Horizon Kinetics Asset Management LLC (f/k/a Horizon Asset Management LLC) is a Delaware limited liability company formed and registered with the SEC in 1994. On May 1, 2011, the Firm became a subsidiary of Horizon Kinetics LLC, its parent holding company (the “Parent Company”). The Firm has two affiliates that are broker- dealers, KBD Securities, LLC (“KBD”) and Kinetics Funds Distributor LLC (“KFD”). The Firm manages separately managed accounts, open-ended and closed-ended investment companies, and private funds. There are no principal owners that have beneficial ownership of over 25% or more of the Firm, as indicated on Schedule A of Part 1A of Form ADV, which is available on the SEC’s website. The Firm does not have any publicly held intermediate subsidiaries. Since the Firm’s founding, we have had consistency in our investment teams, supported by stability in our organization. Murray Stahl, Steven Bregman, and Peter Doyle comprise HKAM’s Investment Oversight Committee which is responsible for the Firm’s investment philosophy and process. The Firm’s research team has worked closely together for over 25 years under the direction of the Investment Oversight Committee. HKAM was founded in 1994 by Murray Stahl, Steven Bregman, Peter Doyle, Tom Ewing, and John Meditz. Prior to being merged into the Firm in April 2019, Kinetics Asset Management LLC, founded in 1996, operated as an affiliated investment adviser of the Firm. Prior to being merged into the Firm in April 2019, Kinetics Advisers, LLC, founded in 2000, operated as an affiliated investment adviser of the Firm. HKAM’s research team has been publishing research continuously since the early days of the Firm, and currently produces seven research reports. These research reports are purchased by a number of institutional clients and high net worth individuals. Certain reports are also available to the public on the Firm’s website, www.horizonkinetics.com. These publications tend to focus on companies in transition, either in actuality or in investor perception. Our expertise is best demonstrated in the analysis of a company that has undergone or is undergoing a significant change in its capital structure, where the institutional analysts can no longer evaluate these companies through their traditional models. HKAM believes that writing research is a key component of our investment philosophy and process. Please see Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) for a more detailed description of each of these research reports. HKAM provides discretionary investment advisory services to a variety of investment products: Mutual Funds Kinetics Mutual Funds, Inc. The Firm provides discretionary investment advisory services to the Kinetics Mutual Funds, Inc. (“KMF”), a series of U.S. investment companies (each a “Fund” or collectively, the “Funds”) registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”). KMFs are generally appropriate for long- term investors and as such the Funds impose a Redemption Fee equal to 2.00% for any redemptions made within 30 days of purchase. The Firm’s management of KMFs is consistent with the strategies and objectives outlined in each Funds’ Prospectus and Statement of Additional Information. Closed-End Funds The Renn Fund, Inc. The Firm provides discretionary investment advisory services to the Renn Fund, Inc. (the “Renn Fund”), a closed- end investment company that trades on the New York Stock Exchange and is registered under the Investment Company Act of 1940. Exchange Traded Funds The Firm provides discretionary investment advisory services to several actively managed exchange traded funds (“ETFs”) which are structured as part of a multiple series trust (“MST”) overseen by US Bancorp Fund Services, LLC. Separately Managed Accounts The Firm provides discretionary investment advisory services to numerous institutional and retail separate accounts (“SMAs”), including through direct, model delivery and wrap programs. SMAs are generally only available to institutional and High Net Worth investors. In addition to offering a variety of established investment strategies, the Firm also offers customized investment management strategies through separate accounts (“Custom Accounts”). Custom Accounts may utilize a combination of existing strategies offered by the Firm, or may invest in securities or other instruments not otherwise offered by the Firm. Fees for a Custom Account may vary and depend on, among other things, the strategy and the complexity of managing the account. Placing investment restrictions on a separately managed account or on investment advice in general may adversely affect the Firm’s ability to implement its investment strategy, to track a composite, or to

generate the returns the Firm might otherwise have been able to produce if the investment restrictions were not imposed on the account. The Firm’s management of SMAs is consistent with the terms of each account’s investment advisory agreement. The Firm is not a wrap program sponsor; however, it is a participant in wrap programs as it provides portfolio management services to those clients who invest through a wrap program with their custodian. In these instances, the Firm does not evaluate a client’s individual investment objectives and the Firm does not review a client’s suitability for a particular strategy. These responsibilities are undertaken by the wrap fee sponsor and/or the client’s broker. The strategies managed by the Firm through model delivery and wrap programs may differ from other accounts managed by the Firm in that they may be more or less concentrated, have more or less investment restrictions, hold more or less cash, employ special methods to address end of year tax issues and may use directed brokerage (as further described under Item 12). Private Funds The Firm provides discretionary investment advisory services to private funds (as defined under the Dodd-Frank Wall Street Reform and Consumer Protection Act) which employ a variety of investment strategies, including those focused on equity, fixed income, alternatives, and multi-strategies. The private funds are generally only available to certain sophisticated, qualified investors. In addition, the Firm and/or its related entities also serve as the General Partner to the private funds. The Private Funds are intended for long-term investors and as such, HKAM reserves the right to impose restrictions, as it may deem necessary or appropriate, to discourage or prevent short-term trading activity in connection with its advisory services. Such restrictions could include, without limitation, a fee imposed on the redemption or transfer of assets made within a certain time period, a lock-up of investor money for a period of time, or suspension of a redemption for any reason, in the sole determination of the Firm. The Firm’s management of private funds is consistent with each funds’ offering documentation. Sub-Advised Funds The Firm serves as sub-adviser to certain U.S. investment companies. In such arrangements, the Firm generally provides investment and back-office services while another, third party serves as adviser to the funds. FRMO Corporation FRMO Corp. (“FRMO”) is a public company that is separate and apart from Horizon Kinetics LLC and HKAM. However, several of the founders and senior executives of the Firm act as principals and board members of FRMO. FRMO also has a contractual arrangement with the Firm whereby it derives certain of its revenue from the revenue generated at Horizon Kinetics. Further, FRMO is a minority shareholder of Horizon Kinetics LLC. The Firm has adopted several policies and procedures to address any potential conflicts that arise as a result of the relationship between the Firm and FRMO. Other On a limited basis, HKAM also provides other investment advisory services such as asset allocation solutions, investment consulting, investment and investment policy monitoring, non-discretionary investment management, and advice relating to current and future investments. Clients retain discretion over all assets under consulting arrangements and are responsible for implementing or declining to implement any consulting services or advice provided by HKAM. Also, Horizon Kinetics LLC manages a cryptocurrency mining company. The operation does not include providing investment advice to clients. The Firm’s management of client assets is made considering potential tax consequences, but the Firm does not manage assets with regard for each underlying investor’s specific tax objectives. Investors are responsible for any tax liabilities resulting from transactions (including any arising from, the addition of assets to, or withdrawal of assets from the investor’s capital account). HKAM makes no representation regarding the likelihood or probability that any proposed investment will in fact achieve a particular goal. Each client must carefully consider the appropriateness of the proposed investments in light of the client’s own personal financial circumstances, including cash flow needs, unusual tax circumstances or other complex or subjective concerns. Clients are urged to seek the advice of tax professionals and to use all available resources to educate themselves about investments in general, as well as the investments made by HKAM. Assets under Management As of December 31. 2022, client assets managed by HKAM totaled approximately $7,897 million; discretionary assets totaled $7,676 million and non-discretionary assets totaled $221 million.