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