NPORT-EX 2 fp0096326-1_nportex.htm PART F

RENN FUND, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF SEPTEMBER 30, 2025 (Unaudited)

Shares or Principal Amount		Company	Cost		Value
		MONEY MARKET FUNDS – 16.44%
	101,119	Fidelity Government Cash Reserves Portfolio - Institutional Class, 4.04%	$	101,119	$	101,119
	3,186,364	Fidelity Investment Money Market Funds Government Portfolio - Institutional Class, 4.23%		3,186,364		3,186,364
		Total Money Market Funds		3,287,483		3,287,483

		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 – 81.05%
		Accomodations – 0.23%
	2,000	Civeo Corp.		54,150		46,000

		Communication Services – 0.04%
	400	IG Port, Inc.⁽⁴⁾		6,557		4,152
	200	TOEI Animation Co. Ltd.⁽⁴⁾		4,839		4,125
				11,396		8,277

		Electric Power Generation, Transmission and Distribution – 2.63%
	47,600	Hawaiian Electric Industries, Inc.⁽²⁾		498,711		525,504

		Financial Services – 0.23%
	973	Associated Cap Group - Class A		40,594		32,625
	2	Fairfax Financial Holdings Ltd.		2,734		3,497
	416	Fairfax India Holdings Corp.⁽²⁾⁽⁴⁾		6,734		7,159
	2	White Mountains Insurance Group, Inc.		3,456		3,343
				53,518		46,624

		Hospitality – 1.14%
	7,300	Carnival Corp.⁽²⁾		104,635		211,043
	50	Royal Caribbean Ltd.		2,940		16,179
				107,575		227,222

		Live Sports (Spectator Sports) – 1.54%
	5,091	Big League Advance, LLC^(1)(2)(3)		280,000		308,362

		Metal Mining – 4.42%
	3	Anglo American PLC		46		57
	580	Franco-Nevada Corp.		83,192		129,288
	19,502	Mesabi Trust		534,308		570,824
	1,640	Wheaton Precious Metals Corp.		68,954		183,418
	1	Valterra Platnium Ltd.		7		12
				686,507		883,599

		Medicinal Chemicals and Botanical Products – 15.35%
	154,456	FitLife Brands, Inc.⁽²⁾		9,131,687		3,072,130

		Oil and Gas – 30.12%
	1,400	Liberty Energy, Inc.		27,247		17,276
	19,347	Permian Basin Royalty Trust		299,728		353,083
	808,445	PetroHunter Energy Corporation^(1)(2)(5)		101,056		-
	16,306	PrairieSky Royalty Ltd.⁽⁴⁾		207,079		302,523

100	Sabine Royalty Trust		8,002		7,946
5,724	Texas Pacific Land Corp.		1,079,738		5,344,155
			1,722,850		6,024,983

	Other Financial Investment Activities – 2.68%
91,300	Urbana Corp.⁽⁴⁾		343,078		499,241
6,900	Urbana Corp. Class A⁽⁴⁾		23,305		36,193
			366,383		535,434

	Real Estate – 0.02%
2	J.G. Boswell Company		1,118		999
240	Tejon Ranch⁽²⁾		4,227		3,835
			5,345		4,834

	Remediation and Other Waster Management Services – 0.05%
322	Aris Water Solutions, Inc. - Class A		8,787		7,941
100	Pure Cycle Corp.⁽²⁾		1,029		1,107
			9,816		9,048

	Securities and Commodity Exchanges – 3.10%
720	Bakkt Holdings, Inc.⁽²⁾		16,978		24,228
3,000	CNSX Markets, Inc.^(1)(2)(3)(4)		13,502		15,089
240	Intercontinental Exchange, Inc.⁽⁴⁾		30,806		40,435
7,000	Miami International Holdings, Inc.^(1)(2)(3)		105,000		253,610
4,659	Miami Intl Holdings, Inc.^(1)(2)(3)		107,157		187,571
4,350	TXSE Group, Inc.⁽²⁾		100,050		100,050
			373,493		620,983

	Securities, Commodity Contracts, and Other Financial Investments and Related Activities – 3.72%
1,652	Grayscale Bitcoin Mini Trust⁽²⁾		39,871		83,641
4	Grayscale Ethereum Classic Trust⁽²⁾		46		38
7,282	Grayscale Bitcoin Trust⁽²⁾		249,806		653,705
114	iShares Bitcoin Trust⁽²⁾		4,037		7,410
4	iShares Silver Trust ETF⁽²⁾		111		169
			293,871		744,963

	Software Publisher – 1.00%
11,621	SB Technology, Inc.⁽¹⁾⁽³⁾		199,997		199,997

	Support Activities for Water Transportation – 5.72%
21,448	Landbridge Company LLC		368,273		1,144,251

	Surgical & Medical Instruments & Apparatus – 6.58%
615,000	Apyx Medical Corp.⁽²⁾		1,470,958		1,316,100

	Water, Sewage and Other Systems – 2.48%
19,664	Waterbridge Infrastructure LLC - Class A.		393,280		495,926

	Total Common Equities		16,027,810		16,214,237

	OPEN ENDED MUTUAL FUNDS – 0.60%
1	Horizon Kinetics Equity Opportunities Fund, L.P.⁽²⁾⁽⁶⁾		64,250		96,150
824	Kinetics Spin-Off and Corporate Restructuring Fund⁽⁶⁾		13,168		22,866
	Total Open Ended Mutual Funds		77,418		119,016

	PREFERRED STOCKS – 1.67%
22,633	Diamond Standard, Inc. Junior-1 Preferred^(1)(2)(3)		135,800		236,515
837	Diamond Standard, Inc. Junior-2 Preferred^(1)(2)(3)		7,533		7,541
8,333	Diamond Standard, Inc.^(1)(2)(3)		49,998		89,496
	Total Preferred Stocks		193,331		333,552

	WARRANTS – 0.14%
1,066	Miami International Holdings, Inc., Exercise Price: $7.50, Expiration Date: March 31, 2026^(1)(2)(3)		-		27,236
	Total Warrants		-		27,236

	TOTAL INVESTMENTS – 99.90%	$	20,126,267	$	19,981,524
	OTHER ASSETS LESS LIABILITIES – 0.09%				18,567
	NET ASSETS - 100.00%			$	20,000,091

Shares or Principal Amount			Company	Proceeds			Value
			SECURITIES SOLD SHORT – 0.07%
			EXCHANGE TRADED FUNDS – 0.06%
	(24	)	Direxion Daily Energy Bear 2X Shares ETF		(504	)		(486	)
	(190	)	Direxion Daily Gold Miners Index Bear 2X Shares ETF		(10,103	)		(2,078	)
	(401	)	Direxion Daily Junior Gold Miners Index Bear 2X Shares ETF		(9,601	)		(1,724	)
	(82	)	Direxion Daily S&P Biotech Bear 3X Shares ETF		(5,682	)		(3,316	)
	(4	)	Direxion Daily S&P Oil & Gas Bear 2X Shares ETF		(37	)		(34	)
	(55	)	ProShares Ultra VIX Short-Term Futures ETF⁽²⁾		(2,106	)		(574	)
	(27	)	ProShares UltraShort ETF⁽²⁾		(633	)		(415	)
	(22	)	ProShares UltraShort Bloomberg Natural Gas ETF⁽²⁾		(789	)		(765	)
	(15	)	ProShares UltraShort Energy ETF⁽²⁾		(518	)		(500	)
	(6	)	ProShares UltraShort NASDAQ ETF		(81	)		(79	)
	(64	)	ProShares VIX Short-Term Futures ETF⁽²⁾		(4,096	)		(2,067	)
			Total Exchange Traded Funds		(34,150	)		(12,038	)

			EXCHANGE TRADED NOTES – 0.01%
	(89	)	iPath Series B S&P VIX Short-Term Futures ETN⁽²⁾		(6,080	)		(2,951	)
			Total Exchange Traded Notes		(6,080	)		(2,951	)

			TOTAL SECURITIES SOLD SHORT – 0.06%	$	(40,230	)	$	(14,989	)

⁽¹⁾

See Semi-Annual Report Note 5 - Fair Value Measurements.

⁽²⁾

Non-Income Producing.

⁽³⁾

Big League Advance, LLC., CNSX Markets, Inc., Diamond Standard, Inc., Miami International Holdings, Inc. and SB Technology 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 September 30, 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 and the Horizon Kinetics Equity Opportunities Fund, LP 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 September 30, 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
Horizon Kinetics Equity Opportunities Fund, LP	$	0	$	64,250	$	-	$	-	$	31,900		$	96,150	$	-	$	-
Kinetics Spin-off and Corporate		26,648		-		-		-		(3,782	)		22,866		-		-
Restructuring Fund
Total	$	26,648	$	64,250	$	-	$	-	$	28,118		$	119,016	$	-	$	-

Name of Issuer and Title of Issue	Shares Beginning of Period		Purchases		Sales Proceeds		Stock Split		Shares End of Period
Horizon Kinetics Equity Opportunities Fund, LP		0		1		-		-		1
Kinetics Spin-off and Corporate		824		-		-		-		824
Restructuring Fund		824		1		-		-		825