Consolidated Investment Products (Tables)

12 Months Ended

Dec. 31, 2025

Consolidated investment products [Abstract]

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 and for the years ended December 31, 2025 and 2024, respectively:


	December 31, 2025
	Consolidated Company Entities		Consolidated Investment Products		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	36,884	$	-	$	-		$	36,884
Fees receivable		8,154		-		(1,579	)		6,575
Investments, at fair value		76,535		-		-			76,535
Assets of consolidated investment products
Cash and cash equivalents		-		45,493		-			45,493
Investments, at fair value		-		1,708,395		-			1,708,395
Other assets		-		9,517		-			9,517
Other investments		220,065		-		(199,033	)		21,032
Operating lease right-of-use assets		6,382							6,382
Property and equipment, net		395							395
Prepaid expenses and other assets		8,603							8,603
Due from affiliates		20				(10	)		10
Digital assets		12,509		-		-			12,509
Intangible assets, net		41,108		-		-			41,108
Goodwill		23,373		-		-			23,373
Total assets	$	434,028	$	1,763,405	$	(200,622	)	$	1,996,811

Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other	$	12,149	$	-	$	-		$	12,149
Accrued third party distribution expenses		578		-		-			578
Deferred revenue		66		-		-			66
Liabilities of consolidated investment products
Accounts payable and accrued expenses		-		1,606		(10	)		1,596
Management fee payable		-		1,580		(1,580	)		-
Other liabilities		-		735		-			735
Deferred tax liability, net		66,345		-		-			66,345
Due to affiliates		7,689		-		-			7,689
Operating lease liability		8,248		-		-			8,248
Total liabilities		95,075		3,921		(1,590	)		97,406
Commitments and contingencies

Redeemable noncontrolling interests		-		1,599,587		(39,135	)		1,560,452

Equity interests		338,953		159,897		(159,897	)		338,953
Total liabilities, noncontrolling interests, and shareholders’ equity	$	434,028	$	1,763,405	$	(200,622	)	$	1,996,811


	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
Assets of discontinued operations		4,364		-		-			4,364
Intangible assets, net		42,169		-		-			42,169
Goodwill		23,373		-		-			23,373
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

Schedule of Results of Operations



	Year Ended December 31, 2025
	Consolidated Company Entities			Consolidated Investment Products			Eliminations			Consolidated
Revenue:
Management and advisory fees	$	79,961		$	-		$	(7,573	)	$	72,388
Other income and fees		458			-			-			458
Total revenue		80,419			-			(7,573	)		72,846

Operating expenses:
Compensation and related employee benefits		32,028			-			-			32,028
Sales, distribution and marketing		15,703			-			-			15,703
Depreciation and amortization		1,116			-			-			1,116
General and administrative expenses		10,174			-			-			10,174
Expenses of consolidated investment products		-			10,315			(7,573	)		2,742
Total operating expenses		59,021			10,315			(7,573	)		61,763

Operating income		21,398			(10,315	)		-			11,083

Other income (expense):
Equity earnings (losses), net		(25,437	)		-			20,571			(4,866	)
Interest and dividends		2,375			-			-			2,375
Other income (expense)		(1,185	)		-			-			(1,185	)
Investment and other income (losses) of consolidated investment products, net		-			(17,768	)		-			(17,768	)
Interest and dividend income of consolidated investment products		-			8,394			-			8,394
Unrealized (loss) gain on digital assets, net		(796	)		-			-			(796	)
Realized gain on investments, net		2,398			-			-			2,398
Unrealized gain (loss) on investments net		(15,554	)		-			-			(15,554	)
Total other income (expense), net		(38,199	)		(9,374	)		20,571			(27,002	)

Income (loss) from continuing operations before provision for income taxes		(16,801	)		(19,689	)		20,571			(15,919	)
Income tax (expense) benefit		23,219			-			-			23,219
Income (loss) from continuing operations, net of tax		6,418			(19,689	)		20,571			7,300
Income (loss) from discontinued operations, net of tax		(1,300	)		-			-			(1,300	)

Net income (loss)	$	5,118		$	(19,689	)	$	20,571		$	6,000
Less: net income attributable to redeemable noncontrolling interests		-			541			(1,423	)		(882	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation	$	5,118		$	(19,148	)	$	19,148		$	5,118


	Year Ended December 31, 2024
	Consolidated Company Entities			Consolidated Investment Products			Eliminations			Consolidated
Revenue:
Management and advisory fees	$	111,481		$	-		$	(55,995	)	$	55,486
Other income and fees		322			-			-			322
Total revenue		111,803			-			(55,995	)		55,808

Operating expenses:
Compensation, related employee benefits, and cost of goods sold		37,550			-			-			37,550
Sales, distribution and marketing		19,093			-			-			19,093
Depreciation and amortization		1,816			-			-			1,816
General and administrative expenses		10,197			-			(107	)		10,090
Expenses of consolidated investment products		-			10,215			(7,896	)		2,319
Total operating expenses		68,656			10,215			(8,003	)		70,868

Operating income		43,147			(10,215	)		(47,992	)		(15,060	)

Other income (expense):
Equity earnings (losses), net		106,603			-			(100,566	)		6,037
Interest and dividends		1,714			-			-			1,714
Other income (expense)		(2,985	)		-			-			(2,985	)
Investment and other income (losses) of consolidated investment products, net		-			840,735			-			840,735
Interest and dividend income of consolidated investment products		-			20,377			-			20,377
Unrealized (loss) gain on digital assets, net		6,984			-			-			6,984
Realized gain on investments, net		432			-			-			432
Unrealized gain (loss) on investments net		41,329			-			-			41,329
Total other income (expense), net		154,077			861,112			(100,566	)		914,623

Income (loss) before provision for income taxes		197,224			850,897			(148,558	)		899,563
Income tax (expense) benefit		(104,381	)		-			-			(104,381	)
Income (loss) from continuing operations, net of tax		92,843			850,897			(148,558	)		795,182
Income (loss) from discontinued operations, net of tax		(371	)		-			-			(371	)

Net income (loss)	$	92,472		$	850,897		$	(148,558	)	$	794,811
Less: net income attributable to redeemable noncontrolling interests		-			(762,695	)		60,356			(702,339	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation	$	92,472		$	88,202		$	(88,202	)	$	92,472