Murray Stahl increases direct stake to 115,330 shares in RCG

Rhea-AI Filing Summary

RENN Fund, Inc. (RCG) reporting person Murray Stahl, a director and President/Co-Portfolio Manager, purchased common stock on 10/03/2025 at $2.62 per share. The filings show a direct purchase of 360 shares increasing his direct holding to 115,330 shares, plus multiple indirect acquisitions across related accounts (spouse and affiliated entities) including 300,680 and 330,544 shares in certain accounts, reported as acquired at the same price.

The Form 4 uses Transaction Code P (purchase). For indirect holdings the filer disclaims beneficial ownership except to the extent of any pecuniary interest. The form is signed by an attorney-in-fact on 10/06/2025.

Positive

• Insider purchase of 360 shares at $2.62 on 10/03/2025
• Direct holdings increased to 115,330 shares, indicating continued insider ownership

Negative

• None.

Insights

Corporate Governance Analyst

Insider purchases increase both direct and affiliated indirect holdings at a low per-share price.

The reporting person Murray Stahl executed purchases on 10/03/2025 at $2.62, increasing his direct stake to 115,330 shares and showing additional reported indirect positions across spouse and affiliated-entity accounts. Multiple indirect entries indicate holdings routed through family and firm-owned vehicles.

Dependence is on the filing's stated breakdown: the filer explicitly disclaims beneficial ownership of indirect accounts except for any pecuniary interest, so investors should treat direct and indirect counts separately when assessing control. Near-term, monitor subsequent Section 16 filings for further purchases or dispositions.

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)
10/03/2025

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	10/03/2025		P		360	A	$2.62	115,330	D
Common Stock	10/03/2025		P		18	A	$2.62	3,716(1)	I	SPOUSE
Common Stock	10/03/2025		P		180	A	$2.62	115,428(1)(2)	I	FROMEX EQUITY CORP
Common Stock	10/03/2025		P		180	A	$2.62	300,680(1)(2)	I	FRMO CORP
Common Stock	10/03/2025		P		296	A	$2.62	330,544(1)(2)	I	HORIZON COMMON INC.
Common Stock	10/03/2025		P		18	A	$2.62	9,792(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	10/03/2025		P		82	A	$2.62	58,264(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 115,330 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	10/06/2025
	** 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 on the Form 4 for RENN Fund (RCG)?

The Form 4 reports purchases on 10/03/2025 at $2.62: 360 shares directly and additional indirect acquisitions across related accounts.

How many shares does Murray Stahl directly own after the transaction?

The filing shows 115,330 shares held directly following the reported purchase.

What does Transaction Code 'P' mean on this Form 4?

Transaction Code P denotes a purchase of the issuer's common stock, as shown in the filing.

Are the large indirect holdings treated as Stahl's beneficial ownership?

For each indirect account the filer disclaims beneficial ownership except to the extent of any pecuniary interest, per the explanation in the filing.

When was the Form 4 signed and filed?

The signature by attorney-in-fact is dated 10/06/2025, following the 10/03/2025 transactions.