[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 highlights: On 07/08/2025, Murray Stahl—President, Co-Portfolio Manager, Director and >10% owner of RENN Fund, Inc. (RCG)—reported a series of open-market purchases at $2.69 per share.

• Direct account: 356 shares acquired, lifting his direct holding to 93,170 shares.
• Indirect accounts: An additional 782 shares were bought across six affiliated entities and a spouse account, bringing their respective post-transaction balances to between 2,600 and 312,210 shares.
• Total shares purchased: 1,138, representing roughly $3.06 k in aggregate consideration.

The filing reiterates that Mr. Stahl disclaims beneficial ownership of indirect shares beyond any pecuniary interest. No derivative transactions were reported.

Take-away: While dollar value is modest, repeated insider buying—especially by a long-standing control person—can signal incremental confidence in RCG’s outlook.

Positive

• Continued insider accumulation by a >10% owner can signal confidence in RCG’s prospects.
• No insider sales or derivative hedging were disclosed, suggesting a net bullish stance.

Negative

• Very small dollar value (≈$3 k) limits the informational weight of the purchases.
• Indirect holdings disclaimed, so true economic exposure may be less than headline totals imply.

Insights

Securities Analyst

TL;DR: Small but repeated insider buys by key executive suggest confidence but are immaterial financially.

Stahl’s cumulative 1,138-share purchase at $2.69 marginally increases ownership across several vehicles. Though the cash outlay (<$4k) is immaterial to market cap, it maintains a steady pattern of insider accumulation that can be viewed positively from a sentiment perspective. Because no sales occurred and no derivatives were exercised, there is no dilution or hedging signal. Impact on valuation is de minimis, but ongoing alignment of interests persists.

Corporate Governance Expert

TL;DR: Filing shows compliance and continued skin-in-the-game; governance neutral-to-positive.

The timely Form 4 demonstrates adherence to Section 16 reporting. Stahl, already a control person, adds shares personally and through related entities while explicitly disclaiming non-pecuniary interests—standard governance language that mitigates potential conflict. Transaction size is small, so it neither strengthens nor weakens board independence metrics. Overall governance impact is neutral, with a slight positive tilt due to insider alignment.

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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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)
07/08/2025

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	07/08/2025		P		356	A	$2.69	93,170	D
Common Stock	07/08/2025		P		18	A	$2.69	2,600(1)	I	SPOUSE
Common Stock	07/08/2025		P		180	A	$2.69	104,268(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/08/2025		P		180	A	$2.69	289,520(1)(2)	I	FRMO CORP
Common Stock	07/08/2025		P		294	A	$2.69	312,210(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/08/2025		P		18	A	$2.69	8,676(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/08/2025		P		92	A	$2.69	53,176(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 93,170 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	07/09/2025
	** 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 07/08/2025?

He purchased 1,138 total shares—356 directly and 782 through various affiliated entities and his spouse.

What price did the insider pay for RCG shares?

All reported purchases were at $2.69 per share.

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

His direct holding increased to 93,170 common shares.

Did the Form 4 disclose any derivative transactions?

No. Table II contains no entries; only common-stock purchases were reported.

Why are some shares marked as indirect ownership?

They are held via entities such as FRMO Corp, Fromex Equity Corp, Horizon Common Inc. and others; Stahl disclaims beneficial ownership except for any pecuniary interest.

Is this filing likely to impact RCG’s stock price materially?

Given the modest dollar size (~$3 k), the direct financial impact is minimal, though insider-buying sentiment can be mildly supportive.