Horizon Kinetics Holding Corporation Reports Second Quarter Results

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 CITY, NY / ACCESS Newswire / 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

18,809

18,798

37,013

37,703

227

100

316

216

19,036

18,898

37,329

37,919

8,409

7,924

22,608

17,032

3,823

4,143

8,783

8,274

193

280

391

718

2,954

2,676

5,499

5,208

692

217

1,415

1,312

16,071

15,240

38,696

32,544

2,965

3,658

(1,367

)

5,375

(1,966

)

(4,561

)

8,323

(1,510

)

459

454

866

945

202

(190

)

6,068

(241

)

(113,459

)

(15,533

)

77,347

54,734

1,654

1,887

3,303

4,792

(1,440

)

3,428

(4,271

)

1,649

)

406

2,197

(8,007

)

(15,422

)

28,146

(1,689

)

(122,509

)

(29,939

)

120,188

60,877

(119,544

)

(26,281

)

118,821

66,252

6,616

3,841

(23,497

)

(6,530

)

(112,928

)

(22,440

)

95,324

59,722

(910

)

(1,237

)

(112,928

)

(23,350

)

95,324

58,485

94,549

12,861

(41,171

)

(46,133

)

(18,379

)

(10,489

)

54,153

12,352

(0.99

)

(0.51

)

2.91

0.73

(0.05

)

(0.07

)

(0.99

)

(0.56

)

2.91

0.66

18,635

HORIZON KINETICS HOLDING CORPORATION

Condensed Consolidated Statements of Financial Condition

(in thousands)

June 30,

December 31,

2026

2025

(Unaudited)

34,271

36,884

6,806

6,575

105,398

76,535

38,674

45,493

1,612,158

1,708,395

9,233

9,517

29,617

21,032

24,038

6,382

1,555

395

8,650

8,603

8,252

12,509

40,753

41,108

23,373

1,942,837

1,996,811

10,259

12,149

370

578

27,125

1,596

4,235

735

85,200

66,345

7,646

7,689

25,838

8,248

160,719

97,406

1,393,634

1,560,452

1,864

39,243

347,377

297,846

388,484

338,953

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

20,057

20,534

59,001

41,679

227

100

316

216

20,284

20,634

59,317

41,895

8,409

7,924

22,608

17,032

3,823

4,143

8,783

8,274

193

280

391

718

2,954

2,685

5,499

5,252

15,379

15,032

37,281

31,276

4,905

5,602

22,036

10,619

(21,162

)

(7,290

)

24,399

6,639

459

454

866

945

202

(190

)

6,068

(241

)

(1,440

)

3,428

(4,271

)

1,649

)

406

2,197

(8,007

)

(15,422

)

28,146

(1,689

)

(29,900

)

(19,022

)

55,614

9,500

(24,995

)

(13,420

)

77,650

20,119

6,616

3,841

(23,497

)

(6,530

)

(18,379

)

(9,579

)

54,153

13,589

(910

)

(1,237

)

(18,379

)

(10,489

)

54,153

12,352

(18,379

)

(10,489

)

54,153

12,352

(0.99

)

(0.56

)

2.91

0.66

18,635

Six months ended June 30, 2026

Consolidated Company Entities

Consolidated Investment Products

Eliminations

Consolidated

59,001

(21,988

)

37,013

316

59,317

(21,988

)

37,329

22,608

8,783

391

5,499

1,373

1,415

37,281

1,373

38,696

22,036

(1,373

)

(22,030

)

(1,367

)

24,399

(16,076

)

8,323

866

6,068

73,451

3,896

77,347

3,303

(4,271

)

(4,271

)

406

28,146

55,614

76,754

(12,180

)

120,188

77,650

75,381

(34,210

)

118,821

(23,497

)

(23,497

)

54,153

75,381

(34,210

)

95,324

(62,269

)

21,098

(41,171

)

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

34,271

36,884

8,264

8,154

105,398

76,535

263,204

220,065

24,038

6,382

1,555

395

8,650

8,603

8,252

12,509

40,753

41,108

23,373

517,843

434,028

10,259

12,149

370

578

85,200

66,345

7,646

7,689

25,838

8,248

129,359

95,075

1,864

39,243

347,377

297,846

388,484

338,953

517,843

434,028

June 30, 2026

Consolidated Company Entities

Consolidated Investment Products

Eliminations

Consolidated

34,271

8,264

(1,458

)

6,806

105,398

38,674

1,612,158

9,233

263,204

(233,587

)

29,617

24,038

1,555

8,650

(26

)

8,252

40,753

23,373

517,843

1,660,065

(235,071

)

1,942,837

10,259

370

27,151

(26

)

27,125

5,693

(1,458

)

4,235

85,200

7,646

25,838

129,359

32,844

(1,484

)

160,719

1,435,732

(42,098

)

1,393,634

388,484

191,489

(191,489

)

388,484

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:

[email protected]

SOURCE: Horizon Kinetics Holding Corporation