[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

RCG – Form 4 insider buying

On 25 Jul 2025, Murray Stahl, President/Co-Portfolio Manager and 10 % owner of RENN Fund Inc. (RCG), reported open-market purchases of 1,130 common shares at $2.58 each.

• Direct account: 356 shares; direct ownership now 97,834.
• Indirect accounts: Spouse (18), Fromex Equity Corp (180), FRMO Corp (180), Horizon Common Inc. (296), Horizon Kinetics Hard Assets LLC (18), Horizon Kinetics Asset Management LLC (82). Aggregate indirect holdings now exceed 780 k shares, though Stahl disclaims beneficial ownership except for his pecuniary interest.

The total purchase value is roughly $2.9 k, a marginal addition relative to Stahl’s existing stake. Insider buying typically signals confidence, but the small size limits its materiality.

Positive

• Open-market insider purchase by a 10 % owner and senior officer often indicates confidence.
• Increase in direct and indirect holdings keeps management’s interests aligned with shareholders.

Negative

• Very small dollar value (~$2.9 k) relative to existing ownership limits informational value.
• Insider disclaims beneficial ownership in several entities, reducing clarity on true economic exposure.

Insights

Securities Analyst

TL;DR – Small insider purchase; sentiment mildly positive, financial impact negligible.

Insider buying is generally viewed favorably, especially from a 10 % owner who is also President and portfolio manager. However, the 1,130-share purchase represents less than 0.2 % of Mr. Stahl’s total reported stake and under $3 k in dollar terms. Thus, while it underscores continued alignment with shareholders, it is unlikely to influence valuation or trading dynamics. I classify the filing as not impactful but modestly positive in tone.

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)
07/25/2025

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	07/25/2025		P		356	A	$2.58	97,834	D
Common Stock	07/25/2025		P		18	A	$2.58	2,834(1)	I	SPOUSE
Common Stock	07/25/2025		P		180	A	$2.58	106,608(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/25/2025		P		180	A	$2.58	291,860(1)(2)	I	FRMO CORP
Common Stock	07/25/2025		P		296	A	$2.58	316,070(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/25/2025		P		18	A	$2.58	8,910(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/25/2025		P		82	A	$2.58	54,246(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 97,834 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	07/28/2025
	** 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 25 July 2025?

He purchased 1,130 common shares of RENN Fund Inc. at $2.58 each.

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

His direct account now holds 97,834 shares.

Were the shares bought on the open market?

Yes. Transaction code P indicates open-market purchases at $2.58 per share.

Does this filing materially change insider ownership of RCG?

No. The purchase is less than 0.2 % of Mr. Stahl’s reported holdings, so impact is minimal.

Why does Stahl disclaim beneficial ownership in some accounts?

He notes that for indirect accounts he only claims ownership to the extent of his pecuniary interest, as permitted under SEC rules.