Murray Stahl Reports Multiple RCG Stock Acquisitions at $2.64

Rhea-AI Filing Summary

Reporting person: Murray Stahl filed a Form 4 disclosing purchases of RENN Fund, Inc. (ticker: RCG) common stock on 08/22/2025 at a price of $2.64 per share. The filing records multiple purchase entries including a direct acquisition showing 356 shares and several indirect acquisitions allocated to accounts such as a spouse account and various corporate/management entities with individual beneficial ownership amounts reported after the transactions.

Holdings and signature: The form shows direct beneficial ownership of 104,954 shares following the reported transaction and lists indirect beneficial ownership amounts for accounts (e.g., 3,194; 110,208; 295,460; 321,990; 9,270; 55,886). The form was signed by an attorney-in-fact on behalf of the reporting person on 08/25/2025. The filer disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases of RCG common stock were reported, showing continued acquisition activity on 08/22/2025
• Clear disclosure of transaction price at $2.64 per share and post-transaction beneficial ownership figures
• Form executed properly with attorney-in-fact signature dated 08/25/2025

Negative

• Indirect accounts include a disclaimer of beneficial ownership, which limits clarity on the reporting person’s full economic exposure
• No information provided about the source or plan governing the purchases (e.g., Rule 10b5-1 plan) in the filing text

Insights

Financial Analyst

TL;DR: Insider purchases recorded on 08/22/2025 at $2.64 per share increased both direct and indirect reported holdings.

The Form 4 documents multiple purchase transactions executed at $2.64 per share on 08/22/2025 by Murray Stahl. The filing distinguishes a direct holding reported as 104,954 shares after the transaction and several indirect holdings with specified post-transaction balances. These entries update the reporting of beneficial ownership rather than indicating dispositions or derivative activity. For investors tracking insider activity, the filing provides explicit share counts by account and confirms an attorney-in-fact signature dated 08/25/2025.

Corporate Governance Expert

TL;DR: Form 4 properly reports purchases and includes required ownership disclaimers for indirect accounts.

The filing adheres to Section 16 reporting conventions by listing transaction codes, prices, and post-transaction beneficial ownership by account. Notably, the reporting person disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest, which is explicitly stated. The presence of an attorney-in-fact signature on 08/25/2025 indicates the filing was executed by authorized representative. No derivative or option transactions are reported.

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)
08/22/2025

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	08/22/2025		P		356	A	$2.64	104,954	D
Common Stock	08/22/2025		P		18	A	$2.64	3,194(1)	I	SPOUSE
Common Stock	08/22/2025		P		180	A	$2.64	110,208(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/22/2025		P		180	A	$2.64	295,460(1)(2)	I	FRMO CORP
Common Stock	08/22/2025		P		296	A	$2.64	321,990(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/22/2025		P		18	A	$2.64	9,270(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/22/2025		P		82	A	$2.64	55,886(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 104,954 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	08/25/2025
	** 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.
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FAQ

What transactions did Murray Stahl report on Form 4 for RCG?

The filing reports multiple purchases on 08/22/2025 of RENN Fund, Inc. (RCG) common stock at $2.64 per share.

How many shares does the Form 4 show as directly owned after the reported transaction?

The form shows 104,954 shares held directly following the reported transaction.

Are there indirect holdings disclosed in the Form 4 for RCG?

Yes; the filing lists indirect beneficial ownership amounts for several accounts (for example, 3,194; 110,208; 295,460; 321,990; 9,270; 55,886) and disclaims beneficial ownership of those accounts except to the extent of any pecuniary interest.

Were any derivative securities reported in this Form 4?

No. Table II for derivative securities contains no reported entries; only non-derivative common stock purchases are shown.

When was the Form 4 signed and by whom?

The Form 4 was signed by an attorney-in-fact, /s/ Jay Kesslen, on 08/25/2025.