# EDGAR Filing Document

**Accession Number:** 0001113229
**File Stem:** 0000894189-26-016202
**Filing Date:** 2026-5
**Character Count:** 27754
**Document Hash:** 1cf5331cec45f33a16525e31bd408aab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016202.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000894189-26-016202

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KINETICS PORTFOLIOS TRUST
- **CENTRAL INDEX KEY:** 0001113229

**ORGANIZATION NAME:**
- **EIN:** 223723753
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09923
- **FILM NUMBER:** 261030703

**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:** 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:** $567574429.15

**Total Liabilities:** $1551474.04

**Net Assets:** $566022955.11

**Amount of Assets Invested in Other Investment Companies:** $21390291.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021364 | 13.61%               | 42.33%               | 31.64%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11248.53               | $58952826.37                               |
| Month 2  | $9342.05                 | $126034810.46                              |
| Month 3  | $-318495.23              | $-45771311.28                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Madison Square Garden Sports C     | Madison Square Garden Sports Corp        | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       240 | NS      | $77136.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                       | Mesabi Trust                             | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50200 | NS      | $1581300.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: —       |
| Miami International Holdings I     | Miami International Holdings Inc         | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |    108800 | NS      | $4234496.00   | 0.75%             |  |  |  | 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      | $7956.90      | 0.00%             |  |  |  | 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      | $232185.50    | 0.04%             |  |  |  | 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      | $319234613.76 | 56.40%            |  |  |  | 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      | $24991.20     | 0.00%             |  |  |  | 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    | 0.07%             |  |  |  | No            |                  3 | On Loan: No      |
| Pason Systems Inc                  | Pason Systems Inc                        | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |      8000 | NS      | $76141.18     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sphere Entertainment Co            | Sphere Entertainment Co                  | CUSIP: 55826T102<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | EC               | CORP              | US        |       772 | NS      | $90632.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NZX Ltd                            | NZX Ltd                                  | CUSIP: N/A<br>LEI: 254900KTE7C5U39QMD43       | Long             | EC               | CORP              | NZ        |      1000 | NS      | $752.79       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| OTC Markets Group Inc              | OTC Markets Group Inc                    | CUSIP: 67106F108<br>LEI: 254900LQDMW14QIVAH45 | Long             | EC               | CORP              | US        |       800 | NS      | $42824.00     | 0.01%             |  |  |  | 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      | $26036.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                       | Oshkosh Corp                             | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |       400 | NS      | $58884.00     | 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      | $74760.00     | 0.01%             |  |  |  | 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      | $2143392.00   | 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      | $261560.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                      | RB Global Inc                            | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |       400 | NS      | $38340.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati     | Science Applications International Corp  | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |     18000 | NS      | $1708560.00   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaport Entertainment Group In     | Seaport Entertainment Group Inc          | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |      2166 | NS      | $46525.67     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                     | Tejon Ranch Co                           | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |     72000 | NS      | $1356480.00   | 0.24%             |  |  |  | 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   | 0.64%             |  |  |  | No            |                  3 | On Loan: No      |
| Rubis SCA                          | Rubis SCA                                | CUSIP: N/A<br>LEI: 969500MGFIKUGLTC9742       | Long             | EC               | CORP              | FR        |     12000 | NS      | $477969.39    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd             | PrairieSky Royalty Ltd                   | CUSIP: 739721108<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     72000 | NS      | $1666594.78   | 0.29%             |  |  |  | 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      | $3076701.89   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ripple Labs Inc Preferred A shares | Ripple Labs Inc Preferred A shares       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1250 | NS      | $152187.50    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Royal Caribbean Cruises Ltd        | Royal Caribbean Cruises Ltd              | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |       200 | NS      | $55036.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc              | CRA International Inc                    | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1024 | NS      | $165765.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Civeo Corp                         | Civeo Corp                               | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |    554000 | NS      | $14658840.00  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Crimson Wine Group Ltd             | Crimson Wine Group Ltd                   | CUSIP: 22662X100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48200 | NS      | $212562.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dundee Corp                        | Dundee Corp                              | CUSIP: 264901109<br>LEI: 549300LX18ZNW1LEMU13 | Long             | EC               | CORP              | CA        |     80000 | NS      | $226400.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                | Eagle Materials Inc                      | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       880 | NS      | $166716.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd     | Fairfax Financial Holdings Ltd           | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         4 | NS      | $6808.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fermi Inc                          | Fermi Inc                                | CUSIP: 314911108<br>LEI: 529900TSHBYBCFMYZ228 | Long             | EC               | CORP              | US        |     90000 | NS      | $525600.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Galaxy Digital Inc                 | Galaxy Digital Inc                       | CUSIP: 36317J209<br>LEI: 9845001C4070E5N07806 | Long             | EC               | CORP              | US        |    160000 | NS      | $2952000.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DREAM Unlimited Corp               | DREAM Unlimited Corp                     | CUSIP: 26153M507<br>LEI: 549300OLZNGGLFVS4206 | Long             | EC               | CORP              | CA        |    660000 | NS      | $8696571.06   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                        | Euronext NV                              | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      2000 | NS      | $320171.99    | 0.06%             |  |  |  | No            |                  3 | On Loan: No      |
| Fairfax India Holdings Corp        | Fairfax India Holdings Corp              | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |     72000 | NS      | $1155600.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAEMAR PLC                        | BRAEMAR PLC                              | CUSIP: N/A<br>LEI: 213800EV6IKTTHJ83C19       | Long             | EC               | CORP              | GB        |    188600 | NS      | $561666.14    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc      | Affiliated Managers Group Inc            | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |       234 | NS      | $64747.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc       | Associated Capital Group Inc             | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |    190500 | NS      | $7486650.00   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| AutoNation Inc                     | AutoNation Inc                           | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       520 | NS      | $101535.20    | 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        |       146 | NS      | $288350.00    | 0.05%             |  |  |  | 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      | $265302.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                     | J G Boswell Co                           | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |       152 | NS      | $83600.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc             | CACI International Inc                   | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |     50000 | NS      | $27193500.00  | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                      | Carnival Corp                            | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    296000 | NS      | $7660480.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Centuri Holdings Inc               | Centuri Holdings Inc                     | CUSIP: 155923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       400 | NS      | $11684.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Circle Internet Group Inc          | Circle Internet Group Inc                | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |       800 | NS      | $76328.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                        | Urbana Corp                              | CUSIP: 91707P109<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     35200 | NS      | $243168.72    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMCO Investors Inc                | GAMCO Investors Inc                      | CUSIP: 361438104<br>LEI: 51A2MDO9SJ2HTOSMLZ76 | Long             | EC               | CORP              | US        |     12000 | NS      | $288000.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF        | Grayscale Bitcoin Trust ETF              | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             | EC               | RF                | US        |    300000 | NS      | $15828000.00  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru     | Grayscale Ethereum Classic Trust         | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             | EC               | RF                | US        |        60 | NS      | $264.00       | 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      | $48.96        | 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      | $1799400.00   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I     | Hawaiian Electric Industries Inc         | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |   2012000 | NS      | $29858080.00  | 5.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Canton Strategic Holdings Inc      | Canton Strategic Holdings Inc            | CUSIP: 432705309<br>LEI: 52990040X8C60JYNXZ70 | Long             | EC               | CORP              | US        |       200 | NS      | $654.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc         | Howard Hughes Holdings Inc               | CUSIP: 44267T102<br>LEI: 254900TY494BHXIU6M60 | Long             | EC               | CORP              | US        |     10000 | NS      | $632600.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc                   | Interparfums Inc                         | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53200 | NS      | $4832688.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| LICT Corp                          | LICT Corp                                | CUSIP: 50187G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        16 | NS      | $192000.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                  | Landbridge Co LLC                        | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |    395044 | NS      | $27277788.20  | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                 | Liberty Energy Inc                       | CUSIP: 53115L104<br>LEI: 254900PKFJW6RILDCM60 | Long             | EC               | CORP              | US        |       400 | NS      | $11520.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc      | Live Nation Entertainment Inc            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |     20000 | NS      | $3050200.00   | 0.54%             |  |  |  | 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      | $45478.52     | 0.01%             |  |  |  | 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   | 1.06%             |  |  |  | No            |                  3 | On Loan: No      |
| US BANK MMDA - USBGFS 7            | US BANK MMDA - USBGFS 7                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  23342433 | NS      | $23342432.65  | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| 99GRAYSC                           | 99GRAYSC                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    400000 | NS      | $4000000.00   | 0.71%             |  |  |  | No            |                  3 | On Loan: No      |
| IG Port Inc                        | IG Port Inc                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     34200 | NS      | $266135.28    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                        | Urbana Corp                              | CUSIP: 91707P208<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |   1111400 | NS      | $6910797.21   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Burford Capital Ltd                | Burford Capital Ltd                      | CUSIP: N/A<br>LEI: 549300FUKUWFYJMT2277       | Long             | EC               | CORP              | US        |       100 | NS      | $452.00       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC     | WaterBridge Infrastructure LLC           | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    732765 | NS      | $19630774.35  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Wendy's Co/The                     | Wendy's Co/The                           | CUSIP: 95058W100<br>LEI: 529900M0JIUCMWVKHG76 | Long             | EC               | CORP              | US        |    120000 | NS      | $834000.00    | 0.15%             |  |  |  | No            |                  1 | On Loan: —       |
| Western Midstream Partners LP      | Western Midstream Partners LP            | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54375 | NS      | $2238618.75   | 0.40%             |  |  |  | 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      | $6459062.40   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Kinetics Portfolios Trust

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Kinetics Portfolios Trust

**Title:** Vice President