# EDGAR Filing Document

**Accession Number:** 0001083387
**File Stem:** 0000894189-26-016407
**Filing Date:** 2026-5
**Character Count:** 27129
**Document Hash:** c47d8df5877ffade261fd08d901982e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016407.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000894189-26-016407

**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 MUTUAL FUNDS INC
- **CENTRAL INDEX KEY:** 0001083387

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09303
- **FILM NUMBER:** 261036732

**BUSINESS ADDRESS:**
- **STREET 1:** 470 PARK AVENUE SOUTH
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10016
- **BUSINESS PHONE:** 914-703-6900

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MEDICAL FUND & THE CURE FOR CANCER INC
- **DATE OF NAME CHANGE:** 19990406

## Series and Classes Contracts Data

### Kinetics Spin-Off and Corporate Restructuring Fund (Series ID: S000058593)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000192497 | Advisor Class A     | LSHAX           |
| C000192498 | Advisor Class C     | LSHCX           |
| C000192499 | Institutional Class | LSHUX           |
| C000192500 | No Load Class       | LSHEX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **The Kinetics Spin-off and Corporate Restructuring Fund** | **The Kinetics Spin-off and Corporate Restructuring Fund** | **The Kinetics Spin-off and Corporate Restructuring Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 93.9%** | **Shares**  | **Value**  |
| **Accommodation - 0.6%** | **Accommodation - 0.6%** | |
| Civeo Corp. | 9000 | $238140 |
| **Broadcasting (except Internet) - 0.2%** | **Broadcasting (except Internet) - 0.2%** |  |
| Atlanta Braves Holdings, Inc. - Class C <sup>(a)</sup> | 1694 | 72334 |
| **Communications Equipment Manufacturing - 0.0% <sup>(b)</sup>** | **Communications Equipment Manufacturing - 0.0% <sup>(b)</sup>** |  |
| EchoStar Corporation - Class A <sup>(a)</sup> | 4 | 468 |
| **Computer Systems Design and Related Services - 0.3%** | **Computer Systems Design and Related Services - 0.3%** |  |
| Miami International Holdings, Inc. <sup>(a)</sup> | 2550 | 99246 |
| **Data Center Infrastructure - 0.2%** | **Data Center Infrastructure - 0.2%** |  |
| Bolt Data & Energy Inc. <sup>(a)(c)</sup> | 20000 | 100000 |
| **Diversified Real Estate Activities - 0.7%** | **Diversified Real Estate Activities - 0.7%** |  |
| PrairieSky Royalty Ltd. | 12000 | 277766 |
| **Electric Power Generation, Transmission and Distribution - 3.1%** | **Electric Power Generation, Transmission and Distribution - 3.1%** |  |
| GE Vernova, Inc. | 25 | 21823 |
| Hawaiian Electric Industries, Inc. <sup>(a)</sup> | 83000 | 1231720 |
|  |  | 1253543 |
| **Funds, Trusts, and Other Financial Vehicles - 0.1%** | **Funds, Trusts, and Other Financial Vehicles - 0.1%** |  |
| Mesabi Trust | 550 | 17325 |
| **Insurance Carriers - 0.0% <sup>(b)</sup>** | **Insurance Carriers - 0.0% <sup>(b)</sup>** |  |
| Fairfax Financial Holdings Limited | 2 | 3404 |
| **Machinery Manufacturing - 0.1%** | **Machinery Manufacturing - 0.1%** |  |
| General Electric Co. | 100 | 28377 |
| **Management of Companies and Enterprises - 3.8%** | **Management of Companies and Enterprises - 3.8%** |  |
| Associated Capital Group, Inc. - Class A | 34300 | 1347990 |
| Fairfax India Holdings Corp. <sup>(a)(d)</sup> | 2800 | 44940 |
| Valterra Platinum Ltd. - ADR | 22 | 311 |
| White Mountains Insurance Group Ltd. | 58 | 127424 |
|  |  | 1520665 |
| **Media - 0.0% <sup>(b)</sup>** | **Media - 0.0% <sup>(b)</sup>** |  |
| Toei Animation Co. Ltd. | 200 | 3270 |
| **Mining (except Oil and Gas) - 0.0% <sup>(b)</sup>** | **Mining (except Oil and Gas) - 0.0% <sup>(b)</sup>** |  |
| Knife River Corp. <sup>(a)</sup> | 100 | 8165 |
| **Nonmetallic Mineral Mining and Quarrying - 0.0% <sup>(b)</sup>** | **Nonmetallic Mineral Mining and Quarrying - 0.0% <sup>(b)</sup>** |  |
| Anglo American PLC - ADR | 63 | 1362 |
| **Nonmetallic Mineral Product Manufacturing - 0.2%** | **Nonmetallic Mineral Product Manufacturing - 0.2%** |  |
| Eagle Materials, Inc. | 342 | 64792 |
| **Offices of Real Estate Agents and Brokers - 4.9%** | **Offices of Real Estate Agents and Brokers - 4.9%** |  |
| Landbridge Co. LLC - Class A | 28670 | 1979664 |
| **Oil and Gas Extraction - 77.1% <sup>(e)</sup>** | **Oil and Gas Extraction - 77.1% <sup>(e)</sup>** |  |
| Texas Pacific Land Corp. <sup>(f)</sup> | 65163 | 30923753 |
| **Other Financial Investment Activities - 1.0%** | **Other Financial Investment Activities - 1.0%** |  |
| GAMCO Investors, Inc. - Class A | 17000 | 408000 |
| Seaport Entertainment Group, Inc. <sup>(a)</sup> | 188 | 4038 |
|  |  | 412038 |
| **Other Investment Pools and Funds - 0.1%** | **Other Investment Pools and Funds - 0.1%** |  |
| Urbana Corp. | 6234 | 43066 |
| Urbana Corp. - Class A | 1600 | 9949 |
|  |  | 53015 |
| **Pharmaceutical and Medicine Manufacturing - 0.2%** | **Pharmaceutical and Medicine Manufacturing - 0.2%** |  |
| Galaxy Digital, Inc. - Class A <sup>(a)</sup> | 3600 | 66420 |
| **Securities and Commodities Exchanges - 0.1%** | **Securities and Commodities Exchanges - 0.1%** |  |
| TXSE Group, Inc. <sup>(a)(c)</sup> | 1300 | 29900 |
| **Support Activities for Mining - 0.1%** | **Support Activities for Mining - 0.1%** |  |
| Liberty Energy, Inc. | 972 | 27994 |
| **Technology Services and Software - 0.2%** | **Technology Services and Software - 0.2%** |  |
| SB Technology, Inc. <sup>(a)(c)</sup> | 5811 | 100007 |
| **Water, Sewage and Other Systems - 0.9%** | **Water, Sewage and Other Systems - 0.9%** |  |
| WaterBridge Infrastructure LLC - Class A | 14098 | 377685 |
| **TOTAL COMMON STOCKS** (Cost $4,804,391) | **TOTAL COMMON STOCKS** (Cost $4,804,391) | 37659333 |
| **UNIT INVESTMENT TRUSTS - 0.4%** | **Shares**  | **Value**  |
| Grayscale Bitcoin Cash Trust <sup>(a)</sup> | 6073 | 20344 |
| Grayscale Bitcoin Mini Trust ETF <sup>(a)</sup> | 4884 | 146471 |
| Grayscale Bitcoin Trust ETF <sup>(a)</sup> | 60 | 3166 |
| Grayscale Litecoin Trust <sup>(a)</sup> | 24 | 98 |
| **TOTAL UNIT INVESTMENT TRUSTS** (Cost $213,011) | **TOTAL UNIT INVESTMENT TRUSTS** (Cost $213,011) | 170079 |
| **EXCHANGE TRADED FUNDS - 0.0%<sup>(b)</sup>** | **Shares**  | **Value**  |
| iShares Bitcoin Trust ETF <sup>(a)</sup> | 146 | 5609 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $5,256) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $5,256) | 5609 |
| **WARRANTS - 0.0% <sup>(b)</sup>** | **Contracts**  | **Value**  |
| **Other Investment Pools and Funds *-* 0.0% <sup>(b)</sup>** | **Other Investment Pools and Funds *-* 0.0% <sup>(b)</sup>** |  |
| Partners Value Investments LP, Expires 06/30/2026, Exercise Price $2.93 <sup>(a)</sup> | 200 | 3846 |
| **TOTAL WARRANTS** (Cost $4,144) | **TOTAL WARRANTS** (Cost $4,144) | 3846 |
| **TOTAL INVESTMENTS - 94.3% (**Cost $5,026,802**)** | **TOTAL INVESTMENTS - 94.3% (**Cost $5,026,802**)** | 37838867 |
| Money Market Deposit Account - 5.9% <sup>(g)</sup> | Money Market Deposit Account - 5.9% <sup>(g)</sup> | 2366887 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (92408) |
| **TOTAL NET ASSETS - 100.0%** |  | $40113346 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |

---

(a) Non-income producing security.

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

(c) 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 $229,907
 or 0.6% of net assets as of March 31, 2026.

(d) 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 $44,940 or 0.1% of the Fund's net assets.

(e) 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.

(f) 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.

(g) 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%.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
The Kinetics Spin-off and Corporate Restructuring Fund (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 | $36081436 | $1347990 | $229907 | $37659333 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Unit Investment Trusts | 170079 | – | – | 170079 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 5609 | – | – | 5609 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | 3846 | – | – | 3846 |
| Total Investments | $36260970 | $1347990 | $229907 | $37838867 |
| 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. |

---

---

| | | |
|:---|:---|:---|
| **Sector Classification as of March 31, 2026**<br> **(% of Net Assets)** | **Sector Classification as of March 31, 2026**<br> **(% of Net Assets)** | |
| Energy | $31607198 | 78.8% |
| Financials | 2154285 | 5.4 |
| Real Estate | 1983702 | 4.9 |
| Utilities | 1231720 | 3.1 |
| Industrials | 288340 | 0.7 |
| Materials | 91955 | 0.3 |
| Communication Services | 76072 | 0.2 |
| Other Assets in Excess of Liabilities | 2680074 | 6.6 |
|  | $**40113346** | 100.0<br> **%** |

---

## 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 Mutual Funds

- **b. Investment Company Act file number:** 811-09303

- **c. CIK number of Registrant:** 0001083387

- **d. LEI of Registrant:** 254900Z4PTNUE2SN9529

- **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 Spin-Off and Corporate Restructuring Fund

- **b. EDGAR series identifier (if any):** S000058593

- **c. LEI of Series:** 2549001EDIR1NDKBR887

**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:** $40259397.67

**Total Liabilities:** $61491.32

**Net Assets:** $40197906.35

**Amount of Assets Invested in Other Investment Companies:** $459884.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000192497 | 18.28%               | 39.98%               | -8.04%               |
| Class ID C000192498 | 18.17%               | 39.91%               | -8.12%               |
| Class ID C000192499 | 18.24%               | 40.01%               | -8.03%               |
| Class ID C000192500 | 18.27%               | 39.98%               | -8.05%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1162534.08              | $3558546.19                                |
| Month 2  | $176232.19               | $11890027.21                               |
| Month 3  | $45821.15                | $-3569785.07                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Anglo American PLC             | Anglo American PLC                  | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |        63 | NS      | $1362.06      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc   | Associated Capital Group Inc        | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |     34300 | NS      | $1347990.00   | 3.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlanta Braves Holdings Inc    | Atlanta Braves Holdings Inc         | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1694 | NS      | $72333.80     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                     | Civeo Corp                          | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |      9000 | NS      | $238140.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                 | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       342 | NS      | $64791.90     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| EchoStar Corp                  | EchoStar Corp                       | CUSIP: 278768106<br>LEI: 549300EE20907QZ9GT38 | Long             | EC               | CORP              | US        |         4 | NS      | $468.28       | 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      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc            | GAMCO Investors Inc                 | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     17000 | NS      | $408000.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Digital Inc             | Galaxy Digital Inc                  | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |      3600 | NS      | $66420.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova Inc                 | GE Vernova Inc                      | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |        25 | NS      | $21822.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                 | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       100 | NS      | $28377.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Cash Trust   | Grayscale Bitcoin Cash Trust        | CUSIP: 38963P109<br>LEI: N/A                  | Long             | EC               | RF                | US        |      6073 | NS      | $20344.55     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Mini Trust E | Grayscale Bitcoin Mini Trust ETF    | CUSIP: 389930207<br>LEI: 529900WHTNX5LZCNWB27 | Long             | EC               | RF                | US        |      4884 | NS      | $146471.16    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| BOLT DATA & ENERGY INC.        | BOLT DATA & ENERGY INC.             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     20000 | NS      | $100000.00    | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| Fairfax India Holdings Corp    | Fairfax India Holdings Corp         | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |      2800 | NS      | $44940.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF    | Grayscale Bitcoin Trust ETF         | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |        60 | NS      | $3165.60      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Litecoin Trust       | Grayscale Litecoin Trust            | CUSIP: 38963W104<br>LEI: N/A                  | Long             | EC               | RF                | US        |        24 | NS      | $97.92        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I | Hawaiian Electric Industries Inc    | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |     82900 | NS      | $1230236.00   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Bitcoin Trust ETF      | iShares Bitcoin Trust ETF           | CUSIP: 46438F101<br>LEI: 529900HVFN08L8P4H851 | Long             | EC               | RF                | US        |       146 | NS      | $5609.32      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd          | Valterra Platinum Ltd               | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |        22 | NS      | $311.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                         | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      6234 | NS      | $43065.73     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                        | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       550 | NS      | $17325.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I | Miami International Holdings Inc    | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |      2548 | NS      | $99168.16     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Toei Animation Co Ltd          | Toei Animation Co Ltd               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |       200 | NS      | $3270.22      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaport Entertainment Group In | Seaport Entertainment Group Inc     | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |       188 | NS      | $4038.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp        | Texas Pacific Land Corp             | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65167 | NS      | $30925651.52  | 76.93%            |  |  |  | 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        |   2366887 | NS      | $2366886.72   | 5.89%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC | WaterBridge Infrastructure LLC      | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14098 | NS      | $377685.42    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SB Technology Inc              | SB Technology Inc                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      5811 | NS      | $100007.31    | 0.25%             |  |  |  | No            |                  3 | On Loan: No      |
| TXSE Group, Inc                | TXSE Group, Inc                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1300 | NS      | $29900.00     | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| Urbana Corp                    | Urbana Corp                         | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      1600 | NS      | $9948.96      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd         | PrairieSky Royalty Ltd              | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     12000 | NS      | $277765.80    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PARTNERS VALUE INVESTMENTS L   | Partners Value Investments LP       | CUSIP: 70214W112<br>LEI: N/A                  | N/A              | DE               | CORP              | CA        |       200 | NS      | $3845.88      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |        58 | NS      | $127423.68    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp                    | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $8165.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC              | Landbridge Co LLC                   | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |     28670 | NS      | $1979663.50   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc             | Liberty Energy Inc                  | CUSIP: 53115L104<br>LEI: 254900PKFJW6RILDCM60 | Long             | EC               | CORP              | US        |       972 | NS      | $27993.60     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Kinetics Mutual Funds

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Mutual Funds Inc

**Title:** Vice President