Murray Stahl Reports Purchases of RCG Stock; 1,134 Shares Acquired

Rhea-AI Filing Summary

Murray Stahl, President/Co-Portfolio Manager and a director of RENN Fund, Inc. (RCG), reported purchases of common stock on 09/26/2025 at a price of $2.63 per share. The Form 4 lists multiple purchase entries that together total 1,134 shares acquired (individual purchases of 360, 18, 180, 180, 296, 18 and 82 shares). After these transactions the filing shows 113,530 shares held directly by Mr. Stahl and a series of indirect beneficial ownership amounts held through related accounts and entities, including 299,780 shares (FROMEX EQUITY CORP), 329,064 shares (FRMO CORP), 114,528 shares (spouse), 57,854 shares (Horizon Kinetics Hard Assets LLC) and 9,702 shares (HORIZON COMMON INC.). The filing includes a disclaimer that Mr. Stahl disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases recorded: Murray Stahl acquired shares on 09/26/2025 at $2.63 per share
• Total shares acquired shown: 1,134 shares purchased across multiple entries
• Detailed beneficial ownership disclosed: filing lists direct and multiple indirect holdings for transparency

Negative

• Small direct purchase size: the direct acquisition (360 shares reported in one line) is modest relative to large indirect positions
• Disclaimer on indirect ownership: Mr. Stahl disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest, limiting clarity on control

Insights

Securities Analyst

Insider purchases of RCG at $2.63 signal management buying modestly; total acquired 1,134 shares across accounts.

The Form 4 documents purchases executed on 09/26/2025 by Murray Stahl, who serves as President/Co-Portfolio Manager and a director. Transactions were executed at $2.63 per share and show modest incremental acquisitions totaling 1,134 shares. The filing also details substantial indirect holdings across affiliated entities and a spouse account, with the reporting person disclaiming beneficial ownership of those indirect accounts except for any pecuniary interest. For investors, this is a record of insider activity rather than an operational disclosure; the direct purchase amount is small relative to the large indirect positions disclosed.

Corporate Governance Expert

Form 4 shows routine insider purchases and formal disclaimers of indirect ownership across related entities.

The disclosure appropriately identifies the reporting person, relationship to the issuer, and granular post-transaction beneficial ownership by account. Notably, the filing includes a standard disclaimer that Mr. Stahl disclaims beneficial ownership of indirect accounts except to the extent of pecuniary interest, which is relevant for assessing actual control versus economic exposure. No derivative transactions are reported. This is a governance-level disclosure confirming compliance with Section 16 reporting requirements.

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

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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)
09/26/2025

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	09/26/2025		P		360	A	$2.63	113,530	D
Common Stock	09/26/2025		P		18	A	$2.63	3,626(1)	I	SPOUSE
Common Stock	09/26/2025		P		180	A	$2.63	114,528(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/26/2025		P		180	A	$2.63	299,780(1)(2)	I	FRMO CORP
Common Stock	09/26/2025		P		296	A	$2.63	329,064(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/26/2025		P		18	A	$2.63	9,702(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/26/2025		P		82	A	$2.63	57,854(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 113,530 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	09/29/2025
	** 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 transactions did Murray Stahl report for RCG?

Murray Stahl reported purchases of common stock on 09/26/2025 at $2.63 per share, recording acquisitions totaling 1,134 shares across multiple entries.

How many RENN Fund (RCG) shares does Murray Stahl own after the reported transactions?

The filing shows 113,530 shares held directly by Mr. Stahl after the reported transaction, plus multiple indirect holdings disclosed for affiliated accounts and entities.

At what price were the RCG shares purchased in the Form 4?

All reported purchases on 09/26/2025 were executed at $2.63 per share.

Are there any derivative securities reported by Murray Stahl for RCG?

No. Table II (derivative securities) contains no reported transactions; only non-derivative common stock purchases are reported.

Does Mr. Stahl claim beneficial ownership of the indirect accounts listed?

No. The filing states Mr. Stahl disclaims beneficial ownership of each indirect account except to the extent of any pecuniary interest.