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Horizon Kinetics Holding Corporation, an asset manager that consolidates its sponsored private funds, reports relatively stable management and advisory fee revenue but highly volatile investment results. For the six months ended June 30, 2026, total revenue was $37,329 (thousands), slightly below $37,919 (thousands) a year earlier, while operating expenses rose to $38,696 (thousands) from $32,544 (thousands), producing an operating loss.
Strong investment and other income earlier in the year led to net income of $95,324 (thousands) versus $58,485 (thousands) for the prior-year period. Net income attributable to Horizon Kinetics shareholders was $54,153 (thousands), up sharply from $12,352 (thousands). However, the second quarter alone showed a net loss attributable to Horizon Kinetics of $18,379 (thousands), reflecting large mark-to-market losses in consolidated investment products and digital assets.
At June 30, 2026, total assets were $1,942,837 (thousands), dominated by consolidated investment product investments. Redeemable noncontrolling interests were $1,393,634 (thousands) and shareholders’ equity increased to $388,484 (thousands). Cash and cash equivalents for Horizon Kinetics and its consolidated products totaled $72,945 (thousands), with net cash used in operating activities of $8,814 (thousands) in the first half of 2026.
Horizon Kinetics Holding Corporation reported mixed second-quarter 2026 results. GAAP management and advisory fees were $18.8 million for the quarter, essentially flat year over year, while total revenues rose 0.7% to $19.0 million. Advisor-only management and advisory fees for the six-month period climbed to $59.0 million, helped by $18.1 million of first-quarter incentive fees tied to Miami International Holdings, Inc. exchange restrictions expiring.
Quarterly GAAP operating income was $3.0 million, but investment losses in consolidated investment products drove a GAAP net loss attributable to Horizon Kinetics of $18.4 million, or $(0.99) per share. On an advisor-only basis, operating income was $4.9 million. For the six months, net income attributable to Horizon Kinetics was $54.2 million. Assets under management increased 12.1% year to date to $10.8 billion, primarily from a strong rise in Texas Pacific Land Corporation holdings, partially offset by bitcoin-related declines and expected outflows from private funds. The board declared a $0.13 per-share cash dividend, payable September 10, 2026.
Horizon Kinetics Holding Corp Chief Financial Officer Mark Herndon bought 100 shares of common stock in an open-market transaction at $27.85 per share. After this purchase, he directly holds 300 common shares of Horizon Kinetics Holding Corp.
Horizon Kinetics Holding Corp director Brent D. Rosenthal bought 700 shares of common stock in an open-market purchase$27.85 per share on the transaction date and now directly holds 2,450 common shares following this trade.
Horizon Kinetics Holding Corporation reported sharply higher profitability for the quarter ended March 31, 2026, driven by investment gains and incentive fees. Net income attributable to the company rose to $72.5 million, or $3.89 per share, compared with $22.8 million, or $1.23 per share a year earlier.
Total net income was $208.3 million, boosted by strong results in consolidated investment products and a $36.2 million unrealized gain on its own investment portfolio, primarily from Texas Pacific Land Corporation. Management and advisory fees declined modestly to $18.2 million, while assets under management increased to $11.4 billion, reflecting significant market appreciation in key holdings.
Horizon Kinetics Holding Corporation reported a sharp increase in profitability for the quarter ended March 31, 2026, driven by incentive and investment income. Net income attributable to the company rose to $72.5 million, or $3.89 per share, compared with $22.8 million, or $1.23, a year earlier.
On an “advisor only” basis (excluding consolidated private funds), management and advisory fee revenue increased to $38.9 million, an 84% rise from the first quarter of 2025, helped by $18.1 million of incentive fees related to MIAX investments and higher INFL ETF revenue. Assets under management grew to $11.4 billion, up 19% from December 31, 2025. The board declared a quarterly cash dividend of $0.127 per share.
Horizon Kinetics Holding Corporation entered into a Board Representative Agreement with Texas Pacific Land Corporation on May 5, 2026. Under this agreement, the TPL board agreed to nominate a Horizon designee for election to its board at TPL’s 2026 annual stockholders’ meeting, subject to committee approval.
Horizon selected Peter Doyle as its designee, and he was appointed to the TPL board and its strategic acquisitions committee on May 6, 2026. The agreement also creates mutual non-disparagement and limits Horizon’s ability to run proxy contests or propose alternative governance or transaction changes at TPL while Doyle serves and through completion of the next TPL stockholders’ meeting.
Horizon Kinetics Holding Corporation has called its 2026 annual stockholder meeting for June 9, 2026, in a hybrid in‑person and virtual format. Stockholders will vote on electing six directors, ratifying CBIZ CPAs P.C. as auditor for 2026, and approving, on an advisory basis, executive compensation.
The proxy describes leadership succession following the April 2026 passing of co‑founder and former CEO Murray Stahl, with Steven Bregman and Peter Doyle appointed as Co‑Chief Executive Officers. It also outlines 2025 results, including 31% revenue growth, a $9.1 million (13%) reduction in operating expenses, and $9.6 billion in assets under management, and explains a cash‑based pay program with no current equity awards or executive employment contracts.
Horizon Kinetics Holding Corporation announced that Chairman and Chief Executive Officer Murray Stahl passed away on April 7, 2026. Stahl co-founded the firm in 1994 and helped build it into a publicly traded company with a market capitalization of approximately $600 million and a debt-free balance sheet.
To implement its succession plan, the company appointed co-founders Steven Bregman and Peter Doyle as Co-Chief Executive Officers and formed a Founders’ Committee with fellow co-founder Tom Ewing to oversee a seamless transition of responsibilities. The company emphasizes its continued commitment to executing Stahl’s long-term vision for clients and shareholders.
Horizon Kinetics Holding Corp insider Murray Stahl filed an amended Form 4 reporting small open-market purchases of HKHC common stock. On March 20, 2026, he bought 10 shares directly and entities associated with him bought 25 and 18 shares, all at $34.60 per share, totaling 53 shares.
The amendment also corrects previously overstated beneficial ownership figures. After these trades, reported holdings include 249,204 shares directly and large indirect positions such as 8,216,801 shares through Horizon Common Inc., 823,923 shares through FRMO Corp., and additional smaller stakes via several affiliated entities and his spouse. Footnotes state Stahl exercises investment discretion over certain entity-held shares and disclaims beneficial ownership beyond his pecuniary interest.