Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2025 |
|---|
| Crypto Asset, Holding [Line Items] |
|
| Summary of Digital Assets |
The following tables present additional information about the Company’s digital assets as of September 30, 2025 and December 31, 2024, respectively:
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September 30, 2025 |
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December 31, 2024 |
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Units Held |
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|
Cost Basis |
|
|
Fair Value |
|
|
Units Held |
|
|
Cost Basis |
|
|
Fair Value |
|
Bitcoin |
|
|
132 |
|
|
$ |
1,735 |
|
|
$ |
15,008 |
|
|
|
131 |
|
|
$ |
1,688 |
|
|
$ |
12,239 |
|
Litecoin |
|
|
1,256 |
|
|
|
142 |
|
|
|
134 |
|
|
|
1,218 |
|
|
|
138 |
|
|
|
126 |
|
Ethereum |
|
|
176 |
|
|
|
53 |
|
|
|
729 |
|
|
|
176 |
|
|
|
53 |
|
|
|
585 |
|
Bitcoin Cash |
|
|
239 |
|
|
|
72 |
|
|
|
134 |
|
|
|
234 |
|
|
|
70 |
|
|
|
101 |
|
All others |
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|
|
|
38 |
|
|
|
193 |
|
|
|
|
|
|
39 |
|
|
|
189 |
|
|
|
|
|
|
$ |
2,040 |
|
|
$ |
16,198 |
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|
|
|
|
$ |
1,988 |
|
|
$ |
13,240 |
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Balance at December 31, 2024 |
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Revenue recognized |
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Proceeds and in-kind transfers |
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|
Unrealized gain (loss) |
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|
Balance at September 30, 2025 |
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Bitcoin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
131 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
132 |
|
Amount |
|
$ |
12,239 |
|
|
$ |
47 |
|
|
$ |
- |
|
|
$ |
2,722 |
|
|
$ |
15,008 |
|
Litecoin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
1,218 |
|
|
|
38 |
|
|
|
- |
|
|
|
- |
|
|
|
1,256 |
|
Amount |
|
$ |
126 |
|
|
$ |
4 |
|
|
$ |
- |
|
|
$ |
4 |
|
|
$ |
134 |
|
Ethereum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
176 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
176 |
|
Amount |
|
$ |
585 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
144 |
|
|
$ |
729 |
|
Bitcoin Cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
234 |
|
|
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
239 |
|
Amount |
|
$ |
101 |
|
|
$ |
2 |
|
|
$ |
- |
|
|
$ |
31 |
|
|
$ |
134 |
|
All others |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Amount |
|
$ |
189 |
|
|
$ |
31 |
|
|
$ |
(31 |
) |
|
$ |
4 |
|
|
$ |
193 |
|
|
| Schedule of Company's Other Investments |
The Company’s other investments consist of the following as of September 30, 2025 and December 31, 2024, respectively:
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September 30, 2025 |
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|
December 31, 2024 |
|
Horizon Kinetics Hard Asset, LLC |
|
$ |
17,487 |
|
|
$ |
11,299 |
|
Consensus Mining & Seigniorage Corporation |
|
|
838 |
|
|
|
737 |
|
Other miscellaneous investments |
|
|
3,451 |
|
|
|
1,407 |
|
|
|
$ |
21,776 |
|
|
$ |
13,443 |
|
|
| Summary of Disaggregates of Management Services Revenue |
The following table disaggregates our management services revenue by type:
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Three months ended September 30, |
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Nine Months Ended September 30, |
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|
2025 |
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|
2024 |
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|
2025 |
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|
2024 |
|
Mutual fund management fees |
|
$ |
8,755 |
|
|
$ |
6,378 |
|
|
$ |
28,547 |
|
|
$ |
16,748 |
|
ETF management fees |
|
|
2,925 |
|
|
|
1,877 |
|
|
|
8,133 |
|
|
|
4,817 |
|
Separately managed account management fees |
|
|
5,631 |
|
|
|
4,739 |
|
|
|
16,961 |
|
|
|
14,737 |
|
Proprietary fund management fees & other |
|
|
453 |
|
|
|
42 |
|
|
|
1,824 |
|
|
|
975 |
|
Total management and advisory fees |
|
$ |
17,764 |
|
|
$ |
13,036 |
|
|
$ |
55,465 |
|
|
$ |
37,277 |
|
|
| Summary of Balances of Management Fees Receivable |
The following table presents balances of management fees receivable by type:
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|
September 30, 2025 |
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|
December 31, 2024 |
|
Mutual fund management fees |
|
$ |
2,845 |
|
|
$ |
3,233 |
|
ETF management fees |
|
|
976 |
|
|
|
830 |
|
Separately managed account management fees |
|
|
2,357 |
|
|
|
2,220 |
|
Proprietary fund management fees |
|
|
224 |
|
|
|
1,866 |
|
Other |
|
|
414 |
|
|
|
195 |
|
|
|
$ |
6,816 |
|
|
$ |
8,344 |
|
|
| CIP |
|
| Crypto Asset, Holding [Line Items] |
|
| Summary of Digital Assets |
The following tables present additional information about digital assets held in CIPs as of September 30, 2025 and December 31, 2024, respectively:
|
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|
September 30, 2025 |
|
|
December 31, 2024 |
|
|
|
Units Held |
|
|
Cost Basis |
|
|
Fair Value |
|
|
Units Held |
|
|
Cost Basis |
|
|
Fair Value |
|
Bitcoin |
|
|
1,922 |
|
|
$ |
11,242 |
|
|
$ |
219,240 |
|
|
|
1,936 |
|
|
$ |
11,374 |
|
|
$ |
180,770 |
|
Bitcoin Cash |
|
|
15,120 |
|
|
|
6,624 |
|
|
|
8,480 |
|
|
|
15,120 |
|
|
|
6,624 |
|
|
|
6,552 |
|
Ethereum |
|
|
18,923 |
|
|
|
403 |
|
|
|
1,314 |
|
|
|
18,923 |
|
|
|
403 |
|
|
|
1,245 |
|
Litecoin |
|
|
45,196 |
|
|
|
3,569 |
|
|
|
4,831 |
|
|
|
45,196 |
|
|
|
3,569 |
|
|
|
4,658 |
|
Ripple |
|
|
516,187 |
|
|
|
240 |
|
|
|
1,469 |
|
|
|
516,187 |
|
|
|
240 |
|
|
|
1,073 |
|
All others |
|
|
|
|
|
559 |
|
|
|
352 |
|
|
|
|
|
|
560 |
|
|
|
267 |
|
|
|
|
|
|
$ |
22,637 |
|
|
$ |
235,686 |
|
|
|
|
|
$ |
22,770 |
|
|
$ |
194,565 |
|
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|
|
|
|
|
|
|
|
|
Balance at December 31, 2024 |
|
|
Proceeds and in-kind transfers |
|
|
Unrealized gain (loss) |
|
|
Balance at September 30, 2025 |
|
Bitcoin |
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
1,936 |
|
|
|
(14 |
) |
|
|
- |
|
|
|
1,922 |
|
Amount |
|
$ |
180,770 |
|
|
$ |
(132 |
) |
|
$ |
38,602 |
|
|
$ |
219,240 |
|
Bitcoin Cash |
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
15,120 |
|
|
|
- |
|
|
|
- |
|
|
|
15,120 |
|
Amount |
|
$ |
6,552 |
|
|
$ |
- |
|
|
$ |
1,928 |
|
|
$ |
8,480 |
|
Ethereum |
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
18,923 |
|
|
|
- |
|
|
|
- |
|
|
|
18,923 |
|
Amount |
|
$ |
1,245 |
|
|
$ |
- |
|
|
$ |
69 |
|
|
$ |
1,314 |
|
Litecoin |
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
45,196 |
|
|
|
- |
|
|
|
- |
|
|
|
45,196 |
|
Amount |
|
$ |
4,658 |
|
|
$ |
- |
|
|
$ |
173 |
|
|
$ |
4,831 |
|
Ripple |
|
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
516,187 |
|
|
|
- |
|
|
|
- |
|
|
|
516,187 |
|
Amount |
|
$ |
1,073 |
|
|
$ |
- |
|
|
$ |
396 |
|
|
$ |
1,469 |
|
All others |
|
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
$ |
267 |
|
|
$ |
- |
|
|
$ |
85 |
|
|
$ |
352 |
|
|