# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0000894189-26-004914
**Filing Date:** 2026-2
**Character Count:** 26856
**Document Hash:** 24e0dec5489a8d5b0ec5bfe676e8b9b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004914.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000894189-26-004914

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26677744

**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 |  |

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $452313037.83

**Total Liabilities:** $5724068.51

**Net Assets:** $446588969.32

**Amount of Assets Invested in Other Investment Companies:** $26917480.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021364 | -2.29%               | -7.11%               | -8.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1117.46                | $4836728.14                                |
| Month 2  | $361123.95               | $-22952783.66                              |
| Month 3  | $-11533.06               | $-6415100.20                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BRAEMAR PLC                    | BRAEMAR PLC                                   | CUSIP: N/A<br>LEI: 213800EV6IKTTHJ83C19       | Long             | EC               | CORP              | GB        |    189800 | NS      | $550055.94    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc  | Affiliated Managers Group Inc                 | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       234 | NS      | $67457.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                   | Clarkson PLC                                  | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |      2400 | NS      | $123417.85    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc   | Associated Capital Group Inc                  | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |    190500 | NS      | $7200900.00   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                                | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       520 | NS      | $107369.60    | 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        |        30 | NS      | $48600.00     | 0.01%             |  |  |  | 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      | $286824.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc          | CRA International Inc                         | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1024 | NS      | $205511.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                        | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     50000 | NS      | $26640500.00  | 5.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                                 | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    296000 | NS      | $9039840.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc           | Centuri Holdings Inc                          | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       400 | NS      | $10100.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                                    | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |    558032 | NS      | $12762191.84  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Crimson Wine Group Ltd         | Crimson Wine Group Ltd                        | CUSIP: 22662X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49300 | NS      | $241570.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Corp                    | Dundee Corp                                   | CUSIP: 264901109<br>LEI: 549300LX18ZNW1LEMU13 | Long             | EC               | CORP              | CA        |     99000 | NS      | $277398.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                           | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       880 | NS      | $181878.40    | 0.04%             |  |  |  | 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   | 1.34%             |  |  |  | No            |                  3 | On Loan: No      |
| WaterBridge Infrastructure LLC | WaterBridge Infrastructure LLC                | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    732765 | NS      | $14662627.65  | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                 | Wendy's Co/The                                | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |    162600 | NS      | $1354458.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP  | Western Midstream Partners LP                 | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54375 | NS      | $2147812.50   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| 99GRAYSC                       | 99GRAYSC                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    400000 | NS      | $4000000.00   | 0.90%             |  |  |  | No            |                  3 | On Loan: No      |
| DREAM Unlimited Corp           | DREAM Unlimited Corp                          | CUSIP: 26153M507<br>LEI: 549300OLZNGGLFVS4206 | Long             | EC               | CORP              | CA        |    681200 | NS      | $9578638.30   | 2.14%             |  |  |  | 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      | $6109408.20   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                                   | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     35200 | NS      | $249019.71    | 0.06%             |  |  |  | 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        |  46772160 | NS      | $46772159.71  | 10.47%            |  |  |  | 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    | 0.09%             |  |  |  | No            |                  3 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                                   | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |   1111400 | NS      | $7409063.42   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc                 | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     23300 | NS      | $3320250.00   | 0.74%             |  |  |  | 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      | $41603.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports C | Madison Square Garden Sports Corp             | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       240 | NS      | $62076.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                                  | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $1926000.00   | 0.43%             |  |  |  | No            |                  1 | On Loan: —       |
| Miami International Holdings I | Miami International Holdings Inc              | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |     80224 | NS      | $3560341.12   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NZX Ltd                        | NZX Ltd                                       | CUSIP: N/A<br>LEI: 254900KTE7C5U39QMD43       | Long             | EC               | CORP              | NZ        |      1000 | NS      | $898.17       | 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      | $9716.55      | 0.00%             |  |  |  | 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      | $19576.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp                                  | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |       400 | NS      | $50252.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason Systems Inc              | Pason Systems Inc                             | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |      8000 | NS      | $69884.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co        | Sphere Entertainment Co                       | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |       772 | NS      | $73401.76     | 0.02%             |  |  |  | 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      | $247031.41    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| OTC Markets Group Inc          | OTC Markets Group Inc                         | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |       800 | NS      | $41040.00     | 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      | $79145.00     | 0.02%             |  |  |  | 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      | $1691208.00   | 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      | $285740.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                  | RB Global Inc                                 | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |       400 | NS      | $41148.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp       | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     19600 | NS      | $1972936.00   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaport Entertainment Group In | Seaport Entertainment Group Inc               | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |      2166 | NS      | $42821.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                 | Tejon Ranch Co                                | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |     72000 | NS      | $1135440.00   | 0.25%             |  |  |  | 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      | $193211745.12 | 43.26%            |  |  |  | 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      | $23918.40     | 0.01%             |  |  |  | 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   | 0.81%             |  |  |  | No            |                  3 | On Loan: No      |
| Rubis SCA                      | Rubis SCA                                     | CUSIP: N/A<br>LEI: 969500MGFIKUGLTC9742       | Long             | EC               | CORP              | FR        |     14200 | NS      | $535011.52    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd                        | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     72000 | NS      | $1417915.56   | 0.32%             |  |  |  | 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      | $2914283.63   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd                   | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |       200 | NS      | $55784.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd                | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         4 | NS      | $7632.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                      | Fermi Inc                                     | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               | CORP              | US        |     13333 | NS      | $106664.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| GAMCO Investors Inc            | GAMCO Investors Inc                           | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     13800 | NS      | $336168.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                            | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |    160000 | NS      | $3577600.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: —       |
| Grayscale Bitcoin Trust ETF    | Grayscale Bitcoin Trust ETF                   | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    300000 | NS      | $20508000.00  | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru | Grayscale Ethereum Classic Trust              | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        60 | NS      | $389.16       | 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      | $70.03        | 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      | $2323800.00   | 0.52%             |  |  |  | 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        |     40000 | NS      | $297090.21    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc              | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   2000000 | NS      | $24600000.00  | 5.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc     | Howard Hughes Holdings Inc                    | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     19000 | NS      | $1515630.00   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc               | Interparfums Inc                              | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53200 | NS      | $4512956.00   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IG Port Inc                    | IG Port Inc                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     34200 | NS      | $286018.90    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corp    | Fairfax India Holdings Corp                   | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |     72000 | NS      | $1244880.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                 | J G Boswell Co                                | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |       728 | NS      | $333900.84    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LICT Corp                      | LICT Corp                                     | CUSIP: 50187G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        16 | NS      | $176800.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC              | Landbridge Co LLC                             | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |    395044 | NS      | $19353205.56  | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc             | Liberty Energy Inc                            | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       400 | NS      | $7384.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-02-25

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President