[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 overview – RENN Fund, Inc. (RCG)

President, Co-Portfolio Manager and 10% owner Murray Stahl reported a series of open-market purchases on 18 Jun 2025 at a uniform price of $2.65 per share. The filing covers both direct and multiple indirect accounts.

• Direct account: 356 shares purchased; new direct holding 88,898 shares.
• Indirect – Spouse: 18 shares; new balance 2,384 shares.
• Indirect – FROMEX Equity Corp: 180 shares; new balance 102,108 shares.
• Indirect – FRMO Corp: 180 shares; new balance 287,360 shares.
• Indirect – Horizon Common Inc.: 274 shares; new balance 308,862 shares.
• Indirect – Horizon Kinetics Hard Assets LLC: 18 shares; new balance 8,460 shares.
• Indirect – Horizon Kinetics Asset Management LLC: 82 shares; new balance 52,182 shares.

The total transaction involved 1,108 shares, increasing Stahl’s aggregated beneficial ownership across all reported accounts. The filing states that he disclaims beneficial ownership in the indirect accounts except for his pecuniary interest.

No derivative securities were reported. The purchase size is modest relative to both Stahl’s existing stake and RENN Fund’s public float, indicating minimal immediate impact on ownership structure but providing a positive, if incremental, insider-confidence signal for investors monitoring insider activity.

Positive

• Insider confidence signal: Murray Stahl, a 10% owner and President, added 1,108 RCG shares on the open market.
• Consistent purchase price: All trades executed at $2.65, suggesting perceived fair value and no attempt to time intraday lows.

Negative

• Immaterial transaction size: Dollar value (~$2,900) and share volume are too small to meaningfully alter ownership structure or indicate a major strategic view.
• No new strategic information: Filing contains no commentary on fund operations, performance, or future plans.

Insights

Securities Analyst

TL;DR: Small insider buy—positive sentiment but immaterial volume; unlikely to move RCG valuation.

Stahl’s aggregate 1,108-share purchase at $2.65 represents <0.2% of his combined reported holdings but reaffirms continued personal capital commitment. Because the trades span several related entities, liquidity impact is negligible and free float remains virtually unchanged. Insider purchases are generally viewed favorably, yet the dollar value (~$2.9k) is de minimis, signaling confidence rather than strategic shift. I classify the disclosure as not impactful to near-term price performance.

Portfolio Manager

TL;DR: Insider alignment intact; transaction size too small for portfolio decision making.

For micro-cap closed-end funds like RCG, insider activity can be a qualitative indicator. However, today’s filing shows only a token accumulation. Portfolio-level interpretation: no need to adjust weighting unless corroborated by larger follow-on buys or complementary corporate actions. Watch future filings for scaling.

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).

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

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

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	06/18/2025		P		356	A	$2.65	88,898	D
Common Stock	06/18/2025		P		18	A	$2.65	2,384(1)	I	SPOUSE
Common Stock	06/18/2025		P		180	A	$2.65	102,108(1)(2)	I	FROMEX EQUITY CORP
Common Stock	06/18/2025		P		180	A	$2.65	287,360(1)(2)	I	FRMO CORP
Common Stock	06/18/2025		P		274	A	$2.65	308,862(1)(2)	I	HORIZON COMMON INC.
Common Stock	06/18/2025		P		18	A	$2.65	8,460(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	06/18/2025		P		82	A	$2.65	52,182(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 88,898 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	06/20/2025
	** 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 purchase on 18-Jun-2025?

He bought 1,108 common shares across direct and indirect accounts.

What was the purchase price of the RCG insider transaction?

All reported shares were acquired at $2.65 per share.

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

His direct holding increased to 88,898 shares.

Did the Form 4 report any derivative security activity?

No, Table II was blank; no derivatives were acquired or disposed.

Does Murray Stahl claim full beneficial ownership of the indirect accounts?

No, he disclaims beneficial ownership except for his pecuniary interest in each indirect account.