Horizon Kinetics Holding Corporation, formerly known as Scott's Liquid Gold-Inc., reported significant financial performance improvements in its recent 10-K filing for the fiscal year ending December 31, 2024. The company achieved total revenues of $57.2 million, an increase of 21% from $47.3 million in the previous year. This growth was primarily driven by a substantial rise in assets under management (AUM), which increased by approximately $3.3 billion, or 51%, to $9.8 billion, largely due to favorable market conditions and the performance of key holdings, including Texas Pacific Land Corporation and Grayscale Bitcoin Trust.
The merger with Scott's Liquid Gold, completed on August 1, 2024, marked a pivotal strategic development for Horizon Kinetics. This acquisition not only expanded its product offerings but also contributed to five months of consumer product sales, generating $1.4 million in revenue. The merger was accounted for as a reverse acquisition, with Horizon Kinetics being the accounting acquirer, which has implications for its financial reporting and operational structure moving forward.
Operationally, the company reported a total employee headcount of 78 as of December 31, 2024, with 21 of those being investment professionals. The firm has emphasized its commitment to maintaining a stable and experienced investment team, which is crucial for its long-term investment philosophy. The company also noted a significant increase in compensation and employee benefits, which rose by 44% to $38.6 million, reflecting the higher internal commissions and bonuses tied to the company's performance.
Despite the positive financial results, Horizon Kinetics acknowledged material weaknesses in its internal control over financial reporting, which were identified during the year. These weaknesses included issues related to account reconciliations and a lack of segregation of duties. The company is actively working to remediate these issues, having hired additional financial professionals to strengthen its internal controls. Looking ahead, Horizon Kinetics expressed optimism about its growth trajectory, driven by its unique investment strategies and the potential for further asset accumulation through both organic growth and strategic acquisitions.
About Horizon Kinetics Holding Corp
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