RENN Fund Form 4: Murray Stahl Boosts Stake with Modest Purchase

Rhea-AI Filing Summary

RENN Fund, Inc. (RCG) – Form 4 insider activity

On 07/03/2025, Murray Stahl – the fund’s President, Co-Portfolio Manager, Director and >10% owner – disclosed a series of open-market purchases totaling 1,144 common shares at a uniform price of $2.66 per share (≈ $3.0 thousand aggregate). The trades were allocated across seven accounts: 356 shares bought directly and 788 shares through six affiliated or family accounts, including FRMO Corp., Fromex Equity Corp., Horizon Common Inc., and several Horizon Kinetics entities, plus 18 shares in his spouse’s account.

Post-transaction, the filing lists 92,458 shares held directly by Mr. Stahl and more than 768 k shares indirectly via related entities, reaffirming his status as a significant insider. No derivative securities were involved, and no sales were reported.

While the dollar amount is modest relative to his existing stake, the continued open-market buying—rather than option exercises—offers a marginally positive signal of management confidence without materially altering the ownership structure.

Positive

• Insider buy: President and >10% owner Murray Stahl purchased 1,144 shares on the open market at $2.66.
• No insider sales: The filing reports only acquisitions, reinforcing long-term alignment with shareholders.

Negative

• Immaterial size: The ~$3 k purchase is negligible versus Stahl’s existing stake and fund capitalization, limiting signal strength.
• Lacks operational insight: The Form 4 provides no new information on RENN Fund’s performance or strategy.

Insights

Equity Research Analyst

TL;DR: Small open-market insider purchase; modest positive sentiment but negligible financial impact.

Insider buys typically align interests with shareholders and can precede favorable performance. Here, Murray Stahl added 1,144 shares at $2.66, yet the cash outlay (~$3 k) is <1% of his existing direct stake and immaterial to RENN Fund’s float. No derivatives or sales dilute the signal. Given the micro-size, I view the filing as incrementally positive for sentiment but not financially impactful to valuation or liquidity.

Portfolio Manager

TL;DR: Confidence indicator, but position size too small to move the needle.

Repeat buying by a >10% owner usually commands attention; however, investors should weight dollar value and context. Stahl’s cumulative indirect holdings exceed 750 k shares, so adding 1,144 shares hardly shifts his exposure. Absent additional catalysts—earnings, NAV shifts, distribution policy—this Form 4 is neutral to portfolio decisions. I classify the event as not impactful, though it supports a constructive view on management alignment.

Insider Trade Summary

Net Buyer: 1,144 shares ($3,043)

Net Buy 7 txns

Insider STAHL MURRAY

Role President/Co-Portfolio Manager

Bought 1,144 shs ($3K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	356	$2.66	$946.96
Purchase	Common Stock	18	$2.66	$47.88
Purchase	Common Stock	180	$2.66	$478.80
Purchase	Common Stock	180	$2.66	$478.80
Purchase	Common Stock	310	$2.66	$824.60
Purchase	Common Stock	18	$2.66	$47.88
Purchase	Common Stock	82	$2.66	$218.12

Holdings After Transaction: Common Stock — 92,458 shares (Direct); Common Stock — 2,564 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 92,458 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)
07/03/2025

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	07/03/2025		P		356	A	$2.66	92,458	D
Common Stock	07/03/2025		P		18	A	$2.66	2,564(1)	I	SPOUSE
Common Stock	07/03/2025		P		180	A	$2.66	103,908(1)(2)	I	FROMEX EQUITY CORP
Common Stock	07/03/2025		P		180	A	$2.66	289,160(1)(2)	I	FRMO CORP
Common Stock	07/03/2025		P		310	A	$2.66	311,642(1)(2)	I	HORIZON COMMON INC.
Common Stock	07/03/2025		P		18	A	$2.66	8,640(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	07/03/2025		P		82	A	$2.66	53,002(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 92,458 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	07/07/2025
	** 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).
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 07/03/2025?

He purchased 1,144 common shares at $2.66 each.

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

The Form 4 lists 92,458 shares held directly by Mr. Stahl.

Were any RCG shares sold in this Form 4 filing?

No. The Form 4 reports only acquisitions; no sales or derivative dispositions were recorded.

Which affiliated entities participated in the share purchases?

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

Does this insider purchase significantly change RENN Fund’s ownership structure?

No. The 1,144-share addition is immaterial relative to Mr. Stahl’s existing holdings and RCG’s share count.