Insider Purchase: Stahl Murray Reports Multiple RCG Acquisitions at $2.57

Rhea-AI Filing Summary

Reporting person: Stahl Murray reported multiple purchases of RENN Fund, Inc. (RCG) common stock on 08/14/2025 at a price of $2.57 per share. The Form 4 shows 102,818 shares held directly after the transactions and additional indirect beneficial ownership reported across spouse and affiliated accounts with the following post-transaction amounts: 3,086, 109,128, 294,380, 320,214, 9,162, and 55,394 shares. The form was signed by an attorney-in-fact, Jay Kesslen, on 08/15/2025.

Positive

• Insider purchases disclosed: Multiple purchases at $2.57 provide transparency into insider activity.
• Direct holding quantified: Reporting person holds 102,818 shares directly after the transactions.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases reported across direct and multiple indirect accounts at $2.57 per share; routine disclosure with limited standalone market impact.

The Form 4 documents purchases executed on a single date that increased the reporting person’s direct holdings to 102,818 shares and shows sizable indirect holdings across related accounts. The transactions are disclosed as purchases at a single price, without accompanying derivative activity or dispositions. This is a standard Section 16 disclosure that provides transparency about insider accumulation but does not, by itself, provide revenue, earnings, or material corporate-change information.

Corporate Governance Expert

TL;DR: Disclosure is complete for the reported transactions; indirect holdings are disclaimed except to the extent of pecuniary interest.

The filing identifies the reporting person as a director and officer (President/Co-Portfolio Manager) and lists multiple indirect ownership relationships (spouse and several affiliated entities). The explanatory note states Mr. Stahl disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest, which is a standard governance clarification. The filing is procedural and conforms to Section 16 reporting requirements.

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

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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)
08/14/2025

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	08/14/2025		P		356	A	$2.57	102,818	D
Common Stock	08/14/2025		P		18	A	$2.57	3,086(1)	I	SPOUSE
Common Stock	08/14/2025		P		180	A	$2.57	109,128(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/14/2025		P		180	A	$2.57	294,380(1)(2)	I	FRMO CORP
Common Stock	08/14/2025		P		296	A	$2.57	320,214(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/14/2025		P		18	A	$2.57	9,162(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/14/2025		P		82	A	$2.57	55,394(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 102,818 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	08/15/2025
	** 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

What transactions did Stahl Murray report on Form 4 for RCG?

The Form 4 reports multiple purchases of RENN Fund, Inc. (RCG) common stock on 08/14/2025 at $2.57 per share.

How many shares does Mr. Stahl hold directly after the reported transactions?

The filing shows 102,818 shares held directly following the reported transactions.

Are there indirect holdings disclosed in the Form 4?

Yes. The filing lists indirect beneficial ownership in several accounts with post-transaction amounts of 3,086, 109,128, 294,380, 320,214, 9,162, and 55,394 shares.

What price were the shares purchased at in the reported transactions?

All reported purchases on the Form 4 show a price of $2.57 per share.

Who signed the Form 4 and when?

The form was signed by attorney-in-fact Jay Kesslen on 08/15/2025.