Murray Stahl purchases RENN Fund stock at $2.62 per share

Rhea-AI Filing Summary

Insider purchases recorded on 10/06/2025: The Form 4 shows that Murray Stahl, listed as President/Co-Portfolio Manager and a director, executed multiple purchases of RENN Fund, Inc. (RCG) common stock at $2.62 per share. Transactions are coded P (purchase) and include small lot purchases (for example 360, 18, 180, 296, 82 shares) across direct and several indirect accounts on the same date. Following the reported trades, the filing discloses 115,690 shares held directly by Mr. Stahl and additional indirect holdings across family and affiliated accounts, with a disclaimer that he disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest. The form is signed by an attorney-in-fact on 10/07/2025.

Positive

• Insider purchases executed on 10/06/2025 at $2.62, indicating personal investment by a senior officer/director
• Substantial direct holding of 115,690 shares remains after the reported purchases
• Purchases across multiple accounts suggest coordinated accumulation rather than a single incidental trade

Negative

• Individual purchase sizes are small (e.g., 360, 18, 180 shares), which may be immaterial to overall float
• Indirect holdings disclaimed for beneficial ownership except to the extent of pecuniary interest, limiting clarity on actual control

Insights

Corporate Governance Analyst

TL;DR: Multiple insider purchases across direct and affiliated accounts signal ongoing personal exposure to the issuer.

The reporting person, identified as both an officer and a director, purchased common stock at $2.62 on 10/06/2025. The filing shows a substantial direct holding of 115,690 shares and several sizable indirect holdings held through family and affiliated entities with a customary disclaimer of beneficial ownership for indirect accounts.

This pattern is consistent with routine insider accumulation rather than a single large, market-moving block; monitor subsequent periodic filings for any change in acquisition scale or disposition activity within the next quarter.

Securities Trading Specialist

TL;DR: Trades were executed in small lots at the same unit price across multiple accounts on a single date.

The transactions are coded P (purchase) and list discrete share quantities (for example 360, 296, 180). All purchases show the same execution price of $2.62, indicating execution at a single market price or block allocation that day.

These trades appear administratively distributed across direct and indirect accounts; investors may track trading frequency and volume in the next Form 4 reports to assess whether this represents ongoing accumulation or isolated activity within a short timeframe.

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)
10/06/2025

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	10/06/2025		P		360	A	$2.62	115,690	D
Common Stock	10/06/2025		P		18	A	$2.62	3,734(1)	I	SPOUSE
Common Stock	10/06/2025		P		180	A	$2.62	115,608(1)(2)	I	FROMEX EQUITY CORP
Common Stock	10/06/2025		P		180	A	$2.62	300,860(1)(2)	I	FRMO CORP
Common Stock	10/06/2025		P		296	A	$2.62	330,840(1)(2)	I	HORIZON COMMON INC.
Common Stock	10/06/2025		P		18	A	$2.62	9,810(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	10/06/2025		P		82	A	$2.62	58,346(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 115,690 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	10/07/2025
	** 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 did RENN Fund (RCG) insider Murray Stahl buy on 10/06/2025?

He purchased multiple lots of common stock at $2.62 per share on 10/06/2025, recorded as purchases (code P) in the Form 4.

How many shares does Murray Stahl hold directly after the Form 4 trades?

The filing shows 115,690 shares held directly by Mr. Stahl following the reported transactions.

Were the purchases made through other accounts or entities?

Yes. The Form 4 lists additional indirect holdings across spouse, family, and affiliated accounts with stated amounts; Mr. Stahl disclaims beneficial ownership of those indirect accounts except for any pecuniary interest.

Does the Form 4 show any derivative transactions for RCG by Mr. Stahl?

No derivative securities are reported; Table II for derivatives contains no recorded transactions in this filing.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by an attorney-in-fact, /s/ Jay Kesslen, on 10/07/2025.

Are these purchases likely material to RCG's outstanding shares?

The filing shows multiple small-lot purchases; the Form 4 does not provide total outstanding shares, so materiality to the company float cannot be determined from this filing alone.