Horizon Kinetics reports FY2025 revenue up 31% to $72.8M; net income $5.1M vs $92.5M in FY2024

Horizon Kinetics Holding Corp

Revenue $72.8M (+31% YoY); net income attributable $5.1M vs $92.5M in 2024.
Advisor-only operating income $21.4M for FY2025; AUM $9.6B at year-end.
Board declared $0.121/share cash dividend payable March 31, 2026 to holders of record March 23, 2026.
Incentive fees of $51.7M in 2024 did not recur in 2025; unearned $22.6M related to MIAX holdings.
Unrealized losses on investments $15.6M in 2025 vs gains $41.3M in 2024, driven by 22% TPL decline.

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