Murray Stahl Reports Multiple RCG Purchases at $2.65 on 09/22/2025

Rhea-AI Filing Summary

Murray Stahl, listed at 470 Park Avenue South, is reported as a Director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG). On 09/22/2025 he acquired multiple blocks of common stock at $2.65 per share via direct and indirect accounts. Reported acquisition entries include 356, 18, 180, 180, 286, 18 and 82 shares in various accounts. Following the transactions, the filing shows 112,102 shares held directly and indirect holdings reported as 113,808, 299,060, 327,900, 9,630 and 57,526 shares across named entities. The filer disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest. The form is signed by an attorney-in-fact on 09/23/2025.

Insights

Securities Analyst

TL;DR: Insider purchases across direct and affiliated accounts at $2.65 suggest an increased position by a senior manager.

The Form 4 documents multiple small and mid-sized purchases executed on one date at a uniform price of $2.65. The reporting person is both a director and an officer, which makes the purchases notable because they change the reported beneficial ownership profile across direct and several indirect accounts. The filing includes standard disclaimers of ownership for indirect accounts, limiting conclusions about control. Overall this is a constructive, non-material disclosure that shows insider buying activity but does not reveal strategic rationale.

Corporate Governance Expert

TL;DR: Filing is routine and compliant; indirect ownership disclaimers and attorney-in-fact signature are standard.

The Form 4 properly lists the reporting person, relationship to the issuer, the transaction date, the per-share price and post-transaction beneficial ownership by account. The inclusion of multiple affiliated entities and the explicit disclaimer of beneficial ownership for indirect accounts are typical governance disclosures. The attorney-in-fact signature is noted and dated 09/23/2025. There are no governance red flags in the disclosure itself.

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

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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)
09/22/2025

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	09/22/2025		P		356	A	$2.65	112,102	D
Common Stock	09/22/2025		P		18	A	$2.65	3,554(1)	I	SPOUSE
Common Stock	09/22/2025		P		180	A	$2.65	113,808(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/22/2025		P		180	A	$2.65	299,060(1)(2)	I	FRMO CORP
Common Stock	09/22/2025		P		286	A	$2.65	327,900(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/22/2025		P		18	A	$2.65	9,630(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/22/2025		P		82	A	$2.65	57,526(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 112,102 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	09/23/2025
	** 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 Form 4 for RCG?

The form reports multiple acquisitions of common stock on 09/22/2025 at $2.65 per share across direct and indirect accounts.

How many shares does the filing show Murray Stahl holds directly after the transactions?

The filing shows 112,102 shares held directly following the reported transactions.

Which indirect holdings are reported in the Form 4 for RCG?

Indirect holdings reported include 113,808, 299,060, 327,900, 9,630 and 57,526 shares in named accounts and entities.

What price were the shares purchased at according to the filing?

All reported purchases on 09/22/2025 were at a price of $2.65 per share.

Did the filer disclaim beneficial ownership of any accounts?

Yes. The filing states the reporting person disclaims beneficial ownership