RENN Fund (RCG) Form 4 Discloses Multiple Insider Buys at $2.65

Rhea-AI Filing Summary

Insider purchases in RENN Fund, Inc. (RCG): The filing reports multiple purchases of RCG common stock at $2.65 per share. The reporting person, Murray Stahl, acquired 360 shares directly and additional amounts through various indirect accounts, including spouse and affiliated entities, bringing his total reported beneficial ownership in specific accounts to several aggregated positions. The filing discloses both direct ownership of 111,386 shares and multiple indirect interests across named entities and accounts, with reported incremental acquisitions of 360, 18, 180, 180, 296, 18, and 82 shares at the stated price. The reporting person disclaims beneficial ownership of certain indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases executed at a consistent price of $2.65 per share, indicating accumulation rather than sale
• Substantial direct holding disclosed: 111,386 shares held directly by the reporting person
• Transparent disclosure of indirect holdings across spouse and affiliated entities, with explicit disclaimers

Negative

• No material negative events are disclosed in this Form 4; transactions are purchases of modest sizes
• Beneficial ownership disclaimers limit clarity on the extent of control or economic interest in indirect accounts

Insights

Securities Analyst

TL;DR: Multiple insider purchases at $2.65 indicate additional insider accumulation, with notable direct and indirect holdings disclosed.

The filing shows Murray Stahl acquiring modest direct and several indirect blocks of RCG common stock at a uniform price of $2.65 per share. The largest explicitly stated direct holding is 111,386 shares. Several purchases were routed through affiliated entities and a spouse account; the filer disclaims beneficial ownership of some indirect accounts except for any pecuniary interest. For investors, this is an informational disclosure of insider activity rather than an operational update; the transactions are small relative to large-cap market moves but signal the reporting person's continued exposure to RCG equity.

Corporate Governance Expert

TL;DR: Director/officer purchases reported across direct and indirect accounts, with formal disclaimers on indirect beneficial ownership.

The Form 4 connects the reporting person to the issuer as a director and officer and lists purchases across multiple named indirect accounts and affiliated entities. The document explicitly states disclaimers of beneficial ownership for certain indirect accounts, which is common when holdings are held in managed or affiliated structures. The uniform purchase price and small lot sizes suggest open-market acquisitions rather than an issuance or exercise event. This disclosure complies with Section 16 reporting requirements and clarifies ownership structure without asserting control beyond disclosed pecuniary interests.

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)
09/18/2025

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	09/18/2025		P		360	A	$2.65	111,386	D
Common Stock	09/18/2025		P		18	A	$2.65	3,518(1)	I	SPOUSE
Common Stock	09/18/2025		P		180	A	$2.65	113,448(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/18/2025		P		180	A	$2.65	298,700(1)(2)	I	FRMO CORP
Common Stock	09/18/2025		P		296	A	$2.65	327,318(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/18/2025		P		18	A	$2.65	9,594(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/18/2025		P		82	A	$2.65	57,362(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 111,386 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	09/19/2025
	** 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).
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FAQ

What insider activity did RCG (RENN Fund, Inc.) report in this Form 4?

The filing reports multiple purchases of RCG common stock at $2.65 per share by Murray Stahl across direct and indirect accounts.

How many shares does Murray Stahl hold directly according to the filing?

The filing shows 111,386 shares held directly by Mr. Stahl.

Were the purchases executed at varying prices or a single price?

All reported purchases in this filing were executed at a uniform price of $2.65 per share.

Do indirect holdings in the Form 4 mean the reporter controls those shares?

The filing includes disclaimers stating the reporter disclaims beneficial ownership of certain indirect accounts except to the extent of any pecuniary interest.

What relationship does the reporting person have to RENN Fund, Inc.?

The reporting person is identified as a Director and an Officer (President/Co-Portfolio Manager) of the issuer.