Earnings Releases·Nov 12, 2026, 4:15 PM ET

Horizon Kinetics Holding Corporation — Third Quarter 2026 Earnings Summary

**Financial Results:** Q3 2026 GAAP net loss was $18.4 million ($0.98/share) driven by a $54.0 million unrealized loss on consolidated investment products, contrasting with Q3 2025 net income of $7.2 million; however, year-to-date net income rose to $35.8 million ($1.92/share) from $19.6 million in 2025, while total revenue increased 0.8% to $18.0 million for the quarter.
**Capital Returns:** The Board declared a $0.13 per share cash dividend payable in December 2026 and authorized a new three-year stock repurchase program allowing up to $25.0 million in open market or negotiated transactions.
**AUM and Revenue Mix:** Assets under management declined 7.3% sequentially to $10.0 billion due to market fluctuations and net outflows from private funds; revenue growth was driven by a 26% increase in ETF revenues and a 2.0% rise in SMA revenues, partially offset by mutual fund declines.
**Expense and Outlook:** Operating expenses increased 8.9% to $16.3 million due to higher general and administrative costs from new office leases; no specific forward guidance or long-term financial outlooks were provided.