Horizon Kinetics (OTCQX: HKHC) grows 2025 revenue but earnings slump on incentives and losses

Rhea-AI Filing Summary

Horizon Kinetics Holding Corporation reported strong top-line growth but sharply lower earnings for 2025. Revenue for the year ended December 31, 2025 rose to $72.8 million, an increase of $17.0 million or 31%, driven mainly by higher management fees from mutual funds and ETFs as assets grew and performance improved.

Advisor-only operating income (excluding consolidated funds) was $21.4 million, while net income attributable to Horizon Kinetics Holding Corporation fell to $5.1 million, largely reflecting the absence of $51.7 million of private-fund incentive fees realized in 2024 and a swing to $15.6 million of unrealized investment losses. Assets under management were $9.6 billion as of December 31, 2025.

The company recorded unearned incentive fees of $22.6 million tied to restricted Miami International Holdings shares, expected to be resolved in the first quarter of 2026. The board declared a cash dividend of $0.121 per share, payable March 31, 2026 to shareholders of record on March 23, 2026.

Positive

• Revenue growth and AUM expansion: 2025 revenue rose to $72.8 million, up $17.0 million or 31%, supported by higher management fees and $9.6 billion of assets under management as of December 31, 2025.
• Advisor-only profitability: Excluding consolidated investment products, the Advisor-only segment generated operating income of $21.4 million for the year ended December 31, 2025.
• Potential future incentive upside: The company reported unearned incentive fees of $22.6 million related to private funds holding Miami International Holdings shares, expected to be resolved and measured during the first quarter of 2026.
• Shareholder return via dividend: The board declared a cash dividend of $0.121 per share, payable March 31, 2026 to shareholders of record on March 23, 2026.

Negative

• Sharp drop in net income: Net income attributable to Horizon Kinetics Holding Corporation declined to $5.1 million for 2025, far below the prior-year level as 2024’s $51.7 million private-fund incentive fees did not recur.
• Unfavorable investment performance: The company recorded unrealized losses on investments of $15.6 million in 2025 versus unrealized gains of $41.3 million in 2024, largely due to a 22% decline in Texas Pacific Land’s fair value.
• Volatile consolidated results from CIPs: Investment and other income (losses) of consolidated investment products, net, swung from $840.7 million in 2024 to a loss of $17.8 million in 2025, highlighting significant earnings volatility tied to these funds.

Insights

Equity research analyst

Strong revenue and AUM growth contrast with a sharp earnings drop driven by volatile incentive and investment results.

Horizon Kinetics delivered solid business momentum in 2025, with revenue up 31% to $72.8 million and advisor-only operating income of $21.4 million. Growth came from higher management fees, especially at mutual funds and ETFs benefiting from asset growth, inflows and performance.

Earnings, however, fell steeply. Net income attributable to the company declined to $5.1 million from much higher 2024 levels as prior-year private-fund incentive fees of $51.7 million did not recur and unrealized investment results swung to a $15.6 million loss. Consolidated investment products also introduced very large noncontrolling interests that absorb most CIP volatility.

Management highlights unearned incentive fees of $22.6 million tied to restricted Miami International Holdings shares, expected to resolve in Q1 2026, which could affect future results depending on market prices. The $0.121 per-share dividend and $9.6 billion in AUM underscore an ongoing advisory franchise, but earnings remain sensitive to market-driven incentive and investment outcomes.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 12, 2026

HORIZON KINETICS HOLDING CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-13458	84-0920811
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
470 Park Ave S.
New York, New York				10016
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (646) 291-2300

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On March 12, 2026, Horizon Kinetics Holding Corporation (the “Company”) issued a press release setting forth the Company’s financial information for the three months and fiscal year ended December 31, 2025. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit		Description
99.1		Press release dated March 12, 2026
104		Cover page interactive data file (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			HORIZON KINETICS HOLDING CORPORATION
Date:	March 12, 2026		/s/ Jay Kesslen
			Jay Kesslen General Counsel

EXHIBIT 99.1

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 – 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)
Revenue:
Management and advisory fees		$	16,923			$	18,209			$	72,388			$	55,486
Other income and fees			113				34				458				322
Total revenue			17,036				18,243				72,846				55,808
Operating expenses:
Compensation and related employee benefits			7,310				17,647				32,028				37,550
Sales, distribution and marketing			3,655				11,212				15,703				19,093
Depreciation and amortization			199				442				1,116				1,816
General and administrative expenses			2,446				2,693				10,174				10,090
Expenses of consolidated investment products			664				668				2,742				2,319
Total operating expenses			14,274				32,662				61,763				70,868
Operating income (loss)			2,762				(14,419	)			11,083				(15,060	)
Other income (expense):
Equity earnings (losses), net			(1,323	)			2,354				(4,866	)			6,037
Interest and dividends			900				453				2,375				1,714
Other income (expense)			(655	)			(128	)			(1,185	)			(2,985	)
Investment and other income (losses) of consolidated investment products, net			(201,901	)			398,266				(17,768	)			840,735
Interest and dividend income of consolidated investment products			1,976				2,883				8,394				20,377
Unrealized (losses) gains on digital assets, net			(3,704	)			4,192				(796	)			6,984
Realized gain on investments, net			169				90				2,398				432
Unrealized gain (losses) on investments net			(6,820	)			16,387				(15,554	)			41,329
Total other income (expense), net			(211,358	)			424,497				(27,002	)			914,623
Income (loss) from continuing operations before income taxes			(208,596	)			410,078				(15,919	)			899,563
Income tax (expense) benefit			19,379				(33,607	)			23,219				(104,381	)
Income (loss) from continuing operations, net of tax			(189,217	)			376,471				7,300				795,182
Income (loss) from discontinued operations, net of tax			-				(224	)			(1,300	)			(371	)
Net income		$	(189,217	)		$	376,247			$	6,000			$	794,811
Less: net income attributable to redeemable noncontrolling interests			174,748				(300,487	)			(882	)			(702,339	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	(14,469	)		$	75,760			$	5,118			$	92,472
Basic and diluted net income (loss) per common shares:
Net income (loss) from continuing operations		$	(10.15	)		$	20.20			$	0.39			$	43.56
Net income (loss) from discontinued operations		$	-			$	(0.01	)		$	(0.07	)		$	(0.02	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	(0.78	)		$	4.07			$	0.27			$	5.07
Weighted average shares outstanding:
Basic and diluted			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
Assets
Cash and cash equivalents		$	36,884			$	14,446
Fees receivable			6,575				8,344
Investments, at fair value			76,535				91,435
Assets of consolidated investment products
Cash and cash equivalents			45,493				44,306
Investments, at fair value			1,708,395				1,746,850
Other assets			9,517				19,247
Other investments			21,032				13,443
Operating lease right-of-use assets			6,382				5,105
Property and equipment, net			395				99
Prepaid expenses and other assets			8,603				1,728
Due from affiliates			10				27
Digital assets			12,509				13,240
Assets of discontinued operations			-				4,364
Intangible assets, net			41,108				42,169
Goodwill			23,373				23,373
Total assets		$	1,996,811			$	2,028,176
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	12,149			$	21,547
Accrued third party distribution expenses			578				6,522
Deferred revenue			66				222
Liabilities of consolidated investment products
Accounts payable and accrued expenses			1,596				1,486
Other liabilities			735				2,793
Deferred tax liability, net			66,345				95,683
Due to affiliates			7,689				11,597
Liabilities of discontinued operations			-				464
Operating lease liability			8,248				7,379
Total liabilities			97,406				147,693
Commitments and contingencies
Redeemable noncontrolling interests			1,560,452				1,540,312
Shareholders' equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding			-				-
Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 18,635 shares at December 31, 2025 and December 31, 2024"			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			297,846				299,064
Total shareholders’ equity			338,953				340,171
Total liabilities, noncontrolling interests, and shareholders’ equity		$	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
Revenue:
Management and advisory fees		$	18,721			$	69,746			$	79,961			$	111,481
Other income and fees			113				34				458				322
Total revenue			18,834				69,780				80,419				111,803
Operating expenses:
Compensation and related employee benefits			7,310				17,647				32,028				37,550
Sales, distribution and marketing			3,654				11,212				15,703				19,093
Depreciation and amortization			199				442				1,116				1,816
General and administrative expenses			2,381				2,733				10,174				10,197
Expenses of consolidated investment products			-				-				-				-
Total operating expenses			13,544				32,034				59,021				68,656
Operating income (loss)			5,290				37,746				21,398				43,147
Other income (expense):
Equity income (loss), net			(29,026	)			50,851				(25,437	)			106,603
Interest and dividends			900				453				2,375				1,714
Other income (expense)			(654	)			(128	)			(1,185	)			(2,985	)
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			(3,704	)			4,192				(796	)			6,984
Realized gain on investments, net			168				90				2,398				432
Unrealized gain (loss) on investments net			(6,821	)			16,387				(15,554	)			41,329
Total other income (expense), net			(39,137	)			71,845				(38,199	)			154,077
Income (loss) from continuing operations before provision for income taxes			(33,847	)			109,591				(16,801	)			197,224
Income tax (expense) benefit			19,378				(33,607	)			23,219				(104,381	)
Income (loss) from continuing operations, net of tax			(14,469	)			75,984				6,418				92,843
Income (loss) from discontinued operations, net of tax			-				(224	)			(1,300	)			(371	)
Net income (loss)		$	(14,469	)		$	75,760			$	5,118			$	92,472
Less: net income attributable to redeemable noncontrolling interests			-				-				-				-
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	(14,469	)		$	75,760			$	5,118			$	92,472
Basic and diluted net income (loss) per common share:
Net income (loss)		$	(0.78	)		$	4.07			$	0.27			$	5.07
Weighted average shares outstanding:
Basic and diluted			18,635				18,634				18,635				18,256

		Year Ended December 31, 2025
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Revenue:
Management and advisory fees		$	79,961			$	-			$	(7,573	)		$	72,388
Other income and fees			458				-				-				458
Total revenue			80,419				-				(7,573	)			72,846
Operating expenses:
Compensation and related employee benefits			32,028				-				-				32,028
Sales, distribution and marketing			15,703				-				-				15,703
Depreciation and amortization			1,116				-				-				1,116
General and administrative expenses			10,174				-				-				10,174
Expenses of consolidated investment products			-				10,315				(7,573	)			2,742
Total operating expenses			59,021				10,315				(7,573	)			61,763
Operating income			21,398				(10,315	)			-				11,083
Other income (expense):
Equity earnings (losses), net			(25,437	)			-				20,571				(4,866	)
Interest and dividends			2,375				-				-				2,375
Other income (expense)			(1,185	)			-				-				(1,185	)
Investment and other income (losses) of consolidated investment products, net			-				(17,768	)			-				(17,768	)
Interest and dividend income of consolidated investment products			-				8,394				-				8,394
Unrealized (loss) gain on digital assets, net			(796	)			-				-				(796	)
Realized gain on investments, net			2,398				-				-				2,398
Unrealized gain (loss) on investments net			(15,554	)			-				-				(15,554	)
Total other income (expense), net			(38,199	)			(9,374	)			20,571				(27,002	)
Income (loss) from continuing operations before provision for income taxes			(16,801	)			(19,689	)			20,571				(15,919	)
Income tax (expense) benefit			23,219				-				-				23,219
Income (loss) from continuing operations, net of tax			6,418				(19,689	)			20,571				7,300
Income (loss) from discontinued operations, net of tax			(1,300	)			-				-				(1,300	)
Net income (loss)		$	5,118			$	(19,689	)		$	20,571			$	6,000
Less: net income attributable to redeemable noncontrolling interests			-				541				(1,423	)			(882	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	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
Assets
Cash and cash equivalents		$	36,884			$	14,446
Fees receivable			8,154				58,720
Investments, at fair value			76,535				91,435
Assets of consolidated investment products
Cash and cash equivalents			-				-
Investments, at fair value			-				-
Other assets			-				-
Other Investments			220,065				228,870
Operating lease right-of-use assets			6,382				5,105
Property and equipment, net			395				99
Prepaid expenses and other assets			8,603				1,729
Due from affiliates			20				34
Digital assets			12,509				13,240
Assets of discontinued operations			-				4,345
Intangible assets, net			41,108				42,169
Goodwill			23,373				23,393
Total Assets		$	434,028			$	483,585
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	12,149			$	21,547
Accrued third party distribution expenses			578				6,522
Deferred revenue			66				222
Liabilities of consolidated investment products
Accounts payable and accrued expenses			-				-
Management fee payable			-				-
Other liabilities			-				-
Deferred tax liability, net			66,345				95,683
Due to affiliates			7,689				11,597
Liabilities of discontinued operations			-				464
Operating lease liability			8,248				7,379
Total Liabilities			95,075				143,414
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, authorized 50,000 shares; issued and outstanding 18,635 shares, net of treasury stock; 1 share at December 31, 2025 and 2024, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			297,846				299,064
Total Shareholders’ Equity			338,953				340,171
Total Liabilities, Noncontrolling Interests, and Shareholders’ Equity		$	434,028			$	483,585

		December 31, 2025
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Assets
Cash and cash equivalents		$	36,884			$	-			$	-			$	36,884
Fees receivable			8,154				-				(1,579	)			6,575
Investments, at fair value			76,535				-				-				76,535
Assets of consolidated investment products
Cash and cash equivalents			-				45,493				-				45,493
Investments, at fair value			-				1,708,395				-				1,708,395
Other assets			-				9,517				-				9,517
Other investments			220,065				-				(199,033	)			21,032
Operating lease right-of-use assets			6,382												6,382
Property and equipment, net			395												395
Prepaid expenses and other assets			8,603												8,603
Due from affiliates			20								(10	)			10
Digital assets			12,509				-				-				12,509
Intangible assets, net			41,108				-				-				41,108
Goodwill			23,373				-				-				23,373
Total assets		$	434,028			$	1,763,405			$	(200,622	)		$	1,996,811
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	12,149			$	-			$	-			$	12,149
Accrued third party distribution expenses			578				-				-				578
Deferred revenue			66				-				-				66
Liabilities of consolidated investment products
Accounts payable and accrued expenses			-				1,606				(10	)			1,596
Management fee payable			-				1,580				(1,580	)			-
Other liabilities			-				735				-				735
Deferred tax liability, net			66,345				-				-				66,345
Due to affiliates			7,689				-				-				7,689
Operating lease liability			8,248				-				-				8,248
Total liabilities			95,075				3,921				(1,590	)			97,406
Commitments and contingencies
Redeemable noncontrolling interests			-				1,599,587				(39,135	)			1,560,452
Equity interests			338,953				159,897				(159,897	)			338,953
Total liabilities, noncontrolling interests, and shareholders’ equity		$	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:

ir@hkholdingco.com

FAQ

How did Horizon Kinetics (HKHC) perform financially in 2025?

Horizon Kinetics reported 2025 revenue of $72.8 million, up $17.0 million or 31%. Net income attributable to Horizon Kinetics Holding Corporation was $5.1 million, materially lower than 2024, mainly due to non-recurring incentive fees and unfavorable unrealized investment results.

What drove Horizon Kinetics’ 31% revenue growth in 2025?

Revenue growth came primarily from higher management fees tied to mutual funds and ETFs. Mutual fund revenue grew 42% and ETF revenue 56%, helped by higher average assets, net inflows into key funds, and strong performance, notably in the Inflation Beneficiaries ETF (INFL).

Why did Horizon Kinetics’ net income decline despite higher revenue?

Net income fell because 2024’s private-fund incentive fees of $51.7 million did not recur and 2025 included $15.6 million of unrealized investment losses. These market-driven items outweighed the underlying advisory revenue growth and advisor-only operating income in 2025.

What are Horizon Kinetics’ unearned incentive fees related to MIAX?

The company reported $22.6 million of unearned incentive fees from private funds holding Miami International Holdings shares. These fees remain unearned while the shares are restricted and are expected to be resolved and measured during the first quarter of 2026, depending on MIAX’s market price.

What dividend did Horizon Kinetics (HKHC) declare for shareholders?

The board declared a cash dividend of $0.121 per share, payable on March 31, 2026. Shareholders must be of record as of the close of business on March 23, 2026 to receive this dividend payment.

How large were Horizon Kinetics’ assets under management at year-end 2025?

Assets under management were reported at $9.6 billion as of December 31, 2025. This AUM base supports management and advisory fee revenue, reflecting growth in mutual funds and ETFs, including net inflows and investment performance across key strategies.

How do consolidated investment products affect Horizon Kinetics’ results?

Certain private funds are consolidated, so their assets, liabilities, income, and expenses appear in the statements. Clients’ interests show as redeemable noncontrolling interests, and large swings in those funds’ investment results create significant volatility, even though the company’s economic exposure is limited to its direct investments and fees.

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