[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 discloses that Murray Stahl—President, Director and >10% owner of RENN Fund Inc. (RCG)—executed multiple open-market purchases on 30 Jul 2025 at $2.61 per share.

• Total shares bought: 1,130
• Direct account: 356 shares (post-trade holding 98,902)
• Indirect accounts: 774 shares spread across spouse and six affiliated entities (FRMO Corp, Fromex Equity, Horizon Common, Horizon Kinetics Hard Assets, Horizon Kinetics AM)
• Total indirect holdings now disclosed: 782,850 shares (reporting person disclaims beneficial ownership beyond pecuniary interest)
• Total cash outlay: ≈ $2,950

No derivative transactions were reported. The purchases marginally increase Stahl’s already large position, signalling continuing support but with limited dollar significance.

Positive

• Continued insider accumulation: President and >10% owner Murray Stahl added 1,130 shares across multiple accounts, signalling ongoing confidence.

Negative

• Immaterial purchase size: Cash outlay of roughly $2,950 is too small to materially affect ownership or signal strong conviction.

Insights

Securities Analyst

TL;DR: Small insider buys by a 10% owner suggest confidence but are too small to be financially material.

Insider activity is often viewed as a sentiment gauge. Murray Stahl’s aggregated 1,130-share purchase represents <0.2% of his disclosed direct stake and an even smaller fraction of his indirect economic exposure. With a cash cost under $3k, the trade is immaterial to either the insider’s net worth or the fund’s float. Still, Rule 10b5-1 is not checked, implying voluntary buying. Historical studies show clusters of insider buying can precede positive excess returns, but single low-dollar trades carry limited predictive power. Overall, the filing is neutral for valuation yet mildly supportive of investor sentiment.

Portfolio Manager

TL;DR: Symbolic topping-up trade—good optics, negligible impact.

From a portfolio-allocation viewpoint, the purchase size is de minimis. However, Stahl’s continuous accumulation across related entities maintains alignment with shareholders and could hint at confidence in RCG’s discount-to-NAV narrowing strategy. Because the insider already controls sizable positions, marginal additions do not alter control dynamics. I classify the event as not impactful on intrinsic value or liquidity, yet it marginally improves the insider-sentiment narrative.

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

3. Date of Earliest Transaction (Month/Day/Year)
07/30/2025

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	07/30/2025		P		356	A	$2.61	98,902	D
Common Stock	07/30/2025		P		18	A	$2.61	2,888(1)	I	SPOUSE
Common Stock	07/30/2025		P		180	A	$2.61	107,148(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/30/2025		P		180	A	$2.61	292,400(1)(2)	I	FRMO CORP
Common Stock	07/30/2025		P		296	A	$2.61	316,958(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/30/2025		P		18	A	$2.61	8,964(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/30/2025		P		82	A	$2.61	54,492(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 98,902 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	07/31/2025
	** 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 30 Jul 2025?

He purchased 1,130 common shares at $2.61 each.

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

His direct account now holds 98,902 shares.

Were any derivative securities involved in this Form 4?

No. Only common-stock purchases were reported; Table II is empty.

Does the filing indicate a Rule 10b5-1 trading plan?

No checkbox for Rule 10b5-1 was marked, implying the trades were not under a pre-arranged plan.

Why are multiple entities listed under indirect ownership?

Stahl manages or is affiliated with entities such as FRMO Corp and Horizon Kinetics; he disclaims beneficial ownership beyond pecuniary interest.