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Form 4: Mr. Stahl purchases RCG; indirect holdings detailed

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

RENN Fund, Inc. (RCG) insider Mr. Stahl, President/Co‑Portfolio Manager, reported open‑market purchases on 10/23/2025 at $2.61 per share across direct and affiliated accounts (Transaction Code P).

He bought 360 shares directly, bringing direct holdings to 120,374 shares. Indirect purchases included 18 (spouse; post‑transaction 3,968), 180 (Fromex Equity Corp; 117,948), 180 (FRMO Corp; 303,200), 296 (Horizon Common Inc.; 334,706), 18 (Horizon Kinetics Hard Assets LLC; 10,044), and 82 (Horizon Kinetics Asset Management LLC; 59,414). He disclaims beneficial ownership of indirect accounts except to the extent of his pecuniary interest.

Positive

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Negative

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Insider STAHL MURRAY
Role President/Co-Portfolio Manager
Bought 1,134 shs ($3K)
Type Security Shares Price Value
Purchase Common Stock 360 $2.61 $939.60
Purchase Common Stock 18 $2.61 $46.98
Purchase Common Stock 180 $2.61 $469.80
Purchase Common Stock 180 $2.61 $469.80
Purchase Common Stock 296 $2.61 $772.56
Purchase Common Stock 18 $2.61 $46.98
Purchase Common Stock 82 $2.61 $214.02
Holdings After Transaction: Common Stock — 120,374 shares (Direct); Common Stock — 3,968 shares (Indirect, SPOUSE)
Footnotes (1)
  1. This figure does not include 120,374 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.
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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)
10/23/2025
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 10/23/2025 P 360 A $2.61 120,374 D
Common Stock 10/23/2025 P 18 A $2.61 3,968(1) I SPOUSE
Common Stock 10/23/2025 P 180 A $2.61 117,948(1)(2) I FROMEX EQUITY CORP
Common Stock 10/23/2025 P 180 A $2.61 303,200(1)(2) I FRMO CORP
Common Stock 10/23/2025 P 296 A $2.61 334,706(1)(2) I HORIZON COMMON INC.
Common Stock 10/23/2025 P 18 A $2.61 10,044(1)(2) I Horizon Kinetics Hard Assets LLC
Common Stock 10/23/2025 P 82 A $2.61 59,414(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 120,374 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 10/24/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did RCG insider Mr. Stahl report on Form 4?

Open‑market purchases on 10/23/2025 at $2.61 per share across direct and indirect accounts (Code P).

How many RCG shares does the insider hold directly after the transaction?

Direct holdings are 120,374 shares.

What indirect accounts were involved and what are their post‑transaction holdings?

Spouse 3,968; Fromex Equity Corp 117,948; FRMO Corp 303,200; Horizon Common Inc. 334,706; Horizon Kinetics Hard Assets LLC 10,044; Horizon Kinetics Asset Management LLC 59,414.

What was the purchase price for the reported RCG trades?

Each reported trade was at $2.61 per share.

Did the insider include any ownership disclaimers?

Yes. He disclaims beneficial ownership of indirect accounts except to the extent of his pecuniary interest.

What roles does the reporting person hold at RENN Fund (RCG)?

He is an Officer, serving as President/Co‑Portfolio Manager.