RCG insider Murray Stahl acquires shares at $2.62, totals 936K

Rhea-AI Filing Summary

Murray Stahl, a director and President/Co-Portfolio Manager, reported multiple purchases of RENN Fund, Inc. (RCG) common stock executed on 10/07/2025 at a price of $2.62 per share. The transactions are recorded as purchases across direct and indirect accounts, including amounts held directly and through related entities and accounts. After the reported buys, the combined reported beneficial ownership shown on the form totals 936,022 shares across the listed accounts; the filer disclaims ownership of certain indirect accounts except to the extent of any pecuniary interest. No derivative transactions or sales are reported.

Positive

• Insider purchases of common stock at $2.62 indicate buying interest by a director/officer
• Total reported beneficial ownership increased to 936,022 shares after the transactions
• No sales reported on the Form 4, suggesting accumulation rather than disposal

Negative

• Significant ownership concentrated across multiple indirect accounts, requiring further clarity on control
• Disclaimer of beneficial ownership for indirect accounts limits certainty about actual economic or voting exposure

Insights

Insider Ownership Analyst

Director increased equity stake via multiple purchases at $2.62.

The reported purchases on 10/07/2025 show incremental accumulation of common stock across direct and indirect holdings, raising the combined reported ownership to 936,022 shares. This pattern indicates active buying rather than sales and concentrates exposure inside several affiliated accounts.

The main dependency is the filers disclosure that indirect accounts may be disclaimed except for pecuniary interest; monitor any future Forms for additional purchases or conversions that change absolute control within those entities over the next 30-180 days.

Corporate Governance Specialist

Multiple account purchases by an officer/director raise governance and disclosure relevance.

Because the reporting person serves as a director and officer, purchases reported across related entities and a spouse account are material to ownership structure and potential voting influence. The form lists direct and several indirect ownership vehicles, and includes a standard disclaimer about pecuniary interest in indirect accounts.

Watch for any amendments or subsequent Forms that clarify the extent of beneficial ownership or any concentration changes within affiliated entities during the next quarter, which could affect control metrics or required disclosures.

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)
10/07/2025

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	10/07/2025		P		360	A	$2.62	116,050	D
Common Stock	10/07/2025		P		18	A	$2.62	3,752(1)	I	SPOUSE
Common Stock	10/07/2025		P		180	A	$2.62	115,788(1)(2)	I	FROMEX EQUITY CORP
Common Stock	10/07/2025		P		180	A	$2.62	301,040(1)(2)	I	FRMO CORP
Common Stock	10/07/2025		P		296	A	$2.62	331,136(1)(2)	I	HORIZON COMMON INC.
Common Stock	10/07/2025		P		18	A	$2.62	9,828(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	10/07/2025		P		82	A	$2.62	58,428	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 116,050 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	10/08/2025
	** 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 Murray Stahl purchase in RENN Fund (RCG)?

He purchased multiple blocks of common stock executed on 10/07/2025 at $2.62 per share across direct and indirect accounts.

How many RCG shares does the Form 4 show after the transactions?

The combined reported beneficial ownership after the purchases is 936,022 shares across listed accounts.

Are the reported RCG holdings direct or indirect?

Holdings are both: 116,050 shares are held directly, with additional shares held indirectly through spouse and affiliated entities; some indirect holdings are disclaimed except for any pecuniary interest.

Were any derivative securities (options, warrants) reported in this filing?

No derivative securities were reported; Table II shows no entries for options, warrants, or convertible securities.

Does the Form 4 show any sales by the reporting person?

No sales are reported; all listed transactions are purchases (transaction code P).