Insider Purchases: Murray Stahl Increases RENN Fund Holdings at $2.63

Rhea-AI Filing Summary

Murray Stahl, a director and President/Co-Portfolio Manager, reported multiple purchases of RENN Fund, Inc. (RCG) common stock on 08/25/2025 at a price of $2.63 per share. The Form 4 shows a direct acquisition of 356 shares bringing his direct holdings to 105,310 shares. Additional purchases were reported in several indirect accounts (spouse and affiliated entities) totaling 215,076 shares across those accounts, and aggregate indirect holdings are reported in the filing (for example, 322,286 shares via FRMO Corp and 295,640 via FROMEX Equity Corp). The reporting person disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest. The transaction was executed and the form was signed by an attorney-in-fact on 08/26/2025.

Positive

• Insider purchases disclosed: Multiple acquisitions on 08/25/2025 at $2.63 per share indicate reported insider accumulation.
• Clear post-transaction holdings: Direct holdings reported as 105,310 shares with detailed indirect account totals shown for transparency.
• Proper Form 4 compliance: Filing includes reporting person role, transaction codes, prices, and signature by attorney-in-fact.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchases at $2.63 on 08/25/2025 increased both direct and indirect holdings, signaling insider accumulation.

The Form 4 documents multiple open-market purchases executed at $2.63 per share on 08/25/2025. Mr. Stahl recorded a direct holding of 105,310 shares after a 356-share direct purchase and additional acquisitions recorded as indirect holdings across related accounts and entities. The filing is explicit that Mr. Stahl disclaims beneficial ownership of the indirect accounts except for any pecuniary interest. For investors, insider purchases are a primary-source disclosure of management activity; this filing provides clear transaction amounts, prices, and resulting holdings without forward-looking statements.

Corporate Governance Expert

TL;DR: Form 4 correctly discloses officer/director purchases and clarifies ownership form and disclaimers for indirect accounts.

The report identifies Mr. Stahl as both a director and an officer and lists the purchases with transaction code P and price per share of $2.63. The explanation notes that indirect accounts are disclaimed except for any pecuniary interest, which is customary disclosure language. The form is signed by an authorized attorney-in-fact and contains the necessary elements for Section 16 reporting: reporting person, transaction date, amount, price, and post-transaction holdings.

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
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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)
08/25/2025

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	08/25/2025		P		356	A	$2.63	105,310	D
Common Stock	08/25/2025		P		18	A	$2.63	3,212(1)	I	SPOUSE
Common Stock	08/25/2025		P		180	A	$2.63	110,388(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/25/2025		P		180	A	$2.63	295,640(1)(2)	I	FRMO CORP
Common Stock	08/25/2025		P		296	A	$2.63	322,286(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/25/2025		P		18	A	$2.63	9,288(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/25/2025		P		82	A	$2.63	55,968(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 105,310 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	08/26/2025
	** 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 Murray Stahl report for RCG on Form 4?

He reported multiple purchases on 08/25/2025 at $2.63 per share, including a direct purchase of 356 shares and additional purchases recorded in indirect accounts.

How many RCG shares does Murray Stahl directly own after the reported transactions?

The filing shows 105,310 shares held directly following the reported transactions.

Are there indirect holdings disclosed by Murray Stahl in the Form 4?

Yes; the filing lists indirect holdings across several accounts and entities (for example, 322,286 shares via FRMO Corp and 295,640 via FROMEX Equity Corp) and states he disclaims beneficial ownership except to the extent of any pecuniary interest.

What price were the reported RCG purchases executed at?

All reported purchases on the Form 4 were executed at $2.63 per share.

When was the Form 4 signed and filed?

The signature block shows the form signed by an attorney-in-fact on 08/26/2025.