$HKHC

SCOTTS LIQUID GOLD INC

CIK:0000088000|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 19,036	$ 18,898	$ 37,329	$ 37,919
Operating expenses:
Compensation and related employee benefits	8,409	7,924	22,608	17,032
Sales, distribution and marketing	3,823	4,143	8,783	8,274
Depreciation and amortization	193	280	391	718
General and administrative expenses	2,954	2,676	5,499	5,208
Expenses of consolidated investment products	692	217	1,415	1,312
Total operating expenses	16,071	15,240	38,696	32,544
Operating income (loss)	2,965	3,658	(1,367)	5,375
Other income (expense):
Equity earnings, net	(1,966)	(4,561)	8,323	(1,510)
Interest and dividends	459	454	866	945
Other income (expense)	202	(190)	6,068	(241)
Unrealized (loss) gain on digital assets, net	(1,440)	3,428	(4,271)	1,649
Realized gain on investments, net	48	(2)	406	2,197
Unrealized gain (loss) on investments net	(8,007)	(15,422)	28,146	(1,689)
Total other income (expense), net	(122,509)	(29,939)	120,188	60,877
Income (loss) from continuing operations before provision for income taxes	(119,544)	(26,281)	118,821	66,252
Income tax (expense) benefit	6,616	3,841	(23,497)	(6,530)
Income (loss) from continuing operations, net of tax	(112,928)	(22,440)	95,324	59,722
Income (loss) from discontinued operations, net of tax	0	(910)	0	(1,237)
Net income (loss)	(112,928)	(23,350)	95,324	58,485
Less: net income (loss) attributable to redeemable noncontrolling interests	94,549	12,861	(41,171)	(46,133)
Net income (loss) attributable to Horizon Kinetics Holding Corporation	$ (18,379)	$ (10,489)	$ 54,153	$ 12,352
Basic and diluted net income per common shares:
Net income (loss) from continuing operations, basic	$ (0.99)	$ (0.51)	$ 2.91	$ 0.73
Net income (loss) from continuing operations, diluted	(0.99)	(0.51)	2.91	0.73
Net (loss) from discontinued operations, basic	0	(0.05)	0	(0.07)
Net (loss) from discontinued operations, diluted	0	(0.05)	0	(0.07)
Net income (loss) attributable to Horizon Kinetics Holding Corporation, basic	(0.99)	(0.56)	2.91	0.66
Net income (loss) attributable to Horizon Kinetics Holding Corporation, diluted	$ (0.99)	$ (0.56)	$ 2.91	$ 0.66
Weighted average shares outstanding:
Basic	18,635	18,635	18,635	18,635
Diluted	18,635	18,635	18,635	18,635
Consolidated Investment Products
Other income (expense):
Interest and dividends	$ 1,654	$ 1,887	$ 3,303	$ 4,792
Other income (expense)	(113,459)	(15,533)	77,347	54,734
Management and Advisory Fees
Total revenue	18,809	18,798	37,013	37,703
Other Income and Fees
Total revenue	$ 227	$ 100	$ 316	$ 216

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net cash used in operating activities	$ (8,814)	$ (22,326)
Investing activities:
Proceeds from sale of investments	895	32,313
Issuance of notes to related party	(150)	(160)
Deconsolidation of a consolidated investment product	0	(4,959)
Purchases of property and equipment	(1,196)	0
Purchases of investments	(654)	(3,475)
Receipts from notes from related party	0	80
Proceeds from key-man life insurance	5,000	0
Net cash provided by investing activities	3,895	23,799
Financing activities:
Dividends	(4,622)	(3,038)
Net cash (used in) provided by financing activities	(4,513)	12,233
Cash and cash equivalents of HKHC and consolidated investment products, beginning of year	82,377	58,752
Cash and cash equivalents of HKHC and consolidated investment products, end of period	72,945	72,458
Supplemental disclosure of cash flow information
Cash paid during the year for income taxes	6,140	0
Supplemental disclosure of non-cash investing and financing activities
Non-cash settlement of redemption payables through in-kind distributions	181,853	0
Contribution of investment securities for interest in Other investments	0	11,481
CIP
Financing activities:
Contributions from redeemable noncontrolling interests in consolidated investment products	14,564	36,568
Redemptions of redeemable noncontrolling interests in consolidated investment products	$ (14,455)	$ (21,297)

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 34,271	$ 36,884
Fees receivable, net	6,806	6,575
Investments, at fair value	105,398	76,535
Other assets	9,233	9,517
Other investments	29,617	21,032
Operating lease right-of-use assets	24,038	6,382
Property and equipment, net	1,555	395
Prepaid expenses and other assets	8,650	8,603
Due from affiliates	$ 59	$ 10
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Digital assets	$ 8,252	$ 12,509
Intangible assets, net	40,753	41,108
Goodwill	23,373	23,373
Total assets	1,942,837	1,996,811
Liabilities:
Accounts payable, accrued expenses and other	10,259	12,149
Accrued third party distribution expenses	370	578
Deferred revenue	46	66
Deferred tax liability, net	85,200	66,345
Due to affiliates	$ 7,646	$ 7,689
Other Liability, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Operating lease liability	$ 25,838	$ 8,248
Total liabilities	160,719	97,406
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests	1,393,634	1,560,452
Shareholders' equity
Preferred stock, no par value, authorized 20,000 shares; no shares issued and outstanding	0	0
Common stock; $0.10 par value, 50,000 shares authorized; 18,635 shares issued and outstanding, net of 1 share treasury stock at June 30, 2026 and December 31, 2025, respectively	1,864	1,864
Additional paid-in capital	39,243	39,243
Retained earnings	347,377	297,846
Total shareholders' equity	388,484	338,953
Total liabilities, noncontrolling interests, and shareholders' equity	1,942,837	1,996,811
CIP
Assets
Cash and cash equivalents	38,674	45,493
Investments, at fair value	1,612,158	1,708,395
Other assets	9,233	9,517
Digital assets	119,767	184,857
Liabilities:
Accounts payable, accrued expenses and other	27,125	1,596
Other liabilities	$ 4,235	$ 735