RENN Fund (RCG) President Adds Shares in Latest Form 4 Filing

Rhea-AI Filing Summary

Murray Stahl, President, Co-Portfolio Manager and >10% owner of RENN Fund, Inc. (RCG), filed a Form 4 for trades executed on 01-Aug-2025.

• Purchases: 1,130 common shares acquired in seven separate accounts, all at $2.69 per share (transaction code P).
• Direct holding: +356 shares, bringing his direct stake to 99,614 shares.
• Indirect holdings: Small additions were made in accounts held by his spouse and six affiliated entities, lifting those balances to 2,924; 107,508; 292,760; 317,550; 9,000; and 54,656 shares, respectively. Stahl disclaims beneficial ownership of these indirect positions except to the extent of his pecuniary interest.

No derivative securities were reported. The filing indicates continued insider accumulation but the incremental size (≈1.1 k shares) is modest relative to Stahl’s pre-existing ownership.

Positive

• Continued insider purchasing by a >10% owner often signals management confidence in share value.
• Uniform purchase price of $2.69 suggests willingness to accumulate at current market levels.

Negative

• Small transaction size (≈1,130 shares) limits the informational value for investors.
• Stahl disclaims beneficial ownership in several entities, creating uncertainty about his true economic exposure.

Insights

Equity Analyst

TL;DR – Small insider buy reaffirms long-term alignment; impact limited by volume.

Stahl added 1,130 shares of RCG at $2.69, boosting his direct stake to 99.6 k and affiliated accounts to >880 k combined. Although insider purchases are generally viewed positively, the dollar value (≈$3 k) is immaterial versus total float, so immediate market impact should be minimal. Still, the pattern of continued buying across multiple controlled entities underscores management’s confidence and may be supportive to sentiment.

Insider Trade Summary

Net Buyer: 1,130 shares ($3,040)

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	$2.69	$957.64
Purchase	Common Stock	18	$2.69	$48.42
Purchase	Common Stock	180	$2.69	$484.20
Purchase	Common Stock	180	$2.69	$484.20
Purchase	Common Stock	296	$2.69	$796.24
Purchase	Common Stock	18	$2.69	$48.42
Purchase	Common Stock	82	$2.69	$220.58

Holdings After Transaction: Common Stock — 99,614 shares (Direct); Common Stock — 2,924 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 99,614 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)
08/01/2025

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	08/01/2025		P		356	A	$2.69	99,614	D
Common Stock	08/01/2025		P		18	A	$2.69	2,924(1)	I	SPOUSE
Common Stock	08/01/2025		P		180	A	$2.69	107,508(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/01/2025		P		180	A	$2.69	292,760(1)(2)	I	FRMO CORP
Common Stock	08/01/2025		P		296	A	$2.69	317,550(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/01/2025		P		18	A	$2.69	9,000(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/01/2025		P		82	A	$2.69	54,656(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 99,614 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	08/04/2025
	** 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 01-Aug-2025?

He purchased 1,130 common shares at $2.69 each across seven accounts.

What is Murray Stahl's direct ownership in RENN Fund after the trade?

His direct holding increased to 99,614 shares.

At what price were the RCG shares purchased?

All reported purchases were at $2.69 per share.

Were any derivative securities involved in this Form 4 filing?

No. Table II shows zero derivative transactions.

Does the filing indicate Stahl’s total indirect holdings?

Yes; affiliated accounts now hold between 2,924 and 317,550 shares each, though he disclaims full beneficial ownership.

Why is insider buying considered positive for investors?

Insider purchases can signal management’s confidence that the stock is undervalued relative to prospects.