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Horizon Kinetics Holding Corp. (HKHC+1.49%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in assets under management (AUM) to $9.8 billion from $6.5 billion in the previous year. This growth is attributed to market value changes in key holdings, particularly Texas Pacific Land Corporation (TPL) and Grayscale Bitcoin Trust (GBTC).
The company reported total revenue of $57.2 million, up from $47.3 million in the prior year. Management and advisory fees increased to $55.5 million, driven by higher AUM in mutual funds and separately managed accounts.
Operating expenses rose to $72.7 million from $49.0 million, primarily due to increased compensation costs and sales, distribution, and marketing expenses.
Net income for the year was $794.8 million, with $702.3 million attributable to redeemable non-controlling interests in consolidated investment products.
The company recorded a deferred income tax expense of $104.3 million, primarily due to its conversion from an LLC to a C-Corp for federal and state income taxes.
Horizon Kinetics continues to focus on its investment philosophy, emphasizing long-term, contrarian strategies and in-house proprietary research. The company manages a variety of investment offerings, including ETFs, mutual funds, and private funds.
The filing also details risks related to market conditions, investments in TPL, and exposure to cryptocurrencies. The company acknowledges its dependence on senior executives and the competitive nature of the asset management industry.
Horizon Kinetics identified material weaknesses in its internal controls over financial reporting and is working on remediation efforts, including hiring additional finance professionals.
The company declared a cash dividend of $0.107 per share, payable on March 28, 2025, to shareholders of record as of March 17, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Horizon Kinetics Holding Corp. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.