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  4. [Form 4] RENN Fund, Inc. Insider Trading Activity

RCG director/officer Murray Stahl acquires 1,134 shares at $2.62

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Insider purchases across multiple accounts totaling 1,134 shares at $2.62 per share were reported for RENN Fund, Inc. (RCG) on 10/09/2025. The filing shows the reporting person, Murray Stahl, acting as a director and officer (President/Co-Portfolio Manager) bought shares directly and indirectly through several affiliated accounts including Fromex Equity Corp, FRMO Corp, and related entities. The largest disclosed indirect holdings after the purchases include 331,728 shares via FRMO Corp and 301,400 via Fromex Equity Corp, while Mr. Stahl also holds 116,770 shares directly.

The filing includes a standard disclaimer that indirect accounts are disclaimed except to the extent of pecuniary interest. Transactions were reported via a Form 4 signed by an attorney-in-fact on 10/10/2025.

Positive

  • Officer and director purchased shares totaling 1,134 at $2.62, indicating insider buying
  • Significant indirect holdings remain with 331,728 shares via FRMO Corp and 301,400 via Fromex Equity Corp

Negative

  • None.

Insights

Insider purchases show management accumulation across direct and indirect accounts.

The purchases total 1,134 shares at $2.62 on 10/09/2025, executed across direct and multiple indirect accounts, which can signal confidence by a senior executive who is both a director and an officer. The filing names specific entities (FRMO Corp, Fromex Equity Corp, Horizon-related entities) that hold large post-transaction balances: 331,728 and 301,400 respectively.

Dependencies include the disclosure that indirect holdings are disclaimed except for pecuniary interest, which limits clarity on control. Monitor subsequent Form 4s for further purchases or changes in direct holdings over the next 90 days to assess whether this is a one-off allocation or part of a larger program.

Insider STAHL MURRAY
Role President/Co-Portfolio Manager
Bought 1,134 shs ($3K)
Type Security Shares Price Value
Purchase Common Stock 360 $2.62 $943.20
Purchase Common Stock 18 $2.62 $47.16
Purchase Common Stock 180 $2.62 $471.60
Purchase Common Stock 180 $2.62 $471.60
Purchase Common Stock 296 $2.62 $775.52
Purchase Common Stock 18 $2.62 $47.16
Purchase Common Stock 82 $2.62 $214.84
Holdings After Transaction: Common Stock — 116,770 shares (Direct); Common Stock — 3,788 shares (Indirect, SPOUSE)
Footnotes (1)
  1. This figure does not include 116,770 shares held directly by Mr. Stahl. For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.
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Form 4 Insider Transactions: What Each Field Means →
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).
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)
10/09/2025
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 10/09/2025 P 360 A $2.62 116,770 D
Common Stock 10/09/2025 P 18 A $2.62 3,788(1) I SPOUSE
Common Stock 10/09/2025 P 180 A $2.62 116,148(1)(2) I FROMEX EQUITY CORP
Common Stock 10/09/2025 P 180 A $2.62 301,400(1)(2) I FRMO CORP
Common Stock 10/09/2025 P 296 A $2.62 331,728(1)(2) I HORIZON COMMON INC.
Common Stock 10/09/2025 P 18 A $2.62 9,864(1)(2) I Horizon Kinetics Hard Assets LLC
Common Stock 10/09/2025 P 82 A $2.62 58,592(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 116,770 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 10/10/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did RENN Fund (RCG) insider Murray Stahl purchase on 10/09/2025?

The filing reports purchases totaling 1,134 shares at $2.62 per share on 10/09/2025 across direct and indirect accounts.

How many RCG shares does Murray Stahl hold directly after the transaction?

The Form 4 shows 116,770 shares held directly by Mr. Stahl following the reported transactions.

Which entities hold indirect RCG positions reported by the filing?

Indirect holdings were reported in accounts including Fromex Equity Corp (301,400), FRMO Corp (331,728), Horizon entities, and spouse-linked account disclosures.

Did the filing include any disclaimers about indirect ownership?

Yes. Mr. Stahl disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by an attorney-in-fact, Jay Kesslen, on 10/10/2025.