[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Murray Stahl, President, Co-Portfolio Manager and >10% owner of RENN Fund Inc. (RCG), filed a Form 4 disclosing open-market purchases on 07/24/2025 at $2.60 per share.

• Shares bought: 356 directly and 774 through six affiliated entities and his spouse, totalling 1,130 shares.
• Post-trade holdings: 97,478 shares held directly. Indirect accounts now hold 2,816 (spouse), 106,428 (Fromex Equity), 291,680 (FRMO Corp), 315,774 (Horizon Common), 8,892 (Horizon Kinetics Hard Assets) and 54,164 (Horizon Kinetics AM).

The dollar value of the new purchases is roughly $2.9 k, a small addition relative both to Stahl’s existing stake and to RENN Fund’s share count, but the transaction signals ongoing insider confidence. No derivative transactions were reported.

Insights

Financial Analyst

TL;DR: Small open-market buys by 10% owner; sentiment positive but financially immaterial.

Insider buying—especially by a control person—often supports alignment with shareholders. However, the 1,130-share purchase is less than 0.5% of Stahl’s pre-existing stake and likely below 0.05% of shares outstanding, limiting valuation impact. Still, repeated purchases at $2.60 may create a perceived price floor and modestly improve investor sentiment.

Corporate Governance Expert

TL;DR: Filing confirms active monitoring and transparent disclosure; governance stance neutral-positive.

Timely Form 4 filing shows compliance with Section 16. The modest yet continuous accumulation by a key insider reinforces long-term commitment, countering concerns about management disengagement. No red flags on control concentration emerge because purchases are incremental and fully disclosed.

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).

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)
07/24/2025

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	07/24/2025		P		356	A	$2.6	97,478	D
Common Stock	07/24/2025		P		18	A	$2.6	2,816(1)	I	SPOUSE
Common Stock	07/24/2025		P		180	A	$2.6	106,428(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/24/2025		P		180	A	$2.6	291,680(1)(2)	I	FRMO CORP
Common Stock	07/24/2025		P		296	A	$2.6	315,774(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/24/2025		P		18	A	$2.6	8,892(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/24/2025		P		82	A	$2.6	54,164(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 97,478 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	07/25/2025
	** 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 07/24/2025?

He purchased 1,130 shares at $2.60 per share.

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

His direct holding is now 97,478 shares.

Were any derivative securities involved in this Form 4 filing for RCG?

No, the filing shows no derivative transactions.

Why is insider buying important for RCG investors?

Purchases by a key insider can signal confidence in the company’s prospects and align management with shareholders.

What price did the insider pay for the newly acquired RCG shares?

All reported shares were bought at $2.60 per share.