief in the company's value.
• The reporting person, Murray Stahl, maintains a substantial beneficial ownership of 9,303,561 shares, indicating significant alignment with shareholder interests.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Indirect beneficial ownership of 8,216,742 shares via Horizon Common Inc.
• Indirect beneficial ownership of 91 shares via Horizon Kinetics Hard Assets, LLC.
• Indirect beneficial ownership of 5 shares via Spouse.
• Indirect beneficial ownership of 823,923 shares via FRMO Corp. (which includes Fromex Equity Corp, a wholly owned subsidiary of FRMO Corp.).
• Indirect beneficial ownership of 6,900 shares via Kinetics Institutional Partners LP.
• Indirect beneficial ownership of 5,810 shares via Kinetics Partners LP.
• Indirect beneficial ownership of 952 shares via Horizon Kinetics Asset Management LLC.

Stakeholder Impact

• The filing confirms continued alignment of a key executive's interests with shareholders through substantial beneficial ownership, though the reported transactions are minor.

Key Dates

Recommendation

While the CEO and CIO, Murray Stahl, reported minor purchases of common stock, these transactions are too small to significantly alter the investment thesis. The substantial existing beneficial ownership indicates long-term alignment, but the current filing does not provide new information warranting a change from a 'hold' position.

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Insider Transaction, Form 4, Stock Purchase, Beneficial Ownership, CEO, CIO