[Form 4] RENN Fund, Inc. Insider Trading Activity

Rhea-AI Filing Summary

RENN Fund, Inc. (RCG)11/20/2025, he bought multiple small lots of common stock at $2.66 per share.

The filing shows a direct purchase of 360 shares, increasing his directly held stake to 127,574 shares. Additional purchases were made indirectly through his spouse and several affiliated entities, with each indirect account reported separately, such as 18 shares for a spouse account and 296 shares through Horizon Common Inc.

The insider disclaims beneficial ownership of shares in each indirect account except to the extent of any pecuniary interest, clarifying how these holdings are treated for reporting purposes.

11/21/2025 - 01:37 PM

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

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

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	11/20/2025		P		360	A	$2.66	127,574	D
Common Stock	11/20/2025		P		18	A	$2.66	4,328(1)	I	SPOUSE
Common Stock	11/20/2025		P		180	A	$2.66	121,548(1)(2)	I	FROMEX EQUITY CORP
Common Stock	11/20/2025		P		180	A	$2.66	306,800(1)(2)	I	FRMO CORP
Common Stock	11/20/2025		P		296	A	$2.66	340,626(1)(2)	I	HORIZON COMMON INC.
Common Stock	11/20/2025		P		18	A	$2.66	10,404(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	11/20/2025		P		82	A	$2.66	61,054(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 127,574 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	11/21/2025
	** 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

What insider transaction did RENN Fund (RCG) disclose in this Form 4?

The Form 4 reports that a President, Co-Portfolio Manager, director, and 10% owner of RENN Fund, Inc. (RCG) purchased multiple small lots of common stock on 11/20/2025 at $2.66 per share, both directly and through several indirect accounts.

How many RENN Fund (RCG) shares does the insider now hold directly?

After buying 360 shares of RENN Fund common stock on 11/20/2025, the insider directly owns 127,574 shares.

What indirect holdings of RENN Fund (RCG) are reported for the insider?

The Form 4 lists indirect holdings through the insider’s spouse and several entities, including accounts such as FROMEX EQUITY CORP, FRMO CORP, HORIZON COMMON INC., and Horizon Kinetics Hard Assets LLC, each with its own share balance after the 11/20/2025 purchases.

At what price were the RENN Fund (RCG) insider purchases made?

All reported insider purchases of RENN Fund common stock on 11/20/2025 were made at a price of $2.66 per share.

Does the insider claim full beneficial ownership of all indirect RENN Fund (RCG) shares?

No. The insider disclaims beneficial ownership of the shares in each indirect account except to the extent of any pecuniary interest, as stated in the explanation of responses.

What is the insider’s role and relationship to RENN Fund (RCG)?

The reporting person is a director, an officer (President and Co-Portfolio Manager), and a 10% owner of RENN Fund, Inc.