[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filed on 07/11/2025 shows that Murray Stahl, President/Co-Portfolio Manager and 10% owner of RENN Fund Inc. (RCG), acquired an aggregate 1,130 common shares on 07/10/2025 at a uniform price of $2.68 per share. The purchase was split between 356 shares bought directly and 774 shares bought indirectly through his spouse and a series of affiliated entities: Fromex Equity Corp, FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC and Horizon Kinetics Asset Management LLC.

After these transactions, Stahl reports 93,886 shares held directly and 771,996 shares held indirectly, for a combined reported position of 865,882 shares. The outlay of roughly $3,028 represents less than 0.2% of his total disclosed holdings. No derivative securities were involved and the filing reiterates that Stahl disclaims beneficial ownership in the indirect accounts beyond his pecuniary interest.

While the dollar amount is modest, an open-market purchase by a senior insider may signal continued confidence in RCG’s prospects. Investors should weigh the small scale of the buy against the insider’s already substantial ownership and the absence of other material financial information in this filing.

Positive

• Insider purchase by a 10% owner and senior executive signals personal confidence in RCG shares.
• Open-market transaction (code “P”) indicates voluntary buying rather than automatic vesting or option exercise.

Negative

• Immaterial size: the $3,028 purchase increases holdings by only 0.13%, limiting informational value for valuation models.
• Complex ownership structure: majority of shares are held indirectly with disclaimers, reducing transparency of true economic interest.

Insights

Financial Analyst

TL;DR: Modest open-market insider buy; positive sentiment but immaterial size.

Stahl’s $3k purchase marginally lifts his stake to 865.9k shares. The transaction was entirely in common stock at $2.68 and adds only 0.13% to his holdings, so valuation impact is negligible. Still, insiders typically sell more than they buy, and a buy by a control shareholder is directionally positive for sentiment. Because the size is small and no operational data accompany the filing, I classify the market impact as limited.

Corporate Governance Specialist

TL;DR: Insider aligns interests, but disclaimers limit ownership clarity.

As a 10% owner and executive, Stahl’s incremental purchase reinforces alignment with outside shareholders. However, the majority of his stake is held via multiple related entities where he expressly disclaims full beneficial ownership, creating opacity around true economic exposure. The transaction does not alter control dynamics or raise regulatory red flags, suggesting neutral governance impact.

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)
07/10/2025

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	07/10/2025		P		356	A	$2.68	93,886	D
Common Stock	07/10/2025		P		18	A	$2.68	2,636(1)	I	SPOUSE
Common Stock	07/10/2025		P		180	A	$2.68	104,628(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/10/2025		P		180	A	$2.68	289,880(1)(2)	I	FRMO CORP
Common Stock	07/10/2025		P		296	A	$2.68	312,796(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/10/2025		P		18	A	$2.68	8,712(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/10/2025		P		82	A	$2.68	53,344(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 93,886 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	07/11/2025
	** 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 07/10/2025?

1,130 shares at $2.68 each.

What is Murray Stahl’s total reported ownership in RENN Fund Inc. after the purchase?

865,882 shares (93,886 direct and 771,996 indirect).

What was the total dollar value of the insider transaction?

Approximately $3,028.

Did the Form 4 report any derivative securities for RCG?

No, no derivative securities were reported.

Why are multiple entities listed under indirect ownership for Murray Stahl?

Shares are held through affiliated corporations and LLCs; Stahl disclaims full beneficial ownership beyond his pecuniary interest.

What does transaction code "P" signify on a Form 4?

Code “P” represents an open-market purchase of the issuer’s equity.