RCG Insider Murray Stahl Buys Additional Shares, Boosts Stake

Rhea-AI Filing Summary

Form 4 discloses that Murray Stahl, President, Co-Portfolio Manager and 10% owner of RENN Fund, Inc. (RCG), purchased a total of 1,108 common shares on 06/27/2025 at a uniform price of $2.60 per share. The purchases were spread across his own account (356 shares) and six indirect accounts—including his spouse and several investment entities he controls—each of which added between 18 and 274 shares.

After the transactions, Stahl’s aggregate beneficial ownership stands at:

• Direct: 91,034 shares
• Spouse: 2,492 shares
• Fromex Equity Corp: 103,188 shares
• FRMO Corp: 288,440 shares
• Horizon Common Inc.: 310,510 shares
• Horizon Kinetics Hard Assets LLC: 8,568 shares
• Horizon Kinetics Asset Management LLC: 52,674 shares

Stahl expressly disclaims beneficial ownership of the indirect shares beyond his pecuniary interest. No derivative security activity was reported.

The filing signals continued insider accumulation, but the incremental share count is minor relative to Stahl’s existing holdings and RCG’s public float. Financial impact appears limited.

Positive

• Continued insider buying by the President/10% owner reinforces perceived leadership confidence in RCG’s prospects.
• No insider selling or derivative activity reported, suggesting stable ownership intentions.

Negative

• Purchase size is negligible (≈$2.9k), offering limited informational value on future performance.
• Ownership concentration remains high, which may reduce float and liquidity for minority shareholders.

Insights

Financial Analyst

TL;DR: Small insider buys confirm confidence but are immaterial to valuation.

Insider purchases, even modest, generally convey positive sentiment. Murray Stahl added 1,108 shares (<~0.1% of his total holdings) at $2.60, lifting direct+indirect ownership above 856k shares. While additive, the cash outlay (≈$2.9k) will not influence RENN Fund’s capital structure. The activity modestly supports a bullish governance narrative but should not alter investment models or price targets.

Corporate Governance Expert

TL;DR: Routine Form 4; reflects alignment, no governance red flags.

As President and 10% owner, Stahl’s continued open‐market buying aligns management with shareholder interests. The pattern suggests compliance with Rule 10b5-1 planning and transparent reporting. No insider sales or derivative grants appear, reducing potential conflicts. However, the tiny transaction size limits governance impact; oversight dynamics remain unchanged.

Insider Trade Summary

Net Buyer: 1,108 shares ($2,881)

Net Buy 7 txns

Insider STAHL MURRAY

Role President

Bought 1,108 shs ($3K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	356	$2.60	$925.60
Purchase	Common Stock	18	$2.60	$46.80
Purchase	Common Stock	180	$2.60	$468.00
Purchase	Common Stock	180	$2.60	$468.00
Purchase	Common Stock	274	$2.60	$712.40
Purchase	Common Stock	18	$2.60	$46.80
Purchase	Common Stock	82	$2.60	$213.20

Holdings After Transaction: Common Stock — 91,034 shares (Direct); Common Stock — 2,492 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 91,034 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)	X	Other (specify below)
	President		Co-Portfolio Manager

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

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	06/27/2025		P		356	A	$2.6	91,034	D
Common Stock	06/27/2025		P		18	A	$2.6	2,492(1)	I	SPOUSE
Common Stock	06/27/2025		P		180	A	$2.6	103,188(1)(2)	I	FROMEX EQUITY CORP
Common Stock	06/27/2025		P		180	A	$2.6	288,440(1)(2)	I	FRMO CORP
Common Stock	06/27/2025		P		274	A	$2.6	310,510(1)(2)	I	HORIZON COMMON INC.
Common Stock	06/27/2025		P		18	A	$2.6	8,568(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	06/27/2025		P		82	A	$2.6	52,674(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 91,034 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	06/30/2025
	** 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 purchase on 06/27/2025?

He acquired 1,108 common shares at $2.60 each.

What is Murray Stahl’s total beneficial ownership in RENN Fund after the transactions?

Direct and indirect holdings total approximately 856,906 shares across multiple accounts.

Was any derivative security activity reported in this Form 4 filing?

No. Table II shows no options, warrants or other derivative transactions.

Does the filing indicate a Rule 10b5-1 trading plan for Murray Stahl?

The form includes a checkbox for Rule 10b5-1 transactions, but it is not marked, so no such plan is indicated.

Is the insider buying considered material to RCG’s financial outlook?

Given the small dollar amount (≈$2.9k), the transaction is not materially significant to the fund’s valuation.