Renn Fund (RCG) Form 4 — Director Purchases Shares at $2.68

Rhea-AI Filing Summary

Renn Fund, Inc. (RCG) — Form 4 summary

On 09/05/2025, reporting person Murray Stahl reported multiple purchases of common stock at $2.68 per share. The Form 4 shows acquisitions on that date totaling 1,130 shares (356, 18, 180, 180, 296, 18, 82) and lists resulting beneficial ownership across direct and indirect accounts. After the transactions, Mr. Stahl directly held 108,158 shares; various indirect accounts and entities tied to him show beneficial ownership figures including 111,828, 297,080, 324,654, 9,432, and 56,624 as reported. The filing is signed by an attorney-in-fact on 09/08/2025. The filer disclaims beneficial ownership for indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases reported at a clear price ($2.68), indicating acquisition rather than disposition
• Detailed post-transaction ownership figures provided for direct and multiple indirect accounts, improving transparency

Negative

• None.

Insights

Financial Analyst

TL;DR Insider purchases of RCG shares occurred at $2.68, but transaction size is small relative to reported total holdings.

The Form 4 documents routine open-market purchases executed on 09/05/2025 at $2.68 per share totaling 1,130 shares acquired across multiple accounts. While insider buying can signal confidence, the transaction volume is modest versus the larger holdings reported in direct and indirect accounts (for example, 108,158 shares held directly). The filing provides clear price and post-transaction ownership figures but contains no forward-looking statements or additional corporate disclosures. Impact on valuation is likely limited given the small incremental purchased amount.

Corporate Governance Expert

TL;DR Reporting person is a director and officer who incrementally increased common stock holdings; disclosure and disclaimers are standard.

The Form 4 identifies Murray Stahl as a director and officer (President/Co-Portfolio Manager). Transactions are reported with appropriate codes and include customary disclaimers that indirect accounts are disclaimed except for any pecuniary interest. The form appears complete with signature by attorney-in-fact. There are no departures, option grants, or other governance events disclosed—only purchases—so governance implications are limited to routine insider accumulation reporting.

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)
09/05/2025

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	09/05/2025		P		356	A	$2.68	108,158	D
Common Stock	09/05/2025		P		18	A	$2.68	3,356(1)	I	SPOUSE
Common Stock	09/05/2025		P		180	A	$2.68	111,828(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/05/2025		P		180	A	$2.68	297,080(1)(2)	I	FRMO CORP
Common Stock	09/05/2025		P		296	A	$2.68	324,654(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/05/2025		P		18	A	$2.68	9,432(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/05/2025		P		82	A	$2.68	56,624(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 108,158 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	09/08/2025
	** 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 insider transactions did RCG report on the Form 4 dated 09/05/2025?

The Form 4 reports multiple purchases of common stock on 09/05/2025 totaling 1,130 shares acquired at $2.68 per share.

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

The filing shows Mr. Stahl directly owning 108,158 shares following the reported purchases.

Are there indirect holdings reported for Murray Stahl on this Form 4?

Yes; the Form 4 lists indirect beneficial ownership across several accounts/entities with reported totals including 111,828; 297,080; 324,654; 9,432; and 56,624 shares.

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

All reported acquisitions were executed at a price of $2.68 per share.

Who signed the Form 4 for the reporting person?

The Form 4 is signed by /s/ Jay Kesslen, attorney-in-fact with a signature date of 09/08/2025.

Does the filing include any disclaimers about indirect ownership?

Yes; the filer disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest, as stated in the explanation.