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Insider Purchase: Murray Stahl Adds RENN Fund Shares on 09/10/2025

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Murray Stahl, a director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG), reported purchases of common stock on 09/10/2025. The Form 4 shows seven purchase transactions totaling 1,130 shares at a purchase price of $2.65 per share, for aggregate cash paid of $2,994.50. The filing lists 109,226 shares held directly by Mr. Stahl and several indirect holdings through related accounts and entities, with footnotes disclaiming beneficial ownership except to the extent of any pecuniary interest. Transactions were executed through multiple accounts and entities on the same date and were signed by an attorney-in-fact on 09/11/2025.

Positive

  • Insider purchases recorded: Murray Stahl acquired 1,130 shares at $2.65, signaling personal investment in RCG.
  • Complete disclosure: Form 4 specifies roles, transaction date, prices, and post-transaction holdings with required footnotes.

Negative

  • None.

Insights

TL;DR: Small insider purchases on a single day signal a modest personal purchase but are not material to valuation.

The filing documents seven purchases totaling 1,130 shares at $2.65 each, aggregating $2,994.50. For an investor, this is a clear insider buy signal but the dollar amount is immaterial relative to most fund market caps. The report also discloses large existing direct and indirect share positions (for example, 109,226 shares held directly), which matter more for ownership structure than the modest new purchases. The footnote limiting claimed beneficial ownership for indirect accounts reduces interpretive certainty about control.

TL;DR: Disclosure is complete and timely; purchases routed through multiple entities with appropriate footnote disclaimers.

The Form 4 provides required information: role of the reporting person, transaction date, number of shares acquired, price, and post-transaction holdings. Footnotes clarify that Mr. Stahl disclaims beneficial ownership of certain indirect accounts except to the extent of pecuniary interest. The signature by an attorney-in-fact is provided. From a governance perspective, the filing meets Section 16 disclosure norms; the small size of the purchases limits governance implications.

Insider STAHL MURRAY
Role President/Co-Portfolio Manager
Bought 1,130 shs ($3K)
Type Security Shares Price Value
Purchase Common Stock 356 $2.65 $943.40
Purchase Common Stock 18 $2.65 $47.70
Purchase Common Stock 180 $2.65 $477.00
Purchase Common Stock 180 $2.65 $477.00
Purchase Common Stock 296 $2.65 $784.40
Purchase Common Stock 18 $2.65 $47.70
Purchase Common Stock 82 $2.65 $217.30
Holdings After Transaction: Common Stock — 109,226 shares (Direct); Common Stock — 3,410 shares (Indirect, SPOUSE)
Footnotes (1)
  1. This figure does not include 109,226 shares held directly by Mr. Stahl. For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.
Form 4 Insider Transactions: What Each Field Means →
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) Other (specify below)
President/Co-Portfolio Manager
3. Date of Earliest Transaction (Month/Day/Year)
09/10/2025
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 09/10/2025 P 356 A $2.65 109,226 D
Common Stock 09/10/2025 P 18 A $2.65 3,410(1) I SPOUSE
Common Stock 09/10/2025 P 180 A $2.65 112,368(1)(2) I FROMEX EQUITY CORP
Common Stock 09/10/2025 P 180 A $2.65 297,620(1)(2) I FRMO CORP
Common Stock 09/10/2025 P 296 A $2.65 325,542(1)(2) I HORIZON COMMON INC.
Common Stock 09/10/2025 P 18 A $2.65 9,486(1)(2) I Horizon Kinetics Hard Assets LLC
Common Stock 09/10/2025 P 82 A $2.65 56,870(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 109,226 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 09/11/2025
** 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.
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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did RCG director Murray Stahl report on 09/10/2025?

Mr. Stahl reported seven purchases executed on 09/10/2025 totaling 1,130 shares at $2.65 per share.

How much did Murray Stahl pay in total for the RENN Fund (RCG) shares reported?

The aggregate cash paid for the reported purchases was $2,994.50 (1,130 shares × $2.65).

What positions does the Form 4 show Murray Stahl holds after the transactions?

The filing shows Mr. Stahl holds 109,226 shares directly and additional indirect holdings across multiple accounts and entities as listed in the form.

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

No. The footnotes state Mr. Stahl disclaims beneficial ownership of each indirect account except to the extent of any pecuniary interest.

Who signed the Form 4 for Murray Stahl and when?

The Form 4 was signed by Jay Kesslen, attorney-in-fact on 09/11/2025.