Insider Purchase: RENN Fund (RCG) Director Acquires Shares at $2.65

Rhea-AI Filing Summary

Stahl Murray, a director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG), reported purchases on 09/16/2025. The Form 4 shows a series of non-derivative Common Stock acquisitions coded "P" at a price of $2.65 per share. Reported additions on that date total 1,134 shares acquired (multiple entries of 360, 18, 180, 180, 296, 18 and 82 shares). Following the transactions, Mr. Stahl directly beneficially owns 110,666 shares; several indirect accounts and entities are reported with additional beneficial holdings (figures shown per line). The filing disclaims beneficial ownership for the indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases totaling 1,134 shares at $2.65 indicate management buying stock
• Clear disclosure of direct and indirect holdings with required disclaimers
• Form filed timely and signed by attorney-in-fact, meeting reporting formalities

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases of 1,134 shares at $2.65 indicate management buying, a modest positive signal without stated material impact on fund assets.

The transactions are straightforward open-market purchases recorded on one date. The total acquired amount (1,134 shares at $2.65) is small relative to the reported direct holding of 110,666 shares, suggesting these purchases are incremental rather than transformative for ownership structure. Multiple indirect holdings are reported through affiliated entities and a spouse, with Mr. Stahl disclaiming beneficial ownership of those accounts except for any pecuniary interest. No derivative activity or sales are reported.

Corporate Governance Expert

TL;DR: A director/officer made small purchases; disclosure is complete and consistent with Section 16 reporting requirements.

The Form 4 properly identifies the reporting person, relationship to the issuer, transaction date, execution code and price. Purchases are allocated across direct and multiple indirect accounts and entities, with appropriate ownership disclaimers for indirect accounts. From a governance and compliance standpoint, the filing appears timely and properly executed by an attorney-in-fact signature.

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)

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)
09/16/2025

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	09/16/2025		P		360	A	$2.65	110,666	D
Common Stock	09/16/2025		P		18	A	$2.65	3,482(1)	I	SPOUSE
Common Stock	09/16/2025		P		180	A	$2.65	113,088(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/16/2025		P		180	A	$2.65	298,340(1)(2)	I	FRMO CORP
Common Stock	09/16/2025		P		296	A	$2.65	326,726(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/16/2025		P		18	A	$2.65	9,558(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/16/2025		P		82	A	$2.65	57,198(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 110,666 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	09/17/2025
	** 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 Stahl Murray report for RCG on 09/16/2025?

He reported purchases of Common Stock on 09/16/2025 totaling 1,134 shares at $2.65 per share across direct and indirect accounts.

How many shares does Stahl Murray directly beneficially own after these transactions?

Direct beneficial ownership is reported as 110,666 shares following the reported transactions.

Are any indirect holdings disclosed in the Form 4?

Yes. Multiple indirect accounts and entities are listed (spouse, Fromex Equity Corp, Frmo Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, Horizon Kinetics Asset Management LLC) with specific share amounts and a disclaimer of beneficial ownership except for any pecuniary interest.

What price were the shares purchased at according to the filing?

$2.65 per share is the reported purchase price for all listed transactions.

Was the Form 4 properly signed and filed?

Yes. The form is signed by an attorney-in-fact (/s/ Jay Kesslen) and dated 09/17/2025 in the filing.