Horizon Kinetics Holding Corporation filings document the reporting record of an asset-management holding company with advisory subsidiaries, investment products and OTC-traded common stock. The company’s 8-K reports disclose operating and financial results, dividend actions, material agreements, capital-structure matters and executive succession events.
Proxy materials describe annual meeting procedures, director elections, shareholder voting matters, board governance and executive compensation. Filings also record Horizon Kinetics Asset Management LLC’s relationship to managed mutual funds, ETFs, private funds and separately managed accounts, along with disclosures involving significant holdings and governance arrangements connected to Texas Pacific Land Corporation.
Horizon Kinetics Holding Corp Chief Financial Officer Mark Herndon reported an open-market purchase of 80 shares of common stock at $33.03 per share. After this transaction, he directly owns 200 shares. This filing shows a small, routine insider buy rather than a large position change.
Horizon Kinetics Holding Corp director Brent D. Rosenthal made an open-market purchase of common stock. On March 18, 2026, he bought 750 shares at a price of $33.05 per share. After this transaction, he directly owns 1,750 common shares of the company.
Horizon Kinetics Holding Corporation reports on its asset‑management business, risk profile and 2025 performance. Regulatory assets under management were $9.6 billion as of December 31, 2025, slightly below $9.8 billion a year earlier, as declines in major holdings offset new products and inflows.
Revenue grew about 30%, driven by higher average AUM and strong mutual fund and ETF fee growth, but incentive fees dropped from $51.7 million in 2024 to $0.7 million in 2025. Investment results were volatile: unrealized gains on investments swung from a $41.3 million gain in 2024 to a $15.6 million loss, mainly from a 22.1% decline in Texas Pacific Land Corporation (TPL).
The firm is highly concentrated: about 65% of AUM at December 31, 2025 was TPL common stock, and the company itself held $49.7 million of TPL. Roughly 14% of AUM was in cryptocurrencies and related vehicles, with direct Bitcoin holdings of 132 BTC worth $11.5 million. Horizon Kinetics reports no debt and held $36.9 million of cash and $76.5 million of investment securities.
The company emphasizes a long-term, contrarian strategy, limited rebalancing and in‑house research. It outlines extensive business, market, concentration, crypto, regulatory, operational and cybersecurity risks. The board declared four cash dividends in 2025 and a further $0.121 per share dividend payable March 31, 2026, and indicates it expects to continue paying dividends subject to performance and cash flows.
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.
Horizon Kinetics Holding Corp insider entities reported non-cash internal transfers of common stock. A group of related investment entities and Daniel J. Roller jointly filed to disclose activity on 12/23/2025. One transaction shows an in-kind contribution of 25,360 shares of common stock to Maran Partners Fund, LP at a stated price of $0 per share. Another transaction reports the disposition of 42,000 shares by Maran SPV, LP at $0 per share as those shares were distributed to its limited partners while that vehicle is winding down.
Following these transactions, Maran Partners Fund, LP is listed as directly beneficially owning 236,066 shares of Horizon Kinetics common stock, and Maran SPV, LP reports no remaining shares. The filing also notes an additional 9,500 shares of common stock reported as indirectly owned by Daniel J. Roller, reflecting his interests through affiliated entities.
Horizon Kinetics Holding Corp (HKHC) reported an insider stock purchase by its CEO, CIO, director, and 10% owner, Mr. Stahl. On 12/10/2025, he acquired small amounts of Common Stock in open-market purchases at $27 per share, including 12 shares held directly, 6 shares held through Horizon Common Inc., and 4 shares held through Horizon Kinetics Hard Assets, LLC.
After these transactions, he beneficially owns 249,138 shares directly and large indirect positions, including 8,216,742 shares through Horizon Common Inc., plus additional holdings via entities such as FRMO Corp., Kinetics Institutional Partners LP, Kinetics Partners LP, and Horizon Kinetics Asset Management LLC. The filing notes he exercises discretion over these shares and disclaims beneficial ownership beyond his pecuniary interest.
Horizon Kinetics Holding Corp insider activity: On 12/09/2025, CEO, CIO, director and 10% owner Mr. Stahl reported small open‑market purchases of Horizon Kinetics Holding Corp common stock at $27 per share. The filing shows acquisitions of 12 shares held directly, 6 shares held through Horizon Common Inc., and 4 shares held through Horizon Kinetics Hard Assets, LLC.
After these transactions, Mr. Stahl is shown as directly owning 249,126 shares, with substantial additional indirect holdings, including 8,216,736 shares through Horizon Common Inc., 823,923 shares through FRMO Corp., and smaller positions via several investment partnerships and entities. The footnotes state that Mr. Stahl exercises discretion over these shares and disclaims beneficial ownership beyond his economic interest.
Horizon Kinetics Holding Corp insider Mr. Stahl, who serves as CEO, CIO, director and a 10% owner, reported recent transactions in the company’s common stock on a Form 4. On 12/08/2025, he made small open‑market purchases of common stock at $26.73 per share, both in his direct account and through entities over which he has indirect control, including Horizon Common Inc. and Horizon Kinetics Hard Assets, LLC. The filing also lists sizable indirect holdings through his spouse, FRMO Corp, and several investment partnerships and an asset management company. Mr. Stahl states that he exercises discretion over certain shares and disclaims beneficial ownership beyond his pecuniary interest, and notes that part of the FRMO Corp position reflects shares held by its wholly owned subsidiary, Fromex Equity Corp.
Horizon Kinetics Holding Corp. (HKHC) reported an insider stock purchase by a senior executive and major shareholder. On 12/05/2025, the reporting person bought 12 shares of HKHC common stock directly and 6 shares indirectly, each at a price of $27.75 per share. After these transactions, the executive directly owns 249,102 shares and indirectly owns 8,216,724 shares through Horizon Common Inc., along with additional indirect holdings through entities including a spouse, FRMO Corp., and several investment partnerships.
The filer is identified as a Director, 10% Owner, CEO and CIO of HKHC, and the form notes that he exercises discretion over certain shares and disclaims beneficial ownership beyond his pecuniary interest. The filing is made jointly by more than one reporting person and is signed by an attorney-in-fact.
Horizon Kinetics Holding Corp (HKHC) insider Murray Stahl reported small open-market purchases of the company’s common stock. On 12/04/2025, he bought 12 shares of HKHC common stock directly at $27.75 per share, bringing his directly held stake to 249,090 shares. On the same date, an affiliated entity, Horizon Common Inc., purchased 6 shares at $27.75 per share, after which 8,216,718 shares are reported as indirectly owned through that entity.
Stahl is listed as a director, 10% owner, and CEO and CIO of Horizon Kinetics Holding Corp, and he reports additional indirect holdings through several related entities and his spouse. He states that he exercises discretion over these shares and disclaims beneficial ownership except to the extent of his pecuniary interest, including shares held by FRMO Corp and its wholly owned subsidiary Fromex Equity Corp.