RENN Fund insider purchase: Murray Stahl adds to RCG stake

Rhea-AI Filing Summary

Form 4 highlights: On 08/06/2025, Murray Stahl—President, Co-Portfolio Manager and >10% owner of RENN Fund Inc. (RCG)—reported open-market purchases totalling 1,130 common shares at a uniform price of $2.66 per share.

The filing shows one direct purchase of 356 shares, lifting his direct holding to 100,682 shares. Six additional indirect accounts also bought small blocks (18-296 shares each), bringing their combined stakes to:

• Spouse: 2,978 sh
• Fromex Equity Corp: 108,048 sh
• FRMO Corp: 293,300 sh
• Horizon Common Inc.: 318,438 sh
• Horizon Kinetics Hard Assets LLC: 9,054 sh
• Horizon Kinetics Asset Mgmt LLC: 54,902 sh

Stahl disclaims beneficial ownership in the indirect accounts except for any pecuniary interest. No derivative securities were involved. While the transaction size is modest relative to his existing positions, continued insider buying can be viewed as a confidence signal.

Positive

• Continued insider buying by a 10% owner and key executive can bolster investor confidence.
• No insider sales were disclosed, indicating management retains exposure at current price.

Negative

• Purchase size is immaterial relative to existing holdings, limiting its signaling strength.
• No new fundamental information on portfolio performance or strategy accompanies the filing.

Insights

Securities Analyst

TL;DR: Small insider buy; modest but directionally positive signal.

The aggregated 1,130-share purchase increases Murray Stahl’s direct/indirect exposure by less than 0.2%, so the dollar commitment is immaterial. Nevertheless, insiders rarely buy without optimism, and Stahl already owns over 880k shares across vehicles. No sales were reported, preserving a consistent accumulation trend in 2024-2025. For investors in this thinly traded closed-end fund, even small insider activity can tighten float and reassure on NAV discount narrowing. Fundamental outlook unchanged; impact judged as mild.

Portfolio Manager

TL;DR: Incremental accumulation; watch but don’t chase.

Stahl’s latest purchases, executed at $2.66—a level near recent market prices—suggest he views current valuation as attractive. However, the tiny size limits signaling power; it could simply be routine drip buying across affiliated entities. I view the disclosure as neutral for valuation but marginally supportive for sentiment. Key catalysts remain portfolio performance and discount management, not insider flows of this scale.

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)
08/06/2025

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	08/06/2025		P		356	A	$2.66	100,682	D
Common Stock	08/06/2025		P		18	A	$2.66	2,978(1)	I	SPOUSE
Common Stock	08/06/2025		P		180	A	$2.66	108,048(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/06/2025		P		180	A	$2.66	293,300(1)(2)	I	FRMO CORP
Common Stock	08/06/2025		P		296	A	$2.66	318,438(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/06/2025		P		18	A	$2.66	9,054(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/06/2025		P		82	A	$2.66	54,902(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 100,682 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	08/07/2025
	** 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).
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FAQ

How many RCG shares did Murray Stahl buy on 08/06/2025?

He purchased 1,130 common shares at $2.66 each.

What is Murray Stahl's total direct holding after the transaction?

His direct ownership increased to 100,682 shares.

Were any derivative securities involved in this Form 4?

No, only common stock transactions were reported; Table II is empty.

Which affiliated entities hold RCG shares for Murray Stahl?

Entities include Fromex Equity Corp, FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC.

Does the filing indicate a sale or only purchases?

The filing reports only purchases; no dispositions were listed.