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BCS

Press release

HORIZON KINETICS HOLDING CORPORATION REPORTS SECOND QUARTER RESULTS

img38841703_0.jpg

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, NY – 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.

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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.

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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

Revenue:

Management and advisory fees

$

18,809

$

18,798

$

37,013

$

37,703

Other income and fees

Total revenue

19,036

18,898

37,329

37,919

Operating expenses:

Compensation and related employee benefits

8,409

7,924

22,608

17,032

Sales, distribution and marketing

3,823

4,143

8,783

8,274

Depreciation and amortization

General and administrative expenses

2,954

2,676

5,499

5,208

Expenses of consolidated investment products

1,415

1,312

Total operating expenses

16,071

15,240

38,696

32,544

Operating income (loss)

2,965

3,658

(1,367

)

5,375

Other income (expense):

Equity earnings, net

(1,966

)

(4,561

)

8,323

(1,510

)

Interest and dividends

Other income (expense)

(190

)

6,068

(241

)

Investment and other income (losses) of consolidated investment products, net

(113,459

)

(15,533

)

77,347

54,734

Interest and dividend income of consolidated investment products

1,654

1,887

3,303

4,792

Unrealized (loss) gain on digital assets, net

(1,440

)

3,428

(4,271

)

1,649

Realized gain on investments, net

(2

)

2,197

Unrealized gain (loss) on investments net

(8,007

)

(15,422

)

28,146

(1,689

)

Total other income (expense), net

(122,509

)

(29,939

)

120,188

60,877

Income (loss) from continuing operations before provision for income taxes

(119,544

)

(26,281

)

118,821

66,252

Income tax (expense) benefit

6,616

3,841

(23,497

)

(6,530

)

Income (loss) from continuing operations, net of tax

(112,928

)

(22,440

)

$

95,324

$

59,722

Income (loss) from discontinued operations, net of tax

-

(910

)

-

(1,237

)

Net income (loss)

$

(112,928

)

$

(23,350

)

$

95,324

$

58,485

Less: net income (loss) attributable to redeemable noncontrolling interests

94,549

12,861

(41,171

)

(46,133

)

Net income (loss) attributable to Horizon Kinetics Holding Corporation

$

(18,379

)

$

(10,489

)

$

54,153

$

12,352

Basic and diluted net income (loss) per common shares:

   Net income (loss) from continuing operations

$

(0.99

)

$

(0.51

)

$

2.91

$

0.73

Net (loss) from discontinued operations

$

-

$

(0.05

)

$

-

$

(0.07

)

Net income (loss) attributable to Horizon Kinetics Holding Corporation

$

(0.99

)

$

(0.56

)

$

2.91

$

0.66

Weighted average shares outstanding:

Basic and diluted

18,635

18,635

18,635

18,635

img38841703_1.jpg

HORIZON KINETICS HOLDING CORPORATION

Condensed Consolidated Statements of Financial Condition

(in thousands)

June 30,

December 31,

2026

2025

(Unaudited)

Assets

Cash and cash equivalents

$

34,271

$

36,884

Fees receivable, net

6,806

6,575

Investments, at fair value

105,398

76,535

Assets of consolidated investment products

Cash and cash equivalents

38,674

45,493

Investments, at fair value

1,612,158

1,708,395

Other assets

9,233

9,517

Other investments

29,617

21,032

Operating lease right-of-use assets

24,038

6,382

Property and equipment, net

1,555

Prepaid expenses and other assets

8,650

8,603

Due from affiliates

Digital assets

8,252

12,509

Intangible assets, net

40,753

41,108

Goodwill

23,373

23,373

Total assets

$

1,942,837

$

1,996,811

Liabilities, Noncontrolling Interests, and Shareholders’ Equity

Liabilities:

Accounts payable, accrued expenses and other

$

10,259

$

12,149

Accrued third party distribution expenses

Deferred revenue

Liabilities of consolidated investment products

Accounts payable and accrued expenses

27,125

1,596

Other liabilities

4,235

Deferred tax liability, net

85,200

66,345

Due to affiliates

7,646

7,689

Operating lease liability

25,838

8,248

Total liabilities

160,719

97,406

Commitments and contingencies

Redeemable noncontrolling interests

1,393,634

1,560,452

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 June 30, 2026 and December 31, 2025, respectively

1,864

1,864

Additional paid-in capital

39,243

39,243

Retained earnings

347,377

297,846

Total shareholders’ equity

388,484

338,953

Total liabilities, noncontrolling interests, and shareholders’ equity

$

1,942,837

$

1,996,811

img38841703_1.jpg

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.

img38841703_1.jpg

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

Revenue:

Management and advisory fees

$

20,057

$

20,534

$

59,001

$

41,679

Other income and fees

Total revenue

20,284

20,634

59,317

41,895

Operating expenses:

Compensation and related employee benefits

8,409

7,924

22,608

17,032

Sales, distribution and marketing

3,823

4,143

8,783

8,274

Depreciation and amortization

General and administrative expenses

2,954

2,685

5,499

5,252

Expenses of consolidated investment products

-

-

-

-

Total operating expenses

15,379

15,032

37,281

31,276

Operating income

4,905

5,602

22,036

10,619

Other income (expense):

Equity in earnings of private funds, net

(21,162

)

(7,290

)

24,399

6,639

Interest and dividends

Other income (expense)

(190

)

6,068

(241

)

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

(1,440

)

3,428

(4,271

)

1,649

Realized gain on investments, net

(2

)

2,197

Unrealized gain (loss) on investments net

(8,007

)

(15,422

)

28,146

(1,689

)

Total other income (expense), net

(29,900

)

(19,022

)

55,614

9,500

Income before provision for income taxes

(24,995

)

(13,420

)

77,650

20,119

Income tax (expense) benefit

6,616

3,841

(23,497

)

(6,530

)

Income (loss) from continuing operations, net of tax

(18,379

)

(9,579

)

54,153

13,589

Income (loss) from discontinued operations, net of tax

-

(910

)

-

(1,237

)

Net income (loss)

$

(18,379

)

$

(10,489

)

$

54,153

$

12,352

Less: net income attributable to redeemable noncontrolling interests

-

-

-

-

Net income Attributable to Horizon Kinetics Holding Corporation

$

(18,379

)

$

(10,489

)

$

54,153

$

12,352

Basic and diluted net income (loss) per common shares:

Net income

$

(0.99

)

$

(0.56

)

$

2.91

$

0.66

Weighted average shares outstanding:

Basic and diluted

18,635

18,635

18,635

18,635

img38841703_1.jpg

Six months ended June 30, 2026

Consolidated Company Entities

Consolidated Investment Products

Eliminations

Consolidated

Revenue:

Management and advisory fees

$

59,001

$

-

$

(21,988

)

$

37,013

Other income and fees

-

-

Total revenue

59,317

-

(21,988

)

37,329

Operating expenses:

Compensation and related employee benefits

22,608

-

-

22,608

Sales, distribution and marketing

8,783

-

-

8,783

Depreciation and amortization

-

-

General and administrative expenses

5,499

-

-

5,499

Expenses of consolidated investment products

-

1,373

1,415

Total operating expenses

37,281

1,373

38,696

Operating income

22,036

(1,373

)

(22,030

)

(1,367

)

Other income (expense):

Equity in earnings of private funds, net

24,399

-

(16,076

)

8,323

Interest and dividends

-

-

Other income (expense)

6,068

-

-

6,068

Investment and other income (losses) of consolidated investment products, net

-

73,451

3,896

77,347

Interest and dividend income of consolidated investment products

-

3,303

-

3,303

Unrealized (loss) gain on digital assets, net

(4,271

)

-

-

(4,271

)

Realized gain on investments, net

-

-

Unrealized gain (loss) on investments net

28,146

-

-

28,146

Total other income (expense), net

55,614

76,754

(12,180

)

120,188

Income (loss) before provision for income taxes

77,650

75,381

(34,210

)

118,821

Income tax (expense) benefit

(23,497

)

-

-

(23,497

)

Net income (loss)

$

54,153

$

75,381

$

(34,210

)

$

95,324

Less: net income (loss) attributable to redeemable noncontrolling interests

-

(62,269

)

21,098

(41,171

)

Net income (loss) attributable to Horizon Kinetics Holding Corporation

$

54,153

$

13,112

$

(13,112

)

$

54,153

img38841703_1.jpg

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

Assets

Cash and cash equivalents

$

34,271

$

36,884

Fees receivable

8,264

8,154

Investments, at fair value

105,398

76,535

Assets of consolidated investment products

Cash and cash equivalents

-

-

Investments, at fair value

-

-

Other assets

-

-

Other investments

263,204

220,065

Operating lease right-of-use assets

24,038

6,382

Property and equipment, net

1,555

Prepaid expenses and other assets

8,650

8,603

Due from affiliates

Digital assets

8,252

12,509

Intangible assets, net

40,753

41,108

Goodwill

23,373

23,373

Total Assets

$

517,843

$

434,028

Liabilities, Noncontrolling Interests, and Shareholders’ Equity

Liabilities:

Accounts payable, accrued expenses and other

$

10,259

$

12,149

Accrued third party distribution expenses

Deferred revenue

Liabilities of consolidated investment products

Accounts payable and accrued expenses

-

-

Other liabilities

-

-

Deferred tax liability, net

85,200

66,345

Due to affiliates

7,646

7,689

Operating lease liability

25,838

8,248

Total Liabilities

129,359

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 June 30, 2026 and December 31, 2025, respectively

1,864

1,864

Additional paid-in capital

39,243

39,243

Retained earnings

347,377

297,846

Total Shareholders’ Equity

388,484

338,953

Total Liabilities, Noncontrolling Interests, and Shareholders’ Equity

$

517,843

$

434,028

img38841703_1.jpg

June 30, 2026

Consolidated Company Entities

Consolidated Investment Products

Eliminations

Consolidated

Assets

Cash and cash equivalents

$

34,271

$

-

$

-

$

34,271

Fees receivable, net

8,264

-

(1,458

)

6,806

Investments, at fair value

105,398

-

-

105,398

Assets of consolidated investment products

Cash and cash equivalents

-

38,674

-

38,674

Investments, at fair value

-

1,612,158

-

1,612,158

Other assets

-

9,233

-

9,233

Other investments

263,204

-

(233,587

)

29,617

Operating lease right-of-use assets

24,038

-

-

24,038

Property and equipment, net

1,555

-

-

1,555

Prepaid expenses and other assets

8,650

-

-

8,650

Due from affiliates

-

(26

)

Digital assets

8,252

-

-

8,252

Intangible assets, net

40,753

-

-

40,753

Goodwill

23,373

-

-

23,373

Total assets

$

517,843

$

1,660,065

$

(235,071

)

$

1,942,837

Liabilities, Noncontrolling Interests, and Shareholders’ Equity

Liabilities:

Accounts payable, accrued expenses and other

$

10,259

$

-

$

-

$

10,259

Accrued third party distribution expenses

-

-

Deferred revenue

-

-

Liabilities of consolidated investment products

Accounts payable and accrued expenses

-

27,151

(26

)

27,125

Other liabilities

-

5,693

(1,458

)

4,235

Deferred tax liability, net

85,200

-

-

85,200

Due to affiliates

7,646

-

-

7,646

Operating lease liability

25,838

-

-

25,838

Total liabilities

129,359

32,844

(1,484

)

160,719

Commitments and contingencies

Redeemable noncontrolling interests

-

1,435,732

(42,098

)

1,393,634

Equity interests

388,484

191,489

(191,489

)

388,484

Total liabilities, noncontrolling interests, and shareholders’ equity

$

517,843

$

1,660,065

$

(235,071

)

$

1,942,837

img38841703_1.jpg

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:

ir@hkholdingco.com

Source: Horizon Kinetics Holding Corporation. This release was filed with the U.S. Securities and Exchange Commission on Aug 13, 2026 and is reproduced here as issued. View the filing.

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