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

By Reuters News


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

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

$18.03 mln

Q3 Operating Income

$1.76 mln


Reuters Recommended Reads

  • Nov 12 - FRMO Corp. Q1 net loss widens on unrealized equity losses

  • Nov 9 - Crescent Capital BDC Q3 net investment income falls

  • Nov 9 - Gladstone Investment Q2 investment income falls on lower success fees


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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