Murray Stahl
President, Chief Executive Officer, Chief Financial Officer, and Co-Portfolio Manager at RENN Fund
CEO
Executive
About Murray Stahl
Murray Stahl, age 71, serves as President, Chief Executive Officer, Chief Financial Officer, and Co-Portfolio Manager of RENN Fund, Inc. (RCG), roles he has held since 2017; he resigned as a Director on June 5, 2025 but continues as Co-Portfolio Manager and an officer . He is Chairman, CEO and Chief Investment Strategist of Horizon Kinetics Holding Corporation (OTC: HKHC) and CEO of FRMO Corp., with over 30 years of investing experience; education includes a BA (1976) and MA (1980) from Brooklyn College and an MBA (1985) from Pace University . RCG does not pay any compensation to its officers, and the Fund has never issued options or warrants to officers or directors; performance metrics (TSR, revenue/EBITDA growth) are not disclosed in the proxy materials . Mr. Stahl beneficially owned 12.23% of RCG as of June 30, 2025, indicating significant alignment with shareholders .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bankers Trust Company | Senior Portfolio Manager and Research Analyst; managed Utility Mutual Fund and three Common Trust Funds | 1978–1994 | Led portfolio management and asset allocation guidelines for the Private Bank . |
| Winland Electronics, Inc. | Director | 2015–2020 | Governance and oversight at an environmental monitoring company . |
| IL&FS Securities Services Ltd | Director | 2008–2020 | Governance at a securities market services firm . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Horizon Kinetics Holding Corporation (OTC: HKHC) | Chairman, CEO, Chief Investment Strategist (principal occupation) | Since 1994 . |
| FRMO Corp. (OTC: FRMO) | CEO; Director (through 2025) | Since 2001 . |
| Texas Pacific Land Corporation (NYSE: TPL) | Director | Since 2021 . |
| Bermuda Stock Exchange | Chairman; Director | Since 2014 . |
| Minneapolis Grain Exchange | Director | Since 2013 . |
| MSRH, LLC | Director | Since 2013 . |
| Kinetics Mutual Funds | Director | 2000–2025 . |
Fixed Compensation
- RCG officers (including the CEO/CFO) receive no compensation from the Fund; the Fund has no employees, and it has never issued options or warrants to officers or Directors of the Fund .
- Director compensation is paid only to independent Directors; interested Directors (including Mr. Stahl while he served on the Board) receive $0 from the Fund .
| Component | Amount | Source/Notes |
|---|---|---|
| Base Salary (Fund) | $0 | Officers receive no compensation from the Fund . |
| Bonus (Fund) | $0 | No officer compensation paid by Fund . |
| Director Fees (while Director; interested person) | $0 | Fund does not pay fees to interested Directors . |
| Options/Warrants | None | Fund has never issued options/warrants to officers or Directors . |
Performance Compensation
- The proxy statements include no disclosures of performance-based cash bonuses, RSUs/PSUs, or option awards for Fund officers; there are no disclosed performance metrics tied to pay at the Fund level .
The Fund has no Compensation Committee (historically) because it has no employees and pays no officer compensation; independent director fees were initiated in 2024 on a per-meeting basis, unrelated to Mr. Stahl .
Equity Ownership & Alignment
| Date (Record) | Shares Beneficially Owned | % of Class | Direct vs. Indirect / Notes |
|---|---|---|---|
| Jun 30, 2023 | 508,773 | 7.25% | Held by an account for which Mr. Stahl is managing member; he disclaims beneficial ownership over ~80% due to lack of pecuniary interest . |
| Jun 30, 2024 | 561,586 | 8.00% | 5,802 shares owned directly with spouse; ~555,784 shares indirect; disclaims beneficial ownership except to pecuniary interest . |
| Jun 30, 2025 | 858,014 | 12.23% | 5,802 shares direct with spouse; ~555,784 shares indirect; disclaims beneficial ownership except to pecuniary interest (remainder reflects additional holdings) . |
| Shares Outstanding (context) | 7,015,786 (as of Jul 15, 2024) | — | For % context . |
| Shares Outstanding (context) | 7,015,786 (as of Jun 30, 2025) | — | For % context . |
- Pledging/Hedging: No pledging or hedging disclosures are presented in the proxies reviewed .
- Ownership Guidelines: No stock ownership guideline disclosures for officers are included in the proxies .
Employment Terms
- Roles: President, CEO, CFO, and Co-Portfolio Manager since 2017; resigned as Director effective June 5, 2025 but continues as Co-Portfolio Manager and officer .
- Employment Agreement/Severance/Change-of-Control: No employment contracts, severance multiples, change-of-control triggers, accelerated vesting provisions, or clawback policies are disclosed for Fund officers in the proxies .
- Non-compete/Non-solicit/Garden Leave/Consulting: Not disclosed in Fund proxy materials .
Board Governance (context while he was a Director)
- Board attendance: The Board held four meetings in 2024; all Directors attended 100%, and Mr. Stahl attended all meetings during 2024 .
- Committee memberships: Audit, Nominating & Corporate Governance, and Pricing Committees are comprised of independent directors; interested Directors (like Mr. Stahl) are not listed as committee members .
- Board declassification: The Fund declassified its Board in 2024; all Directors now serve one-year terms .
Related Party Transactions and Conflicts
- Director Transactions with Affiliates: With the exception of interested Director status, no material transactions >$120,000 involving Mr. Stahl were disclosed in the lookback period; Section 16(a) filings were timely .
- TPL conflict management: The proxy details potential conflicts given Mr. Stahl’s board seat and personal investments in Texas Pacific Land (TPL), a significant holding in adviser-managed accounts; Horizon Kinetics’ Code of Ethics includes controls (e.g., delegating trading discretion to a PM without MNPI) and notes Mr. Stahl has divested trading discretion related to TPL .
Say-on-Pay & Shareholder Feedback
- No say-on-pay proposals or officer compensation votes are included in the Fund’s proxy statements; the Fund pays no officer compensation .
- Section 16(a) compliance: All required ownership reports were timely filed for the fiscal years reported .
Performance & Track Record
- Fund-level TSR or NAV performance vs. benchmarks is not presented in the proxy statements reviewed; therefore, TSR/revenue/EBITDA growth metrics for Mr. Stahl’s tenure are not disclosed in these materials .
Investment Implications
- Alignment: Mr. Stahl’s beneficial ownership increased from 8.00% to 12.23% YoY (Jun 2024 to Jun 2025), signaling increased economic alignment; note that a significant portion is indirect and he disclaims beneficial ownership except to his pecuniary interest .
- Low direct selling pressure: There are no Fund-granted equity awards, options, or vesting schedules that could drive predictable selling; the Fund has never issued options/warrants to officers or Directors .
- Governance evolution: Board declassification and expansion of independent oversight (committee structures) improve governance optics; Mr. Stahl’s resignation from the Board while remaining an officer separates oversight from management .
- Conflict controls: Detailed TPL conflict-of-interest procedures mitigate MNPI risks, but TPL exposure remains a monitoring point given board overlap and personal holdings .
- Pay-for-performance analysis at the Fund level is not applicable, as the Fund pays no officer compensation; evaluation of Mr. Stahl’s incentives should focus on his meaningful Fund ownership and broader adviser-level economics rather than Fund-paid compensation .