[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Insider activity overview: On 20 June 2025, Murray Stahl—President, 10% owner and Co-Portfolio Manager of RENN Fund, Inc. (RCG)—filed a Form 4 reporting open-market purchases of the fund’s common stock at a uniform price of $2.66 per share.

Transaction details

• Direct account: 356 shares acquired; new direct holding 89,254 shares.
• Spouse account: 18 shares acquired; holding now 2,402 shares (indirect).
• Fromex Equity Corp: 180 shares acquired; holding now 102,288 shares (indirect).
• FRMO Corp: 180 shares acquired; holding now 287,540 shares (indirect).
• Horizon Common Inc.: 274 shares acquired; holding now 309,136 shares (indirect).
• Horizon Kinetics Hard Assets LLC: 18 shares acquired; holding now 8,478 shares (indirect).
• Horizon Kinetics Asset Management LLC: 82 shares acquired; holding now 52,264 shares (indirect).

Total shares purchased across all accounts: 1,108; aggregate reported holdings after the transactions: ≈851,362 shares. Mr. Stahl disclaims beneficial ownership of indirect holdings beyond his pecuniary interest.

Key takeaways for investors: Although the dollar amount is modest (≈$2.9 k), continued insider buying by a control shareholder can signal confidence and aligns management’s interests with shareholders. No sales or derivative activity were reported, and no Rule 10b5-1 trading plan was indicated.

Positive

• Continued insider buying: President & 10% owner Murray Stahl added 1,108 shares, signalling confidence.
• No insider sales or derivative hedging: Transactions were exclusively open-market purchases, implying bullish sentiment.
• Transparent multi-entity disclosure: Filing details direct and six indirect accounts, enhancing reporting clarity.

Negative

• Purchase size immaterial: Only ≈$2.9 k spent, unlikely to influence valuation.
• Indirect ownership disclaimed: Limits certainty about true economic exposure of some holdings.

Insights

Securities Analyst

TL;DR: Small but steady insider buys by 10% owner strengthen alignment; limited immediate price impact expected.

Murray Stahl added 1,108 RCG shares at $2.66, lifting his combined direct and indirect stake to roughly 851k shares. While the cash outlay is de-minimis, the absence of sales and the repetition of open-market purchases sustain a positive signalling effect—particularly as he already controls more than 10 % of the float. No derivatives or 10b5-1 plan reduce complexity and hint at discretionary conviction. That said, given the fund’s low daily volume, the transaction is unlikely to materially alter supply-demand dynamics in the near term.

Corporate Governance Specialist

TL;DR: Incremental insider accumulation reflects governance alignment; financial materiality limited.

Stahl’s purchase reinforces insider alignment, satisfying investors who view manager ‘skin in the game’ positively. Reporting across spouse and multiple controlled entities demonstrates transparency and adherence to Section 16 obligations. The disclaimer of beneficial ownership for corporate accounts is standard and mitigates potential conflict-of-interest concerns. However, the tiny transaction size versus existing holdings suggests negligible economic change, so governance perception benefit outweighs tangible financial impact.

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).

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)	X	Other (specify below)
	President		Co-Portfolio Manager

3. Date of Earliest Transaction (Month/Day/Year)
06/20/2025

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	06/20/2025		P		356	A	$2.66	89,254	D
Common Stock	06/20/2025		P		18	A	$2.66	2,402(1)	I	SPOUSE
Common Stock	06/20/2025		P		180	A	$2.66	102,288(1)(2)	I	FROMEX EQUITY CORP
Common Stock	06/20/2025		P		180	A	$2.66	287,540(1)(2)	I	FRMO CORP
Common Stock	06/20/2025		P		274	A	$2.66	309,136(1)(2)	I	HORIZON COMMON INC.
Common Stock	06/20/2025		P		18	A	$2.66	8,478(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	06/20/2025		P		82	A	$2.66	52,264(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 89,254 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	06/23/2025
	** 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 20 June 2025?

He purchased 1,108 common shares across direct and indirect accounts at $2.66 each.

What is Murray Stahl’s total reported ownership in RENN Fund (RCG) after the transactions?

The Form 4 lists approximately 851,362 shares held directly or indirectly.

Did the filing include any insider sales or option exercises?

No. The Form 4 only reports open-market purchases; no sales or derivative activity were disclosed.

Was a Rule 10b5-1 trading plan indicated in the Form 4?

The checkbox for Rule 10b5-1 trading plans was not marked, indicating discretionary trades.

What price did Murray Stahl pay for the RCG shares?

Every reported purchase was made at $2.66 per share.