Insider Purchases: Murray Stahl Acquires RENN Fund (RCG) Stock

Rhea-AI Filing Summary

Murray Stahl, identified as a Director and President/Co-Portfolio Manager, reported purchases of RENN Fund, Inc. (RCG) common stock on 09/15/2025. The Form 4 shows multiple purchase transactions at a price of $2.65 per share, including a direct holding of 110,306 shares and additional indirect holdings reported for accounts/entities such as SPOUSE (3,464 shares), FROMEX EQUITY CORP (298,160), FRMO CORP (326,430), HORIZON COMMON INC. (9,540), and Horizon Kinetics Hard Assets LLC (57,116), with individual transaction lot sizes shown (e.g., 360, 180, 296 shares). The filing includes a disclaimer that Mr. Stahl disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases reported by a director/officer at $2.65 per share on 09/15/2025
• Detailed disclosure of direct and indirect holdings across multiple accounts/entities

Negative

• None.

Insights

Securities Analyst

TL;DR Insider purchases totaling multiple lots at $2.65 indicate management buying equity at that price point, a potentially positive signal.

The Form 4 documents that Murray Stahl executed a series of buy transactions in RENN Fund common stock on 09/15/2025 at $2.65 per share and reports both direct and multiple indirect holdings across named entities. For investors, aggregated insider purchases can suggest confidence in the issuer's prospects or a desire to increase exposure at current prices. The filing also includes a standard disclaimer limiting beneficial ownership claims for indirect accounts.

Corporate Governance Expert

TL;DR A director/officer reported incremental purchases across several accounts; disclosure appears complete and routine.

The disclosure names Murray Stahl as a director and officer and lists specific share amounts and purchase price, with transaction codes indicating purchases. The signature by an attorney-in-fact is included. The filing clarifies which holdings are direct versus indirect and contains the customary disclaimer regarding indirect accounts. There are no indications of departures, option grants, or compensatory arrangements in this Form 4.

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
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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)
09/15/2025

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	09/15/2025		P		360	A	$2.65	110,306	D
Common Stock	09/15/2025		P		18	A	$2.65	3,464(1)	I	SPOUSE
Common Stock	09/15/2025		P		180	A	$2.65	112,908(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/15/2025		P		180	A	$2.65	298,160(1)(2)	I	FRMO CORP
Common Stock	09/15/2025		P		296	A	$2.65	326,430(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/15/2025		P		18	A	$2.65	9,540(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/15/2025		P		82	A	$2.65	57,116(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 110,306 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	09/16/2025
	** 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 Murray Stahl report for RCG on 09/15/2025?

The Form 4 reports multiple purchases of RENN Fund (RCG) common stock on 09/15/2025 at a price of $2.65 per share, with specific lots shown.

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

The filing shows 110,306 shares held directly by Mr. Stahl following the reported transactions.

Which indirect accounts are listed for Murray Stahl in the Form 4?

Indirect accounts/entities listed include SPOUSE, FROMEX EQUITY CORP, FRMO CORP, HORIZON COMMON INC., and Horizon Kinetics Hard Assets LLC with respective beneficially owned share amounts.

What price were the RCG shares purchased at in this Form 4?

All reported purchases on this filing were at a price of $2.65 per share.

Does the filing claim full beneficial ownership of the indirect accounts?

No. The Form 4 includes a disclaimer stating Mr. Stahl disclaims beneficial ownership of each indirect account except to the extent of any pecuniary interest.