from Horizon Kinetics Holding Corporation (NASDAQ:SLGD)
Horizon Kinetics Holding Corporation Reports Third Quarter Results
Highlights for the Quarter ended September 30, 2025:
Management and advisory fee revenue of $17.8 million for the quarter ended September 30, 2025, a 36% increase from the third quarter of 2024
Management and advisory fee revenue of $55.5 million for the nine months ended September 30, 2025, a 49% increase from the nine months ended September 30, 2024.
Net income attributable to Horizon Kinetics Holding Corporation of $7.2 million, or $0.39 per common share for the three months ended September 30, 2025
Operating income for the third quarter of 2025 was $2.9 million, an increase of $3.9 million from a $0.9 million loss during the third quarter of 2024
Assets under management ("AUM") of $10.4 billion as of September 30, 2025, an increase of 5.2% from December 31, 2024 and 25% from September 30, 2024
Board of Directors declared a $0.106 per share dividend
NEW YORK CITY, NEW YORK / ACCESS Newswire / November 13, 2025 / Horizon Kinetics Holding Corporation (the "Company" or "HKHC") (OTCID: HKHC) reported financial results for the third quarter of 2025. The Company's management and advisory fee revenue grew during the quarter and year-to-date period as compared to 2024 resulting from increases in AUM in its separately managed accounts, ETFs, mutual funds and private funds. These increases in AUM across each of the various products and strategies were largely driven by increases in the market value of Texas Pacific Land Corporation ("TPL") and Grayscale Bitcoin Trust during 2024, which have resulted in higher monthly management fees throughout 2025. The Company has also experienced additional net cash inflows into the various products and strategies during 2025 and has increased its customer accounts during the quarter.
The Company's operating income for the third quarter of $2.9 million was positively impacted by the increased revenues, which were only partially offset by a variety of higher operating expenses, including higher commissions and higher distribution costs. Advisor only operating income, a non-GAAP measure, was $5.5 million for the third quarter of 2025, an increase of $4.0 million from 2024.
The third quarter of 2025 included $129.4 million of investment income, net from our consolidated investment products, primarily from unrealized gains related to the increase in fair value of a private placement investment that completed an initial public offering.
The Company experienced unrealized losses on investments of $7.0 million for the three months ended September 30, 2025, which was primarily the impact of a 12% decline in the fair value of TPL during the quarter. In addition, the Company's equity losses, net, were $2.0 million from various equity interest holdings. These unrealized losses were partially offset by the unrealized gains of $1.3 million for the three months ended September 30, 2025 from its digital asset holdings.
On November 11, 2025, the Company's Board of Directors declared a cash dividend of $0.106 per share, payable on December 17, 2025, to shareholders of record as of the close of business on November 25, 2025.
Conference Call
Murray Stahl, Chairman and Chief Executive Officer, and Mark Herndon, Chief Financial Officer, will host a conference call on Tuesday, November 18, 2025 at 4:15 pm EST. You may register for the conference call by clicking on the following link:
https://register.gotowebinar.com/register/3809689494263827541
Phone Access: +1 (562) 247-8422 Access Code: 840-658-383
Only online participants can submit questions during the webinar.
HORIZON KINETICS HOLDING CORPORATION
Consolidated Statements of Operations
(in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue: | ||||||||||||||||
Management and advisory fees | $ | 17,764 | $ | 13,036 | $ | 55,465 | $ | 37,277 | ||||||||
Other income and fees | 129 | 23 | 345 | 288 | ||||||||||||
Total revenue | 17,893 | 13,059 | 55,810 | 37,565 | ||||||||||||
Operating expenses: | ||||||||||||||||
Compensation and related employee benefits | 7,685 | 7,220 | 24,718 | 19,903 | ||||||||||||
Sales, distribution and marketing | 3,774 | 2,972 | 12,048 | 7,881 | ||||||||||||
Depreciation and amortization | 199 | 455 | 917 | 1,374 | ||||||||||||
General and administrative expenses | 2,520 | 2,744 | 7,728 | 7,397 | ||||||||||||
Expenses of consolidated investment products | 766 | 590 | 2,078 | 1,651 | ||||||||||||
Total operating expenses | 14,944 | 13,981 | 47,489 | 38,206 | ||||||||||||
Operating income (loss) | 2,949 | (922 | ) | 8,321 | (641 | ) | ||||||||||
Other income (expense): | ||||||||||||||||
Equity earnings (losses), net | (2,033 | ) | 1,617 | (3,543 | ) | 3,683 | ||||||||||
Interest and dividends | 530 | 891 | 1,475 | 1,261 | ||||||||||||
Other income (expense) | (290 | ) | (2,676 | ) | (530 | ) | (2,857 | ) | ||||||||
Investment and other income (losses) of consolidated investment products, net | 129,399 | 142,620 | 184,133 | 442,469 | ||||||||||||
Interest and dividend income of consolidated investment products | 1,627 | 8,888 | 6,418 | 17,494 | ||||||||||||
Unrealized gain (loss) on digital assets, net | 1,260 | (95 | ) | 2,908 | 2,792 | |||||||||||
Realized gain (loss) on investments, net | 32 | 23 | 2,229 | 342 | ||||||||||||
Unrealized gain (loss) on investments net | (7,046 | ) | 11,321 | (8,734 | ) | 24,942 | ||||||||||
Total other income, net | 123,479 | 162,589 | 184,356 | 490,126 | ||||||||||||
Income (loss) from continuing operations before provision for income taxes | 126,428 | 161,667 | 192,677 | 489,485 | ||||||||||||
Income tax (expense) benefit | 10,370 | (69,296 | ) | 3,840 | (70,774 | ) | ||||||||||
Income (loss) from continuing operations, net of tax | 136,798 | 92,371 | 196,517 | 418,711 | ||||||||||||
Income (loss) from discontinued operations, net of tax | (63 | ) | (147 | ) | (1,300 | ) | (147 | ) | ||||||||
Net income | $ | 136,735 | $ | 92,224 | $ | 195,217 | $ | 418,564 | ||||||||
Less: net income attributable to redeemable noncontrolling interests | (129,500 | ) | (130,391 | ) | (175,630 | ) | (401,852 | ) | ||||||||
Net (loss) income attributable to Horizon Kinetics Holding Corporation | $ | 7,235 | $ | (38,167 | ) | $ | 19,587 | $ | 16,712 | |||||||
Basic and diluted net (loss) income per common share: | ||||||||||||||||
Net income (loss) from continuing operations | $ | 7.34 | $ | 5.02 | $ | 10.55 | $ | 23.10 | ||||||||
Net income (loss) from discontinued operations | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.01 | ) | ||||
Net income (loss) attributable to Horizon Kinetics Holding Corporation | $ | |||||||||||||||