RENN Fund Insider Murray Stahl Adds to Stake in $3k Open-Market Buy

Rhea-AI Filing Summary

RENN Fund Inc. (RCG) – Form 4 insider purchase

On 08/05/2025, President, Co-Portfolio Manager and >10% owner Murray Stahl reported open-market purchases of RCG common stock at $2.67 per share. The filing shows:

• Direct account: 356 shares bought, lifting Stahl’s direct holding to 100,326 shares.
• Indirect accounts: Small lots (18-296 shares each, 774 shares in total) were bought through his spouse and six affiliated entities (Fromex Equity Corp., FRMO Corp., Horizon Common Inc., Horizon Kinetics Hard Assets LLC, Horizon Kinetics Asset Management LLC). Post-trade indirect ownership stands at between 2,960 and 318,142 shares per entity.
• Total shares acquired: 1,130, representing an outlay of roughly $3.0k.

No derivatives were reported. Stahl disclaims beneficial ownership of indirect shares beyond his pecuniary interest. While the dollar amount is immaterial relative to both the fund and his existing stake, the purchase marginally increases insider ownership and can be interpreted as a modest vote of confidence.

Positive

• Incremental insider buying by a 10% owner often signals management’s confidence.
• No sales or hedging instruments were disclosed, removing negative sentiment.

Negative

• Very small dollar value (~$3k) means the purchase has limited economic significance to the company or the insider.
• No new strategic information accompanies the filing, so market impact should be modest.

Insights

Securities Analyst

TL;DR: Small open-market buys by 10% owner indicate incremental confidence, but size is immaterial.

Insider buying, even in limited volume, is generally viewed positively because it aligns management’s interests with shareholders. Murray Stahl already owns a large stake; adding 1,130 shares (~0.3% of his aggregate holdings) for $3k is symbolic rather than financially meaningful. The absence of sales or derivative hedges supports a constructive outlook, yet the trade is too small to alter valuation models or liquidity. Investors may treat it as a marginal sentiment signal rather than a catalyst.

Corporate Governance Expert

TL;DR: Filing is routine but shows continuous alignment between fund officer and investors.

Stahl’s role as President, Co-PM and 10% owner places him under heightened scrutiny. Regular, transparent reporting of even minor trades supports good governance practices. The disclaimer of indirect beneficial ownership limits conflicts, and Rule 10b5-1 language is not invoked, suggesting discretional purchases. From a governance perspective the event is positive but not materially impactful to control dynamics.

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)
08/05/2025

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	08/05/2025		P		356	A	$2.67	100,326	D
Common Stock	08/05/2025		P		18	A	$2.67	2,960(1)	I	SPOUSE
Common Stock	08/05/2025		P		180	A	$2.67	107,868(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/05/2025		P		180	A	$2.67	293,120(1)(2)	I	FRMO CORP
Common Stock	08/05/2025		P		296	A	$2.67	318,142(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/05/2025		P		18	A	$2.67	9,036(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/05/2025		P		82	A	$2.67	54,820(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 100,326 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	08/06/2025
	** 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 08/05/2025?

He bought 1,130 common shares at $2.67 each.

What is Murray Stahl’s total direct stake in RCG after the purchase?

His direct holding rose to 100,326 shares.

Were any derivative securities involved in this Form 4?

No, the filing lists no derivative transactions.

Why is insider buying considered positive for investors?

Open-market purchases align insiders’ incentives with shareholders and can signal confidence in future prospects.

Did Stahl file the transaction under a Rule 10b5-1 trading plan?

The box indicating a Rule 10b5-1 plan was not checked; the trade appears discretionary.