Stahl Murray Increases RCG Stake: 1,130 Shares Purchased

Rhea-AI Filing Summary

Stahl Murray, a director and officer (President/Co-Portfolio Manager) of RENN Fund, Inc. (RCG), reported multiple purchases of common stock on 09/03/2025 at $2.68 per share. The Form 4 shows purchases across direct and several indirect accounts totaling 1,130 shares acquired (sum of reported lots: 356, 18, 180, 180, 296, 18, 82), increasing his direct ownership to 107,446 shares and reflecting additional indirect holdings in affiliated entities and accounts including Fromex Equity Corp., Frmo Corp., Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC. The filing includes a disclaimer that Mr. Stahl disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest. The Form 4 is signed by an attorney-in-fact on 09/04/2025.

Positive

• Insider purchases reported: 1,130 shares acquired on 09/03/2025 at $2.68 per share, indicating increased insider ownership.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases totaling 1,130 shares at $2.68 reported by a director/officer, increasing direct holdings to 107,446 shares.

The Form 4 documents multiple small purchases executed on 09/03/2025 at $2.68 per share, aggregating to 1,130 shares acquired. Such disclosures are commonly monitored for alignment of insider and shareholder interests; here the reporting person increased direct holdings to 107,446 shares while also holding positions indirectly through affiliated entities. The filing is routine in form and includes the standard disclaimer regarding indirect beneficial ownership. No options, disposals, or derivative transactions are reported.

Corporate Governance Expert

TL;DR: A director/officer reported purchases across direct and indirect accounts; indirect holdings are disclaimed except for pecuniary interest.

The filing identifies Stahl Murray as both a director and an officer and shows purchases routed to multiple accounts, with explicit disclaimers of beneficial ownership for indirect accounts. The signature is by an attorney-in-fact dated 09/04/2025. From a governance perspective, the disclosure meets Section 16 reporting requirements and provides transparency on insider activity; it does not include any amendments or extraordinary items.

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

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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)
09/03/2025

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	09/03/2025		P		356	A	$2.68	107,446	D
Common Stock	09/03/2025		P		18	A	$2.68	3,320(1)	I	SPOUSE
Common Stock	09/03/2025		P		180	A	$2.68	111,468(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/03/2025		P		180	A	$2.68	296,720(1)(2)	I	FRMO CORP
Common Stock	09/03/2025		P		296	A	$2.68	324,062(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/03/2025		P		18	A	$2.68	9,396(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/03/2025		P		82	A	$2.68	56,460(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 107,446 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	09/04/2025
	** 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 Stahl Murray report on Form 4 for RCG?

The filing reports multiple purchases on 09/03/2025 at $2.68 per share, totaling 1,130 shares acquired across direct and indirect accounts.

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

The Form 4 shows 107,446 shares held directly by Mr. Stahl following the reported purchases.

Which entities or accounts hold indirect shares reported by the filing?

Indirect holdings are reported for Spouse, Fromex Equity Corp., Frmo Corp., Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC, with disclaimers of beneficial ownership.

What price were the shares purchased at according to the Form 4?

All reported purchases on 09/03/2025 were executed at a price of $2.68 per share.

Who signed the Form 4 and when was it signed?

The Form 4 is signed by Jay Kesslen, attorney-in-fact with a signature date of 09/04/2025.