[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

RENN Fund, Inc. (RCG) Form 4: President, Co-Portfolio Manager and >10% owner Murray Stahl reported open-market purchases on 18-Jul-2025. Seven individual transactions, all at $2.65 per share, totaled 1,130 common shares.

Post-transaction beneficial ownership stands at 96,054 shares held directly. Indirectly, Stahl reports: 2,744 (spouse), 105,708 (Fromex Equity Corp), 290,960 (FRMO Corp), 314,590 (Horizon Common Inc.), 8,820 (Horizon Kinetics Hard Assets LLC) and 53,836 (Horizon Kinetics Asset Management LLC). Stahl disclaims beneficial ownership in the indirect accounts except for any pecuniary interest.

No derivatives were reported. The filing indicates continued accumulation but the dollar value (≈$3,000) is small relative to existing holdings, suggesting routine portfolio adjustment rather than a materially significant signal.

Positive

• Insider confidence: President >10% owner Murray Stahl bought 1,130 shares on the open market.

Negative

• None.

Insights

Financial Analyst

TL;DR: Small insider buy; signal mildly positive but not material.

Stahl added 1,130 shares at $2.65, increasing his direct stake to 96k shares and maintaining extensive indirect holdings. The purchase value (~$3k) is de-minimis versus total ownership (>870k combined), making the activity low impact on valuation. Still, insider buying—especially by a senior officer who is already a 10%+ holder—tends to be viewed favorably as a sentiment indicator. No derivatives or sales were disclosed, and no other corporate events accompany the filing, supporting a neutral-to-positive interpretation.

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
Estimated average burden
hours per response:			0.5

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

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)
07/18/2025

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	07/18/2025		P		356	A	$2.65	96,054	D
Common Stock	07/18/2025		P		18	A	$2.65	2,744(1)	I	SPOUSE
Common Stock	07/18/2025		P		180	A	$2.65	105,708(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/18/2025		P		180	A	$2.65	290,960(1)(2)	I	FRMO CORP
Common Stock	07/18/2025		P		296	A	$2.65	314,590(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/18/2025		P		18	A	$2.65	8,820(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/18/2025		P		82	A	$2.65	53,836(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 96,054 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	07/21/2025
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many RCG shares did Murray Stahl buy on 18-Jul-2025?

He purchased 1,130 common shares at $2.65 each.

What is Murray Stahl’s total direct ownership in RENN Fund after the transaction?

His direct holding is now 96,054 shares.

Were any shares sold or any derivatives exercised in this Form 4?

No. The filing reports only open-market purchases; no sales or derivatives are listed.

What is the value of the insider purchase?

Approximately $2,995 (1,130 shares × $2.65).

Does Murray Stahl disclaim beneficial ownership of indirect accounts?

Yes. He disclaims beneficial ownership in indirect accounts except to the extent of any pecuniary interest.