The guiding question of this paper encourages the search for aspects of the Richard Hönigswald’s theory of objectivity that would allow it to be seen as a kind of ontology. Those can easily be found if the theory is interpreted as a positive theory of reality. However, considering the psychology of thinking in Hönigswald’s theory of objectivity raises important doubts barring the definitive answer to that question. Hönigswald stops short of giving an ontological description of the formal structure of human subjectivity, instead reducing it to the statement: “I do think something”.