Insider Purchase: RENN Fund (RCG) Director Acquires 1,134 Shares

Rhea-AI Filing Summary

Stahl Murray, identified as a director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG), reported multiple purchases of the issuer's common stock on 09/12/2025. The Form 4 shows seven purchase transactions totaling 1,134 shares at a price of $2.65 per share, representing an aggregate cash outlay of approximately $3,005.10. The filing lists both direct and indirect ownership across several accounts (direct holdings and various Horizon-linked and related entities); for indirect accounts the filer disclaims beneficial ownership except to the extent of any pecuniary interest. The Form 4 was submitted/signed via attorney-in-fact on 09/15/2025.

Positive

• Insider purchases were reported, totaling 1,134 shares purchased on 09/12/2025 at $2.65 per share
• Reporting person holds executive and director roles (President/Co-Portfolio Manager and Director), so purchases reflect insider participation

Negative

• None.

Insights

Securities Analyst

TL;DR: Director/officer purchases a modest block of shares at $2.65; routine insider buying with limited market impact.

The reported transactions total 1,134 shares purchased on a single date at $2.65 per share, a small-dollar insider acquisition for a registered officer and director. Such purchases are informative about insider participation but are not large enough, on their face, to materially change ownership or corporate control. The disclosure appropriately distinguishes direct and indirect holdings and includes the customary disclaimer regarding pecuniary interest in indirect accounts.

Corporate Governance Expert

TL;DR: Filing is a standard Section 16 disclosure showing officer/director purchases across direct and related accounts.

This Form 4 documents insider purchases by a reporting person who serves in an executive and director capacity. The multiple entries across related entities are typical when holdings are held through investment or management vehicles; the filer disclaims beneficial ownership for indirect accounts except for any pecuniary interest. The filing appears complete for the transactions disclosed, with a signature by attorney-in-fact.

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)

C/O HORIZON KINETICS LLC

470 PARK AVE S 8TH FL S

(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)
09/12/2025

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	09/12/2025		P		360	A	$2.65	109,946	D
Common Stock	09/12/2025		P		18	A	$2.65	3,446(1)	I	SPOUSE
Common Stock	09/12/2025		P		180	A	$2.65	112,728(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/12/2025		P		180	A	$2.65	297,980(1)(2)	I	FRMO CORP
Common Stock	09/12/2025		P		296	A	$2.65	326,134(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/12/2025		P		18	A	$2.65	9,522(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/12/2025		P		82	A	$2.65	57,034(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 109,946 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	09/15/2025
	** 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.
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FAQ

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

He reported seven purchases totaling 1,134 shares of RENN Fund, Inc. common stock on 09/12/2025 at $2.65 per share.

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

Stahl Murray is listed as a Director and as President/Co-Portfolio Manager in the Form 4 filing.

How much did the reported purchases cost in total?

Aggregate cash outlay was approximately $3,005.10 (1,134 shares × $2.65 per share) as shown in the filing.

Are the purchased shares held directly or indirectly?

Both: the filing shows direct holdings and purchases, and multiple indirect accounts linked to related entities; the filer disclaims beneficial ownership of indirect accounts except for any pecuniary interest.

When was the Form 4 signed or submitted?

The form bears a signature by an attorney-in-fact dated 09/15/2025 as shown in the document.