Stahl Murray Increases RENN Fund (RCG) Holdings with Large Purchases

Rhea-AI Filing Summary

Stahl Murray, a director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG), reported multiple open-market purchases on 08/27/2025 at $2.68 per share. He acquired 106,022 shares directly and recorded additional purchases across related accounts and entities (spouse and several affiliated entities), including 3,248 shares for spouse, 296,000 for FROMEX EQUITY CORP, 322,878 for FRMO CORP, 9,324 for HORIZON COMMON INC., and 56,132 for Horizon Kinetics Hard Assets LLC. After these purchases, reported direct beneficial ownership is 106,022 shares with larger indirect holdings disclosed by account. The filing was signed by an attorney-in-fact on 08/28/2025.

Positive

• Insider purchases of 106,022 shares directly at $2.68 indicate management conviction through personal capital deployment
• Additional acquisitions across related accounts (spouse and affiliated entities) expand insider-aligned ownership
• Uniform transaction price ($2.68) and single trade date (08/27/2025) indicate coordinated open-market buying activity
• Filing compliance is observed: transactions, ownership forms, and disclaimers are disclosed and the form is signed

Negative

• None.

Insights

Financial Analyst

TL;DR: Significant insider purchases at $2.68 signal management conviction and increase insider-aligned ownership.

The reported purchases are sizable relative to typical insider trades for an individual filer: a direct purchase of 106,022 shares plus substantial allocations across affiliated and related accounts. Acquisitions executed at a uniform price of $2.68 on a single date suggest coordinated open-market buying rather than option exercise or distributed transfers. For investors, increased insider ownership can align management interests with shareholders, but materiality depends on RENN Fund's outstanding share base and market context (not provided here).

Corporate Governance Expert

TL;DR: Multiple direct and indirect purchases by a director/officer strengthen governance alignment but require disclosure clarity.

The Form 4 shows both direct and several indirect holdings across related entities and a spouse, with disclaimers limiting beneficial-ownership claims to pecuniary interest where applicable. This structure is common for asset-management professionals but merits attention to aggregate control and voting influence. The filing properly discloses transaction codes and post-transaction holdings, and is signed by an attorney-in-fact, indicating procedural compliance.

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)
08/27/2025

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	08/27/2025		P		356	A	$2.68	106,022	D
Common Stock	08/27/2025		P		18	A	$2.68	3,248(1)	I	SPOUSE
Common Stock	08/27/2025		P		180	A	$2.68	110,748(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/27/2025		P		180	A	$2.68	296,000(1)(2)	I	FRMO CORP
Common Stock	08/27/2025		P		296	A	$2.68	322,878(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/27/2025		P		18	A	$2.68	9,324(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/27/2025		P		82	A	$2.68	56,132(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 106,022 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	08/28/2025
	** 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 Stahl Murray report on Form 4 for RCG?

The filing reports open-market purchases on 08/27/2025 at $2.68 per share, including 106,022 shares held directly and additional shares across related accounts.

How many shares did Stahl Murray buy directly and at what price?

He purchased 106,022 shares directly at a price of $2.68 per share.

Were there purchases in related or indirect accounts disclosed?

Yes. The Form 4 shows purchases for a spouse (3,248) and multiple affiliated entities such as FROMEX EQUITY CORP (296,000) and FRMO CORP (322,878), among others.

Does the Form 4 state any disclaimer about indirect ownership?

Yes. For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.

Who signed the Form 4 filing and when?

The filing was signed by Jay Kesslen, attorney-in-fact on 08/28/2025.