Horizon Kinetics Holding Corporation Reports First Quarter Results

Published: 2026-05-15 09:05:09 ET HKHC

Published on 05/15/2026 at 09:05 am EDT

Highlights for the Quarter ended March 31, 2026

Management and advisory fee revenue of $18.3 million for the quarter ended March 31, 2026, a decrease of 3.7% from the first quarter of 2025.

Incentive fees of $18.1 million earned from certain private funds resulting from the expiration of certain trading restrictions associated with their investments in Miami International Holdings ("MIAX").

Operating income (loss) was a loss of $4.3 million (GAAP presentation) and income of $17.1 million for the quarter ended March 31, 2026 (advisor only presentation).

Other income of $85.5 million resulting from unrealized gains on investments and equity in earnings of private funds (advisor only presentation).

Net income attributable to Horizon Kinetics Holding Corporation of $72.5 million, or $3.89 per common share for the three months ended March 31, 2026.

Assets under management ("AUM") grew to $11.4 billion as of March 31, 2026, an increase of 19% from December 31, 2025.

Board of Directors declares a $0.127 per share dividend.

NEW YORK, NY / ACCESS Newswire / May 15, 2026 / Horizon Kinetics Holding Corporation (the "Company" or "HKHC") (OTCQX:HKHC) reported financial results for its first quarter of 2026.

The Company's management and advisory fee revenue decreased 3.7% for the first quarter of 2026 resulting from decreases at certain mutual funds, which were partially offset by increases in revenues at our Inflation Beneficiaries ETF ("INFL"). The Company also benefited from incentive fees of $18.1 million earned from private funds during the quarter ended March 31, 2026 resulting from the expiration of certain trading restrictions associated with their investments in MIAX. The economic benefit of these incentive fees is reflected as a lower attribution to redeemable noncontrolling interests in the consolidated financial statements and management and advisory fees in the supplemental "Advisor only" presentation.

The Company's AUM increased to $11.4 billion, or 19%, during the quarter due primarily to the increase in market value of Texas Pacific Land Corporation ("TPL"), which itself increased 65% during the quarter. The impact of the TPL increase was partially offset by decreases in bitcoin related holdings such as Grayscale Bitcoin Trust ("GBTC"), which decreased 23%, and net outflows for the quarter. The outflows were primarily related to redemptions associated with private funds holding MIAX, which were generally expected to see redemptions following the expiration of restrictions.

The Company's operating expenses included higher commissions and other costs of $6.1 million that were specific to the incremental incentive fees received this quarter.

The first quarter benefited from $192.5 million of investment income held within the Company's consolidated investment products. Our clients' interests in these amounts are reflected in the redeemable noncontrolling interests, which were $135.7 million for the three months ended March 31, 2026.

HKHC shareholders also benefited from $45.6 million of equity in earnings of private funds, net, and $36.2 million of unrealized net gains from investments for the three months ended March 31, 2026. These gains were partially offset by the unrealized losses of $2.8 million for the three months ended March 31, 2026 from its digital asset holdings.

On May 14, 2026, the Company's Board of Directors declared a cash dividend of $0.127 per share, payable on June 17, 2026, to shareholders of record as of the close of business on May 27, 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, May 19, 2026 at 4:15 pm EDT. You may register for the conference call by clicking on the following link:

Tuesday, May 19, 2026 4:15 pm ETOnline Webinar: REGISTER HEREPhone Access: +1 (415) 655-0052 Access Code: 625-433-372Only online participants can submit questions during the Webinar.

HORIZON KINETICS HOLDING CORPORATIONConsolidated Statements of Operations(in thousands)

Three Months Ended March 31,

2026

2025

18,204

18,908

115

18,293

19,023

14,199

9,109

4,960

4,132

198

437

2,545

2,531

723

1,095

22,625

17,304

(4,332

)

1,719

10,289

3,051

407

491

5,866

(51

)

190,806

70,267

1,649

2,904

(2,831

)

(1,779

)

358

2,199

36,153

13,734

242,697

90,816

238,365

92,535

(30,113

)

(10,371

)

208,252

82,164

(327

)

208,252

81,837

(135,720

)

(58,996

)

72,532

22,841

3.89

1.25

(0.02

)

3.89

1.23

18,635

HORIZON KINETICS HOLDING CORPORATIONConsolidated Statements of Financial Condition(in thousands)

March 31,

December 31,

2026

2025

(Unaudited)

36,738

36,884

8,210

6,575

113,140

76,535

41,863

45,493

1,898,360

1,708,395

9,622

9,517

36,456

21,032

5,822

6,382

980

395

9,162

8,603

9,687

12,509

40,924

41,108

23,373

2,234,344

1,996,811

18,611

12,149

642

578

166,785

1,596

3,286

735

94,274

66,345

8,541

7,689

7,603

8,248

299,802

97,406

1,525,312

1,560,452

1,864

39,243

368,123

297,846

409,230

338,953

2,234,344

1,996,811

Additional Information about our performance

The Company consolidates certain private funds in order for the consolidated financial statements to conform with generally accepted accounting principles. As a result, the assets and liabilities of the applicable consolidated funds is presented on the Company's consolidated statements of financial condition. Additionally, an amount that represents the Company's clients' interests 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 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 an increased revenue growth to $38.9 million, an 84% increase from the first quarter of 2025.

The equity in earnings of private funds which results primarily from CIPs that are eliminated from the consolidated presentation as that activity is included within the investment results of the CIPs. Accordingly, our presentation without the CIPs reflects an increased level of equity earnings 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 total assets held by the CIPs as well as the associated redeemable noncontrolling interests, which represents our clients' interests in these funds. A portion of the total assets held by private funds continues to relate to economic interests held by Horizon Kinetics Holding Corporation, which is reflected in Other Investments in the presentation below, which increased $69.2 million during the first quarter of 2026 due primarily to the performance of the CIPs.

HORIZON KINETICS HOLDING CORPORATIONStatements of Operations (Unaudited)(in thousands)

(Advisor only: without consolidation of private funds)

Three Months Ended March 31,

2026

2025

38,944

21,145

115

39,033

21,260

14,199

9,109

4,960

4,132

198

437

2,545

2,567

21,902

16,245

17,131

5,015

45,561

13,930

407

491

5,866

(51

)

(2,831

)

(1,779

)

358

2,199

36,153

13,734

85,514

28,524

102,645

33,539

(30,113

)

(10,371

)

72,532

23,168

(327

)

72,532

22,841

72,532

22,841

3.89

1.23

18,635

Three months ended March 31, 2026

Consolidated Company Entities

Consolidated Investment Products

Eliminations

Consolidated

38,944

(20,740

)

18,204

39,033

(20,740

)

18,293

14,199

4,960

198

2,545

704

723

21,902

704

22,625

17,131

(704

)

(20,759

)

(4,332

)

45,561

(35,272

)

10,289

407

5,866

190,806

1,649

(2,831

)

(2,831

)

358

36,153

85,514

192,455

(35,272

)

242,697

102,645

191,751

(56,031

)

238,365

(30,113

)

(30,113

)

72,532

191,751

(56,031

)

208,252

(159,478

)

23,758

(135,720

)

72,532

32,273

(32,273

)

72,532

HORIZON KINETICS HOLDING CORPORATIONStatements of Financial Condition (Unaudited)(in thousands)

(Advisor only: without consolidation of private funds)

March 31,

December 31,

2026

2025

36,738

36,884

9,877

8,154

113,140

76,535

289,242

220,065

5,822

6,382

980

395

9,162

8,603

9,687

12,509

40,924

41,108

23,373

538,961

434,028

18,611

12,149

642

578

94,274

66,345

8,541

7,689

7,603

8,248

129,731

95,075

1,864

39,243

368,123

297,846

409,230

338,953

538,961

434,028

March 31, 2026

Consolidated Company Entities

Consolidated Investment Products

Eliminations

Consolidated

36,738

9,877

(1,667

)

8,210

113,140

41,863

1,898,360

9,622

289,242

(252,786

)

36,456

5,822

980

9,162

)

9,687

40,924

23,373

538,961

1,949,845

(254,462

)

2,234,344

18,611

642

166,800

(15

)

166,785

4,947

(1,661

)

3,286

94,274

8,541

7,603

129,731

171,747

(1,676

)

299,802

1,570,085

(44,773

)

1,525,312

409,230

208,013

(208,013

)

409,230

538,961

1,949,845

(254,462

)

2,234,344

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, 2024 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:

[email protected]

SOURCE: Horizon Kinetics Holding Corporation