Murray Stahl: Well, let’s do that. So let’s do it this way. We’re getting, it’s, I remember the number exactly, we’re getting a little bit less than 5% of HK’s revenue. So it varies with HK’s re revenue and HK’s revenue varies in a couple ways. One is, sometimes you get performance fees and sometimes you don’t get performance fees, so it varies that way. It varies with market value fluctuation of the assets we manage and of course it varies with the clientele. So there’s no tax offset or anything else. So what you get is what you get. There’s no — we don’t take anything out of it. It just is what it is. So you apply the pro rata figure to whatever the gross revenue is for that quarter. And the fourth quarter, as I said earlier, can be a big quarter with performance fees.
This is the fourth quarter Horizon or it just passed. And we have a respectable amount of performance fees. So we’ll have an unusually large revenue to report in February 28th mostly coming from Horizon. Now was there a question about HK Hard Assets? I think they meant Horizon. So
Thérèse Byars: I think they meant Horizon.
Murray Stahl: Yes. The only thing we get from HK Hard Assets is the dividends. So our biggest investment in HK Hard Assets, there’s no secret, is TPL. There’s some other things in there, but it’s all revenue that comes from HK Hard Assets. So I just took the liberty of interpreting the question referred to Horizon itself, not Horizon Hard Assets. So if there’s more, I think now is the time to get to it.
Thérèse Byars: Okay, I’ll just rebuild that. So does this figure vary much each year based on performance fees or other factors? And I think you just answered that. If so, would it be possible to provide the revenues to FRMO for the past few years and/or what is expected in 2023, 2024? This is obviously a very valuable asset for FRMO, and I would be interested in how Murray and Steve think about its value as it is essentially a royalty stream.
Murray Stahl: Okay, well, let’s see. If you want the back numbers, it’s easy to get because if you look at our financial statements for the various years and you would divide our revenue by the probation factor, which I should think is some like of something like 0.0493 or something like that. Anyway, somewhere in the annual report you’ll see it. And divide what, so if we get $3 million divide by that number and that will give you the Horizon revenue for that time period. So that’s easy to do. So I probably should have memorized the number exactly, but I guess I’m too lazy. I’ve never memorized it, but it’s somewhere in this document. And if you can’t find it, I know it’s in this document, if you can’t find it we’ll get you the number, but it’s something like 0.04 93 or oh 0.95 or something like that.
So is there anything I haven’t answered in that? Now if you want me to do a future forecast, obviously I can’t do a future forecast without getting myself in some legal trouble. So if you don’t mind, I’d rather not get myself in legal trouble and truth be said, I can’t know exactly what it’s going to be. If I can just tell you this, if cryptocurrency does well, you’ll be very happy with the revenues produced by Horizon.
Thérèse Byars: Next question. What is the difference between the above item that is the participation in the revenue stream and the investment in Horizon Kinetics LLC that sits on the balance sheet as $14.6 million? Is there income to FRMO that flows through from this investment separate and distinct from the interest in the revenue stream mentioned before? How should one think about the true value within a range of this ownership stake relative to the $14.6 million stated value on the balance sheet?
