NPORT-EX 2 fp0093710-1_nportexrennpartf.htm PART F

RENN Fund, Inc.

Consolidated Schedule of Investments

As of March 31, 2025 (Unaudited)

Shares or Principal Amount		Company	Cost		Value
		MONEY MARKET FUNDS – 22.03%
	85,161	Fidelity Government Cash Reserves Portfolio - Institutional Class, 4.06%	$	85,161	$	85,161
	4,267,987	Fidelity Investment Money Market Funds Government Portfolio - Institutional Class, 4.23%		4,267,987		4,267,987
		Total Money Market Funds		4,353,148		4,353,148

		CONVERTIBLE BONDS – 0.00%
		Oil and Gas – 0.00%
	1,000,000	PetroHunter Energy Corporation 8.50% Maturity 12/31/2014^(1)(2)(5)		540,225		-
		Total Convertible Bonds		540,225		-

		COMMON EQUITIES – 76.60%
		Accomodations – 0.23%
	2,000	Civeo Corp.		54,150		46,000

		Asset Management – 0.19%
	973	Associated Capital Group, Inc. - Class A		40,594		37,285

		Communication Services – 0.05%
	400	IG Port, Inc.⁽⁴⁾		6,557		5,318
	200	TOEI Animation Co. Ltd.⁽⁴⁾		4,839		4,134
				11,396		9,452

		Financial Services – 0.07%
	2	Fairfax Financial Holdings Ltd.		2,734		2,895
	416	Fairfax India Holdings Corp.⁽²⁾⁽⁴⁾		6,734		6,960
	2	White Mountains Insurance Group, Inc.		3,456		3,852
				12,924		13,707

		Hospitality – 0.77%
	7,300	Carnival Corp.⁽²⁾		104,635		142,569
	50	Royal Caribbean Ltd.		2,940		10,272
				107,575		152,841

		Metal Mining – 3.74%
	580	Franco-Nevada Corp.		83,192		91,385
	19,174	Mesabi Trust		525,426		521,532
	4	Anglo American PLC		62		56
	1,640	Wheaton Precious Metals Corp.		68,954		127,313
				677,634		740,286

		Medicinal Chemicals and Botanical Products – 9.46%
	154,456	FitLife Brands, Inc.⁽²⁾		9,131,687		1,868,918

		Oil and Gas – 41.01%
	258	Aris Water Solutions, Inc. - Class A		7,093		8,266
	1,400	Liberty Energy, Inc.		27,247		22,162
	19,315	Permian Basin Royalty Trust		299,138		191,412
	808,445	PetroHunter Energy Corporation^(1)(2)(5)		101,056		-
	16,302	PrairieSky Royalty Ltd.⁽⁴⁾		207,008		293,959

RENN Fund, Inc.

Consolidated Schedule of Investments (Continued)

As of March 31, 2025 (Unaudited)

Shares or Principal Amount		Company	Cost		Value
	100	Sabine Royalty Trust		8,002		6,769
	5,724	Texas Pacific Land Corp.		1,079,738		7,584,243
				1,729,282		8,106,811

		Other Financial Investment Activities – 1.84%
	82,700	Urbana Corp.⁽⁴⁾		299,428		336,754
	6,900	Urbana Corp. Class A⁽⁴⁾		23,305		27,617
				322,733		364,371

		Real Estate – 7.81%
	2	J.G. Boswell Company		1,118		1,008
	21,448	Landbridge Company LLC		368,273		1,542,969
				369,391		1,543,977

		Securities and Commodity Exchanges – 1.10%
	720	Bakkt Holdings, Inc.⁽²⁾		16,978		6,242
	3,000	CNSX Markets, Inc.^(1)(2)(3)(4)		13,502		14,592
	240	Intercontinental Exchange, Inc.⁽⁴⁾		30,806		41,400
	14,000	Miami International Holdings, Inc.^(1)(2)(3)		105,000		155,540
				166,286		217,774

		Securities, Commodity Contracts, and Other Financial Investments and Related Activities – 2.70%
	1,484	Grayscale Bitcoin Mini Trust⁽²⁾		31,366		54,151
	4	Grayscale Ethereum Classic Trust⁽²⁾		46		31
	7,282	Grayscale Bitcoin Trust⁽²⁾		249,806		474,568
	114	iShares Bitcoin Trust⁽²⁾		4,037		5,336
	4	iShares Silver Trust ETF⁽²⁾		111		124
				285,366		534,210

		Live Sports (Spectator Sports) – 1.42%
	5,091	Big League Advance, LLC.^(1)(2)(3)		280,000		280,005

		Surgical & Medical Instruments & Apparatus – 4.26%
	615,000	Apyx Medical Corp.⁽²⁾		1,470,958		842,550

		Utilities – 1.94%
	35,100	Hawaiian Electric Industries, Inc.⁽²⁾		361,817		384,345

		Total Common Equities		15,021,793		15,142,532

		OPEN ENDED MUTUAL FUNDS – 0.15%
	824	Kinetics Spin-Off and Corporate Restructuring Fund⁽⁶⁾		13,168		30,529
		Total Open Ended Mutual Funds		13,168		30,529

		PREFERRED STOCKS – 0.94%
	30,966	Diamond Standard, Inc.^(1)(2)(3)		185,798		185,798
		Total Preferred Stocks		185,798		185,798

		WARRANTS – 0.04%
	837	Diamond Standard, Inc., Exercise Price: $9.00, Expiration Date: January 15, 2026^(1)(2)(3)		-		-
	2,132	Miami International Holdings, Inc., Exercise Price: $7.50, Expiration Date: March 31, 2026^(1)(2)(3)		-		7,441
		Total Warrants		-		7,441

		TOTAL INVESTMENTS – 99.76%	$	20,114,132	$	19,719,448
		OTHER ASSETS LESS LIABILITIES – 0.22%				43,437
		NET ASSETS - 100.00%			$	19,762,885

RENN Fund, Inc.

Consolidated Schedule of Investments (Continued)

As of March 31, 2025 (Unaudited)

Shares or Principal Amount			Company	Proceeds			Value
			SECURITIES SOLD SHORT – 0.09%
			EXCHANGE TRADED FUNDS – 0.09%
	(4	)	Direxion Daily Energy Bear 2X Shares ETF		(87	)		(82	)
	(133	)	Direxion Daily Gold Miners Index Bear 2X Shares ETF		(8,930	)		(4,783	)
	(288	)	Direxion Daily Junior Gold Miners Index Bear 2X Shares ETF		(8,651	)		(4,640	)
	(707	)	Direxion Daily S&P Biotech Bear 3X Shares ETF		(4,951	)		(6,667	)
	(2	)	Direxion Daily S&P Oil & Gas Bear 2X Shares ETF		(20	)		(21	)
	(23	)	ProShares Ultra VIX Short-Term Futures ETF⁽²⁾		(1,218	)		(539	)
	(5	)	ProShares UltraShort ETF⁽²⁾		(189	)		(147	)
	(7	)	ProShares UltraShort Bloomberg Natural Gas ETF⁽²⁾		(282	)		(137	)
	(4	)	ProShares UltraShort Energy ETF⁽²⁾		(143	)		(135	)
	(16	)	ProShares VIX Short-Term Futures ETF⁽²⁾		(991	)		(804	)
			Total Exchange Traded Funds		(25,462	)		(17,955	)

			EXCHANGE TRADED NOTES – 0.01%
	(28	)	iPath Series B S&P VIX Short-Term Futures ETN⁽²⁾	$	(1,972	)		(1,441	)
			Total Exchange Traded Notes		(1,972	)		(1,441	)

			TOTAL SECURITIES SOLD SHORT – 0.09%	$	(27,434	)	$	(19,396	)

⁽¹⁾

See Annual Report Note 5 - Fair Value Measurements.

⁽²⁾

Non-Income Producing.

⁽³⁾

Big League Advance, LLC., CNSX Markets, Inc., Diamond Standard, Inc. and Miami International Holdings, Inc. are each currently a private company. These securities are illiquid and valued at fair value.

⁽⁴⁾

Foreign security denominated in U.S. Dollars.

⁽⁵⁾

The PetroHunter Energy Corporation (“PetroHunter”) securities are in bankruptcy. The securities are valued at fair value.

⁽⁶⁾

Affiliated security, given that the security is managed by the same Investment Advisor as the Fund.

See accompanying Consolidated Notes to Schedule of Investments.

RENN Fund, Inc.

CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

As of March 31, 2025 (Unaudited)

Investments in Affiliated Issuers

An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities, or any investment which is advised or sponsored by the advisor. In this instance, affiliation is based on the fact that the Kinetics Spin-off and Corporate Restructuring Fund is advised by Horizon, the same Investment Advisor to the Fund. Issuers that are affiliates of the Fund at period-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Fund owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2025, and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of period-end.

													Dividends and Distributions
Name of Issuer and Title of Issue	Value Beginning of Period		Purchases		Sales Proceeds		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value End of Period		Capital Gains		Income
Kinetics Spin-off and Corporate
Restructuring Fund	$	26,648	$	-	$	-	$	-	$	3,881	$	30,529	$	-	$	-

Total	$	26,648	$	-	$	-	$	-	$	3,881	$	30,529	$	-	$	-

Name of Issuer and Title of Issue	Shares Beginning of Period		Purchases		Sales Proceeds		Stock Split		Shares End of Period
Kinetics Spin-off and Corporate
Restructuring Fund		824		-		-		-		824
Total		824		-		-		-		824