Insider Purchases Reported: Murray Stahl increases RENN Fund (RCG) stake

Rhea-AI Filing Summary

Reporting person: Murray Stahl, President and Co-Portfolio Manager and Director, filed a Form 4 for RENN Fund, Inc. (RCG). On 09/29/2025 Mr. Stahl purchased shares of common stock at $2.55 per share across multiple holdings.

Transactions and holdings: Direct purchases total 360 and 18 shares recorded on separate lines (priced $2.55). Indirect acquisitions include 180, 180, 296, 18 and 82-share purchases attributed to spouse and several affiliated entities, producing indirect beneficial holdings reported as 114,708; 299,960; 329,360; 9,720; and 57,936 shares respectively. The filing discloses a total of 113,890 shares held directly by Mr. Stahl and clarifies disclaimer of beneficial ownership for indirect accounts except to the extent of any pecuniary interest.

Insights

Financial Analyst

TL;DR: Insider purchases at $2.55 indicate management increased equity exposure, a potentially positive signal about valuation.

Mr. Stahl executed multiple purchases on 09/29/2025 at $2.55 per share, both directly and indirectly through affiliated entities and his spouse. The filing shows sizable indirect positions (notably 299,960 and 329,360 shares) and a direct holding of 113,890 shares. From a valuation perspective, insider buying at these sizes can be interpreted as alignment with shareholder interests and confidence in the issuer at the transaction price. The filing contains no derivatives or sales recorded.

Corporate Governance / Compliance Analyst

TL;DR: Filing appears routine and compliant, disclosing purchases and disclaimers of indirect ownership.

The Form 4 is signed by an attorney-in-fact and properly reports purchase transactions and the nature of indirect holdings with a standard disclaimer of beneficial ownership for indirect accounts. There are no amendments noted and no derivative securities reported. Documentation is consistent with Section 16 reporting requirements.

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).

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)
09/29/2025

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	09/29/2025		P		360	A	$2.55	113,890	D
Common Stock	09/29/2025		P		18	A	$2.55	3,644(1)	I	SPOUSE
Common Stock	09/29/2025		P		180	A	$2.55	114,708(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/29/2025		P		180	A	$2.55	299,960(1)(2)	I	FRMO CORP
Common Stock	09/29/2025		P		296	A	$2.55	329,360(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/29/2025		P		18	A	$2.55	9,720(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/29/2025		P		82	A	$2.55	57,936(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 113,890 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	09/30/2025
	** 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 Murray Stahl report on Form 4 for RCG?

On 09/29/2025 Mr. Stahl reported purchases of common stock at $2.55 per share across direct and indirect accounts.

How many shares does Murray Stahl hold directly according to the filing?

The filing states Mr. Stahl holds 113,890 shares directly.

Which indirect accounts are listed in the Form 4 for RCG?

Indirect accounts include the reporting person’s spouse and entities: FROMEX Equity Corp, FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC.

Were any derivative securities reported in this Form 4 for RCG?

No. Table II for derivative securities contains no reported transactions or holdings.

Who signed the Form 4 and when was it signed?

The form is signed by Jay Kesslen, attorney-in-fact with a signature date of 09/30/2025.