# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0000894189-26-016199
**Filing Date:** 2026-5
**Character Count:** 19448
**Document Hash:** 65de0dcd03d93fcf4be0019a7d8436ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016199.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000894189-26-016199

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09923
- **FILM NUMBER:** 261030700

**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 Paradigm Portfolio (Series ID: S000007853)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000021362 | Kinetics Paradigm Portfolio |  |

## 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 Paradigm Portfolio

- **b. EDGAR series identifier (if any):** S000007853

- **c. LEI of Series:** 254900GDEKCQIC3UD831

**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:** $1388289546.89

**Total Liabilities:** $1787256.68

**Net Assets:** $1386502290.21

**Amount of Assets Invested in Other Investment Companies:** $117098394.62

**Cash Not Reported:** $38110.38

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021362 | 14.87%               | 50.95%               | 39.09%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26416805.66             | $125727552.03                              |
| Month 2  | $35187770.92             | $333809941.31                              |
| Month 3  | $60045525.89             | $-178188309.02                             |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Seaport Entertainment Group In     | Seaport Entertainment Group Inc     | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |     30000 | NS      | $644400.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp            | Texas Pacific Land Corp             | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2024398 | NS      | $960698314.88 | 69.29%            |  |  |  | No            |                  1 | On Loan: No      |
| SB Technology Inc                  | SB Technology Inc                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    156886 | NS      | $2700008.06   | 0.19%             |  |  |  | No            |                  3 | On Loan: No      |
| Royal Caribbean Cruises Ltd        | Royal Caribbean Cruises Ltd         | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |     10200 | NS      | $2806836.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                          | Fermi Inc                           | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               | CORP              | US        |     40000 | NS      | $233600.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Franco-Nevada Corp                 | Franco-Nevada Corp                  | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |     24000 | NS      | $5929200.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF        | Grayscale Bitcoin Trust ETF         | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |   1946400 | NS      | $102692064.00 | 7.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru     | Grayscale Ethereum Classic Trust    | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        12 | NS      | $52.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Litecoin Trust           | Grayscale Litecoin Trust            | CUSIP: 38963W104<br>LEI: N/A                  | Long             | EC               | RF                | US        |         8 | NS      | $32.64        | 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        |    389280 | NS      | $11674507.20  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I     | Hawaiian Electric Industries Inc    | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   3504000 | NS      | $51999360.00  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc         | Howard Hughes Holdings Inc          | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     58000 | NS      | $3669080.00   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                  | Landbridge Co LLC                   | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |    916400 | NS      | $63277420.00  | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc      | Live Nation Entertainment Inc       | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     90000 | NS      | $13725900.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                   | Markel Group Inc                    | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       100 | NS      | $191407.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Investor AB                        | Investor AB                         | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |      1000 | NS      | $37426.12     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd             | PrairieSky Royalty Ltd              | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     60000 | NS      | $1388828.98   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinnevik AB                        | Kinnevik AB                         | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               | CORP              | SE        |       200 | NS      | $1060.14      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corp        | Fairfax India Holdings Corp         | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |      8400 | NS      | $134820.00    | 0.01%             |  |  |  | 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        |       625 | NS      | $76093.75     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Mesabi Trust                       | Mesabi Trust                        | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41800 | NS      | $1316700.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I     | Miami International Holdings Inc    | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |     45600 | NS      | $1774752.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                     | NRG Energy Inc                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       148 | NS      | $21628.72     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Onex Corp                          | Onex Corp                           | CUSIP: 68272K103<br>LEI: 894500LB8PNE5C7CEN88 | Long             | EC               | CORP              | CA        |     32000 | NS      | $2330240.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Value Investments LP      | Partners Value Investments LP       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |      8000 | NS      | $98799.51     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L       | Partners Value Investments LP       | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |       800 | NS      | $15383.51     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVEST LP           | Partners Value Investments LP       | CUSIP: 70214W203<br>LEI: N/A                  | Long             | EP               | CORP              | CA        |       800 | NS      | $600.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Clarkson PLC                       | Clarkson PLC                        | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |     70000 | NS      | $4271230.41   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc            | Cboe Global Markets Inc             | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     60000 | NS      | $16864200.00  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                      | Carnival Corp                       | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    215000 | NS      | $5564200.00   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc          | Circle Internet Group Inc           | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |       200 | NS      | $19082.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                         | Civeo Corp                          | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |     83767 | NS      | $2216474.82   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Crimson Wine Group Ltd             | Crimson Wine Group Ltd              | CUSIP: 22662X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $44100.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd     | Fairfax Financial Holdings Ltd      | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         2 | NS      | $3404.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc       | Associated Capital Group Inc        | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |    260290 | NS      | $10229397.00  | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlanta Braves Holdings Inc        | Atlanta Braves Holdings Inc         | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4842 | NS      | $206753.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions     | Broadridge Financial Solutions Inc  | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      1000 | NS      | $162480.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                    | Brookfield Corp                     | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    849600 | NS      | $34383312.00  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt     | Brookfield Asset Management Ltd     | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |    160000 | NS      | $7112000.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc             | CACI International Inc              | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     24000 | NS      | $13052880.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                        | Urbana Corp                         | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |       400 | NS      | $2763.28      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOLT DATA & ENERGY INC.            | BOLT DATA & ENERGY INC.             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    800000 | NS      | $4000000.00   | 0.29%             |  |  |  | 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        |  56482758 | NS      | $56482757.62  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC     | WaterBridge Infrastructure LLC      | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $1339500.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp       | Wheaton Precious Metals Corp        | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     12000 | NS      | $1572120.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| 99GRAYSC                           | 99GRAYSC                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1000000.00   | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| TXSE Group, Inc                    | TXSE Group, Inc                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      4350 | NS      | $100050.00    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| Urbana Corp                        | Urbana Corp                         | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |       400 | NS      | $2487.24      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou     | White Mountains Insurance Group Ltd | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |       924 | NS      | $2029991.04   | 0.15%             |  |  |  | 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