RCG Form 4: Officer purchased shares on Nov 12, 2025 at $2.65

Rhea-AI Filing Summary

RENN Fund (RCG) reported insider buying by an officer (President/Co‑Portfolio Manager, Mr. Stahl). On 11/12/2025, he executed multiple open‑market purchases (Code P) at $2.65 per share across direct and indirect accounts. Following these trades, he beneficially owned 125,414 shares directly. Indirect holdings reported after the transactions include FRMO CORP 305,720 shares, HORIZON COMMON INC. 338,850 shares, and spouse 4,220 shares, among other entities. The filing notes he disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest.

Insider Trade Summary

Net Buyer: 1,134 shares ($3,005)

Net Buy 7 txns

Insider STAHL MURRAY

Role President/Co-Portfolio Manager

Bought 1,134 shs ($3K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	360	$2.65	$954.00
Purchase	Common Stock	18	$2.65	$47.70
Purchase	Common Stock	180	$2.65	$477.00
Purchase	Common Stock	180	$2.65	$477.00
Purchase	Common Stock	296	$2.65	$784.40
Purchase	Common Stock	18	$2.65	$47.70
Purchase	Common Stock	82	$2.65	$217.30

Holdings After Transaction: Common Stock — 125,414 shares (Direct); Common Stock — 4,220 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 125,414 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)
11/12/2025

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	11/12/2025		P		360	A	$2.65	125,414	D
Common Stock	11/12/2025		P		18	A	$2.65	4,220(1)	I	SPOUSE
Common Stock	11/12/2025		P		180	A	$2.65	120,468(1)(2)	I	FROMEX EQUITY CORP
Common Stock	11/12/2025		P		180	A	$2.65	305,720(1)(2)	I	FRMO CORP
Common Stock	11/12/2025		P		296	A	$2.65	338,850(1)(2)	I	HORIZON COMMON INC.
Common Stock	11/12/2025		P		18	A	$2.65	10,296(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	11/12/2025		P		82	A	$2.65	60,562(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 125,414 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	11/13/2025
	** 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 did RENN Fund (RCG) disclose in this Form 4?

An officer reported open‑market purchases (Code P) on 11/12/2025 at $2.65 per share, updating direct and indirect holdings.

How many RENN Fund (RCG) shares does the insider now hold directly?

Direct beneficial ownership after the reported trades is 125,414 shares.

What was the purchase price in the reported RENN Fund (RCG) transactions?

Each reported purchase was at $2.65 per share.

Were indirect holdings reported for RENN Fund (RCG)?

Yes. Examples include FRMO CORP 305,720, HORIZON COMMON INC. 338,850, and spouse 4,220 shares after the trades.

Does the insider claim full ownership of indirect RENN Fund (RCG) holdings?

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

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

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