September 30, 2025

Total

Level 1

Level 2

Level 3

Money market cash equivalents

$

16,984

$

16,984

$

-

$

-

Investments:

Texas Pacific Land Corporation

$

53,867

$

53,867

$

-

$

-

Kinetics Market Opportunities Fund

8,714

-

8,714

-

Kinetics Mutual Funds and ETFs

2,497

-

2,497

-

Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class

3,240

-

3,240

-

Kinetics Global Fund No Load Class

2,643

-

2,643

-

All other market traded equity securities

3,225

3,225

-

-

CBOE Global Markets

2,378

2,378

-

-

FRMO Corporation

1,726

-

1,726

-

Horizon Kinetics SPAC Active ETF

1,934

-

1,934

-

Grayscale Bitcoin Trust

2,875

2,875

-

-

Totals

$

83,099

$

62,345

$

20,754

$

-

Liabilities:

Market traded equity securities - sold short

$

(39

)

$

(39

)

$

-

$

-

Total Liabilities

$

(39

)

$

(39

)

$

-

$

-

Total

$

83,060

$

62,306

$

20,754

$

-

December 31, 2024

Total

Level 1

Level 2

Level 3

Money market cash equivalents

$

7,561

$

7,561

$

-

$

-

Investments:

Texas Pacific Land Corporation

$

63,797

$

63,797

$

-

$

-

Kinetics Market Opportunities Fund

8,302

-

8,302

-

Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class

3,598

-

3,598

-

All other market traded equity securities

2,900

2,900

-

-

Kinetics Global Fund No Load Class

2,416

-

2,416

-

FRMO Corporation

1,916

-

1,916

-

Horizon Kinetics SPAC Active ETF

1,828

-

1,828

-

Grayscale Bitcoin Trust

2,370

2,370

-

-

CBOE Global Markets

1,921

1,921

-

-

Kinetics Mutual Funds and ETFs

2,419

-

2,419

-

Totals

$

91,467

$

70,988

$

20,479

$

-

Liabilities:

Market traded equity securities - sold short

$

(32

)

$

(32

)

$

-

$

-

Total Liabilities

$

(32

)

$

(32

)

$

-

$

-

Total

$

91,435

$

70,956

$

20,479

$

-

September 30, 2025

Total

Level 1

Level 2

Level 3

NAV as a practical expedient

Money market cash equivalents

$

22,742

$

22,742

$

-

$

-

$

-

Investments:

Common stocks

$

714,056

$

714,056

$

-

$

-

$

-

Debt securities

2,010

-

-

2,010

-

Digital asset related exchange-traded and mutual funds

596,322

596,322

-

-

-

Preferred stocks

5,347

5,347

-

-

-

Private equity funds

378

-

-

-

378

Private placements

338,427

252,078

8,325

78,022

2

Digital assets

235,686

235,686

-

-

-

Total investments

$

1,892,226

$

1,803,489

$

8,325

$

80,032

$

380

Liabilities:

Securities sold short

$

(394

)

$

(394

)

$

-

$

-

$

-

Total liabilities

$

(394

)

$

(394

)

$

-

$

-

$

-

Total investments, at fair value

$

1,891,832

$

1,803,095

$

8,325

$

80,032

$

380

December 31, 2024

Total

Level 1

Level 2

Level 3

NAV as a practical expedient

Money market cash equivalents

$

28,466

$

28,466

$

-

$

-

$

-

Investments:

Common stocks

$

803,626

$

803,626

$

-

$

-

$

-

Debt securities

1,649

-

-

1,649

-

Digital asset related exchange-traded and mutual funds

541,346

533,435

7,911

-

-

Preferred stocks

3,785

3,785

-

-

-

Preferred equity and other private investments

22,471

-

-

22,471

-

Private equity funds

220

-

-

-

220

Private placements

179,754

-

-

179,752

2

Digital assets

194,565

194,565

-

-

-

Total investments

$

1,747,416

$

1,535,411

$

7,911

$

203,872

$

222

Liabilities:

Securities sold short

$

(566

)

$

(566

)

$

-

$

-

$

-

Total liabilities

$

(566

)

$

(566

)

$

-

$

-

$

-

Total investments, at fair value

$

1,746,850

$

1,534,845

$

7,911

$

203,872

$

222

For the Nine Months Ended September 30,

Debt securities

Preferred equity and other private investments

Private placements

Total Level 3 Assets

Balance at December 31, 2024

$

1,649

$

22,471

$

179,752

$

203,872

Change in unrealized appreciation (depreciation), net

361

-

19,511

19,872

Deconsolidation

-

(22,471

)

-

(22,471

)

Purchases

-

-

44,192

44,192

Sales

-

-

-

-

Change in Level Classification*

-

-

(165,433

)

(165,433

)

Balance at September 30, 2025

$

2,010

$

-

$

78,022

$

80,032

Change in unrealized gains included in net income relating to assets held at end of period

$

361

$

-

$

19,511

$

19,872

*Miami International Holdings, Inc., previously a private company held as a Level 3 private placement, went public in August 2025.

as of September 30, 2025

Fair Value

Valuation Technique

Significant Unobservable Inputs

Debt securities

$

2,010

Market Approach

Probability of Recovery (21%)

Private placements

$

78,022

36,202

Subject Company Transaction Method

Subject company transaction price per unit

18,170

Market Approach - Most recent transaction price

Unit price/cost of latest round of financing

23,650

Market Approach - Most recent transaction price

Unit price/cost of latest round of financing

as of December 31, 2024

Fair Value

Valuation Technique

Significant Unobservable Inputs

Debt securities

$

1,649

Market Approach

Preferred equity and other private investments

$

22,471

15,236

Market Approach

7,078

Market Approach

Offered quotes

157

Income Approach

Capitalization rate range (7.3% - 7.5%)

Private placements

$

179,752

145,553

Discounted Cash Flow Method and Market Approach

Projected Future Cash Flows
Revenue Multiples (range 4.0x - 6.8x)
Cost of Capital 13.5%

25,517

Discounted Cash Flow Method, Market Approach and Subject Company Transaction Method

Projected Future Cash Flows
Revenue Multiples (range 3.8x - 5.5X) EBITDA Multiples (range 12.5x - 14.5x) Discount Rate (13.5%)

8,682

Market Approach - Most recent transaction price

Unit price/cost of latest round of financing