Murray Stahl - 10 Dec 2025 Form 4 Insider Report for Horizon Kinetics Holding Corp (HKHC)

Role: CEO and CIO, Director, 10%+ Owner
Signature: /s/ Jay Kesslen, attorney-in-fact
Issuer symbol: HKHC
Transactions as of: 10 Dec 2025
Net transactions value: +$594
Form type: 4
Filing time: 11 Dec 2025, 13:08:39 UTC
Previous filing: 10 Dec 2025
Next filing: 12 Dec 2025
SEC: View on sec.gov

Reporting Owners (2)

Name	Relationship	Address	Signature	Signature date	CIK
STAHL MURRAY	CEO and CIO, Director, 10%+ Owner	470 PARK AVENUE SOUTH, 8TH FLOOR SOUTH, NEW YORK	/s/ Jay Kesslen, attorney-in-fact	11 Dec 2025	0001207097
Horizon Common Inc	10%+ Owner	470 PARK AVENUE SOUTH, 8TH FLOOR SOUTH, NEW YORK	/s/ Jay Kesslen, attorney-in-fact	11 Dec 2025	0002033370

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HKHC	Common Stock	Purchase	$324	+12	+0%	$27.00	249,138	10 Dec 2025	Direct
transaction	HKHC	Common Stock	Purchase	$162	+6	+0%	$27.00	8,216,742	10 Dec 2025	Horizon Common Inc.	F1
transaction	HKHC	Common Stock	Purchase	$108	+4	+4.6%	$27.00	91	10 Dec 2025	Horizon Kinetics Hard Assets, LLC	F1
holding	HKHC	Common Stock						5	10 Dec 2025	Spouse
holding	HKHC	Common Stock						823,923	10 Dec 2025	FRMO Corp.	F1, F2
holding	HKHC	Common Stock						6,900	10 Dec 2025	Kinetics Institutional Partners LP	F1
holding	HKHC	Common Stock						5,810	10 Dec 2025	Kinetics Partners LP	F1
holding	HKHC	Common Stock						952	10 Dec 2025	Horizon Kinetics Asset Management LLC	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Mr. Stahl exercises discretion over shares of the Issuer and disclaims beneficial ownership except to the extent of his pecuniary interest.
F2	This holding includes shares owned by Fromex Equity Corp, which is a wholly owned subsidiary of FRMO Corp.