Horizon Kinetics Holding Corporation Reports Third Quarter Results

Rhea-AI Summary

Horizon Kinetics Holding Corporation (HKHC) reported a third-quarter net loss attributable to the company of $18.350 million, reversing a year-earlier profit. The loss was $0.98 per share, versus earnings of $0.39. Revenue reached $18.030 million from $17.893 million, while operating income fell to $1.758 million from $2.949 million. Unrealized investment losses totaled $19.495 million.

Nine-month attributable net income rose to $35.803 million from $19.587 million. Assets under management reached $10.0 billion, up 3.9% year to date, despite net outflows. The board approved a three-year repurchase program of up to $25 million, which the company expects to fund from existing cash and cash equivalents. A $0.13-per-share dividend is payable December 10, 2026, to holders of record November 23. Higher quarterly operating expenses reflected replacement office leases, including an impairment and overlapping New York lease terms.

10 points · 0 major

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1 major · 13 points

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Positive

• Moderate point. Forward-looking: it has not happened yet and may not happen.Up to $25 million in share repurchases authorized over three years, with expected funding from existing cash. 7% of market cap
• Moderate pointNine-month attributable net income rose to $35.803 million from $19.587 million; EPS increased to $1.92 from $1.05.
• Moderate pointAssets under management reached $10.0 billion, up 3.9% year to date.
• Moderate pointNine-month unrealized investment gains reached $8.651 million, versus losses of $8.734 million a year earlier.
• Minor pointThird-quarter revenue increased to $18.030 million from $17.893 million a year earlier.

5 minor points

• Minor pointInflation Beneficiaries ETF revenue increased 26% for the quarter and 30% year to date.
• Minor pointSeparately managed account revenue increased 2.0% for the quarter and 4.3% year to date.
• Minor pointNon-GAAP nine-month management and advisory fees increased 27%, primarily reflecting $18.1 million in first-quarter incentive fees.
• Minor pointThird-quarter unrealized digital asset gains increased to $3.780 million from $1.260 million a year earlier.
• Minor pointShareholders’ equity increased to $367.711 million at September 30 from $338.953 million at December 31.

Negative

• Major pointThird-quarter attributable net loss of $18.350 million compared with $7.235 million income; EPS fell to negative $0.98 from $0.39.
• Moderate pointThird-quarter operating income fell to $1.758 million from $2.949 million a year earlier.
• Moderate pointNine-month operating income fell to $391,000 from $8.321 million a year earlier.
• Moderate pointThird-quarter operating expenses rose 8.9%, including replacement-office lease costs, an impairment and overlapping New York leases.
• Moderate pointYear-to-date net outflows primarily reflected private-fund redemptions following expiration of Miami International Holdings post-IPO restrictions.

8 minor points

• Minor pointNine-month revenue decreased to $55.359 million from $55.810 million a year earlier.
• Minor pointNine-month operating expenses increased to $54.968 million from $47.489 million a year earlier.
• Minor pointThird-quarter unrealized investment losses widened to $19.495 million from $7.046 million a year earlier.
• Minor pointNon-GAAP third-quarter private-fund equity losses widened to $19.848 million from $3.050 million a year earlier.
• Minor pointMutual fund revenue declines more than offset Inflation Beneficiaries ETF revenue increases.
• Minor pointNine-month unrealized digital asset losses totaled $491,000, versus gains of $2.908 million a year earlier.
• Minor pointCash and cash equivalents decreased to $36.417 million at September 30 from $36.884 million at December 31.
• Minor pointOperating lease liabilities increased to $25.325 million at September 30 from $8.248 million at December 31.

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NEW YORK CITY, NY / ACCESS Newswire / November 12, 2026 / Horizon Kinetics Holding Corporation (the "Company" or "HKHC") (OTCQX:HKHC) reported financial results for its third quarter of 2026.

The Company's management and advisory fees increased by 0.3% for the third quarter of 2026 and were down 1.2% for the year-to-date period. The Company continued to experience growth from our Inflation Beneficiaries ETF, whose revenues increased 26% for the quarter and 30% for the year-to-date period. However, these increases were more than offset by decreased revenues from our mutual funds. The Company also reported revenue increases of 2.0% for the quarter and 4.3% for the year-to-date period from separately managed accounts.

The Company's AUM was $10.0 billion, an increase of 3.9% for the year-to-date period primarily due to the increase in market value of Texas Pacific Land Corporation ("TPL"), which increased 13.4% year-to-date. The impact of the TPL increase was partially offset by decreases in bitcoin-related holdings. The Company has also experienced net outflows for the year-to-date period primarily from redemptions from private funds holding shares of Miami International Holdings, Inc., which were generally expected due to the expiration of restrictions following its IPO during 2025.

The Company's total operating expenses increased $1.3 million, or 8.9%, during the third quarter as a result of higher general and administrative expenses associated with the commencement of new replacement office leases, which includes an impairment of the right-of-use asset and a period of overlapping lease terms associated with our New York location. These increased costs were partially offset by lower variable compensation.

As described in the advisor only presentation (Non-GAAP), HKHC shareholders experienced declines from a $19.8 million net loss from equity in earnings of private funds, $19.5 million of unrealized losses, net, from investments, offset with $3.8 million of unrealized gains from digital asset holdings for the three months ended September 30, 2026. These results partially offset significant unrealized gains from the first and second quarters and have resulted in total other income of $20.5 million for the nine months ended September 30, 2026.

On November 11, 2026, the Company's Board of Directors declared a cash dividend of $0.13 per share, payable on December 10, 2026, to shareholders of record as of the close of business on November 23, 2026. Also, the Company's Board of Directors announced today that the Board of Directors have unanimously approved a 3-year stock repurchase program ("Program") under which the Company may repurchase up to $25 million of the Company's outstanding common stock. Purchases under the Program may be made through a combination of open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, block trades, privately negotiated transactions or other transactions in the discretion of the Company. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, price, timing and manner of any repurchases will be determined at the Company's discretion, subject to general market conditions and regulatory factors. The Program does not obligate the Company to repurchase any specific amount of common stock and may be modified, suspended or discontinued at any time without notice at the discretion of the Company. The Company expects to fund the Program from existing cash and cash equivalents.

Conference Call

Peter Doyle and Steve Bregman, Co-Chief Executive Officers, and Mark Herndon, Chief Financial Officer, will host a conference call on Tuesday, November 17, 2026 at 4:15 pm EST. You may register for the conference call by clicking on the following link:

Tuesday, November 17, 2026 4:15 pm EST

Online Webinar: REGISTER HERE

Phone Access: +1 (213) 929-4212 Access Code: 608-746-624

Only online participants can submit questions during the Webinar.

HORIZON KINETICS HOLDING CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Management and advisory fees		$	17,813			$	17,764			$	54,826			$	55,465
Other income and fees			217				129				533				345
Total revenue			18,030				17,893				55,359				55,810
Operating expenses:
Compensation and related employee benefits			7,090				7,685				29,698				24,718
Sales, distribution and marketing			3,606				3,774				12,389				12,048
Depreciation and amortization			217				199				608				917
General and administrative expenses			3,980				2,520				9,479				7,728
Expenses of consolidated investment products			1,379				766				2,794				2,078
Total operating expenses			16,272				14,944				54,968				47,489
Operating income (loss)			1,758				2,949				391				8,321
Other income (expense):
Equity earnings, net			(5,815	)			(2,033	)			2,508				(3,543	)
Interest and dividends			483				530				1,349				1,475
Other income (expense)			(34	)			(290	)			6,034				(530	)
Investment and other income (losses) of consolidated investment products, net			(54,002	)			129,399				23,345				184,133
Interest and dividend income of consolidated investment products			1,609				1,627				4,912				6,418
Unrealized gain (loss) on digital assets, net			3,780				1,260				(491	)			2,908
Realized gain (loss) on investments, net			31				32				437				2,229
Unrealized gain (loss) on investments, net			(19,495	)			(7,046	)			8,651				(8,734	)
Total other income (expense), net			(73,443	)			123,479				46,745				184,356
Income (loss) from continuing operations before provision for income taxes			(71,685	)			126,428				47,136				192,677
Income tax (expense) benefit			12,483				10,370				(11,014	)			3,840
Income (loss) from continuing operations, net of tax			(59,202	)			136,798				36,122				196,517
Income (loss) from discontinued operations, net of tax			-				(63	)			-				(1,300	)
Net income (loss)		$	(59,202	)		$	136,735			$	36,122			$	195,217
Less: net income (loss) attributable to redeemable noncontrolling interests			40,852				(129,500	)			(319	)			(175,630	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	(18,350	)		$	7,235			$	35,803			$	19,587
Basic and diluted net income (loss) per common shares:
Net income (loss) from continuing operations		$	(0.98	)		$	0.39			$	1.92			$	1.12
Net (loss) from discontinued operations		$	-			$	(0.00	)		$	-			$	(0.07	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	(0.98	)		$	0.39			$	1.92			$	1.05
Weighted average shares outstanding:
Basic and diluted			18,635				18,635				18,635				18,635

HORIZON KINETICS HOLDING CORPORATION
Condensed Consolidated Statements of Financial Condition
(in thousands)

		September 30,				December 31,
		2026				2025
		(Unaudited)
Assets
Cash and cash equivalents		$	36,417			$	36,884
Fees receivable, net			6,794				6,575
Investments, at fair value			86,346				76,535
Assets of consolidated investment products
Cash and cash equivalents			37,814				45,493
Investments, at fair value			1,522,799				1,708,395
Other assets			6,338				9,517
Other investments			23,787				21,032
Operating lease right-of-use assets			22,286				6,382
Property and equipment, net			1,560				395
Prepaid expenses and other assets			11,328				8,603
Due from affiliates			1				10
Digital assets			12,034				12,509
Intangible assets, net			40,589				41,108
Goodwill			23,373				23,373
Total assets		$	1,831,466			$	1,996,811
Liabilities, Noncontrolling Interests, and Shareholders' Equity
Liabilities:
Accounts payable, accrued expenses and other		$	8,708			$	12,149
Accrued third party distribution expenses			349				578
Deferred revenue			27				66
Liabilities of consolidated investment products
Accounts payable and accrued expenses			16,198				1,596
Other liabilities			3,682				735
Deferred tax liability, net			75,578				66,345
Due to affiliates			7,597				7,689
Operating lease liability			25,325				8,248
Total liabilities			137,464				97,406
Commitments and contingencies
Redeemable noncontrolling interests			1,326,291				1,560,452
Shareholders' equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding			-				-
Common stock; $0.10 par value, 50,000 shares authorized; 18,635 shares issued and outstanding, net of 1 share treasury stock at September 30, 2026 and December 31, 2025, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			326,604				297,846
Total shareholders' equity			367,711				338,953
Total liabilities, noncontrolling interests, and shareholders' equity		$	1,831,466			$	1,996,811

Additional Information about our performance

The Company consolidates certain private funds in order for the condensed consolidated financial statements to conform with generally accepted accounting principles. As a result, the assets and liabilities of the applicable consolidated funds are presented on the Company's consolidated statements of financial condition. Additionally, an amount that represents the interests of the Company's clients' in these consolidated private 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 will be presented on the Company's condensed 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 higher revenues for the three- and nine-month periods than the GAAP presentation. There was management and advisory fee growth of $16.7 million, a 27% increase, for the nine months ended September 30, 2026. This increase is primarily the result of the $18.1 million of incentive fees recorded in the first quarter of 2026 related to certain private funds that held Miami International Holdings, Inc. and the expiration of certain trading restrictions associated with that position.
• The equity in earnings of private funds which results primarily from CIPs that are eliminated from the consolidated presentation is included within the investment results of the CIPs. Accordingly, our presentation without the CIPs reflects an increased level of equity earnings that presents an increase in the value of our holdings within the CIPs.
• Shareholders' 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 assets held by the CIPs as well as the associated redeemable noncontrolling interests, which represents our clients' interests in these funds. As of September 30, 2026, the Company holds economic interests of $219.5 million in the CIPs, which is reflected in Other Investments in the advisor only (Non-GAAP) condensed consolidated statements of financial condition.

HORIZON KINETICS HOLDING CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands)

		Advisor Only Statement of Operations (Non-GAAP)
		Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Management and advisory fees		$	18,926			$	19,561			$	77,927			$	61,240
Other income and fees			217				129				533				345
Total revenue			19,143				19,690				78,460				61,585
Operating expenses:
Compensation and related employee benefits			7,090				7,685				29,698				24,718
Sales, distribution and marketing			3,606				3,774				12,389				12,048
Depreciation and amortization			217				199				608				917
General and administrative expenses			3,980				2,540				9,479				7,792
Expenses of consolidated investment products			-				-				-				-
Total operating expenses			14,893				14,198				52,174				45,475
Operating income (loss)			4,250				5,492				26,286				16,110
Other income (expense):
Equity in earnings of private funds, net			(19,848	)			(3,050	)			4,551				3,589
Interest and dividends			483				530				1,349				1,475
Other income (expense)			(34	)			(290	)			6,034				(530	)
Investment and other income (losses) of consolidated investment products, net			-				-				-				-
Interest and dividend income of consolidated investment products			-				-				-				-
Unrealized (loss) gain on digital assets, net			3,780				1,260				(491	)			2,908
Realized gain (loss) on investments, net			31				32				437				2,229
Unrealized gain (loss) on investments, net			(19,495	)			(7,046	)			8,651				(8,734	)
Total other income (expense), net			(35,083	)			(8,564	)			20,531				937
Income before provision for income taxes			(30,833	)			(3,072	)			46,817				17,047
Income tax (expense) benefit			12,483				10,370				(11,014	)			3,840
Net Income (loss) from continuing operations, net of tax			(18,350	)			7,298				35,803				20,887
Net Income (loss) from discontinued operations, net of tax			-				(63	)			-				(1,300	)
Net income (loss)		$	(18,350	)		$	7,235			$	35,803			$	19,587
Less: net income attributable to redeemable noncontrolling interests			-				-				-				-
Net income attributable to Horizon Kinetics Holding Corporation		$	(18,350	)		$	7,235			$	35,803			$	19,587
Basic and diluted net income (loss) per common shares:
Net income (loss)		$	(0.98	)		$	0.39			$	1.92			$	1.05
Weighted average shares outstanding:
Basic and diluted			18,635				18,635				18,635				18,635

		Nine months ended September 30, 2026
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Revenue:
Management and advisory fees		$	77,927			$	-			$	(23,101	)		$	54,826
Other income and fees			533				-				-				533
Total revenue			78,460				-				(23,101	)			55,359
Operating expenses:
Compensation and related employee benefits			29,698				-				-				29,698
Sales, distribution and marketing			12,389				-				-				12,389
Depreciation and amortization			608				-				-				608
General and administrative expenses			9,479				-				-				9,479
Expenses of consolidated investment products			-				2,730				64				2,794
Total operating expenses			52,174				2,730				64				54,968
Operating income			26,286				(2,730	)			(23,165	)			391
Other income (expense):
Equity in earnings of private funds, net			4,551				-				(2,043	)			2,508
Interest and dividends			1,349				-				-				1,349
Other income (expense)			6,034				-				-				6,034
Investment and other income (losses) of consolidated investment products, net			-				18,315				5,030				23,345
Interest and dividend income of consolidated investment products			-				4,912				-				4,912
Unrealized gain (loss) on digital assets, net			(491	)			-				-				(491	)
Realized gain (loss) on investments, net			437				-				-				437
Unrealized gain (loss) on investments net			8,651				-				-				8,651
Total other income (expense), net			20,531				23,227				2,987				46,745
Income (loss) before provision for income taxes			46,817				20,497				(20,178	)			47,136
Income tax (expense) benefit			(11,014	)			-				-				(11,014	)
Net income (loss)		$	35,803			$	20,497			$	(20,178	)		$	36,122
Less: net income (loss) attributable to redeemable noncontrolling interests			-				(18,373	)			18,054				(319	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	35,803			$	2,124			$	(2,124	)		$	35,803

HORIZON KINETICS HOLDING CORPORATION
Condensed Consolidated Statements of Financial Condition (Unaudited)
(in thousands)

		Advisor Only Statement of Financial Condition (Non-GAAP)
		September 30,				December 31,
		2026				2025
Assets
Cash and cash equivalents		$	36,417			$	36,884
Fees receivable			8,023				8,154
Investments, at fair value			86,346				76,535
Assets of consolidated investment products
Cash and cash equivalents			-				-
Investments, at fair value			-				-
Other assets			-				-
Other investments			243,329				220,065
Operating lease right-of-use assets			22,286				6,382
Property and equipment, net			1,560				395
Prepaid expenses and other assets			11,328				8,603
Due from affiliates			10				20
Digital assets			12,034				12,509
Intangible assets, net			40,589				41,108
Goodwill			23,373				23,373
Total Assets		$	485,295			$	434,028
Liabilities, Noncontrolling Interests, and Shareholders' Equity
Liabilities:
Accounts payable, accrued expenses and other		$	8,708			$	12,149
Accrued third party distribution expenses			349				578
Deferred revenue			27				66
Liabilities of consolidated investment products
Accounts payable and accrued expenses			-				-
Other liabilities			-				-
Deferred tax liability, net			75,578				66,345
Due to affiliates			7,597				7,689
Operating lease liability			25,325				8,248
Total Liabilities			117,584				95,075
Commitments and contingencies
Redeemable Noncontrolling Interests			-				-
Shareholders' Equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding			-				-
Common stock; $0.10 par value, 50,000 shares authorized; 18,635 shares issued and outstanding, net of 1 share treasury stock at September 30, 2026 and December 31, 2025, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			326,604				297,846
Total Shareholders' Equity			367,711				338,953
Total Liabilities, Noncontrolling Interests, and Shareholders' Equity		$	485,295			$	434,028

		September 30, 2026
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Assets
Cash and cash equivalents		$	36,417			$	-			$	-			$	36,417
Fees receivable, net			8,023				-				(1,229	)			6,794
Investments, at fair value			86,346				-				-				86,346
Assets of consolidated investment products
Cash and cash equivalents			-				37,814				-				37,814
Investments, at fair value			-				1,522,799				-				1,522,799
Other assets			-				6,338				-				6,338
Other investments			243,329				-				(219,542	)			23,787
Operating lease right-of-use assets			22,286				-				-				22,286
Property and equipment, net			1,560				-				-				1,560
Prepaid expenses and other assets			11,328				-				-				11,328
Due from affiliates			10				-				(9	)			1
Digital assets			12,034				-				-				12,034
Intangible assets, net			40,589				-				-				40,589
Goodwill			23,373				-				-				23,373
Total assets		$	485,295			$	1,566,951			$	(220,780	)		$	1,831,466
Liabilities, Noncontrolling Interests, and Shareholders' Equity
Liabilities:
Accounts payable, accrued expenses and other		$	8,708			$	-			$	-			$	8,708
Accrued third party distribution expenses			349				-				-				349
Deferred revenue			27				-				-				27
Liabilities of consolidated investment products
Accounts payable and accrued expenses			-				17,436				(1,238	)			16,198
Other liabilities			-				3,682				-				3,682
Deferred tax liability, net			75,578				-				-				75,578
Due to affiliates			7,597				-				-				7,597
Operating lease liability			25,325				-				-				25,325
Total liabilities			117,584				21,118				(1,238	)			137,464
Commitments and contingencies
Redeemable noncontrolling interests			-				1,365,345				(39,054	)			1,326,291
Equity interests			367,711				180,488				(180,488	)			367,711
Total liabilities, noncontrolling interests, and shareholders' equity		$	485,295			$	1,566,951			$	(220,780	)		$	1,831,466

Non-GAAP Measures

In discussing financial results, the Company presented "advisor only" 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) primarily 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, and Summit, New Jersey. For more information, please visit http://www.hkholdingco.com.

Investor Relations Contact:
ir@hkholdingco.com

SOURCE: Horizon Kinetics Holding Corporation

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Horizon Kinetics Holding Corporation’s third-quarter 2026 earnings?

Horizon Kinetics recorded a $18.350 million net loss attributable to the company, or $0.98 per share, compared with net income of $7.235 million, or $0.39 per share, a year earlier. Quarterly revenue was $18.030 million, compared with $17.893 million.

How much stock can HKHC repurchase under its new buyback program?

HKHC may repurchase up to $25 million of common stock under a three-year authorization. The company expects to fund purchases from existing cash and cash equivalents. The authorization does not require any specific amount of purchases.

Why does Horizon Kinetics present advisor-only non-GAAP results?

The advisor-only presentation excludes consolidated private funds, separating the advisory business from funds whose financial statements are included under generally accepted accounting principles. Consolidation eliminates management and advisory fees earned from those funds but does not change shareholders’ equity or net income attributable to Horizon Kinetics. The company held economic interests of $219.5 million in these funds at September 30, 2026.