Horizon Kinetics Holding Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	54.81	5.12	92.47	-4.49	38.6
Depreciation & Amortization	0.88	1.12	1.92	1.83	1.86
Loss (Gain) From Sale of Investments	37.03	37.03	-882.5	-78.97	-18.15
Loss (Gain) on Equity Investments	4.87	4.87	-6.04	2.45	-7.77
Provision & Write-off of Bad Debts	1.15	1.15	3.07	0.7	-
Other Operating Activities	-76.56	-34.82	785.08	92.06	0.44
Change in Accounts Receivable	-40.85	-40.85	-5.06	5.54	7.24
Change in Accounts Payable	-17.99	-17.99	24.92	-0.07	-0.22
Change in Unearned Revenue	-	-	-	-	-1.95
Change in Other Net Operating Assets	1.31	1.31	-2.02	6.44	-0.69
Operating Cash Flow	-35.36	-43.07	11.84	25.48	19.36
Operating Cash Flow Growth	-	-	-53.54%	31.58%	-
Capital Expenditures	-0.91	-0.32	-0.05	-0.1	-0.3
Sale of Property, Plant & Equipment	-	-	-	-	0.38
Cash Acquisitions	-	-	2.82	-	-
Divestitures	-5	-5	-	-	-
Investment in Securities	2.86	31.61	-0.47	1.35	-3.43
Other Investing Activities	3.82	-1.07	-0.17	-0.48	-
Investing Cash Flow	0.77	25.23	2.14	0.78	-3.34
Issuance of Common Stock	-	-	2.67	-	-
Common Dividends Paid	-6.6	-6.34	-5.07	-9.62	-14.28
Other Financing Activities	55.38	47.8	-22.42	-5.77	-
Financing Cash Flow	48.79	41.47	-24.82	-15.39	-14.28
Net Cash Flow	14.2	23.63	-10.84	10.87	1.74
Free Cash Flow	-36.27	-43.38	11.79	25.38	19.06
Free Cash Flow Growth	-	-	-53.55%	33.16%	-
Free Cash Flow Margin	-50.29%	-59.55%	21.12%	53.70%	31.65%
Free Cash Flow Per Share	-1.95	-2.33	0.65	1.41	-
Levered Free Cash Flow	179.89	3.21	6.8	-6.49	-
Unlevered Free Cash Flow	179.89	3.21	6.8	-6.49	-
Cash Income Tax Paid	9.27	9.24	11.09	-	0.66
Change in Working Capital	-57.52	-57.52	17.83	11.91	4.38