Horizon Kinetics Holding Corporation (HKHC) reported significant financial performance for the second quarter of 2025, with total revenue reaching $19.8 million, a 73% increase from $11.4 million in the same period last year. The surge in revenue was primarily driven by a 66% rise in management and advisory fees, which totaled $18.8 million, up from $11.3 million in the prior year. The company attributed this growth to increased assets under management (AUM) across its mutual funds, ETFs, and separately managed accounts, which benefitted from favorable market conditions.
In terms of profitability, HKHC experienced a net loss of $10.5 million for the quarter, compared to a net income of $14.0 million in the same quarter of 2024. This decline was influenced by a $4.6 million loss in equity earnings from proprietary funds, primarily due to decreased valuations in key holdings, particularly Texas Pacific Land Corporation, which saw a 20.3% drop in market value during the quarter. Additionally, the company recorded a goodwill impairment charge of $0.9 million related to its consumer products segment.
Operationally, HKHC's total assets increased to $2.06 billion as of June 30, 2025, up from $2.03 billion at the end of 2024. The company reported cash and cash equivalents of $38.9 million, significantly higher than the $14.4 million reported at the end of the previous year. The increase in cash was attributed to improved cash flows from financing activities, which included contributions from redeemable non-controlling interests in consolidated investment products. The company also noted a decrease in accounts payable and accrued expenses, which fell to $14.9 million from $22.0 million.
Strategically, HKHC has expanded its product offerings, particularly in the consumer products segment, following its acquisition of Scott's Liquid Gold. This acquisition contributed to the company's revenue growth, with other income and fees reaching $1.0 million in the second quarter. The company continues to focus on enhancing its investment strategies and expanding its market presence, with regulatory AUM reported at $10.5 billion. Looking ahead, HKHC anticipates that its diversified investment strategies and ongoing product development will support future growth, despite the challenges posed by market volatility and the performance of key holdings.
About Horizon Kinetics Holding Corp
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