Author: Horizon Kinetics Holding Corporation

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		$	0.39			$	(2.07	)		$	1.05			$	0.92
Weighted average shares outstanding:
Basic and diluted			18,635				18,415				18,635				18,129

HORIZON KINETICS HOLDING CORPORATION
Consolidated Statements of Financial Condition
(in thousands)

		September 30,				December 31,
		2025				2024
		(Unaudited)
Assets
Cash and cash equivalents		$	37,723			$	14,446
Fees receivable, net			6,816				8,344
Investments, at fair value			83,060				91,435
Assets of consolidated investment products
Cash and cash equivalents			24,334				44,306
Investments, at fair value			1,891,832				1,746,850
Other assets			23,941				19,247
Other investments			21,776				13,443
Operating lease right-of-use assets			6,952				5,105
Property and equipment, net			95				99
Prepaid expenses and other assets			5,295				1,728
Due from affiliates			28				27
Digital assets			16,198				13,240
Assets of discontinued operations			–				4,364
Intangible assets, net			41,292				42,169
Goodwill			23,373				23,373
Total assets		$	2,182,715			$	2,028,176
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	16,420			$	21,547
Accrued third party distribution expenses			417				6,522
Deferred revenue			60				222
Liabilities of consolidated investment products
Accounts payable and accrued expenses			3,864				1,486
Other liabilities			426				2,793
Deferred tax liability, net			80,933				95,683
Due to affiliates			7,750				11,597
Liabilities of discontinued operations			–				464
Operating lease liability			8,868				7,379
Total liabilities			118,738				147,693
Commitments and contingencies
Redeemable noncontrolling interests			1,708,580				1,540,312
Shareholders’ equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding			–				–
Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 18,635 shares, net of treasury stock; 1 share at September 30, 2025 and December 31, 2024, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			314,290				299,064
Total shareholders’ equity			355,397				340,171
Total liabilities, noncontrolling interests, and shareholders’ equity		$	2,182,715			$	2,028,176

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 funds are presented on the Company’s consolidated statements of financial condition. Additionally, an amount that represents the Company’s clients’ interests 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 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:

• 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 $247.5 million of economic interests held by Horizon Kinetics Holding Corporation, which is reflected in Other Investments in the presentation below.

HORIZON KINETICS HOLDING CORPORATION
Statements of Operations (Unaudited)
(in thousands)

		(Advisor only: without consolidation of private funds)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenue:
Management and advisory fees		$	19,561			$	14,933			$	61,240			$	41,735
Other income and fees			129				23				345				288
Total revenue			19,690				14,956				61,585				42,023
Operating expenses:
Compensation, 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			2,540				2,773				7,792				7,464
Expenses of consolidated investment products			–				–				–				–
Total operating expenses			14,198				13,420				45,475				36,622
Operating income (loss)			5,492				1,536				16,110				5,401
Other income (expense):
Equity in earnings of proprietary funds, net			(3,050	)			20,276				3,589				55,752
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			–				–				–				–
Interest and dividend income of consolidated investment products			–				–				–				–
Unrealized (loss) gain on digital assets, net			1,260				(95	)			2,908				2,792
Realized gain 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 (expense), net			(8,564	)			29,740				937				82,232
Income (loss) from continuing operations before provision for income taxes			(3,072	)			31,276				17,047				87,633
Income tax (expense) benefit			10,370				(69,296	)			3,840				(70,774	)
Income (loss) from continuing operations, net of tax			7,298				(38,020	)			20,887				16,859
Income (loss) from discontinued operations, net of tax			(63	)			(147	)			(1,300	)			(147	)
Net income (loss)		$	7,235			$	(38,167	)		$	19,587			$	16,712
Less: net income attributable to redeemable noncontrolling interests			–				–				–				–
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	7,235			$	(38,167	)		$	19,587			$	16,712
Basic and diluted net income (loss) per common share:
Net income (loss)		$	0.39			$	(2.07	)		$	1.05			$	0.92
Weighted average shares outstanding:
Basic and diluted			18,635				18,415				18,635				18,129

		Nine Months Ended September 30, 2025
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Revenue:
Management and advisory fees		$	61,240			$	–			$	(5,775	)		$	55,465
Other income and fees			345				–								345
Total revenue			61,585				–				(5,775	)			55,810
Operating expenses:
Compensation, related employee benefits, and cost of goods sold			24,718				–				–				24,718
Sales, distribution and marketing			12,048				–				–				12,048
Depreciation and amortization			917				–				–				917
General and administrative expenses			7,792				–				(64	)			7,728
Expenses of consolidated investment products			–				2,014				64				2,078
Total operating expenses			45,475				2,014				–				47,489
Operating income (loss)			16,110				(2,014	)			(5,775	)			8,321
Other income (expense):
Equity in earnings of proprietary funds, net			3,589				–				(7,132	)			(3,543	)
Interest and dividends			1,475				–				–				1,475
Other income (expense)			(530	)			–				–				(530	)
Investment and other income (losses) of consolidated investment products, net			–				184,133				–				184,133
Interest and dividend income of consolidated investment products			–				6,418				–				6,418
Management fees of consolidated investment products			–				(5,498	)			5,498				–
Unrealized (loss) gain on digital assets, net			2,908				–				–				2,908
Realized gain on investments, net			2,229				–				–				2,229
Unrealized gain (loss) on investments net			(8,734	)			–				–				(8,734	)
Total other income (expense), net			937				185,053				(1,634	)			184,356
Income (loss) from continuing operations before provision for income taxes			17,047				183,039				(7,409	)			192,677
Income tax (expense) benefit			3,840				–				–				3,840
Net income (loss) from continuing operations, net of tax			20,887				183,039				(7,409	)			196,517
Net Income (loss) from discontinued operations, net of tax			(1,300	)			–				–				(1,300	)
Net income (loss)		$	19,587			$	183,039			$	(7,409	)		$	195,217
Less: net income (loss) attributable to redeemable noncontrolling interests			–				(149,487	)			(26,143	)			(175,630	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	19,587			$	33,552			$	(33,552	)		$	19,587

HORIZON KINETICS HOLDING CORPORATION
Statements of Financial Condition (Unaudited)
(in thousands)

		(Advisor only: without consolidation of private funds)
		September 30,				December 31,
		2025				2024
Assets
Cash and cash equivalents		$	37,723			$	14,446
Fees receivable			8,345				58,720
Investments, at fair value			83,060				91,435
Assets of consolidated investment products
Cash and cash equivalents			–				–
Investments, at fair value			–				–
Other assets			–				–
Other Investments			247,484				228,870
Operating lease right-of-use assets			6,952				5,105
Property and equipment, net			95				99
Prepaid expenses and other assets			5,295				1,729
Due from affiliates			28				34
Digital assets			16,198				13,240
Assets of discontinued operations			–				4,345
Intangible assets, net			41,292				42,169
Goodwill			23,373				23,393
Total Assets		$	469,845			$	483,585
Liabilities, Noncontrolling Interests, and Shareholders Equity
Liabilities:
Accounts payable, accrued expenses and other		$	16,420			$	21,547
Accrued third party distribution expenses			417				6,522
Deferred revenue			60				222
Liabilities of consolidated investment products
Accounts payable and accrued expenses			–				–
Other liabilities			–				–
Deferred tax liability, net			80,933				95,683
Due to affiliates			7,750				11,597
Liabilities of discontinued operations			–				464
Operating lease liability			8,868				7,379
Total Liabilities			114,448				143,414
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, authorized 50,000 shares; issued and outstanding 18,635 shares, net of treasury stock; 1 share at September 30, 2025 and December 31, 2024, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			314,290				299,064
Total Shareholders’ Equity			355,397				340,171
Total Liabilities, Noncontrolling Interests, and Shareholders’ Equity		$	469,845			$	483,585

		September 30, 2025
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Assets
Cash and cash equivalents		$	37,723			$	–			$	–			$	37,723
Fees receivable			8,345				–				(1,529	)			6,816
Investments, at fair value			83,060				–				–				83,060
Assets of consolidated investment products
Cash and cash equivalents			–				24,334				–				24,334
Investments, at fair value			–				1,891,832				–				1,891,832
Other assets			–				23,941				–				23,941
Other investments			247,484				–				(225,708	)			21,776
Digital assets			16,198				–				–				16,198
Intangible assets, net			41,292				–				–				41,292
Goodwill			23,373				–				–				23,373
Other assets			12,370				–				–				12,370
Total assets		$	469,845			$	1,940,107			$	(227,237	)		$	2,182,715
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	16,420			$	–			$	–			$	16,420
Accrued third party distribution expenses			417				–				–				417
Deferred revenue			60				–				–				60
Liabilities of consolidated investment products
Accounts payable and accrued expenses			–				3,864				–				3,864
Due to affiliates			–				1,575				(1,575	)			–
Other liabilities			–				426				–				426
Deferred tax liability, net			80,933				–				–				80,933
Due to affiliates			7,750				–				–				7,750
Operating lease liability			8,868				–				–				8,868
Total liabilities			114,448				5,865				(1,575	)			118,738
Commitments and contingencies
Redeemable noncontrolling interests			–				1,750,408				(41,828	)			1,708,580
Equity interests			355,397				183,834				(183,834	)			355,397
Total liabilities, noncontrolling interests, and shareholders’ equity		$	469,845			$	1,940,107			$	(227,237	)		$	2,182,715

Non-GAAP Measures

In discussing financial results, the Company presented tables without the consolidation of certain private funds (also labeled “Advisor only”) 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, 2024 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 (OTCID: 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

View the original press release on ACCESS Newswire

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		$	0.39			$	(2.07	)		$	1.05			$	0.92
Weighted average shares outstanding:
Basic and diluted			18,635				18,415				18,635				18,129

HORIZON KINETICS HOLDING CORPORATION
Consolidated Statements of Financial Condition
(in thousands)

		September 30,				December 31,
		2025				2024
		(Unaudited)
Assets
Cash and cash equivalents		$	37,723			$	14,446
Fees receivable, net			6,816				8,344
Investments, at fair value			83,060				91,435
Assets of consolidated investment products
Cash and cash equivalents			24,334				44,306
Investments, at fair value			1,891,832				1,746,850
Other assets			23,941				19,247
Other investments			21,776				13,443
Operating lease right-of-use assets			6,952				5,105
Property and equipment, net			95				99
Prepaid expenses and other assets			5,295				1,728
Due from affiliates			28				27
Digital assets			16,198				13,240
Assets of discontinued operations			–				4,364
Intangible assets, net			41,292				42,169
Goodwill			23,373				23,373
Total assets		$	2,182,715			$	2,028,176
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	16,420			$	21,547
Accrued third party distribution expenses			417				6,522
Deferred revenue			60				222
Liabilities of consolidated investment products
Accounts payable and accrued expenses			3,864				1,486
Other liabilities			426				2,793
Deferred tax liability, net			80,933				95,683
Due to affiliates			7,750				11,597
Liabilities of discontinued operations			–				464
Operating lease liability			8,868				7,379
Total liabilities			118,738				147,693
Commitments and contingencies
Redeemable noncontrolling interests			1,708,580				1,540,312
Shareholders’ equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding			–				–
Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 18,635 shares, net of treasury stock; 1 share at September 30, 2025 and December 31, 2024, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			314,290				299,064
Total shareholders’ equity			355,397				340,171
Total liabilities, noncontrolling interests, and shareholders’ equity		$	2,182,715			$	2,028,176

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 funds are presented on the Company’s consolidated statements of financial condition. Additionally, an amount that represents the Company’s clients’ interests 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 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:

• 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 $247.5 million of economic interests held by Horizon Kinetics Holding Corporation, which is reflected in Other Investments in the presentation below.

HORIZON KINETICS HOLDING CORPORATION
Statements of Operations (Unaudited)
(in thousands)

		(Advisor only: without consolidation of private funds)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenue:
Management and advisory fees		$	19,561			$	14,933			$	61,240			$	41,735
Other income and fees			129				23				345				288
Total revenue			19,690				14,956				61,585				42,023
Operating expenses:
Compensation, 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			2,540				2,773				7,792				7,464
Expenses of consolidated investment products			–				–				–				–
Total operating expenses			14,198				13,420				45,475				36,622
Operating income (loss)			5,492				1,536				16,110				5,401
Other income (expense):
Equity in earnings of proprietary funds, net			(3,050	)			20,276				3,589				55,752
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			–				–				–				–
Interest and dividend income of consolidated investment products			–				–				–				–
Unrealized (loss) gain on digital assets, net			1,260				(95	)			2,908				2,792
Realized gain 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 (expense), net			(8,564	)			29,740				937				82,232
Income (loss) from continuing operations before provision for income taxes			(3,072	)			31,276				17,047				87,633
Income tax (expense) benefit			10,370				(69,296	)			3,840				(70,774	)
Income (loss) from continuing operations, net of tax			7,298				(38,020	)			20,887				16,859
Income (loss) from discontinued operations, net of tax			(63	)			(147	)			(1,300	)			(147	)
Net income (loss)		$	7,235			$	(38,167	)		$	19,587			$	16,712
Less: net income attributable to redeemable noncontrolling interests			–				–				–				–
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	7,235			$	(38,167	)		$	19,587			$	16,712
Basic and diluted net income (loss) per common share:
Net income (loss)		$	0.39			$	(2.07	)		$	1.05			$	0.92
Weighted average shares outstanding:
Basic and diluted			18,635				18,415				18,635				18,129

		Nine Months Ended September 30, 2025
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Revenue:
Management and advisory fees		$	61,240			$	–			$	(5,775	)		$	55,465
Other income and fees			345				–								345
Total revenue			61,585				–				(5,775	)			55,810
Operating expenses:
Compensation, related employee benefits, and cost of goods sold			24,718				–				–				24,718
Sales, distribution and marketing			12,048				–				–				12,048
Depreciation and amortization			917				–				–				917
General and administrative expenses			7,792				–				(64	)			7,728
Expenses of consolidated investment products			–				2,014				64				2,078
Total operating expenses			45,475				2,014				–				47,489
Operating income (loss)			16,110				(2,014	)			(5,775	)			8,321
Other income (expense):
Equity in earnings of proprietary funds, net			3,589				–				(7,132	)			(3,543	)
Interest and dividends			1,475				–				–				1,475
Other income (expense)			(530	)			–				–				(530	)
Investment and other income (losses) of consolidated investment products, net			–				184,133				–				184,133
Interest and dividend income of consolidated investment products			–				6,418				–				6,418
Management fees of consolidated investment products			–				(5,498	)			5,498				–
Unrealized (loss) gain on digital assets, net			2,908				–				–				2,908
Realized gain on investments, net			2,229				–				–				2,229
Unrealized gain (loss) on investments net			(8,734	)			–				–				(8,734	)
Total other income (expense), net			937				185,053				(1,634	)			184,356
Income (loss) from continuing operations before provision for income taxes			17,047				183,039				(7,409	)			192,677
Income tax (expense) benefit			3,840				–				–				3,840
Net income (loss) from continuing operations, net of tax			20,887				183,039				(7,409	)			196,517
Net Income (loss) from discontinued operations, net of tax			(1,300	)			–				–				(1,300	)
Net income (loss)		$	19,587			$	183,039			$	(7,409	)		$	195,217
Less: net income (loss) attributable to redeemable noncontrolling interests			–				(149,487	)			(26,143	)			(175,630	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	19,587			$	33,552			$	(33,552	)		$	19,587

HORIZON KINETICS HOLDING CORPORATION
Statements of Financial Condition (Unaudited)
(in thousands)

		(Advisor only: without consolidation of private funds)
		September 30,				December 31,
		2025				2024
Assets
Cash and cash equivalents		$	37,723			$	14,446
Fees receivable			8,345				58,720
Investments, at fair value			83,060				91,435
Assets of consolidated investment products
Cash and cash equivalents			–				–
Investments, at fair value			–				–
Other assets			–				–
Other Investments			247,484				228,870
Operating lease right-of-use assets			6,952				5,105
Property and equipment, net			95				99
Prepaid expenses and other assets			5,295				1,729
Due from affiliates			28				34
Digital assets			16,198				13,240
Assets of discontinued operations			–				4,345
Intangible assets, net			41,292				42,169
Goodwill			23,373				23,393
Total Assets		$	469,845			$	483,585
Liabilities, Noncontrolling Interests, and Shareholders Equity
Liabilities:
Accounts payable, accrued expenses and other		$	16,420			$	21,547
Accrued third party distribution expenses			417				6,522
Deferred revenue			60				222
Liabilities of consolidated investment products
Accounts payable and accrued expenses			–				–
Other liabilities			–				–
Deferred tax liability, net			80,933				95,683
Due to affiliates			7,750				11,597
Liabilities of discontinued operations			–				464
Operating lease liability			8,868				7,379
Total Liabilities			114,448				143,414
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, authorized 50,000 shares; issued and outstanding 18,635 shares, net of treasury stock; 1 share at September 30, 2025 and December 31, 2024, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			314,290				299,064
Total Shareholders’ Equity			355,397				340,171
Total Liabilities, Noncontrolling Interests, and Shareholders’ Equity		$	469,845			$	483,585

		September 30, 2025
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Assets
Cash and cash equivalents		$	37,723			$	–			$	–			$	37,723
Fees receivable			8,345				–				(1,529	)			6,816
Investments, at fair value			83,060				–				–				83,060
Assets of consolidated investment products
Cash and cash equivalents			–				24,334				–				24,334
Investments, at fair value			–				1,891,832				–				1,891,832
Other assets			–				23,941				–				23,941
Other investments			247,484				–				(225,708	)			21,776
Digital assets			16,198				–				–				16,198
Intangible assets, net			41,292				–				–				41,292
Goodwill			23,373				–				–				23,373
Other assets			12,370				–				–				12,370
Total assets		$	469,845			$	1,940,107			$	(227,237	)		$	2,182,715
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	16,420			$	–			$	–			$	16,420
Accrued third party distribution expenses			417				–				–				417
Deferred revenue			60				–				–				60
Liabilities of consolidated investment products
Accounts payable and accrued expenses			–				3,864				–				3,864
Due to affiliates			–				1,575				(1,575	)			–
Other liabilities			–				426				–				426
Deferred tax liability, net			80,933				–				–				80,933
Due to affiliates			7,750				–				–				7,750
Operating lease liability			8,868				–				–				8,868
Total liabilities			114,448				5,865				(1,575	)			118,738
Commitments and contingencies
Redeemable noncontrolling interests			–				1,750,408				(41,828	)			1,708,580
Equity interests			355,397				183,834				(183,834	)			355,397
Total liabilities, noncontrolling interests, and shareholders’ equity		$	469,845			$	1,940,107			$	(227,237	)		$	2,182,715

Non-GAAP Measures

In discussing financial results, the Company presented tables without the consolidation of certain private funds (also labeled “Advisor only”) 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, 2024 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 (OTCID: 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

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