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HKHC on OTC

Horizon Kinetics Holding Corp

Horizon Kinetics Holding Corp is an American investment advice company based in New York, incorporated in Delaware.1 Its shares trade on OTC under the symbol HKHC.1

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Last updated Oct 21, 2026.

Overview

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  • TickerHKHC on OTC1
  • IndustryInvestment Advice1
  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business address1270 Avenue Of The Americas, 27Th Floor, New York, Ny 100202
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Horizon Kinetics Holding Corporation (“Horizon Kinetics” or the “Company”), through its wholly-owned registered investment advisor, Horizon Kinetics Asset Management LLC, is an investment advisory and independent research firm. Horizon Kinetics is a fundamental value, contrarian-oriented investment advisor. It was founded on the belief that a short-term investment approach, widely adopted with the modernization of financial markets, ultimately produces sub-optimal returns. Horizon Kinetics believes that investors are better served not by taking more risk, but by extending their investment time horizon, which affords far wider ranges of opportunity and valuation than are available to time-constrained investors.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

15.2%Operating margin5
7.0%Net margin5
30.5%Revenue growth, 20255
1.5%Return on equity5
-$43.4MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Management and Advisory Fees brought in 99% of the revenue Horizon Kinetics Holding Corp broke down this way in fiscal 2025.

  1. Management and Advisory Fees$72.4M599%up 30% from 2024
  2. Other Income and Fees$458.0K51%up 42% from 2024
Products and services by year
Products and services20242025
Management and Advisory Fees$55.5M$72.4M
Other Income and Fees$322.0K$458.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin4¢$2.7M
  • Other costs57¢$41.8M
  • Income tax32¢$23.2M
  • Profit7¢$5.1M

Out of $72.8M in revenue.5

Financial statements

Revenue6789105$72.8M in 2025+156% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $28.4M$28.4M20192020: $29.0M$29.0M2020+2%2021: $29.7M$29.7M2021+3%2022: $3.0M$3.0M2022−90%2023: $47.3M$47.3M2023+1486%2024: $55.8M$55.8M2024+18%2025: $72.8M$72.8M2025+31%
Gross profit6789$1.4M in 2023−87% since 2019
0$5.0M$10.0M$15.0M2019: $10.8M$10.8M20192020: $11.6M$11.6M2020+8%2021: $12.5M$12.5M2021+8%2022: $1.4M$1.4M2022−89%2023: $1.4M$1.4M2023+5%
Operating income6789105$11.1M in 2025
-$20.0M-$10.0M0$10.0M$20.0M2019: -$1.4M-$1.4M20192020: -$2.4M-$2.4M2020+80%2021: -$6.5M-$6.5M2021+168%2022: -$9.9M-$9.9M2022+52%2023: -$1.8M-$1.8M2023−82%2024: -$15.1M-$15.1M2024+745%2025: $11.1M$11.1M2025
Net income6789105$5.1M in 2025
-$50.0M0$50.0M$100.0M2019: -$657.0K-$657.0K20192020: -$1.6M-$1.6M2020+136%2021: -$11.1M-$11.1M2021+615%2022: -$8.9M-$8.9M2022−20%2023: -$4.5M-$4.5M2023−49%2024: $92.5M$92.5M20242025: $5.1M$5.1M2025−94%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Total revenue$72.8M$55.8M
Compensation and related employee benefits$32.0M$37.5M
Sales, distribution and marketing$15.7M$19.1M
Depreciation and amortization$1.1M$1.8M
General and administrative expenses$10.2M$10.1M
Expenses of consolidated investment products$2.7M$2.3M
Total operating expenses$61.8M$70.9M
Operating income (loss)$11.1M-$15.1M
Equity earnings (losses), net-$4.9M$6.0M
Interest and dividends$2.4M$1.7M
Other income (expense)-$1.2M-$3.0M
Unrealized (loss) gain on digital assets, net-$796.0K$7.0M
Realized gain on investments, net$2.4M$432.0K
Unrealized gain (losses) on investments net-$15.6M$41.3M
Total other income (expense), net-$27.0M$914.6M
Income (loss) from continuing operations before income taxes-$15.9M$899.6M
Income tax (expense) benefit$23.2M-$104.4M
Income (loss) from continuing operations, net of tax$7.3M$795.2M
Income (loss) from discontinued operations, net of tax-$1.3M-$371.0K
Net income (loss)$6.0M$794.8M
Less: net income attributable to redeemable noncontrolling interests-$882.0K-$702.3M
Net income (loss) attributable to Horizon Kinetics Holding Corporation$5.1M$92.5M
Net income (loss) from continuing operations, basic$0$44
Net income (loss) from continuing operations, diluted$0$44
Net income (loss) from discontinued operations, basic-$0-$0
Net income (loss) from discontinued operations, diluted-$0-$0
Net income (loss) attributable to Horizon Kinetics Holding Corporation, basic$0.27$5.07
Net income (loss) attributable to Horizon Kinetics Holding Corporation, diluted$0.27$5.07
Basic18.6M shares18.3M shares
Diluted18.6M shares18.3M shares

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Corporate structure

Horizon Kinetics Holding Corp sits at the top of its group. 5 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Horizon Kinetics Holding Corp

  • Praetorian PR LLC Filed SC 13G on Horizon Kinetics Holding Corp, latest Oct 15, 2024 (2 filings since May 13, 2024)
  • Horizon Common Inc Filed SCHEDULE 13D on Horizon Kinetics Holding Corp, latest Aug 9, 2024
  • Maran Partners Fund, LP Filed SC 13D/A on Horizon Kinetics Holding Corp, latest Aug 5, 2024 (3 filings since Jun 14, 2023)
  • 1060 Capital, LLC Filed SCHEDULE 13G/A on Horizon Kinetics Holding Corp, latest Feb 21, 2024 (4 filings since Jan 4, 2023)
  • Aaron Granovitz Filed SC 13D/A on Horizon Kinetics Holding Corp, latest Jul 24, 2023 (3 filings since Jan 11, 2023)
  • Summers Value Fund LP Filed SC 13D/A on Horizon Kinetics Holding Corp, latest Sep 28, 2022
  • ISZO CAPITAL LP Filed SC 13G/A on Horizon Kinetics Holding Corp, latest Feb 14, 2022
  • Horizon Kinetics Holding Corp New York, New York
    • Horizon Kinetics Asset Management LLC Subsidiary · Delaware, United States
    • Horizon Kinetics LLC Subsidiary · Delaware, United States
    • KBD Securities, LLC Subsidiary · New York, United States
    • Kinetics Funds Distributor LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Horizon Kinetics Holding Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$395.0K5 Dec 31, 2025$99.0K5 Dec 31, 2024+299.0%
Operating-lease assets (leased space)$6.4M5 Dec 31, 2025$5.1M5 Dec 31, 2024+25.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$36.9M5 Dec 31, 2025$14.4M5 Dec 31, 2024+155.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$23.4M5 Dec 31, 2025$23.4M5 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$41.1M5 Dec 31, 2025$42.2M5 Dec 31, 2024−2.5%
Finite-lived intangibles, gross$11.7M5 Dec 31, 2025$25.3M5 Dec 31, 2024−53.8%
Accumulated amortization$10.8M5 Dec 31, 2025$23.3M5 Dec 31, 2024−53.7%
Finite-lived intangibles, net$901.0K5 Dec 31, 2025$2.0M5 Dec 31, 2024−54.1%

Properties, in its own words

Horizon Kinetics leases offices in New York, NY, White Plains, NY, Summit, NJ, Greenwich, CT and Charlotte, NC.

Item 2 of the 10-K filed Mar 12, 2026.4

Leadership

Who has led Horizon Kinetics Holding Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Murray Stahl2024–now

President

  1. Tisha Pedrazzini2022
  2. Peter Doyle2024
  3. Steven Bregman2024
  4. David M. Arndt2025–now

Chief financial officer

  1. Brian Lee Boberick2010–2011
  2. Barry J. Levine2012–2018
  3. David M. Arndt2021–2022
  4. Mark Herndon2024–now

Chief operating officer

  1. Barry J. Levine2012–2018
  2. Alun Williams2024
2010201520202025
Board members and other officers (28)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerRUSSELL GRIMALDI named Aug 16, 202446

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Scott's Liquid Gold - Inc.Aug 28, 2018 to Aug 1, 20242
  • SCOTTS LIQUID GOLD INCOct 31, 1995 to Aug 13, 20182

Timeline

  1. Aug 13, 20268-K Results of operations47
  2. May 15, 20268-K Results of operations48
  3. May 11, 20268-K Entered a material agreement49
  4. Apr 8, 20268-K Executive or director change50
  5. Mar 12, 20268-K Results of operations51
  6. Nov 13, 20258-K Results of operations52
  7. Aug 12, 20258-K Results of operations53
  8. Jun 20, 20258-K Shareholder vote54
  9. May 14, 20258-K Results of operations55
  10. Apr 29, 20258-K Change of auditor56
  11. Mar 26, 20258-K Results of operations57
  12. Mar 6, 20258-K Other events58
  13. Aug 12, 2024New chief executive Murray Stahl becomes CEO13

Calendar

Coming up

  1. Around Nov 11, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results47
  2. May 15, 2026Reported quarterly or annual results48
  3. Mar 12, 2026Reported quarterly or annual results51
  4. Nov 13, 2025Reported quarterly or annual results52
  5. Aug 12, 2025Reported quarterly or annual results53
  6. May 14, 2025Reported quarterly or annual results55
  7. Mar 26, 2025Reported quarterly or annual results57
  8. Nov 12, 2024Reported quarterly or annual results59

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

227 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 47 major events, 134 insider forms, 15 large holders, 1 private raises, 9 other. The latest 20:

  1. Sep 22, 20264 EDGAR
  2. Sep 3, 20264 EDGAR
  3. Aug 31, 20264 EDGAR
  4. Aug 28, 20264 EDGAR
  5. Aug 27, 20264 EDGAR
  6. Aug 26, 20264 EDGAR
  7. Aug 25, 20264 EDGAR
  8. Aug 25, 20264 EDGAR
  9. Aug 20, 20264 EDGAR
  10. Aug 13, 202610-Q EDGAR
  11. Aug 13, 20268-K EDGAR
  12. May 21, 20264 EDGAR
  13. May 21, 20264 EDGAR
  14. May 15, 202610-Q EDGAR
  15. May 15, 20268-K EDGAR
  16. May 11, 20268-K EDGAR
  17. Apr 20, 2026DEF 14A EDGAR
  18. Apr 8, 20268-K EDGAR
  19. Mar 24, 20264/A PRIMARY DOCUMENT EDGAR
  20. Mar 24, 20264 PRIMARY DOCUMENT EDGAR

The 227 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

125 open-market trades by officers, directors and large owners since October 2021: 120 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 18, 2026Nagelberg AllisonDirectorBuy190$26.27$5.0KForm 4
Sep 2, 2026Brennan Alice CDirectorBuy200$25.92$5.2KForm 4
Aug 28, 2026Brennan Alice CDirectorBuy200$26.20$5.2KForm 4
Aug 27, 2026Brennan Alice CDirectorBuy200$26.00$5.2KForm 4
Aug 26, 2026Maran Capital Management, LLCBuy500$26.50$13.2KForm 4
Aug 25, 2026Brennan Alice CDirectorBuy200$26.75$5.3KForm 4
Aug 24, 2026Brennan Alice CDirectorBuy200$26.87$5.4KForm 4
Aug 24, 2026Rosenthal Brent DDirectorBuy2,000$27.00$54.0KForm 4
Aug 20, 2026Herndon MarkChief Financial OfficerBuy200$26.75$5.3KForm 4
Aug 19, 2026Herndon MarkChief Financial OfficerBuy50$26.50$1.3KForm 4
May 20, 2026Herndon MarkChief Financial OfficerBuy100$27.85$2.8KForm 4
May 20, 2026Rosenthal Brent DDirectorBuy700$27.85$19.5KForm 4
Mar 20, 2026STAHL MURRAYCEO and CIOBuy53$34.60$1.8KForm 4
Mar 20, 2026Horizon Common Inc10% ownerBuy53$34.60$1.8KForm 4
Mar 20, 2026Nagelberg AllisonDirectorBuy150$33.96$5.1KForm 4
Mar 19, 2026Horizon Common Inc10% ownerBuy89$34.06$3.0KForm 4
Mar 18, 2026Horizon Common Inc10% ownerBuy27$34.00$918Form 4
Mar 18, 2026Herndon MarkChief Financial OfficerBuy80$33.03$2.6KForm 4
Mar 18, 2026Rosenthal Brent DDirectorBuy750$33.05$24.8KForm 4
Dec 10, 2025STAHL MURRAYCEO and CIOBuy22$27.00$594Form 4

All 125 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Alun Williams$1.0M$1.0M67
2025Jay Kesslen$1.0M$1.0M67
2025Mark Herndon$525.0K$540.5K67
2025Murray Stahl$410.0K67
2024Chief Operating Officer$550.0K$1.1M67
2024General Counsel and Secretary$775.0K$1.1M67
2024Chief Financial Officer$350.0K$610.0K67
2024Chief Executive Officer and Chief Investment Officer (Served in 2025 until his passing April 7, 2026)$386.4K$406.0K67

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$381.3M 2024–2024
Money received by yearMoney received by year, 2024–2024: $381.3M in all. Private raises (Form D) $381.3M.$0$100M$200M$300M$400M2024 · Private raises (Form D): $381.3M2024
Figures by year
YearPrivate raises (Form D)Total
2024$381.3M$381.3M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Aug 1, 2024Raised $381.3 million in a private offering of equity46 Form D: 27 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Horizon Kinetics Asset Management LLC1,075,416$35.5M0.4%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Horizon Kinetics Holding Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHorizon Kinetics Holding Corp1
  • CIK0000088000
  • Employer ID (EIN)84-09208114
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6282 Investment Advice1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address1270 Avenue Of The Americas, 27Th Floor, New York, NY 100201
  • Phone64629123001
  • Shares outstanding18,635,321 as of Aug 11, 202612
  • Public float$370.4M as of Jun 30, 20254
  • AuditorCBIZ CPAs P.C., Costa Mesa, CA PCAOB ID 199; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMar 28, 19951
  • Filings813 in all: 4 (291), 8-K (181), 10-Q (92), SC 13D/A (35), DEF 14A (31), 10-K (27), 3 (27), 4/A (18)1
    All 37 form types

    SC 13G/A (15), SC 13D (11), UPLOAD (10), 8-K/A (7), CORRESP (7), S-8 (7), 10-K/A (5), ARS (5), SC 13G (5), NO ACT (4), 10QSB (3), 5 (3), DEFA14A (3), NT 10-Q (3), 10-K405 (2), 10-Q/A (2), 10KSB (2), 10QSB/A (2), 3/A (2), 8-A12B/A (2), 8-A12G (2), PRE 14A (2), 8-A12G/A (1), CT ORDER (1), D (1), NT 10-K (1), SCHEDULE 13D (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 20, 2026
    Latest 8-K (8-K) Aug 13, 2026

Risk factors and legal proceedings

The risks Horizon Kinetics Holding Corp names in Item 1A of its 10-K filed Mar 12, 2026: 15 risks under these headings, as written.4

  • Business and Industry Risks
  • Unfavorable market conditions could adversely affect Horizon Kinetics’ business in many ways, including by reducing the fee revenue and distributions received from its funds, if any, or reducing the ability of its funds to raise or deploy capital on favorable terms, or at all.
  • A number of Horizon Kinetics’ funds and separately-managed accounts (“SMAs”), hold significant investments in Texas Pacific Land Corporation (“TPL”). In many cases, such investments represent a material portion of the fund’s or SMA’s total assets. If TPL’s operating or market performance deteriorates for any reason, then Horizon Kinetics’ resulting investment management advisory fees and reputation could be negatively impacted.
  • Horizon Kinetics and its employees may invest in other companies or funds in which its clients also invest, which may create a conflict of interest. Conflicts of interests are also present when Horizon Kinetics receives performance fees.
  • Horizon Kinetics, and the funds and SMAs managed by its subsidiary, are exposed to risks relating to cryptocurrencies and related investments, either directly or through cryptocurrency-linked ETFs.
  • Horizon Kinetics’ success depends highly on its senior executives, and the loss of their services could have a material adverse effect on its business, results and financial condition.
  • Poor performance of Horizon Kinetics’ funds would cause a decline in its revenue, income and cash flow and could adversely affect its ability to raise capital for future funds.
  • Horizon Kinetics’ investment philosophy makes a rebalancing of portfolios unlikely, which could result in concentrated positions, adversely impacting Horizon Kinetics’ business and reputation if those positions decline.
  • The asset management business is intensely competitive.
  • Operational Risks
  • Horizon Kinetics has and will continue to incur significant increased expenses and administrative burdens as a public company, which could have an adverse effect on its business, financial condition and results of operations.
  • The capital markets are susceptible to periods of disruption and economic uncertainty. Such market conditions can materially and adversely affected debt and equity capital markets, which have had, and may continue to have, a negative impact on Horizon Kinetics’ business and operations.
The other 5 risks
  • Cybersecurity risks and cyber incidents may adversely affect Horizon Kinetics’ business by causing a disruption to our operations, or the operations of our funds or the businesses in which they invest, compromise or corrupt of confidential information and/or damage to our business relationships, all of which could negatively impact our business, financial condition and operating results.
  • We are dependent on information systems, and systems failures could significantly disrupt our business.
  • Financial and Economic Risks
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud, and, as a result, investors could lose confidence in our financial reporting, which could adversely affect our business and the value of our shares.
  • We have previously identified material weaknesses in our internal control over financial reporting.
  • Legal and Regulatory Risks
  • Any adverse developments in litigation could have a material impact on us.

Legal proceedings

From time to time, Horizon Kinetics may be subject to legal proceedings and claims in the ordinary course of business. Horizon Kinetics is not currently a party to any litigation.

The opening of Item 3, Legal Proceedings.4

Sources

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