Horizon Kinetics swings to net loss in Q3 on unrealized investment, private fund losses

Overview

• US investment advisory firm's Q3 revenue rose yr/yr

• Company posted Q3 net loss, driven by unrealized investment and private fund losses

• Board approved 3-year $25 mln stock repurchase program and declared $0.13 per share dividend

Outlook

• The company did not provide specific financial guidance for upcoming quarters or full year in its press release

Result Drivers

• ETF REVENUE GROWTH - Co said Inflation Beneficiaries ETF revenue rose 26% in Q3, helping offset declines elsewhere

• AUM BOOST FROM TPL - Co said AUM rose 3.9% YTD, mainly due to a 13.4% increase in Texas Pacific Land Corporation holdings, partially offset by lower bitcoin-related holdings

• HIGHER OPERATING EXPENSES - Co said Q3 operating expenses rose 8.9% due to new office leases, overlapping lease terms, and asset impairment, partly offset by lower variable compensation

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)