# EDGAR Filing Document

**Accession Number:** 0000088000
**File Stem:** 0001193125-26-104064
**Filing Date:** 2026-3
**Character Count:** 34539
**Document Hash:** a068c7c9d552326c1231aa21d299556e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-104064.hdr.sgml**: 20260312

**ACCESSION NUMBER**: 0001193125-26-104064

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260312

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260312

**DATE AS OF CHANGE**: 20260312

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Horizon Kinetics Holding Corp
- **CENTRAL INDEX KEY:** 0000088000
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 840920811
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13458
- **FILM NUMBER:** 26747482

**BUSINESS ADDRESS:**
- **STREET 1:** 470 PARK AVE S.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 6462912300

**MAIL ADDRESS:**
- **STREET 1:** 470 PARK AVE S.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Scott's Liquid Gold - Inc.
- **DATE OF NAME CHANGE:** 20180828

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SCOTTS LIQUID GOLD INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 12, 2026<br>

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HORIZON KINETICS HOLDING CORPORATION

**(Exact name of Registrant as Specified in Its Charter)**

------

---

| | | |
|:---|:---|:---|
| Delaware | 001-13458 | 84-0920811 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 470 Park Ave S.  |  |  |
| New York**,** New York |  | 10016 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** (646) 291-2300 <br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| None | N/A | N/A |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On March 12, 2026, Horizon Kinetics Holding Corporation (the "Company") issued a press release setting forth the Company's financial information for the three months and fiscal year ended December 31, 2025. A copy of the Company's press release is attached hereto as Exhibit 99.1 and is hereby incorporated by reference.

This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [<u>Press release dated March 12, 2026</u>](hkhc-ex99_1.htm) |
| 104 | Cover page interactive data file (embedded within the inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | HORIZON KINETICS HOLDING CORPORATION |
| Date: | March 12, 2026 | /s/ Jay Kesslen |
|  |  | **Jay Kesslen<br>General Counsel** |

---

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## Exhibit 99.1

**EXHIBIT 99.1**

![img38841703_0.jpg](img38841703_0.jpg)

**HORIZON KINETICS HOLDING CORPORATION REPORTS FOURTH QUARTER AND ANNUAL RESULTS**

**Annual and Fourth Quarter 2025 Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Revenues of $72.8 million for the year ended December 31, 2025, an increase $17.0 million, or 31.0%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Operating income of the Advisor-only segment (without consolidation of investment products) was $21.4 million for the year ended December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net income attributable to Horizon Kinetics Holding Corporation of $5.1 million for the year ended December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Assets under management ("AUM") were $9.6 billion as of December 31, 2025** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Board of Directors declares a $0.121 per share dividend**

New York, NY – March 12, 2026

Horizon Kinetics Holding Corporation (the "Company" or "HKHC") (OTCQX: HKHC) reported financial results for its fourth quarter and year ended December 31, 2025.

The Company grew revenues $17.0 million, or 31%, for the year ended December 31, 2025 primarily from increased management fees related to growth at our mutual funds, which grew revenue by 42%, and our ETFs, which grew by 56%. The mutual fund fee growth largely occurred due to higher average AUM at the Paradigm Fund ("WWNPX") during 2025 resulting from 2024's market appreciation in two key holdings of Texas Pacific Land Corporation ("TPL") and Grayscale Bitcoin Trust ("GBTC"). Our mutual funds also benefited from the net inflows of nearly $100 million to the Market Opportunity Fund ("KMKNX") and the Small Cap Fund ("KSCOX"). The ETF management fee growth was also due primarily to higher average AUM in 2025, led by our Inflation Beneficiaries ETF ("INFL") with net inflows of $89 million as well as 18% NAV performance in 2025.

The Company's operating expenses were lower in the fourth quarter and full year of 2025. These decreases were principally related to the absence of commissions and other associated costs related to the 2024 incentive fees. During 2024, the Company benefited from incentive fees of $51.7 million earned from private funds due primarily to the increases in TPL and GBTC as previously noted. During 2025, both TPL and GBTC declined in value and incentive fees were generally not achieved at our private funds. However, the Company has reported unearned incentive fees of $22.6 million related to certain private funds holding shares of Miami International Holdings (Ticker: "MIAX"), which completed an initial public offering in 2025. Our incentive fees are unearned while the MIAX shares are restricted for sale. While this value of incentive fees will fluctuate based on the market price of MIAX, we expect incentives fees associated with these private funds, if any, to be resolved and measured during the first quarter of 2026.

The Company experienced unrealized losses on investments of $15.6 million for the year ended December 31, 2025 in contrast to the $41.3 million of unrealized gains on investments during 2024. This change was primarily the impact of a 22% decline in the fair value of TPL during the 2025 year after its 111% appreciation during 2024. The Company's equity earnings (losses), net and investment and other income (losses) from consolidated investment products were similarly impacted during the year from these factors.

On March 11, 2026, the Company's Board of Directors declared a cash dividend of $0.121 per share, payable on March 31, 2026, to shareholders of record as of the close of business on March 23, 2026.

**Conference Call** 

Murray Stahl, Chairman and Chief Executive Officer, and Mark Herndon, Chief Financial Officer, will host a conference call on March 17, 2026, at 4:15 p.m. EDT. You may register for the conference call by clicking on the following link:

<u>https://attendee.gotowebinar.com/register/6790428136448375131</u>

**Thu, Mar 17, 2026 4:15 PM ET**

Phone Access: +1 (415) 655-0052 Access Code: 230-724-379<br>Only online participants can submit questions during the webinar.

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![img38841703_1.jpg](img38841703_1.jpg)

**HORIZON KINETICS HOLDING CORPORATION**

**Consolidated Statements of Operations**

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (Unaudited) | (Unaudited) |  |  |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Management and advisory fees | $16923 | $18209 | $72388 | $55486 |
| &nbsp;&nbsp;Other income and fees | 113 | 34 | 458 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 17036 | 18243 | 72846 | 55808 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Compensation and related employee benefits | 7310 | 17647 | 32028 | 37550 |
| &nbsp;&nbsp;Sales, distribution and marketing | 3655 | 11212 | 15703 | 19093 |
| &nbsp;&nbsp;Depreciation and amortization | 199 | 442 | 1116 | 1816 |
| &nbsp;&nbsp;General and administrative expenses | 2446 | 2693 | 10174 | 10090 |
| &nbsp;&nbsp;Expenses of consolidated investment products | 664 | 668 | 2742 | 2319 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 14274 | 32662 | 61763 | 70868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 2762 | (14419) | 11083 | (15060) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;Equity earnings (losses), net | (1323) | 2354 | (4866) | 6037 |
| &nbsp;&nbsp;Interest and dividends | 900 | 453 | 2375 | 1714 |
| &nbsp;&nbsp;Other income (expense) | (655) | (128) | (1185) | (2985) |
| &nbsp;&nbsp;Investment and other income (losses) of consolidated investment products, net | (201901) | 398266 | (17768) | 840735 |
| &nbsp;&nbsp;Interest and dividend income of consolidated investment products | 1976 | 2883 | 8394 | 20377 |
| &nbsp;&nbsp;Unrealized (losses) gains on digital assets, net | (3704) | 4192 | (796) | 6984 |
| &nbsp;&nbsp;Realized gain on investments, net | 169 | 90 | 2398 | 432 |
| &nbsp;&nbsp;Unrealized gain (losses) on investments net | (6820) | 16387 | (15554) | 41329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (211358) | 424497 | (27002) | 914623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations before income taxes | (208596) | 410078 | (15919) | 899563 |
| Income tax (expense) benefit | 19379 | (33607) | 23219 | (104381) |
| &nbsp;&nbsp;Income (loss) from continuing operations, net of tax | (189217) | 376471 | 7300 | 795182 |
| &nbsp;&nbsp;Income (loss) from discontinued operations, net of tax | - | (224) | (1300) | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $(189217) | $376247 | $6000 | $794811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net income attributable to redeemable noncontrolling interests | 174748 | (300487) | (882) | (702339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Horizon Kinetics Holding Corporation** | $**(14469)** | $**75760** | $**5118** | $**92472** |
| Basic and diluted net income (loss) per common shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) from continuing operations | $(10.15) | $20.20 | $0.39 | $43.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) from discontinued operations | $- | $(0.01) | $(0.07) | $(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Horizon Kinetics Holding Corporation** | $**(0.78)** | $**4.07** | $**0.27** | $**5.07** |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted | 18635 | 18634 | 18635 | 18256 |

---

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![img38841703_1.jpg](img38841703_1.jpg)

**HORIZON KINETICS HOLDING CORPORATION**

**Consolidated Statements of Financial Condition**

(in thousands)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Assets |  |  |
| Cash and cash equivalents | $36884 | $14446 |
| Fees receivable | 6575 | 8344 |
| Investments, at fair value | 76535 | 91435 |
| *Assets of consolidated investment products* |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | 45493 | 44306 |
| &nbsp;&nbsp;Investments, at fair value | 1708395 | 1746850 |
| &nbsp;&nbsp;Other assets | 9517 | 19247 |
| Other investments | 21032 | 13443 |
| Operating lease right-of-use assets | 6382 | 5105 |
| Property and equipment, net | 395 | 99 |
| Prepaid expenses and other assets | 8603 | 1728 |
| Due from affiliates | 10 | 27 |
| Digital assets | 12509 | 13240 |
| Assets of discontinued operations | - | 4364 |
| Intangible assets, net | 41108 | 42169 |
| Goodwill | 23373 | 23373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1996811 | $2028176 |
| Liabilities, Noncontrolling Interests, and Shareholders' Equity |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other | $12149 | $21547 |
| &nbsp;&nbsp;Accrued third party distribution expenses | 578 | 6522 |
| &nbsp;&nbsp;Deferred revenue | 66 | 222 |
| &nbsp;&nbsp;*Liabilities of consolidated investment products* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 1596 | 1486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 735 | 2793 |
| &nbsp;&nbsp;Deferred tax liability, net | 66345 | 95683 |
| &nbsp;&nbsp;Due to affiliates | 7689 | 11597 |
| &nbsp;&nbsp;Liabilities of discontinued operations | - | 464 |
| &nbsp;&nbsp;Operating lease liability | 8248 | 7379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 97406 | 147693 |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 1560452 | 1540312 |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding | - | - |
| &nbsp;&nbsp;Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 18,635 shares at December 31, 2025 and December 31, 2024" | 1864 | 1864 |
| &nbsp;&nbsp;Additional paid-in capital | 39243 | 39243 |
| &nbsp;&nbsp;Retained earnings | 297846 | 299064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 338953 | 340171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, noncontrolling interests, and shareholders' equity | $1996811 | $2028176 |

---

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![img38841703_1.jpg](img38841703_1.jpg)

**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 investment products are presented on the Company's consolidated statements of financial condition. Additionally, an amount that represents the Company's clients' interests in these consolidated proprietary 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 is 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Management and advisory fees, including incentive fees, from CIPs are eliminated from consolidated revenues. Accordingly, our presentation *without* the CIPs reflects a decline in revenue due to 2024's incentive fee of $51.7 million from our private funds that did not recur in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The equity in earnings (losses) of private funds primarily results 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 or losses that present changes in the value of our holdings within the CIPs. During 2025, this activity resulted in losses of equity earnings as a result of unrealized losses across multiple private funds due to changes in the fair value of their underlying assets, which included declines of TPL and GBTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Stockholders' equity and net income attributable to Horizon Kinetics Holding Corporation are not impacted by the consolidation process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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. This activity resulted in an equity income/(loss) of ($25.4) million during 2025 as a result of the performance of the CIPs.

------

![img38841703_1.jpg](img38841703_1.jpg)

**HORIZON KINETICS HOLDING CORPORATION**

**Statements of Operations (Unaudited)**

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **(Advisor only: without consolidation of investment products)** | **(Advisor only: without consolidation of investment products)** | **(Advisor only: without consolidation of investment products)** | **(Advisor only: without consolidation of investment products)** |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Management and advisory fees | $18721 | $69746 | $79961 | $111481 |
| &nbsp;&nbsp;Other income and fees | 113 | 34 | 458 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 18834 | 69780 | 80419 | 111803 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Compensation and related employee benefits | 7310 | 17647 | 32028 | 37550 |
| &nbsp;&nbsp;Sales, distribution and marketing | 3654 | 11212 | 15703 | 19093 |
| &nbsp;&nbsp;Depreciation and amortization | 199 | 442 | 1116 | 1816 |
| &nbsp;&nbsp;General and administrative expenses | 2381 | 2733 | 10174 | 10197 |
| &nbsp;&nbsp;Expenses of consolidated investment products | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 13544 | 32034 | 59021 | 68656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | 5290 | 37746 | 21398 | 43147 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;Equity income (loss), net | (29026) | 50851 | (25437) | 106603 |
| &nbsp;&nbsp;Interest and dividends | 900 | 453 | 2375 | 1714 |
| &nbsp;&nbsp;Other income (expense) | (654) | (128) | (1185) | (2985) |
| &nbsp;&nbsp;Investment and other income (losses) of consolidated investment products, net | - | - | - | - |
| &nbsp;&nbsp;Interest and dividend income of consolidated investment products | - | - | - | - |
| &nbsp;&nbsp;Unrealized (loss) gain on digital assets, net | (3704) | 4192 | (796) | 6984 |
| &nbsp;&nbsp;Realized gain on investments, net | 168 | 90 | 2398 | 432 |
| &nbsp;&nbsp;Unrealized gain (loss) on investments net | (6821) | 16387 | (15554) | 41329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (39137) | 71845 | (38199) | 154077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations before provision for income taxes | (33847) | 109591 | (16801) | 197224 |
| Income tax (expense) benefit | 19378 | (33607) | 23219 | (104381) |
| &nbsp;&nbsp;Income (loss) from continuing operations, net of tax | (14469) | 75984 | 6418 | 92843 |
| &nbsp;&nbsp;Income (loss) from discontinued operations, net of tax | - | (224) | (1300) | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $(14469) | $75760 | $5118 | $92472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net income attributable to redeemable noncontrolling interests | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Horizon Kinetics Holding Corporation** | $**(14469)** | $**75760** | $**5118** | $**92472** |
| Basic and diluted net income (loss) per common share: |  |  |  |  |
| &nbsp;&nbsp;Net income (loss) | $(0.78) | $4.07 | $0.27 | $5.07 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;Basic and diluted | 18635 | 18634 | 18635 | 18256 |

---

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![img38841703_1.jpg](img38841703_1.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Consolidated Company Entities** | **Consolidated Investment Products** | **Eliminations** | **Consolidated** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Management and advisory fees | $79961 | $- | $(7573) | $72388 |
| &nbsp;&nbsp;Other income and fees | 458 | - | - | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 80419 | - | (7573) | 72846 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Compensation and related employee benefits | 32028 | - | - | 32028 |
| &nbsp;&nbsp;Sales, distribution and marketing | 15703 | - | - | 15703 |
| &nbsp;&nbsp;Depreciation and amortization | 1116 | - | - | 1116 |
| &nbsp;&nbsp;General and administrative expenses | 10174 | - | - | 10174 |
| &nbsp;&nbsp;Expenses of consolidated investment products | - | 10315 | (7573) | 2742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 59021 | 10315 | (7573) | 61763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 21398 | (10315) | - | 11083 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;Equity earnings (losses), net | (25437) | - | 20571 | (4866) |
| &nbsp;&nbsp;Interest and dividends | 2375 | - | - | 2375 |
| &nbsp;&nbsp;Other income (expense) | (1185) | - | - | (1185) |
| &nbsp;&nbsp;Investment and other income (losses) of consolidated investment products, net | - | (17768) | - | (17768) |
| &nbsp;&nbsp;Interest and dividend income of consolidated investment products | - | 8394 | - | 8394 |
| &nbsp;&nbsp;Unrealized (loss) gain on digital assets, net | (796) | - | - | (796) |
| &nbsp;&nbsp;Realized gain on investments, net | 2398 | - | - | 2398 |
| &nbsp;&nbsp;Unrealized gain (loss) on investments net | (15554) | - | - | (15554) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (38199) | (9374) | 20571 | (27002) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations before provision for income taxes | (16801) | (19689) | 20571 | (15919) |
| Income tax (expense) benefit | 23219 | - | - | 23219 |
| Income (loss) from continuing operations, net of tax | 6418 | (19689) | 20571 | 7300 |
| Income (loss) from discontinued operations, net of tax | (1300) | - | - | (1300) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $5118 | $(19689) | $20571 | $6000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net income attributable to redeemable noncontrolling interests | - | 541 | (1423) | (882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Horizon Kinetics Holding Corporation** | $**5118** | $**(19148)** | $**19148** | $**5118** |

---

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![img38841703_1.jpg](img38841703_1.jpg)

**HORIZON KINETICS HOLDING CORPORATION**

**Statements of Financial Condition (Unaudited)**

(in thousands)

---

| | | |
|:---|:---|:---|
|  | **(Advisor only: without consolidation of investment products)** | **(Advisor only: without consolidation of investment products)** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Assets |  |  |
| Cash and cash equivalents | $36884 | $14446 |
| Fees receivable | 8154 | 58720 |
| Investments, at fair value | 76535 | 91435 |
| Assets of consolidated investment products |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | - | - |
| &nbsp;&nbsp;Investments, at fair value | - | - |
| &nbsp;&nbsp;Other assets | - | - |
| Other Investments | 220065 | 228870 |
| Operating lease right-of-use assets | 6382 | 5105 |
| Property and equipment, net | 395 | 99 |
| Prepaid expenses and other assets | 8603 | 1729 |
| Due from affiliates | 20 | 34 |
| Digital assets | 12509 | 13240 |
| Assets of discontinued operations | - | 4345 |
| Intangible assets, net | 41108 | 42169 |
| Goodwill | 23373 | 23393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $434028 | $483585 |
| Liabilities, Noncontrolling Interests, and Shareholders' Equity |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other | $12149 | $21547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued third party distribution expenses | 578 | 6522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 66 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities of consolidated investment products |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability, net | 66345 | 95683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | 7689 | 11597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities of discontinued operations | - | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | 8248 | 7379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 95075 | 143414 |
| Commitments and contingencies |  |  |
| Redeemable Noncontrolling Interests | - | - |
| Shareholders' Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 18,635 shares, net of treasury stock; 1 share at December 31, 2025 and 2024, respectively | 1864 | 1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 39243 | 39243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 297846 | 299064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' Equity | 338953 | 340171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities, Noncontrolling Interests, and Shareholders' Equity | $434028 | $483585 |

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![img38841703_1.jpg](img38841703_1.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Consolidated Company Entities** | **Consolidated Investment Products** | **Eliminations** | **Consolidated** |
| Assets |  |  |  |  |
| Cash and cash equivalents | $36884 | $- | $- | $36884 |
| Fees receivable | 8154 | - | (1579) | 6575 |
| Investments, at fair value | 76535 | - | - | 76535 |
| *Assets of consolidated investment products* |  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | - | 45493 | - | 45493 |
| &nbsp;&nbsp;Investments, at fair value | - | 1708395 | - | 1708395 |
| &nbsp;&nbsp;Other assets | - | 9517 | - | 9517 |
| Other investments | 220065 | - | (199033) | 21032 |
| Operating lease right-of-use assets | 6382 |  |  | 6382 |
| Property and equipment, net | 395 |  |  | 395 |
| Prepaid expenses and other assets | 8603 |  |  | 8603 |
| Due from affiliates | 20 |  | (10) | 10 |
| Digital assets | 12509 | - | - | 12509 |
| Intangible assets, net | 41108 | - | - | 41108 |
| Goodwill | 23373 | - | - | 23373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $434028 | $1763405 | $(200622) | $1996811 |
| Liabilities, Noncontrolling Interests, and Shareholders' Equity |  |  |  |  |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Accounts payable, accrued expenses and other | $12149 | $- | $- | $12149 |
| &nbsp;&nbsp;Accrued third party distribution expenses | 578 | - | - | 578 |
| &nbsp;&nbsp;Deferred revenue | 66 | - | - | 66 |
| &nbsp;&nbsp;*Liabilities of consolidated investment products* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | - | 1606 | (10) | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee payable | - | 1580 | (1580) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | - | 735 | - | 735 |
| &nbsp;&nbsp;Deferred tax liability, net | 66345 | - | - | 66345 |
| &nbsp;&nbsp;Due to affiliates | 7689 | - | - | 7689 |
| &nbsp;&nbsp;Operating lease liability | 8248 | - | - | 8248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 95075 | 3921 | (1590) | 97406 |
| Commitments and contingencies |  |  |  |  |
| Redeemable noncontrolling interests | - | 1599587 | (39135) | 1560452 |
| Equity interests | 338953 | 159897 | (159897) | 338953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, noncontrolling interests, and shareholders' equity | $434028 | $1763405 | $(200622) | $1996811 |

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![img38841703_1.jpg](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.

**<u>About Horizon Kinetics Holding Corporation</u>**

Horizon Kinetics Holding Corporation (OTCQX: HKHC) 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, Greenwich, Connecticut and Summit, New Jersey. For more information, please visit http://www.hkholdingco.com.

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<br> **Investor Relations Contact:**

ir@hkholdingco.com

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