Consolidated Investment Products

9 Months Ended

Sep. 30, 2025

Consolidated investment products [Abstract]

Note 5. Consolidated Investment Products

Consolidated Investment Products (“CIPs”) consist primarily of private proprietary investment funds which are sponsored by the Company. The Company has no right to the CIPs assets, other than its direct equity investments in them and investment management and other fees earned from them. The liabilities of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment; therefore the Company bears no other risks associated with the CIPs liabilities.

The following supplemental condensed financial information illustrates the consolidating effects of the CIPs on the Company’s financial condition and results of operations as of September 30, 2025 and December 31, 2024, respectively, and for the nine months ended September 30, 2025 and 2024, respectively:


	September 30, 2025
	Consolidated Company Entities		Consolidated Investment Products		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	37,723	$	-	$	-		$	37,723
Fees receivable		8,345		-		(1,529	)		6,816
Investments, at fair value		83,060		-		-			83,060
Assets of consolidated investment products
Cash and cash equivalents		-		24,334		-			24,334
Investments, at fair value		-		1,891,832		-			1,891,832
Other assets		-		23,941		-			23,941
Other investments		247,484		-		(225,708	)		21,776
Digital assets		16,198		-		-			16,198
Intangible assets, net		41,292		-		-			41,292
Goodwill		23,373		-		-			23,373
Other assets		12,370		-		-			12,370
Total assets	$	469,845	$	1,940,107	$	(227,237	)	$	2,182,715

Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other	$	16,420	$	-	$	-		$	16,420
Accrued third party distribution expenses		417		-		-			417
Deferred revenue		60		-		-			60
Liabilities of consolidated investment products
Accounts payable and accrued expenses		-		3,864		-			3,864
Due to affiliates		-		1,575		(1,575	)		-
Other liabilities		-		426		-			426
Deferred tax liability, net		80,933		-		-			80,933
Due to affiliates		7,750		-		-			7,750
Operating lease liability		8,868		-		-			8,868
Total liabilities		114,448		5,865		(1,575	)		118,738
Commitments and contingencies

Redeemable noncontrolling interests		-		1,750,408		(41,828	)		1,708,580

Equity interests		355,397		183,834		(183,834	)		355,397
Total liabilities, noncontrolling interests, and shareholders’ equity	$	469,845	$	1,940,107	$	(227,237	)	$	2,182,715


	Nine Months Ended September 30, 2025
	Consolidated Company Entities			Consolidated Investment Products			Eliminations			Consolidated
Revenue:
Management and advisory fees	$	61,240		$	-		$	(5,775	)	$	55,465
Other income and fees		345			-						345
Total revenue		61,585			-			(5,775	)		55,810

Operating expenses:
Compensation, related employee benefits, and cost of goods sold		24,718			-			-			24,718
Sales, distribution and marketing		12,048			-			-			12,048
Depreciation and amortization		917			-			-			917
General and administrative expenses		7,792			-			(64	)		7,728
Expenses of consolidated investment products		-			2,014			64			2,078
Total operating expenses		45,475			2,014			-			47,489
Operating income (loss)		16,110			(2,014	)		(5,775	)		8,321

Other income (expense):
Equity in earnings of proprietary funds, net		3,589			-			(7,132	)		(3,543	)
Interest and dividends		1,475			-			-			1,475
Other income (expense)		(530	)		-			-			(530	)
Investment and other income (losses) of consolidated investment products, net		-			184,133			-			184,133
Interest and dividend income of consolidated investment products		-			6,418			-			6,418
Management fees of consolidated investment products		-			(5,498	)		5,498			-
Unrealized (loss) gain on digital assets, net		2,908			-			-			2,908
Realized gain on investments, net		2,229			-			-			2,229
Unrealized gain (loss) on investments net		(8,734	)		-			-			(8,734	)
Total other income (expense), net		937			185,053			(1,634	)		184,356

Income (loss) from continuing operations before provision for income taxes		17,047			183,039			(7,409	)		192,677

Income tax (expense) benefit		3,840			-			-			3,840
Net income (loss) from continuing operations, net of tax		20,887			183,039			(7,409	)		196,517
Net Income (loss) from discontinued operations, net of tax		(1,300	)		-			-			(1,300	)
Net income (loss)	$	19,587		$	183,039		$	(7,409	)	$	195,217
Less: net income (loss) attributable to redeemable noncontrolling interests		-			(149,487	)		(26,143	)		(175,630	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation	$	19,587		$	33,552		$	(33,552	)	$	19,587


	December 31, 2024
	Consolidated Company Entities		Consolidated Investment Products		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	14,446	$	-	$	-		$	14,446
Fees receivable		58,721		-		(50,377	)		8,344
Investments, at fair value		91,435		-		-			91,435
Assets of consolidated investment products
Cash and cash equivalents		-		44,306		-			44,306
Investments, at fair value		-		1,746,850		-			1,746,850
Other assets		-		19,247		-			19,247
Other investments		228,870		-		(215,427	)		13,443
Digital assets		13,240		-		-			13,240
Intangible assets, net		42,169		-		-			42,169
Goodwill		23,373		-		-			23,373
Assets of discontinued operations		4,364		-		-			4,364
Other assets		6,967		-		(8	)		6,959
Total assets	$	483,585	$	1,810,403	$	(265,812	)	$	2,028,176

Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other	$	21,547	$	-	$	-		$	21,547
Accrued third party distribution expenses		6,522		-		-			6,522
Deferred revenue		222		-		-			222
Liabilities of consolidated investment products
Accounts payable and accrued expenses		-		1,494		(8	)		1,486
Due to affiliates		-		50,375		(50,375	)		-
Other liabilities		-		2,793		-			2,793
Deferred tax liability, net		95,683		-		-			95,683
Due to affiliates		11,597		-		-			11,597
Liabilities of discontinued operations		464		-		-			464
Operating lease liability		7,379		-		-			7,379
Total liabilities		143,414		54,662		(50,383	)		147,693
Commitments and contingencies

Redeemable noncontrolling interests		-		1,574,414		(34,102	)		1,540,312

Equity interests		340,171		181,327		(181,327	)		340,171
Total liabilities, noncontrolling interests, and shareholders’ equity	$	483,585	$	1,810,403	$	(265,812	)	$	2,028,176


	Nine Months Ended September 30, 2024
	Consolidated Company Entities			Consolidated Investment Products			Eliminations			Consolidated
Revenue:
Management and advisory fees	$	41,735		$	-		$	(4,458	)	$	37,277
Other income and fees		288			-			-			288
Total revenue		42,023			-			(4,458	)		37,565

Operating expenses:
Compensation, related employee benefits, and cost of goods sold		19,903			-			-			19,903
Sales, distribution and marketing		7,881			-			-			7,881
Depreciation and amortization		1,374			-			-			1,374
General and administrative expenses		7,464			-			(67	)		7,397
Expenses of consolidated investment products		-			1,584			67			1,651
Total operating expenses		36,622			1,584			-			38,206
Operating income (loss)		5,401			(1,584	)		(4,458	)		(641	)

Other income (expense):
Equity in earnings of proprietary funds, net		55,752			-			(52,069	)		3,683
Interest and dividends		1,261			-			-			1,261
Other income (expense)		(2,857	)		-			-			(2,857	)
Investment and other income (losses) of consolidated investment products, net		-			442,469			-			442,469
Interest and dividend income of consolidated investment products		-			17,494			-			17,494
Management fees of consolidated investment products		-			-			-			-
Unrealized gain (loss) on digital assets, net		2,792			-			-			2,792
Realized gain on investments, net		342			-			-			342
Unrealized gain (loss) on investments net		24,942			-			-			24,942
Total other income (expense), net		82,232			459,963			(52,069	)		490,126

Income (loss) from continuing operations before provision for income taxes		87,633			458,379			(56,527	)		489,485

Income tax (expense) benefit		(70,774	)		-			-			(70,774	)
Net income (loss) from continuing operations, net of tax		16,859			458,379			(56,527	)		418,711
Net Income (loss) from discontinued operations, net of tax		(147	)		-			-			(147	)
Net income (loss)	$	16,712		$	458,379		$	(56,527	)	$	418,564
Less: net income (loss) attributable to redeemable noncontrolling interests		-			(401,852	)		-			(401,852	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation	$	16,712		$	56,527		$	(56,527	)	$	16,712

Horizon Kinetics Holding Corp 10-Q