RENN Fund (RCG) Director Murray Stahl Reports Insider Purchases

Rhea-AI Filing Summary

Murray Stahl, a director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG), purchased common stock on 08/11/2025 at $2.57 per share, reported on a Form 4. The filing records purchases across direct and indirect accounts totaling 1,130 shares. After the reported transactions, Mr. Stahl directly beneficially owns 101,750 shares. The filing also lists indirect holdings attributed to affiliated entities and family accounts, including 3,032, 108,588, 293,840, 319,326, 9,108, and 55,148 shares respectively.

The form includes an explicit disclaimer that for each indirect account Mr. Stahl "disclaims beneficial ownership except to the extent of his pecuniary interest, if any." All reported acquisitions are coded as purchases at $2.57 per share and were executed on 08/11/2025.

Positive

• Insider purchases recorded: Total of 1,130 shares acquired on 08/11/2025 at $2.57 per share.
• Clear post-transaction ownership disclosed: 101,750 shares held directly and listed indirect holdings for affiliated accounts.
• Compliance detail present: Transactions reported on Form 4 with transaction codes and an explicit disclaimer regarding indirect accounts.

Negative

• None.

Insights

Financial Analyst

TL;DR: Modest insider purchases recorded; direct holding remains concentrated in existing stake, limiting immediate market impact.

The Form 4 shows Murray Stahl acquired a total of 1,130 shares at $2.57 on 08/11/2025, with a direct holding reported as 101,750 shares after the transaction. The largest single direct acquisition reported appears to be 356 shares. Relative to the reported direct holding, the direct purchase size is small, suggesting limited dilution or signaling effect. Multiple indirect holdings across affiliated entities are disclosed, and the filer explicitly disclaims beneficial ownership of those indirect accounts except for any pecuniary interest. For investors, the activity documents insider buying but does not, by itself, constitute a material shift in ownership or control.

Corporate Governance Expert

TL;DR: Disclosure is complete and follows Section 16 formatting; indirect holdings and disclaimer are properly noted.

The filing identifies Mr. Stahl as both a director and an officer (President/Co-Portfolio Manager) and reports purchases across direct and multiple indirect accounts. The form's explanatory note clarifies that Mr. Stahl disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest, which is an important governance disclosure. Transactions are coded as purchases and priced at $2.57. From a compliance perspective the Form 4 appears to provide required specifics on transaction date, amount acquired, price, and post-transaction beneficial ownership.

Insider Trade Summary

Net Buyer: 1,130 shares ($2,904)

Net Buy 7 txns

Insider STAHL MURRAY

Role President/Co-Portfolio Manager

Bought 1,130 shs ($3K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	356	$2.57	$914.92
Purchase	Common Stock	18	$2.57	$46.26
Purchase	Common Stock	180	$2.57	$462.60
Purchase	Common Stock	180	$2.57	$462.60
Purchase	Common Stock	296	$2.57	$760.72
Purchase	Common Stock	18	$2.57	$46.26
Purchase	Common Stock	82	$2.57	$210.74

Holdings After Transaction: Common Stock — 101,750 shares (Direct); Common Stock — 3,032 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 101,750 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.

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)
08/11/2025

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	08/11/2025		P		356	A	$2.57	101,750	D
Common Stock	08/11/2025		P		18	A	$2.57	3,032(1)	I	SPOUSE
Common Stock	08/11/2025		P		180	A	$2.57	108,588(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/11/2025		P		180	A	$2.57	293,840(1)(2)	I	FRMO CORP
Common Stock	08/11/2025		P		296	A	$2.57	319,326(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/11/2025		P		18	A	$2.57	9,108(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/11/2025		P		82	A	$2.57	55,148(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 101,750 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	08/12/2025
	** 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 on the Form 4 for RCG?

The Form 4 reports that Murray Stahl purchased a total of 1,130 shares of RENN Fund, Inc. common stock on 08/11/2025 at a price of $2.57 per share.

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

Following the reported purchases, Mr. Stahl directly beneficially owns 101,750 shares of RENN Fund, Inc.

Are there indirect holdings disclosed for Mr. Stahl in the filing?

Yes. The filing discloses indirect holdings attributed to affiliated entities and family accounts totaling 3,032, 108,588, 293,840, 319,326, 9,108, and 55,148 shares respectively.

Does Mr. Stahl disclaim beneficial ownership of indirect accounts?

Yes. The filing includes a statement that for each indirect account Mr. Stahl "disclaims beneficial ownership except to the extent of his pecuniary interest, if any."

What is Mr. Stahl's role at RENN Fund, Inc. as reported on the Form 4?

The Form 4 lists Murray Stahl as a Director and an Officer with the title President/Co-Portfolio Manager.

Who signed the Form 4 on behalf of the reporting person?

The filing shows the signature line executed by Jay Kesslen, attorney-in-fact for the reporting person.