RENN Fund (RCG) director Murray Stahl discloses new stock buys

Rhea-AI Filing Summary

RENN Fund, Inc. insider Murray Stahl reported multiple open-market purchases of RCG common stock on 12/24/2025. He serves as a director and as President/Co-Portfolio Manager of the fund.

Stahl bought 360 shares directly at $2.65 per share, bringing his direct holdings to 135,854 shares. Additional purchases at the same price were made in accounts attributed to his spouse and several related entities, with post-transaction balances of 4,742 shares for his spouse and indirect holdings including 125,688 shares at FROMEX EQUITY CORP, 310,940 shares at FRMO CORP, 347,434 shares at Horizon Common Inc., and 62,940 shares at Horizon Kinetics Hard Assets LLC.

The filing notes that, for each indirect account, Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.

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).

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)
12/24/2025

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	12/24/2025		P		360	A	$2.65	135,854	D
Common Stock	12/24/2025		P		18	A	$2.65	4,742(1)	I	SPOUSE
Common Stock	12/24/2025		P		180	A	$2.65	125,688(1)(2)	I	FROMEX EQUITY CORP
Common Stock	12/24/2025		P		180	A	$2.65	310,940(1)(2)	I	FRMO CORP
Common Stock	12/24/2025		P		296	A	$2.65	347,434(1)(2)	I	HORIZON COMMON INC.
Common Stock	12/24/2025		P		18	A	$2.65	10,818(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	12/24/2025		P		82	A	$2.65	62,940(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 135,854 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	12/29/2025
	** 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 transaction did RENN Fund (RCG) report in this Form 4?

The report shows insider Murray Stahl purchasing RENN Fund, Inc. (RCG) common stock on 12/24/2025 in both his direct account and several indirect accounts.

How many RCG shares does Murray Stahl now hold directly?

After the reported transaction, Murray Stahl beneficially owned 135,854 shares of RCG common stock in his direct account.

At what price were the RCG shares purchased on 12/24/2025?

All reported common stock purchases on 12/24/2025 were made at a price of $2.65 per share.

What indirect RCG shareholdings are attributed to Murray Stahl in this filing?

Indirect holdings following the transactions include 4,742 shares via his spouse and accounts with 125,688, 310,940, 347,434, and 62,940 shares at FROMEX EQUITY CORP, FRMO CORP, Horizon Common Inc., and Horizon Kinetics Hard Assets LLC, respectively.

Does Murray Stahl claim full beneficial ownership of all indirect RCG holdings?

No. The filing states that for each indirect account, Murray Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.

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

Murray Stahl is identified as a director and an officer of RENN Fund, Inc., with the officer title of President/Co-Portfolio Manager.