secwatch.observer — SEC 8-K summary
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Issuer:     Horizon Kinetics Holding Corp (HKHC)
CIK:        0000088000
Form:       8-K
Filed at:   2026-03-12T23:59:59+00:00
Accession:  0001193125-26-104064
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/88000/000119312526104064/0001193125-26-104064-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/88000/000119312526104064/hkhc-20260312.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-104064

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