Investments, at Fair Value (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Investments at Fair Value |
The following summarizes the Company’s investments accounted for at fair value at December 31, 2025 using the fair value hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Money market cash equivalents |
|
$ |
32,362 |
|
|
$ |
32,362 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Texas Pacific Land Corporation common stock |
|
$ |
49,714 |
|
|
$ |
49,714 |
|
|
$ |
- |
|
|
$ |
- |
|
Kinetics Market Opportunities Fund |
|
|
8,024 |
|
|
|
- |
|
|
|
8,024 |
|
|
|
- |
|
Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class |
|
|
2,739 |
|
|
|
- |
|
|
|
2,739 |
|
|
|
- |
|
All other market traded equity securities |
|
|
3,454 |
|
|
|
3,454 |
|
|
|
- |
|
|
|
- |
|
Kinetics Mutual Funds and ETFs |
|
|
2,396 |
|
|
|
- |
|
|
|
2,396 |
|
|
|
- |
|
Kinetics Global Fund No Load Class |
|
|
2,479 |
|
|
|
- |
|
|
|
2,479 |
|
|
|
- |
|
Grayscale Bitcoin Trust |
|
|
2,189 |
|
|
|
2,189 |
|
|
|
- |
|
|
|
- |
|
CBOE Global Markets |
|
|
2,470 |
|
|
|
2,470 |
|
|
|
- |
|
|
|
- |
|
FRMO Corporation common stock |
|
|
1,432 |
|
|
|
- |
|
|
|
1,432 |
|
|
|
- |
|
SPAC Active ETF |
|
|
1,684 |
|
|
|
- |
|
|
|
1,684 |
|
|
|
- |
|
Total investments |
|
$ |
76,581 |
|
|
$ |
57,827 |
|
|
$ |
18,754 |
|
|
$ |
- |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Market traded equity securities - sold short |
|
$ |
(46 |
) |
|
$ |
(46 |
) |
|
$ |
- |
|
|
$ |
- |
|
Total liabilities |
|
$ |
(46 |
) |
|
$ |
(46 |
) |
|
$ |
- |
|
|
$ |
- |
|
Total investments, at fair value |
|
$ |
76,535 |
|
|
$ |
57,781 |
|
|
$ |
18,754 |
|
|
$ |
- |
|
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 |
|
|
$ |
6,214 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Texas Pacific Land Corporation common stock |
|
$ |
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 Mutual Funds and ETFs |
|
|
2,419 |
|
|
|
- |
|
|
|
2,419 |
|
|
|
- |
|
Kinetics Global Fund No Load Class |
|
|
2,416 |
|
|
|
- |
|
|
|
2,416 |
|
|
|
- |
|
Grayscale Bitcoin Trust |
|
|
2,370 |
|
|
|
2,370 |
|
|
|
- |
|
|
|
- |
|
CBOE Global Markets |
|
|
1,921 |
|
|
|
1,921 |
|
|
|
- |
|
|
|
- |
|
FRMO Corporation common stock |
|
|
1,916 |
|
|
|
- |
|
|
|
1,916 |
|
|
|
- |
|
SPAC Active ETF |
|
|
1,828 |
|
|
|
- |
|
|
|
1,828 |
|
|
|
- |
|
Total investments |
|
$ |
91,467 |
|
|
$ |
70,988 |
|
|
$ |
20,479 |
|
|
$ |
- |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Market traded equity securities - sold short |
|
$ |
(32 |
) |
|
$ |
(32 |
) |
|
$ |
- |
|
|
$ |
- |
|
Total liabilities |
|
$ |
(32 |
) |
|
$ |
(32 |
) |
|
$ |
- |
|
|
$ |
- |
|
Total investments, at fair value |
|
$ |
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 December 31, 2025 using the fair value hierarchy:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
NAV as a practical expedient |
|
Money market cash equivalents |
|
$ |
31,469 |
|
|
$ |
31,469 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stocks |
|
$ |
948,645 |
|
|
$ |
948,645 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Debt securities |
|
|
1,551 |
|
|
|
- |
|
|
|
- |
|
|
|
1,551 |
|
|
|
- |
|
Digital asset related exchange-traded and mutual funds |
|
|
461,136 |
|
|
|
458,883 |
|
|
|
2,253 |
|
|
|
- |
|
|
|
- |
|
Preferred stocks |
|
|
4,933 |
|
|
|
4,933 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Private equity funds |
|
|
462 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
462 |
|
Private placements |
|
|
107,226 |
|
|
|
- |
|
|
|
6,371 |
|
|
|
100,854 |
|
|
|
1 |
|
Digital assets |
|
|
184,857 |
|
|
|
184,857 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total investments |
|
$ |
1,708,810 |
|
|
$ |
1,597,318 |
|
|
$ |
8,624 |
|
|
$ |
102,405 |
|
|
$ |
463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold short |
|
$ |
(415 |
) |
|
$ |
(415 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Total liabilities |
|
$ |
(415 |
) |
|
$ |
(415 |
) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Total investments, at fair value |
|
$ |
1,708,395 |
|
|
$ |
1,596,903 |
|
|
$ |
8,624 |
|
|
$ |
102,405 |
|
|
$ |
463 |
|
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 fiscal year ended December 31, 2025 |
|
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 |
|
|
(98 |
) |
|
|
- |
|
|
|
19,943 |
|
|
|
19,845 |
|
Deconsolidation |
|
|
- |
|
|
|
(22,471 |
) |
|
|
- |
|
|
|
(22,471 |
) |
Purchases |
|
|
- |
|
|
|
- |
|
|
|
66,592 |
|
|
|
66,592 |
|
Sales |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
*Change in level classification |
|
|
- |
|
|
|
- |
|
|
|
(165,433 |
) |
|
|
(165,433 |
) |
Balance at December 31, 2025 |
|
$ |
1,551 |
|
|
$ |
- |
|
|
$ |
100,854 |
|
|
$ |
102,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized gains (losses) included in net income relating to assets held at end of year |
|
$ |
(98 |
) |
|
$ |
- |
|
|
$ |
19,943 |
|
|
$ |
19,845 |
|
*Miami International Holdings, Inc., previously a private company held as a Level 3 private placement, went public in August 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for the fiscal year ended December 31, 2024 |
|
Debt securities |
|
|
Preferred equity and other private investments |
|
|
Private placements |
|
|
Total Level 3 Assets |
|
Balance at December 31, 2023 |
|
$ |
765 |
|
|
$ |
22,240 |
|
|
$ |
156,648 |
|
|
$ |
179,653 |
|
Change in unrealized appreciation (depreciation), net |
|
|
884 |
|
|
|
(234 |
) |
|
|
10,676 |
|
|
|
11,326 |
|
Purchases |
|
|
- |
|
|
|
11,618 |
|
|
|
58,528 |
|
|
|
70,146 |
|
Sales |
|
|
- |
|
|
|
(11,153 |
) |
|
|
(46,100 |
) |
|
|
(57,253 |
) |
Balance at December 31, 2024 |
|
$ |
1,649 |
|
|
$ |
22,471 |
|
|
$ |
179,752 |
|
|
$ |
203,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized gains (losses) included in net income relating to assets held at end of year |
|
$ |
884 |
|
|
$ |
(234 |
) |
|
$ |
10,676 |
|
|
$ |
11,326 |
|
|
| 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 December 31, 2025 |
|
Fair Value |
|
|
Valuation Technique |
|
Significant Unobservable Inputs |
Debt securities |
|
$ |
1,551 |
|
|
Market Approach |
|
Probability of Recovery (21%) |
Private placements |
|
$ |
100,854 |
|
|
|
|
|
|
|
|
36,708 |
|
|
Subject Company Transaction Method |
|
Subject company transaction price per unit |
|
|
|
18,096 |
|
|
Market Approach - Most recent transaction price |
|
Unit price/cost of latest round of financing |
|
|
|
46,050 |
|
|
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 |
|
|
|
|
|
|
|
|
8,682 |
|
|
Market Approach - Most recent transaction price |
|
Unit price/cost of latest round of financing |
|
|
|
25,517 |
|
|
Discounted Cash Flow Method, Market Approach and Subject Company Transaction Method |
|
Discount Rate (13.0%)
Projected Future Cash Flows
Revenue Multiples (range 5.0x - 5.5x)
EBITDA Multiples (range 18.0x - 20.0x) |
|
|
|
145,553 |
|
|
Discounted Cash Flow Method and Market Approach |
|
Projected Future Cash Flows
Discount Rate (18.4%)
Volatility (15.0%)
Holding Period (0.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|