HKHC 最新10-Q变化
将 HKHC 最新的定期申报(10-K/10-Q)与上一份同类型申报逐章节对比:每个章节新增/删除的段落数与原文摘录。全部为确定性文本对比——无相似度评分、无方向判断、非投资建议。
对比:10-Q · 2026-05-15 与上一份 10-Q · 2025-11-13
| 章节 | 结果 | 新增 | 删除 | 微调 | 未变 |
|---|---|---|---|---|---|
| 管理层讨论与分析 | 文字有新增/删除 | +42 | −49 | ~9 | 15 |
| 控制与程序 | 文字有新增/删除 | +1 | −6 | ~1 | 0 |
| 风险因素 | 文字有新增/删除 | 0 | 0 | ~1 | 1 |
计数单位为段落;"新增/删除"指相对上一份文件新增/删除的文字,不含方向或好坏判断。
未列出(无法可靠提取或缺失):市场风险(第3项)、法律诉讼、其他信息
代表性摘录
每个章节最多 5 条、每条约 300 字符的原文摘录,直接来自两份 SEC 文件。
管理层讨论与分析
相对上期新增的文字 · 来源:10-Q · 2026-05-15
HKHC’s revenues from ETF products increased $0.8 million, or 34.0%, this quarter primarily as a result of higher average AUM at our Inflation Beneficiaries ETF.
In addition, the Company earned incentive fees of $18.1 million from certain private funds due to expiration of certain restrictions associated with their investments in Miami International Holdings (“MIAX”). While these incentive fees, and other management fees, earned from consolidated private fun…
The Company maintains a portfolio for investment purposes and has also invested substantial capital in its private funds alongside client investors. For the quarter ended March 31, 2026, there was an increase of $36.2 million in the fair value of the Company’s investment portfolio primarily due to t…
The Company’s consolidated investment products experienced favorable performance thus far in 2026. Specifically, the Polestar Funds and Horizon Multi-Strategy Fund were the largest contributors for the three months ended March 31, 2026, however they were partially offset by net losses at Horizon Kin…
Results of Operations for the three months ended March 31, 2026
相对上期删除的文字 · 来源:10-Q · 2025-11-13
HKHC’s quarterly and year-to-date revenues were favorable comparisons to the prior year as a result of increasing AUM at our mutual funds, ETFs, separately managed accounts and proprietary funds due to their favorable performance.
The Company completed a disposal transaction of our consumer product group brands. While this disposal will reduce product revenues, the transaction proceeds are expected to provide the Company with royalties through 2035.
The Company has launched investment products during 2025, including private funds as well as an actively managed ETF focused on companies domiciled in Japan, with locally driven revenues that are specifically operated by individuals who have significant ownership in the company (ticker: JAPN).
HKHC maintains a portfolio for investment purposes and has also invested substantial capital in its proprietary funds alongside client investors. For the three months ended September 30, 2025 there was a decrease of $7.0 million in the fair value of this portfolio primarily due to the decrease in th…
The Company’s consolidated investment products experienced mixed performance during the third quarter of 2025. Specifically, the Horizon Kinetics Equity Opportunities Fund and South Lasalle Partnership were the largest contributors collectively representing approximately $178 million of net income f…
控制与程序
相对上期新增的文字 · 来源:10-Q · 2026-05-15
There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over f…
相对上期删除的文字 · 来源:10-Q · 2025-11-13
Notwithstanding the material weakness, which still existed as of September 30, 2025, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the condensed consolidated financial statements included in this Quarterly Report present fairly, in all material respects, our f…
A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the registrant’s financial statements will not be prevented or detected on a timely basis. During 2024, manage…
During 2025, the Company hired additional trained professionals to our finance department, who have technical accounting expertise perform additional account control procedures. The process of remediating these material weaknesses will continue until these staff and other internal control procedures…
During the third quarter of 2025, management completed the implementation of additional supervisory review procedures of account reconciliations and valuations of certain significant accounts, including certain intercompany and related party accounts and related elimination entries, and have address…
We have performed testing to evaluate the operating effectiveness of these remediation measures. Based on the results of our testing, we have concluded that the aforementioned material weaknesses related to the ineffective design or implementation of certain account reconciliations over significant …
如何读 10-Q 的风险因素(第 1A 项)
10-Q 的风险因素章节有三种常见形态,本页按其一分类展示:
- 指向(pointer) — 公司仅声明"无重大变化"并指向年度 10-K 的完整风险因素;本季没有自己的风险文本可对比。
- 部分更新(partial) — 公司写明"除下述外无重大变化",只更新部分风险;摘录展示的正是本季新增的内容。
- 全文重述(restated) — 本季重新给出完整风险因素。若上一季只是"指向",则无法逐段对比,本页会将其标为"本季全文重述"。
这只是对文件结构的客观描述,不构成对风险高低的判断。
数据来自 SEC EDGAR 两份申报文件的文本级对比 · 确定性计算(无 AI 生成内容)· 仅供参考 · 非投资建议