Horizon Kinetics posts $18.4M Q3 2026 net loss

Available on EDGAR 11/12/2026 - 04:16 PM EST Accepted by SEC EDGAR 11/12/2026 - 04:15 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Horizon Kinetics Holding Corporation (HKHC) reported $18.030 million in third-quarter revenue, compared with $17.893 million a year earlier. Operating income was $1.758 million versus $2.949 million, and net loss attributable to HKHC was $18.350 million, compared with $7.235 million of attributable net income in the 2025 quarter. Total other expense, net, was $73.443 million, including $54.002 million of investment and other losses from consolidated investment products and $19.495 million of unrealized investment losses.

For the nine months ended September 30, 2026, revenue was $55.359 million versus $55.810 million, while net income attributable to HKHC was $35.803 million compared with $19.587 million. Net cash used in operating activities was $2.469 million, compared with $40.274 million in 2025. At September 30, cash and cash equivalents were $36.417 million and shareholders’ equity was $367.711 million. Consolidated investment products contribute substantially to reported assets, liabilities and cash flows, but their results do not directly affect HKHC-attributable net income or shareholders’ equity.

2 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 1 point

How the balance works

Positive

• Moderate pointNine-month attributable income: $35.803 million, versus $19.587 million.
• Moderate pointNine-month operating cash use narrowed to $2.469 million from $40.274 million.

Negative

• Major pointThird-quarter attributable result: $18.350 million loss, versus $7.235 million income.

Filing Explained

This unaudited quarterly report adds management’s liquidity outlook: Horizon Kinetics Holding says it believes cash and cash equivalents will be sufficient to fund operations for more than one year from issuance of the statements.

Key Figures

Third-quarter revenue: $18.030 million Third-quarter net loss attributable to HKHC: $18.350 million loss Nine-month net income attributable to HKHC: $35.803 million +3 more

6 metrics

Third-quarter revenue $18.030 million Three months ended September 30, 2026; $17.893 million in 2025

Third-quarter net loss attributable to HKHC $18.350 million loss Three months ended September 30, 2026; $7.235 million of net income attributable to HKHC in 2025

Nine-month net income attributable to HKHC $35.803 million Nine months ended September 30, 2026; $19.587 million in 2025

Net cash used in operating activities $2.469 million Nine months ended September 30, 2026; $40.274 million used in 2025

Cash and cash equivalents $36.417 million As of September 30, 2026

Shareholders’ equity $367.711 million As of September 30, 2026

Key Terms

consolidated investment products, redeemable noncontrolling interests, Incentive Fees, fair value hierarchy, +2 more

6 terms

consolidated investment products financial

"results of the consolidated investment products significantly increases the reported amounts"

redeemable noncontrolling interests financial

"reflected as redeemable non-controlling interests in consolidated investment products"

A redeemable noncontrolling interest is a minority ownership stake in a company that the holder can force the company to buy back at a set price or under certain conditions. For investors this matters because it creates a future cash obligation and can be treated more like a liability than permanent equity, affecting a company’s reported debt, net income and valuation — think of it as a part-owner who can cash out, forcing the business to pay them.

Incentive Fees financial

"performance-based fees (“Incentive Fees”)"

A performance-based charge paid to a fund or asset manager when investments beat a preset target or benchmark; think of it as a bonus for hitting or exceeding agreed returns. It matters to investors because it aligns the manager’s pay with results—encouraging strong performance—but it also reduces investors’ net returns and can encourage riskier strategies if the fee structure rewards short-term gains over steady growth.

fair value hierarchy financial

"establishes a fair value hierarchy"

Level 3 financial

"Level 3 Valuations based on inputs that are unobservable"

Level 3 describes the lowest-confidence category in the accounting “fair value” hierarchy, covering assets or liabilities whose prices are not observable in the market and must be estimated using judgment and internal models. For investors, Level 3 items matter because they can introduce greater uncertainty and potential valuation swings—like valuing a unique antique versus checking a price tag on a supermarket shelf—so they signal higher model risk and lower liquidity.

variable interest entity financial

"whether an entity qualifies as a variable interest entity"

A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were HKHC's third-quarter 2026 earnings?

HKHC reported a net loss attributable to the company of $18.350 million for the three months ended September 30, 2026, compared with net income attributable to HKHC of $7.235 million in the 2025 quarter. Consolidated net loss was $59.202 million in 2026.

How much revenue and net income attributable to HKHC did it report for the first nine months of 2026?

For the nine months ended September 30, 2026, HKHC reported $55.359 million in revenue and $35.803 million in net income attributable to HKHC. The comparable 2025 figures were $55.810 million and $19.587 million, respectively.

What investment-related losses did HKHC report in the third quarter of 2026?

HKHC reported $73.443 million of total other expense, net, for the quarter, including $54.002 million of investment and other losses from consolidated investment products and $19.495 million of unrealized losses on investments.

How much operating cash did HKHC use in the first nine months of 2026?

HKHC reported $2.469 million of net cash used in operating activities for the nine months ended September 30, 2026, compared with $40.274 million used in the corresponding 2025 period.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-13458

HORIZON KINETICS HOLDING CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		84-0920811
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1270 Avenue of the Americas, 27th Floor New York, New York		10020
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (646) 291-2300

Securities registered pursuant to Section 12(b) of the Exchange Act.

Title of each class		Trading Symbol		Name of exchange on which registered
None		None		None

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☒
Emerging growth company		☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 10, 2026, the registrant had 18,635,321 shares of its common stock, $0.10 par value per share, outstanding.

CAUTIONARY NOTE ON FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-Q (this “Report”) contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, in addition to historical information. All statements, other than statements of historical facts, included in this Report that address activities, events, or developments with respect to our financial condition, results of operations, or economic performance that we expect, believe, or anticipate will or may occur in the future, or that address plans and objectives of management for future operations, are forward-looking statements. You can typically identify forward-looking statements by the use of words, such as “will,” “may,” “could,” “should,” “assume,” “project,” “believe,” “anticipate,” “expect,” “intend,” “estimate,” “potential,” “plan,” “target,” “is likely,” and other similar words. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

The forward-looking statements contained in this Report are based on management’s current expectations and are subject to uncertainty and changes in circumstances. We cannot assure you that future developments affecting us will be those that we have anticipated. Forward-looking statements and our performance inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to:

•Unfavorable market conditions could adversely affect our business in many ways, including by reducing the fee revenues and distributions received from its funds.

•Certain investments represent a material portion of our total assets. If these investments’ operating or market performance deteriorates for any reason, then the Company’s resulting advisory fees and reputation could be negatively impacted.

•The Company and our employees may invest in other companies or funds in which its clients also invest, which may create conflicts of interest. Conflicts of interests are also present when the Company receives performance fees.

•The Company, and the funds and SMAs managed by its subsidiary, are exposed to risks relating to cryptocurrencies and related investments, either directly or through cryptocurrency-linked ETFs.

•Our success depends highly on its senior executives, and the loss of their services would have a material adverse effect on our business, results and financial condition.

•Poor performance of our funds would cause a decline in its revenue, income and cash flow and could adversely affect our ability to raise capital for future funds.

•Our investment philosophy makes a rebalancing of portfolios unlikely, which could result in concentrated positions, adversely impacting our business and reputation if those positions decline.

•The asset management business is intensely competitive.

•The capital markets are currently in a period of disruption and economic uncertainty. Such market conditions have materially and adversely affected debt and equity capital markets, which have had, and may continue to have, a negative impact on our business and operations.

We caution you that forward-looking statements are not guarantees of future performance and that actual results or performance may be materially different from those expressed or implied in the forward-looking statements. The forward-looking statements in this Report speak as of the filing date of this Report. Although we may from time to time voluntarily update our prior forward-looking statements, we undertake no obligation to revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this Report.

1

TABLE OF CONTENTS

			Page
PART I
Item 1.		Financial Statements	3
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.		Quantitative and Qualitative Disclosure About Market Risk	36
Item 4.		Controls and Procedures	36
PART II
Item 1A.		Risk Factors	37
Item 6.		Exhibits	37

2

PART I

ITEM 1. FINANCIAL STATEMENTS.

HORIZON KINETICS HOLDING CORPORATION

Condensed Consolidated Statements of Financial Condition

(in thousands)

		September 30,				December 31,
		2026				2025
		(Unaudited)
Assets
Cash and cash equivalents		$	36,417			$	36,884
Fees receivable, net			6,794				6,575
Investments, at fair value			86,346				76,535
Assets of consolidated investment products
Cash and cash equivalents			37,814				45,493
Investments, at fair value			1,522,799				1,708,395
Other assets			6,338				9,517
Other investments			23,787				21,032
Operating lease right-of-use assets			22,286				6,382
Property and equipment, net			1,560				395
Prepaid expenses and other assets			11,328				8,603
Due from affiliates			1				10
Digital assets			12,034				12,509
Intangible assets, net			40,589				41,108
Goodwill			23,373				23,373
Total assets		$	1,831,466			$	1,996,811
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	8,708			$	12,149
Accrued third party distribution expenses			349				578
Deferred revenue			27				66
Liabilities of consolidated investment products
Accounts payable and accrued expenses			16,198				1,596
Other liabilities			3,682				735
Deferred tax liability, net			75,578				66,345
Due to affiliates			7,597				7,689
Operating lease liability			25,325				8,248
Total liabilities			137,464				97,406
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests			1,326,291				1,560,452
Shareholders' equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding			-				-
Common stock; $0.10 par value, 50,000 shares authorized; 18,635 shares issued and outstanding, net of 1 share treasury stock at September 30, 2026 and December 31, 2025, respectively			1,864				1,864
Additional paid-in capital			39,243				39,243
Retained earnings			326,604				297,846
Total shareholders’ equity			367,711				338,953
Total liabilities, noncontrolling interests, and shareholders’ equity		$	1,831,466			$	1,996,811

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

3

HORIZON KINETICS HOLDING CORPORATION

Condensed Consolidated Statements of Operations (Unaudited)

(in thousands)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Management and advisory fees		$	17,813			$	17,764			$	54,826			$	55,465
Other income and fees			217				129				533				345
Total revenue			18,030				17,893				55,359				55,810
Operating expenses:
Compensation and related employee benefits			7,090				7,685				29,698				24,718
Sales, distribution and marketing			3,606				3,774				12,389				12,048
Depreciation and amortization			217				199				608				917
General and administrative expenses			3,980				2,520				9,479				7,728
Expenses of consolidated investment products			1,379				766				2,794				2,078
Total operating expenses			16,272				14,944				54,968				47,489
Operating income (loss)			1,758				2,949				391				8,321
Other income (expense):
Equity earnings, net			(5,815	)			(2,033	)			2,508				(3,543	)
Interest and dividends			483				530				1,349				1,475
Other income (expense)			(34	)			(290	)			6,034				(530	)
Investment and other income (losses) of consolidated investment products, net			(54,002	)			129,399				23,345				184,133
Interest and dividend income of consolidated investment products			1,609				1,627				4,912				6,418
Unrealized gain (loss) on digital assets, net			3,780				1,260				(491	)			2,908
Realized gain (loss) on investments, net			31				32				437				2,229
Unrealized gain (loss) on investments, net			(19,495	)			(7,046	)			8,651				(8,734	)
Total other income (expense), net			(73,443	)			123,479				46,745				184,356
Income (loss) from continuing operations before provision for income taxes			(71,685	)			126,428				47,136				192,677
Income tax (expense) benefit			12,483				10,370				(11,014	)			3,840
Income (loss) from continuing operations, net of tax			(59,202	)			136,798				36,122				196,517
Income (loss) from discontinued operations, net of tax			-				(63	)			-				(1,300	)
Net income (loss)		$	(59,202	)		$	136,735			$	36,122			$	195,217
Less: net income (loss) attributable to redeemable noncontrolling interests			40,852				(129,500	)			(319	)			(175,630	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	(18,350	)		$	7,235			$	35,803			$	19,587
Basic and diluted net income (loss) per common shares:
Net income (loss) from continuing operations		$	(0.98	)		$	0.39			$	1.92			$	1.12
Net (loss) from discontinued operations		$	-			$	(0.00	)		$	-			$	(0.07	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	(0.98	)		$	0.39			$	1.92			$	1.05
Weighted average shares outstanding:
Basic and diluted			18,635				18,635				18,635				18,635

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

4

HORIZON KINETICS HOLDING CORPORATION

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited)

(in thousands)

		Common Stock
		Shares				Amount				Additional paid-in capital				Retained Earnings				Total
Balance at December 31, 2025			18,635			$	1,864			$	39,243			$	297,846			$	338,953
Dividends			-				-				-				(2,255	)			(2,255	)
Net income			-				-				-				72,532				72,532
Balance at March 31, 2026			18,635			$	1,864			$	39,243			$	368,123			$	409,230
Dividends			-				-				-				(2,367	)			(2,367	)
Net loss			-				-				-				(18,379	)			(18,379	)
Balance at June 30, 2026			18,635			$	1,864			$	39,243			$	347,377			$	388,484
Dividends			-				-				-				(2,423	)			(2,423	)
Net loss			-				-				-				(18,350	)			(18,350	)
Balance at September 30, 2026			18,635			$	1,864			$	39,243			$	326,604			$	367,711
Balance at December 31, 2024			18,635			$	1,864			$	39,243			$	299,064			$	340,171
Dividends			-				-				-				(1,994	)			(1,994	)
Net income			-				-				-				22,841				22,841
Balance at March 31, 2025			18,635			$	1,864			$	39,243			$	319,911			$	361,018
Dividends			-				-				-				(1,044	)			(1,044	)
Net loss			-				-				-				(10,489	)			(10,489	)
Balance at June 30, 2025			18,635			$	1,864			$	39,243			$	308,378			$	349,485
Dividends			-				-				-				(1,323	)			(1,323	)
Net income			-				-				-				7,235				7,235
Balance at September 30, 2025			18,635			$	1,864			$	39,243			$	314,290			$	355,397

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

5

HORIZON KINETICS HOLDING CORPORATION

Condensed Consolidated Statements of Cash Flows (Unaudited)

(in thousands)

		Nine Months Ended September 30,
		2026				2025
Operating activities:
Net cash used in operating activities		$	(2,469	)		$	(40,274	)
Investing activities:
Proceeds from sale of investments			1,076				33,324
Deconsolidation of a consolidated investment product			-				(4,959	)
Purchases of property and equipment			(1,297	)			-
Purchases of investments			(1,192	)			(6,142	)
Receipts from notes from related party			-				80
Issuance of notes to related party			(150	)			(160	)
Proceeds from key-man life insurance			5,000				-
Proceeds from disposal of fixed assets			13				-
Net cash provided by investing activities			3,450				22,143
Financing activities:
Dividends			(7,045	)			(4,361	)
Contributions from redeemable noncontrolling interests in consolidated investment products			16,708				51,901
Redemptions of redeemable noncontrolling interests in consolidated investment products			(18,790	)			(26,104	)
Net cash (used in) provided by financing activities			(9,127	)			21,436
Net increase (decrease) in cash and cash equivalents			(8,146	)			3,305
Cash and cash equivalents of HKHC and consolidated investment products, beginning of year			82,377				58,752
Cash and cash equivalents of HKHC and consolidated investment products, end of period		$	74,231			$	62,057
Supplemental disclosure of cash flow information
Cash paid during the period for income taxes		$	7,939			$	3,973
Supplemental disclosure of non-cash investing and financing activities
Non-cash settlement of redemption payables through in-kind distributions		$	217,442			$	-
Contribution of investment securities for interest in other investments			-				11,481

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements

6

HORIZON KINETICS HOLDING CORPORATION

Notes to Condensed Consolidated Financial Statements (Unaudited)

(in thousands, except per share data)

Note 1. General

The accompanying unaudited interim Condensed Consolidated Financial Statements of Horizon Kinetics Holding Corporation, a Delaware Company (along with its wholly-owned subsidiaries, collectively referred to as the “Company”, “HKHC” or in the first-person notations of “we”, “us” and “our”) were prepared in accordance with accounting principles generally accepted in the United States of America and the interim financial statement rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, these statements include all adjustments (consisting only of normal recurring and non-recurring adjustments) necessary for a fair presentation of the Condensed Consolidated Financial Statements. The interim operating results are not necessarily indicative of the results for a full year or for any interim period. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations relating to interim financial statements. The accompanying Condensed Consolidated Statement of Financial Condition has been derived from the Company's annual financial statements for the year ended December 31, 2025. The Condensed Consolidated Financial Statements included herein should be read in conjunction with the audited consolidated annual financial statements and accompanying notes.

The Condensed Consolidated Financial Statements include the accounts of HKHC and all of its wholly-owned subsidiaries (Horizon Kinetics Asset Management LLC, Kinetics Funds Distributor LLC, and KBD Securities LLC). All intercompany balances and transactions have been eliminated in consolidation.

The Company and its wholly owned subsidiaries manage or control certain entities that have been consolidated in the accompanying financial statements. These entities include our private funds (collectively, “consolidated investment products” or “CIPs”). Including the results of the consolidated investment products significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows within the accompanying consolidated financial statements. However, the consolidated investment products’ results included herein have no direct effect on the net income attributable to HKHC or to its shareholders’ equity. Instead, economic ownership of the investors in the consolidated investment products are reflected as redeemable non-controlling interests in consolidated investment products. Further, cash flows allocable to redeemable non-controlling interests in consolidated investment products are specifically identifiable within the Consolidated Statement of Cash Flows.

Note 2. Summary of Significant Accounting Policies

(a) Principles of consolidation

In addition to its wholly-owned subsidiaries, generally accepted accounting principles in the United States of America (“GAAP”) requires that the assets, liabilities and results of operations of a variable interest entity (“VIE”) be consolidated into the financial statements of the enterprise that has a controlling interest in the VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity, and therefore certain of the investment vehicles managed by the Company may qualify as VIEs under the variable interest model, whereas others may qualify as voting interest entities (“VOEs”) under the voting interest model. The Company first evaluates whether it holds a variable interest in an entity. Fees that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests including proportionate interests through related parties, to determine if such interests are considered a variable interest.

The determination of whether to consolidate a VIE under US GAAP requires a significant amount of judgment concerning the degree of control over an entity by its holders of variable interests. To make these judgments, we conduct an analysis, on a case-by-case basis, of whether we are the primary beneficiary and are therefore required to consolidate an entity. We continually reconsider whether we should consolidate a VIE. Upon the occurrence of certain events, such as modifications to organizational documents and investment management agreements of our products, we will reconsider our conclusion regarding the status of an entity as a VIE. Our

7

judgment when analyzing the status of an entity and whether we consolidate an entity could have a material impact on individual line items within our consolidated financial statements, as a change in our conclusion would have the effect of grossing up the assets, liabilities, revenues and expenses of the entity being evaluated. In light of certain direct and indirect investments into our products, the likelihood of a reasonable change in our estimation and judgment could result in a change in our conclusions to consolidate or not consolidate any VIEs to which we have exposure.

(b) Reclassifications

The Company has reclassified certain prior period balances to conform to the current period presentation. These reclassifications did not impact previously reported total assets, total liabilities, stockholders’ equity, results of operations or cash flows.

(c) Use of estimates

The preparation of the consolidated condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. These estimates include the evaluation of the recoverability of the Company’s ownership interests and advances, the recoverability of deferred tax assets, certain fair value estimates and commitments and contingencies. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances.

(d) Liquidity

The Company believes that its cash and cash equivalents will be sufficient to fund operations past one year from the issuance of these condensed consolidated financial statements.

(e) Digital assets

The Company measures digital assets at fair value with changes recognized in earnings in each reporting period. The Company tracks its cost basis of digital assets in accordance with first-in-first-out method of accounting. The Company’s digital assets are all Level 1 within the fair value hierarchy, except for certain other assets with a fair value of $2 that are Level 2.

The following tables present additional information about the Company’s digital assets as of September 30, 2026 and December 31, 2025, respectively:

		September 30, 2026												December 31, 2025
		Units Held				Cost Basis				Fair Value				Units Held				Cost Basis				Fair Value
Bitcoin			132			$	1,765			$	11,023				132			$	1,749			$	11,525
Litecoin			1,298				145				87				1,268				143				97
Ethereum			176				53				472				176				53				521
Bitcoin Cash			239				72				73				239				72				143
All others							40				379								41				223
						$	2,075			$	12,034							$	2,058			$	12,509

8

		Balance at December 31, 2025				Revenue recognized				Purchases				Proceeds and in-kind transfers				Unrealized gain (loss)				Balance at September 30, 2026
Bitcoin
Units			132				-				-				-				-				132
Amount		$	11,525			$	15			$	-			$	-			$	(517	)		$	11,023
Litecoin
Units			1,268				30				-				-				-				1,298
Amount		$	97			$	2			$	-			$	-			$	(12	)		$	87
Ethereum
Units			176				-				-				-				-				176
Amount		$	521			$	-			$	-			$	-			$	(49	)		$	472
Bitcoin Cash
Units			239				-				-				-				-				239
Amount		$	143			$	-			$	-			$	-			$	(70	)		$	73
All others
Amount		$	223			$	10			$	-			$	(10	)		$	156			$	379

The following tables present additional information about digital assets held in CIPs as of September 30, 2026 and December 31, 2025, respectively:

		September 30, 2026												December 31, 2025
		Units Held				Cost Basis				Fair Value				Units Held				Cost Basis				Fair Value
Bitcoin			1,911			$	11,084			$	159,653				1,921			$	11,224			$	168,065
Bitcoin Cash			13,076				5,341				4,004				15,120				6,624				9,052
Ethereum			234				91				628				234				91				694
Litecoin			45,196				3,569				3,037				45,196				3,569				3,468
Ripple			516,187				240				769				516,187				240				949
All others							871				6,969								871				2,629
						$	21,196			$	175,060							$	22,619			$	184,857

		Balance at December 31, 2025				Revenue recognized				Purchases				Proceeds and in-kind transfers				Unrealized gain (loss)				Balance at September 30, 2026
Bitcoin
Units			1,921				-				-				(10	)			-				1,911
Amount		$	168,065			$	610			$	-			$	(750	)		$	(8,272	)		$	159,653
Bitcoin Cash
Units			15,120				-				-				(2,044	)			-				13,076
Amount		$	9,052			$	(771	)		$	50			$	(562	)		$	(3,765	)		$	4,004
Ethereum
Units			234				-				-				-				-				234
Amount		$	694			$	-			$	-			$	-			$	(66	)		$	628
Litecoin
Units			45,196				-				-				-				-				45,196
Amount		$	3,468			$	-			$	-			$	-			$	(431	)		$	3,037
Ripple
Units			516,187				-				-				-				-				516,187
Amount		$	949			$	-			$	-			$	-			$	(180	)		$	769
All others
Amount		$	2,629			$	-			$	-			$	-			$	4,340			$	6,969

9

(f) Investments, at fair value

The Company invests in securities which are valued at fair value with unrealized gains and losses included in the condensed consolidated statement of operations. Realized gains and losses are determined on the basis of specific identification.

(g) Other Investments

For investments in entities over which the Company exercises significant influence, but which do not meet the requirements for consolidation and for which the Company has not elected the fair value option, the Company uses the equity method of accounting, whereby the Company records its share of the underlying income or loss of such entities. The Company’s share of the underlying net income or loss of such entities is recorded in equity in earnings of affiliated investments on the condensed consolidated statement of operations. As the underlying entities that the Company manages and invests in are, for U.S. GAAP purposes, primarily investment companies accounted for under Accounting Standards Codification (“ASC”) Topic 946 which reflect their investments at fair value, the carrying value of the Company’s equity method investments in such entities approximates fair value.

We account for other investments that are not accounted for under the equity method that do not have a readily determinable fair value under the fair value measurement alternative. Under the fair value measurement alternative, these investments are based on our original cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar interests of the same issuer. Under this method, our share of the income or losses of such companies is not included in our Consolidated Statements of Operations, however, the result of observable price changes, if any, are reflected in Other income (loss), net. We include the carrying value of these investments in Other Investments on the Condensed Consolidated Statements of Financial Condition.

The Company’s other investments consist of the following as of September 30, 2026 and December 31, 2025, respectively:

		September 30, 2026				December 31, 2025
Horizon Kinetics Hard Assets, LLC		$	18,568			$	16,389
Consensus Mining & Seigniorage Corporation			693				717
Other miscellaneous investments			4,526				3,926
		$	23,787			$	21,032

(h) Fair value measurements:

The Company values certain of its financial assets and liabilities based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance emphasizes that fair value is a market-based measurement that should be determined based on the assumptions market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, accounting guidance establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). Valuation techniques used to measure fair value shall maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels, as follows:

Level 1 Unadjusted quoted prices in active markets for identical instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these investments does not entail a significant degree of judgment.

Level 2 Valuations based on quoted prices for similar or identical instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The fair value hierarchy guidance gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

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(i) Revenue Recognition

The Company recognizes revenue under Financial Accounting Standards Board's (“FASB”) Accounting Standards Update (“ASU”) 2014-09, Revenue From Contracts With Customers (Topic 606). The Company recognizes revenue when the performance obligation is satisfied, which is the point at which control of the promised goods or services are transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services.

Management fees, which are generally calculated as a percentage of assets under management, are recognized when earned and collection is probable. Certain contracts for management services also provide for performance-based fees (“Incentive Fees”).

Incentive Fee revenue is recorded when earned by the fund managers of those managed funds to the extent that Return Thresholds have been met and it is probable that a significant reversal of revenue will not occur. These customer contracts require the Company to provide investment management services over a period of time, which represents a performance obligation that the Company satisfies over time. Management and advisory fees are a form of variable consideration because the fees that the Company is entitled to vary based on fluctuations in the basis for the management fee. The amount recorded as revenue is generally determined at the end of the period because these management fees are payable on a regular basis (typically monthly) and are not subject to claw back once paid. Management and advisory fees, including Incentive Fees, from consolidated private funds are eliminated in consolidation. The Company earned $0 and $18.4 million of Incentive Fees for the three and nine months ended September 30, 2026, respectively, from private funds that were eliminated as a result of the consolidation of the respective funds.

The following table disaggregates our management and advisory revenue by type:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Mutual funds		$	7,573			$	8,755			$	24,658			$	28,547
ETFs			3,694				2,925				10,556				8,133
Separately managed accounts			5,741				5,631				17,690				16,961
Private funds			805				453				1,922				1,824
Total management and advisory fees		$	17,813			$	17,764			$	54,826			$	55,465

The following table presents balances of management fees receivable by type:

		September 30, 2026				December 31, 2025
Mutual funds		$	2,466			$	2,605
ETFs			1,250				1,061
Separately managed accounts			2,468				2,277
Private funds			340				263
Other			270				369
		$	6,794			$	6,575

(j) Other revenue

The Company produces investment research reports for individual and institutional research clients. In addition, the Company retains a third-party marketing firm to market and distribute its research reports. Clients subscribe at a monthly, annual or multi-annual level. Income is accrued monthly based on current subscription base.

11

(k) Third party distribution

The Company has agreements in place with several third-party distribution firms and individual marketers (“Marketers”). Generally, each party to the agreement may terminate the agreement in a short notice period. Third party distribution expenses are earned by the Marketers based on revenue earned from some of the Company’s investment products generated by the respective Marketers. Accrued third party distribution expenses represent expenses that have been accrued but not paid. In the event that related fees receivable are deemed uncollectible, both related fees receivable and accrued third party distribution expenses will be written off.

(l) Income taxes

Income taxes reflect the tax effects of transactions reported in the Condensed Consolidated Financial Statements and consist of taxes currently payable plus deferred income taxes related to certain income and expenses recognized in different periods for financial and income tax reporting purposes. Deferred income tax assets and liabilities are recognized for the future income tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases. A valuation allowance is established when it is more-likely-than-not that some portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which related temporary differences become deductible. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

Taxes are reported based on tax positions that meet a more-likely-than-not standard and that are measured at the amount that is more-likely-than-not to be realized. Differences between financial and tax reporting which do not meet this threshold are required to be recorded as unrecognized tax benefits or expense. We classify penalty and interest expense related to income tax liabilities as an income tax expense. There are no significant interest and penalties recognized in the Consolidated Statements of Operations or accrued on the Consolidated Statements of Financial Condition.

(m) Recently adopted accounting pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU No. 2023-09 establishes incremental disaggregation of income tax disclosures pertaining to the effective tax rate reconciliation and income taxes paid. The Company adopted this standard prospectively in our Annual Report on Form 10-K for the year ended December 31, 2025.

(n) Recently issued accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: Clarifying the Effective Date. ASU 2024-03 requires public business entities to disclose in the notes to the financial statements, among other things, specific information about certain costs and expenses including purchases of inventory; employee compensation; and depreciation, amortization and depletion expenses for each caption on the income statement where such expenses are included. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. We are currently evaluating the potential impact of adopting this standard on our disclosures.

In September 2026, the FASB issued ASU 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. ASU 2026-03 requires investment companies within the scope of ASC Topic 946 to consider the effects of contractual sale restrictions when measuring the fair value of equity securities, including applying discounts attributable to such restrictions and providing related disclosures. ASU 2026-03 is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the potential impact of adopting this standard on our consolidated financial statements and related disclosures.

12

Note 3. Discontinued Operations

During the third quarter of 2025, the Company entered into and consummated an asset purchase agreement with a buyer, pursuant to which we agreed to sell our right, title and interest in and to certain assets related to the Company’s consumer brands. Cash consideration paid on the date of the agreement was $0.4 million, which related to product inventories. The Company will also receive royalty payments related to net sales ranging between 5% to 15% for all net sales of the brands through the year 2035 (“Consumer Products Royalties”). Consumer Products Royalties payments are subject to a minimum amount of $1.5 million and maximum amount of $5.25 million, notwithstanding any other clawbacks or indemnity claims.

In determining the amount of the variable consideration related to Consumer Products Royalties, the Company used the ‘expected value’ method for estimating the variable consideration due to the Company due to the large number of possible scenarios. The Company has estimated the fair value of the variable consideration at $2.5 million. The variable consideration amount will be reduced as royalty payments are received over the term of the agreement and subject to other adjustments to reflect the financing element and other estimates within the transaction. The Company has reflected the assets, liabilities, and results of operations of the consumer products as discontinued operations.

Our Condensed Consolidated Statements of Financial Condition and Condensed Consolidated Statements of Operations report discontinued operations separate from continuing operations. Our Condensed Consolidated Statements of Changes in Shareholders’ Equity and Statements of Cash Flows combine the results of continuing and discontinued operations. A summary of financial information related to discontinued operations is as follows:

Reconciliation of the Line Items Constituting Pretax Loss from Discontinued Operations to the After-Tax Loss from Discontinued Operations in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30:

		Three Months Ended September 30, 2025				Nine Months Ended September 30, 2025
Other income and fees		$	530			$	2,171
Operating expenses
Compensation, related employee benefits, and cost of goods sold			353				1,271
Sales, distribution and marketing			176				799
Depreciation and amortization			41				164
General and administrative expenses			254				896
Impairment of goodwill			-				900
Total operating expenses			824				4,030
Operating income (loss) from discontinued operations			(294	)			(1,859	)
Gain on sale of discontinued operations			214				214
Income (loss) from discontinued operations before provision for income taxes			(80	)			(1,645	)
Income tax (expense) benefit			17				345
Income (loss) from discontinued operations, net of tax		$	(63	)		$	(1,300	)

There were no results from discontinued operations for the three and nine months ended September 30, 2026, respectively. There were no assets or liabilities of discontinued operations as of September 30, 2026 or December 31, 2025, respectively.

Net cash used in operating activities from discontinued operations were $0 and $277 for the nine months ended September 30, 2026 and 2025, respectively. There were no capital expenditures or significant operating and investing noncash items related to discontinued operations during the nine months ended September 30, 2026 and 2025, respectively.

13

Note 4. Investments, at Fair Value

The following summarizes the Company’s investments accounted for at fair value at September 30, 2026 using the fair value hierarchy:

		September 30, 2026
		Total				Level 1				Level 2				Level 3
Money market cash equivalents		$	29,758			$	29,758			$	-			$	-
Investments:
Texas Pacific Land Corporation		$	56,397			$	56,397			$	-			$	-
Kinetics Market Opportunities Fund			8,357				8,357				-				-
Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class			3,497				3,497				-				-
All other market traded equity securities			4,405				4,405				-				-
Kinetics Mutual Funds and ETFs			3,695				2,750				945				-
CBOE Global Markets			2,709				2,709				-				-
Kinetics Global Fund No Load Class			2,561				2,561				-				-
SPAC Active ETF			1,734				1,734				-				-
Grayscale Bitcoin Mini Trust			1,717				1,717				-				-
FRMO Corporation			1,316				1,316				-				-
Total investments		$	86,388			$	85,443			$	945			$	-
Liabilities:
Market traded equity securities - sold short		$	(42	)		$	(42	)		$	-			$	-
Total liabilities		$	(42	)		$	(42	)		$	-			$	-
Total investments, at fair value		$	86,346			$	85,401			$	945			$	-

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		$	49,714			$	49,714			$	-			$	-
Kinetics Market Opportunities Fund			8,024				-				8,024				-
Kinetics Mutual Funds and ETFs			2,396				-				2,396				-
Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class			2,739				-				2,739				-
Kinetics Global Fund No Load Class			2,479				-				2,479				-
All other market traded equity securities			3,454				3,454				-				-
CBOE Global Markets			2,470				2,470				-				-
FRMO Corporation			1,432				-				1,432				-
SPAC Active ETF			1,684				-				1,684				-
Grayscale Bitcoin Trust			2,189				2,189				-				-
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			$	-

14

The following summarizes Consolidated Investment Products (“CIPs”) measured at fair value on a recurring basis were as follows as of September 30, 2026 using the fair value hierarchy:

		September 30, 2026
		Total				Level 1				Level 2				Level 3				NAV as a practical expedient
Money market cash equivalents		$	26,246			$	26,246			$	-			$	-			$	-
Investments:
Common stocks		$	782,087			$	782,087			$	-			$	-			$	-
Debt securities			1,478				-				-				1,478				-
Digital asset related exchange-traded and mutual funds			417,321				417,321				-				-				-
Preferred stocks			2,405				2,405				-				-				-
Private equity funds			1,193				-				-				-				1,193
Private placements			144,103				-				-				144,103				-
Digital assets			175,060				175,060				-				-				-
Total investments		$	1,523,647			$	1,376,873			$	-			$	145,581			$	1,193
Liabilities:
Securities sold short		$	(848	)		$	(848	)		$	-			$	-			$	-
Total liabilities		$	(848	)		$	(848	)		$	-			$	-			$	-
Total investments, at fair value		$	1,522,799			$	1,376,025			$	-			$	145,581			$	1,193

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

15

Changes in Level 3 Assets were as follows:

for the nine months ended September 30, 2026		Debt securities				Preferred equity and other private investments				Private placements				Total Level 3 Assets
Balance at December 31, 2025		$	1,551			$	-			$	100,854			$	102,405
Change in unrealized appreciation (depreciation), net			(73	)			-				26,723				26,650
Purchases			-				-				16,526				16,526
Sales			-				-				-				-
Transfers into Level 3			-				-				-				-
Balance at September 30, 2026		$	1,478			$	-			$	144,103			$	145,581
Change in unrealized gains (losses) included in net income relating to assets held at end of period		$	(73	)		$	-			$	26,723			$	26,650

for the nine months ended September 30, 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			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.

16

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

as of September 30, 2026		Fair Value				Valuation Technique		Significant Unobservable Inputs
Debt securities		$	1,478			Market Approach		Probability of Recovery (21%)
Private placements		$	144,103
			33,077			Market Approach - Subject Company Transaction Method Market Approach - Guideline Public Company Method Income Approach - Discounted Cash Flow Method		Subject company transaction price per unit Revenue Multiples (range 3.3x - 4.8x) Discount Rate (15.0%) DLOM (5%)
(2 companies)			15,754			Market Approach - Option Pricing Model Market Approach - Most Recent Transaction Price		Unit price/cost of latest round of financing Expected Volatility (range 100.00% - 115.10%) DLOM (7.5%)
(4 companies)			14,769			Market Approach - Most Recent Transaction Price		Unit price/cost of latest round of financing
(2 companies)			80,503			Market Approach - Most Recent Transaction Price		Unit price/cost of latest round of financing

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
(2 companies)			16,466			Market Approach - Most recent transaction price		Unit price/cost of latest round of financing
(2 companies)			1,630			Market Approach - Most recent transaction price		Unit price/cost of latest round of financing
(2 companies)			46,050			Market Approach - Most recent transaction price		Unit price/cost of latest round of financing

Note 5. Consolidated Investment Products

CIPs consist primarily of private investment funds which are sponsored by the Company. The Company has no right to the CIPs assets, other than its direct equity investments in them and investment management and other fees earned from them. The liabilities of the CIPs have no recourse to the Company’s assets beyond the level of its direct investment, therefore the Company bears no other risks associated with the CIPs liabilities.

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 September 30, 2026 and December 31, 2025 and for the nine months ended September 30, 2026 and 2025, respectively:

17

		September 30, 2026
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Assets
Cash and cash equivalents		$	36,417			$	-			$	-			$	36,417
Fees receivable, net			8,023				-				(1,229	)			6,794
Investments, at fair value			86,346				-				-				86,346
Assets of consolidated investment products
Cash and cash equivalents			-				37,814				-				37,814
Investments, at fair value			-				1,522,799				-				1,522,799
Other assets			-				6,338				-				6,338
Other investments			243,329				-				(219,542	)			23,787
Operating lease right-of-use assets			22,286				-				-				22,286
Property and equipment, net			1,560				-				-				1,560
Prepaid expenses and other assets			11,328				-				-				11,328
Due from affiliates			10				-				(9	)			1
Digital assets			12,034				-				-				12,034
Intangible assets, net			40,589				-				-				40,589
Goodwill			23,373				-				-				23,373
Total assets		$	485,295			$	1,566,951			$	(220,780	)		$	1,831,466
Liabilities, Noncontrolling Interests, and Shareholders’ Equity
Liabilities:
Accounts payable, accrued expenses and other		$	8,708			$	-			$	-			$	8,708
Accrued third party distribution expenses			349				-				-				349
Deferred revenue			27				-				-				27
Liabilities of consolidated investment products
Accounts payable and accrued expenses			-				17,436				(1,238	)			16,198
Other liabilities			-				3,682				-				3,682
Deferred tax liability, net			75,578				-				-				75,578
Due to affiliates			7,597				-				-				7,597
Operating lease liability			25,325				-				-				25,325
Total liabilities			117,584				21,118				(1,238	)			137,464
Commitments and contingencies
Redeemable noncontrolling interests			-				1,365,345				(39,054	)			1,326,291
Equity interests			367,711				180,488				(180,488	)			367,711
Total liabilities, noncontrolling interests, and shareholders’ equity		$	485,295			$	1,566,951			$	(220,780	)		$	1,831,466

18

		Nine months ended September 30, 2026
		Consolidated Company Entities				Consolidated Investment Products				Eliminations				Consolidated
Revenue:
Management and advisory fees		$	77,927			$	-			$	(23,101	)		$	54,826
Other income and fees			533				-				-				533
Total revenue			78,460				-				(23,101	)			55,359
Operating expenses:
Compensation and related employee benefits			29,698				-				-				29,698
Sales, distribution and marketing			12,389				-				-				12,389
Depreciation and amortization			608				-				-				608
General and administrative expenses			9,479				-				-				9,479
Expenses of consolidated investment products			-				2,730				64				2,794
Total operating expenses			52,174				2,730				64				54,968
Operating income			26,286				(2,730	)			(23,165	)			391
Other income (expense):
Equity in earnings of private funds, net			4,551				-				(2,043	)			2,508
Interest and dividends			1,349				-				-				1,349
Other income (expense)			6,034				-				-				6,034
Investment and other income (losses) of consolidated investment products, net			-				18,315				5,030				23,345
Interest and dividend income of consolidated investment products			-				4,912				-				4,912
Unrealized gain (loss) on digital assets, net			(491	)			-				-				(491	)
Realized gain (loss) on investments, net			437				-				-				437
Unrealized gain (loss) on investments net			8,651				-				-				8,651
Total other income (expense), net			20,531				23,227				2,987				46,745
Income (loss) before provision for income taxes			46,817				20,497				(20,178	)			47,136
Income tax (expense) benefit			(11,014	)			-				-				(11,014	)
Net income (loss)		$	35,803			$	20,497			$	(20,178	)		$	36,122
Less: net income (loss) attributable to redeemable noncontrolling interests			-				(18,373	)			18,054				(319	)
Net income (loss) attributable to Horizon Kinetics Holding Corporation		$	35,803			$	2,124			$	(2,124	)		$	35,803

19

		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

20

		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 and related employee benefits			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			16,110				(2,014	)			(5,775	)			8,321
Other income (expense):
Equity in earnings of private 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			-				178,635				5,498				184,133
Interest and dividend income of consolidated investment products			-				6,418				-				6,418
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) before provision for income taxes			17,047				183,039				(7,409	)			192,677
Income tax (expense) benefit			3,840				-				-				3,840
Income (loss) from continuing operations, net of tax		$	20,887			$	183,039			$	(7,409	)		$	196,517
Income (loss) from discontinued operations, net of tax			(1,300	)			-				-				(1,300	)
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

Note 6. Related Party Transactions

As of September 30, 2026 and December 31, 2025, amounts due to or due from the Company to related party affiliates is summarized as follows:

		September 30, 2026								December 31, 2025
		Receivable				Payable				Receivable				Payable
Horizon Common Inc.		$	-			$	6,902			$	-			$	6,902
Private funds			1				-				5				-
FRMO Corporation			-				695				5				787
		$	1			$	7,597			$	10			$	7,689

21

For the three and nine months ended September 30, 2026 and 2025, amounts recognized from related party affiliates is summarized as follows:

		Three Months Ended September 30,																Nine Months Ended September 30,
		2026								2025								2026								2025
		Revenues				Expenses				Revenues				Expenses				Revenues				Expenses				Revenues				Expenses
Private funds		$	346			$	-			$	257			$	-			$	1,204			$	-			$	858			$	-
FRMO Corporation			150				799				2				849				303				3,280				8				2,671
Consensus Mining & Seigniorage Corp			8				-				3				-				23				-				9				-
Other			-				-				-				1				-				-				-				6
		$	504			$	799			$	262			$	850			$	1,530			$	3,280			$	875			$	2,677

Certain co-founders of the Company are also shareholders of FRMO Corporation (“FRMO”). FRMO has a right to a 4.2% share of the Company’s gross revenue (prior to any commission sharing agreements) and a 4.4% ownership interest. The Company’s expenses under this agreement are included with Sales, distribution and marketing expenses in the condensed consolidated statement of operations.

The Company has waived, or provides discounted management and advisory fees, for assets under management in private funds or separately managed accounts for Shareholders’ and their direct families, FRMO, Horizon Common Inc., Kinetics Holding Corporation and employees of the Company.

Note 7. Earnings per Share

Per share data is determined by using the weighted average number of common shares outstanding. Common equivalent shares are considered only for diluted earnings per share, unless considered anti-dilutive. Common equivalent shares, determined using the treasury stock method, result from stock options with exercise prices that are below the average market price of the common stock.

Basic earnings per share include no dilution and are computed by dividing income available to common shareholders by the weighted-average number of shares outstanding during the period. Diluted earnings per share reflect the potential of securities that could share in our earnings.

Common stock equivalents that have been excluded from the calculation of earnings per share because they would have been anti-dilutive are de minimis for the three months ended September 30, 2026 and 2025, respectively, and have no impact on diluted earnings per share.

Note 8. Segment Information

The Company operates and manages as a single operating segment. The Company's Co-Chief Executive Officers collectively serve as its chief operating decision maker (“CODM”). The CODM regularly reviews the Company's revenues, expenses, operating income (loss), and income (loss) before provision for income taxes to assess performance and resource allocations. Accounting policies for our segments are the same as those described in Note 2.

The following provides information on that segment for the three and nine months ended September 30, 2026 and 2025, respectively:

22

		Three Months Ended September 30, 2026												Three Months Ended September 30, 2025
		Asset Management				Reconciling Amounts				Total				Asset Management				Reconciling Amounts				Total
Revenue		$	19,143			$	(1,113	)		$	18,030			$	19,690			$	(1,797	)		$	17,893
Significant segment expense			7,090				-				7,090				7,685				-				7,685
Depreciation and amortization			217				-				217				199				-				199
All other segment expenses			7,586				1,379				8,965				6,314				746				7,060
Operating income (loss)			4,250				(2,492	)			1,758				5,492				(2,543	)			2,949
Identifiable assets		$	485,295			$	1,346,171			$	1,831,466			$	469,845			$	1,712,870			$	2,182,715

		Nine Months Ended September 30, 2026												Nine Months Ended September 30, 2025
		Asset Management				Reconciling Amounts				Total				Asset Management				Reconciling Amounts				Total
Revenue		$	78,460			$	(23,101	)		$	55,359			$	61,585			$	(5,775	)		$	55,810
Significant segment expense			29,698				-				29,698				24,718				-				24,718
Depreciation and amortization			608				-				608				917				-				917
All other segment expenses			21,868				2,794				24,662				19,840				2,014				21,854
Operating income (loss)			26,286				(25,895	)			391				16,110				(7,789	)			8,321
Identifiable assets			485,295				1,346,171			$	1,831,466			$	469,845			$	1,712,870			$	2,182,715

Geographic Area Information

As of September 30, 2026 and December 31, 2025, all of the Company’s assets were located in the United States of America. There were no revenues from outside the United States for the three and nine months ended September 30, 2026 or 2025, respectively.

Note 9. Income Taxes

The Company’s income tax provision includes corporate income taxes and other entity-level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements. Income tax (expense) benefit for three months ended September 30, 2026 and 2025 was $12,483 and $10,370, respectively. Income tax (expense) benefit for the nine months ended September 30, 2026 and 2025 was ($11,014) and $3,840, respectively

The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment vehicles that are consolidated in the Company’s unaudited condensed consolidated financial statements. For the three and nine months ended September 30, 2026 and 2025, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate.

The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of September 30, 2026 and December 31, 2025, the Company recorded a net deferred tax liability of $75.6 million and $66.3 million, respectively, within the Condensed Consolidated Statements of Financial Condition.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, and local tax authorities. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s unaudited condensed consolidated financial statements.
 

Note 10. Lease Liabilities

The Company leases office space in primarily five locations, principally the company’s corporate headquarters. The Company’s operating leases have remaining lease terms of one to fifteen years. During 2026, the Company entered into two non-cancelable operating leases that commenced during the quarter ended June 30, 2026 for replacement and additional office space for

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seven to 15 years. The weighted-average discount rate for the Company’s operating leases as of September 30, 2026 was 5.0%. The weighted-average remaining lease term as of September 30, 2026 was 12.0 years.

The Company’s expected future minimum annual lease payments are as follows:

2026 (remainder)		$	876
2027			2,969
2028			2,796
2029			2,819
2030			2,805
Thereafter			22,224
Total minimum lease payments		$	34,489
Less: imputed interest			(9,164	)
Total operating lease liability		$	25,325

The discount rates used to calculate the Company’s lease liabilities were based on the Company’s estimated incremental borrowing rates, as the rates implicit in the leases were generally not readily determinable. The Company estimated its incremental borrowing rates using market-based information, including U.S. Treasury yields with maturities corresponding to the lease terms, adjusted to reflect the Company’s estimated secured borrowing rate and the economic environment at lease commencement.

The Company recognized lease expense of $1,002 and $669 related to all their operating leases in the condensed consolidated statements of operations for three months ended September 30, 2026 and 2025, respectively, and $2,555 and $1,721 for the nine months ended September 30, 2026 and 2025, respectively. This expense represents the total operating lease cost associated with the Company’s operating leases, including the amortization of the right-of-use assets and the interest accretion on the related lease liabilities.

During the three months ended September 30, 2026, the Company ceased use of an office location resulting in an impairment charge of $0.8 million related to the remaining operating lease right-of-use asset.

Note 11. Commitments and Contingencies

Mutual and private funds expense reimbursement

The Company has voluntarily agreed to certain expense reimbursement agreements in place with Kinetics Mutual Funds Inc. (“Kinetics Funds”) that are renewed annually by the Company at its discretion. Each Kinetics Fund has an agreed upon expense percentage cap (“Cap”) with the Company. When the overall expenses of the Kinetics Funds for the month reach an agreed upon level, any expenses incurred above the Cap are reimbursed by the Company to the Kinetics Funds. In accordance with the private placement memoranda of certain hedge funds the Company manages (the “Funds”), the Company has agreed to reimburse any expenses incurred above a predetermined Cap to the Funds. For the three months ended September 30, 2026 and 2025, the Company reimbursed to the Kinetics Funds $355 and $372, respectively. For the nine months ended September 30, 2026 and 2025, the
Company reimbursed to the Kinetics Funds $1,219 and $1,140, respectively. These reimbursements are included on the condensed consolidated statement of operations as a reduction of revenue.

Contingencies

The Company and the companies in which it holds ownership interests may be involved in various claims and legal actions in the ordinary course of business. Currently there are no material pending claims or legal actions against the Company or the companies in which it holds ownership interests. The Company records the costs associated with legal fees as such services are rendered.

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Note 12. Subsequent events

On November 11, 2026, the Company's Board of Directors declared a cash dividend of $0.13 per share, payable on December 10, 2026 to shareholders of record as of the close of business on November 23, 2026. Also, the Company’s Board of Directors announced today that the Board of Directors have unanimously approved a 3-year stock repurchase program ("Program") under which the Company may repurchase up to $25 million of the Company's outstanding common stock. Purchases under the Program may be made through a combination of open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, block trades, privately negotiated transactions or other transactions in the discretion of the Company. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, price, timing and manner of any repurchases will be determined at the Company's discretion, subject to general market conditions and regulatory factors. The Program does not obligate the Company to repurchase any specific amount of common stock and may be modified, suspended or discontinued at any time without notice at the discretion of the Company. The Company expects to fund the Program from existing cash and cash equivalents.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the historical consolidated financial statements of HKHC and the related notes included elsewhere in this current report. The historical consolidated financial data discussed below reflect its historical results of operations and financial position. The following discussion and analysis contains forward-looking statements that are subject to known and unknown risks and uncertainties. Actual results and the timing of events may differ significantly from those expressed or implied in such forward-looking statements due to a number of factors, including those included in the section entitled “Risk Factors” contained elsewhere in this current report describing key risks associated with the business, operations and industry of HKHC. Amounts and percentages presented throughout this section may reflect rounding adjustments and consequently totals may not appear to sum. The items discussed below have had significant effects on many items within HKHC’s consolidated financial statements and affect the comparison of the current period’s activity with those of prior periods.

Overview

HKHC is a research driven, fundamentals-oriented asset manager serving institutions, individuals and financial professionals. It provides investment management services through its wholly-owned subsidiary and registered investment adviser, Horizon Kinetics Asset Management LLC. Through this subsidiary, it manages a number of strategies, most of which are focused on publicly-traded equity securities, but also private investments and digital assets. To accommodate different investing preferences, HKHC’s offerings can be accessed in a variety of ways, including through mutual funds, ETFs, a closed end fund, separately managed accounts that can be customized to the unique investment objectives and risk tolerances of individual clients, and, for qualified investors, via private partnerships typically known as alternative investments. HKHC raises capital for and manages these strategies, and it earns a management fee that varies among products. In certain instances, the fee it earns is tied to the performance of the account. As of September 30, 2026, the Company had regulatory assets under management ("AUM") of $10.0 billion.

HKHC also manages a portfolio of investment securities for its own benefit, which has historically impacted and is expected to impact future results of operations, often significantly so. As of September 30, 2026, we held investment securities (at fair value) of $86.3 million, which represented 4.7% of total assets. In addition, we have devoted capital to a variety of the private alternative investment funds we manage. As of September 30, 2026, HKHC’s investments in these private funds and other private investments are $243.3 million, however, since some of these private funds are included within these consolidated financial statements, this value is not separately presented.

In addition to investment management and research activities, HKHC operates two wholly-owned, limited purpose broker-dealers, KBD Securities LLC and Kinetics Funds Distributor LLC, both of which are only used for the marketing and promotion of its investment products. We pay a portion of the fee it earns to these and other third-party firms who assist it in marketing.

Along with investing on behalf of clients, HKHC also uses its own capital to invest along with its clients in many of its private products and makes direct investments in public and private instruments including digital assets. Certain employees do, from time to time, serve as management or as a member of the board of directors of the companies in which we invest.

Primary Sources of Revenue

Management or advisory fees are our primary source of revenue, most of which are based on a specified percentage of clients’ average assets under management. A majority of our expenses, including most of our compensation expense, vary directly with changes in revenue.

The management fees for separately managed accounts are generally calculated on the basis of a percentage of the value of each client’s assets (assets under management) and are charged using either an average daily balance or monthly or quarterly ending balance, and either in arrears or advance.

The Company also earns management fees in its mutual funds, ETFs, closed-end funds and private partnerships as compensation for internal fund management and advisory services. The management fees for the private funds vary by fund and investment strategy and are typically approximately between 0% and 2.00% of the net asset value of the funds’ underlying investments.

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The Company is also entitled to receive incentive fees on private partnerships if certain performance returns have been achieved as stipulated in the governing documents of the applicable fund. Incentive fees are generated when certain returns exceed a previously established high water mark. The incentive fees are calculated as a percentage of the gains experienced, typically 20%, based on the agreement with each partner in the respective fund. Incentive fees are not subject to claw back as a result of performance declines in subsequent periods to the most recent measurement date. Incentive fees, if earned, are recognized upon completion of the contractually determined measurement period, which are generally annually, or when a client redeems their interest. Incentive fees are subject to the uncertainty of market volatility, and as a result, the entire amount of the variable consideration related to incentive fees is constrained until the end of each measurement period when the uncertainty has been resolved. The Company earned incentive fees of $18.4 million and $0.0 million for the nine months ended September 30, 2026 and 2025, respectively. Management and incentive fees earned from consolidated investment products (“CIPs”) are eliminated from revenue upon consolidation, however the economic benefit to the HKHC shareholders is retained through lower net income amounts attributable to the redeemable noncontrolling interests. Remaining unearned incentive fees resulting from the performance of the Company’s private funds for the three months ended September 30, 2026 are approximately $6.9 million. These unearned incentive fees are subject to change based on market prices and are generally expected to be resolved once it is probable that a significant reversal of revenue will not occur. Certain funds with aggregate unearned incentive fees of $6.7 million are not expected to be resolved in the near future due to liquidity restrictions.

A small number of clients with certain separately managed accounts may pay incentive fees in addition to or in lieu of management fees, if their portfolio achieves positive investment returns, in certain cases, in excess of an agreed benchmark or hurdle rate. Typically, such fees are paid annually upon crystallization or when a client closes their investment and are not accrued prior to being earned. These unearned performance fees are subject to change based on market prices and generally expected to be resolved during the fourth quarter of 2026 once it is probable that a significant reversal of revenue will not occur.

Business Highlights

Revenues

•HKHC’s quarterly and year-to-date ETF revenues grew 26% and 30%, respectively based on AUM growth at our Inflation Beneficiaries ETF.

•The Company earned incentive fees of $18.1 million during the nine months ended September 30, 2026 from certain private funds due to expiration of certain restrictions associated with their investments in Miami International Holdings Inc. (“MIAX”). While these incentive fees, and other management fees earned from consolidated private funds are eliminated from consolidated management and advisory fees, the positive economic benefit continues to be reflected in a lower attribution of net income to redeemable noncontrolling interests (and therefore higher net income attributable to Horizon Kinetics Holding Corporation).

Assets under management

•During the nine months ended September 30, 2026, AUM increased to $10.0 billion, or 3.9%, from December 31, 2025 primarily due to market value changes of key holdings across the Company’s mutual funds, ETFs and separately managed accounts (“SMAs”). The market value of Texas Pacific Land Corporation (“TPL”), which is widely held across HKHC’s private funds and SMAs, increased 13% during the year resulting in increases in AUM across a variety of our financial products. The AUM increase was partially offset by declines in bitcoin- linked securities which are also widely held across HKHC’s private funds, of approximately 5% during the nine months ended September 30, 2026.

Results of Operations for the three months ended September 30, 2026

Revenues

Management and advisory fees

The Company’s total management and advisory fees did not change significantly at $17.8 million for both the three months ended September 30, 2026 and 2025, respectively. HKHC’s quarterly ETF revenues grew $0.8 million, or 26.3%, based primarily on AUM growth at our Inflation Beneficiaries ETF. However, these increases were offset by a decrease of $1.2 million, or 13.5%, resulting from declines in mutual fund management fees associated with declining AUM at the various mutual funds.

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Operating Expenses

Compensation and related employee benefits

The Company’s operating expenses include employee compensation for investment professionals and other management personnel. HKHC’s compensation costs for the three months ended September 30, 2026 decreased by approximately $0.6 million, or 8%, compared to the prior year primarily from lower commissions and fee sharing arrangements that were lower than 2025 due to the lower performance of the applicable products during the year.

Sales, distribution and marketing expenses

For the three months ended September 30, 2026, sales, distribution and marketing expenses decreased $0.2 million, or 4%, compared to the prior year, primarily as a result of lower platform fees compared to the third quarter of 2025.

Depreciation and amortization

Depreciation and amortization did not change significantly at $0.2 million for both the three months ended September 30, 2026 and 2025, respectively.

General and administrative expenses

For the three months ended September 30, 2026, general and administrative expenses increased $1.5 million, or 58% primarily due to an impairment of $0.8 million recognized due to the move from an office location during the third quarter of 2026. In addition, there were two replacement office spaces that resulted in $0.5 million of rent expense for the quarter. The Company’s general and administrative expenses include rent and occupancy expenses, software, insurance, legal and audit professional fees, Director fees and other costs.

Equity income, net

For the three months ended September 30, 2026, equity earnings decreased $3.8 million compared to the same period in the prior year. The decrease was due primarily to lower earnings at Horizon Kinetics Hard Assets, LLC as compared to the prior year.

Interest and dividend income

Interest and dividend income did not change significantly at $0.5 million for both the three months ended September 30, 2026 and the prior year due to similar investable cash and cash equivalents balances at the Company.

Other income (expense)

Other expense was reduced by $0.3 million for the three months ended September 30, 2026 compared to the same period in the prior year, primarily due to the non-recurrence of bad debt expenses that were incurred in the third quarter of 2025.

Unrealized gain on digital assets, net

There was an unrealized gain on digital assets, net of $3.8 million for the three months ended September 30, 2026 as compared to an unrealized gain of $1.3 million in the comparable prior year period, primarily due to the change in bitcoin’s value during each respective quarter.

Unrealized gain (loss) on investments, net

For the three months ended September 30, 2026, the Company recognized an unrealized loss on investments of $19.5 million, compared to an unrealized loss of $7.0 million during the third quarter of the prior year. This change was due primarily to the decrease in the fair value of TPL during the three months ended September 30, 2026 of 25.5%, compared to a decrease in the fair value of TPL during the three months ended September 30, 2025 of 11.8%.

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Income tax benefit (expense)

The Company recognizes deferred income taxes related to the tax basis differences for certain assets, principally unrealized gains in various investments, digital assets and indefinite lived intangible assets from the Company’s 2011 merger transaction. The Company’s unrealized losses of investment securities and private funds during the quarter resulted in the recording of a deferred tax benefit during the quarter ended September 30, 2026.

Redeemable non-controlling interests

Net income attributable to redeemable non-controlling interests in Consolidated Investment Products represents the income attributable to ownership interests that third parties hold in entities that are consolidated within our consolidated financial statements. During 2026, the amounts attributable to noncontrolling interests increased correspondingly to the performance of our private funds.

Consolidated Investment Products

CIPs represented a significant portion of our AUM as of September 30, 2026. The activity of the CIPs is reflected within the consolidated financial statement line items indicated by reference thereto. The impact of consolidation will typically decrease management fees and incentive fees, if any, reported under GAAP to the extent these amounts are eliminated upon consolidation. The assets and liabilities of our CIPs are held within separate legal entities and, as a result, the liabilities of our CIPs are typically non-recourse to us. Generally, the consolidation of our CIPs has a significant gross-up effect on our assets, liabilities and cash flows but has no net effect on the net income attributable to us or our shareholders’ equity.
 

The following table presents the results of operations of the consolidated investment products:

		Three Months Ended September 30,
		2026				2025
Expenses of consolidated investment products		$	(2,491	)		$	(2,486	)
Investment and other income (losses) of consolidated investment products, net			(54,002	)			129,399
Interest and dividend income of consolidated investment products			1,609				1,627
Net income (loss) of consolidated investment products			(54,884	)			128,540
Less: Incentive fees allocated to Horizon Kinetics Holding Corporation			-				(57	)
Less: Amount attributable to Horizon Kinetics Holding Corporation economic interests			14,032				1,017
Net income (loss) attributable to redeemable non-controlling interests in consolidated funds		$	(40,852	)		$	129,500

Results of Operations for the nine months ended September 30, 2026

Revenues

Management and advisory fees

HKHC’s total management and advisory fees decreased approximately $0.6 million, or 1.2%, for the nine months ended September 30, 2026 compared to the prior year. HKHC’s year-to-date ETF revenues grew $2.4 million, or 29.8%, based primarily on AUM growth at our Inflation Beneficiaries ETF. The Company also grew management fees from SMAs $0.7 million, or 4.3%, due primarily to increases in the market value of the underlying holdings. However, these increases were offset by a decrease of $3.9 million, or 13.6%, resulting from declines in mutual fund management fees associated with declining AUM at the various mutual funds. This overall decrease is primarily the result of lower management fees resulting from lower AUM in our mutual funds and other products during the nine months ended September 30, 2026.

Operating Expenses

Compensation and related employee benefits

The Company’s operating expenses include employee compensation for investment professionals and other management
personnel. The Company’s compensation costs for the nine months ended September 30, 2026 increased by approximately $5.0

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million, or 20% compared to the prior year primarily due to incremental commissions and other costs associated with the incentive fee associated with our private funds holding MIAX, which occurred during the first quarter of 2026.

Sales, distribution and marketing expenses

For the nine months ended September 30, 2026, sales, distribution and marketing expenses increased $0.3 million, or 3%, compared to the prior year, principally the result of higher revenue share expenses from incentive fees earned during the year partially offset by lower platform fees as compared to the nine months ended September 30, 2025.

Depreciation and amortization

Depreciation and amortization decreased $0.3 million for the nine months ended September 30, 2026 as compared to the prior year due to certain intangible assets becoming fully amortized during 2025.

General and administrative expenses

For the nine months ended September 30, 2026, general and administrative expenses increased by $1.8 million, or 23%, compared to the prior year primarily due to impairment of $0.8 million recognized due to the move from an office location during the third quarter of 2026. In addition, there were two replacement office leases commenced during the second quarter of 2026. The Company’s general and administrative expenses include rent and occupancy expenses, software, insurance, legal and audit professional fees, director fees and other costs.

Equity earnings (losses), net

Equity earnings (losses), net was $2.5 million for the nine months ended September 30, 2026 as compared to ($3.5 million) for the nine months ended September 30, 2025. The change was due primarily to increases in the fair value of holdings at Horizon Kinetics Hard Assets, LLC as compared to the prior year.

Interest and dividend income

Interest and dividend income decreased by $0.1 million for the nine months ended September 30, 2026 compared to the prior year as a result of lower average cash and money market balances during the period.

Other income (expense)

Other income (expense) was $6.0 million for the nine months ended September 30, 2026 as compared to ($0.5 million) for the nine months ended September 30, 2025. The change was due primarily to the receipt of $5.0 million in key-man life insurance proceeds which occurred during the second quarter of 2026.

Unrealized gain (loss) on digital assets, net

There was an unrealized net loss on digital assets of $0.5 million for the nine months ended September 30, 2026, as compared to $2.9 million net gain for the nine months ended September 30, 2025. These changes were primarily due to the changes in bitcoin’s value compared to the prior year.

Unrealized gain (loss) on investments, net

For the nine months ended September 30, 2026, the Company recognized an unrealized gain on investments of $8.7 million, compared to an unrealized loss of $8.7 million during the prior year. This change was primarily due to the increase in the fair value of TPL during the nine months ended September 30, 2026 of 13.4%, compared to a decrease in the fair value of TPL during the nine months ended September 30, 2025 of 16.8%.

Income tax benefit (expense)

The Company recognizes deferred income taxes related to the tax basis differences for certain assets, principally unrealized gains in various investments, digital assets and indefinite lived intangible assets from the Company’s 2011 merger transaction. The Company’s unrealized gains of investment securities and private funds during the year resulted in the recording of additional deferred tax liabilities during the nine months ended September 30, 2026.

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Redeemable non-controlling interests

Net income attributable to redeemable non-controlling interests in Consolidated Investment Products represents the income attributable to ownership interests that third parties hold in entities that are consolidated within our consolidated financial statements. During the nine months ended September 30, 2026, the amounts attributable to noncontrolling interests changed correspondingly to the performance of our private funds.

Consolidated Investment Products

CIPs represented a significant portion of our AUM as of September 30, 2026. The activity of the CIPs is reflected within the consolidated financial statement line items indicated by reference thereto. The impact of consolidation will typically decrease management fees and incentive fees, if any, reported under GAAP to the extent these amounts are eliminated upon consolidation. The assets and liabilities of our CIPs are held within separate legal entities and, as a result, the liabilities of our consolidated investment products are typically non-recourse to us. Generally, the consolidation of our CIPs has a significant gross-up effect on our assets, liabilities and cash flows but has no net effect on the net income attributable to us or our stockholders’ equity.
 

The following table presents the results of operations of the consolidated investment products:

		Nine Months Ended September 30,
		2026				2025
Expenses of consolidated investment products		$	(7,760	)		$	(7,511	)
Investment and other income (losses) of consolidated investment products, net			23,345				184,133
Interest and dividend income of consolidated investment products			4,912				6,418
Net income (loss) of consolidated investment products			20,497				183,040
Less: Incentive fees allocated to Horizon Kinetics Holding Corporation			(18,135	)			(277	)
Less: Amount attributable to Horizon Kinetics Holding Corporation economic interests			(2,043	)			(7,133	)
Net income (loss) attributable to redeemable non-controlling interests in consolidated funds		$	319			$	175,630

The results of operations of the consolidated investment products primarily represent activities from certain funds that we are deemed to control. When a fund is consolidated, we reflect the revenues and expenses of the entity on a gross basis, subject to eliminations from consolidation. Substantially all of our results of operations related to the consolidated investment products are attributable to ownership interests that third parties hold in those funds. The consolidated investment products may not necessarily be the same funds in each year presented due to changes in ownership, changes in limited partners’ rights, and the creation or termination of funds and entities. Accordingly, such amounts may not be comparable for the periods presented, and in any event have no material impact on net income attributable to Horizon Kinetics Holding Corporation.

Segment Analysis

For segment reporting purposes, revenues and expenses are presented before giving effect to the results of our consolidated investment products and the results attributable to non-controlling interests that we consolidate. As a result, segment revenues from management fees, incentive fees and investment income are different than those presented on a consolidated basis in accordance with generally accepted accounting principles. Revenues recognized from consolidated investment products are eliminated in consolidation and those attributable to the non-controlling interests of joint ventures have been excluded by us. Furthermore, expenses and the effects of other income (expense) are different than related amounts presented on a consolidated basis in accordance with GAAP due to the exclusion of the results of consolidated investment products and the non-controlling interests.

Liquidity and Capital Resources

At September 30, 2026, the Company had $36.4 million of cash and cash equivalents. We believe that our cash and cash equivalents at September 30, 2026 will be sufficient to fund operations for at least one year from the publication of this report.

The Company also had $86.3 million of investments, at fair value. These investments include $56 million held in a single security, approximately 173,088 shares of TPL. During the nine months ended September 30, 2026, the fair value of HKHC’s TPL holdings increased due to the approximately 13.4% year-to-date increase in the fair value of TPL common shares. The Company may be deemed an affiliate of TPL and therefore limited in its ability to sell this security.

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In the normal course of business, we may engage in off-balance sheet arrangements, including transactions in derivatives, guarantees, commitments, indemnifications, and potential contingent repayment obligations. We do not have any off-balance sheet arrangements that would require us to fund losses or guarantee target returns to clients.

The Company’s Board of Directors has determined an expected quarterly dividend policy that is based on the Company’s quarterly performance. The Board of Directors may consider other relevant factors that are relevant to the final determination of a quarterly dividend, if any. On November 11, 2026, the Company's Board of Directors declared a cash dividend of $0.13 per share, payable on December 10, 2026 to shareholders of record as of the close of business on November 23, 2026. Also, the Company’s Board of Directors announced today that the Board of Directors have unanimously approved a 3-year stock repurchase program ("Program") under which the Company may repurchase up to $25 million of the Company's outstanding common stock. Purchases under the Program may be made through a combination of open market purchases in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, block trades, privately negotiated transactions or other transactions in the discretion of the Company. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases under this authorization. The volume, price, timing and manner of any repurchases will be determined at the Company's discretion, subject to general market conditions and regulatory factors. The Program does not obligate the Company to repurchase any specific amount of common stock and may be modified, suspended or discontinued at any time without notice at the discretion of the Company. The Company expects to fund the Program from existing cash and cash equivalents.

The following table and discussion summarize our Condensed Consolidated Statement of Cash Flows:

		Nine Months Ended September 30,
		2026				2025				Variance
Net cash used in operating activities		$	(2,469	)		$	(40,274	)		$	37,805
Net cash provided by (used in) investing activities			3,450				22,143				(18,693	)
Net cash (used in) provided by financing activities			(9,127	)			21,436				(30,563	)
		$	(8,146	)		$	3,305			$	(11,451	)

Operating cash flows

Net cash used in operating activities decreased by $37.8 million for the nine months ended September 30, 2026 compared to the prior year. The change was primarily the result of earnings, net of working capital changes, including certain accrued expenses, during the period. The net income or loss for each of the nine-month periods were largely offset by non-cash adjustments related to deferred income tax expenses, equity in earnings (losses) of affiliates, net and unrealized gains (losses) on investments or digital assets.

Investing cash flows

Net cash resulting from investment activities decreased by $18.7 million for the nine months ended September 30, 2026 as compared to the prior year as the result of the proceeds from the sale of securities received during the nine months ended September 30, 2025 from the settlement of incentive fees related to 2024 performance, which did not recur in 2026. During the nine months ended September 30, 2025, the Company sold certain securities that were received as incentive fee payments related to the 2024 performance. During the nine months ended September 30, 2026, the Company received $5.0 million of cash proceeds from key-man life insurance.

Financing cash flows

Net cash from financing activities decreased by $30.6 million for the nine months ended September 30, 2026 as compared to the prior year. The decrease was primarily due to $35.2 million of lower contributions to redeemable noncontrolling interests in the CIPs. This decrease was partially offset by $7.3 million of lower redemptions from redeemable noncontrolling interests in the CIPs. Also, the Company increased the level of dividend payments during the nine months ended September 30, 2026 to $7.0 million as compared to $4.4 million for the nine months ended September 30, 2025.

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Contractual Cash Obligations and Other Commercial Commitments

The Company’s contractual cash obligations and other commercial commitments are limited to certain operating leases for office space as summarized below:

		Payments Due by Period
		Total				2026 (remainder)				2027 and 2028				2029 and 2030				Thereafter
Contractual Cash Obligations:
Operating leases		$	34,489			$	876			$	5,765			$	5,624			$	22,224
Total contractual obligations		$	34,489			$	876			$	5,765			$	5,624			$	22,224

During the second quarter of 2026, the Company commenced two previously executed non-cancelable operating leases, adding contractual lease obligations with remaining terms ranging from approximately seven to 15 years.

Critical Accounting Estimates

The preparation of our consolidated financial statements in accordance with GAAP is based on the selection and application of accounting policies that require us to make significant estimates and assumptions that in certain circumstances affect amounts reported in the consolidated financial statements. In preparing these financial statements, our estimates and judgments are based on historical experience, information from third-party valuation professionals and various other assumptions, giving due consideration to materiality. We consider the accounting estimates discussed below to be critical to the understanding of our consolidated financial statements. Actual results could differ from our estimates and assumptions, and any such difference could be material to our consolidated financial statements.

Revenue recognition

HKHC recognizes revenues when its obligations related to the services are satisfied and it is probable that a significant reversal of the revenue amount would not occur in future periods. HKHC enters into contracts that can include multiple services, which are accounted for separately if they are determined to be distinct. Management’s judgment is required in assessing the probability of significant revenue reversal and in identification of distinct services.

HKHC derives a substantial portion of its revenue from investment advisory fees which are recognized as the services are performed over time because the customer is receiving and consuming the benefits as they are provided by HKHC. Fees are primarily based on agreed-upon percentages of AUM and recognized for services provided during the period, which are distinct from services provided in other periods. Such fees are affected by changes in AUM, including market appreciation or depreciation and net inflows or outflows. AUM represents the broad range of financial assets HKHC manages for clients on a discretionary basis pursuant to investment management and trust agreements that are expected to continue for at least 12 months. In general, reported AUM reflects the valuation methodology that corresponds to the basis used for determining revenue (for example, net asset values).

HKHC receives investment advisory fees, including incentive allocations from certain actively managed investment funds and certain SMAs. These incentive fees are dependent upon exceeding investment return thresholds, which may vary by product or account, and could include varying measurement periods.

Incentive fees are generated on certain management contracts when performance hurdles are achieved, such as returns exceed a previously established high water mark. Such incentive fees are recognized when the contractual performance criteria have been met and when it is determined that they are no longer probable of significant reversal. Given the unique nature of each fee arrangement, contracts with customers are evaluated on an individual basis to determine the timing of revenue recognition. Significant judgment is involved in making such determination. Incentive fees typically arise from investment management services that began in prior reporting periods. Consequently, a portion of the fees recognized may be partially related to the services performed in prior periods that meet the recognition criteria in the current period. At each reporting date, the Company considers various factors in estimating incentive fees to be recognized. These factors include but are not limited to whether: (1) the amounts are dependent on the financial markets and, thus, are highly susceptible to factors outside Horizon Kinetics’ influence; (2) the ultimate payments have a large number and a broad range of possible amounts; and (3) the funds or SMAs have the ability to (a) invest or reinvest their sales proceeds or (b) distribute their sales proceeds, and determine the timing of such distributions.

Principles of Consolidation

In addition to its wholly-owned subsidiaries, generally accepted accounting principles in the United States of America

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(“GAAP”) requires that the assets, liabilities and results of operations of a variable interest entity (“VIE”) be consolidated into the financial statements of the enterprise that has a controlling interest in the VIE. The determination as to whether an entity qualifies as a VIE depends on the facts and circumstances surrounding each entity, and therefore certain of the investment vehicles managed by HKHC may qualify as VIEs under the variable interest model, whereas others may qualify as voting interest entities (“VOEs”) under the voting interest model.

The determination of whether to consolidate a VIE under US GAAP requires a significant amount of judgment concerning the degree of control over an entity by its holders of variable interests. To make these judgments, we conduct an analysis, on a case-by-case basis, of whether we are the primary beneficiary and are therefore required to consolidate an entity. We continually reconsider whether we should consolidate a VIE. Upon the occurrence of certain events, such as modifications to organizational documents and investment management agreements of our products, we will reconsider our conclusion regarding the status of an entity as a VIE. Our judgment when analyzing the status of an entity and whether we consolidate an entity could have a material impact on individual line items within our consolidated financial statements, as a change in our conclusion would have the effect of grossing up the assets, liabilities, revenues and expenses of the entity being evaluated. In light of certain direct and indirect investments into our products, the likelihood of a reasonable change in our estimation and judgment could result in a change in our conclusions to consolidate or not consolidate any VIEs to which we have exposure.

Fair Value Measurement

GAAP establishes a hierarchical disclosure framework prioritizing the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or where fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.

Financial assets and liabilities measured and reported at fair value are classified as follows:

•Level I—Unadjusted quoted prices in active markets for identical instruments.

•Level II—Unadjusted quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate.

•Level III—Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available.

In some instances, an instrument may fall into multiple levels of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. Our assessment of the significance of an input requires judgment and considers factors specific to the instrument. See “Note 4. Investments, at Fair Value,” within our consolidated financial statements included in the Annual Report on Form 10-K for a summary of our valuation of investments and other financial instruments by fair value hierarchy levels.

Income Taxes

The Company is taxed as a corporation for U.S. federal and state income tax purposes. We use the liability method of accounting for deferred income taxes pursuant to GAAP. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the carrying value of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the statutory tax rates expected to be applied in the periods in which those temporary differences are settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized during the year the change is enacted. A valuation allowance is recorded on our net deferred tax assets when it is more likely than not that such assets will not be realized or when timing is unknown. When evaluating the realizability of our deferred tax assets, all evidence, both positive and negative, is evaluated. Items considered in this analysis include the ability to carry back losses, the reversal of temporary differences, tax planning strategies and expectations of future earnings.

Under GAAP, the amount of tax benefit to be recognized is the amount of benefit that is more likely than not to be sustained

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upon examination. We analyze our tax filing positions in all of the U.S. federal, state, local and foreign tax jurisdictions where we are required to file income tax returns, as well as for all open tax years in these jurisdictions. If, based on this analysis, we determine that uncertainties in tax positions exist, a liability is established. As of September 30, 2026, we have not identified any uncertain tax positions.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP.

Recently Issued Accounting Pronouncements

For information on recently issued accounting standards, see Note 2(n), “Recently Issued Accounting Pronouncements” to our condensed consolidated financial statements.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

We conducted an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of September 30, 2026. Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2026.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2026 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this Report, including the “Cautionary Note on Forward-Looking Information,” you should carefully consider the factors discussed in Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

All of the factors referenced above could materially affect our, or the combined company’s, business, financial condition, or future results.

ITEM 6. EXHIBITS

Exhibit Number		Document
31.1		Rule 13a-14(a) Certification of the Co-Chief Executive Officer.
31.2		Rule 13a-14(a) Certification of the Co-Chief Executive Officer.
31.3		Rule 13a-14(a) Certification of the Chief Financial Officer.
32.1*		Certification of Steven Bregman pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Peter Doyle pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3*		Certification of Mark Herndon pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRLtags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Furnished, not filed.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			HORIZON KINETICS HOLDING CORPORATION
Date:	November 12, 2026	By:	/s/ Steven Bregman
			Steven Bregman Co-Chief Executive Officer (Co-Principal Executive Officer)
Date:	November 12, 2026	By:	/s/ Peter Doyle
			Peter Doyle Co-Chief Executive Officer (Co-Principal Executive Officer)
Date:	November 12, 2026	By:	/s/ Mark A. Herndon
			Mark A. Herndon Chief Financial Officer (Principal Financial Officer)

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