Insider Purchase: Murray Stahl Increases RENN Fund (RCG) Stake

Rhea-AI Filing Summary

Murray Stahl, identified as President/Co-Portfolio Manager and a director of RENN Fund, Inc. (RCG), reported purchases of common stock on 09/19/2025. The Form 4 shows he acquired 1,134 shares in seven purchase transactions at $2.65 per share (total purchase value $3,008.10). After these transactions Mr. Stahl directly holds 111,746 shares and reports additional indirect holdings through several entities and a spouse with disclosed account totals; he disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest. The form was signed by an attorney-in-fact on 09/22/2025.

Positive

• Insider purchase: Reporting person acquired 1,134 shares at $2.65 on 09/19/2025, demonstrating insider buying.
• Clear post-transaction disclosure: Form shows direct holdings of 111,746 shares and itemizes indirect accounts.

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider bought shares (1,134) at $2.65, a routine insider purchase with limited disclosed impact.

The Form 4 documents modest purchases totaling 1,134 common shares at $2.65 each on 09/19/2025, indicating a small insider accumulation by Murray Stahl. The filing also lists substantial direct and indirect holdings post-transaction, with 111,746 shares held directly and larger indirect account totals reported. Transaction size is small relative to the reported holdings, so immediate market impact is likely limited; however, insider purchases can signal alignment with shareholder interests.

Corporate Governance Expert

TL;DR: Disclosure is standard and complete for Section 16 reporting; indirect holdings are properly accompanied by disclaimers.

The Form 4 includes the reporting persons roles, transaction dates, quantities, prices, and post-transaction holdings, meeting disclosure norms. Indirect holdings through affiliated entities and a spouse are listed with an express disclaimer of beneficial ownership except for any pecuniary interest, which is consistent with customary governance disclosure practice. The form is signed by an attorney-in-fact, which is acceptable when properly authorized.

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)
09/19/2025

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	09/19/2025		P		360	A	$2.65	111,746	D
Common Stock	09/19/2025		P		18	A	$2.65	3,536(1)	I	SPOUSE
Common Stock	09/19/2025		P		180	A	$2.65	113,628(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/19/2025		P		180	A	$2.65	298,880(1)(2)	I	FRMO CORP
Common Stock	09/19/2025		P		296	A	$2.65	327,614(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/19/2025		P		18	A	$2.65	9,612(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/19/2025		P		82	A	$2.65	57,444(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 111,746 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	09/22/2025
	** 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 did Murray Stahl report buying in the Form 4 for RCG?

He reported purchasing 1,134 shares of RENN Fund, Inc. common stock on 09/19/2025 at $2.65 per share.

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

The Form 4 reports 111,746 shares held directly by Mr. Stahl following the transactions.

Are there indirect holdings disclosed on the Form 4 for RCG?

Yes. The filing lists indirect holdings through a spouse and several entities with specified account totals and includes a disclaimer of beneficial ownership except for any pecuniary interest.

When were the transactions executed and when was the Form 4 signed?

Transactions were executed on 09/19/2025, and the form bears a signature line dated 09/22/2025 by an attorney-in-fact.

What was the total cash value of the reported purchases?

The purchases (1,134 shares at $2.65) amount to $3,008.10 in aggregate consideration.