As of December 31, 2025 the Company owned investments in marketable securities with a fair value of $76,535.

The following summarizes the Company’s investments accounted for at fair value at December 31, 2025 using the fair value hierarchy:


	December 31, 2025
	Total			Level 1			Level 2		Level 3
Money market cash equivalents	$	32,362		$	32,362		$	-	$	-

Investments:
Texas Pacific Land Corporation common stock	$	49,714		$	49,714		$	-	$	-
Kinetics Market Opportunities Fund		8,024			-			8,024		-
Kinetics Spin-Off and Corporate Restructuring Fund-Institutional Class		2,739			-			2,739		-
All other market traded equity securities		3,454			3,454			-		-
Kinetics Mutual Funds and ETFs		2,396			-			2,396		-
Kinetics Global Fund No Load Class		2,479			-			2,479		-
Grayscale Bitcoin Trust		2,189			2,189			-		-
CBOE Global Markets		2,470			2,470			-		-
FRMO Corporation common stock		1,432			-			1,432		-
SPAC Active ETF		1,684			-			1,684		-
Total investments	$	76,581		$	57,827		$	18,754	$	-
Liabilities:
Market traded equity securities - sold short	$	(46	)	$	(46	)	$	-	$	-
Total liabilities	$	(46	)	$	(46	)	$	-	$	-
Total investments, at fair value	$	76,535		$	57,781		$	18,754	$	-

The following summarizes the Company’s investments accounted for at fair value at December 31, 2024 using the fair value hierarchy:


	December 31, 2024
	Total			Level 1			Level 2		Level 3
Money market cash equivalents	$	7,561		$	6,214		$	-	$	-

Investments:
Texas Pacific Land Corporation common stock	$	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 Mutual Funds and ETFs		2,419			-			2,419		-
Kinetics Global Fund No Load Class		2,416			-			2,416		-
Grayscale Bitcoin Trust		2,370			2,370			-		-
CBOE Global Markets		1,921			1,921			-		-
FRMO Corporation common stock		1,916			-			1,916		-
SPAC Active ETF		1,828			-			1,828		-
Total investments	$	91,467		$	70,988		$	20,479	$	-
Liabilities:
Market traded equity securities - sold short	$	(32	)	$	(32	)	$	-	$	-
Total liabilities	$	(32	)	$	(32	)	$	-	$	-
Total investments, at fair value	$	91,435		$	70,956		$	20,479	$	-

As of December 31, 2025 and 2024, there are no investments categorized within Level 3.

The following summarizes CIPs measured at fair value on a recurring basis were as follows as of December 31, 2025 using the fair value hierarchy:


	December 31, 2025
	Total			Level 1			Level 2		Level 3		NAV as a practical expedient
Money market cash equivalents	$	31,469		$	31,469		$	-	$	-	$	-

Investments:
Common stocks	$	948,645		$	948,645		$	-	$	-	$	-
Debt securities		1,551			-			-		1,551		-
Digital asset related exchange-traded and mutual funds		461,136			458,883			2,253		-		-
Preferred stocks		4,933			4,933			-		-		-
Private equity funds		462			-			-		-		462
Private placements		107,226			-			6,371		100,854		1
Digital assets		184,857			184,857			-		-		-
Total investments	$	1,708,810		$	1,597,318		$	8,624	$	102,405	$	463

Liabilities:
Securities sold short	$	(415	)	$	(415	)	$	-	$	-	$	-
Total liabilities	$	(415	)	$	(415	)	$	-	$	-	$	-
Total investments, at fair value	$	1,708,395		$	1,596,903		$	8,624	$	102,405	$	463

The following summarizes CIPs measured at fair value on a recurring basis were as follows as of December 31, 2024 using the fair value hierarchy:


	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

Changes in Level 3 Assets were as follows:


for the fiscal year ended December 31, 2025	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		(98	)		-			19,943			19,845
Deconsolidation		-			(22,471	)		-			(22,471	)
Purchases		-			-			66,592			66,592
Sales		-			-			-			-
*Change in level classification		-			-			(165,433	)		(165,433	)
Balance at December 31, 2025	$	1,551		$	-		$	100,854		$	102,405

Change in unrealized gains (losses) included in net income relating to assets held at end of year	$	(98	)	$	-		$	19,943		$	19,845

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


for the fiscal year ended December 31, 2024	Debt securities		Preferred equity and other private investments			Private placements			Total Level 3 Assets
Balance at December 31, 2023	$	765	$	22,240		$	156,648		$	179,653
Change in unrealized appreciation (depreciation), net		884		(234	)		10,676			11,326
Purchases		-		11,618			58,528			70,146
Sales		-		(11,153	)		(46,100	)		(57,253	)
Balance at December 31, 2024	$	1,649	$	22,471		$	179,752		$	203,872

Change in unrealized gains (losses) included in net income relating to assets held at end of year	$	884	$	(234	)	$	10,676		$	11,326