The massive EPS beat is driven by one-time incentive fees and volatile investment gains, while core management fees shrank. Monitor the sustainability of AUM growth and the recurrence of incentive fees; the next catalyst is likely the Q2 2026 earnings call in August.
Price Chart
Executive Summary
Horizon Kinetics reported Q1 2026 GAAP revenue of $18.3M (down 3.7% YoY) but net income attributable to HKHC soared to $72.5M ($3.89/share) from $22.8M ($1.23/share) a year ago, driven by $18.1M in incentive fees from MIAX restrictions expiring and $36.2M in unrealized investment gains. Core management fee revenue declined, and GAAP operating income was a loss of $4.3M vs income of $1.7M in Q1 2025.
Key Financial Metrics
Key Facts
- Revenue $18.3M vs $19.0M YoY, down 3.7%
- Net income attributable to HKHC $72.5M vs $22.8M YoY
- EPS $3.89 vs $1.23 YoY
- Incentive fees of $18.1M from MIAX restrictions expiring
- Unrealized investment gains $36.2M
- GAAP operating loss of $4.3M vs income of $1.7M
- AUM grew 19% to $11.4B, driven by TPL (+65%)
- Dividend declared $0.127/share, up from $0.121
Financial Impact
EPS $3.89 vs $1.23; Revenue down 3.7%
Risk Factors
- Core management fee revenue decline may persist
- Incentive fees from MIAX are non-recurring
- Investment gains are volatile and depend on TPL and bitcoin prices
- GAAP operating loss indicates cost base may be too high
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-225476 |
| Document: hkhc-20260515.htm | 0001193125-26-225476 |
| Document: 0001193125-26-225476-index-headers.html | 0001193125-26-225476 |
| Document: 0001193125-26-225476-index.html | 0001193125-26-225476 |
| Document: 0001193125-26-225476.txt | 0001193125-26-225476 |
| 8-K Data (Synthetic) | 0001193125-26-225476 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 21, 2026 22w ago | Insider Cluster | $27.50 $27.00 | ▼ −1.82% | ▼ −2.26% | $20.00 (−27.27%) |
May 15, 2026 23w ago | 8-K | $28.25 $28.00 | ▼ −0.89% | ▼ −0.82% | $20.00 (−29.20%) |
Apr 8, 2026 28w ago | 8-K | $27.50 $29.47 | ▼ −7.16% | ▼ −7.23% | $20.00 (+27.27%) |
Mar 18, 2026 31w ago | Insider Cluster | $33.02 $33.99 | ▲ +2.94% | ▲ +2.37% | $20.00 (−39.43%) |
Mar 18, 2026 31w ago | Insider Cluster | $33.02 $33.99 | ▲ +2.94% | ▲ +2.37% | $20.00 (−39.43%) |
Mar 18, 2026 31w ago | Insider Cluster | $34.19 $33.02 | ▼ −3.42% | ▼ −3.07% | $20.00 (−41.50%) |
Mar 18, 2026 31w ago | Insider Cluster | $34.18 $34.19 | ▲ +0.03% | ▼ −1.07% | $20.00 (−41.48%) |
Mar 18, 2026 31w ago | Insider Cluster | $33.88 $34.18 | ▲ +0.88% | ▲ +2.62% | $20.00 (−40.97%) |
Mar 18, 2026 31w ago | Insider Cluster | $33.88 $34.18 | ▲ +0.88% | ▲ +2.62% | $20.00 (−40.97%) |
US Market Status
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