Form 4: Horizon Kinetics Holding Corp CEO and CIO Murray Stahl Boosts Stake, Reports Significant Beneficial Ownership Post-Merger

Murray Stahl, CEO and CIO of Horizon Kinetics Holding Corp and a 10% owner, has reported an increase in his beneficial ownership of the company's common stock, including recent acquisitions and substantial holdings linked to the merger between Horizon Kinetics LLC and Scotts Liquid Gold-Inc.

Summary

• Murray Stahl, serving as Director, 10% Owner, and CEO/CIO of Horizon Kinetics Holding Corp (HKHC), reported changes in his beneficial ownership of common stock.
• On May 23, 2025, Mr. Stahl directly acquired 8 shares of common stock at a price of $41.79 per share.
• On the same date, 2 shares of common stock were indirectly acquired via Horizon Common Inc. at $41.79 per share.
• Following these transactions, Mr. Stahl directly beneficially owns 248,769 shares of common stock.
• Indirect beneficial ownership includes 8,216,539 shares through Horizon Common Inc., 5 shares through his spouse, 823,863 shares through FRMO Corp., 6,900 shares through Kinetics Institutional Partners LP, 5,810 shares through Kinetics Partners LP, and 951 shares through Horizon Kinetics Asset Management LLC.
• 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 Scotts Liquid Gold-Inc.
• Mr. Stahl exercises discretion over shares held by Horizon Common Inc. and FRMO Corp., owning approximately 21% and 16% respectively of those entities' holdings, and disclaims beneficial ownership over the remaining shares.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to significant insider buying by the CEO and CIO, Murray Stahl, indicating strong confidence in the company's outlook and valuation. The substantial beneficial ownership post-merger further reinforces this positive sentiment.

Positives

• The acquisition of additional shares by CEO and CIO Murray Stahl signals strong insider confidence in the company's future prospects.
• Mr. Stahl's substantial direct and indirect beneficial ownership, totaling over 9 million shares, aligns his interests closely with those of other shareholders.
• The reporting clarifies the significant shareholdings resulting from the Horizon Kinetics LLC and Scotts Liquid Gold-Inc. merger, providing transparency on the ownership structure of the newly formed Horizon Kinetics Holding Corp.

Future Outlook

The document does not contain explicit forward-looking statements or guidance regarding the company's future performance or strategic direction beyond the reported ownership changes.

Industry Context

This Form 4 filing details an insider transaction and beneficial ownership reporting for Horizon Kinetics Holding Corp, a company formed from the merger of Horizon Kinetics LLC and Scotts Liquid Gold-Inc. While specific to this company, insider buying, especially by key executives and significant shareholders, is generally viewed as a positive signal of confidence in the company's valuation and future prospects within the broader investment management and consumer products sectors.

Related Party Transactions

• The reported acquisitions and beneficial ownership by Murray Stahl, as CEO, CIO, Director, and 10% owner, constitute related party transactions.

Stakeholder Impact

• Shareholders: Increased confidence due to management's direct investment and significant ownership, suggesting strong belief in the company's value.
• Management: Enhanced alignment of personal financial interests with the company's performance and shareholder returns.

Key Dates

Recommendation

Keywords

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