Form 4: Murray Stahl increases RENN Fund exposure; purchases at $2.64

Rhea-AI Filing Summary

Reporting person: Murray Stahl, President and Co-Portfolio Manager and director of RENN Fund, Inc. (RCG), reported purchases of Common Stock on 08/20/2025 at $2.64 per share.

The filing shows multiple purchases totaling reported additions: 356 shares directly (bringing direct holdings to 104,242 shares) and several indirect acquisitions across spouse and affiliated accounts (largest indirect balances: 295,100 via FROMEX Equity Corp and 321,398 via FRMO Corp), with combined indirect positions increasing several accounts to meaningful sizes. The filer disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases were executed, including a direct buy that increased Mr. Stahl's direct holdings to 104,242 shares
• Purchase price disclosed at $2.64 provides clear transaction pricing for investors
• Significant indirect positions held by affiliated accounts (e.g., 295,100 and 321,398 shares) indicate substantial insider-related exposure

Negative

• Disclaimer of beneficial ownership for indirect accounts limits clarity on Mr. Stahl's exact economic or voting control over those shares
• Small direct purchase size (356 shares) is modest relative to large indirect holdings, which may reduce the signal strength of direct buying

Insights

Financial Analyst

TL;DR Insider purchases at $2.64 suggest confidence and modest stake accumulation across direct and affiliated accounts.

The reported small direct purchase of 356 shares increases Mr. Stahl's direct stake to 104,242 shares while multiple affiliated/indirect accounts show substantially larger holdings (e.g., 295,100 and 321,398 shares). Insider buying at the reported price can signal alignment with shareholder value, though the transaction sizes vary by account and many holdings are indirect. For investors, the key datapoints are the purchase price $2.64, the direct holding 104,242 shares, and the large indirect balances disclosed.

Corporate Governance Expert

TL;DR Multiple indirect holdings with disclaimers limit clarity on actual control despite insider transactions.

The form correctly discloses direct and indirect holdings and includes the standard disclaimer that Mr. Stahl disclaims beneficial ownership of indirect accounts except for any pecuniary interest. While purchases were reported, the mixture of direct and numerous indirect holdings makes it difficult to assess voting influence or economic exposure precisely from this filing alone. The disclosure is routine and compliant but leaves open questions about aggregation and control metrics.

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
Estimated average burden
hours per response:			0.5

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)
08/20/2025

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	08/20/2025		P		356	A	$2.64	104,242	D
Common Stock	08/20/2025		P		18	A	$2.64	3,158(1)	I	SPOUSE
Common Stock	08/20/2025		P		180	A	$2.64	109,848(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/20/2025		P		180	A	$2.64	295,100(1)(2)	I	FRMO CORP
Common Stock	08/20/2025		P		296	A	$2.64	321,398(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/20/2025		P		18	A	$2.64	9,234(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/20/2025		P		82	A	$2.64	55,722(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 104,242 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	08/21/2025
	** 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 for RENN Fund (RCG)?

The Form 4 reports purchases of Common Stock on 08/20/2025 at $2.64 per share, including a direct purchase of 356 shares.

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

Following the reported purchases, Mr. Stahl directly holds 104,242 shares according to the filing.

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

Yes; the filing lists multiple indirect holdings across spouse and affiliated entities, including 295,100 shares (FROMEX Equity Corp) and 321,398 shares (FRMO Corp).

Does Murray Stahl claim beneficial ownership of the indirect accounts?

No; the filing states that Mr. Stahl disclaims beneficial ownership of each indirect account except to the extent of any pecuniary interest.

What price were the reported RCG shares purchased at?

The reported purchases were made at $2.64 per share.