Funko, Inc. is the sole managing member of FAH, LLC and as a result consolidates the financial results of FAH, LLC and reports a non-controlling interest representing the common units of FAH, LLC held by the Continuing Equity Owners. Changes in Funko, Inc.’s ownership interest in FAH, LLC while Funko, Inc. retains its controlling interest in FAH, LLC will be accounted for as equity transactions. As such, future redemptions or direct exchanges of common units of FAH, LLC by the Continuing Equity Owners will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when FAH, LLC has positive or negative net assets, respectively.

Net loss and comprehensive loss are attributed between Funko, Inc. and non-controlling interest holders based on each party’s relative economic ownership interest in FAH, LLC. As of March 31, 2025 and December 31, 2024, Funko, Inc. owned 54.3 million and 53.0 million of FAH, LLC common units, respectively, representing a 98.6% and 97.2% economic ownership interest in FAH, LLC, respectively.

Net loss and comprehensive loss of FAH, LLC excludes certain activity attributable to Funko, Inc., including equity-based compensation expense for share-based compensation awards issued by Funko, Inc. and income tax expense (benefit) for corporate, federal, state and local taxes attributable to Funko, Inc. The following represents the amounts excluded from the computation of net loss and comprehensive loss of FAH, LLC:


	Three Months Ended March 31,
	2025		2024
	(In thousands)
Funko, Inc.
Equity-based compensation	$	3,265	$	3,824