[Form 4] RENN Fund, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Stahl Murray, listed as President and Co-Portfolio Manager and a director, reported multiple purchases of RENN Fund, Inc. (RCG) common stock on 09/23/2025 at a price of $2.60 per share. The Form 4 shows reported beneficial ownership after the transactions of 112,458 shares held directly and additional indirect holdings across several related accounts and entities, including spouse and affiliated entities, with reported indirect balances of 3,572, 113,988, 299,240, 328,186, 9,648, and 57,608 shares. The filing was signed by an attorney-in-fact on 09/24/2025. The filer disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases reported at $2.60 per share on 09/23/2025, indicating management acquisition of company stock
• Complete Section 16 disclosure with attorney-in-fact signature and standard beneficial ownership disclaimers

Negative

• None.

Insights

Financial Analyst

TL;DR Insider purchases at $2.60 show management acquiring shares, increasing disclosed direct and indirect holdings.

The Form 4 documents routine insider purchases by a senior executive and director at a single price point of $2.60 per share on 09/23/2025. Reported direct ownership is 112,458 shares, with material indirect balances across several affiliated accounts and entities. These transactions are disclosure-driven and provide a transparent view of insider positioning; they do not include any forward-looking commentary or company financial performance metrics.

Corporate Governance Expert

TL;DR Filing is compliant and routine, showing officer/director purchases and standard beneficial ownership disclaimers.

The submission includes required attestations, a legal signature by attorney-in-fact, and explicit disclaimers of beneficial ownership for indirect accounts. Multiple affiliated entities and a spouse are identified, which is common in complex beneficial ownership structures. No amendments or unusual transfer/derivative instruments are reported, and the disclosure appears to meet Section 16 reporting obligations.

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).

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)
09/23/2025

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	09/23/2025		P		356	A	$2.6	112,458	D
Common Stock	09/23/2025		P		18	A	$2.6	3,572(1)	I	SPOUSE
Common Stock	09/23/2025		P		180	A	$2.6	113,988(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/23/2025		P		180	A	$2.6	299,240(1)(2)	I	FRMO CORP
Common Stock	09/23/2025		P		286	A	$2.6	328,186(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/23/2025		P		18	A	$2.6	9,648(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/23/2025		P		82	A	$2.6	57,608(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 112,458 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	09/24/2025
	** 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 the Form 4 for RCG report on 09/23/2025?

The filing reports multiple acquisitions of RENN Fund, Inc. common stock on 09/23/2025 at a price of $2.60 per share.

How many shares does Stahl Murray report owning directly after the transactions?

The Form 4 shows 112,458 shares held directly following the reported transactions.

Are there indirect or affiliated holdings disclosed in the filing?

Yes. The filing lists indirect holdings across related accounts and entities with reported balances of 3,572, 113,988, 299,240, 328,186, 9,648, and 57,608 shares.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Jay Kesslen, attorney-in-fact on 09/24/2025 according to the filing.

Does the filer disclaim beneficial ownership of indirect accounts?

Yes. The filing explicitly states the filer disclaims beneficial ownership of each indirect account except to the extent of any pecuniary interest.