﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xsi:schemaLocation="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2024v5.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-04-13T06:57:34-05:00</ReturnTs>
    <TaxPeriodEndDt>2025-05-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmName>
        <BusinessNameLine1Txt>ERNST &amp; YOUNG US LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>ONE MANHATTAN WEST</AddressLine1Txt>
        <CityNm>NEW YORK</CityNm>
        <StateAbbreviationCd>NY</StateAbbreviationCd>
        <ZIPCd>100018604</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-06-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>133792291</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>THE MICHAEL AND PAULA RANTZ FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% ERNST &amp; YOUNG US LLP</InCareOfNm>
      <BusinessNameControlTxt>MICH</BusinessNameControlTxt>
      <PhoneNum>2127733000</PhoneNum>
      <USAddress>
        <AddressLine1Txt>2149 Waverley Street</AddressLine1Txt>
        <CityNm>PALO ALTO</CityNm>
        <StateAbbreviationCd>CA</StateAbbreviationCd>
        <ZIPCd>94301</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>MICHAEL RANTZ</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>2127733000</PhoneNum>
      <SignatureDt>2026-04-12</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>John D Cook</PreparerPersonNm>
      <PTIN>P01450182</PTIN>
      <PhoneNum>2127733000</PhoneNum>
      <PreparationDt>2026-04-08</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="IRS990PF">
      <AddressChangeInd>X</AddressChangeInd>
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>28086050</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>0</ContriRcvdRevAndExpnssAmt>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>69667</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>69667</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>374281</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>374281</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>235243</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>235860</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>235243</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="OtherIncomeSch2">273138</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>263019</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>952329</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>942210</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>0</CompOfcrDirTrstRevAndExpnssAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="TaxesSchedule">13822</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>1822</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="OtherExpensesSch">248</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>182</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>14070</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>2004</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>0</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>1180630</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>1180630</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>1194700</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>2004</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>1180630</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>-242371</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>940206</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>0</CashBOYAmt>
        <CashEOYAmt>89248</CashEOYAmt>
        <CashEOYFMVAmt>89248</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>1353616</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>1233790</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>1233790</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>1626703</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="InvestCorpStockSch">1635758</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>17290368</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>4088716</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="InvOtherSch2">3943672</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>9472644</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>7069035</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>6902468</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>28086050</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesBOYAmt>0</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>7069035</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>6902468</CapitalStockEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>7069035</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>6902468</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>7069035</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>6902468</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>7069035</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>-242371</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="OtherIncreasesSch">75804</OtherIncreasesAmt>
        <SubtotalAmt>6902468</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>6902468</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>LEGACY VENTURE VI, LLC</PropertyDesc>
          <GrossSalesPriceAmt>223433</GrossSalesPriceAmt>
          <GainOrLossAmt>223433</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>223433</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FORTRESS INTELLECTUAL PROPERTY OPPORT FD I B L.P.</PropertyDesc>
          <CostOrOtherBasisAmt>617</CostOrOtherBasisAmt>
          <GainOrLossAmt>-617</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-617</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>DRAWBRIDGE LONG DATED VALUE FUND LP</PropertyDesc>
          <GrossSalesPriceAmt>668</GrossSalesPriceAmt>
          <GainOrLossAmt>668</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>668</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FORTRESS CR OPPORTUNITIES FUND III B LP</PropertyDesc>
          <GrossSalesPriceAmt>978</GrossSalesPriceAmt>
          <GainOrLossAmt>978</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>978</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>LEGACY VENTURE X LLC</PropertyDesc>
          <GrossSalesPriceAmt>3193</GrossSalesPriceAmt>
          <GainOrLossAmt>3193</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>3193</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FORTRESS CR OPPOR FD V EXPANSION B LP</PropertyDesc>
          <GrossSalesPriceAmt>4583</GrossSalesPriceAmt>
          <GainOrLossAmt>4583</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>4583</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FORTRESS CR OPPORTUNITIES FUND IV (B) LP</PropertyDesc>
          <GrossSalesPriceAmt>2265</GrossSalesPriceAmt>
          <GainOrLossAmt>2265</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2265</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FORTRESS CREDIT OPP FD B</PropertyDesc>
          <GrossSalesPriceAmt>740</GrossSalesPriceAmt>
          <GainOrLossAmt>740</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>740</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>235243</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>13069</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>13069</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>13069</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>11773</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>15000</ExtsnRequestIncomeTaxPaidAmt>
        <TotalPaymentsAndCreditsAmt>26773</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="IRS2220">X</Form2220AttachedInd>
        <EsPenaltyAmt>0</EsPenaltyAmt>
        <OverpaymentAmt>13704</OverpaymentAmt>
        <AppliedToESTaxAmt>13704</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2">false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2">false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>true</UnrelatedBusIncmOverLimitInd>
        <Form990TFiledInd>true</Form990TFiledInd>
        <OrganizationDissolvedEtcInd referenceDocumentId="BinaryAttach BinaryAttachN1 BinaryAttachN2">false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>CT</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>ERNST &amp; YOUNG US LLP</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>2127733000</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>ONE MANHATTAN WEST</AddressLine1Txt>
          <CityNm>NEW YORK</CityNm>
          <StateAbbreviationCd>NY</StateAbbreviationCd>
          <ZIPCd>10001</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>MICHAEL RANTZ</PersonNm>
          <USAddress>
            <AddressLine1Txt>2149 Waverley Street</AddressLine1Txt>
            <CityNm>PALO ALTO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94301</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>PAULA ANNE RANTZ</PersonNm>
          <USAddress>
            <AddressLine1Txt>415 N California Ave</AddressLine1Txt>
            <CityNm>Palo Alto</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>94301</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.0</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>NONE</Description1Txt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
        <Description2Txt>N/A</Description2Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>15984457</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>1730421</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>9060431</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>26775309</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>26775309</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>401630</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>26373679</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>1318684</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>1318684</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>13069</TaxBasedOnInvestmentIncomeAmt>
        <IncomeTaxAmt>206</IncomeTaxAmt>
        <TotalTaxAmt>13275</TotalTaxAmt>
        <DistributableBeforeAdjAmt>1305409</DistributableBeforeAdjAmt>
        <RecoveriesQualfiedDistriAmt>70000</RecoveriesQualfiedDistriAmt>
        <DistributableBeforeDedAmt>1375409</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>1375409</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>1180630</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>1180630</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>1375409</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>986845</UndistributedIncomePYAmt>
        <PriorYear1Yr>2022</PriorYear1Yr>
        <PriorYear2Yr>2021</PriorYear2Yr>
        <PriorYear3Yr>2020</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr4Amt>0</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>0</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>0</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>0</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>1180630</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>986845</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>193785</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <UndistributedIncomeCYAmt>1181624</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear3Amt>0</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>0</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>0</ExcessFromYear1Amt>
        <ExcessFromCurrentYearAmt>0</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <ContributingManagerNm>MICHAEL RANTZ</ContributingManagerNm>
        <ShareholderManagerNm>NONE</ShareholderManagerNm>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEE SCHEDULE ATTACHED</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>SEE SCHEDULE ATTACHED</AddressLine1Txt>
            <CityNm>SEE SCHEDULE ATTACHED</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>00000</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>GENERAL SUPPORT</GrantOrContributionPurposeTxt>
          <Amt>1180630</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>1180630</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>69667</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <BusinessCd>523000</BusinessCd>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>374281</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncomeGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>235243</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <OtherRevenueDescribedGrp>
          <Desc>PARTNERSHIP INCOME</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>139414</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>PARTNERSHIP INCOME- UBTI</Desc>
          <BusinessCd>901101</BusinessCd>
          <UnrelatedBusinessTaxblIncmAmt>6119</UnrelatedBusinessTaxblIncmAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>PASSTHROUGH INCOME</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>123605</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <OtherRevenueDescribedGrp>
          <Desc>IRS REFUND</Desc>
          <ExclusionCd>01</ExclusionCd>
          <ExclusionAmt>4000</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>6119</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>946210</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>952329</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AllOthProgRltdInvestmentsSch documentId="AllOthProgInvSch">
      <AllOtherProgramRelatedInvstGrp>
        <Desc>N/A</Desc>
      </AllOtherProgramRelatedInvstGrp>
    </AllOthProgRltdInvestmentsSch>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>SEE LONG POSITION ATTACHED</StockNm>
        <EOYBookValueAmt>1635758</EOYBookValueAmt>
        <EOYFMVAmt>17290368</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>DRAWBRIDGE SPEC OPPO FUND</CategoryOrItemTxt>
        <BookValueAmt>208409</BookValueAmt>
        <EOYFMVAmt>2346528</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LUXOR CAP PARTNERS OFFSHORE</CategoryOrItemTxt>
        <BookValueAmt>94163</BookValueAmt>
        <EOYFMVAmt>468510</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>SCION G7 OFFSHORE, LTD</CategoryOrItemTxt>
        <BookValueAmt>1000000</BookValueAmt>
        <EOYFMVAmt>2218994</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LUXOR CAP PTRS OS LIQ SPV</CategoryOrItemTxt>
        <BookValueAmt>81702</BookValueAmt>
        <EOYFMVAmt>86828</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LEGACY VENTURE X LLC</CategoryOrItemTxt>
        <BookValueAmt>664137</BookValueAmt>
        <EOYFMVAmt>801438</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FORTRESS CR OPP FD V LP</CategoryOrItemTxt>
        <BookValueAmt>396556</BookValueAmt>
        <EOYFMVAmt>429745</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FORTRESS INTEL PROP OPP FD I</CategoryOrItemTxt>
        <BookValueAmt>168256</BookValueAmt>
        <EOYFMVAmt>330708</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FORTRESS CREDIT OPP FD IV LP</CategoryOrItemTxt>
        <BookValueAmt>414902</BookValueAmt>
        <EOYFMVAmt>408484</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FORTRESS CR OPP FD III B LP</CategoryOrItemTxt>
        <BookValueAmt>147976</BookValueAmt>
        <EOYFMVAmt>33494</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>LEGACY VENTURE VI, LLC</CategoryOrItemTxt>
        <BookValueAmt>354645</BookValueAmt>
        <EOYFMVAmt>1247437</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>DRAWBRIDGE LONG DTD VALUE FD</CategoryOrItemTxt>
        <BookValueAmt>124514</BookValueAmt>
        <EOYFMVAmt>126694</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FORTRESS CREDIT OPP FD B</CategoryOrItemTxt>
        <BookValueAmt>8259</BookValueAmt>
        <EOYFMVAmt>7669</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FORTRESS LENDING FUND II</CategoryOrItemTxt>
        <BookValueAmt>181063</BookValueAmt>
        <EOYFMVAmt>238095</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FJOF3 RES COINVEST FUND LP</CategoryOrItemTxt>
        <BookValueAmt>99090</BookValueAmt>
        <EOYFMVAmt>728020</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>NON-DEDUCTIBLE EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>66</RevenueAndExpensesPerBooksAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISCELLANEOUS EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>112</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>112</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BANK CHARGES</Desc>
        <RevenueAndExpensesPerBooksAmt>70</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>70</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>PARTNERSHIP INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>139414</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>139414</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PARTNERSHIP INCOME- UBTI</Desc>
        <RevenueAndExpensesPerBooksAmt>6119</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>PASSTHROUGH INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>123605</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>123605</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>IRS refund</Desc>
        <RevenueAndExpensesPerBooksAmt>4000</RevenueAndExpensesPerBooksAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="OtherIncreasesSch">
      <OtherIncreasesDetail>
        <Desc>REFUND OF PY CHARITABLE DONATIONS</Desc>
        <Amt>70000</Amt>
      </OtherIncreasesDetail>
      <OtherIncreasesDetail>
        <Desc>COST BASIS ADJUSTMENT</Desc>
        <Amt>5804</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>EXCISE TAXES PAID</CategoryTxt>
        <Amt>12000</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>FOREIGN TAXES PAID</CategoryTxt>
        <Amt>1822</Amt>
        <NetInvestmentIncomeAmt>1822</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>