Horizon Kinetics Account Access Contact Income Investing Our Differentiated, 2-Pronged Approach In the current, low interest rate environment, many investors are reaching for yield. In many cases, they are looking to historically high income-generating investments, which may not produce the desired yield going forward. We believe our income strategies offer a differentiated, 2-pronged approach which seeks to: Part I: Generate income by investing in a diversified portfolio of limited duration fixed income securities. Part II: Collect additional cash premiums via our conservative equity option writing discipline. Kinetics Income Portfolios Our income focused portfolios seek to generate stable income and total return by employing investment disciplines that utilize both fixed income securities and equity options. The portfolios’ fixed income exposures are achieved by investing in individual bonds and fixed income securities. Further, the portfolios seek to collect additional cash premiums by writing out-of-the-money options on a diversified set of common stocks. Option strategy implementations, which vary across portfolios, are intended to supplement returns and income generation consistent with each portfolio’s investment objective. We believe our multifaceted approach provides concurrent, cumulative exposure to attractive income generating assets which in aggregate aim to provide investors with above average income potential, strong risk-adjusted returns consistent with major bond indexes and the benefits of portfolio risk diversification. Learn more about our Income-Oriented Mutual Funds, the Multi-Disciplinary Income Fund (KMDNX) and the Alternative Income Fund (KWINX). Investment Philosophy Our fundamental investment approach seeks to capitalize on the long-term price inefficiencies that can be created by the collective, short-term focus of the markets.

Horizon Kinetics Account Access Contact Our Approach Overview Our long-term, value-oriented investment philosophy remains unchanged since the founding of our Firm in 1994. The Firm’s independent research is the cornerstone of our investment process; to know us is to know our research. Our research team—analysts and portfolio managers alike—looks for investment opportunities in all sectors of the market and across the capital structure. Investment Philosophy Our fundamental investment approach seeks to capitalize on the long-term price inefficiencies that can be created by the collective, short-term focus of the markets. Predictive Attributes We believe dynamic unconventional thinking is required to find successful long-term investments. Therefore, our investment team avoids relying solely on conventional descriptive attributes and places greater emphasis on predictive attributes that are verifiable but not always readily quantifiable. Income Investing In the current, low interest rate environment, many investors are reaching for yield. In many cases, they are looking to historically high income-generating investments, which may not produce the desired yield going forward. We believe our income strategies offer a differentiated approach.