Horizon Kinetics Holding Corporation Reports Fourth Quarter and Annual Results
Annual and Fourth Quarter 2025 Highlights:
Revenues of $72.8 million for the year ended December 31, 2025, an increase $17.0 million, or 31.0%
Operating income of the Advisor-only segment (without consolidation of investment products) was $21.4 million for the year ended December 31, 2025
Net income attributable to Horizon Kinetics Holding Corporation of $5.1 million for the year ended December 31, 2025
Assets under management ("AUM") were $9.6 billion as of December 31, 2025
Board of Directors declares a $0.121 per share dividend
NEW YORK, NY / ACCESS Newswire / March 12, 2026 / Horizon Kinetics Holding Corporation (the "Company" or "HKHC") (OTCQX:HKHC) reported financial results for its fourth quarter and year ended December 31, 2025.
The Company grew revenues $17.0 million, or 31%, for the year ended December 31, 2025 primarily from increased management fees related to growth at our mutual funds, which grew revenue by 42%, and our ETFs, which grew by 56%. The mutual fund fee growth largely occurred due to higher average AUM at the Paradigm Fund ("WWNPX") during 2025 resulting from 2024's market appreciation in two key holdings of Texas Pacific Land Corporation ("TPL") and Grayscale Bitcoin Trust ("GBTC"). Our mutual funds also benefited from the net inflows of nearly $100 million to the Market Opportunity Fund ("KMKNX") and the Small Cap Fund ("KSCOX"). The ETF management fee growth was also due primarily to higher average AUM in 2025, led by our Inflation Beneficiaries ETF ("INFL") with net inflows of $89 million as well as 18% NAV performance in 2025.
The Company's operating expenses were lower in the fourth quarter and full year of 2025. These decreases were principally related to the absence of commissions and other associated costs related to the 2024 incentive fees. During 2024, the Company benefited from incentive fees of $51.7 million earned from private funds due primarily to the increases in TPL and GBTC as previously noted. During 2025, both TPL and GBTC declined in value and incentive fees were generally not achieved at our private funds. However, the Company has reported unearned incentive fees of $22.6 million related to certain private funds holding shares of Miami International Holdings (Ticker: "MIAX"), which completed an initial public offering in 2025. Our incentive fees are unearned while the MIAX shares are restricted for sale. While this value of incentive fees will fluctuate based on the market price of MIAX, we expect incentives fees associated with these private funds, if any, to be resolved and measured during the first quarter of 2026.
The Company experienced unrealized losses on investments of $15.6 million for the year ended December 31, 2025 in contrast to the $41.3 million of unrealized gains on investments during 2024. This change was primarily the impact of a 22% decline in the fair value of TPL during the 2025 year after its 111% appreciation during 2024. The Company's equity earnings (losses), net and investment and other income (losses) from consolidated investment products were similarly impacted during the year from these factors.
On March 11, 2026, the Company's Board of Directors declared a cash dividend of $0.121 per share, payable on March 31, 2026, to shareholders of record as of the close of business on March 23, 2026.
Conference Call
Murray Stahl, Chairman and Chief Executive Officer, and Mark Herndon, Chief Financial Officer, will host a conference call on March 17, 2026, at 4:15 p.m. EDT. You may register for the conference call by clicking on the following link:
https://attendee.gotowebinar.com/register/6790428136448375131
Thu, Mar 17, 2026 4:15 PM ET
Phone Access: +1 (415) 655-0052 Access Code: 230-724-379
Only online participants can submit questions during the webinar.
HORIZON KINETICS HOLDING CORPORATION
Consolidated Statements of Operations
(in thousands)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
(Unaudited)
$
16,923
$
18,209
$
72,388
$
55,486
113
34
458
322
17,036
18,243
72,846
55,808
7,310
17,647
32,028
37,550
3,655
11,212
15,703
19,093
199
442
1,116
1,816
2,446
2,693
10,174
10,090
664
668
2,742
2,319
14,274
32,662
61,763
70,868
2,762
(14,419
)
11,083
(15,060
)
(1,323
)
2,354
(4,866
)
6,037
900
453
2,375
1,714
(655
)
(128
)
(1,185
)
(2,985
)
(201,901
)
398,266
(17,768
)
840,735
1,976
2,883
8,394
20,377
(3,704
)
4,192
(796
)
6,984
169
90
2,398
432
(6,820
)
16,387
(15,554
)
41,329
(211,358
)
424,497
(27,002
)
914,623
(208,596
)
410,078
(15,919
)
899,563
19,379
(33,607
)
23,219
(104,381
)
(189,217
)
376,471
7,300
795,182
-
(224
)
(1,300
)
(371
)
$
(189,217
)
$
376,247
$
6,000
$
794,811
174,748
(300,487
)
(882
)
(702,339
)
$
(14,469
)
$
75,760
$
5,118
$
92,472
$
(10.15
)
$
20.20
$
0.39
$
43.56
$
-
$
(0.01
)
$
(0.07
)
$
(0.02
)
$
(0.78
)
$
4.07
$
0.27
$
5.07
18,635
18,634
18,635
18,256
HORIZON KINETICS HOLDING CORPORATION
Consolidated Statements of Financial Condition
(in thousands)
December 31,
December 31,
2025
2024
$
36,884
$
14,446
6,575
8,344
76,535
91,435
45,493
44,306
1,708,395
1,746,850
9,517
19,247
21,032
13,443
6,382
5,105
395
99
8,603
1,728
10
27
12,509
13,240
-
4,364
41,108
42,169
23,373
23,373
$
1,996,811
$
2,028,176
$
12,149
$
21,547
578
6,522
66
222
1,596
1,486
735
2,793
66,345
95,683
7,689
11,597
-
464
8,248
7,379
97,406
147,693
1,560,452
1,540,312
-
-
1,864
1,864
39,243
39,243
297,846
299,064
338,953
340,171
$
1,996,811
$
2,028,176
Additional information about our performance
The Company consolidates certain private funds in order for the consolidated financial statements to conform with generally accepted accounting principles. As a result, the assets and liabilities of the applicable consolidated investment products are presented on the Company's consolidated statements of financial condition. Additionally, an amount that represents the Company's clients' interests in these consolidated proprietary funds will be presented as redeemable noncontrolling interests on the Company's consolidated statements of financial condition. The investment income (losses), other income (losses) and the expenses of the consolidated investment products will be presented within the Company's consolidated statements of operations. Additionally, an amount that represents the net income attributable to redeemable noncontrolling interests as well as the net income (loss) attributable to Horizon Kinetics Holding Corporation is presented on the Company's consolidated statement of operations.
Consolidated Investment Products ("CIPs") consist of certain private investment funds which are sponsored by the Company. The Company has no right to the CIPs' assets, other than its direct equity investments in them and investment management and other fees earned from them. The liabilities of the CIPs have no recourse to the Company's assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the CIPs' liabilities.
As indicated in the additional information presented in the tables below, there are several notable presentational differences as a result of the consolidation of the CIPs:
Management and advisory fees, including incentive fees, from CIPs are eliminated from consolidated revenues. Accordingly, our presentation without the CIPs reflects a decline in revenue due to 2024's incentive fee of $51.7 million from our private funds that did not recur in 2025.
The equity in earnings (losses) of private funds primarily results from CIPs that are eliminated from the consolidated presentation as that activity is included within the investment results of the CIPs. Accordingly, our presentation without the CIPs reflects an increased level of equity earnings or losses that present changes in the value of our holdings within the CIPs. During 2025, this activity resulted in losses of equity earnings as a result of unrealized losses across multiple private funds due to changes in the fair value of their underlying assets, which included declines of TPL and GBTC.
Stockholders' equity and net income attributable to Horizon Kinetics Holding Corporation are not impacted by the consolidation process.
The Statement of Financial Condition without the consolidation of private funds presents lower total assets as a result of excluding the total assets held by the CIPs as well as the associated redeemable noncontrolling interests, which represents our clients' interests in these funds. A portion of the total assets held by private funds continues to relate to economic interests held by Horizon Kinetics Holding Corporation, which is reflected in Other Investments in the presentation below. This activity resulted in an equity income/(loss) of ($25.4) million during 2025 as a result of the performance of the CIPs.
HORIZON KINETICS HOLDING CORPORATION
Statements of Operations (Unaudited)
(in thousands)
(Advisor only: without consolidation of investment products)
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
$
18,721
$
69,746
$
79,961
$
111,481
113
34
458
322
18,834
69,780
80,419
111,803
7,310
17,647
32,028
37,550
3,654
11,212
15,703
19,093
199
442
1,116
1,816
2,381
2,733
10,174
10,197
-
-
-
-
13,544
32,034
59,021
68,656
5,290
37,746
21,398
43,147
(29,026
)
50,851
(25,437
)
106,603
900
453
2,375
1,714
(654
)
(128
)
(1,185
)
(2,985
)
-
-
-
-
-
-
-
-
(3,704
)
4,192
(796
)
6,984
168
90
2,398
432
(6,821
)
16,387
(15,554
)
41,329
(39,137
)
71,845
(38,199
)
154,077
(33,847
)
109,591
(16,801
)
197,224
19,378
(33,607
)
23,219
(104,381
)
(14,469
)
75,984
6,418
92,843
-
(224
)
(1,300
)
(371
)
$
(14,469
)
$
75,760
$
5,118
$
92,472
-
-
-
-
$
(14,469
)
$
75,760
$
5,118
$
92,472
$
(0.78
)
$
4.07
$
0.27
$
5.07
18,635
18,634
18,635
18,256
Year Ended December 31, 2025
Consolidated Company Entities
Consolidated Investment Products
Eliminations
Consolidated
$
79,961
$
-
$
(7,573
)
$
72,388
458
-
-
458
80,419
-
(7,573
)
72,846
32,028
-
-
32,028
15,703
-
-
15,703
1,116
-
-
1,116
10,174
-
-
10,174
-
10,315
(7,573
)
2,742
59,021
10,315
(7,573
)
61,763
21,398
(10,315
)
-
11,083
(25,437
)
-
20,571
(4,866
)
2,375
-
-
2,375
(1,185
)
-
-
(1,185
)
-
(17,768
)
-
(17,768
)
-
8,394
-
8,394
(796
)
-
-
(796
)
2,398
-
-
2,398
(15,554
)
-
-
(15,554
)
(38,199
)
(9,374
)
20,571
(27,002
)
(16,801
)
(19,689
)
20,571
(15,919
)
23,219
-
-
23,219
6,418
(19,689
)
20,571
7,300
(1,300
)
-
-
(1,300
)
$
5,118
$
(19,689
)
$
20,571
$
6,000
-
541
(1,423
)
(882
)
$
5,118
$
(19,148
)
$
19,148
$
5,118
HORIZON KINETICS HOLDING CORPORATION
Statements of Financial Condition (Unaudited)
(in thousands)
(Advisor only: without consolidation of investment products)
December 31,
December 31,
2025
2024
$
36,884
$
14,446
8,154
58,720
76,535
91,435
-
-
-
-
-
-
220,065
228,870
6,382
5,105
395
99
8,603
1,729
20
34
12,509
13,240
-
4,345
41,108
42,169
23,373
23,393
$
434,028
$
483,585
$
12,149
$
21,547
578
6,522
66
222
-
-
-
-
-
-
66,345
95,683
7,689
11,597
-
464
8,248
7,379
95,075
143,414
-
-
-
-
1,864
1,864
39,243
39,243
297,846
299,064
338,953
340,171
$
434,028
$
483,585
December 31, 2025
Consolidated Company Entities
Consolidated Investment Products
Eliminations
Consolidated
$
36,884
$
-
$
-
$
36,884
8,154
-
(1,579
)
6,575
76,535
-
-
76,535
-
45,493
-
45,493
-
1,708,395
-
1,708,395
-
9,517
-
9,517
220,065
-
(199,033
)
21,032
6,382
6,382
395
395
8,603
8,603
20
(10
)
10
12,509
-
-
12,509
41,108
-
-
41,108
23,373
-
-
23,373
$
434,028
$
1,763,405
$
(200,622
)
$
1,996,811
$
12,149
$
-
$
-
$
12,149
578
-
-
578
66
-
-
66
-
1,606
(10
)
1,596
-
1,580
(1,580
)
-
-
735
-
735
66,345
-
-
66,345
7,689
-
-
7,689
8,248
-
-
8,248
95,075
3,921
(1,590
)
97,406
-
1,599,587
(39,135
)
1,560,452
338,953
159,897
(159,897
)
338,953
$
434,028
$
1,763,405
$
(200,622
)
$
1,996,811
Non-GAAP Measures
In discussing financial results, the Company presented tables without the consolidation of certain private funds which is not in accordance with Generally Accepted Accounting Principles (GAAP). We use this non-GAAP financial measure internally to make operating and strategic decisions, including evaluating our overall performance and as a factor in determining compensation for certain employees. We believe presenting this non-GAAP financial measure provides additional information to facilitate comparison of our historical operating costs and their trends, and provides additional transparency on how we evaluate our financial condition and results of operations. We also believe presenting this measure allows investors to view our financial condition and results of operations using the same measure that we use in evaluating our performance and trends.
Note Regarding Forward-Looking Statements
This news release may contain "forward-looking statements" within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the use of forward-looking terminology such as "assumptions," "target," "guidance," "strategy," "outlook," "plans," "projection," "may," "will," "would," "expect," "intend," "estimate," "anticipate," "believe", "potential," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology.
Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the Company's subsequent Quarterly Reports on Form 10-Q and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent filings with the Securities and Exchange Commission.
About Horizon Kinetics Holding Corporation
Horizon Kinetics Holding Corporation (OTCQX:HKHC) offers investment advisory services through its subsidiary Horizon Kinetics Asset Management LLC ("HKAM"), a registered investment adviser. HKAM provides independent proprietary research and investment advisory services for mainly long-only and alternative value-based investing strategies. The firm's offices are located in New York City, White Plains, New York, Greenwich, Connecticut and Summit, New Jersey. For more information, please visit http://www.hkholdingco.com.
Investor Relations Contact:
[email protected]
SOURCE: Horizon Kinetics Holding Corporation