Horizon Kinetics (HKHC) swings to Q2 loss but lifts AUM to $10.8B and raises H1 net income

Rhea-AI Filing Summary

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.

Positive

• Six-month net income attributable to Horizon Kinetics rose to $54.2 million, up sharply from $12.4 million a year earlier, reflecting strong investment income within consolidated products and higher advisor-only management and advisory revenues, including $18.1 million of incentive fees.
• Assets under management reached $10.8 billion, up 12.1% year to date, largely driven by a 52% year-to-date increase in Texas Pacific Land Corporation, supporting higher fee-earning potential despite some offsetting digital asset weakness and fund outflows.

Negative

• Second-quarter GAAP net loss attributable to Horizon Kinetics widened to $18.4 million, or $(0.99) per share, driven mainly by $113.5 million of investment and other losses in consolidated investment products and unrealized losses on digital assets and other investments.
• Total operating expenses increased 5.4% to $16.1 million in the quarter, reflecting higher compensation from 2025 headcount additions and overlapping lease and office costs, pressuring margins as quarterly revenue growth was only 0.7%.

Filing Explained

Private-fund consolidation changes HKHC’s financial presentation, not its reported shareholders’ equity or attributable net income.

This Form 8-K reports HKHC’s financial results for the three and six months ended June 30, 2026; the results are disclosed, while the attached release is incorporated by reference but is not deemed “filed” under Section 18.

Its material structural clarification is that consolidating certain private funds changes the presentation of assets, liabilities, and client interests, but not shareholders’ equity or net income attributable to HKHC.

The advisor-only tables are a non-GAAP presentation without those funds, showing HKHC’s operating and financial results separately from the consolidated investment products. The filing states that those funds’ liabilities have no recourse to HKHC assets beyond HKHC’s direct investment, and that HKHC has no right to fund assets beyond direct equity investments and fees.

At June 30, 2026, consolidated cash and cash equivalents were $34,271 thousand, while shareholders’ equity was $388,484 thousand; common stock showed 18,635 thousand shares issued and outstanding.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 total revenue: $19.0 million Q2 2026 net loss attributable to HKHC: $18.4 million H1 2026 net income attributable to HKHC: $54.2 million +5 more

8 metrics

Q2 2026 total revenue $19.0 million Three months ended June 30, 2026 GAAP consolidated

Q2 2026 net loss attributable to HKHC $18.4 million Three months ended June 30, 2026, $(0.99) per share

H1 2026 net income attributable to HKHC $54.2 million Six months ended June 30, 2026 GAAP consolidated

Assets under management $10.8 billion As of June 30, 2026, up 12.1% from December 31, 2025

Advisor-only H1 2026 management and advisory fees $59.0 million Advisor only presentation, six months ended June 30, 2026

Investment income of consolidated products $77.3 million Six months ended June 30, 2026 within consolidated investment products

Net income to redeemable noncontrolling interests $41.2 million Six months ended June 30, 2026

Quarterly cash dividend $0.13 per share Declared August 12, 2026, payable September 10, 2026

Key Terms

consolidated investment products, redeemable noncontrolling interests, advisor only presentation, management and advisory fees, +2 more

6 terms

consolidated investment products financial

"Consolidated Investment Products (“CIPs”) consist of certain private investment funds"

redeemable noncontrolling interests financial

"presented as redeemable noncontrolling interests on the Company’s consolidated statements"

A redeemable noncontrolling interest is a minority ownership stake in a company that the holder can force the company to buy back at a set price or under certain conditions. For investors this matters because it creates a future cash obligation and can be treated more like a liability than permanent equity, affecting a company’s reported debt, net income and valuation — think of it as a part-owner who can cash out, forcing the business to pay them.

advisor only presentation financial

"Operating income was $3.0 million (GAAP presentation) and $4.9 million (advisor only presentation)"

management and advisory fees financial

"Management and advisory fee revenues were $18.8 million for each of the three months"

unrealized gain (loss) on investments financial

"Unrealized gain (loss) on investments net | | | (8,007 )"

digital assets financial

"unrealized net losses from digital asset holdings for the three months ended June 30, 2026"

Digital assets are electronic files or representations of value stored electronically, such as cryptocurrencies, digital tokens, or digital art. They matter to investors because they can be bought, sold, and used for transactions much like physical assets, but exist entirely in digital form, offering new opportunities for investment and financial innovation.

Earnings Snapshot

Q2 2026 total revenue: $19.0 million

Three and six months ended June 30, 2026

Q2 2026 total revenue $19.0 million up 0.7% versus Q2 2025

Q2 2026 net loss attributable to HKHC $18.4 million worse than $10.5 million loss in Q2 2025

H1 2026 net income attributable to HKHC $54.2 million up from $12.4 million in H1 2025

Assets under management $10.8 billion up 12.1% from December 31, 2025

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Available on EDGAR 08/13/2026 - 04:31 PM Accepted by SEC EDGAR 08/13/2026 - 04:30 PM Learn about SEC filing dates

FAQ

How did Horizon Kinetics Holding Corporation (HKHC) perform financially in Q2 2026?

Horizon Kinetics reported a GAAP net loss attributable to the company of $18.4 million, or $(0.99) per share, for Q2 2026, driven largely by investment losses in consolidated investment products despite $3.0 million of GAAP operating income.

What were HKHC’s revenues for the second quarter and first half of 2026?

Total revenues were $19.0 million for Q2 2026 and $37.3 million for the first half. Advisor-only management and advisory fees were $20.1 million for Q2 and $59.0 million for six months, aided by $18.1 million of incentive fees.

How much did Horizon Kinetics’ assets under management grow in 2026?

Assets under management rose to $10.8 billion as of June 30, 2026, a 12.1% increase from December 31, 2025. Growth was driven mainly by Texas Pacific Land Corporation’s 52% year-to-date gain, partially offset by weaker bitcoin-related holdings.

What dividend did HKHC declare with its Q2 2026 results?

The board declared a cash dividend of $0.13 per share, payable September 10, 2026, to shareholders of record at the close of business on August 26, 2026, continuing capital returns alongside rising retained earnings.

How did Horizon Kinetics’ operating expenses change in Q2 2026?

Total operating expenses increased $0.8 million, or 5.4%, to $16.1 million in Q2 2026, mainly due to higher compensation from 2025 headcount additions and overlapping lease and other office costs, impacting operating leverage versus modest revenue growth.

What is the impact of consolidated investment products on HKHC’s results?

Consolidated investment products added $77.3 million of investment income in the first half but also large quarterly losses. Clients’ interests appear as $41.2 million of net income to redeemable noncontrolling interests, while HKHC’s economic interests of $233.6 million are shown in Other Investments advisor-only.

false0000088000trueNONE00000880002026-08-132026-08-13

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): August 13, 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 August 13, 2026, Horizon Kinetics Holding Corporation (the “Company”) issued a press release setting forth the Company’s financial information for the three and six months ended June 30, 2026. 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 August 13, 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:	August 13, 2026		/s/ Jay Kesslen
			Jay Kesslen General Counsel

EXHIBIT 99.1

HORIZON KINETICS HOLDING CORPORATION REPORTS SECOND QUARTER RESULTS

Highlights for the quarter ended June 30, 2026:

•Management and advisory fee revenues were $18.8 million for each of the three months ended June 30, 2026 and 2025. The 2026 period included a 30% increase in revenues from the Company's exchange-traded funds (ETFs).

•Management and advisory fee revenues also benefited from an increase in the number of new accounts during the quarter and year-to-date period, which helped second quarter 2026 revenues from separately managed accounts (SMAs) grow 8.6%

•Operating income was $3.0 million (GAAP presentation) and $4.9 million (advisor only presentation) for the quarter ended June 30, 2026 reflecting the Company's consistent core asset management operations.

•Net loss attributable to Horizon Kinetics Holding Corporation of $18.4 million, or $0.99 per common share for the three months ended June 30, 2026.

•Assets under management (AUM) grew to $10.8 billion as of June 30, 2026, an increase of 12.1% from December 31, 2025.

•Board of Directors declares a $0.13 per share dividend.

New York, NY – August 13, 2026

Horizon Kinetics Holding Corporation (the “Company” or “HKHC”) (OTCQX: HKHC) reported financial results for its second quarter of 2026.

The Company's total revenues increased 0.7% for the second quarter of 2026 resulting primarily from continued increases from our Inflation Beneficiaries ETF. The Company also reported increases in revenues from separately managed accounts (8.6%) and from its private funds, however these increases were generally offset by a 17% decrease in revenues from our mutual funds.

The Company's AUM was $10.8 billion, an increase of 12.1%, during the year-to-date period due primarily to the increase in market value of Texas Pacific Land Corporation ("TPL"), which itself increased 52% year-to-date. The impact of the TPL increase was partially offset by decreases in bitcoin-related holdings such as Grayscale Bitcoin Trust, which decreased 33%. The Company experienced net outflows for the year-to-date period primarily from redemptions resulting from the private funds holding 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 $0.8 million, or 5.4%, during the second quarter as a result of higher compensation resulting from certain 2025 headcount additions, other personnel costs and incremental office costs associated with the commencement of new office leases, including an overlapping lease term associated with our New York location.

For the six months ended June 30, 2026, the Company benefited from $77.3 million of investment income held within the Company's consolidated investment products. Our clients' interests in these amounts are reflected in the net income attributable to redeemable noncontrolling interests, which was $41.2 million for the six months ended June 30, 2026.

As described in the advisor only presentation, HKHC shareholders experienced declines from a $21.2 million net loss from equity in earnings of private funds, $8.0 million of unrealized net losses from investments, and $1.4 million of unrealized net losses from digital asset holdings for the three months ended June 30, 2026. These results partially offset significant unrealized gains during the first quarter and have resulted in total other income of $55.6 million for the six months ended June 30, 2026.

On August 12, 2026, the Company's Board of Directors declared a cash dividend of $0.13 per share, payable on September 10, 2026, to shareholders of record as of the close of business on August 26, 2026.

Conference Call

Peter Doyle and Steve Bregman, Co-Chief Executive Officers, and Mark Herndon, Chief Financial Officer, will host a conference call on Tuesday, August 18, 2026 at 4:15 pm EDT. You may register for the conference call by clicking on the following link:

Tuesday, August 18, 2026 4:15 pm EDT

Online Webinar: REGISTER HERE

Phone Access: +1 (631) 992-3221 Access Code: 600-009-590

Only online participants can submit questions during the Webinar.

HORIZON KINETICS HOLDING CORPORATION

Condensed Consolidated Statements of Operations

(in thousands)

		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Revenue:
Management and advisory fees		$	18,809			$	18,798			$	37,013			$	37,703
Other income and fees			227				100				316				216
Total revenue			19,036				18,898				37,329				37,919
Operating expenses:
Compensation and related employee benefits			8,409				7,924				22,608				17,032
Sales, distribution and marketing			3,823				4,143				8,783				8,274
Depreciation and amortization			193				280				391				718
General and administrative expenses			2,954				2,676				5,499				5,208
Expenses of consolidated investment products			692				217				1,415				1,312
Total operating expenses			16,071				15,240				38,696				32,544
Operating income (loss)			2,965				3,658				(1,367	)			5,375
Other income (expense):
Equity earnings, net			(1,966	)			(4,561	)			8,323				(1,510	)
Interest and dividends			459				454				866				945
Other income (expense)			202				(190	)			6,068				(241	)
Investment and other income (losses) of consolidated investment products, net			(113,459	)			(15,533	)			77,347				54,734
Interest and dividend income of consolidated investment products			1,654				1,887				3,303				4,792
Unrealized (loss) gain on digital assets, net			(1,440	)			3,428				(4,271	)			1,649
Realized gain on investments, net			48				(2	)			406				2,197
Unrealized gain (loss) on investments net			(8,007	)			(15,422	)			28,146				(1,689	)
Total other income (expense), net			(122,509	)			(29,939	)			120,188				60,877
Income (loss) from continuing operations before provision for income taxes			(119,544	)			(26,281	)			118,821				66,252
Income tax (expense) benefit			6,616				3,841				(23,497	)			(6,530	)
Income (loss) from continuing operations, net of tax			(112,928	)			(22,440	)		$	95,324			$	59,722
Income (loss) from discontinued operations, net of tax			-				(910	)			-				(1,237	)
Net income (loss)		$	(112,928	)		$	(23,350	)		$	95,324			$	58,485
Less: net income (loss) attributable to redeemable noncontrolling interests			94,549				12,861				(41,171	)			(46,133	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	(18,379	)		$	(10,489	)		$	54,153			$	12,352
Basic and diluted net income (loss) per common shares:
Net income (loss) from continuing operations		$	(0.99	)		$	(0.51	)		$	2.91			$	0.73
Net (loss) from discontinued operations		$	-			$	(0.05	)		$	-			$	(0.07	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	(0.99	)		$	(0.56	)		$	2.91			$	0.66
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)

		June 30,				December 31,
		2026				2025
		(Unaudited)
Assets
Cash and cash equivalents		$	34,271			$	36,884
Fees receivable, net			6,806				6,575
Investments, at fair value			105,398				76,535
Assets of consolidated investment products
Cash and cash equivalents			38,674				45,493
Investments, at fair value			1,612,158				1,708,395
Other assets			9,233				9,517
Other investments			29,617				21,032
Operating lease right-of-use assets			24,038				6,382
Property and equipment, net			1,555				395
Prepaid expenses and other assets			8,650				8,603
Due from affiliates			59				10
Digital assets			8,252				12,509
Intangible assets, net			40,753				41,108
Goodwill			23,373				23,373
Total assets		$	1,942,837			$	1,996,811
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	10,259			$	12,149
Accrued third party distribution expenses			370				578
Deferred revenue			46				66
Liabilities of consolidated investment products
Accounts payable and accrued expenses			27,125				1,596
Other liabilities			4,235				735
Deferred tax liability, net			85,200				66,345
Due to affiliates			7,646				7,689
Operating lease liability			25,838				8,248
Total liabilities			160,719				97,406
Commitments and contingencies
Redeemable noncontrolling interests			1,393,634				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 June 30, 2026 and December 31, 2025, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			347,377				297,846
Total shareholders’ equity			388,484				338,953
Total liabilities, noncontrolling interests, and shareholders’ equity		$	1,942,837			$	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 six-month periods than the GAAP presentation. There was higher revenue growth of $17.3 million, a 42% increase, for the six months ended June 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.

•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 assets held by the CIPs as well as the associated redeemable noncontrolling interests, which represents our clients’ interests in these funds. As of June 30, 2026, the Company holds economic interests of $233.6 million in the CIPs, which is reflected in Other Investments in the advisor only condensed consolidated statements of financial position.

HORIZON KINETICS HOLDING CORPORATION

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands)

		(Advisor only: without consolidation of private funds)
		Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Revenue:
Management and advisory fees		$	20,057			$	20,534			$	59,001			$	41,679
Other income and fees			227				100				316				216
Total revenue			20,284				20,634				59,317				41,895
Operating expenses:
Compensation and related employee benefits			8,409				7,924				22,608				17,032
Sales, distribution and marketing			3,823				4,143				8,783				8,274
Depreciation and amortization			193				280				391				718
General and administrative expenses			2,954				2,685				5,499				5,252
Expenses of consolidated investment products			-				-				-				-
Total operating expenses			15,379				15,032				37,281				31,276
Operating income			4,905				5,602				22,036				10,619
Other income (expense):
Equity in earnings of private funds, net			(21,162	)			(7,290	)			24,399				6,639
Interest and dividends			459				454				866				945
Other income (expense)			202				(190	)			6,068				(241	)
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			(1,440	)			3,428				(4,271	)			1,649
Realized gain on investments, net			48				(2	)			406				2,197
Unrealized gain (loss) on investments net			(8,007	)			(15,422	)			28,146				(1,689	)
Total other income (expense), net			(29,900	)			(19,022	)			55,614				9,500
Income before provision for income taxes			(24,995	)			(13,420	)			77,650				20,119
Income tax (expense) benefit			6,616				3,841				(23,497	)			(6,530	)
Income (loss) from continuing operations, net of tax			(18,379	)			(9,579	)			54,153				13,589
Income (loss) from discontinued operations, net of tax			-				(910	)			-				(1,237	)
Net income (loss)		$	(18,379	)		$	(10,489	)		$	54,153			$	12,352
Less: net income attributable to redeemable noncontrolling interests			-				-				-				-
Net income Attributable to Horizon Kinetics Holding Corporation		$	(18,379	)		$	(10,489	)		$	54,153			$	12,352
Basic and diluted net income (loss) per common shares:
Net income		$	(0.99	)		$	(0.56	)		$	2.91			$	0.66
Weighted average shares outstanding:
Basic and diluted			18,635				18,635				18,635				18,635

		Six months ended June 30, 2026
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Revenue:
Management and advisory fees		$	59,001			$	-			$	(21,988	)		$	37,013
Other income and fees			316				-				-				316
Total revenue			59,317				-				(21,988	)			37,329
Operating expenses:
Compensation and related employee benefits			22,608				-				-				22,608
Sales, distribution and marketing			8,783				-				-				8,783
Depreciation and amortization			391				-				-				391
General and administrative expenses			5,499				-				-				5,499
Expenses of consolidated investment products			-				1,373				42				1,415
Total operating expenses			37,281				1,373				42				38,696
Operating income			22,036				(1,373	)			(22,030	)			(1,367	)
Other income (expense):
Equity in earnings of private funds, net			24,399				-				(16,076	)			8,323
Interest and dividends			866				-				-				866
Other income (expense)			6,068				-				-				6,068
Investment and other income (losses) of consolidated investment products, net			-				73,451				3,896				77,347
Interest and dividend income of consolidated investment products			-				3,303				-				3,303
Unrealized (loss) gain on digital assets, net			(4,271	)			-				-				(4,271	)
Realized gain on investments, net			406				-				-				406
Unrealized gain (loss) on investments net			28,146				-				-				28,146
Total other income (expense), net			55,614				76,754				(12,180	)			120,188
Income (loss) before provision for income taxes			77,650				75,381				(34,210	)			118,821
Income tax (expense) benefit			(23,497	)			-				-				(23,497	)
Net income (loss)		$	54,153			$	75,381			$	(34,210	)		$	95,324
Less: net income (loss) attributable to redeemable noncontrolling interests			-				(62,269	)			21,098				(41,171	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	54,153			$	13,112			$	(13,112	)		$	54,153

HORIZON KINETICS HOLDING CORPORATION

Condensed Consolidated Statements of Financial Condition (Unaudited)

(in thousands)

		(Advisor only: without consolidation of private funds)
		June 30,				December 31,
		2026				2025
Assets
Cash and cash equivalents		$	34,271			$	36,884
Fees receivable			8,264				8,154
Investments, at fair value			105,398				76,535
Assets of consolidated investment products
Cash and cash equivalents			-				-
Investments, at fair value			-				-
Other assets			-				-
Other investments			263,204				220,065
Operating lease right-of-use assets			24,038				6,382
Property and equipment, net			1,555				395
Prepaid expenses and other assets			8,650				8,603
Due from affiliates			85				20
Digital assets			8,252				12,509
Intangible assets, net			40,753				41,108
Goodwill			23,373				23,373
Total Assets		$	517,843			$	434,028
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	10,259			$	12,149
Accrued third party distribution expenses			370				578
Deferred revenue			46				66
Liabilities of consolidated investment products
Accounts payable and accrued expenses			-				-
Other liabilities			-				-
Deferred tax liability, net			85,200				66,345
Due to affiliates			7,646				7,689
Operating lease liability			25,838				8,248
Total Liabilities			129,359				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 June 30, 2026 and December 31, 2025, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			347,377				297,846
Total Shareholders’ Equity			388,484				338,953
Total Liabilities, Noncontrolling Interests, and Shareholders’ Equity		$	517,843			$	434,028

		June 30, 2026
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Assets
Cash and cash equivalents		$	34,271			$	-			$	-			$	34,271
Fees receivable, net			8,264				-				(1,458	)			6,806
Investments, at fair value			105,398				-				-				105,398
Assets of consolidated investment products
Cash and cash equivalents			-				38,674				-				38,674
Investments, at fair value			-				1,612,158				-				1,612,158
Other assets			-				9,233				-				9,233
Other investments			263,204				-				(233,587	)			29,617
Operating lease right-of-use assets			24,038				-				-				24,038
Property and equipment, net			1,555				-				-				1,555
Prepaid expenses and other assets			8,650				-				-				8,650
Due from affiliates			85				-				(26	)			59
Digital assets			8,252				-				-				8,252
Intangible assets, net			40,753				-				-				40,753
Goodwill			23,373				-				-				23,373
Total assets		$	517,843			$	1,660,065			$	(235,071	)		$	1,942,837
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	10,259			$	-			$	-			$	10,259
Accrued third party distribution expenses			370				-				-				370
Deferred revenue			46				-				-				46
Liabilities of consolidated investment products
Accounts payable and accrued expenses			-				27,151				(26	)			27,125
Other liabilities			-				5,693				(1,458	)			4,235
Deferred tax liability, net			85,200				-				-				85,200
Due to affiliates			7,646				-				-				7,646
Operating lease liability			25,838				-				-				25,838
Total liabilities			129,359				32,844				(1,484	)			160,719
Commitments and contingencies
Redeemable noncontrolling interests			-				1,435,732				(42,098	)			1,393,634
Equity interests			388,484				191,489				(191,489	)			388,484
Total liabilities, noncontrolling interests, and shareholders’ equity		$	517,843			$	1,660,065			$	(235,071	)		$	1,942,837

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) 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

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