[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview – RENN Fund, Inc. (RCG)

President and 10% owner Murray Stahl reported a series of open-market purchases on 24 June 2025 at a uniform price of $2.59 per share. Seven individual transactions were disclosed, totalling 1,108 common shares and an aggregate consideration of roughly $2.9 thousand.

Post-transaction ownership

• Direct holdings: 89,966 shares
• Indirect holdings across six affiliated entities & spouse: 763,616 shares
• Total reported beneficial ownership: ≈ 853,582 shares

The filing states that Mr. Stahl "disclaims beneficial ownership except to the extent of his pecuniary interest" in the indirect accounts, clarifying that control or economic exposure may be less than the headline totals.

Although the purchase size is modest relative to existing ownership, continuing accumulation by the fund’s president signals sustained confidence and further aligns management’s incentives with outside shareholders. No derivative transactions, sales, or 10b5-1 plan notations were reported, and there were no amendments to previous filings.

Positive

• Continued insider accumulation: Murray Stahl purchased 1,108 shares on 24 Jun 2025, indicating confidence.
• High insider alignment: Total reported beneficial ownership now ~853 k shares, maintaining strong skin-in-the-game.

Negative

• Immaterial transaction size: Dollar value (~$2.9 k) is negligible and unlikely to affect fundamentals or liquidity.
• Beneficial ownership disclaimers: Large portion of shares held indirectly, so true economic exposure may be lower.

Insights

Securities Analyst

TL;DR: Small insider buy, but adds to already large stake—positive sentiment, low financial impact.

The purchase represents <0.2% of Mr. Stahl’s cumulative position, yet confirms continued personal commitment at a time when RCG trades in the $2.60 range. Insider buying—especially by a 10 % owner who is also portfolio manager—tends to be interpreted as a bullish signal, even if dollar value is minor. No sales were reported, reducing the risk of mixed signals. For liquidity context, the quantity is unlikely to influence float or market dynamics; therefore the event is sentiment-positive rather than fundamentally material.

Corporate Governance Expert

TL;DR: Filing shows alignment but limited incremental governance impact.

Stahl’s dual role (President & Co-PM) plus >10 % ownership already puts him in a control position. Incremental buying marginally strengthens that stance, which can reassure investors seeking management-shareholder alignment, but may also heighten concentration risk. The explicit disclaimers on indirect accounts lessen potential conflicts by clarifying legal ownership boundaries. No 10b5-1 safe-harbor box checked, implying discretionary purchase. Overall governance impact is neutral-to-positive.

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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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)
06/24/2025

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	06/24/2025		P		356	A	$2.59	89,966	D
Common Stock	06/24/2025		P		18	A	$2.59	2,438(1)	I	SPOUSE
Common Stock	06/24/2025		P		180	A	$2.59	102,648(1)(2)	I	FROMEX EQUITY CORP
Common Stock	06/24/2025		P		180	A	$2.59	287,900(1)(2)	I	FRMO CORP
Common Stock	06/24/2025		P		274	A	$2.59	309,688(1)(2)	I	HORIZON COMMON INC.
Common Stock	06/24/2025		P		18	A	$2.59	8,514(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	06/24/2025		P		82	A	$2.59	52,428(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 89,966 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	06/25/2025
	** 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.
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FAQ

How many RCG shares did Murray Stahl buy on 24 June 2025?

1,108 common shares were purchased at $2.59 each.

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

The filing lists approximately 853,582 shares across direct and indirect holdings.

What was the purchase price of RCG shares in the latest Form 4?

All trades were executed at $2.59 per share.

Did the Form 4 include any share sales or derivative transactions?

No. Only open-market purchases of common stock were reported; no derivatives or sales.

Was the transaction conducted under a Rule 10b5-1 trading plan?

The filer did not check the Rule 10b5-1(c) box, indicating discretionary trades.