RENN Fund (RCG) Officer Boosts Stake; Total Ownership ≈885K Shares

Rhea-AI Filing Summary

Form 4 highlights: RENN Fund, Inc. (RCG) President/Co-Portfolio Manager Murray Stahl reported multiple open-market purchases on 08/04/2025 at $2.64 per share.

• Total shares bought: 1,130 (356 direct; 774 through six affiliated/related accounts, incl. spouse and corporate entities).
• Aggregate cash outlay: ≈ $2,983.
• Post-trade ownership: 99,970 shares held directly; 785,172 held indirectly, for a combined reportable position of about 885,142 shares (beneficial ownership in indirect accounts disclaimed except for pecuniary interest).
• No derivative securities reported and no dispositions.

The filing signals continued insider accumulation by a control person (checked 10% owner and officer boxes). While the dollar amount is modest, ongoing purchases at market price may indicate confidence in RCG’s valuation and alignment with minority shareholders.

Positive

• Open-market insider purchases by a 10 % owner/officer signal confidence and align interests with shareholders.
• Timely Form 4 filing indicates strong compliance and transparency.

Negative

• Purchase size is immaterial (~$3k), limiting its signaling power for valuation.
• No accompanying fundamentals (earnings, NAV update) to contextualize the insider activity.

Insights

Financial Analyst

TL;DR: Small insider buys reinforce management confidence but are immaterial to float.

The direct purchase of 356 shares and several smaller affiliate buys expand Stahl’s beneficial stake to roughly 885k shares, maintaining his >10 % status. Although the $3k spend is negligible versus fund AUM, Form 4 purchases made on the open market—rather than via options—are typically viewed as a bullish governance signal. However, the limited size implies minimal balance-sheet impact and should not materially move RCG’s NAV or market price. Investors may treat this as a modest positive sentiment datapoint rather than a valuation catalyst.

Corporate Governance Expert

TL;DR: Transaction strengthens alignment; disclosure clean, no red flags.

Stahl checked officer, 10 % owner and director boxes, confirming multiple fiduciary roles. Purchases were reported within the two-business-day window, suggesting solid compliance culture. Disclaimers on indirect holdings are standard and transparent. While the buys are small, recurring insider activity often correlates with stronger governance and reduced agency risk. No contrary signals (disposals or derivative hedges) were present.

Insider Trade Summary

Net Buyer: 1,130 shares ($2,983)

Net Buy 7 txns

Insider STAHL MURRAY

Role President/Co-Portfolio Manager

Bought 1,130 shs ($3K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	356	$2.64	$939.84
Purchase	Common Stock	18	$2.64	$47.52
Purchase	Common Stock	180	$2.64	$475.20
Purchase	Common Stock	180	$2.64	$475.20
Purchase	Common Stock	296	$2.64	$781.44
Purchase	Common Stock	18	$2.64	$47.52
Purchase	Common Stock	82	$2.64	$216.48

Holdings After Transaction: Common Stock — 99,970 shares (Direct); Common Stock — 2,942 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 99,970 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)
08/04/2025

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	08/04/2025		P		356	A	$2.64	99,970	D
Common Stock	08/04/2025		P		18	A	$2.64	2,942(1)	I	SPOUSE
Common Stock	08/04/2025		P		180	A	$2.64	107,688(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/04/2025		P		180	A	$2.64	292,940(1)(2)	I	FRMO CORP
Common Stock	08/04/2025		P		296	A	$2.64	317,846(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/04/2025		P		18	A	$2.64	9,018(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/04/2025		P		82	A	$2.64	54,738(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 99,970 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	08/05/2025
	** 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

How many RCG shares did Murray Stahl buy on 08/04/2025?

He purchased 1,130 common shares at $2.64 each.

What is Murray Stahl’s total reported ownership in RCG after the transactions?

Direct holdings: 99,970; indirect holdings: ~785,172; combined reportable position: ~885,142 shares.

At what price were the RCG shares purchased?

All shares were bought at $2.64 per share in the open market.

Did the Form 4 report any sales or derivative transactions?

No; only purchases were reported and Table II is blank.

Why is insider buying considered positive for investors?

Open-market buying often reflects management’s confidence in undervaluation and helps align interests with shareholders.