RENN Fund President Adds to Stake with Small Share Purchase

Rhea-AI Filing Summary

Murray Stahl, President/Co-Portfolio Manager and >10 % shareholder of RENN Fund (RCG), filed a Form 4 for transactions dated 07/22/2025.

Stahl executed seven open-market purchases at $2.65 per share, totaling 1,130 common shares (~US$3 k). The buys were split among his direct account (356 sh), spouse (18 sh) and several affiliated entities (756 sh). Post-transaction, reported beneficial ownership stands at 874,972 shares across direct and indirect holdings, though he disclaims beneficial ownership in the entity accounts beyond his pecuniary interest.

No derivative activity was reported. The filing signals incremental insider confidence but the dollar value is immaterial relative to Stahl’s existing stake and RCG’s average daily volume.

Positive

• Insider alignment: President and >10 % holder continued buying, potentially indicating confidence in RCG’s prospects.

Negative

• Immaterial size: Purchase represents only ~0.1 % of Stahl’s existing stake and is unlikely to affect valuation or control dynamics.

Insights

Equity Analyst

TL;DR: Small insider buy; optics positive, financial impact negligible.

The filing shows Murray Stahl added 1,130 RCG shares for about US$3 k. While insider purchases often suggest management confidence, the transaction increases his overall exposure by roughly 0.1 %. The acquisition price is in-line with recent trading levels, providing no valuation signal. Given the modest size versus both his 875 k-share position and the fund’s float, the move is unlikely to influence liquidity or ownership structure. Investors may view the activity as a mild vote of confidence but not a catalyst for material re-rating. Overall impact: neutral-to-slightly positive.

Insider Trade Summary

Net Buyer: 1,130 shares ($2,995)

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	$2.65	$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 — 96,766 shares (Direct); Common Stock — 2,780 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 96,766 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)
07/22/2025

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	07/22/2025		P		356	A	$2.65	96,766	D
Common Stock	07/22/2025		P		18	A	$2.65	2,780(1)	I	SPOUSE
Common Stock	07/22/2025		P		180	A	$2.65	106,068(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/22/2025		P		180	A	$2.65	291,320(1)(2)	I	FRMO CORP
Common Stock	07/22/2025		P		296	A	$2.65	315,182(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/22/2025		P		18	A	$2.65	8,856(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/22/2025		P		82	A	$2.65	54,000(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 96,766 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	07/23/2025
	** 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 07/22/2025?

1,130 shares at $2.65 each, spread across seven accounts.

What is Murray Stahl's total reported RCG ownership after the transaction?

The Form 4 lists 874,972 shares held directly and indirectly.

Did the Form 4 include any derivative transactions?

No. Table II shows no options, warrants or other derivatives were traded.

Is the transaction size considered material?

At roughly $3 k, the purchase is financially small relative to Stahl’s existing position and RCG’s market cap.

Why are multiple entities listed under Stahl's indirect ownership?

Shares were acquired by entities such as FRMO Corp and Horizon Kinetics affiliates; Stahl disclaims beneficial ownership beyond his pecuniary interest.