[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing for RENN Fund, Inc. (RCG) discloses that Murray Stahl—President, Co-Portfolio Manager, Director and 10% owner— purchased an aggregate 1,108 shares of RCG common stock on 07/07/2025 at $2.65 per share. The purchases were made across seven ownership accounts:

• Direct account: 356 shares; new direct balance 92,814 shares
• Spouse: 18 shares; balance 2,582 shares
• Fromex Equity Corp.: 180 shares; balance 104,088 shares*
• FRMO Corp.: 180 shares; balance 289,340 shares*
• Horizon Common Inc.: 274 shares; balance 311,916 shares*
• Horizon Kinetics Hard Assets LLC: 18 shares; balance 8,658 shares*
• Horizon Kinetics Asset Management LLC: 82 shares; balance 53,084 shares*

*Mr. Stahl disclaims beneficial ownership in indirect accounts except to the extent of his pecuniary interest.

Total reported holdings after the transactions equal approximately 862,482 shares across all accounts (92,814 held directly). The filing re-affirms Mr. Stahl’s status as a 10% owner and contains no dispositions—only open-market purchases coded "P." No derivative securities were reported.

For investors, insider buying—particularly by a senior executive with an existing 10% stake—can signal confidence in the fund’s prospects. However, the dollar value (~$2,940) is relatively modest, so the signal should be weighed accordingly.

Positive

• Insider confidence: A 10% owner and key executive added 1,108 shares, signaling continued commitment.
• No insider selling: All reported transactions are purchases; no dispositions were disclosed.

Negative

• Immaterial dollar value: The total purchase is worth only about $2,940, limiting its significance to valuation.
• Disclaimed beneficial ownership: Indirect holdings may not fully align economic interest with reported share counts.

Insights

Financial Analyst

TL;DR: Insider bought 1,108 shares; positive signal but dollar size small.

The filing shows continued accumulation by Murray Stahl, reinforcing alignment between management and shareholders. Although the purchase price of $2.65 mirrors recent trading levels and the total outlay is under $3k, any purchase by a 10% owner who already controls roughly 0.86 million shares merits attention. The lack of sales and the use of multiple affiliated entities suggest strategic, long-term positioning rather than short-term trading. From a materiality standpoint the trade is incremental, not transformative; therefore, market impact is likely limited unless it reflects a pattern of ongoing accumulation.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

STAHL MURRAY

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

4TH FLOOR SOUTH

(Street)

NEW YORK NY 10016

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RENN Fund, Inc. [ RCG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President/Co-Portfolio Manager

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/07/2025		P		356	A	$2.65	92,814	D
Common Stock	07/07/2025		P		18	A	$2.65	2,582(1)	I	SPOUSE
Common Stock	07/07/2025		P		180	A	$2.65	104,088(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/07/2025		P		180	A	$2.65	289,340(1)(2)	I	FRMO CORP
Common Stock	07/07/2025		P		274	A	$2.65	311,916(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/07/2025		P		18	A	$2.65	8,658(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/07/2025		P		82	A	$2.65	53,084(1)(2)	I	HORIZON KINETICS ASSET MANAGEMENT LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This figure does not include 92,814 shares held directly by Mr. Stahl.

2. For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.

	/s/ Jay Kesslen, attorney-in-fact	07/08/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many RCG shares did Murray Stahl buy on 07/07/2025?

He purchased 1,108 shares of RENN Fund, Inc. common stock at $2.65 per share.

What is Murray Stahl's total direct ownership in RCG after the purchase?

His direct account holds 92,814 shares following the transaction.

What is the significance of Form 4 filings for investors in RCG?

Form 4 shows insider trades; purchases can indicate management confidence, while sales may raise caution.

Did the filing report any derivative securities or option exercises?

No. Table II is empty; only non-derivative common stock purchases were reported.

Why are multiple entities listed for Murray Stahl's holdings?

Shares are held in various affiliated accounts (e.g., FRMO Corp.) where Mr. Stahl disclaims beneficial ownership beyond his pecuniary interest.

Does this transaction change Murray Stahl’s 10% owner status?

He remains a 10% owner; the additional shares marginally increase his stake.