# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0001145549-25-052158
**Filing Date:** 2025-8
**Character Count:** 23603
**Document Hash:** 278e78070807b80cfbf88abc2e00e068
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-052158.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001145549-25-052158

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**PERIOD START**: 20251231

**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:** 251238871

**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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1373318643.40

**Total Liabilities:** $20179454.31

**Net Assets:** $1353139189.09

**Amount of Assets Invested in Other Investment Companies:** $186190530.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021362 | 12.25%               | 3.58%                | 0.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $310805.90               | $-7292300.52                               |
| Month 2  | $13199.09                | $-118917845.60                             |
| Month 3  | $1515000.62              | $-37642484.14                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Eagle Materials Inc            | Eagle Materials Inc                           | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       590 | NS      | $119244.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In | Equity LifeStyle Properties Inc               | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |     68000 | NS      | $4193560.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd                | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         2 | NS      | $3613.16      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                            | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |    147800 | NS      | $24227376.00  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc            | GAMCO Investors Inc                           | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |      7400 | NS      | $178710.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI LIBERTY INC SR ESCROW      | GCI LIBERTY INC SR ESCROW                     | CUSIP: 361ESC049<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Grayscale Bitcoin Trust ETF    | Grayscale Bitcoin Trust ETF                   | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |   1946400 | NS      | $165113112.00 | 12.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru | Grayscale Ethereum Classic Trust              | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        12 | NS      | $99.00        | 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      | $18588120.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: —       |
| DREAM Unlimited Corp           | DREAM Unlimited Corp                          | CUSIP: 26153M507<br>LEI: 549300OLZNGGLFVS4206 | Long             | EC               | CORP              | CA        |     10000 | NS      | $151569.67    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corp    | Fairfax India Holdings Corp                   | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |      8400 | NS      | $156156.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                 | J G Boswell Co                                | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |        30 | NS      | $16350.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                                   | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      6902 | NS      | $31830.04     | 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      | $53.20        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hellenic Exchanges - Athens St | Hellenic Exchanges - Athens Stock Exchange SA | CUSIP: N/A<br>LEI: 549300GSRN07MNENPL97       | Long             | EC               | CORP              | GR        |      8000 | NS      | $56447.53     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc              | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   1792400 | NS      | $19053212.00  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc     | Howard Hughes Holdings Inc                    | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |    236000 | NS      | $15930000.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC              | Landbridge Co LLC                             | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    916400 | NS      | $61930312.00  | 4.58%             |  |  |  | No            |                  1 | On Loan: —       |
| Toei Animation Co Ltd          | Toei Animation Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     15400 | NS      | $351300.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                                | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |       340 | NS      | $179278.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaport Entertainment Group In | Seaport Entertainment Group Inc               | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |     30000 | NS      | $559500.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                 | Tejon Ranch Co                                | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |      2600 | NS      | $44096.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp                       | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    813710 | NS      | $859595106.90 | 63.53%            |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 7        | US BANK MMDA - USBGFS 7                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  34514214 | NS      | $34514213.58  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                 | Wendy's Co/The                                | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |    320000 | NS      | $3654400.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp                  | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     48200 | NS      | $4328360.00   | 0.32%             |  |  |  | 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   | 0.20%             |  |  |  | No            |                  3 | On Loan: No      |
| IG Port Inc                    | IG Port Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     23000 | NS      | $349140.65    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                                   | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      1978 | NS      | $9238.17      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Investor AB                    | Investor AB                                   | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |      1000 | NS      | $29569.07     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd                        | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     60000 | NS      | $1040719.66   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Value Investments LP  | Partners Value Investments LP                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |       800 | NS      | $80455.30     | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L   | Partners Value Investments LP                 | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |       800 | NS      | $12043.33     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinnevik AB                    | Kinnevik AB                                   | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               | CORP              | SE        |       200 | NS      | $1768.96      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Siem Industries Inc            | Siem Industries Inc                           | CUSIP: N/A<br>LEI: 549300N2HGK6EBHM3F03       | Long             | EC               | CORP              | KY        |     13000 | NS      | $325000.00    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd           | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |       924 | NS      | $1659245.28   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd                   | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |     10200 | NS      | $3194028.00   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp                        | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |     70000 | NS      | $6886600.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc                 | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    217800 | NS      | $32948784.00  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                              | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       100 | NS      | $199736.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                                  | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41800 | NS      | $1001528.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| NRG Energy Inc                 | NRG Energy Inc                                | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       148 | NS      | $23765.84     | 0.00%             |  |  |  | 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      | $9294.12      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Onex Corp                      | Onex Corp                                     | CUSIP: 68272K103<br>LEI: 894500LB8PNE5C7CEN88 | Long             | EC               | CORP              | CA        |     60300 | NS      | $4919274.00   | 0.36%             |  |  |  | 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      | $576.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Clarkson PLC                   | Clarkson PLC                                  | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |     86000 | NS      | $3854252.46   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc       | Aris Water Solutions Inc                      | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46000 | NS      | $1087900.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc   | Associated Capital Group Inc                  | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |    260290 | NS      | $9760875.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Atlanta Braves Holdings Inc    | Atlanta Braves Holdings Inc                   | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4842 | NS      | $226460.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                                | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        30 | NS      | $5959.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co | Booz Allen Hamilton Holding Corp              | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |       800 | NS      | $83304.00     | 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      | $243030.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                               | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    658000 | NS      | $40697300.00  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd               | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |    176887 | NS      | $9778313.36   | 0.72%             |  |  |  | No            |                  1 | On Loan: —       |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                       | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     60000 | NS      | $13992600.00  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc          | CRA International Inc                         | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       124 | NS      | $23233.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                        | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     27000 | NS      | $12870900.00  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    215000 | NS      | $6045800.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                                    | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |    216400 | NS      | $4996676.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: —       |
| Crimson Wine Group Ltd         | Crimson Wine Group Ltd                        | CUSIP: 22662X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20800 | NS      | $114400.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Part | Brookfield Infrastructure Partners LP         | CUSIP: N/A<br>LEI: 549300WEH5R2OODI7Y90       | Long             | EC               | CORP              | BM        |     27000 | NS      | $904500.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-20

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President