Investments, at Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Investments at Fair Value

The following summarizes the Company’s investments accounted for at fair value at September 30, 2025 using the fair value hierarchy:


		September 30, 2025
		Total				Level 1				Level 2				Level 3
Money market cash equivalents		$	16,984			$	16,984			$	-			$	-

Investments:
Texas Pacific Land Corporation		$	53,867			$	53,867			$	-			$	-
Kinetics Market Opportunities Fund			8,714				-				8,714				-
Kinetics Mutual Funds and ETFs			2,497				-				2,497				-
Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class			3,240				-				3,240				-
Kinetics Global Fund No Load Class			2,643				-				2,643				-
All other market traded equity securities			3,225				3,225				-				-
CBOE Global Markets			2,378				2,378				-				-
FRMO Corporation			1,726				-				1,726				-
Horizon Kinetics SPAC Active ETF			1,934				-				1,934				-
Grayscale Bitcoin Trust			2,875				2,875				-				-
Totals		$	83,099			$	62,345			$	20,754			$	-
Liabilities:
Market traded equity securities - sold short		$	(39	)		$	(39	)		$	-			$	-
Total Liabilities		$	(39	)		$	(39	)		$	-			$	-
Total		$	83,060			$	62,306			$	20,754			$	-

The following summarizes the Company’s investments accounted for at fair value at December 31, 2024 using the fair value hierarchy:


		December 31, 2024
		Total				Level 1				Level 2				Level 3
Money market cash equivalents		$	7,561			$	7,561			$	-			$	-

Investments:
Texas Pacific Land Corporation		$	63,797			$	63,797			$	-			$	-
Kinetics Market Opportunities Fund			8,302				-				8,302				-
Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class			3,598				-				3,598				-
All other market traded equity securities			2,900				2,900				-				-
Kinetics Global Fund No Load Class			2,416				-				2,416				-
FRMO Corporation			1,916				-				1,916				-
Horizon Kinetics SPAC Active ETF			1,828				-				1,828				-
Grayscale Bitcoin Trust			2,370				2,370				-				-
CBOE Global Markets			1,921				1,921				-				-
Kinetics Mutual Funds and ETFs			2,419				-				2,419				-
Totals		$	91,467			$	70,988			$	20,479			$	-
Liabilities:
Market traded equity securities - sold short		$	(32	)		$	(32	)		$	-			$	-
Total Liabilities		$	(32	)		$	(32	)		$	-			$	-
Total		$	91,435			$	70,956			$	20,479			$	-

Schedule of Fair Value Recurring Basis

The following summarizes CIPs measured at fair value on a recurring basis were as follows as of September 30, 2025 using the fair value hierarchy:


		September 30, 2025
		Total				Level 1				Level 2				Level 3				NAV as a practical expedient
Money market cash equivalents		$	22,742			$	22,742			$	-			$	-			$	-

Investments:
Common stocks		$	714,056			$	714,056			$	-			$	-			$	-
Debt securities			2,010				-				-				2,010				-
Digital asset related exchange-traded and mutual funds			596,322				596,322				-				-				-
Preferred stocks			5,347				5,347				-				-				-
Private equity funds			378				-				-				-				378
Private placements			338,427				252,078				8,325				78,022				2
Digital assets			235,686				235,686				-				-				-
Total investments		$	1,892,226			$	1,803,489			$	8,325			$	80,032			$	380

Liabilities:
Securities sold short		$	(394	)		$	(394	)		$	-			$	-			$	-
Total liabilities		$	(394	)		$	(394	)		$	-			$	-			$	-
Total investments, at fair value		$	1,891,832			$	1,803,095			$	8,325			$	80,032			$	380

The following summarizes CIPs measured at fair value on a recurring basis were as follows as of December 31, 2024 using the fair value hierarchy:


		December 31, 2024
		Total				Level 1				Level 2				Level 3				NAV as a practical expedient
Money market cash equivalents		$	28,466			$	28,466			$	-			$	-			$	-

Investments:
Common stocks		$	803,626			$	803,626			$	-			$	-			$	-
Debt securities			1,649				-				-				1,649				-
Digital asset related exchange-traded and mutual funds			541,346				533,435				7,911				-				-
Preferred stocks			3,785				3,785				-				-				-
Preferred equity and other private investments			22,471				-				-				22,471				-
Private equity funds			220				-				-				-				220
Private placements			179,754				-				-				179,752				2
Digital assets			194,565				194,565				-				-				-
Total investments		$	1,747,416			$	1,535,411			$	7,911			$	203,872			$	222

Liabilities:
Securities sold short		$	(566	)		$	(566	)		$	-			$	-			$	-
Total liabilities		$	(566	)		$	(566	)		$	-			$	-			$	-
Total investments, at fair value		$	1,746,850			$	1,534,845			$	7,911			$	203,872			$	222

Summary of Changes in Level 3 Assets

Changes in Level 3 Assets were as follows:


For the Nine Months Ended September 30,		Debt securities				Preferred equity and other private investments				Private placements				Total Level 3 Assets
Balance at December 31, 2024		$	1,649			$	22,471			$	179,752			$	203,872
Change in unrealized appreciation (depreciation), net			361				-				19,511				19,872
Deconsolidation			-				(22,471	)			-				(22,471	)
Purchases			-				-				44,192				44,192
Sales			-				-				-				-
Change in Level Classification*			-				-				(165,433	)			(165,433	)
Balance at September 30, 2025		$	2,010			$	-			$	78,022			$	80,032

Change in unrealized gains included in net income relating to assets held at end of period		$	361			$	-			$	19,511			$	19,872

*Miami International Holdings, Inc., previously a private company held as a Level 3 private placement, went public in August 2025.

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Level 3 Fair Value Measurements

Valuation techniques and significant unobservable inputs used in Level 3 fair value measurements were as follows:


as of September 30, 2025		Fair Value				Valuation Technique		Significant Unobservable Inputs
Debt securities		$	2,010			Market Approach		Probability of Recovery (21%)
Private placements		$	78,022
			36,202			Subject Company Transaction Method		Subject company transaction price per unit
			18,170			Market Approach - Most recent transaction price		Unit price/cost of latest round of financing
			23,650			Market Approach - Most recent transaction price		Unit price/cost of latest round of financing


as of December 31, 2024		Fair Value				Valuation Technique		Significant Unobservable Inputs
Debt securities		$	1,649			Market Approach
Preferred equity and other private investments		$	22,471
			15,236			Market Approach
			7,078			Market Approach		Offered quotes
			157			Income Approach		Capitalization rate range (7.3% - 7.5%)
Private placements		$	179,752
			145,553			Discounted Cash Flow Method and Market Approach		Projected Future Cash Flows Revenue Multiples (range 4.0x - 6.8x) Cost of Capital 13.5%
			25,517			Discounted Cash Flow Method, Market Approach and Subject Company Transaction Method		Projected Future Cash Flows Revenue Multiples (range 3.8x - 5.5X) EBITDA Multiples (range 12.5x - 14.5x) Discount Rate (13.5%)
			8,682			Market Approach - Most recent transaction price		Unit price/cost of latest round of financing

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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