Horizon Kinetics Holding (HKHC) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 11, 2024
Cover [Abstract]
Entity Registrant Name	HORIZON KINETICS HOLDING CORPORATION
Entity Central Index Key	0000088000
Document Type	10-Q
Document Period End Date	Sep. 30, 2024
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		18,635,321
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-13458
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0920811
Entity Address, Address Line One	470 Park Ave S
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10016
City Area Code	646
Local Phone Number	291-2300
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 18,071	$ 10,477
Fees receivable	6,948	4,453
Investments, at fair value	74,852	37,620
Investments in proprietary funds	177,912	103,962
Operating lease right-of-use assets	5,593	5,651
Property and equipment, net	114	200
Prepaid expenses and other assets	3,037	1,882
Due from affiliates	$ 116	$ 2,660
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Digital assets	$ 9,029	$ 1,829
Intangible assets, net	45,019	43,876
Goodwill	24,425	19,273
Total Assets	365,116	231,883
Liabilities:
Accounts payable, accrued expenses and other	8,056	3,839
Accrued third party distribution expenses	427	1,022
Deferred revenue	191	70
Deferred tax liability, net	73,640	617
Due to affiliates	$ 9,429	$ 9,966
Other Liability, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Operating lease liability	$ 8,001	$ 7,281
Total Liabilities	99,744	22,795
Commitments and contingencies (Note 12)
Shareholders' Equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding
Common stock; $0.10 par value, authorized 50,000 shares; issued and outstanding 18,635 shares (2024) and 17,984 shares (2023), net of treasury stock; 1 and 0 shares at September 30, 2024 and December 31, 2023, respectively	1,863	1,798
Additional paid-in capital	39,217
Retained earnings	224,292	207,290
Total Shareholders' Equity	265,372	209,088
Total Liabilities and Shareholders' Equity	$ 365,116	$ 231,883

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock par value	$ 0.10	$ 0.10
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	18,635,000	17,984,000
Common stock, shares outstanding	18,635,000	17,984,000
Treasury stock, Shares issued	1,000	0

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 15,368	$ 12,746	$ 42,435	$ 39,422
Operating expenses:
Compensation, related employee benefits, and cost of goods sold	7,616	6,555	20,299	20,823
Sales, distribution and marketing	3,097	2,479	8,006	7,822
Depreciation and amortization	496	453	1,415	1,368
General and administrative expenses	2,809	1,618	7,500	5,730
Total operating expenses	14,018	11,105	37,220	35,743
Operating income	1,350	1,641	5,215	3,679
Other income (expense):
Equity in earnings of proprietary funds, net	20,276	13,780	55,752	(2,473)
Interest and dividends	891	181	1,261	468
Other income (expense)	(2,676)	2	(2,857)	27
Unrealized (loss) gain on digital assets, net	(95)		2,792
Realized gain on investments, net	23	1,340	342	1,409
Unrealized gain (loss) on investments net	11,321	8,660	24,942	(10,738)
Total other income (expense), net	29,740	23,963	82,232	(11,307)
Income (loss) before provision for income taxes	31,090	25,604	87,447	(7,628)
Income tax (expense) benefit	(69,257)	(133)	(70,735)	707
Net income (loss)	$ (38,167)	$ 25,471	$ 16,712	$ (6,921)
Basic and diluted net income (loss) per common shares:
Net income (loss) per share, basic	$ (2.07)	$ 1.42	$ 0.92	$ (0.38)
Net income (loss) per share, diluted	$ (2.07)	$ 1.42	$ 0.92	$ (0.38)
Weighted average shares outstanding:
Basic	18,415	17,984	18,129	17,984
Diluted	18,415	17,984	18,129	17,984
Management and Advisory Fees
Total revenue	$ 14,933	$ 12,709	$ 41,735	$ 39,037
Other Income and Fees
Total revenue	$ 435	$ 37	$ 700	$ 385

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Capital in Excess of Par	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment
Beginning Balance, Value at Dec. 31, 2022	$ 224,933		$ 1,798		$ 223,135
Beginning Balance, Shares at Dec. 31, 2022			17,984
Distributions	(4,900)				(4,900)
Net Income (Loss)	(19,883)				(19,883)
Ending Balance, Value at Mar. 31, 2023	200,150		$ 1,798		198,352
Ending Balance, Shares at Mar. 31, 2023			17,984
Beginning Balance, Value at Dec. 31, 2022	224,933		$ 1,798		223,135
Beginning Balance, Shares at Dec. 31, 2022			17,984
Net Income (Loss)	(6,921)
Ending Balance, Value at Sep. 30, 2023	208,392		$ 1,798		206,594
Ending Balance, Shares at Sep. 30, 2023			17,984
Beginning Balance, Value at Dec. 31, 2022	$ 224,933		$ 1,798		223,135
Beginning Balance, Shares at Dec. 31, 2022			17,984
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2023-08 [Member]
Ending Balance, Value at Dec. 31, 2023	$ 209,088	$ 4,369	$ 1,798		207,290	$ 4,369
Ending Balance, Shares at Dec. 31, 2023	17,984		17,984
Beginning Balance, Value at Mar. 31, 2023	$ 200,150		$ 1,798		198,352
Beginning Balance, Shares at Mar. 31, 2023			17,984
Distributions	(3,520)				(3,520)
Net Income (Loss)	(12,509)				(12,509)
Ending Balance, Value at Jun. 30, 2023	184,121		$ 1,798		182,323
Ending Balance, Shares at Jun. 30, 2023			17,984
Distributions	(1,200)				(1,200)
Net Income (Loss)	25,471				25,471
Ending Balance, Value at Sep. 30, 2023	208,392		$ 1,798		206,594
Ending Balance, Shares at Sep. 30, 2023			17,984
Beginning Balance, Value at Dec. 31, 2023	$ 209,088	4,369	$ 1,798		207,290	4,369
Beginning Balance, Shares at Dec. 31, 2023	17,984		17,984
Distributions	$ (1,700)				(1,700)
Net Income (Loss)	40,841				40,841
Ending Balance, Value at Mar. 31, 2024	252,598		$ 1,798		250,800
Ending Balance, Shares at Mar. 31, 2024			17,984
Beginning Balance, Value at Dec. 31, 2023	$ 209,088	$ 4,369	$ 1,798		207,290	$ 4,369
Beginning Balance, Shares at Dec. 31, 2023	17,984		17,984
Net Income (Loss)	$ 16,712
Ending Balance, Value at Sep. 30, 2024	$ 265,372		$ 1,863	$ 39,217	224,292
Ending Balance, Shares at Sep. 30, 2024	18,635		18,634
Beginning Balance, Value at Mar. 31, 2024	$ 252,598		$ 1,798		250,800
Beginning Balance, Shares at Mar. 31, 2024			17,984
Distributions	(2,379)				(2,379)
Net Income (Loss)	14,038				14,038
Ending Balance, Value at Jun. 30, 2024	264,257		$ 1,798		262,459
Ending Balance, Shares at Jun. 30, 2024			17,984
Shares issued for acquisition, net, Shares			650
Shares issued for acquisition, net	13,770		$ 65	13,705
Contributions of investment securities, net	25,512			25,512
Net Income (Loss)	(38,167)				(38,167)
Ending Balance, Value at Sep. 30, 2024	$ 265,372		$ 1,863	$ 39,217	$ 224,292
Ending Balance, Shares at Sep. 30, 2024	18,635		18,634

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net cash provided by operating activities	$ 6,425	$ 11,357
Investing activities:
Proceeds from sale of investments	395	2,460
Purchases of property and equipment	(43)	(95)
Purchases of investments	(593)	(959)
Cash acquired from acquisition	2,823
Net cash (used in) provided by investing activities	2,582	1,406
Financing activities:
Distributions paid	(4,079)	(9,620)
Cash contributions from affiliates	2,666
Net cash used in financing activities	(1,413)	(9,620)
Net increase in cash and cash equivalents	7,594	3,143
Cash and cash equivalents, beginning of year	10,477	8,814
Cash and cash equivalents, end of period	18,071	$ 11,957
Supplemental disclosure of non-cash investing activities:
Net assets acquired in acquisition	10,969
Supplemental disclosure of non-cash financing activities:
Net contributions of investment securities from affiliates	$ 22,846

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (38,167)	$ 14,038	$ 40,841	$ 25,471	$ (12,509)	$ (19,883)	$ 16,712	$ (6,921)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General

General	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	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 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 as of December 31, 2023 has been derived from the Company's annual financial statements for the year ended December 31, 2023. The Condensed Consolidated Financial Statements included herein should be read in conjunction with the audited consolidated financial statements and accompanying notes of Horizon Kinetics, LLC and Subsidiaries included in our Form DEF 14A filed with the SEC on May 13, 2024. 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, KBD Securities LLC and SLG Chemicals, Inc.). All intercompany balances and transactions have been eliminated in consolidation. On August 1, 2024, the Company, formerly known as “Scott’s Liquid Gold-Inc.,” completed its previously announced merger in accordance with the terms and conditions of the Agreement and Plan of Merger, dated December 19, 2023, as amended (collectively, the “Merger Agreement”), by and among Scott’s Liquid Gold-Inc., a Colorado corporation (“SLGD”), Horizon Kinetics, LLC, a Delaware limited liability company (“Horizon Kinetics”), and HKNY One, LLC, a Delaware limited liability company and wholly owned subsidiary of SLGD (“Merger Sub”). In accordance with the Merger Agreement, Merger Sub merged with and into Horizon Kinetics, with Horizon Kinetics surviving the merger as a wholly-owned subsidiary of the Company (the “Merger”). In the Merger, all of the ownership interests in Horizon Kinetics were converted into an aggregate of 17,984,253 shares of the Company’s common stock (representing 96.5 % of the shares of the Company’s common stock outstanding immediately after the effective time of the Merger). The number of shares was calculated in accordance with the formula in the Merger Agreement based on (a) the sum of Horizon Kinetics' tangible net assets of approximately $ 250 million and the value of Horizon Kinetics' operating business of $ 200 million, (b) divided by 25. These shares were issued to the members of Horizon Kinetics. As a result, immediately after the effective time of the Merger, SLGD legacy shareholders collectively held approximately 3.5 % of the shares of the Company’s common stock outstanding at such time. The Company accounted for the Merger as a reverse acquisition. As such, Horizon Kinetics is considered the accounting acquirer. Therefore, Horizon Kinetics’ historical financial statements are the historical financial statements following the completion of the Merger, and the results of operations of the post-merger company are included in our financial statements for all periods subsequent to August 1, 2024. For additional information related to the Merger, see Note 3 – Acquisitions .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies (a) 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 granting of substantive kick-out rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. 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. As the Company’s interests in many of these entities are solely associated with market rate fees and/or insignificant indirect interests through related parties, the Company is not considered to have a variable interest in many of these entities. For entities where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether each of those entities qualify as a VIE. The Company holds equity investments in certain of its proprietary funds. While the Company and other related-party owners own a significant portion of the entities in some instances, the Company has determined that it is not the ultimate primary beneficiary. The Company’s maximum exposure to loss is the potential loss of its investment, it can redeem its investment at any time (in accordance with the redemption provisions of the specific funds) and does not have in place any liquidity arrangements or other commitments with third parties on behalf of the funds. Accordingly, the underlying assets and liabilities related to these entities are not consolidated with the Company’s condensed consolidated financial statements . (b) Use of estimates The preparation of the 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. (c) 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. (d) Digital assets Through December 31, 2023, the Company accounted for digital assets in accordance with the AICPA’s practice aid “Accounting for and auditing of digital assets.” In accordance with this practice aid, digital assets are accounted for as an indefinite-lived intangible asset and are initially valued based on the current price of the digital asset at the time the digital asset was received. During 2023, the Company evaluated digital assets for impairment on a daily basis or when events or changes indicate the carrying value may not be recoverable by using the daily low price. The Company has evaluated its digital assets for impairment and did not record any impairments for the three and nine months ended September 30, 2023. Effective January 1, 2024, 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 $ 8 that are Level 2. The following tables present additional information about the Company’s digital assets as of September 30, 2024 and December 31, 2023, respectively: September 30, 2024 December 31, 2023 Units Held Cost Basis Fair Value Units Held Cost Basis Fair Value Bitcoin 130.92 $ 1,673 $ 8,287 129.80 $ 1,555 $ 5,488 Litecoin 1,208.80 137 81 1,208.80 137 88 Ethereum 175.70 53 457 175.70 53 401 Bitcoin Cash 226.35 67 76 193.20 55 50 All others 10,062.23 34 128 10,085.97 29 73 11,804.00 $ 1,964 $ 9,029 11,793.47 $ 1,829 $ 6,100 (e) 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 . (f) Investments in proprietary funds 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. (g) Other investments 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 Investments in proprietary funds on the Condensed Consolidated Balance sheets. (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 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments are not applied to Level 1 investments. 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 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. (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”), which are generally earned when a predefined minimum investment return (“Return Threshold”) for the managed funds are earned. When applicable, Incentive Fees are recognized in the statements of operations based on the contractual conditions set forth in the agreements governing the managed funds as if the managed funds were terminated and liquidated at the reporting date and the managed funds’ investments were realized at the then estimated fair values. 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. Management and advisory fees are comprised of base management fees, advisory and other fees and are accounted for as contracts with customers. The Company earns base management fees from its customers at a fixed percentage of a calculation base which is typically invested capital or net asset value. The Company identifies its customers on a fund-by-fund basis in accordance with the terms and circumstances of the individual fund. Generally, the customer is identified as the investor in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. 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 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. Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds. These fees are based on a fixed percentage of enterprise value or equity value of pooled capital raised and are earned which generally coincides with when the capital is called. These fees are not tied to performance or ongoing investment management services, are not subject to claw back and are recorded in the period in which the related transaction closes. Accrued but unpaid management and advisory fees as of the reporting date are included in fees receivable. The following table disaggregates our management services revenue by type: Three months ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Mutual fund management fees $ 6,378 $ 5,194 $ 16,748 $ 15,715 ETF management fees 1,877 2,180 4,817 7,291 Separately managed account management fees 4,739 4,313 14,737 13,020 Proprietary fund management fees 1,939 1,022 5,433 3,011 $ 14,933 $ 12,709 $ 41,735 $ 39,037 The following table presents balances of management fees receivable by type: September 30, 2024 December 31, 2023 Mutual fund management fees $ 2,089 $ 1,652 ETF management fees 626 549 Separately managed account management fees 1,983 281 Proprietary fund management fees 1,759 1,019 Other 491 952 $ 6,948 $ 4,453 (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. The Company also generates revenue from sales of consumer products. Consumer product revenue contracts are identified when purchase orders are received and accepted from customers and represent a single performance obligation to sell our products to a customer, and are recorded net of expected customer allowances and promotional programs. Net revenues are recorded at the time that control of the products is transferred to customers. (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 Balance Sheets. (m) Recently adopted accounting pronouncements In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Topic 350-60). ASU No. 2023-08 requires that an entity measure crypto assets at fair value with changes recognized in net income at each reporting period and present crypto assets separately from other intangible assets in the balance sheet and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. ASU No. 2023-08 is effective for annual periods beginning after December 15, 2024 and interim periods within annual periods beginning after December 15, 2024. The Company adopted ASU 2023-08 as of January 1, 2024 resulting in certain expanded disclosures about digital assets and recorded an increase to our digital assets and shareholders’ equity of approximately $ 4.4 million. (n) Recently issued accounting pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU No. 2023-07 requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by Accounting Standards Codification Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2024. We are currently evaluating the potential impact of adopting this standard on our disclosures. 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. This standard is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2025. We are currently evaluating the potential impact of adopting this standard on our disclosures.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Acquisitions	Note 3. Acquisitions On August 1, 2024, the Company completed its previously announced merger in accordance with the terms and conditions of the Merger Agreement, by and among SLGD, Horizon Kinetics, and Merger Sub. In the Merger, all of the ownership interests in Horizon Kinetics were converted into an aggregate of 17,984,253 shares of the Company’s common stock (representing 96.5 % of the shares of the Company’s common stock outstanding immediately after the effective time of the Merger). The number of shares was calculated in accordance with the formula in the Merger Agreement based on (a) the sum of Horizon Kinetics' tangible net assets of approximately $ 250 million and the value of Horizon Kinetics' operating business of $ 200 million, (b) divided by 25. These shares were issued to the members of Horizon Kinetics. As a result, immediately after the effective time of the Merger, SLGD legacy shareholders collectively held approximately 3.5 % of the shares of the Company’s common stock outstanding at such time. The Company accounted for the Merger as a reverse acquisition. As such, Horizon Kinetics is considered the accounting acquirer. Therefore, Horizon Kinetics’ historical financial statements replace SLGD’s historical financial statements following the completion of the Merger, and the results of operations of both companies will be included in our financial statements for all periods subsequent to August 1, 2024. Because the Merger is considered a reverse acquisition for accounting purposes, the fair value of the purchase consideration is calculated based on the Company’s stock price as it is considered to be a more reliable determination than the fair value of Horizon Kinetics’ private stock. Consideration is estimated based on the Company’s closing stock price on August 1, 2024. The purchase price was finalized based on the stock price on the closing date. Shares of Scott's Liquid Gold-Inc. 13,012 Share price on August 1, 2024 $ 1.06 Fair value of consideration $ 13,792 The preliminary purchase price as shown in the table above is allocated to the tangible and intangible assets acquired and liabilities assumed by the Company based on their preliminary estimated fair values. The fair value assessments are preliminary and are based upon available information and certain assumptions which the Company believes are reasonable, and therefore are subject to revisions that may result in adjustments to the values presented below: Description Amount Cash and cash equivalents $ 2,823 Other current assets 935 Other non-current assets 1,298 Intangible assets, net 2,465 Goodwill 5,151 Deferred tax asset 3,871 Current liabilities ( 406 ) Non-current liabilities ( 2,345 ) Preliminary purchase price $ 13,792 The following table presents the unaudited pro forma information assuming the Merger occurred on January 1, 2023. The unaudited pro forma information is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place on that date: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net revenues $ 15,649 $ 13,653 $ 44,214 $ 42,045 Net income (loss) $ 21,493 $ 24,417 $ 75,310 $ ( 69,839 ) Basic and diluted earnings (loss) per share $ 1.15 $ 1.31 $ 4.04 $ ( 3.75 ) Basic and diluted weighted average shares outstanding 18,634 18,634 18,634 18,634 These calculations reflect the increased amortization expense of intangible assets and the consequential income tax effects that would have resulted had the Merger closed on January 1, 2023.

Investments, at Fair Value

Investments, at Fair Value	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Investments, at Fair Value	Note 4. Investments, at Fair Value As of September 30, 2024 the Company owned investments in marketable securities with a fair value of $ 74,852 and a cost of $ 24,884 . The following summarizes the Company’s investments accounted for at fair value at September 30, 2024 using the fair value hierarchy: September 30, 2024 Total Level 1 Level 2 Level 3 Investments: Texas Pacific Land Corporation $ 51,046 $ 51,046 $ - $ - Kinetics Market Opportunities Fund 6,676 - 6,676 - Kinetics Mutual Funds and ETFs 6,160 - 6,160 - Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class 3,203 - 3,203 - All other market traded equity securities 2,518 2,518 - - CBOE Global Markets 2,016 2,016 - - FRMO Corporation 1,630 - 1,630 - Grayscale Bitcoin Trust 1,617 1,617 - - Totals $ 74,866 $ 57,197 $ 17,669 $ - Liabilities: Market traded equity securities - sold short ( 14 ) ( 14 ) - - Total Liabilities ( 14 ) ( 14 ) - - Total $ 74,852 $ 57,183 $ 17,669 $ - The following summarizes the Company’s investments accounted for at fair value at December 31, 2023 using the fair value hierarchy: December 31, 2023 Total Level 1 Level 2 Level 3 Investments: Texas Pacific Land Corporation $ 30,084 $ 30,084 $ - $ - Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class 2,015 - 2,015 - All other market traded equity securities 1,679 1,679 - - FRMO Corporation 1,259 - 1,259 - Horizon Kinetics SPAC Active ETF 1,256 - 1,256 - Grayscale Bitcoin Trust 1,105 1,105 - - Kinetics Mutual Funds and ETFs 224 - 224 - Totals $ 37,622 $ 32,868 $ 4,754 $ - Liabilities: Market traded equity securities - sold short ( 2 ) ( 2 ) - - Total Liabilities ( 2 ) ( 2 ) - - Total $ 37,620 $ 32,866 $ 4,754 $ - As of September 30, 2024 and December 31, 2023, there are no investments categorized within Level 3.

Investments in Proprietary Fund

Investments in Proprietary Funds	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in Proprietary Funds	Note 5. Investments in Proprietary Funds At September 30, 2024 and December 31, 2023, investments in proprietary funds, which are recorded using the equity method of accounting, consist of the following: September 30, 2024 Equity Held Ownership Management Performance Receivable at September 30, 2024 Polestar Fund LP (Class A and S) $ 43,645 10.9 % $ 1,855 $ 159 $ 706 Kinetics Institutional Partners LP 21,640 37.8 % 212 - 29 Horizon Multi-Strategy Fund, LP 28,362 11.1 % 1,308 51 421 Horizon Kinetics Equity Opportunities Fund (All classes) 37,168 9.6 % - 458 20 Horizon Multi-Disciplinary Fund, LP 7,183 34.0 % 53 355 149 Kinetics Partners LP 19,898 50.5 % 10 - 1 Horizon Kinetics Hard Assets, LLC 9,094 3.1 % - - - All others 9,736 497 383 231 $ 176,726 $ 3,935 $ 1,406 $ 1,557 December 31, 2023 Equity Held Ownership Management Performance Receivable at December 31, 2023 Polestar Fund LP (Class A and S) $ 28,821 11.2 % $ 1,704 $ 222 $ 448 Kinetics Institutional Partners LP 13,667 37.3 % 217 - 19 Horizon Multi-Strategy Fund, LP 17,716 15.3 % 1,077 51 241 Horizon Kinetics Equity Opportunities Fund (All classes) 17,149 6.3 % - - - Horizon Multi-Disciplinary Fund, LP 5,387 33.4 % 55 - 15 Kinetics Partners LP 6,884 24.4 % 11 - 1 Horizon Kinetics Hard Assets, LLC 5,362 3.1 % - - - All others 7,790 459 130 54 $ 102,776 $ 3,523 $ 403 $ 778 The tables below present summarized financial information of the Company’s equity method investments at September 30, 2024: Statement of Financial Condition Net Long Other Assets Liabilities Equity Polestar Fund LP (Class A and S) $ 376,804 $ 26,716 $ 3,917 $ 399,603 Kinetics Institutional Partners LP 57,702 71 598 57,175 Horizon Multi-Strategy Fund, LP 184,552 24 594 183,982 Horizon Kinetics Equity Opportunities Fund (All classes) 319,014 308 433 318,889 Horizon Multi-Disciplinary Fund, LP 21,128 - 33 21,095 Kinetics Partners LP 39,380 53 38 39,395 Horizon Kinetics Hard Assets, LLC 283,576 9,132 95 292,613 All others 139,523 73,445 4,169 208,799 $ 1,421,679 $ 109,749 $ 9,877 $ 1,521,551 Statement of Operations Revenue / (Expenses) Net Realized Net Income Polestar Fund LP (Class A and S) $ 3,952 $ ( 787 ) $ 53,182 $ 56,347 Kinetics Institutional Partners LP 524 ( 106 ) 7,689 8,107 Horizon Multi-Strategy Fund, LP 1,261 ( 539 ) 21,183 21,905 Horizon Kinetics Equity Opportunities Fund (All classes) 181 ( 158 ) 8,206 8,229 Horizon Multi-Disciplinary Fund, LP - ( 33 ) 1,938 1,905 Kinetics Partners LP 366 ( 24 ) 5,507 5,849 Horizon Kinetics Hard Assets, LLC 3,650 ( 6 ) 47,980 51,624 All others 2,697 ( 2,680 ) 11,913 11,930 $ 12,631 $ ( 4,333 ) $ 157,598 $ 165,896 The tables below present summarized financial information of the Company’s equity method investments at December 31, 2023: Statement of Financial Condition Net Long Other Assets Liabilities Equity Polestar Fund LP (Class A and S) $ 230,259 $ 28,614 $ 1,059 $ 257,814 Kinetics Institutional Partners LP 32,543 4,138 73 36,608 Horizon Multi-Strategy Fund, LP 115,390 1,161 807 115,744 Horizon Kinetics Equity Opportunities Fund (All classes) 272,644 1,837 3,079 271,402 Horizon Multi-Disciplinary Fund, LP 16,178 - 28 16,150 Kinetics Partners LP 24,903 3,326 54 28,175 Horizon Kinetics Hard Assets, LLC 167,972 5,939 102 173,809 All others 102,527 75,197 1,955 175,769 $ 962,416 $ 120,212 $ 7,157 $ 1,075,471 Statement of Operations Revenue / (Expenses) Net Realized Net Income Polestar Fund LP (Class A and S) $ 2,805 $ ( 1,998 ) $ ( 43,888 ) $ ( 43,081 ) Kinetics Institutional Partners LP 323 ( 293 ) ( 4,304 ) ( 4,274 ) Horizon Multi-Strategy Fund, LP 776 ( 1,262 ) 7,185 6,699 Horizon Kinetics Equity Opportunities Fund (All classes) 4,716 ( 403 ) 142,742 147,055 Horizon Multi-Disciplinary Fund, LP 365 ( 73 ) 634 926 Kinetics Partners LP 281 ( 84 ) ( 5,068 ) ( 4,871 ) Horizon Kinetics Hard Assets, LLC 1,650 ( 17 ) ( 80,782 ) ( 79,149 ) All others 10,232 ( 8,343 ) 13,778 15,667 $ 21,148 $ ( 12,473 ) $ 30,297 $ 38,972 The Company also maintains a variety of investments in private funds or partnerships that are recorded either on the fair value measurement alternative or equity method as applicable. As of September 30, 2024 and December 31, 2023, these amounts aggregated to $ 1,186 and $ 1,186 , respectively, and are reflected as investments in proprietary funds.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 6. Related Party Transactions As of September 30, 2024 and December 31, 2023, amounts due to or due from the Company to related party affiliates is summarized as follows: September 30, 2024 December 31, 2023 Receivable Payable Receivable Payable Horizon Common Inc. $ - $ ( 6,949 ) $ 17 $ ( 6,899 ) Kinetics Common Inc. - - 66 - Kinetics Holding Corporation - - 42 - Proprietary funds 116 - 120 ( 7 ) FRMO Corporation - ( 2,480 ) - ( 3,040 ) HM Tech - - 2,089 - Other affiliated entities - - 326 ( 20 ) $ 116 $ ( 9,429 ) $ 2,660 $ ( 9,966 ) For the three and nine months ended September 30, 2024 and 2023, amounts recognized from related party affiliates is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Expenses Revenues Expenses Revenues Expenses Revenues Expenses Proprietary funds $ 10,194 $ - $ 8,377 $ - $ 26,997 $ - $ 25,996 $ - FRMO Corporation 2 642 - 547 9 1,802 - 1,752 Consensus Mining & Seigniorage Corp 3 - 3 - 9 - 9 - HM Tech - 3 - 6 - 10 - 23 $ 10,199 $ 645 $ 8,380 $ 553 $ 27,015 $ 1,812 $ 26,005 $ 1,775 Certain co-founders of HK LLC 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 4.95 % 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 proprietary funds or separately managed accounts for Shareholders’ and their direct families, FRMO, Horizon Common Inc., Kinetics Holding Corporation and employees of the Company. The Company owns an equity interest and has advanced funds in exchange for notes receivable to HM Tech, a service provider for digital asset mining operations. The Company has also recently agreed to guarantee a $ 0.3 million Promissory Note receivable from HM Tech LLC issued to Consensus Mining & Seigniorage Corporation in the event of default.

Stock-Based Compensation and Sh

Stock-Based Compensation and Shareholders' Equity	9 Months Ended
	Sep. 30, 2024
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation and Shareholders' Equity	Note 7. Stock-Based Compensation and Shareholders’ Equity No restricted stock units (“RSUs”) or stock options were granted during the three and nine months ended September 30, 2024, respectively. The Company has a de minimis amount of compensation cost and unrecognized compensation cost related to RSUs as of and for the nine months ended September 30, 2024. Prior to the Merger, as defined in the Horizon Kinetics amended limited liability agreement dated as of May 1, 2011, each of two class memberships (Class A-1 and Class A-2) had certain voting rights, and profits, losses, and distributions were allocated to members as determined by the board of managers in accordance with the amended limited liability agreement. Horizon Kinetics made distributions to members on a quarterly basis, based on their ownership percentage of the respective units outstanding. Horizon Kinetics also authorized the issuance of Class B membership units, but none were issued prior to the Merger. On July 1, 2024, the Company issued 801,932 Class A-2 membership units in exchange for $ 25.5 million of assets, net of a $ 6.8 million deferred tax liability. The assets consisted primarily of cash, investment securities, and proprietary funds contributed by Kinetics Common Inc. and Kinetics Holding Corporation.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 8. 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 and nine months ended September 30, 2024 and 2023, respectively, and have no impact on diluted earnings per share.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Note 9. Segment Information We operate in two different segments; asset management and consumer products. We have chosen to organize our business around these segments based on 1) differences in the products and services sold, 2) the availability of discrete financial information, and 3) the reports that are regularly reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources. Accounting policies for our segments are the same as those described in Note 1. The evaluate segment performance based on several factors, including income or loss before the provision for income taxes. The following provides information on our segments for the three and nine months ended September 30: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Asset Management Consumer Products Total Asset Management Consumer Products Total Revenue $ 14,803 $ 565 $ 15,368 $ 12,746 $ - $ 12,746 Income (loss) before provision for income taxes 31,207 ( 117 ) 31,090 25,604 - 25,604 Depreciation and amortization 455 41 496 453 - 453 Identifiable assets 348,607 16,509 365,116 231,379 - 231,379 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Asset Management Consumer Products Total Asset Management Consumer Products Total Revenue $ 41,870 $ 565 $ 42,435 $ 39,422 $ - $ 39,422 Income (loss) before provision for income taxes 87,564 ( 117 ) 87,447 ( 7,628 ) - ( 7,628 ) Depreciation and amortization 1,374 41 1,415 1,368 - 1,368 Identifiable assets 348,607 16,509 365,116 231,379 - 231,379 As of September 30, 2024 and December 31, 2023, all of the Company’s assets were located in the United States of America.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 10. Income Taxes Prior to July 1, 2024, the Company was not subject to federal or state income taxes as its income and losses are includable in the tax returns of its members. The Company was required to file returns and pay tax in various state and local jurisdictions as a result of its operations or residency. Accordingly, the Company was subject to New York City unincorporated business income tax (“UBT”) and annual limited liability company fees in New York and Delaware. For the nine months ended September 30, 2023, the provision (benefit) for income taxes was $( 707 ) . The deferred tax liabilities consisted primarily of unrealized gains on investments in marketable securities, proprietary funds, and digital assets. On July 1, 2024, the Company filed to convert from an LLC to a C-Corp for federal and state income taxes. As a result, the Company recognized a deferred income tax expense of $ 59.7 million related to deferred taxes associated with the basis differences for certain assets, principally unrealized gains in various marketable securities, proprietary funds and digital assets. The provision for income tax for the nine months ended September 30, 2024 is as follows: Nine Months Ended September 30, 2024 Current provision: Federal $ 375 State 230 Total current provision 605 Deferred provision: Federal 46,987 State 23,143 Total deferred provision 70,130 Provision: Federal 47,362 State 23,373 Total provision $ 70,735 Income tax expense at the statutory tax rate is reconciled to the overall income tax expense for the nine months ended September 30, 2024 as follows: Nine Months Ended September 30, 2024 Federal income tax from continuing operations at statutory rates 21.0 % State income taxes, net of federal tax effect 0.3 % Permanent differences 0.1 % Conversion to C-Corporation status 68.3 % Other ( 8.8 )% Provision for income taxes 80.9 % The net deferred tax assets and liabilities as of September 30, 2024 are comprised of the following: September 30, 2024 Deferred tax assets: Net operating loss carryforwards $ 3,853 Operating lease liabilities 1,734 Other 1,054 Total deferred tax assets 6,641 Deferred tax liabilities: Digital assets 2,192 Operating lease right-of-use assets 2,480 Investments, at fair value 15,517 Investments in proprietary funds 48,031 Intangible assets and goodwill 12,061 Total deferred tax liabilities 80,281 Deferred tax liability, net $ 73,640 The net deferred tax liability of $ 617 as of December 31, 2023 relates to deferred tax liabilities arising from investments at fair value, investments in proprietary funds, and digital assets.

Lease Liabilities

Lease Liabilities	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Lease Liabilities	Note 11. Lease Liabilities The Company leases office space in primarily four locations, principally the company’s corporate headquarters. As part of the Merger, the Company acquired an operating lease and sublease agreement with third parties. The Company’s operating leases have remaining lease terms of three to seven years . The Company’s expected future minimum annual lease payments are as follows: 2024 (remainder) $ 699 2025 2,834 2026 2,834 2027 994 2028 441 Thereafter 864 Total minimum lease payments $ 8,666 Less: imputed interest ( 665 ) Total operating lease liability $ 8,001 The discount rates used to calculate the Company’s initial lease liability ranged from 0.69 % - 5.1 %, which were the present value of the lease payments and were equal to the treasury bond rates on the dates the respective leases were signed or acquired. The treasury bond rate used was based on the number of years on the lease including any potential extensions included in the agreements. This risk-free rate applied is a permittable practical expedient under ASC 842. The Company recognized amortization expense related to all their operating leases in the condensed consolidated statements of operations for the periods ending September 30, 2024 and 2023. This expense represents the amortization of the right-of-use asset associated with the operating leases.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 12. Commitments and Contingencies Mutual and proprietary fund 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 Investment Adviser 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 memorandums of certain hedge funds the Company manages (the “Funds”), the Investment Adviser has agreed to reimburse any expenses incurred above a predetermined Cap to the Funds. For the three months ended September 30, 2024 and 2023, the Company reimbursed to the Kinetics Funds $ 488 and $ 314 , respectively. For the nine months ended September 30, 2024 and 2023, the Company reimbursed to the Kinetics Funds $ 1,181 and $ 1,206 , 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 13. Subsequent events On November 5, 2024 , the Company's Board of Directors declared a cash dividend of $ 0.053 per share, payable on December 16, 2024 to shareholders of record as of the close of business on November 25, 2024 . The Company has evaluated subsequent events through November 11, 2024 , which is the date the condensed consolidated financial statements were available to be issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Consolidation	(a) 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 granting of substantive kick-out rights is a key consideration in determining whether a limited partnership or similar entity is a VIE and whether or not that entity should be consolidated. 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. As the Company’s interests in many of these entities are solely associated with market rate fees and/or insignificant indirect interests through related parties, the Company is not considered to have a variable interest in many of these entities. For entities where the Company has determined that it does hold a variable interest, the Company performs an assessment to determine whether each of those entities qualify as a VIE. The Company holds equity investments in certain of its proprietary funds. While the Company and other related-party owners own a significant portion of the entities in some instances, the Company has determined that it is not the ultimate primary beneficiary. The Company’s maximum exposure to loss is the potential loss of its investment, it can redeem its investment at any time (in accordance with the redemption provisions of the specific funds) and does not have in place any liquidity arrangements or other commitments with third parties on behalf of the funds. Accordingly, the underlying assets and liabilities related to these entities are not consolidated with the Company’s condensed consolidated financial statements
Use of Estimates	(b) Use of estimates The preparation of the 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.
Liquidity	(c) 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.
Digital Assets	(d) Digital assets Through December 31, 2023, the Company accounted for digital assets in accordance with the AICPA’s practice aid “Accounting for and auditing of digital assets.” In accordance with this practice aid, digital assets are accounted for as an indefinite-lived intangible asset and are initially valued based on the current price of the digital asset at the time the digital asset was received. During 2023, the Company evaluated digital assets for impairment on a daily basis or when events or changes indicate the carrying value may not be recoverable by using the daily low price. The Company has evaluated its digital assets for impairment and did not record any impairments for the three and nine months ended September 30, 2023. Effective January 1, 2024, 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 $ 8 that are Level 2. The following tables present additional information about the Company’s digital assets as of September 30, 2024 and December 31, 2023, respectively: September 30, 2024 December 31, 2023 Units Held Cost Basis Fair Value Units Held Cost Basis Fair Value Bitcoin 130.92 $ 1,673 $ 8,287 129.80 $ 1,555 $ 5,488 Litecoin 1,208.80 137 81 1,208.80 137 88 Ethereum 175.70 53 457 175.70 53 401 Bitcoin Cash 226.35 67 76 193.20 55 50 All others 10,062.23 34 128 10,085.97 29 73 11,804.00 $ 1,964 $ 9,029 11,793.47 $ 1,829 $ 6,100
Investments, at Fair Value	(e) 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
Investments in Proprietary Funds	(f) Investments in proprietary funds 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.
Other Investments	(g) Other investments 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 Investments in proprietary funds on the Condensed Consolidated Balance sheets.
Fair Value Measurements	(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 Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments are not applied to Level 1 investments. 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 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.
Revenue Recognition	(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”), which are generally earned when a predefined minimum investment return (“Return Threshold”) for the managed funds are earned. When applicable, Incentive Fees are recognized in the statements of operations based on the contractual conditions set forth in the agreements governing the managed funds as if the managed funds were terminated and liquidated at the reporting date and the managed funds’ investments were realized at the then estimated fair values. 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. Management and advisory fees are comprised of base management fees, advisory and other fees and are accounted for as contracts with customers. The Company earns base management fees from its customers at a fixed percentage of a calculation base which is typically invested capital or net asset value. The Company identifies its customers on a fund-by-fund basis in accordance with the terms and circumstances of the individual fund. Generally, the customer is identified as the investor in its managed funds and investment vehicles, but for certain widely held funds or vehicles, the fund or vehicle itself may be identified as the customer. 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 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. Transaction, advisory and other fees are principally fees charged to the investors of funds indirectly through the managed funds. These fees are based on a fixed percentage of enterprise value or equity value of pooled capital raised and are earned which generally coincides with when the capital is called. These fees are not tied to performance or ongoing investment management services, are not subject to claw back and are recorded in the period in which the related transaction closes. Accrued but unpaid management and advisory fees as of the reporting date are included in fees receivable. The following table disaggregates our management services revenue by type: Three months ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Mutual fund management fees $ 6,378 $ 5,194 $ 16,748 $ 15,715 ETF management fees 1,877 2,180 4,817 7,291 Separately managed account management fees 4,739 4,313 14,737 13,020 Proprietary fund management fees 1,939 1,022 5,433 3,011 $ 14,933 $ 12,709 $ 41,735 $ 39,037 The following table presents balances of management fees receivable by type: September 30, 2024 December 31, 2023 Mutual fund management fees $ 2,089 $ 1,652 ETF management fees 626 549 Separately managed account management fees 1,983 281 Proprietary fund management fees 1,759 1,019 Other 491 952 $ 6,948 $ 4,453
Other Revenue	(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. The Company also generates revenue from sales of consumer products. Consumer product revenue contracts are identified when purchase orders are received and accepted from customers and represent a single performance obligation to sell our products to a customer, and are recorded net of expected customer allowances and promotional programs. Net revenues are recorded at the time that control of the products is transferred to customers.
Third Party Distribution	(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.
Income Taxes	(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 Balance Sheets.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	(m) Recently adopted accounting pronouncements In December 2023, the FASB issued ASU No. 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Topic 350-60). ASU No. 2023-08 requires that an entity measure crypto assets at fair value with changes recognized in net income at each reporting period and present crypto assets separately from other intangible assets in the balance sheet and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement. ASU No. 2023-08 is effective for annual periods beginning after December 15, 2024 and interim periods within annual periods beginning after December 15, 2024. The Company adopted ASU 2023-08 as of January 1, 2024 resulting in certain expanded disclosures about digital assets and recorded an increase to our digital assets and shareholders’ equity of approximately $ 4.4 million. (n) Recently issued accounting pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU No. 2023-07 requires disclosures about significant segment expenses and additional interim disclosure requirements. This standard also requires a single reportable segment to provide all disclosures required by Accounting Standards Codification Topic 280. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively for all prior periods presented in the consolidated financial statements. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2024. We are currently evaluating the potential impact of adopting this standard on our disclosures. 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. This standard is effective for fiscal years beginning after December 15, 2024, and requires prospective application with the option to apply it retrospectively. We intend to adopt this standard in our Annual Report on Form 10-K for the year ending December 31, 2025. We are currently evaluating the potential impact of adopting this standard on our disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Digital Assets	The following tables present additional information about the Company’s digital assets as of September 30, 2024 and December 31, 2023, respectively: September 30, 2024 December 31, 2023 Units Held Cost Basis Fair Value Units Held Cost Basis Fair Value Bitcoin 130.92 $ 1,673 $ 8,287 129.80 $ 1,555 $ 5,488 Litecoin 1,208.80 137 81 1,208.80 137 88 Ethereum 175.70 53 457 175.70 53 401 Bitcoin Cash 226.35 67 76 193.20 55 50 All others 10,062.23 34 128 10,085.97 29 73 11,804.00 $ 1,964 $ 9,029 11,793.47 $ 1,829 $ 6,100
Summary of Disaggregates of Management Services Revenue	The following table disaggregates our management services revenue by type: Three months ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Mutual fund management fees $ 6,378 $ 5,194 $ 16,748 $ 15,715 ETF management fees 1,877 2,180 4,817 7,291 Separately managed account management fees 4,739 4,313 14,737 13,020 Proprietary fund management fees 1,939 1,022 5,433 3,011 $ 14,933 $ 12,709 $ 41,735 $ 39,037
Summary of Balances of Management Fees Receivable	The following table presents balances of management fees receivable by type: September 30, 2024 December 31, 2023 Mutual fund management fees $ 2,089 $ 1,652 ETF management fees 626 549 Separately managed account management fees 1,983 281 Proprietary fund management fees 1,759 1,019 Other 491 952 $ 6,948 $ 4,453

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combinations [Abstract]
Schedule of Purchase Price Was Finalized Based on Stock Price	The purchase price was finalized based on the stock price on the closing date. Shares of Scott's Liquid Gold-Inc. 13,012 Share price on August 1, 2024 $ 1.06 Fair value of consideration $ 13,792
Schedule of Fair Value Assessments are Preliminary and are Based Upon Available Information and Certain Assumptions	The fair value assessments are preliminary and are based upon available information and certain assumptions which the Company believes are reasonable, and therefore are subject to revisions that may result in adjustments to the values presented below: Description Amount Cash and cash equivalents $ 2,823 Other current assets 935 Other non-current assets 1,298 Intangible assets, net 2,465 Goodwill 5,151 Deferred tax asset 3,871 Current liabilities ( 406 ) Non-current liabilities ( 2,345 ) Preliminary purchase price $ 13,792
Schedule of Unaudited Pro Forma Information	The unaudited pro forma information is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place on that date: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net revenues $ 15,649 $ 13,653 $ 44,214 $ 42,045 Net income (loss) $ 21,493 $ 24,417 $ 75,310 $ ( 69,839 ) Basic and diluted earnings (loss) per share $ 1.15 $ 1.31 $ 4.04 $ ( 3.75 ) Basic and diluted weighted average shares outstanding 18,634 18,634 18,634 18,634

Investments, at Fair Value (Tab

Investments, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Investments at Fair Value	The following summarizes the Company’s investments accounted for at fair value at September 30, 2024 using the fair value hierarchy: September 30, 2024 Total Level 1 Level 2 Level 3 Investments: Texas Pacific Land Corporation $ 51,046 $ 51,046 $ - $ - Kinetics Market Opportunities Fund 6,676 - 6,676 - Kinetics Mutual Funds and ETFs 6,160 - 6,160 - Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class 3,203 - 3,203 - All other market traded equity securities 2,518 2,518 - - CBOE Global Markets 2,016 2,016 - - FRMO Corporation 1,630 - 1,630 - Grayscale Bitcoin Trust 1,617 1,617 - - Totals $ 74,866 $ 57,197 $ 17,669 $ - Liabilities: Market traded equity securities - sold short ( 14 ) ( 14 ) - - Total Liabilities ( 14 ) ( 14 ) - - Total $ 74,852 $ 57,183 $ 17,669 $ - The following summarizes the Company’s investments accounted for at fair value at December 31, 2023 using the fair value hierarchy: December 31, 2023 Total Level 1 Level 2 Level 3 Investments: Texas Pacific Land Corporation $ 30,084 $ 30,084 $ - $ - Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class 2,015 - 2,015 - All other market traded equity securities 1,679 1,679 - - FRMO Corporation 1,259 - 1,259 - Horizon Kinetics SPAC Active ETF 1,256 - 1,256 - Grayscale Bitcoin Trust 1,105 1,105 - - Kinetics Mutual Funds and ETFs 224 - 224 - Totals $ 37,622 $ 32,868 $ 4,754 $ - Liabilities: Market traded equity securities - sold short ( 2 ) ( 2 ) - - Total Liabilities ( 2 ) ( 2 ) - - Total $ 37,620 $ 32,866 $ 4,754 $ -

Investments in Proprietary Fu_2

Investments in Proprietary Funds (Tables)	9 Months Ended
	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Proprietary Funds	At September 30, 2024 and December 31, 2023, investments in proprietary funds, which are recorded using the equity method of accounting, consist of the following: September 30, 2024 Equity Held Ownership Management Performance Receivable at September 30, 2024 Polestar Fund LP (Class A and S) $ 43,645 10.9 % $ 1,855 $ 159 $ 706 Kinetics Institutional Partners LP 21,640 37.8 % 212 - 29 Horizon Multi-Strategy Fund, LP 28,362 11.1 % 1,308 51 421 Horizon Kinetics Equity Opportunities Fund (All classes) 37,168 9.6 % - 458 20 Horizon Multi-Disciplinary Fund, LP 7,183 34.0 % 53 355 149 Kinetics Partners LP 19,898 50.5 % 10 - 1 Horizon Kinetics Hard Assets, LLC 9,094 3.1 % - - - All others 9,736 497 383 231 $ 176,726 $ 3,935 $ 1,406 $ 1,557 December 31, 2023 Equity Held Ownership Management Performance Receivable at December 31, 2023 Polestar Fund LP (Class A and S) $ 28,821 11.2 % $ 1,704 $ 222 $ 448 Kinetics Institutional Partners LP 13,667 37.3 % 217 - 19 Horizon Multi-Strategy Fund, LP 17,716 15.3 % 1,077 51 241 Horizon Kinetics Equity Opportunities Fund (All classes) 17,149 6.3 % - - - Horizon Multi-Disciplinary Fund, LP 5,387 33.4 % 55 - 15 Kinetics Partners LP 6,884 24.4 % 11 - 1 Horizon Kinetics Hard Assets, LLC 5,362 3.1 % - - - All others 7,790 459 130 54 $ 102,776 $ 3,523 $ 403 $ 778
Schedule of Financial Information of Equity Method Investment	The tables below present summarized financial information of the Company’s equity method investments at September 30, 2024: Statement of Financial Condition Net Long Other Assets Liabilities Equity Polestar Fund LP (Class A and S) $ 376,804 $ 26,716 $ 3,917 $ 399,603 Kinetics Institutional Partners LP 57,702 71 598 57,175 Horizon Multi-Strategy Fund, LP 184,552 24 594 183,982 Horizon Kinetics Equity Opportunities Fund (All classes) 319,014 308 433 318,889 Horizon Multi-Disciplinary Fund, LP 21,128 - 33 21,095 Kinetics Partners LP 39,380 53 38 39,395 Horizon Kinetics Hard Assets, LLC 283,576 9,132 95 292,613 All others 139,523 73,445 4,169 208,799 $ 1,421,679 $ 109,749 $ 9,877 $ 1,521,551 Statement of Operations Revenue / (Expenses) Net Realized Net Income Polestar Fund LP (Class A and S) $ 3,952 $ ( 787 ) $ 53,182 $ 56,347 Kinetics Institutional Partners LP 524 ( 106 ) 7,689 8,107 Horizon Multi-Strategy Fund, LP 1,261 ( 539 ) 21,183 21,905 Horizon Kinetics Equity Opportunities Fund (All classes) 181 ( 158 ) 8,206 8,229 Horizon Multi-Disciplinary Fund, LP - ( 33 ) 1,938 1,905 Kinetics Partners LP 366 ( 24 ) 5,507 5,849 Horizon Kinetics Hard Assets, LLC 3,650 ( 6 ) 47,980 51,624 All others 2,697 ( 2,680 ) 11,913 11,930 $ 12,631 $ ( 4,333 ) $ 157,598 $ 165,896 The tables below present summarized financial information of the Company’s equity method investments at December 31, 2023: Statement of Financial Condition Net Long Other Assets Liabilities Equity Polestar Fund LP (Class A and S) $ 230,259 $ 28,614 $ 1,059 $ 257,814 Kinetics Institutional Partners LP 32,543 4,138 73 36,608 Horizon Multi-Strategy Fund, LP 115,390 1,161 807 115,744 Horizon Kinetics Equity Opportunities Fund (All classes) 272,644 1,837 3,079 271,402 Horizon Multi-Disciplinary Fund, LP 16,178 - 28 16,150 Kinetics Partners LP 24,903 3,326 54 28,175 Horizon Kinetics Hard Assets, LLC 167,972 5,939 102 173,809 All others 102,527 75,197 1,955 175,769 $ 962,416 $ 120,212 $ 7,157 $ 1,075,471 Statement of Operations Revenue / (Expenses) Net Realized Net Income Polestar Fund LP (Class A and S) $ 2,805 $ ( 1,998 ) $ ( 43,888 ) $ ( 43,081 ) Kinetics Institutional Partners LP 323 ( 293 ) ( 4,304 ) ( 4,274 ) Horizon Multi-Strategy Fund, LP 776 ( 1,262 ) 7,185 6,699 Horizon Kinetics Equity Opportunities Fund (All classes) 4,716 ( 403 ) 142,742 147,055 Horizon Multi-Disciplinary Fund, LP 365 ( 73 ) 634 926 Kinetics Partners LP 281 ( 84 ) ( 5,068 ) ( 4,871 ) Horizon Kinetics Hard Assets, LLC 1,650 ( 17 ) ( 80,782 ) ( 79,149 ) All others 10,232 ( 8,343 ) 13,778 15,667 $ 21,148 $ ( 12,473 ) $ 30,297 $ 38,972

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Amounts Due to or Due From the Company to Related Party Affiliates	As of September 30, 2024 and December 31, 2023, amounts due to or due from the Company to related party affiliates is summarized as follows: September 30, 2024 December 31, 2023 Receivable Payable Receivable Payable Horizon Common Inc. $ - $ ( 6,949 ) $ 17 $ ( 6,899 ) Kinetics Common Inc. - - 66 - Kinetics Holding Corporation - - 42 - Proprietary funds 116 - 120 ( 7 ) FRMO Corporation - ( 2,480 ) - ( 3,040 ) HM Tech - - 2,089 - Other affiliated entities - - 326 ( 20 ) $ 116 $ ( 9,429 ) $ 2,660 $ ( 9,966 )
Schedule of Amounts Recognized From Related Party Affiliates	For the three and nine months ended September 30, 2024 and 2023, amounts recognized from related party affiliates is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues Expenses Revenues Expenses Revenues Expenses Revenues Expenses Proprietary funds $ 10,194 $ - $ 8,377 $ - $ 26,997 $ - $ 25,996 $ - FRMO Corporation 2 642 - 547 9 1,802 - 1,752 Consensus Mining & Seigniorage Corp 3 - 3 - 9 - 9 - HM Tech - 3 - 6 - 10 - 23 $ 10,199 $ 645 $ 8,380 $ 553 $ 27,015 $ 1,812 $ 26,005 $ 1,775

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Information on Segments	The following provides information on our segments for the three and nine months ended September 30: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023 Asset Management Consumer Products Total Asset Management Consumer Products Total Revenue $ 14,803 $ 565 $ 15,368 $ 12,746 $ - $ 12,746 Income (loss) before provision for income taxes 31,207 ( 117 ) 31,090 25,604 - 25,604 Depreciation and amortization 455 41 496 453 - 453 Identifiable assets 348,607 16,509 365,116 231,379 - 231,379 Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023 Asset Management Consumer Products Total Asset Management Consumer Products Total Revenue $ 41,870 $ 565 $ 42,435 $ 39,422 $ - $ 39,422 Income (loss) before provision for income taxes 87,564 ( 117 ) 87,447 ( 7,628 ) - ( 7,628 ) Depreciation and amortization 1,374 41 1,415 1,368 - 1,368 Identifiable assets 348,607 16,509 365,116 231,379 - 231,379

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Tax	The provision for income tax for the nine months ended September 30, 2024 is as follows: Nine Months Ended September 30, 2024 Current provision: Federal $ 375 State 230 Total current provision 605 Deferred provision: Federal 46,987 State 23,143 Total deferred provision 70,130 Provision: Federal 47,362 State 23,373 Total provision $ 70,735
Schedule of Income Tax Expense at Statutory Tax Rate	Income tax expense at the statutory tax rate is reconciled to the overall income tax expense for the nine months ended September 30, 2024 as follows: Nine Months Ended September 30, 2024 Federal income tax from continuing operations at statutory rates 21.0 % State income taxes, net of federal tax effect 0.3 % Permanent differences 0.1 % Conversion to C-Corporation status 68.3 % Other ( 8.8 )% Provision for income taxes 80.9 %
Schedule of Net Deferred Tax Assets and Liabilities	The net deferred tax assets and liabilities as of September 30, 2024 are comprised of the following: September 30, 2024 Deferred tax assets: Net operating loss carryforwards $ 3,853 Operating lease liabilities 1,734 Other 1,054 Total deferred tax assets 6,641 Deferred tax liabilities: Digital assets 2,192 Operating lease right-of-use assets 2,480 Investments, at fair value 15,517 Investments in proprietary funds 48,031 Intangible assets and goodwill 12,061 Total deferred tax liabilities 80,281 Deferred tax liability, net $ 73,640

Lease Liabilities (Tables)

Lease Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Future Minimum Annual Lease Payments	The Company’s expected future minimum annual lease payments are as follows: 2024 (remainder) $ 699 2025 2,834 2026 2,834 2027 994 2028 441 Thereafter 864 Total minimum lease payments $ 8,666 Less: imputed interest ( 665 ) Total operating lease liability $ 8,001

General - Additional Informatio

General - Additional Information (Details) $ in Millions	Aug. 01, 2024 USD ($) shares
Horizon Kinetics
Business Acquisition [Line Items]
Shares issued | shares	17,984,253
Percentage of voting rights acquired	96.50%
Tangible net assets	$ 250
Value of operating business	$ 200
SLGD Legacy Shareholders
Business Acquisition [Line Items]
Percentage of common stock outstanding	3.50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Organization And Presentation Of Financial Statements [Line Items]
Shareholders' equity	$ 265,372	$ 264,257	$ 252,598	$ 209,088	$ 208,392	$ 184,121	$ 200,150	$ 224,933
ASU 2023-08
Schedule Of Organization And Presentation Of Financial Statements [Line Items]
Shareholders' equity	$ 4,400
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2024
Level 2
Schedule Of Organization And Presentation Of Financial Statements [Line Items]
Other assets fair value	$ 8

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Digital Assets (Details) $ in Thousands	Sep. 30, 2024 USD ($) CryptoUnit	Dec. 31, 2023 USD ($) CryptoUnit
Crypto Asset, Holding [Line Items]
Units Held | CryptoUnit	11,804	11,793.47
Cost Basis	$ 1,964	$ 1,829
Fair Value	9,029	1,829
After Adoption of ASU 2023-08
Crypto Asset, Holding [Line Items]
Fair Value	$ 9,029	$ 6,100
Bitcoin
Crypto Asset, Holding [Line Items]
Units Held | CryptoUnit	130.92	129.80
Cost Basis	$ 1,673	$ 1,555
Bitcoin | After Adoption of ASU 2023-08
Crypto Asset, Holding [Line Items]
Fair Value	$ 8,287	$ 5,488
Litecoin
Crypto Asset, Holding [Line Items]
Units Held | CryptoUnit	1,208.8	1,208.8
Cost Basis	$ 137	$ 137
Litecoin | After Adoption of ASU 2023-08
Crypto Asset, Holding [Line Items]
Fair Value	$ 81	$ 88
Ethereum
Crypto Asset, Holding [Line Items]
Units Held | CryptoUnit	175.70	175.70
Cost Basis	$ 53	$ 53
Ethereum | After Adoption of ASU 2023-08
Crypto Asset, Holding [Line Items]
Fair Value	$ 457	$ 401
Bitcoin Cash
Crypto Asset, Holding [Line Items]
Units Held | CryptoUnit	226.35	193.20
Cost Basis	$ 67	$ 55
Bitcoin Cash | After Adoption of ASU 2023-08
Crypto Asset, Holding [Line Items]
Fair Value	$ 76	$ 50
All Others
Crypto Asset, Holding [Line Items]
Units Held | CryptoUnit	10,062.23	10,085.97
Cost Basis	$ 34	$ 29
All Others | After Adoption of ASU 2023-08
Crypto Asset, Holding [Line Items]
Fair Value	$ 128	$ 73

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Summary of Disaggregates of Management Services Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 15,368	$ 12,746	$ 42,435	$ 39,422
Management and Advisory Fees
Disaggregation of Revenue [Line Items]
Total revenue	14,933	12,709	41,735	39,037
Management and Advisory Fees | Mutual Fund Management Fees
Disaggregation of Revenue [Line Items]
Total revenue	6,378	5,194	16,748	15,715
Management and Advisory Fees | ETF Management Fees
Disaggregation of Revenue [Line Items]
Total revenue	1,877	2,180	4,817	7,291
Management and Advisory Fees | Separately Managed Account Management Fees
Disaggregation of Revenue [Line Items]
Total revenue	4,739	4,313	14,737	13,020
Management and Advisory Fees | Proprietary Fund Management Fees
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,939	$ 1,022	$ 5,433	$ 3,011

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Summary of Balances Of Management Fees Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Fees receivable	$ 6,948	$ 4,453
Mutual Fund Management Fees
Disaggregation of Revenue [Line Items]
Fees receivable	2,089	1,652
ETF Management Fees
Disaggregation of Revenue [Line Items]
Fees receivable	626	549
Separately Managed Account Management Fees
Disaggregation of Revenue [Line Items]
Fees receivable	1,983	281
Proprietary Fund Management Fees
Disaggregation of Revenue [Line Items]
Fees receivable	1,759	1,019
Other
Disaggregation of Revenue [Line Items]
Fees receivable	$ 491	$ 952

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) $ in Millions	Aug. 01, 2024 USD ($) shares
Horizon Kinetics
Business Acquisition [Line Items]
Shares converted into common shares | shares	13,012
Shares issued | shares	17,984,253
Percentage of voting rights acquired	96.50%
Tangible net assets | $	$ 250
Value of operating business | $	$ 200
SLGD Legacy Shareholders
Business Acquisition [Line Items]
Percentage of common stock outstanding	3.50%

Acquisitions - Schedule of Purc

Acquisitions - Schedule of Purchase Price Finalized Based on Stock Price (Details) - Horizon Kinetics $ / shares in Units, $ in Thousands	Aug. 01, 2024 USD ($) $ / shares shares
Business Acquisition [Line Items]
Shares of Scott's Liquid Gold-Inc. | shares	13,012
Share price on August 1, 2024 | $ / shares	$ 1.06
Fair value of consideration | $	$ 13,792

Acquisitions - Schedule of Fair

Acquisitions - Schedule of Fair Value Assessments are Preliminary and are Based Upon Available Information and Certain Assumptions (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Aug. 01, 2024	Dec. 31, 2023
Business Combinations [Abstract]
Cash and cash equivalents		$ 2,823
Other current assets		935
Other non-current assets		1,298
Intangible assets, net		2,465
Goodwill	$ 24,425	5,151	$ 19,273
Deferred tax asset		3,871
Current liabilities		(406)
Non-current liabilities		(2,345)
Preliminary purchase price		$ 13,792

Acquisitions - Schedule of Unau

Acquisitions - Schedule of Unaudited Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Combinations [Abstract]
Net revenues	$ 15,649	$ 13,653	$ 44,214	$ 42,045
Net income (loss)	$ 21,493	$ 24,417	$ 75,310	$ (69,839)
Basic earnings (loss) per share	$ 1.15	$ 1.31	$ 4.04	$ (3.75)
Diluted earnings (loss) per share	$ 1.15	$ 1.31	$ 4.04	$ (3.75)
Basic weighted average shares outstanding	18,634	18,634	18,634	18,634
Diluted weighted average shares outstanding	18,634	18,634	18,634	18,634

Investments, at Fair Value - Sc

Investments, at Fair Value - Schedule of Investments at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	$ 74,866	$ 37,622
Total Liabilities	(14)	(2)
Total	74,852	37,620
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	57,197	32,868
Total Liabilities	(14)	(2)
Total	57,183	32,866
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	17,669	4,754
Total	17,669	4,754
Texas Pacific Land Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	51,046	30,084
Texas Pacific Land Corporation | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	51,046	30,084
Kinetics Market Opportunities Fund
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	6,676
Kinetics Market Opportunities Fund | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	6,676
Kinetics Mutual Funds and ETFs
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	6,160	224
Kinetics Mutual Funds and ETFs | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	6,160	224
Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	3,203	2,015
Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	3,203	2,015
All Other Market Traded Equity Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	2,518	1,679
All Other Market Traded Equity Securities | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	2,518	1,679
CBOE Global Markets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	2,016
CBOE Global Markets | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	2,016
FRMO Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	1,630	1,259
FRMO Corporation | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	1,630	1,259
Grayscale Bitcoin Trust
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	1,617	1,105
Grayscale Bitcoin Trust | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments	1,617	1,105
Horizon Kinetics SPAC Active ETF
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments		1,256
Horizon Kinetics SPAC Active ETF | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments		1,256
Market Traded Equity Securities - Sold Short
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Liabilities	(14)	(2)
Market Traded Equity Securities - Sold Short | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total Liabilities	$ (14)	$ (2)

Investments, at Fair Value - Ad

Investments, at Fair Value - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, at fair value	$ 74,852,000	$ 37,620,000
Investments cost	24,884,000
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments, at fair value	$ 0	$ 0

Investments in Proprietary Fu_3

Investments in Proprietary Funds - Schedule of Investments in Proprietary Funds (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity Held	$ 176,726	$ 102,776
Management Fees	3,935	3,523
Performance Fees	1,406	403
Receivable	1,557	778
Polestar Fund LP (Class A and S)
Schedule of Equity Method Investments [Line Items]
Equity Held	$ 43,645	$ 28,821
Ownership %	10.90%	11.20%
Management Fees	$ 1,855	$ 1,704
Performance Fees	159	222
Receivable	706	448
Kinetics Institutional Partners LP
Schedule of Equity Method Investments [Line Items]
Equity Held	$ 21,640	$ 13,667
Ownership %	37.80%	37.30%
Management Fees	$ 212	$ 217
Receivable	29	19
Horizon Multi-Strategy Fund, LP
Schedule of Equity Method Investments [Line Items]
Equity Held	$ 28,362	$ 17,716
Ownership %	11.10%	15.30%
Management Fees	$ 1,308	$ 1,077
Performance Fees	51	51
Receivable	421	241
Horizon Kinetics Equity Opportunities Fund (All classes)
Schedule of Equity Method Investments [Line Items]
Equity Held	$ 37,168	$ 17,149
Ownership %	9.60%	6.30%
Performance Fees	$ 458
Receivable	20
Horizon Multi-Disciplinary Fund, LP
Schedule of Equity Method Investments [Line Items]
Equity Held	$ 7,183	$ 5,387
Ownership %	34%	33.40%
Management Fees	$ 53	$ 55
Performance Fees	355
Receivable	149	15
Kinetics Partners LP
Schedule of Equity Method Investments [Line Items]
Equity Held	$ 19,898	$ 6,884
Ownership %	50.50%	24.40%
Management Fees	$ 10	$ 11
Receivable	1	1
Horizon Kinetics Hard Assets, LLC
Schedule of Equity Method Investments [Line Items]
Equity Held	$ 9,094	$ 5,362
Ownership %	3.10%	3.10%
All Others
Schedule of Equity Method Investments [Line Items]
Equity Held	$ 9,736	$ 7,790
Management Fees	497	459
Performance Fees	383	130
Receivable	$ 231	$ 54

Investments in Proprietary Fu_4

Investments in Proprietary Funds - Schedule of Financial Information of Equity Method Investment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Condition
Liabilities	$ 99,744						$ 99,744		$ 22,795
Equity	265,372	$ 264,257	$ 252,598	$ 208,392	$ 184,121	$ 200,150	265,372	$ 208,392	209,088	$ 224,933
Statement of Operations
Net Income (Loss)	(38,167)	$ 14,038	$ 40,841	$ 25,471	$ (12,509)	$ (19,883)	16,712	$ (6,921)
Equity Method Investment
Statement of Financial Condition
Net Long and Short Positions	1,421,679						1,421,679		962,416
Other Assets	109,749						109,749		120,212
Liabilities	9,877						9,877		7,157
Equity	1,521,551						1,521,551		1,075,471
Statement of Operations
Revenue/Investment Income							12,631		21,148
(Expenses)							(4,333)		(12,473)
Net Realized and Unrealized Gain (Loss)							157,598		30,297
Net Income (Loss)							165,896		38,972
Polestar Fund LP (Class A and S) | Equity Method Investment
Statement of Financial Condition
Net Long and Short Positions	376,804						376,804		230,259
Other Assets	26,716						26,716		28,614
Liabilities	3,917						3,917		1,059
Equity	399,603						399,603		257,814
Statement of Operations
Revenue/Investment Income							3,952		2,805
(Expenses)							(787)		(1,998)
Net Realized and Unrealized Gain (Loss)							53,182		(43,888)
Net Income (Loss)							56,347		(43,081)
Kinetics Institutional Partners LP | Equity Method Investment
Statement of Financial Condition
Net Long and Short Positions	57,702						57,702		32,543
Other Assets	71						71		4,138
Liabilities	598						598		73
Equity	57,175						57,175		36,608
Statement of Operations
Revenue/Investment Income							524		323
(Expenses)							(106)		(293)
Net Realized and Unrealized Gain (Loss)							7,689		(4,304)
Net Income (Loss)							8,107		(4,274)
Horizon Multi-Strategy Fund, LP | Equity Method Investment
Statement of Financial Condition
Net Long and Short Positions	184,552						184,552		115,390
Other Assets	24						24		1,161
Liabilities	594						594		807
Equity	183,982						183,982		115,744
Statement of Operations
Revenue/Investment Income							1,261		776
(Expenses)							(539)		(1,262)
Net Realized and Unrealized Gain (Loss)							21,183		7,185
Net Income (Loss)							21,905		6,699
Horizon Kinetics Equity Opportunities Fund (All classes) | Equity Method Investment
Statement of Financial Condition
Net Long and Short Positions	319,014						319,014		272,644
Other Assets	308						308		1,837
Liabilities	433						433		3,079
Equity	318,889						318,889		271,402
Statement of Operations
Revenue/Investment Income							181		4,716
(Expenses)							(158)		(403)
Net Realized and Unrealized Gain (Loss)							8,206		142,742
Net Income (Loss)							8,229		147,055
Horizon Multi-Disciplinary Fund, LP | Equity Method Investment
Statement of Financial Condition
Net Long and Short Positions	21,128						21,128		16,178
Liabilities	33						33		28
Equity	21,095						21,095		16,150
Statement of Operations
Revenue/Investment Income									365
(Expenses)							(33)		(73)
Net Realized and Unrealized Gain (Loss)							1,938		634
Net Income (Loss)							1,905		926
Kinetics Partners LP | Equity Method Investment
Statement of Financial Condition
Net Long and Short Positions	39,380						39,380		24,903
Other Assets	53						53		3,326
Liabilities	38						38		54
Equity	39,395						39,395		28,175
Statement of Operations
Revenue/Investment Income							366		281
(Expenses)							(24)		(84)
Net Realized and Unrealized Gain (Loss)							5,507		(5,068)
Net Income (Loss)							5,849		(4,871)
Horizon Kinetics Hard Assets, LLC | Equity Method Investment
Statement of Financial Condition
Net Long and Short Positions	283,576						283,576		167,972
Other Assets	9,132						9,132		5,939
Liabilities	95						95		102
Equity	292,613						292,613		173,809
Statement of Operations
Revenue/Investment Income							3,650		1,650
(Expenses)							(6)		(17)
Net Realized and Unrealized Gain (Loss)							47,980		(80,782)
Net Income (Loss)							51,624		(79,149)
All Others | Equity Method Investment
Statement of Financial Condition
Net Long and Short Positions	139,523						139,523		102,527
Other Assets	73,445						73,445		75,197
Liabilities	4,169						4,169		1,955
Equity	$ 208,799						208,799		175,769
Statement of Operations
Revenue/Investment Income							2,697		10,232
(Expenses)							(2,680)		(8,343)
Net Realized and Unrealized Gain (Loss)							11,913		13,778
Net Income (Loss)							$ 11,930		$ 15,667

Investments in Proprietary Fu_5

Investments in Proprietary Funds - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in private funds	$ 1,186	$ 1,186

Related Party Transactions - Sc

Related Party Transactions - Schedule of Amounts Due to or Due From the Company to Related Party Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Receivable	$ 116	$ 2,660
Payable	(9,429)	(9,966)
Other Affiliated Entities
Related Party Transaction [Line Items]
Receivable		326
Payable		(20)
Affiliated Entity
Related Party Transaction [Line Items]
Receivable	116	2,660
Payable	(9,429)	(9,966)
Affiliated Entity | Horizon Common Inc.
Related Party Transaction [Line Items]
Receivable		17
Payable	(6,949)	(6,899)
Affiliated Entity | Kinetics Common Inc.
Related Party Transaction [Line Items]
Receivable		66
Affiliated Entity | Kinetics Holding Corporation
Related Party Transaction [Line Items]
Receivable		42
Affiliated Entity | Proprietary Funds
Related Party Transaction [Line Items]
Receivable	116	120
Payable		(7)
Affiliated Entity | FRMO Corporation
Related Party Transaction [Line Items]
Payable	$ (2,480)	(3,040)
Affiliated Entity | HM Tech
Related Party Transaction [Line Items]
Receivable		$ 2,089

Related Party Transactions - _2

Related Party Transactions - Schedule of Amounts Recognized From Related Party Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Revenues	$ 15,368	$ 12,746	$ 42,435	$ 39,422
Expenses	14,018	11,105	37,220	35,743
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Revenues	10,199	8,380	27,015	26,005
Expenses	645	553	1,812	1,775
Affiliated Entity [Member] | Proprietary Funds
Related Party Transaction [Line Items]
Revenues	10,194	8,377	26,997	25,996
Affiliated Entity [Member] | FRMO Corporation
Related Party Transaction [Line Items]
Revenues	2		9
Expenses	642	547	1,802	1,752
Affiliated Entity [Member] | Consensus Mining & Seigniorage Corp
Related Party Transaction [Line Items]
Revenues	3	3	9	9
Affiliated Entity [Member] | HM Tech
Related Party Transaction [Line Items]
Expenses	$ 3	$ 6	$ 10	$ 23

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Consensus Mining & Seigniorage Corp
Related Party Transaction [Line Items]
Guarantee promissory note	$ 0.3
FRMO Corporation
Related Party Transaction [Line Items]
Related party gross revenue	4.20%
Ownership interest	4.95%

Stock-Based Compensation and _2

Stock-Based Compensation and Shareholders' Equity - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	9 Months Ended
	Jul. 01, 2024	Sep. 30, 2024	Sep. 30, 2024
Class A-2
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Membership units issued in exchange of assets	801,932
Net assets acquired in exchange for membership units	$ 25.5
Deferred tax liability assumed	$ 6.8
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of restricted stock units granted		0	0
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options granted		0	0

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Diluted earnings per share	0	0	0	0

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Number of business segment	2

Segment Information - Informati

Segment Information - Information on Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 15,368	$ 12,746	$ 42,435	$ 39,422
Income (loss) before provision for income taxes	31,090	25,604	87,447	(7,628)
Depreciation and amortization	496	453	1,415	1,368
Identifiable assets	365,116	231,379	365,116	231,379
Asset Management
Segment Reporting Information [Line Items]
Revenue	14,803	12,746	41,870	39,422
Income (loss) before provision for income taxes	31,207	25,604	87,564	(7,628)
Depreciation and amortization	455	453	1,374	1,368
Identifiable assets	348,607	$ 231,379	348,607	$ 231,379
Consumer Products
Segment Reporting Information [Line Items]
Revenue	565		565
Income (loss) before provision for income taxes	(117)		(117)
Depreciation and amortization	41		41
Identifiable assets	$ 16,509		$ 16,509

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax [Line Items]
Provision (benefit) for income taxes		$ 69,257	$ 133	$ 70,735	$ (707)
Deferred income tax expense	$ 59,700			70,130
Net deferred tax liability		$ 73,640		$ 73,640		$ 617

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Current provision:
Federal				$ 375
State				230
Total current provision				605
Deferred provision:
Federal				46,987
State				23,143
Total deferred provision	$ 59,700			70,130
Provision:
Federal				47,362
State				23,373
Total provision		$ 69,257	$ 133	$ 70,735	$ (707)

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense at Statutory Tax Rate (Details)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Federal income tax from continuing operations at statutory rates	21%
State income taxes, net of federal tax effect	0.30%
Permanent differences	0.10%
Conversion to C-Corporation status	68.30%
Other	(8.80%)
Provision for income taxes	80.90%

Income Taxes - Schedule of Net

Income Taxes - Schedule of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss carryforwards	$ 3,853
Operating lease liabilities	1,734
Other	1,054
Total deferred tax assets	6,641
Deferred tax liabilities:
Digital assets	2,192
Operating lease right-of-use assets	2,480
Investments, at fair value	15,517
Investments in proprietary funds	48,031
Intangible assets and goodwill	12,061
Total deferred tax liabilities	80,281
Deferred tax liability, net	$ 73,640	$ 617

Lease Liabilities - Additional

Lease Liabilities - Additional Information (Details)	Sep. 30, 2024
Minimum
Lessee Lease Description [Line Items]
Operating leases remaining lease terms	3 years
Lease liability discount rates	0.69%
Maximum
Lessee Lease Description [Line Items]
Operating leases remaining lease terms	7 years
Lease liability discount rates	5.10%

Lease Liabilities - Schedule of

Lease Liabilities - Schedule of Future Minimum Annual Lease Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remainder)	$ 699
2025	2,834
2026	2,834
2027	994
2028	441
Thereafter	864
Total minimum lease payments	8,666
Less imputed interest	(665)
Total operating lease liability	$ 8,001	$ 7,281

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Kinetics Funds
Loss Contingencies [Line Items]
Reimbursement of expenses incurred	$ 488	$ 314	$ 1,181	$ 1,206

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - O 2024 Q4 Dividends	Nov. 05, 2024 $ / shares
Subsequent Event [Line Items]
Dividend declared date	Nov. 05, 2024
Cash dividend declared per share	$ 0.053
Dividend payable date	Dec. 16, 2024
Dividend record date	Nov. 25, 2024