# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0000894189-26-016404
**Filing Date:** 2026-5
**Character Count:** 43060
**Document Hash:** 3bf7b07ff5a7f3241cd1f187d45e5459
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016404.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000894189-26-016404

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINETICS PORTFOLIOS TRUST
- **CENTRAL INDEX KEY:** 0001113229

**ORGANIZATION NAME:**
- **EIN:** 223723753
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09923
- **FILM NUMBER:** 261036727

**BUSINESS ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 9147036904

**MAIL ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016

## Series and Classes Contracts Data

### Kinetics Small Cap Portfolio (Series ID: S000007855)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000021364 | Kinetics Small Cap Portfolio |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Kinetics Small Cap Opportunities Portfolio** | **Kinetics Small Cap Opportunities Portfolio** | **Kinetics Small Cap Opportunities Portfolio** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 92.4%** | **Shares**  | **Value**  |
| **Accommodation - 2.6%** | **Accommodation - 2.6%** | |
| Civeo Corp. | 554000 | $14658840 |
| **Administrative and Support Services - 0.0% <sup>(a)</sup>** | **Administrative and Support Services - 0.0% <sup>(a)</sup>** |  |
| RB Global, Inc. | 400 | 38340 |
| **Aerospace and Defense - 0.3%** | **Aerospace and Defense - 0.3%** |  |
| Booz Allen Hamilton Holding Corp. | 3400 | 265302 |
| Science Applications International Corp. | 18000 | 1708560 |
|  |  | 1973862 |
| **Beverage and Tobacco Product Manufacturing - 0.0% <sup>(a)</sup>** | **Beverage and Tobacco Product Manufacturing - 0.0% <sup>(a)</sup>** |  |
| Crimson Wine Group Ltd. <sup>(b)</sup> | 48200 | 212562 |
| **Business Support Services - 0.1%** | **Business Support Services - 0.1%** |  |
| Circle Internet Group, Inc. <sup>(b)</sup> | 800 | 76328 |
| Fermi, Inc. <sup>(b)(c)</sup> | 90000 | 525600 |
|  |  | 601928 |
| **Chemical Manufacturing - 0.9%** | **Chemical Manufacturing - 0.9%** |  |
| Interparfums, Inc. | 53200 | 4832688 |
| Oil-Dri Corp. of America | 400 | 26036 |
|  |  | 4858724 |
| **Computer Systems Design and Related Services - 5.6%** | **Computer Systems Design and Related Services - 5.6%** |  |
| CACI International, Inc. - Class A <sup>(b)</sup> | 50000 | 27193500 |
| Miami International Holdings, Inc. <sup>(b)</sup> | 109200 | 4250064 |
|  |  | 31443564 |
| **Data Center Infrastructure - 1.1%** | **Data Center Infrastructure - 1.1%** |  |
| Bolt Data & Energy Inc. <sup>(b)(d)</sup> | 1200000 | 6000000 |
| **Diversified Real Estate Activities - 0.3%** | **Diversified Real Estate Activities - 0.3%** |  |
| PrairieSky Royalty Ltd. | 72000 | 1666595 |
| **Electric Power Generation, Transmission and Distribution - 5.3%** | **Electric Power Generation, Transmission and Distribution - 5.3%** |  |
| Hawaiian Electric Industries, Inc. <sup>(b)</sup> | 2012000 | 29858080 |
| **Entertainment - 0.0% <sup>(a)</sup>** | **Entertainment - 0.0% <sup>(a)</sup>** |  |
| IG Port, Inc. | 34200 | 266135 |
| **Financial Services - 0.1%** | **Financial Services - 0.1%** |  |
| Euronext NV <sup>(d)</sup> | 2000 | 320172 |
| **Food Services and Drinking Places - 0.1%** | **Food Services and Drinking Places - 0.1%** |  |
| Wendy's Co. <sup>(c)</sup> | 120000 | 834000 |
| **Funds, Trusts, and Other Financial Vehicles - 0.3%** | **Funds, Trusts, and Other Financial Vehicles - 0.3%** |  |
| Mesabi Trust <sup>(c)</sup> | 50200 | 1581300 |
| **Global Exchanges - 0.0% <sup>(a)</sup>** | **Global Exchanges - 0.0% <sup>(a)</sup>** |  |
| NZX Ltd. | 1000 | 753 |
| **Hospitality and Tourism - 1.4%** | **Hospitality and Tourism - 1.4%** |  |
| Carnival Corp. | 296000 | 7660480 |
| Royal Caribbean Cruises Ltd. | 200 | 55036 |
|  |  | 7715516 |
| **Industrial Services - 0.1%** | **Industrial Services - 0.1%** |  |
| BRAEMAR PLC | 188600 | 561666 |
| **Insurance Carriers - 0.0% <sup>(a)</sup>** | **Insurance Carriers - 0.0% <sup>(a)</sup>** |  |
| Fairfax Financial Holdings Limited | 4 | 6808 |
| **Legal Services - 0.0% <sup>(a)</sup>** | **Legal Services - 0.0% <sup>(a)</sup>** |  |
| CRA International, Inc. | 1024 | 165765 |
| **Machinery Manufacturing - 0.0% <sup>(a)</sup>** | **Machinery Manufacturing - 0.0% <sup>(a)</sup>** |  |
| Oshkosh Corp. | 400 | 58884 |
| **Management of Companies and Enterprises - 2.7%** | **Management of Companies and Enterprises - 2.7%** |  |
| Associated Capital Group, Inc. - Class A | 190500 | 7486650 |
| Centuri Holdings, Inc. <sup>(b)</sup> | 400 | 11684 |
| Dundee Corp. - Class A <sup>(b)</sup> | 80000 | 226400 |
| Fairfax India Holdings Corp. <sup>(b)(e)</sup> | 72000 | 1155600 |
| White Mountains Insurance Group Ltd. | 2940 | 6459063 |
|  |  | 15339397 |
| **Media - 0.0% <sup>(a)</sup>** | **Media - 0.0% <sup>(a)</sup>** |  |
| Nippon Television Holdings, Inc. | 400 | 7957 |
| Toei Animation Co. Ltd. | 14200 | 232186 |
|  |  | 240143 |
| **Mining (except Oil and Gas) - 0.0% <sup>(a)</sup>** | **Mining (except Oil and Gas) - 0.0% <sup>(a)</sup>** |  |
| Triple Flag Precious Metals Corp. | 720 | 24991 |
| **Motor Vehicle and Parts Dealers - 0.0% <sup>(a)</sup>** | **Motor Vehicle and Parts Dealers - 0.0% <sup>(a)</sup>** |  |
| AutoNation, Inc. <sup>(b)</sup> | 520 | 101535 |
| Penske Automotive Group, Inc. | 500 | 74760 |
|  |  | 176295 |
| **Nondepository Credit Intermediation - 0.0% <sup>(a)</sup>** | **Nondepository Credit Intermediation - 0.0% <sup>(a)</sup>** |  |
| Burford Capital Ltd. | 100 | 452 |
| **Nonmetallic Mineral Product Manufacturing - 0.0% <sup>(a)</sup>** | **Nonmetallic Mineral Product Manufacturing - 0.0% <sup>(a)</sup>** |  |
| Eagle Materials, Inc. | 880 | 166716 |
| **Offices of Real Estate Agents and Brokers - 4.9%** | **Offices of Real Estate Agents and Brokers - 4.9%** |  |
| Aztec Land and Cattle Co. Ltd. | 148 | 292300 |
| Landbridge Co. LLC - Class A | 395044 | 27277788 |
|  |  | 27570088 |
| **Oil and Gas Extraction - 57.2% <sup>(f)</sup>** | **Oil and Gas Extraction - 57.2% <sup>(f)</sup>** |  |
| Permian Basin Royalty Trust | 99600 | 2143392 |
| Texas Pacific Land Corp. <sup>(g)</sup> | 672696 | 319234614 |
| Western Midstream Partners LP | 54375 | 2238619 |
|  |  | 323616625 |
| **Other Crop Farming - 0.0% <sup>(a)</sup>** | **Other Crop Farming - 0.0% <sup>(a)</sup>** |  |
| J G Boswell Co. | 152 | 83600 |
| **Other Financial Investment Activities - 0.8%** | **Other Financial Investment Activities - 0.8%** |  |
| 99GRAYSC <sup>(b)(d)</sup> | 400000 | 4000000 |
| GAMCO Investors, Inc. - Class A | 12000 | 288000 |
| Seaport Entertainment Group, Inc. <sup>(b)</sup> | 2166 | 46526 |
|  |  | 4334526 |
| **Other Investment Pools and Funds - 1.3%** | **Other Investment Pools and Funds - 1.3%** |  |
| Urbana Corp. | 35200 | 243169 |
| Urbana Corp. - Class A | 1111400 | 6910797 |
|  |  | 7153966 |
| **Other Pipeline Transportation - 0.1%** | **Other Pipeline Transportation - 0.1%** |  |
| Rubis SCA | 12000 | 477969 |
| **Performing Arts, Spectator Sports, and Related Industries - 0.6%** | **Performing Arts, Spectator Sports, and Related Industries - 0.6%** |  |
| Live Nation Entertainment, Inc. <sup>(b)</sup> | 20000 | 3050200 |
| Madison Square Garden Entertainment Corp. <sup>(b)</sup> | 772 | 45478 |
| Sphere Entertainment Co. <sup>(b)</sup> | 772 | 90633 |
|  |  | 3186311 |
| **Pharmaceutical and Medicine Manufacturing - 0.5%** | **Pharmaceutical and Medicine Manufacturing - 0.5%** |  |
| Canton Strategic Holdings, Inc. <sup>(b)</sup> | 200 | 654 |
| Galaxy Digital, Inc. - Class A <sup>(b)</sup> | 160000 | 2952000 |
|  |  | 2952654 |
| **Promoters of Performing Arts, Sports, and Similar Events - 0.0% <sup>(a)</sup>** | **Promoters of Performing Arts, Sports, and Similar Events - 0.0% <sup>(a)</sup>** |  |
| Madison Square Garden Sports Corp. <sup>(b)</sup> | 240 | 77136 |
| **Real Estate - 1.9%** | **Real Estate - 1.9%** |  |
| DREAM Unlimited Corp. <sup>(b)</sup> | 660000 | 8696571 |
| Howard Hughes Holdings, Inc. <sup>(b)</sup> | 10000 | 632600 |
| Tejon Ranch Co. <sup>(b)</sup> | 72000 | 1356480 |
|  |  | 10685651 |
| **Securities and Commodities Exchanges - 0.1%** | **Securities and Commodities Exchanges - 0.1%** |  |
| TXSE Group, Inc. <sup>(b)(d)</sup> | 17390 | 399970 |
| **Securities and Commodity Contracts Intermediation and Brokerage - 0.0% <sup>(a)</sup>** | **Securities and Commodity Contracts Intermediation and Brokerage - 0.0% <sup>(a)</sup>** |  |
| Affiliated Managers Group, Inc. | 234 | 64748 |
| **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.0% <sup>(a)</sup>** | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.0% <sup>(a)</sup>** |  |
| OTC Markets Group, Inc. - Class A | 800 | 42824 |
| **Support Activities for Mining - 0.0% <sup>(a)</sup>** | **Support Activities for Mining - 0.0% <sup>(a)</sup>** |  |
| Liberty Energy, Inc. | 400 | 11520 |
| Pason Systems, Inc. | 8000 | 76141 |
|  |  | 87661 |
| **Technology Services and Software - 0.6%** | **Technology Services and Software - 0.6%** |  |
| SB Technology, Inc. <sup>(b)(d)</sup> | 209181 | 3600005 |
| **Telecommunications - 0.0% <sup>(a)</sup>** | **Telecommunications - 0.0% <sup>(a)</sup>** |  |
| LICT Corp. <sup>(b)</sup> | 16 | 192000 |
| **Water, Sewage and Other Systems - 3.5%** | **Water, Sewage and Other Systems - 3.5%** |  |
| Pure Cycle Corp. <sup>(b)</sup> | 26000 | 261560 |
| WaterBridge Infrastructure LLC - Class A | 732765 | 19630774 |
|  |  | 19892334 |
| **TOTAL COMMON STOCKS** (Cost $146,824,410) | **TOTAL COMMON STOCKS** (Cost $146,824,410) | 523189556 |
| **UNIT INVESTMENT TRUSTS - 3.1%** | **Shares**  | **Value**  |
| Grayscale Bitcoin Mini Trust ETF <sup>(b)</sup> | 60000 | 1799400 |
| Grayscale Bitcoin Trust ETF <sup>(b)</sup> | 300000 | 15828000 |
| Grayscale Ethereum Classic Trust <sup>(b)</sup> | 60 | 264 |
| Grayscale Litecoin Trust <sup>(b)</sup> | 12 | 49 |
| **TOTAL UNIT INVESTMENT TRUSTS** (Cost $3,169,081) | **TOTAL UNIT INVESTMENT TRUSTS** (Cost $3,169,081) | 17627713 |
| **WARRANTS - 0.6%** | **Contracts**  | **Value**  |
| **Other Investment Pools and Funds *-* 0.6%** | **Other Investment Pools and Funds *-* 0.6%** |  |
| Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93 <sup>(b)</sup> | 160000 | 3076702 |
| **TOTAL WARRANTS** (Cost $433,365) | **TOTAL WARRANTS** (Cost $433,365) | 3076702 |
| **PREFERRED STOCKS - 0.0% <sup>(a)</sup>** | **Shares**  | **Value**  |
| **Technology - 0.0% <sup>(a)</sup>** | **Technology - 0.0% <sup>(a)</sup>** |  |
|  Ripple Labs, Inc. - Preferred A shares, 0.00% <sup>(b)(d)</sup> | 1250 | 152187 |
| **TOTAL PREFERRED STOCKS** (Cost $200,000) | **TOTAL PREFERRED STOCKS** (Cost $200,000) | 152187 |
| **TOTAL INVESTMENTS - 96.1% (**Cost $150,626,856**)** | **TOTAL INVESTMENTS - 96.1% (**Cost $150,626,856**)** | 544046158 |
| Money Market Deposit Account - 4.1% <sup>(h)(i)</sup> | Money Market Deposit Account - 4.1% <sup>(h)(i)</sup> | 23342433 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (1365839) |
| **TOTAL NET ASSETS - 100.0%** |  | $566022752 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |

---

(a) Represents less than 0.05% of net assets.

(b) Non-income producing security.

(c) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $715,684.

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented
 $14,472,334 or 2.6% of net assets as of March 31, 2026.

(e) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of March 31, 2026, the value of these securities total $1,155,600 or 0.2% of the Fund's net assets.

(f) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(g) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

(h) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and
 is subject to change daily. The rate as of March 31, 2026 was 3.49%.

(i) All or a portion of this deposit account was purchased using proceeds from securities lending. The fair value of this deposit held from securities lending as of March 31, 2026 is $735,624 which represented 0.1% of
 net assets.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Kinetics Small Cap Opportunities Portfolio (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $501382759 | $7486650 | $14320147 | $523189556 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Unit Investment Trusts | 17627713 | – | – | 17627713 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 3076702 | – | – | 3076702 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | – | – | 152187 | 152187 |
| Total Investments | $522087174 | $7486650 | $14472334 | $544046158 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Kinetics Portfolios Trust

- **b. Investment Company Act file number:** 811-09923

- **c. CIK number of Registrant:** 0001113229

- **d. LEI of Registrant:** 254900ZCVXM48Q9D2T43

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 470 Park Avenue South

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10016

  - **Telephone number:** 800-930-3828

**Item A.2. Information about the Series.**

- **a. Name of Series:** Kinetics Small Cap Opportunities Portfolio

- **b. EDGAR series identifier (if any):** S000007855

- **c. LEI of Series:** 254900BZY6GL75D4ET86

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $567574429.15

**Total Liabilities:** $1551474.04

**Net Assets:** $566022955.11

**Amount of Assets Invested in Other Investment Companies:** $21390291.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021364 | 13.61%               | 42.33%               | 31.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11248.53               | $58952826.37                               |
| Month 2  | $9342.05                 | $126034810.46                              |
| Month 3  | $-318495.23              | $-45771311.28                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                               | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Madison Square Garden Sports C     | Madison Square Garden Sports Corp        | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       240 | NS      | $77136.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                       | Mesabi Trust                             | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50200 | NS      | $1581300.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Miami International Holdings I     | Miami International Holdings Inc         | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |    108800 | NS      | $4234496.00   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Television Holdings Inc     | Nippon Television Holdings Inc           | CUSIP: N/A<br>LEI: 353800QI43C3H97E4W63       | Long             | EC               | CORP              | JP        |       400 | NS      | $7956.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Toei Animation Co Ltd              | Toei Animation Co Ltd                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     14200 | NS      | $232185.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp            | Texas Pacific Land Corp                  | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    672696 | NS      | $319234613.76 | 56.40%            |  |  |  | No            |                  1 | On Loan: No      |
| Triple Flag Precious Metals Co     | Triple Flag Precious Metals Corp         | CUSIP: 89679M104<br>LEI: 254900R7NJ1TEYIM4E61 | Long             | EC               | CORP              | CA        |       720 | NS      | $24991.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TXSE Group, Inc                    | TXSE Group, Inc                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     17390 | NS      | $399970.00    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| Pason Systems Inc                  | Pason Systems Inc                        | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |      8000 | NS      | $76141.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co            | Sphere Entertainment Co                  | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |       772 | NS      | $90632.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NZX Ltd                            | NZX Ltd                                  | CUSIP: N/A<br>LEI: 254900KTE7C5U39QMD43       | Long             | EC               | CORP              | NZ        |      1000 | NS      | $752.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OTC Markets Group Inc              | OTC Markets Group Inc                    | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |       800 | NS      | $42824.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America            | Oil-Dri Corp of America                  | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |       400 | NS      | $26036.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                       | Oshkosh Corp                             | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |       400 | NS      | $58884.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc        | Penske Automotive Group Inc              | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |       500 | NS      | $74760.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Basin Royalty Trust        | Permian Basin Royalty Trust              | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99600 | NS      | $2143392.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                    | Pure Cycle Corp                          | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26000 | NS      | $261560.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                      | RB Global Inc                            | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |       400 | NS      | $38340.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati     | Science Applications International Corp  | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     18000 | NS      | $1708560.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaport Entertainment Group In     | Seaport Entertainment Group Inc          | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |      2166 | NS      | $46525.67     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                     | Tejon Ranch Co                           | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |     72000 | NS      | $1356480.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SB Technology Inc                  | SB Technology Inc                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    209181 | NS      | $3600005.01   | 0.64%             |  |  |  | No            |                  3 | On Loan: No      |
| Rubis SCA                          | Rubis SCA                                | CUSIP: N/A<br>LEI: 969500MGFIKUGLTC9742       | Long             | EC               | CORP              | FR        |     12000 | NS      | $477969.39    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd             | PrairieSky Royalty Ltd                   | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     72000 | NS      | $1666594.78   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L       | Partners Value Investments LP            | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |    160000 | NS      | $3076701.89   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ripple Labs Inc Preferred A shares | Ripple Labs Inc Preferred A shares       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1250 | NS      | $152187.50    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Royal Caribbean Cruises Ltd        | Royal Caribbean Cruises Ltd              | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |       200 | NS      | $55036.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc              | CRA International Inc                    | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1024 | NS      | $165765.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                         | Civeo Corp                               | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |    554000 | NS      | $14658840.00  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Crimson Wine Group Ltd             | Crimson Wine Group Ltd                   | CUSIP: 22662X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48200 | NS      | $212562.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Corp                        | Dundee Corp                              | CUSIP: 264901109<br>LEI: 549300LX18ZNW1LEMU13 | Long             | EC               | CORP              | CA        |     80000 | NS      | $226400.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                | Eagle Materials Inc                      | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       880 | NS      | $166716.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd     | Fairfax Financial Holdings Ltd           | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         4 | NS      | $6808.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                          | Fermi Inc                                | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               | CORP              | US        |     90000 | NS      | $525600.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Galaxy Digital Inc                 | Galaxy Digital Inc                       | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |    160000 | NS      | $2952000.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DREAM Unlimited Corp               | DREAM Unlimited Corp                     | CUSIP: 26153M507<br>LEI: 549300OLZNGGLFVS4206 | Long             | EC               | CORP              | CA        |    660000 | NS      | $8696571.06   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                        | Euronext NV                              | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      2000 | NS      | $320171.99    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| Fairfax India Holdings Corp        | Fairfax India Holdings Corp              | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |     72000 | NS      | $1155600.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAEMAR PLC                        | BRAEMAR PLC                              | CUSIP: N/A<br>LEI: 213800EV6IKTTHJ83C19       | Long             | EC               | CORP              | GB        |    188600 | NS      | $561666.14    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc      | Affiliated Managers Group Inc            | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       234 | NS      | $64747.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc       | Associated Capital Group Inc             | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |    190500 | NS      | $7486650.00   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| AutoNation Inc                     | AutoNation Inc                           | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       520 | NS      | $101535.20    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aztec Land and Cattle Co Ltd       | Aztec Land and Cattle Co Ltd             | CUSIP: 054807102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       146 | NS      | $288350.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co     | Booz Allen Hamilton Holding Corp         | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |      3400 | NS      | $265302.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                     | J G Boswell Co                           | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |       152 | NS      | $83600.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc             | CACI International Inc                   | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     50000 | NS      | $27193500.00  | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                      | Carnival Corp                            | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    296000 | NS      | $7660480.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc               | Centuri Holdings Inc                     | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       400 | NS      | $11684.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc          | Circle Internet Group Inc                | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |       800 | NS      | $76328.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                        | Urbana Corp                              | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     35200 | NS      | $243168.72    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc                | GAMCO Investors Inc                      | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     12000 | NS      | $288000.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF        | Grayscale Bitcoin Trust ETF              | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    300000 | NS      | $15828000.00  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru     | Grayscale Ethereum Classic Trust         | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        60 | NS      | $264.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Litecoin Trust           | Grayscale Litecoin Trust                 | CUSIP: 38963W104<br>LEI: N/A                  | Long             | EC               | RF                | US        |        12 | NS      | $48.96        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Mini Trust E     | Grayscale Bitcoin Mini Trust ETF         | CUSIP: 389930207<br>LEI: 529900WHTNX5LZCNWB27 | Long             | EC               | RF                | US        |     60000 | NS      | $1799400.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I     | Hawaiian Electric Industries Inc         | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   2012000 | NS      | $29858080.00  | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Canton Strategic Holdings Inc      | Canton Strategic Holdings Inc            | CUSIP: 432705309<br>LEI: 52990040X8C60JYNXZ70 | Long             | EC               | CORP              | US        |       200 | NS      | $654.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc         | Howard Hughes Holdings Inc               | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     10000 | NS      | $632600.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                   | Interparfums Inc                         | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53200 | NS      | $4832688.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| LICT Corp                          | LICT Corp                                | CUSIP: 50187G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        16 | NS      | $192000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                  | Landbridge Co LLC                        | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |    395044 | NS      | $27277788.20  | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                 | Liberty Energy Inc                       | CUSIP: 53115L104<br>LEI: 254900PKFJW6RILDCM60 | Long             | EC               | CORP              | US        |       400 | NS      | $11520.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc      | Live Nation Entertainment Inc            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     20000 | NS      | $3050200.00   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertai     | Madison Square Garden Entertainment Corp | CUSIP: 558256103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       772 | NS      | $45478.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOLT DATA & ENERGY INC.            | BOLT DATA & ENERGY INC.                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |   1200000 | NS      | $6000000.00   | 1.06%             |  |  |  | No            |                  3 | On Loan: No      |
| US BANK MMDA - USBGFS 7            | US BANK MMDA - USBGFS 7                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  23342433 | NS      | $23342432.65  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| 99GRAYSC                           | 99GRAYSC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    400000 | NS      | $4000000.00   | 0.71%             |  |  |  | No            |                  3 | On Loan: No      |
| IG Port Inc                        | IG Port Inc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     34200 | NS      | $266135.28    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                        | Urbana Corp                              | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |   1111400 | NS      | $6910797.21   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Burford Capital Ltd                | Burford Capital Ltd                      | CUSIP: N/A<br>LEI: 549300FUKUWFYJMT2277       | Long             | EC               | CORP              | US        |       100 | NS      | $452.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC     | WaterBridge Infrastructure LLC           | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    732765 | NS      | $19630774.35  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                     | Wendy's Co/The                           | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |    120000 | NS      | $834000.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Western Midstream Partners LP      | Western Midstream Partners LP            | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54375 | NS      | $2238618.75   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou     | White Mountains Insurance Group Ltd      | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |      2940 | NS      | $6459062.40   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-27

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President