RENN Fund insider Murray Stahl adds shares, lifts stake to 879k

Rhea-AI Filing Summary

RENN Fund, Inc. (RCG) – Form 4 insider filing dated 07/29/2025. President, Co-Portfolio Manager and 10% owner Murray Stahl reported open-market purchases on 07/28/2025 at $2.60 per share (transaction code “P”). A total of 1,130 common shares were acquired across seven accounts.

• Direct account: 356 shares purchased; direct holding rises to 98,190 shares.
• Indirect accounts: 774 shares split among spouse and six affiliated entities, lifting aggregate indirect positions to ≈781,300 shares (ownership disclaimed except for pecuniary interest).

Post-transaction, Stahl reports ≈879,500 shares beneficially owned (direct + indirect). The filing reflects a <0.2% incremental increase to his total reported stake, but signals continuing insider confidence through net buying rather than selling.

Positive

• Insider buying: President/10% owner Murray Stahl acquired 1,130 shares, signaling confidence in RCG at $2.60.
• Increased reported holdings: Total beneficial ownership now approximates 879,500 shares across direct and affiliated entities.

Negative

• None.

Insights

Equity Analyst

TL;DR: Small but positive insider buy by 10% owner at $2.60 suggests confidence.

Murray Stahl added 1,130 shares, lifting his combined direct and indirect stake to roughly 0.88 million shares. While the volume is immaterial versus existing ownership, insider purchases—especially by a control person—are generally read as a constructive signal on near-term valuation. The price point of $2.60 aligns with recent market levels, implying no significant premium or discount. Because the buy represents <0.2 % of his interest, it is unlikely to shift supply–demand dynamics, but it does remove any overhang of insider selling risk.

Corporate Governance Specialist

TL;DR: Routine compliance filing; immaterial size but directionally favorable.

This Form 4 shows adherence to Section 16 reporting and clarifies Stahl’s extensive indirect holdings via multiple entities. No derivative activity or complex structures were introduced, reducing governance concern. The disclaimer of beneficial ownership for indirect accounts is standard. Overall impact is modest yet positive because it documents insider alignment with shareholder interests.

Insider Trade Summary

Net Buyer: 1,130 shares ($2,938)

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	$2.60	$925.60
Purchase	Common Stock	18	$2.60	$46.80
Purchase	Common Stock	180	$2.60	$468.00
Purchase	Common Stock	180	$2.60	$468.00
Purchase	Common Stock	296	$2.60	$769.60
Purchase	Common Stock	18	$2.60	$46.80
Purchase	Common Stock	82	$2.60	$213.20

Holdings After Transaction: Common Stock — 98,190 shares (Direct); Common Stock — 2,852 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 98,190 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).

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)
07/28/2025

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	07/28/2025		P		356	A	$2.6	98,190	D
Common Stock	07/28/2025		P		18	A	$2.6	2,852(1)	I	SPOUSE
Common Stock	07/28/2025		P		180	A	$2.6	106,788(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/28/2025		P		180	A	$2.6	292,040(1)(2)	I	FRMO CORP
Common Stock	07/28/2025		P		296	A	$2.6	316,366(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/28/2025		P		18	A	$2.6	8,928(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/28/2025		P		82	A	$2.6	54,328(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 98,190 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	07/29/2025
	** 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 purchase on 07/28/2025?

He bought 1,130 common shares at $2.60 each.

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

His direct account holds 98,190 shares of RCG.

What is the aggregate indirect ownership reported?

Indirect entities and spouse accounts hold about 781,300 shares in total.

Were any derivative securities involved in this Form 4?

No. Table II shows zero derivative activity.

Why is insider purchasing significant for investors?

Open-market buys by senior insiders often suggest they view the stock as undervalued, aligning their interests with shareholders.