Stahl Murray Reports Multiple RENN Fund (RCG) Purchases on 09/08/2025

Rhea-AI Filing Summary

Stahl Murray, a director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG), reported multiple purchases of the issuer's common stock on 09/08/2025 at a price of $2.65 per share under transaction code P. The filing shows Mr. Stahl directly holds 108,514 shares following the reported transactions and discloses several indirect holdings associated with his spouse and affiliated accounts with reported beneficial amounts of 3,374, 112,008, 297,260, 324,950, 9,450, and 56,706 shares respectively. The filer states he disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest. The Form 4 was signed by an attorney-in-fact on 09/09/2025.

Positive

• Officer and director purchases disclosed on 09/08/2025 at $2.65, showing insider acquisition activity
• Clear post-transaction ownership amounts are provided, including 108,514 shares held directly

Negative

• Reporting person disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest, limiting attribution of economic exposure

Insights

Financial Analyst

TL;DR: Insider purchases by a director/officer at $2.65 per share were disclosed; holdings include 108,514 shares directly.

This Form 4 documents purchases on a single date by a reporting insider who is both a director and an officer. Transactions are coded "P" and executed at $2.65 per share. The filing discloses a substantial direct holding of 108,514 shares and multiple indirect positions reported for affiliated accounts and a spouse. The disclaimer of beneficial ownership for indirect accounts limits attribution of economic interest. For investors, this is a routine insider purchase disclosure rather than an operational or financial-reporting event.

Corporate Governance Expert

TL;DR: Disclosure is complete for reported purchases; the reporting person clarifies limited beneficial ownership for indirect accounts.

The Form 4 follows required Section 16 reporting by listing the reporting person's roles and the securities acquired. It identifies transactions, execution price, and post-transaction ownership amounts for direct and indirect holdings. The explicit disclaimer regarding indirect accounts is important for ownership attribution and governance analysis. This filing reflects compliance with disclosure rules and does not indicate changes to board composition or executive roles.

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

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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)
09/08/2025

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	09/08/2025		P		356	A	$2.65	108,514	D
Common Stock	09/08/2025		P		18	A	$2.65	3,374(1)	I	SPOUSE
Common Stock	09/08/2025		P		180	A	$2.65	112,008(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/08/2025		P		180	A	$2.65	297,260(1)(2)	I	FRMO CORP
Common Stock	09/08/2025		P		296	A	$2.65	324,950(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/08/2025		P		18	A	$2.65	9,450(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/08/2025		P		82	A	$2.65	56,706(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 108,514 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	09/09/2025
	** 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).
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FAQ

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

The filing reports multiple purchases of RENN Fund, Inc. (RCG) common stock on 09/08/2025 at $2.65 per share under transaction code P.

How many shares does Stahl Murray hold directly after the reported trades?

The Form 4 shows Mr. Stahl holds 108,514 shares directly following the reported transactions.

Are there indirect holdings disclosed by the reporting person in the RCG Form 4?

Yes. The filing lists indirect beneficial amounts of 3,374, 112,008, 297,260, 324,950, 9,450, and 56,706 shares for a spouse and affiliated accounts.

Did the reporting person claim beneficial ownership of the indirect accounts?

No. The filer disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest.

Who signed the Form 4 for Stahl Murray and when?

The Form 4 was signed by an attorney-in-fact, /s/ Jay Kesslen, on 09/09/2025.