RENN Fund (RCG) President adds shares in modest $3k insider purchase

Rhea-AI Filing Summary

Form 4 highlights for RENN Fund (RCG): On 07/31/2025 President, Co-Portfolio Manager, Director and >10 % owner Murray Stahl purchased an aggregate 1,130 common shares at a uniform price of $2.63 in eight separate accounts.

• Direct account: 356 shares bought; post-trade direct holding rises to 99,258 shares.
• Indirect accounts: 774 shares bought across spouse and six affiliated entities, lifting their respective balances to 2,906; 107,328; 292,580; 317,254; 8,982; and 54,574 shares.
• Total reported beneficial ownership (direct + indirect) now stands at up to ≈882,882 shares, although Mr. Stahl disclaims beneficial ownership of indirect holdings beyond his pecuniary interest.
• Estimated cash outlay for the purchases is roughly $3.0 k.

All transactions were coded “P” (open-market purchases) and none involved derivatives. No sales were reported. The filing signals continued insider accumulation but the dollar amount is modest relative to Mr. Stahl’s existing stake.

Positive

• Continued insider buying: President and 10 % owner Murray Stahl purchased additional shares, indicating ongoing confidence.

Negative

• Immaterial transaction size: The ~$3 k purchase represents less than 1 % of the insider’s existing position and is unlikely to be market-moving.

Insights

Financial Analyst

TL;DR: Small open-market insider buys; positive sentiment signal but immaterial size.

Mr. Stahl, already a >10 % holder, added only 1,130 shares (<1 % of his reported stake) at $2.63. While any purchase—especially by a senior executive—tends to be perceived as confidence in the fund’s valuation, the ~$3 k spend is negligible and unlikely to affect share supply-demand dynamics. Because the bulk of ownership remains unchanged and he disclaims most indirect shares, fundamental impact is low. Nevertheless, repeated incremental buys can create a positive narrative among retail investors tracking insider activity.

Insider Trade Summary

Net Buyer: 1,130 shares ($2,972)

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	$2.63	$936.28
Purchase	Common Stock	18	$2.63	$47.34
Purchase	Common Stock	180	$2.63	$473.40
Purchase	Common Stock	180	$2.63	$473.40
Purchase	Common Stock	296	$2.63	$778.48
Purchase	Common Stock	18	$2.63	$47.34
Purchase	Common Stock	82	$2.63	$215.66

Holdings After Transaction: Common Stock — 99,258 shares (Direct); Common Stock — 2,906 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 99,258 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)
07/31/2025

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	07/31/2025		P		356	A	$2.63	99,258	D
Common Stock	07/31/2025		P		18	A	$2.63	2,906(1)	I	SPOUSE
Common Stock	07/31/2025		P		180	A	$2.63	107,328(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/31/2025		P		180	A	$2.63	292,580(1)(2)	I	FRMO CORP
Common Stock	07/31/2025		P		296	A	$2.63	317,254(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/31/2025		P		18	A	$2.63	8,982(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/31/2025		P		82	A	$2.63	54,574(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 99,258 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	08/01/2025
	** 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 07/31/2025?

He purchased 1,130 common shares at $2.63 each.

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

His direct account holds 99,258 shares following the purchase.

Were any RCG shares sold in this Form 4?

No; all reported transactions were coded “P” for purchases.

What was the total dollar value of the insider’s RCG purchases?

Approximately $3,000 (1,130 shares × $2.63).

Does the filing include derivative securities?

No derivative transactions were reported in Table II.

Why does the filing list several indirect ownership accounts?

Shares are held through spouse and multiple affiliated entities; Stahl disclaims beneficial ownership beyond his economic interest.