Form 4: Horizon Kinetics CEO Stahl Boosts Stake in Company

Horizon Kinetics Holding Corp's CEO and CIO, Murray Stahl, reported recent purchases of common stock, increasing his direct and indirect beneficial ownership.

Summary

• Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp, acquired additional shares of the company's common stock on November 21, 2025.
• The transactions included a direct purchase of 12 shares at a price of $28.25 per share.
• Indirect purchases included 9 shares via Horizon Common Inc. and 4 shares via Horizon Kinetics Hard Assets, LLC, both at $28.25 per share.
• Following these transactions, Mr. Stahl directly beneficially owns 248,994 shares of common stock.
• Indirect beneficial ownership includes 8,216,664 shares through Horizon Common Inc., 43 shares through Horizon Kinetics Hard Assets, LLC, 823,923 shares through his spouse, 6,900 shares through FRMO Corp., 5,810 shares through Kinetics Institutional Partners LP, and 952 shares through Kinetics Partners LP.
• Mr. Stahl disclaims beneficial ownership of indirectly held shares except to the extent of his pecuniary interest.
• The transactions were made pursuant to a Rule 10b5-1(c) pre-arranged plan.

Sentiment

Score: 7

Explanation: The insider purchase by the CEO and CIO, even if part of a 10b5-1 plan, generally conveys a positive sentiment regarding the company's prospects. While the number of shares purchased is small relative to total holdings, the act itself is a vote of confidence.

Positives

• A key insider, CEO and CIO Murray Stahl, increased his direct and indirect holdings in Horizon Kinetics Holding Corp, signaling confidence in the company's future prospects.
• The purchases were made at a price of $28.25 per share, indicating management's belief in the current valuation.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the transaction details.

Management Comments

• Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.

Industry Context

Insider buying, particularly by a CEO and CIO, is generally viewed positively by the market as it suggests management's belief in the company's intrinsic value and future performance, often outperforming broader market trends or peers in the asset management sector.

Related Party Transactions

• Murray Stahl's indirect beneficial ownership includes shares held through entities like Horizon Common Inc., Horizon Kinetics Hard Assets, LLC, FRMO Corp., Kinetics Institutional Partners LP, and Kinetics Partners LP, over which he exercises discretion, and shares held by his spouse. These represent related party dealings in terms of beneficial ownership.

Stakeholder Impact

• Shareholders may view the insider purchase as a positive signal, potentially increasing confidence in the company's leadership and future performance.
• Employees might perceive this as a sign of stability and management's commitment to the company's long-term success.

Key Dates

Recommendation

While insider buying by a CEO is generally a positive indicator, the relatively small number of shares purchased directly in this specific transaction, even when combined with indirect purchases, suggests a 'hold' rather than a 'buy' recommendation. It reinforces confidence but doesn't present a compelling new catalyst for a strong buy, especially given the pre-arranged nature of the transaction under Rule 10b5-1(c). Investors should consider this as a reaffirmation of management's belief in the company's value.

Keywords

Horizon Kinetics Holding Corp, HKHC, Murray Stahl, Insider Buying, Stock Purchase, CEO, CIO, Form 4, Beneficial Ownership, Rule 10b5-1