Horizon Kinetics Holding Corp (HKHC) is an asset management company that manages client investment accounts through advisory and sub-advisory agreements. Revenue comes primarily from management and advisory fees, including both management fees and performance fees, tied to assets under management. As of December 31, 2025, AUM stood at approximately $9.6 billion, down from $9.8 billion as of December 31, 2024. Total management and advisory fees increased approximately $16.9 million, or 30%, for the year ended December 31, 2025, driven by higher mutual fund fees of $10.8 million (up 42%) and ETF fees of $4.0 million (up 56%). The firm also generates ancillary revenue from research services and Bitcoin mining activity. HKHC holds 132 Bitcoin worth $11.5 million as of December 31, 2025, accumulated in part through mining. The company operates consolidated investment products including the Polestar Funds, Horizon Kinetics Equity Opportunities Fund, and Horizon Multi-Strategy Fund. CEO Murray Stahl leads the firm, which was founded by a team that has worked together for over forty years.

Revenue model

Management and advisory fees (including performance fees) tied to AUM levels across mutual funds, ETFs, and separately managed accounts. Supplemental revenue from research services and Bitcoin mining activity.

Products and services

Investment advisory and sub-advisory services across mutual funds, ETFs, and client accounts. Named funds include Polestar Funds, Horizon Kinetics Equity Opportunities Fund, and Horizon Multi-Strategy Fund. Research services and Bitcoin mining are secondary activities.

Customers and end markets

Investment management clients across institutional and individual account types. AUM of $9.6 billion as of December 31, 2025. No customer concentration data disclosed in the filing excerpts.

Value-chain role

Direct asset manager. Manages client capital internally through a tenured investment team. Founders remain active in the investment process as of the 10-K filing dated March 12, 2026.

Geographic exposure

Not specified in the filing excerpts.

Source: SEC 10-K, filed 2026-03-12

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