Horizon Kinetics swings to $18.4M loss in Q3 2026
Sentiment and the balance of points
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Rhea-AI Filing Summary
Horizon Kinetics Holding Corporation (HKHC) reported a $18.350 million GAAP net loss attributable to the company for the third quarter of 2026, or $0.98 per share, versus $7.235 million in net income, or $0.39 per share, a year earlier. Management and advisory fees were $17.813 million, up 0.3%; GAAP operating income was $1.758 million, compared with $2.949 million. The company attributed the quarterly loss to unrealized declines in certain investment holdings.
For the nine months ended September 30, 2026, HKHC reported $35.803 million in net income attributable to the company, versus $19.587 million in 2025. Assets under management were $10.0 billion as of September 30, down 7.3% from June 30 but up 3.9% from December 31, 2025. ETF revenues rose 26% in the quarter, and separately managed account fees grew 2.0%.
Directors declared a $0.13-per-share cash dividend, payable December 10, 2026, to holders of record November 23. They authorized a three-year program for repurchases of up to $25.0 million of common stock. The program requires no specific purchase amount and may be modified, suspended or discontinued at any time.
How this balance works
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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month net income attributable to HKHC was $35.803 million, versus $19.587 million a year earlier.
- Moderate pointETF revenues increased 26% in the third quarter.
Negative
- Moderate pointThird-quarter net income attributable to HKHC was a $18.350 million loss, versus $7.235 million in income a year earlier.
Filing Explained
HKHC expects to fund repurchases with cash under the optional $25 million authorization; September 30, 2026 cash and equivalents were 36,417 thousand dollars.
This Form 8-K furnishes Horizon Kinetics Holding Corporation’s third-quarter results. The filing says certain sponsored private funds are consolidated, but their liabilities have no recourse to HKHC’s assets beyond its direct investment; those liabilities are therefore not equivalent to general obligations of HKHC.
The release says HKHC expects to fund repurchases under the authorized program from existing cash. At
8-K Event Classification
Key Figures
Key Terms
Consolidated Investment Products financial
redeemable noncontrolling interests financial
Non-GAAP financial measure financial
Rule 10b5-1 plans regulatory
right-of-use asset financial
Earnings Snapshot
FAQ
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What were HKHC's third-quarter 2026 earnings?
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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): |
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(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) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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:
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Trading |
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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 November 12, 2026, Horizon Kinetics Holding Corporation (the “Company”) issued a press release setting forth the Company’s financial information for the three and nine months ended September 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 |
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Description |
99.1 |
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Press release dated November 12, 2026 |
104 |
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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.
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HORIZON KINETICS HOLDING CORPORATION |
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Date: |
November 12, 2026 |
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/s/ Jay Kesslen |
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Jay Kesslen |
EXHIBIT 99.1
HORIZON KINETICS HOLDING CORPORATION REPORTS THIRD QUARTER RESULTS
Highlights for the quarter ended September 30, 2026:
New York, NY – 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)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue: |
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Management and advisory fees |
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$ |
17,813 |
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$ |
17,764 |
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$ |
54,826 |
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$ |
55,465 |
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Other income and fees |
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217 |
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129 |
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533 |
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345 |
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Total revenue |
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18,030 |
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17,893 |
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55,359 |
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55,810 |
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Operating expenses: |
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Compensation and related employee benefits |
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7,090 |
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7,685 |
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29,698 |
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24,718 |
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Sales, distribution and marketing |
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3,606 |
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3,774 |
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12,389 |
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12,048 |
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Depreciation and amortization |
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217 |
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199 |
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608 |
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917 |
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General and administrative expenses |
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3,980 |
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2,520 |
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9,479 |
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7,728 |
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Expenses of consolidated investment products |
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1,379 |
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766 |
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2,794 |
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2,078 |
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Total operating expenses |
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16,272 |
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14,944 |
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54,968 |
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47,489 |
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Operating income (loss) |
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1,758 |
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2,949 |
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391 |
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8,321 |
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Other income (expense): |
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Equity earnings, net |
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(5,815 |
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(2,033 |
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2,508 |
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(3,543 |
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Interest and dividends |
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483 |
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530 |
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1,349 |
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1,475 |
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Other income (expense) |
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(34 |
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(290 |
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6,034 |
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(530 |
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Investment and other income (losses) of consolidated investment products, net |
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(54,002 |
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129,399 |
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23,345 |
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184,133 |
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Interest and dividend income of consolidated investment products |
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1,609 |
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1,627 |
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4,912 |
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6,418 |
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Unrealized gain (loss) on digital assets, net |
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3,780 |
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1,260 |
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(491 |
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2,908 |
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Realized gain (loss) on investments, net |
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31 |
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32 |
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437 |
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2,229 |
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Unrealized gain (loss) on investments, net |
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(19,495 |
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(7,046 |
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8,651 |
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(8,734 |
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Total other income (expense), net |
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(73,443 |
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123,479 |
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46,745 |
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184,356 |
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Income (loss) from continuing operations before provision for income taxes |
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(71,685 |
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126,428 |
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47,136 |
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192,677 |
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Income tax (expense) benefit |
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12,483 |
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10,370 |
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(11,014 |
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3,840 |
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Income (loss) from continuing operations, net of tax |
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(59,202 |
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136,798 |
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36,122 |
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196,517 |
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Income (loss) from discontinued operations, net of tax |
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- |
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(63 |
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- |
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(1,300 |
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Net income (loss) |
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$ |
(59,202 |
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$ |
136,735 |
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$ |
36,122 |
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$ |
195,217 |
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Less: net income (loss) attributable to redeemable noncontrolling interests |
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40,852 |
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(129,500 |
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(319 |
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(175,630 |
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Net income (loss) attributable to Horizon Kinetics Holding Corporation |
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$ |
(18,350 |
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$ |
7,235 |
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$ |
35,803 |
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$ |
19,587 |
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Basic and diluted net income (loss) per common shares: |
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Net income (loss) from continuing operations |
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$ |
(0.98 |
) |
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$ |
0.39 |
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$ |
1.92 |
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$ |
1.12 |
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Net (loss) from discontinued operations |
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$ |
- |
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$ |
(0.00 |
) |
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$ |
- |
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$ |
(0.07 |
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Net income (loss) attributable to Horizon Kinetics Holding Corporation |
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$ |
(0.98 |
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$ |
0.39 |
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$ |
1.92 |
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$ |
1.05 |
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Weighted average shares outstanding: |
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Basic and diluted |
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18,635 |
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18,635 |
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18,635 |
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18,635 |
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HORIZON KINETICS HOLDING CORPORATION
Condensed Consolidated Statements of Financial Condition
(in thousands)
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September 30, |
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December 31, |
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2026 |
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2025 |
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(Unaudited) |
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Assets |
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Cash and cash equivalents |
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$ |
36,417 |
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$ |
36,884 |
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Fees receivable, net |
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6,794 |
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6,575 |
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Investments, at fair value |
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86,346 |
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76,535 |
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Assets of consolidated investment products |
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Cash and cash equivalents |
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37,814 |
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45,493 |
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Investments, at fair value |
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1,522,799 |
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1,708,395 |
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Other assets |
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6,338 |
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9,517 |
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Other investments |
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23,787 |
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21,032 |
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Operating lease right-of-use assets |
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22,286 |
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6,382 |
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Property and equipment, net |
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1,560 |
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395 |
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Prepaid expenses and other assets |
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11,328 |
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8,603 |
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Due from affiliates |
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1 |
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10 |
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Digital assets |
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12,034 |
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12,509 |
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Intangible assets, net |
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40,589 |
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41,108 |
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Goodwill |
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23,373 |
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23,373 |
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Total assets |
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$ |
1,831,466 |
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$ |
1,996,811 |
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Liabilities, Noncontrolling Interests, and Shareholders’ Equity |
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Liabilities: |
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Accounts payable, accrued expenses and other |
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$ |
8,708 |
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$ |
12,149 |
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Accrued third party distribution expenses |
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349 |
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578 |
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Deferred revenue |
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27 |
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66 |
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Liabilities of consolidated investment products |
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Accounts payable and accrued expenses |
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16,198 |
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1,596 |
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Other liabilities |
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3,682 |
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|
735 |
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Deferred tax liability, net |
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75,578 |
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66,345 |
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Due to affiliates |
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7,597 |
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|
7,689 |
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Operating lease liability |
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25,325 |
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|
8,248 |
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Total liabilities |
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137,464 |
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|
97,406 |
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Commitments and contingencies |
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Redeemable noncontrolling interests |
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1,326,291 |
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1,560,452 |
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Shareholders' equity |
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Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding |
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- |
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- |
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Common stock; $0.10 par value, 50,000 shares authorized; 18,635 shares issued and outstanding, net of 1 share treasury stock at September 30, 2026 and December 31, 2025, respectively |
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1,864 |
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1,864 |
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Additional paid-in capital |
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39,243 |
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|
39,243 |
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Retained earnings |
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326,604 |
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|
297,846 |
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Total shareholders’ equity |
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367,711 |
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|
338,953 |
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Total liabilities, noncontrolling interests, and shareholders’ equity |
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$ |
1,831,466 |
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$ |
1,996,811 |
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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:
HORIZON KINETICS HOLDING CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands)
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Advisor Only Statement of Operations (Non-GAAP) |
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Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue: |
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Management and advisory fees |
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$ |
18,926 |
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$ |
19,561 |
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$ |
77,927 |
|
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$ |
61,240 |
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Other income and fees |
|
|
217 |
|
|
|
129 |
|
|
|
533 |
|
|
|
345 |
|
Total revenue |
|
|
19,143 |
|
|
|
19,690 |
|
|
|
78,460 |
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|
|
61,585 |
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|
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Operating expenses: |
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|
|
|
|
|
|
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Compensation and related employee benefits |
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7,090 |
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|
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7,685 |
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|
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29,698 |
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|
|
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 |
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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