[Form 4] RENN Fund Inc. Insider Trading Activity
Form 4 highlights: On 08/06/2025, Murray Stahl鈥擯resident, Co-Portfolio Manager and >10% owner of RENN Fund Inc. (RCG)鈥攔eported 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.
Riepilogo del Modulo 4: Il 06/08/2025, Murray Stahl鈥擯residente, Co-Gestore del Portafoglio e proprietario di oltre il 10% di RENN Fund Inc. (RCG)鈥攈a segnalato acquisti sul mercato aperto per un totale di 1.130 azioni ordinarie a un prezzo uniforme di 2,66 $ per azione.
La dichiarazione mostra un acquisto diretto di 356 azioni, portando la sua partecipazione diretta a 100.682 azioni. Sei conti indiretti aggiuntivi hanno acquistato piccoli blocchi (da 18 a 296 azioni ciascuno), portando le loro partecipazioni complessive a:
- Coniuge: 2.978 az
- Fromex Equity Corp: 108.048 az
- FRMO Corp: 293.300 az
- Horizon Common Inc.: 318.438 az
- Horizon Kinetics Hard Assets LLC: 9.054 az
- Horizon Kinetics Asset Mgmt LLC: 54.902 az
Stahl nega la titolarit脿 effettiva nei conti indiretti, eccetto ogni interesse pecuniario. Non sono stati coinvolti strumenti derivati. Sebbene la dimensione della transazione sia modesta rispetto alle sue posizioni esistenti, l'acquisto continuo da parte di un insider pu貌 essere interpretato come un segnale di fiducia.
Aspectos destacados del Formulario 4: El 06/08/2025, Murray Stahl鈥擯residente, Co-Gestor de Portafolio y propietario de m谩s del 10% de RENN Fund Inc. (RCG)鈥攔eport贸 compras en el mercado abierto por un total de 1,130 acciones comunes a un precio uniforme de $2.66 por acci贸n.
El informe muestra una compra directa de 356 acciones, elevando su participaci贸n directa a 100,682 acciones. Seis cuentas indirectas adicionales tambi茅n adquirieron peque帽os bloques (entre 18 y 296 acciones cada una), aumentando sus participaciones combinadas a:
- C贸nyuge: 2,978 acciones
- Fromex Equity Corp: 108,048 acciones
- FRMO Corp: 293,300 acciones
- Horizon Common Inc.: 318,438 acciones
- Horizon Kinetics Hard Assets LLC: 9,054 acciones
- Horizon Kinetics Asset Mgmt LLC: 54,902 acciones
Stahl renuncia a la propiedad beneficiaria en las cuentas indirectas, excepto por cualquier inter茅s pecuniario. No se involucraron valores derivados. Aunque el tama帽o de la transacci贸n es modesto en relaci贸n con sus posiciones existentes, la compra continua por parte del insider puede considerarse una se帽al de confianza.
Form 4 欤检殧 雮挫毄: 2025雲� 8鞗� 6鞚�, RENN Fund Inc. (RCG)鞚� 靷灔, 瓿惦彊 韽姼韽措Μ鞓� 毵る媹鞝�鞚挫瀽 10% 鞚挫儊 歆�攵� 氤挫湢鞛愳澑 毹鸽爤鞚� 鞀ろ儓(Murray Stahl)鞚� 1,130欤�鞚� 氤错喌欤茧ゼ 欤茧嫻 $2.66鞚� 霃欖澕頃� 臧�瓴╈溂搿� 鞛ル偞 毵れ垬頄堧嫟瓿� 氤搓碃頄堨姷雼堧嫟.
鞁犼碃靹滌棎電� 356欤检潣 歆侅为 毵れ垬臧� 韽暔霅橃柎 鞛堨溂氅�, 攴胳潣 歆侅为 氤挫湢 欤检嫕鞚� 100,682欤�搿� 歃濌皜頄堨姷雼堧嫟. 於旉皜搿� 鞐劘 臧滌潣 臧勋为 瓿勳爼鞚� 臧侁皝 18欤检棎靹� 296欤� 靷澊鞚� 靻岆焿 敫旊鞚� 毵れ垬頃橃棳 鞚措摛鞚� 齑� 氤挫湢 欤检嫕鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 氚办毎鞛�: 2,978欤�
- Fromex Equity Corp: 108,048欤�
- FRMO Corp: 293,300欤�
- Horizon Common Inc.: 318,438欤�
- Horizon Kinetics Hard Assets LLC: 9,054欤�
- Horizon Kinetics Asset Mgmt LLC: 54,902欤�
鞀ろ儓鞚� 臧勋为 瓿勳爼鞐� 雽�頃� 鞁れ鞝� 靻岇湢甓岇潉 攵�鞚疙晿氅�, 旮堨爠鞝� 鞚挫澋毵岇潉 鞚胳爼頃╇媹雼�. 韺岇儩歃濌秾 瓯半灅電� 韽暔霅橃 鞎婌晿鞀惦媹雼�. 瓯半灅 攴滊電� 旮办〈 氤挫湢 欤检嫕鞐� 牍勴暣 鞝侅毵�, 雮措秬鞛愳潣 歆�靻嶌爜鞚� 毵れ垬電� 鞁犽鞚� 鞁犿樃搿� 頃挫劃霅� 靾� 鞛堨姷雼堧嫟.
Points cl茅s du Formulaire 4 : Le 06/08/2025, Murray Stahl鈥擯r茅sident, co-gestionnaire de portefeuille et d茅tenteur de plus de 10 % de RENN Fund Inc. (RCG)鈥攁 d茅clar茅 des achats sur le march茅 libre totalisant 1 130 actions ordinaires au prix uniforme de 2,66 $ par action.
Le d茅p么t indique un achat direct de 356 actions, portant sa d茅tention directe 脿 100 682 actions. Six comptes indirects suppl茅mentaires ont 茅galement achet茅 de petits blocs (entre 18 et 296 actions chacun), portant leurs participations combin茅es 脿 :
- Conjoint : 2 978 actions
- Fromex Equity Corp : 108 048 actions
- FRMO Corp : 293 300 actions
- Horizon Common Inc. : 318 438 actions
- Horizon Kinetics Hard Assets LLC : 9 054 actions
- Horizon Kinetics Asset Mgmt LLC : 54 902 actions
Stahl d茅cline toute propri茅t茅 b茅n茅ficiaire dans les comptes indirects, sauf pour tout int茅r锚t p茅cuniaire. Aucun titre d茅riv茅 n鈥檃 茅t茅 impliqu茅. Bien que la taille de la transaction soit modeste par rapport 脿 ses positions existantes, l'achat continu d鈥檌niti茅s peut 锚tre per莽u comme un signe de confiance.
Formular 4 Highlights: Am 06.08.2025 meldete Murray Stahl鈥擯r盲sident, Co-Portfolio-Manager und Eigent眉mer von mehr als 10 % der RENN Fund Inc. (RCG)鈥擮ffenmarkt-K盲ufe von insgesamt 1.130 Stammaktien zu einem einheitlichen Preis von 2,66 $ pro Aktie.
Die Einreichung zeigt einen direkten Kauf von 356 Aktien, wodurch sein direkter Bestand auf 100.682 Aktien ansteigt. Sechs weitere indirekte Konten kauften ebenfalls kleine Bl枚cke (jeweils 18-296 Aktien), wodurch deren kombinierte Beteiligungen sich wie folgt summieren:
- Ehepartner: 2.978 Aktien
- Fromex Equity Corp: 108.048 Aktien
- FRMO Corp: 293.300 Aktien
- Horizon Common Inc.: 318.438 Aktien
- Horizon Kinetics Hard Assets LLC: 9.054 Aktien
- Horizon Kinetics Asset Mgmt LLC: 54.902 Aktien
Stahl bestreitet das wirtschaftliche Eigentum an den indirekten Konten, abgesehen von etwaigen finanziellen Interessen. Es wurden keine Derivate eingesetzt. Obwohl die Transaktionsgr枚脽e im Verh盲ltnis zu seinen bestehenden Positionen gering ist, kann das fortgesetzte Insider-Kaufen als Vertrauenssignal gewertet werden.
- 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.
- 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
TL;DR: Small insider buy; modest but directionally positive signal.
The aggregated 1,130-share purchase increases Murray Stahl鈥檚 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.
TL;DR: Incremental accumulation; watch but don鈥檛 chase.
Stahl鈥檚 latest purchases, executed at $2.66鈥攁 level near recent market prices鈥攕uggest 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.
Riepilogo del Modulo 4: Il 06/08/2025, Murray Stahl鈥擯residente, Co-Gestore del Portafoglio e proprietario di oltre il 10% di RENN Fund Inc. (RCG)鈥攈a segnalato acquisti sul mercato aperto per un totale di 1.130 azioni ordinarie a un prezzo uniforme di 2,66 $ per azione.
La dichiarazione mostra un acquisto diretto di 356 azioni, portando la sua partecipazione diretta a 100.682 azioni. Sei conti indiretti aggiuntivi hanno acquistato piccoli blocchi (da 18 a 296 azioni ciascuno), portando le loro partecipazioni complessive a:
- Coniuge: 2.978 az
- Fromex Equity Corp: 108.048 az
- FRMO Corp: 293.300 az
- Horizon Common Inc.: 318.438 az
- Horizon Kinetics Hard Assets LLC: 9.054 az
- Horizon Kinetics Asset Mgmt LLC: 54.902 az
Stahl nega la titolarit脿 effettiva nei conti indiretti, eccetto ogni interesse pecuniario. Non sono stati coinvolti strumenti derivati. Sebbene la dimensione della transazione sia modesta rispetto alle sue posizioni esistenti, l'acquisto continuo da parte di un insider pu貌 essere interpretato come un segnale di fiducia.
Aspectos destacados del Formulario 4: El 06/08/2025, Murray Stahl鈥擯residente, Co-Gestor de Portafolio y propietario de m谩s del 10% de RENN Fund Inc. (RCG)鈥攔eport贸 compras en el mercado abierto por un total de 1,130 acciones comunes a un precio uniforme de $2.66 por acci贸n.
El informe muestra una compra directa de 356 acciones, elevando su participaci贸n directa a 100,682 acciones. Seis cuentas indirectas adicionales tambi茅n adquirieron peque帽os bloques (entre 18 y 296 acciones cada una), aumentando sus participaciones combinadas a:
- C贸nyuge: 2,978 acciones
- Fromex Equity Corp: 108,048 acciones
- FRMO Corp: 293,300 acciones
- Horizon Common Inc.: 318,438 acciones
- Horizon Kinetics Hard Assets LLC: 9,054 acciones
- Horizon Kinetics Asset Mgmt LLC: 54,902 acciones
Stahl renuncia a la propiedad beneficiaria en las cuentas indirectas, excepto por cualquier inter茅s pecuniario. No se involucraron valores derivados. Aunque el tama帽o de la transacci贸n es modesto en relaci贸n con sus posiciones existentes, la compra continua por parte del insider puede considerarse una se帽al de confianza.
Form 4 欤检殧 雮挫毄: 2025雲� 8鞗� 6鞚�, RENN Fund Inc. (RCG)鞚� 靷灔, 瓿惦彊 韽姼韽措Μ鞓� 毵る媹鞝�鞚挫瀽 10% 鞚挫儊 歆�攵� 氤挫湢鞛愳澑 毹鸽爤鞚� 鞀ろ儓(Murray Stahl)鞚� 1,130欤�鞚� 氤错喌欤茧ゼ 欤茧嫻 $2.66鞚� 霃欖澕頃� 臧�瓴╈溂搿� 鞛ル偞 毵れ垬頄堧嫟瓿� 氤搓碃頄堨姷雼堧嫟.
鞁犼碃靹滌棎電� 356欤检潣 歆侅为 毵れ垬臧� 韽暔霅橃柎 鞛堨溂氅�, 攴胳潣 歆侅为 氤挫湢 欤检嫕鞚� 100,682欤�搿� 歃濌皜頄堨姷雼堧嫟. 於旉皜搿� 鞐劘 臧滌潣 臧勋为 瓿勳爼鞚� 臧侁皝 18欤检棎靹� 296欤� 靷澊鞚� 靻岆焿 敫旊鞚� 毵れ垬頃橃棳 鞚措摛鞚� 齑� 氤挫湢 欤检嫕鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 氚办毎鞛�: 2,978欤�
- Fromex Equity Corp: 108,048欤�
- FRMO Corp: 293,300欤�
- Horizon Common Inc.: 318,438欤�
- Horizon Kinetics Hard Assets LLC: 9,054欤�
- Horizon Kinetics Asset Mgmt LLC: 54,902欤�
鞀ろ儓鞚� 臧勋为 瓿勳爼鞐� 雽�頃� 鞁れ鞝� 靻岇湢甓岇潉 攵�鞚疙晿氅�, 旮堨爠鞝� 鞚挫澋毵岇潉 鞚胳爼頃╇媹雼�. 韺岇儩歃濌秾 瓯半灅電� 韽暔霅橃 鞎婌晿鞀惦媹雼�. 瓯半灅 攴滊電� 旮办〈 氤挫湢 欤检嫕鞐� 牍勴暣 鞝侅毵�, 雮措秬鞛愳潣 歆�靻嶌爜鞚� 毵れ垬電� 鞁犽鞚� 鞁犿樃搿� 頃挫劃霅� 靾� 鞛堨姷雼堧嫟.
Points cl茅s du Formulaire 4 : Le 06/08/2025, Murray Stahl鈥擯r茅sident, co-gestionnaire de portefeuille et d茅tenteur de plus de 10 % de RENN Fund Inc. (RCG)鈥攁 d茅clar茅 des achats sur le march茅 libre totalisant 1 130 actions ordinaires au prix uniforme de 2,66 $ par action.
Le d茅p么t indique un achat direct de 356 actions, portant sa d茅tention directe 脿 100 682 actions. Six comptes indirects suppl茅mentaires ont 茅galement achet茅 de petits blocs (entre 18 et 296 actions chacun), portant leurs participations combin茅es 脿 :
- Conjoint : 2 978 actions
- Fromex Equity Corp : 108 048 actions
- FRMO Corp : 293 300 actions
- Horizon Common Inc. : 318 438 actions
- Horizon Kinetics Hard Assets LLC : 9 054 actions
- Horizon Kinetics Asset Mgmt LLC : 54 902 actions
Stahl d茅cline toute propri茅t茅 b茅n茅ficiaire dans les comptes indirects, sauf pour tout int茅r锚t p茅cuniaire. Aucun titre d茅riv茅 n鈥檃 茅t茅 impliqu茅. Bien que la taille de la transaction soit modeste par rapport 脿 ses positions existantes, l'achat continu d鈥檌niti茅s peut 锚tre per莽u comme un signe de confiance.
Formular 4 Highlights: Am 06.08.2025 meldete Murray Stahl鈥擯r盲sident, Co-Portfolio-Manager und Eigent眉mer von mehr als 10 % der RENN Fund Inc. (RCG)鈥擮ffenmarkt-K盲ufe von insgesamt 1.130 Stammaktien zu einem einheitlichen Preis von 2,66 $ pro Aktie.
Die Einreichung zeigt einen direkten Kauf von 356 Aktien, wodurch sein direkter Bestand auf 100.682 Aktien ansteigt. Sechs weitere indirekte Konten kauften ebenfalls kleine Bl枚cke (jeweils 18-296 Aktien), wodurch deren kombinierte Beteiligungen sich wie folgt summieren:
- Ehepartner: 2.978 Aktien
- Fromex Equity Corp: 108.048 Aktien
- FRMO Corp: 293.300 Aktien
- Horizon Common Inc.: 318.438 Aktien
- Horizon Kinetics Hard Assets LLC: 9.054 Aktien
- Horizon Kinetics Asset Mgmt LLC: 54.902 Aktien
Stahl bestreitet das wirtschaftliche Eigentum an den indirekten Konten, abgesehen von etwaigen finanziellen Interessen. Es wurden keine Derivate eingesetzt. Obwohl die Transaktionsgr枚脽e im Verh盲ltnis zu seinen bestehenden Positionen gering ist, kann das fortgesetzte Insider-Kaufen als Vertrauenssignal gewertet werden.
FAQ
How many RCG shares did Murray Stahl buy on 08/06/2025?
What is Murray Stahl's total direct holding after the transaction?
Were any derivative securities involved in this Form 4?
Which affiliated entities hold RCG shares for Murray Stahl?
Does the filing indicate a sale or only purchases?
