[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Murray Stahl, President/Co-Portfolio Manager and 10%+ owner of RENN Fund, Inc. (RCG), filed a Form 4 for transactions dated 07/21/2025. He purchased an aggregate 1,130 common shares at a uniform price of $2.65 per share, spending roughly $3.0k.

Breakdown:

• Direct: 356 shares; new direct holding 96,410.
• Spouse: 18 shares; new indirect holding 2,762.
• Fromex Equity Corp.: 180 shares; new indirect holding 105,888.
• FRMO Corp.: 180 shares; new indirect holding 291,140.
• Horizon Common Inc.: 296 shares; new indirect holding 314,886.
• Horizon Kinetics Hard Assets LLC: 18 shares; new indirect holding 8,838.
• Horizon Kinetics Asset Management LLC: 82 shares; new indirect holding 53,918.

The filing notes Mr. Stahl disclaims beneficial ownership of indirect accounts beyond his pecuniary interest.

Total ownership across direct and disclosed indirect accounts exceeds 873k shares. While the dollar amount is modest, continued buying by a key insider may be viewed as a token confidence signal. No derivative transactions or sales were reported.

Positive

• Continued insider buying by the fund’s President suggests ongoing confidence in RCG’s prospects.
• No sales or derivatives reported; all transactions were outright common-stock purchases.

Negative

• Immaterial size: the $3k purchase is too small to alter ownership economics or signal strong conviction.
• Disclaimed beneficial ownership for indirect accounts limits clarity on true economic exposure.

Insights

Equity Analyst

TL;DR: Small insider purchase; marginal financial impact but directionally positive signal.

The Form 4 shows Murray Stahl added 1,130 shares—about 0.13% of his already‐sizable stake—at $2.65. Dollar value is de-minimis, so the transaction is unlikely to move intrinsic value or market perception materially. However, insiders generally buy for one reason—expecting upside—so the action is directionally bullish. Because he already owns >10 %, the purchase mainly reinforces alignment rather than altering control. Given the micro-cap nature of RCG, even small trades can provide incremental liquidity cues, yet the impact on valuation, earnings power, or fund strategy is negligible. I classify the disclosure as not impactful to the investment thesis, though it is a mildly positive sentiment indicator.

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)
07/21/2025

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	07/21/2025		P		356	A	$2.65	96,410	D
Common Stock	07/21/2025		P		18	A	$2.65	2,762(1)	I	SPOUSE
Common Stock	07/21/2025		P		180	A	$2.65	105,888(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/21/2025		P		180	A	$2.65	291,140(1)(2)	I	FRMO CORP
Common Stock	07/21/2025		P		296	A	$2.65	314,886(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/21/2025		P		18	A	$2.65	8,838(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/21/2025		P		82	A	$2.65	53,918(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 96,410 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	07/22/2025
	** 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 07/21/2025?

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

What is Murray Stahl’s total direct holding after the transaction?

His direct ownership rose to 96,410 shares.

Were any shares sold or derivatives exercised?

No; the Form 4 lists only open-market purchases, with zero sales or derivative activity.

Does this filing affect Murray Stahl’s 10% owner status?

Yes, he remains a greater-than-10 % owner; the small purchase does not change that classification.

Is the dollar value of the transaction significant for investors?

At roughly $3,000, the transaction is financially immaterial though directionally positive.