# EDGAR Filing Document

**Accession Number:** 0000919567
**File Stem:** 0001193125-25-298924
**Filing Date:** 2025-11
**Character Count:** 41591
**Document Hash:** 5ebd48fafa1dc9b1fb14fd0187051557
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-298924.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-298924

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RENN Fund, Inc.
- **CENTRAL INDEX KEY:** 0000919567

**ORGANIZATION NAME:**
- **EIN:** 752533518
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22299
- **FILM NUMBER:** 251525666

**BUSINESS ADDRESS:**
- **STREET 1:** 8080 N CENTRAL EXPRWY
- **STREET 2:** STE 210 LB59
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206
- **BUSINESS PHONE:** 2148918294

**MAIL ADDRESS:**
- **STREET 1:** 8080 N CENTRAL EXPWY., SUITE 210 LB 59
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RENN Global Entrepreneurs Fund, Inc.
- **DATE OF NAME CHANGE:** 20090519

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RENAISSANCE CAPITAL GROWTH & INCOME FUND III INC
- **DATE OF NAME CHANGE:** 19940228

## Nport-Ex

RENN FUND, Inc.

CONSOLIDATED SCHEDULE OF INVESTMENTS

AS OF SEPTEMBER 30, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Shares or<br> Principal<br> Amount | Company | Cost | Value |
|  | **MONEY MARKET FUNDS – 16.44%** |  |  |
| 101119 | &nbsp;&nbsp;&nbsp;Fidelity Government Cash Reserves Portfolio - Institutional Class, 4.04% | $101119 | $101119 |
| 3186364 | &nbsp;&nbsp;&nbsp;Fidelity Investment Money Market Funds Government Portfolio - Institutional Class, 4.23% | 3186364 | 3186364 |
|  | Total Money Market Funds | 3287483 | 3287483 |
|  | **CONVERTIBLE BONDS – 0.00%** |  |  |
|  | &nbsp;&nbsp;&nbsp;Oil and Gas – 0.00% |  |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetroHunter Energy Corporation 8.50% Maturity 12/31/2014<sup>(1)(2)(5)</sup> | 540225 | - |
|  | Total Convertible Bonds | 540225 | - |
|  | **COMMON EQUITIES – 81.05%** |  |  |
|  | &nbsp;&nbsp;&nbsp;*Accomodations – 0.23%* |  |  |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civeo Corp. | 54150 | 46000 |
|  | &nbsp;&nbsp;&nbsp;*Communication Services – 0.04%* |  |  |
| 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Port, Inc.<sup>(4)</sup> | 6557 | 4152 |
| 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOEI Animation Co. Ltd.<sup>(4)</sup> | 4839 | 4125 |
|  |  | 11396 | 8277 |
|  | &nbsp;&nbsp;&nbsp;*Electric Power Generation, Transmission and Distribution – 2.63%* |  |  |
| 47600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.<sup>(2)</sup> | 498711 | 525504 |
|  | &nbsp;&nbsp;&nbsp;*Financial Services – 0.23%* |  |  |
| 973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Cap Group - Class A | 40594 | 32625 |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings Ltd. | 2734 | 3497 |
| 416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fairfax India Holdings Corp.<sup>(2)(4)</sup> | 6734 | 7159 |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Inc. | 3456 | 3343 |
|  |  | 53518 | 46624 |
|  | &nbsp;&nbsp;&nbsp;*Hospitality – 1.14%* |  |  |
| 7300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp.<sup>(2)</sup> | 104635 | 211043 |
| 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Ltd. | 2940 | 16179 |
|  |  | 107575 | 227222 |
|  | &nbsp;&nbsp;&nbsp;*Live Sports (Spectator Sports) – 1.54%* |  |  |
| 5091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big League Advance, LLC<sup>(1)(2)(3)</sup> | 280000 | 308362 |
|  | &nbsp;&nbsp;&nbsp;*Metal Mining – 4.42%* |  |  |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American PLC | 46 | 57 |
| 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 83192 | 129288 |
| 19502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesabi Trust | 534308 | 570824 |
| 1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 68954 | 183418 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valterra Platnium Ltd. | 7 | 12 |
|  |  | 686507 | 883599 |
|  | &nbsp;&nbsp;&nbsp;*Medicinal Chemicals and Botanical Products – 15.35%* |  |  |
| 154456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FitLife Brands, Inc.<sup>(2)</sup> | 9131687 | 3072130 |
|  | &nbsp;&nbsp;&nbsp;*Oil and Gas – 30.12%* |  |  |
| 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | 27247 | 17276 |
| 19347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Basin Royalty Trust | 299728 | 353083 |
| 808445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PetroHunter Energy Corporation<sup>(1)(2)(5)</sup> | 101056 |  |
| 16306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PrairieSky Royalty Ltd.<sup>(4)</sup> | 207079 | 302523 |

---

---

| | | | |
|:---|:---|:---|:---|
| 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabine Royalty Trust | 8002 | 7946 |
| 5724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 1079738 | 5344155 |
|  |  | 1722850 | 6024983 |
|  | &nbsp;&nbsp;&nbsp;*Other Financial Investment Activities – 2.68%* |  |  |
| 91300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urbana Corp.<sup>(4)</sup> | 343078 | 499241 |
| 6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urbana Corp. Class A<sup>(4)</sup> | 23305 | 36193 |
|  |  | 366383 | 535434 |
|  | &nbsp;&nbsp;&nbsp;*Real Estate – 0.02%* |  |  |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.G. Boswell Company | 1118 | 999 |
| 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tejon Ranch<sup>(2)</sup> | 4227 | 3835 |
|  |  | 5345 | 4834 |
|  | &nbsp;&nbsp;&nbsp;*Remediation and Other Waster Management Services – 0.05%* |  |  |
| 322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - Class A | 8787 | 7941 |
| 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Cycle Corp.<sup>(2)</sup> | 1029 | 1107 |
|  |  | 9816 | 9048 |
|  | &nbsp;&nbsp;&nbsp;*Securities and Commodity Exchanges – 3.10%* |  |  |
| 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bakkt Holdings, Inc.<sup>(2)</sup> | 16978 | 24228 |
| 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNSX Markets, Inc.<sup>(1)(2)(3)(4)</sup> | 13502 | 15089 |
| 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc.<sup>(4)</sup> | 30806 | 40435 |
| 7000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami International Holdings, Inc.<sup>(1)(2)(3)</sup> | 105000 | 253610 |
| 4659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miami Intl Holdings, Inc.<sup>(1)(2)(3)</sup> | 107157 | 187571 |
| 4350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXSE Group, Inc.<sup>(2)</sup> | 100050 | 100050 |
|  |  | 373493 | 620983 |
|  | &nbsp;&nbsp;&nbsp;*Securities, Commodity Contracts, and Other Financial Investments and Related Activities – 3.72%* |  |  |
| 1652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grayscale Bitcoin Mini Trust<sup>(2)</sup> | 39871 | 83641 |
| 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grayscale Ethereum Classic Trust<sup>(2)</sup> | 46 | 38 |
| 7282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grayscale Bitcoin Trust<sup>(2)</sup> | 249806 | 653705 |
| 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Bitcoin Trust<sup>(2)</sup> | 4037 | 7410 |
| 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iShares Silver Trust ETF<sup>(2)</sup> | 111 | 169 |
|  |  | 293871 | 744963 |
|  | &nbsp;&nbsp;&nbsp;*Software Publisher – 1.00%* |  |  |
| 11621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SB Technology, Inc.<sup>(1)(3)</sup> | 199997 | 199997 |
|  | &nbsp;&nbsp;&nbsp;*Support Activities for Water Transportation – 5.72%* |  |  |
| 21448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landbridge Company LLC | 368273 | 1144251 |
|  | &nbsp;&nbsp;&nbsp;*Surgical & Medical Instruments & Apparatus – 6.58%* |  |  |
| 615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apyx Medical Corp.<sup>(2)</sup> | 1470958 | 1316100 |
|  | &nbsp;&nbsp;&nbsp;*Water, Sewage and Other Systems – 2.48%* |  |  |
| 19664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waterbridge Infrastructure LLC - Class A. | 393280 | 495926 |
|  | Total Common Equities | 16027810 | 16214237 |
|  | **OPEN ENDED MUTUAL FUNDS – 0.60%** |  |  |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Horizon Kinetics Equity Opportunities Fund, L.P.<sup>(2)(6)</sup> | 64250 | 96150 |
| 824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetics Spin-Off and Corporate Restructuring Fund<sup>(6)</sup> | 13168 | 22866 |
|  | Total Open Ended Mutual Funds | 77418 | 119016 |
|  | **PREFERRED STOCKS – 1.67%** |  |  |
| 22633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Standard, Inc. Junior-1 Preferred<sup>(1)(2)(3)</sup> | 135800 | 236515 |
| 837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Standard, Inc. Junior-2 Preferred<sup>(1)(2)(3)</sup> | 7533 | 7541 |
| 8333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Standard, Inc.<sup>(1)(2)(3)</sup> | 49998 | 89496 |
|  | Total Preferred Stocks | 193331 | 333552 |
|  | **WARRANTS – 0.14%** |  |  |
| 1066 | &nbsp;&nbsp;&nbsp;&nbsp;Miami International Holdings, Inc., Exercise Price: $7.50, Expiration Date: March 31, 2026<sup>(1)(2)(3)</sup> | - | 27236 |
|  | Total Warrants | - | 27236 |
|  | **TOTAL INVESTMENTS – 99.90%** | $**20126267** | $**19981524** |
|  | OTHER ASSETS LESS LIABILITIES – 0.09% |  | 18567 |
|  | **NET ASSETS - 100.00%** |  | $**20000091** |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares or<br> Principal<br> Amount | Company | Proceeds | Value |
|  | **SECURITIES SOLD SHORT – 0.07%** |  |  |
|  | **EXCHANGE TRADED FUNDS – 0.06%** |  |  |
| (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direxion Daily Energy Bear 2X Shares ETF | (504) | (486) |
| (190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direxion Daily Gold Miners Index Bear 2X Shares ETF | (10103) | (2078) |
| (401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direxion Daily Junior Gold Miners Index Bear 2X Shares ETF | (9601) | (1724) |
| (82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direxion Daily S&P Biotech Bear 3X Shares ETF | (5682) | (3316) |
| (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direxion Daily S&P Oil & Gas Bear 2X Shares ETF | (37) | (34) |
| (55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProShares Ultra VIX Short-Term Futures ETF<sup>(2)</sup> | (2106) | (574) |
| (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProShares UltraShort ETF<sup>(2)</sup> | (633) | (415) |
| (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProShares UltraShort Bloomberg Natural Gas ETF<sup>(2)</sup> | (789) | (765) |
| (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProShares UltraShort Energy ETF<sup>(2)</sup> | (518) | (500) |
| (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProShares UltraShort NASDAQ ETF | (81) | (79) |
| (64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProShares VIX Short-Term Futures ETF<sup>(2)</sup> | (4096) | (2067) |
|  | Total Exchange Traded Funds | (34150) | (12038) |
|  | **EXCHANGE TRADED NOTES – 0.01%** |  |  |
| (89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iPath Series B S&P VIX Short-Term Futures ETN<sup>(2)</sup> | (6080) | (2951) |
|  | Total Exchange Traded Notes | (6080) | (2951) |
|  | **TOTAL SECURITIES SOLD SHORT – 0.06%** | $(40230) | $(14989) |

---

 

<sup>(1)</sup> See Semi-Annual Report Note 5 - Fair Value Measurements.

<sup>(2)</sup> Non-Income Producing.

<sup>(3)</sup> 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.

<sup>(4)</sup> Foreign security denominated in U.S. Dollars.

<sup>(5)</sup> The PetroHunter Energy Corporation ("PetroHunter") securities are in bankruptcy. The securities are valued at fair value.

<sup>(6)</sup> 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<br> Distributions | Dividends and<br> Distributions |
| Name of Issuer<br> and Title of Issue | Value<br> Beginning<br> 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 | $64250 | $- | $- | $31900 | $96150 | $- | $- |
| Kinetics Spin-off and Corporate | 26648 | &nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (3782) | 22866 | &nbsp;&nbsp;&nbsp;&nbsp;- | - |
| Restructuring Fund |  |  |  |  |  |  |  |  |
| **Total** | $26648 | $64250 | $- | $- | $28118 | $119016 | $- | $- |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name of Issuer and Title of Issue | Shares<br> Beginning<br> 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 |
| &nbsp;&nbsp;&nbsp;Restructuring Fund | 824 | 1 |  |  | 825 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RENN FUND, INC.

- **b. Investment Company Act file number:** 811-22299

- **c. CIK number of Registrant:** 0000919567

- **d. LEI of Registrant:** 549300EVIWYKS7DR4714

- **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:** 9147036904

**Item A.2. Information about the Series.**

- **a. Name of Series:** RENN Fund, Inc.

- **c. LEI of Series:** 549300EVIWYKS7DR4714

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $20107837.38

**Total Liabilities:** $107747.94

**Net Assets:** $20000089.44

**Amount of Assets Invested in Other Investment Companies:** $1568901.40

**Cash Not Reported:** $79634.69

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | -4.01%               | 5.70%                | 2.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.13                    | $-772422.83                                |
| Month 2  | $-0.40                   | $1075195.04                                |
| Month 3  | $38.12                   | $465991.35                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IG Port Inc                                    | IG Port, Inc.                                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       400 | NS      | $4151.87      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Toei Animation Co Ltd                          | Toei Animation Co., Ltd.                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       200 | NS      | $4124.83      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroHunter Energy Corp                        | PetroHunter Energy Corp.                                                 | CUSIP: 71649T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    808445 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Associated Capital Group Inc                   | Associated Capital Group, Inc. - Class A                                 | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |       973 | NS      | $32624.69     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd                          | Valterra Platinum Ltd. - ADR                                             | CUSIP: 03486T202<br>LEI: 529900RORCZ0E5S5FX81 | Long             |  | CORP              | ZA        |         1 | NS      | $11.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apyx Medical Corp                              | Apyx Medical Corp.                                                       | CUSIP: 03837C106<br>LEI: 5299009QZVYUYO082S45 | Long             | EC               | CORP              | US        |    615000 | NS      | $1316100.00   | 6.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc                       | Aris Water Solutions, Inc. - Class A                                     | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       322 | NS      | $7940.52      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BIG LEAGUE ADVANCE LLC   /                     | BIG LEAGUE ADVANCE LLC   /                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5091 | NS      | $308361.87    | 1.54%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ProShares UltraShort Nasdaq Bi                 | ProShares UltraShort Nasdaq Biotechnology                                | CUSIP: 74347G838<br>LEI: PTULAHCC8IQGXP6RZP70 | Short            |  | RF                | US        |        -6 | NS      | $-78.50       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Bakkt Holdings Inc                             | Bakkt Holdings, Inc.                                                     | CUSIP: 05759B305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       720 | NS      | $24228.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Mini Trust E                 | Grayscale Bitcoin Mini Trust ETF                                         | CUSIP: 389930207<br>LEI: 529900WHTNX5LZCNWB27 | Long             |  | RF                | US        |      1652 | NS      | $83640.76     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| J G Boswell Co                                 | J G Boswell Co.                                                          | CUSIP: 101205102<br>LEI: 549300F07JHRNLXLEC77 | Long             | EC               | CORP              | US        |         2 | NS      | $999.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CAD SPOT FORWARD CONTRACT   /                  | CAD SPOT FORWARD CONTRACT   /                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | STIV             |  | CA        |      1534 | OU      | $1102.57      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                                  | Carnival Corp.                                                           | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |      7300 | NS      | $211043.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CNSX MARKETS, Inc..    /                       | CNSX MARKETS, Inc..    /                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      3000 | NS      | $15089.46     | 0.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Civeo Corp                                     | Civeo Corp.                                                              | CUSIP: 17878Y207<br>LEI: 254900H0BM0N0O4MSY43 | Long             | EC               | CORP              | US        |      2000 | NS      | $46000.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| DIAMOND STANDARD, Inc. JUNIOR-1 PREFERRED   /  | DIAMOND STANDARD, Inc. JUNIOR-1 PREFERRED   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     22633 | NS      | $236514.85    | 1.18%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DIAMOND STANDARD, Inc. COMMON STOCK - CL C   / | DIAMOND STANDARD, Inc. COMMON STOCK - CL C   /                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       837 | NS      | $7541.37      | 0.04%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DIAMOND STANDARD, Inc. JUNIOR-2 PREFERRED   /  | DIAMOND STANDARD, Inc. JUNIOR-2 PREFERRED   /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      8333 | NS      | $89496.42     | 0.45%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Direxion Daily S&P Oil & Gas E                 | Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares                 | CUSIP: 25460G328<br>LEI: 549300UOLMLVGDCGJM06 | Short            |  | RF                | US        |        -4 | NS      | $-34.24       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraShort Energy                    | ProShares UltraShort Energy                                              | CUSIP: 74347G176<br>LEI: FQG71REHBHQSGRANGU57 | Short            |  | RF                | US        |       -15 | NS      | $-500.10      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Daily Gold Miners Ind                 | Direxion Daily Gold Miners Index Bear 2X Shares                          | CUSIP: 25461A478<br>LEI: 549300HIQ2RB0ZCO0820 | Short            |  | RF                | US        |      -190 | NS      | $-2076.70     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| PETROHUNTER ENERGY CORP                        | PetroHunter Energy Corp.                                                 | CUSIP: EI3249758<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $0.00         | 0.00%             | 2027-12-31      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| Direxion Daily Energy Bear 2X                  | Direxion Daily Energy Bear 2X Shares                                     | CUSIP: 25460G179<br>LEI: 7CGLL92I97RWQVY01719 | Short            |  | RF                | US        |       -24 | NS      | $-486.24      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Ethereum Classic Tru                 | Grayscale Ethereum Classic Trust                                         | CUSIP: 38963Q107<br>LEI: 54930092HET8DVEQYD83 | Long             |  | RF                | US        |         4 | NS      | $37.80        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Cash Reser                 | Fidelity Government Cash Reserves                                        | CUSIP: 316067107<br>LEI: 549300I3AUDS62CV2063 | Long             | STIV             | RF                | US        |    101119 | PA      | $101119.39    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio                  | Fidelity Government Portfolio - Class Institutional                      | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |   3187356 | PA      | $3187356.49   | 15.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corp                    | Fairfax India Holdings Corp.                                             | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |       416 | NS      | $7159.36      | 0.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Franco-Nevada Corp                             | Franco-Nevada Corp.                                                      | CUSIP: 351858105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       580 | NS      | $129287.80    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd                 | Fairfax Financial Holdings Ltd.                                          | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |         2 | NS      | $3496.54      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FitLife Brands Inc                             | FitLife Brands, Inc.                                                     | CUSIP: 33817P405<br>LEI: 549300A8X02SIUSI3V40 | Long             | EC               | CORP              | US        |    154456 | NS      | $3072129.84   | 15.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Grayscale Bitcoin Trust ETF                    | Grayscale Bitcoin Trust ETF                                              | CUSIP: 389637109<br>LEI: 549300XZGUJEF0EHBE41 | Long             |  | RF                | US        |      7282 | NS      | $653705.14    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries I                 | Hawaiian Electric Industries, Inc.                                       | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |     47600 | NS      | $525504.00    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HORIZON KINETICS EQ OPP FUND,LP CLASS ME   /   | HORIZON KINETICS EQ OPP FUND,LP CLASS ME   /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $96150.00     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Bitcoin Trust ETF                      | iShares Bitcoin Trust ETF                                                | CUSIP: 46438F101<br>LEI: 529900HVFN08L8P4H851 | Long             |  | RF                | US        |       114 | NS      | $7410.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                  | Intercontinental Exchange, Inc.                                          | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |       240 | NS      | $40435.20     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Daily Junior Gold Min                 | Direxion Daily Junior Gold Miners Index Bear 2X Shares                   | CUSIP: 25461A577<br>LEI: 54930022QLCZI8802L76 | Short            |  | RF                | US        |      -401 | NS      | $-1724.30     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraShort Bloomberg                 | ProShares UltraShort Bloomberg Natural Gas                               | CUSIP: 74347Y813<br>LEI: N/A                  | Short            |  | RF                | US        |       -22 | NS      | $-765.38      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Direxion Daily S&P Biotech Bea                 | Direxion Daily S&P Biotech Bear 3X Shares                                | CUSIP: 25461H853<br>LEI: 5493001EXBWSNYPRLT71 | Short            |  | RF                | US        |       -82 | NS      | $-3316.08     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                              | Landbridge Co. LLC - Class A                                             | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21448 | NS      | $1144250.80   | 5.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc                             | Liberty Energy, Inc.                                                     | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1400 | NS      | $17276.00     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetics Spin-off and Corporat                 | Kinetics Spin-off and Corporate Restructuring Fund - Class Institutional | CUSIP: 494613532<br>LEI: N/A                  | Long             |  | RF                | US        |       824 | NS      | $22866.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| MIAMI INTERNATIONAL HOLDINGS, INC.   /         | MIAMI INTERNATIONAL HOLDINGS, INC.   /                                   | CUSIP: 59364Z918<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7000 | NS      | $253610.00    | 1.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Miami International Holdings I                 | Miami International Holdings, Inc.                                       | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |      4659 | NS      | $187571.34    | 0.94%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MIAMI INTL HLDGS WARRANT   /                   | MIAMI INTL HLDGS WARRANT   /                                             | CUSIP: 59364Z934<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |      1066 | NC      | $27236.30     | 0.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mesabi Trust                                   | Mesabi Trust                                                             | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       850 | NS      | $24879.50     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                                   | Mesabi Trust                                                             | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18652 | NS      | $545944.04    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                             | Anglo American PLC - ADR                                                 | CUSIP: 03485P409<br>LEI: 549300S9XF92D1X8ME43 | Long             |  | CORP              | GB        |         3 | NS      | $56.97        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Basin Royalty Trust                    | Permian Basin Royalty Trust                                              | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6709 | NS      | $122439.25    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Basin Royalty Trust                    | Permian Basin Royalty Trust                                              | CUSIP: 714236106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12634 | NS      | $230570.50    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                                | Pure Cycle Corp.                                                         | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $1107.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PrairieSky Royalty Ltd                         | PrairieSky Royalty Ltd.                                                  | CUSIP: 739721959<br>LEI: 529900AXG582AP7CV733 | Long             | EC               | CORP              | CA        |     16306 | NS      | $302522.76    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd                    | Royal Caribbean Cruises Ltd.                                             | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | US        |        50 | NS      | $16179.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SB TECHNOLOGY, Inc. SANDBOX AQ   /             | SB TECHNOLOGY, Inc. SANDBOX AQ   /                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11621 | NS      | $199997.41    | 1.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Sabine Royalty Trust                           | Sabine Royalty Trust                                                     | CUSIP: 785688102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       100 | NS      | $7946.00      | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Silver Trust                           | iShares Silver Trust                                                     | CUSIP: 46428Q109<br>LEI: 549300K2C2CG14B0ZA09 | Long             |  | RF                | US        |         4 | NS      | $169.48       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Pacific Land Corp                        | Texas Pacific Land Corp.                                                 | CUSIP: 88262P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5724 | NS      | $5344155.36   | 26.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                                 | Tejon Ranch Co.                                                          | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |       240 | NS      | $3835.20      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TXSE Group, Inc. COMMON STOCK   /              | TXSE Group, Inc. COMMON STOCK   /                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4350 | NS      | $100050.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                                    | Urbana Corp.                                                             | CUSIP: 91707P950<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |     91300 | NS      | $499240.50    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Urbana Corp                                    | Urbana Corp.                                                             | CUSIP: 91707P968<br>LEI: 5493003WCSNG13LU3180 | Long             | EC               | CORP              | CA        |      6900 | NS      | $36193.15     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares Ultra VIX Short-Term                 | ProShares Ultra VIX Short-Term Futures ETF                               | CUSIP: 74347Y755<br>LEI: 549300EWSOHHPOVKHV20 | Short            |  | RF                | US        |       -55 | NS      | $-574.20      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ProShares VIX Short-Term Futur                 | ProShares VIX Short-Term Futures ETF                                     | CUSIP: 74347Y730<br>LEI: 5493005DV5M62XOUEG74 | Short            |  | RF                | US        |       -64 | NS      | $-2067.20     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Barclays Bank PLC                              | iPath Series B S&P 500 VIX Short-Term Futures ETN                        | CUSIP: 06748M196<br>LEI: N/A                  | Short            | STIV             | RF                | US        |       -89 | NS      | $-2951.24     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| WaterBridge Infrastructure LLC                 | WaterBridge Infrastructure LLC - Class A                                 | CUSIP: 940923105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19664 | NS      | $495926.08    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                   | Wheaton Precious Metals Corp.                                            | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |      1640 | NS      | $183417.60    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou                 | White Mountains Insurance Group Ltd.                                     | CUSIP: G9618E107<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | US        |         2 | NS      | $3343.04      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ProShares UltraShort Silver                    | ProShares UltraShort Silver                                              | CUSIP: 74347Y722<br>LEI: V7DVKGAJ7ZORY4IOJ616 | Short            |  | RF                | US        |       -27 | NS      | $-414.99      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-14

**Name of Applicant:** RENN FUND, INC.

**Signature:** /s/ Jay Kesslen

**Name of Signer:** Jay Kesslen

**Title:** Chief Compliance Officer