# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0000894189-26-004915
**Filing Date:** 2026-2
**Character Count:** 19214
**Document Hash:** af0cef8cc9c62fe9db7c6ea4bb5647a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004915.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000894189-26-004915

**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:** 26677745

**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:** 2025-12-31

**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:** $1061972684.87

**Total Liabilities:** $21723836.53

**Net Assets:** $1040248848.34

**Amount of Assets Invested in Other Investment Companies:** $151137467.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021362 | -5.67%               | -12.96%              | -14.27%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $10608088.70             | $-9761159.48                               |
| Month 2  | $9114046.65              | $-99241438.46                              |
| Month 3  | $8083356.77              | $-23905230.47                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Brookfield Corp                | Brookfield Corp                     | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |    850000 | NS      | $39006500.00  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc              | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     27000 | NS      | $14385870.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                       | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    215000 | NS      | $6566100.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                   | Clarkson PLC                        | CUSIP: N/A<br>LEI: 2138007G6BGTEHI3OT22       | Long             | EC               | CORP              | GB        |     71800 | NS      | $3692250.66   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc             | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     60000 | NS      | $15060000.00  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                          | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |     83767 | NS      | $1915751.29   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Crimson Wine Group Ltd         | Crimson Wine Group Ltd              | CUSIP: 22662X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13200 | NS      | $64680.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd      | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         2 | NS      | $3816.03      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                      | Fermi Inc                           | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               | CORP              | US        |      3333 | NS      | $26664.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Franco-Nevada Corp             | Franco-Nevada Corp                  | CUSIP: 351858105<br>LEI: 98450064C1B5D3E94864 | Long             | EC               | CORP              | CA        |    100000 | NS      | $20728000.00  | 1.99%             |  |  |  | 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      | $133055904.00 | 12.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru | Grayscale Ethereum Classic Trust    | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        12 | NS      | $77.83        | 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      | $15076814.40  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corp    | Fairfax India Holdings Corp         | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |      8400 | NS      | $145236.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                         | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |       400 | NS      | $2829.77      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC              | Landbridge Co LLC                   | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |    916400 | NS      | $44894436.00  | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc       | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |    100000 | NS      | $14250000.00  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                    | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |       100 | NS      | $214965.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                        | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41800 | NS      | $1610136.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Miami International Holdings I | Miami International Holdings Inc    | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |     30466 | NS      | $1352081.08   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy Inc                 | NRG Energy Inc                      | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |       148 | NS      | $23567.52     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Onex Corp                      | Onex Corp                           | CUSIP: 68272K103<br>LEI: 894500LB8PNE5C7CEN88 | Long             | EC               | CORP              | CA        |     34000 | NS      | $2797180.00   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Seaport Entertainment Group In | Seaport Entertainment Group Inc     | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |     30000 | NS      | $593100.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp             | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2270798 | NS      | $652218601.56 | 62.70%            |  |  |  | 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   | 0.26%             |  |  |  | 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      | $2666.57      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd              | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     60000 | NS      | $1181596.30   | 0.11%             |  |  |  | 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      | $104914.21    | 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      | $14571.42     | 0.00%             |  |  |  | No            |                  2 | 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      |
| Kinnevik AB                    | Kinnevik AB                         | CUSIP: N/A<br>LEI: 2138006PZH76JOS6MN27       | Long             | EC               | CORP              | SE        |       200 | NS      | $1817.85      | 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      | $1920099.72   | 0.18%             |  |  |  | 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      | $2844984.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Litecoin Trust       | Grayscale Litecoin Trust            | CUSIP: 38963W104<br>LEI: N/A                  | Long             | EC               | RF                | US        |         8 | NS      | $46.68        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc    | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   2836000 | NS      | $34882800.00  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc     | Howard Hughes Holdings Inc          | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |    140000 | NS      | $11167800.00  | 1.07%             |  |  |  | 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        |   9239172 | NS      | $9239172.48   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC | WaterBridge Infrastructure LLC      | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50000 | NS      | $1000500.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                 | Wendy's Co/The                      | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |     80000 | NS      | $666400.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp   | Wheaton Precious Metals Corp        | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |     40000 | NS      | $4700800.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Investor AB                    | Investor AB                         | CUSIP: W5R777115<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |      1000 | NS      | $35887.69     | 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      | $9838962.00   | 0.95%             |  |  |  | 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      | $191016.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc  | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      1000 | NS      | $223170.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd     | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | US        |    160000 | NS      | $8382400.00   | 0.81%             |  |  |  | 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   | 0.38%             |  |  |  | No            |                  3 | On Loan: No      |
| 99GRAYSC                       | 99GRAYSC                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    100000 | NS      | $1000000.00   | 0.10%             |  |  |  | No            |                  3 | 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