We have three decades experience working with accomplished investment managers. We use our experience, knowledge and resources to invest capital with the best managers and in the best opportunities we uncover. Our clients share the benefits of our efforts and experience and, as we strongly believe money managers should "eat their own cooking," we invest our capital alongside the capital of our clients. In our two investment programs, we currently work with about ten managers. Managers are selected based upon their expertise, specialty and/or investment performance history. Although each manager has a defined, understandable and sustainable strategy, all can modify their approach as opportunities and market conditions unfold. Like us, our managers are opportunistic, invest alongside their clients and have a history of delivering results with integrity and service. Richard W. Silver is the Firm’s founder, CEO and Chief Investment Officer. He has been an entrepreneur in the investment business since 1983, and has raised, invested, and managed hundreds of millions of dollars, one relationship at a time. He co-founded Long Point Investors in 1992, and this Firm, MRM- Horizon Advisors in 1999 (currently d/b/a Mad River Investors). He has three decades of experience partnering with investment managers and delivering results and service to discriminating clients. He has presented on fund of funds and high net worth wealth issues at Deloitte, Boston Private Bank, and IFR client conferences. Richard holds a Series 65 license and is the Managing Member of Mad River. Prior to founding Mad River he was a registered representative with Gruntal & Co, H.C. Wainwright, Homans McGraw Trull Valeo & Co. and Smith Barney. Before joining the investment business, he held financial management positions with CPC International and Tiger International. Richard earned an MBA, cum laude, from Northeastern University in 1981. Richard was born October 13, 1956 and his education includes Northeastern University (Boston, MA) - MBA Finance 1981 and Boston State College (Boston, MA) - BS Management 1979. Mad River Investors provides investment management services in two main forms. 1. Since 1999 we have provided investment management services on a discretionary basis to individuals, high net worth individuals, companies, trusts, and other types of clients. Clients’ assets in this program are maintained in separately managed portfolio of securities (“separate account management”) referred to as the Managed Opportunities program. In providing these services we utilize the services of other investment advisors. Upon establishing a relationship with a manager, we coordinate and oversee investment activity on clients’ behalf with respect to the manager’s services. The manager will not have a contractual relationship with our clients nor establish or maintain accounts for, or correspond or communicate directly with, our clients. Clients should be aware that separate account management involve transaction (trading) costs that impacts investment performance. Currently,

we utilize one portfolio model to create/manage Managed Opportunities client portfolios. We manage this portfolio model in conjunction with a sub-advisory relationship with Horizon Kinetics LLC through its affiliated company, Horizon Asset Management, LLC (“Horizon”), an investment advisor registered with the SEC. Under this arrangement with Horizon we construct a concentrated portfolio of best investment ideas. We are opportunistic investors and have no restrictions as to security type or asset class. Our goal is to outperform the S&P 500 Index. We often take a contrarian view on issues and focus upon companies not widely followed by Wall Street analysts. We believe our approach provides welcome diversification to other investment strategies. Our strategy works best for equity investors who have a multi-year horizon, desire full transparency, manageable liquidity, segregated custody, and the ability to control taxes. A minimum of $250,000 in assets is generally required for investment management services in the Managed Opportunities program, although we reserve the right to waive this minimum for any reason. Managed Opportunities clients can provide reasonable conditions or restrictions on the management of their assets. Among other items, reasonable conditions include prohibitions or limits on investments in specific industries or companies, on option investing, bond investing, short selling or an allocation of a certain percent of assets to an asset class such as cash or fixed income investments. Clients should document any restrictions in writing in the space provided in their investment management agreement or in a separate written communication. Please also see Item 8 below. 2. We are General Partner and investment advisor to Long Point Investors, L.P. (“Long Point”) a private investment partnership formed in 1992 that invests in other private investment partnerships and select individual investments and is only offered to accredited and qualified investors. In addition to the disclosure contained in this Form ADV Part II, Long Point related clients should see the Confidential Offering Memorandum of Long Point Investors, L.P., Series Limited Partnership Interests, for a detailed discussion of the strategies and types of investments contained in Long Point; investment conditions and risks; and the fees, expenses, and incentive allocations related to an investment in Long Point. This document is available at any time upon request by a Long Point partner or other accredited and qualified investors considering partnership. We may also provide investment management services under sub-advisory or other agreements to other investment advisors, investment management companies, funds, partnerships or institutions, and provide the same or other type of services to such entities as we provide other clients. When we act in a sub- advisory capacity the fee we receive is determined by agreement. As of February 2023, we manage $192,594,171 in the Managed Opportunities investment program and $44,297,115 in Long Point.