---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-104064"
form_type: "8-K"
ticker: "HKHC"
cik: "0000088000"
company_name: "Horizon Kinetics Holding Corp"
filed_at: "2026-03-12T23:59:59+00:00"
generated_at: "2026-05-15T14:34:10.582420+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-104064
- form_type: 8-K
- ticker: HKHC
- cik: 0000088000
- company_name: Horizon Kinetics Holding Corp
- filed_at: 2026-03-12T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/88000/000119312526104064/0001193125-26-104064-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/88000/000119312526104064/hkhc-20260312.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-104064
- JSON: https://secwatch.observer/filing/0001193125-26-104064.json
- Plain text: https://secwatch.observer/filing/0001193125-26-104064.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.