Horizon Kinetics LLC (“Horizon Kinetics”), formed in May 2011, is the consolidated parent company of Horizon Asset Management LLC (“Horizon”), which was founded in 1994, Kinetics Asset Management LLC (“Kinetics”), founded in 1996, and Kinetics Advisers, LLC, founded in 2000 together with various affiliates. We are an independently owned and operated investment boutique that adheres to a long-term, contrarian, fundamental value investment philosophy that the founders established 26 years ago at Bankers Trust Company. Horizon Kinetics has over 70 employees and has primary offices in New York City and White Plains, New York. Philosophy - Horizon Kinetics was founded on the belief that a short-term investment approach, widely adopted with the modernization of financial markets, produces sub-optimal returns over the long-term. Horizon Kinetics believes that investors are better served by extending their investment time horizon and harnessing the power of compounding. Our investment strategies are driven by our independent, fundamental research and often take contrarian views that seek to take advantage of the short-term focus of the marketplace. Research - Publishing research has been the cornerstone of our investment process since Horizon’s founding in 1994. We believe requiring our research analysts to frame their investment ideas in writing helps us avoid the common behavioral finance error of adjusting one’s investment thesis in response to short-term market price fluctuations. Our research team currently consists of fifteen analysts, producing six different reports for the institutional investment community. Strategies - Horizon Kinetics, through its wholly owned registered investment advisers, offers separately managed accounts, mutual funds and alternative investment products suitable for individual and institutional investors, including the Kinetics Mutual Funds, Inc., a series of open-end registered investment companies. Our independent investment process has generally produced consistent results over the long-term. We have an absolute return mindset and construct portfolios based on explicit research and broad investment guidelines. Our portfolios tend to be concentrated and do not attempt to track or mimic any benchmark or index. Through our independent investment process, we seek to produce superior risk-adjusted returns that are generally less correlated with our respective peers, making our strategies a potentially attractive addition to investors’ broader asset allocations. Kinetics Funds Distributor, LLC, principal underwriter and distributor for Kinetics Mutual Funds, Inc. is an affiliate of Horizon Kinetics, but is not an affiliate of Kinetics Mutual Funds, Inc.