Horizon Kinetics Holding Corp (OTCPK:HKHC)

Q4 2025 Horizon Kinetics Holding Corp Earnings Call Transcript

Mar 17, 2026 / 08:15 PM GMT

Release Date Price: $33 (-0.30%)

Transcript 10-K8-K

Key Points

Positve

Horizon Kinetics Holding Corp (HKHC) recorded a 30.5% increase in revenue for the full year of 2025, reaching $72.8 million.
The company has substantial liquidity with $36 million in cash and $76 million in fair value investments.
HKHC's ETF business has grown significantly, with over $1.5 billion in assets under management.
The company has no third-party debt, indicating a strong financial position.
HKHC paid a total of $0.395 per share in dividends during 2025, with a declared dividend of $0.121 per share for the first quarter of 2026.

Negative

The company experienced a 6% decrease in revenue for the fourth quarter of 2025.
HKHC recorded a net loss of $0.78 per share for the fourth quarter due to negative swings in investment results, particularly related to Bitcoin-linked investments.
Unrealized losses of $29 million were reported in the fourth quarter, compared to gains of $50.9 million in the same period of 2024.
The company's operating income for 2025 was lower than 2024 due to the absence of a significant incentive fee.
There is limited liquidity in HKHC shares, with a significant portion owned by a private company and insiders, restricting the float.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HKHC.PK - Horizon Kinetics Holding Corp
Q4 2025 Horizon Kinetics Holding Corp Earnings Call
Mar 17, 2026 / 08:15PM GMT

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Conference Call Participants
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* Mark Herndon
Horizon Kinetics Holding Corp - Chief Financial Officer
* Murray Stahl (Trades, Portfolio)
Horizon Kinetics Holding Corp - Chairman and Chief Executive Officer

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Presentation
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Mark Herndon, Horizon Kinetics Holding Corp - Chief Financial Officer [1]
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Good afternoon everyone. Thank you for joining us for this call. My name is Mark

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