RENN FUND, Inc.
CONSOLIDATED SCHEDULE OF INVESTMENTS
AS OF MARCH 31, 2026 (Unaudited)
| Shares or Principal Amount | Company | Cost | Value | |||||||||
| MONEY MARKET FUNDS – 12.04% | ||||||||||||
| 95,292 | Fidelity Government Cash Reserves Portfolio - Institutional Class, 3.31% (1) | $ | 95,292 | $ | 95,292 | |||||||
| 2,716,756 | Fidelity Investment Money Market Funds Government Portfolio - Class III, 3.28%(1) | 2,716,756 | 2,716,756 | |||||||||
| Total Money Market Funds | 2,812,048 | 2,812,048 | ||||||||||
| CONVERTIBLE BONDS – 0.00% | ||||||||||||
| Oil and Gas – 0.00% | ||||||||||||
| 1,000,000 | PetroHunter Energy Corporation 8.50% Maturity 12/31/2014(2)(3)(6) | 540,225 | - | |||||||||
| Total Convertible Bonds | 540,225 | - | ||||||||||
| COMMON EQUITIES – 87.11% | ||||||||||||
| Accomodations – 0.23% | ||||||||||||
| 2,000 | Civeo Corp.(3)(5) | 54,150 | 52,920 | |||||||||
| Communication Services – 0.03% | ||||||||||||
| 400 | IG Port, Inc. | 6,557 | 3,113 | |||||||||
| 200 | TOEI Animation Co. Ltd. | 4,839 | 3,270 | |||||||||
| 11,396 | 6,383 | |||||||||||
| Electric Power Generation, Transmission and Distribution – 3.85% | ||||||||||||
| 60,500 | Hawaiian Electric Industries, Inc.(3) | 671,407 | 897,821 | |||||||||
| Financial Services – 0.65% | ||||||||||||
| 973 | Associated Cap Group - Class A | 40,594 | 38,239 | |||||||||
| 72 | Burford Capital, Ltd. | 611 | 325 | |||||||||
| 2 | Circle Internet Group, Inc.(3) | 187 | 191 | |||||||||
| 2 | Fairfax Financial Holdings Ltd.(5) | 2,734 | 3,404 | |||||||||
| 416 | Fairfax India Holdings Corp.(3)(5)(8) | 6,734 | 6,698 | |||||||||
| 40 | Partners Value Investments LP.(3)(5) | 781 | 769 | |||||||||
| 113,964 | Tetra Digital Group, Inc.(2)(3)(4) | 100,000 | 98,308 | |||||||||
| 2 | White Mountains Insurance Group, Inc.(5) | 3,456 | 4,394 | |||||||||
| 155,097 | 152,328 | |||||||||||
| Hospitality – 0.87% | ||||||||||||
| 7,300 | Carnival Corp.(5) | 104,635 | 188,924 | |||||||||
| 50 | Royal Caribbean Ltd. | 2,940 | 13,759 | |||||||||
| 107,575 | 202,683 | |||||||||||
| Industrial Specialties – 0.64% | ||||||||||||
| 100,000 | Nocopi Technologies, Inc. (3)(8) | 150,000 | 150,000 | |||||||||
| Live Sports (Spectator Sports) – 1.33% | ||||||||||||
| 5,091 | Big League Advance, LLC(2)(3)(4) | 280,000 | 311,162 | |||||||||
| Metal Mining – 2.63% | ||||||||||||
| 3 | Anglo American PLC - ADR | 46 | 65 | |||||||||
| 19,510 | Mesabi Trust | 534,586 | 614,565 | |||||||||
| 1 | Valterra Platnium Ltd. - ADR | 7 | 14 | |||||||||
| 534,639 | 614,644 | |||||||||||
| Medicinal Chemicals and Botanical Products – 9.39% | ||||||||||||
| 154,456 | FitLife Brands, Inc.(3) | 9,131,687 | 2,193,275 | |||||||||
| Oil and Gas – 38.38% | ||||||||||||
| 19,835 | Permian Basin Royalty Trust | 308,899 | 426,849 | |||||||||
| 808,445 | PetroHunter Energy Corporation(2)(3)(6) | 101,056 | - | |||||||||
| 16,306 | PrairieSky Royalty Ltd. | 207,079 | 377,437 | |||||||||
| 100 | Sabine Royalty Trust | 8,002 | 7,534 | |||||||||
| 17,172 | Texas Pacific Land Corp. | 1,079,738 | 8,149,144 | |||||||||
| 1,704,774 | 8,960,964 | |||||||||||
| Oilfield Services – 0.17% | ||||||||||||
| 1,400 | Liberty Energy, Inc. | 27,247 | 40,320 | |||||||||
| Other Financial Investment Activities – 3.26% | ||||||||||||
| 103,800 | Urbana Corp. | 420,788 | 717,072 | |||||||||
| 6,900 | Urbana Corp. Class A | 23,305 | 42,905 | |||||||||
| 444,093 | 759,977 | |||||||||||
| Pipelines – 0.04% | ||||||||||||
| 201 | Western Midstream Partners, LP. | 8,773 | 8,275 | |||||||||
| Real Estate – 0.03% | ||||||||||||
| 1 | Aztec Land and Cattle Company, Ltd. | 1,300 | 1,975 | |||||||||
| 240 | Tejon Ranch(3) | 4,227 | 4,522 | |||||||||
| 5,527 | 6,497 | |||||||||||
| Real Estate Ops - Development – 0.86% | ||||||||||||
| 40,000 | Bolt data and Energy, Inc. (2)(3)(4) | 200,000 | 200,000 | |||||||||
| 124 | Fermi, Inc. (3) | 1,335 | 724 | |||||||||
| 201,335 | 200,724 | |||||||||||
| Remediation and Other Water Management Services – 0.00% | ||||||||||||
| 100 | Pure Cycle Corp.(3) | 1,029 | 1,006 | |||||||||
| 1,029 | 1,006 | |||||||||||
| Securities and Commodity Exchanges – 2.84% | ||||||||||||
| 720 | Bakkt Holdings, Inc.(3) | 16,978 | 5,299 | |||||||||
| 3,000 | CNSX Markets, Inc.(2)(3)(4) | 13,502 | 15,096 | |||||||||
| 837 | Diamond Standard, Inc.(2)(3)(4) | 7,533 | 7,508 | |||||||||
| 240 | Intercontinental Exchange, Inc. | 30,806 | 37,747 | |||||||||
| 7,000 | Miami International, Inc.(3)(9) | 105,000 | 272,440 | |||||||||
| 5,774 | Miami International Holdings, Inc.(3)(8) | 126,062 | 224,724 | |||||||||
| 4,350 | TXSE Group, Inc.(2)(3)(4) | 100,050 | 100,050 | |||||||||
| 399,931 | 662,864 | |||||||||||
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities – 1.88% | ||||||||||||
| 1,652 | Grayscale Bitcoin Mini Trust(3) | 39,871 | 49,543 | |||||||||
| 4 | Grayscale Ethereum Classic Trust(3) | 46 | 18 | |||||||||
| 7,282 | Grayscale Bitcoin Trust(3) | 249,806 | 384,198 | |||||||||
| 114 | iShares Bitcoin Trust(3) | 4,037 | 4,380 | |||||||||
| 4 | iShares Silver Trust ETF(3) | 111 | 273 | |||||||||
| 293,871 | 438,412 | |||||||||||
| Software Publisher – 0.86% | ||||||||||||
| 11,621 | SB Technology, Inc.(2)(3)(4) | 199,997 | 199,997 | |||||||||
| Support Activities for Water Transportation – 6.34% | ||||||||||||
| 21,448 | Landbridge Company LLC | 368,273 | 1,480,984 | |||||||||
| Surgical & Medical Instruments & Apparatus – 9.72% | ||||||||||||
| 615,000 | Apyx Medical Corp.(3) | 1,470,958 | 2,269,350 | |||||||||
| Water, Sewage and Other Systems – 2.26% | ||||||||||||
| 19,664 | Waterbridge Infrastructure LLC - Class A.(3) | 393,280 | 526,799 | |||||||||
| Total Common Equities | 16,615,039 | 20,137,385 |
| OPEN ENDED MUTUAL FUNDS – 0.13% | ||||||||||||
| 824 | Kinetics Spin-Off and Corporate Restructuring Fund(7) | 13,168 | 29,433 | |||||||||
| Total Open Ended Mutual Funds | 13,168 | 29,433 | ||||||||||
| PREFERRED STOCKS – 1.40% | ||||||||||||
| 22,633 | Diamond Standard, Inc. Junior-1 Preferred(2)(3)(4) | 135,800 | 237,194 | |||||||||
| 8,333 | Diamond Standard, Inc. Junior-2 Preferred(2)(3)(4) | 49,998 | 90,080 | |||||||||
| Total Preferred Stocks | 185,798 | 327,274 | ||||||||||
| TOTAL INVESTMENTS – 100.68% | $ | 20,166,278 | $ | 23,306,140 | ||||||||
| OTHER ASSETS LESS LIABILITIES – 0.18% | 41,116 | |||||||||||
| NET ASSETS - 100.00% | $ | 23,347,256 |
| Shares or Principal Amount | Company | Proceeds | Value | |||||||||
| SECURITIES SOLD SHORT – (0.10)% | ||||||||||||
| EXCHANGE TRADED FUNDS – (0.08)% | ||||||||||||
| (105 | ) | Direxion Daily Energy Bear 2X Shares ETF | (1,900 | ) | (1,079 | ) | ||||||
| (32 | ) | Direxion Daily Gold Miners Index Bear 2X Shares ETF | (10,708 | ) | (1,632 | ) | ||||||
| (32 | ) | Direxion Daily Junior Gold Miners Index Bear 2X Shares ETF | (9,886 | ) | (1,111 | ) | ||||||
| (190 | ) | Direxion Daily S&P Biotech Bear 3X Shares ETF | (8,318 | ) | (3,097 | ) | ||||||
| (38 | ) | Direxion Daily S&P Oil & Gas Bear 2X Shares ETF | (309 | ) | (157 | ) | ||||||
| (41 | ) | ProShares Ultra VIX Short-Term Futures ETF(3) | (3,485 | ) | (2,144 | ) | ||||||
| (6 | ) | ProShares Ultra Bloomberg Crude Oil ETF(3) | (247 | ) | (236 | ) | ||||||
| (22 | ) | ProShares Ultra Bloomberg Natural Gas ETF(3) | (396 | ) | (355 | ) | ||||||
| (24 | ) | ProShares UltraShort ETF(3) | (1,405 | ) | (540 | ) | ||||||
| (1 | ) | ProShares UltraShort Bitcoin ETF | (42 | ) | (57 | ) | ||||||
| (72 | ) | ProShares UltraShort Bloomberg Natural Gas ETF(3) | (2,094 | ) | (1,563 | ) | ||||||
| (54 | ) | ProShares UltraShort Energy ETF | (1,578 | ) | (908 | ) | ||||||
| (94 | ) | ProShares UltraShort NASDAQ ETF | (970 | ) | (830 | ) | ||||||
| (113 | ) | ProShares VIX Short-Term Futures ETF(3) | (5,668 | ) | (3,882 | ) | ||||||
| (10 | ) | 2X Long Vix Futures ETF(3)(5) | (101 | ) | (87 | ) | ||||||
| Total Exchange Traded Funds | (47,107 | ) | (17,678 | ) | ||||||||
| EXCHANGE TRADED NOTES – (0.02)% | ||||||||||||
| (136 | ) | iPath Series B S&P VIX Short-Term Futures ETN(3)(5) | (7,640 | ) | (4,855 | ) | ||||||
| Total Exchange Traded Notes | (7,640 | ) | (4,855 | ) | ||||||||
| TOTAL SECURITIES SOLD SHORT – (0.10)% | $ | (54,747 | ) | $ | (22,533 | ) | ||||||
ADR - American Depository Receipt
| (1) | The rate is the annualized seven-day yield at period end. |
| (2) | See Annual Report Note 5 - Fair Value Measurements. |
| (3) | Non-Income Producing. |
| (4) | Security is a private company thats is illiquid and valued at fair value. |
| (5) | Foreign security denominated in U.S. Dollars. |
| (6) | The PetroHunter Energy Corporation (“PetroHunter”) securities are in bankruptcy. The securities are valued at fair value. |
| (7) | Affiliated security, given that the security is managed by the same Investment Advisor as the Fund. |
| (8) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $381,422, which represents 1.63% of Net Assets. |
| (9) | Security is restricted. |
See accompanying Consolidated Notes to Schedule of Investments.
RENN Fund, Inc.
CONSOLIDATED NOTES TO SCHEDULE OF INVESTMENTS
As of March 31, 2026 (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, 2026, 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 | $ | 19,331 | $ | - | $ | - | $ | - | $ | 10,102 | $ | 29,433 | $ | - | $ | - | ||||||||||||||||
| Restructuring Fund | ||||||||||||||||||||||||||||||||
| Total | $ | 19,331 | $ | - | $ | - | $ | - | $ | 10,102 | $ | 29,433 | $ | - | $ | - | ||||||||||||||||
| 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 | 824 | - | - | - | 824 | |||||||||||||||
| Restructuring Fund | 824 | - | - | - | 824 | |||||||||||||||