Insider Purchase: RENN Fund (RCG) Director Acquires 1,134 Shares

Rhea-AI Filing Summary

Stahl Murray, a director and officer (President/Co-Portfolio Manager) of RENN Fund, Inc. (RCG), reported multiple purchases of the issuer's common stock on 09/30/2025. The Form 4 shows purchase transactions at $2.62 per share, aggregating to 1,134 shares acquired that day. The filing lists both direct and indirect holdings: Mr. Stahl directly holds 114,250 shares and discloses additional indirect holdings across spouse and affiliated accounts, including Fromex Equity Corp., FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC. The filer disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest. The form was signed by an attorney-in-fact on 10/01/2025.

Positive

• Insider purchases reported: aggregate acquisition of 1,134 shares on 09/30/2025 at $2.62 per share
• Clear disclosure of direct holdings: Mr. Stahl directly holds 114,250 shares
• Transparency on indirect holdings: indirect positions disclosed across spouse and affiliated entities with disclaimer language

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases of RCG common stock totaling 1,134 shares at $2.62 are modest but signal management buying.

The Form 4 documents multiple small purchases executed on 09/30/2025 at a price of $2.62 per share, totaling 1,134 shares. For a public investor, the most relevant numeric context in the filing is the 114,250 shares held directly by Mr. Stahl, with additional indirect positions disclosed across related entities and a spouse. These transactions are routine insider purchases rather than large, material acquisitions and should be interpreted as incremental insider accumulation rather than a transformative ownership change.

Corporate Governance Expert

TL;DR: The reporting person is both a director and officer and disclosed purchases plus multiple indirect holdings.

The filing clearly identifies Mr. Stahl as a director and an officer (President/Co-Portfolio Manager) and reports acquisitions on a single date with both direct and indirect ownership reported. The disclosure appropriately notes a disclaimer of beneficial ownership for indirect accounts except for any pecuniary interest. From a governance perspective, the form appears complete with signature by attorney-in-fact and lists related-party vehicles, which is important for transparency about potential conflicts or clustered ownership within affiliated entities.

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
Estimated average burden
hours per response:			0.5

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)
09/30/2025

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	09/30/2025		P		360	A	$2.62	114,250	D
Common Stock	09/30/2025		P		18	A	$2.62	3,662(1)	I	SPOUSE
Common Stock	09/30/2025		P		180	A	$2.62	114,888(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/30/2025		P		180	A	$2.62	300,140(1)(2)	I	FRMO CORP
Common Stock	09/30/2025		P		296	A	$2.62	329,656(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/30/2025		P		18	A	$2.62	9,738(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/30/2025		P		82	A	$2.62	58,018(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 114,250 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	10/01/2025
	** 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 RCG Form 4 filed by Stahl Murray report?

The Form 4 reports purchases (transaction code P) on 09/30/2025 totaling 1,134 shares at a price of $2.62 per share.

How many RCG shares does Stahl Murray directly own after the reported transactions?

The filing states Mr. Stahl directly holds 114,250 shares following the reported transactions.

Does the filing disclose indirect holdings or related-party accounts for RCG?

Yes. The Form 4 lists indirect holdings attributable to a spouse and affiliated entities including Fromex Equity Corp., FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC, with a disclaimer of beneficial ownership except for any pecuniary interest.

When were the transactions and when was the Form 4 signed?

Transactions occurred on 09/30/2025 and the Form 4 was signed by an attorney-in-fact on 10/01/2025.

What is Stahl Murray's role at RENN Fund, Inc. (RCG)?

The filing identifies Mr. Stahl as a Director and an Officer with the title President/Co-Portfolio Manager.