HKHC on OTC

Horizon Kinetics Holding Corp

American investment advice company based in New York, incorporated in Delaware. Summary from the record

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Last updated Oct 19, 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.3 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 margin4
7.0%Net margin4
30.5%Revenue growth, 20254
1.5%Return on equity4
-$43.4MFree cash flow4

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$72.4M499%up 30% from 2024
  2. Other Income and Fees$458.0K41%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.4

Financial statements

Revenue567894$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 profit5678$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 income567894$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 income567894$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.4

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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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, 202445

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 12, 2024New chief executive Murray Stahl becomes CEO12

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.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 1, 2024Raised $381.3 million in a private offering of equity 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.

Sources

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