Murray Stahl (RCG) reports 1,130-share purchase on Form 4 at $2.65

Rhea-AI Filing Summary

STAHL MURRAY, a director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG), reported purchases of common stock on 08/15/2025 at $2.65 per share. The Form 4 lists seven purchase entries that together equal 1,130 shares acquired, with 356 shares held directly following the transaction (reported beneficial ownership 103,174 shares as direct) and multiple indirect accounts showing additional post-transaction balances (examples: 320,510, 294,560, 109,308, 55,476, 9,180, 3,104). The filing includes a standard disclaimer that Mr. Stahl disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest. The Form 4 is signed by an attorney-in-fact on 08/18/2025.

Positive

• Insider purchase reported: Murray Stahl acquired 1,130 shares on 08/15/2025 at $2.65 per share, aligning personal and shareholder interests
• Proper disclosure and signature: Form 4 includes required disclaimers for indirect accounts and is signed by attorney-in-fact, indicating procedural compliance

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases totaling 1,130 shares at $2.65; transaction appears routine and provides limited incremental signal.

The Form 4 shows that Murray Stahl acquired 1,130 shares of RENN Fund common stock on 08/15/2025 at $2.65 per share, with 356 shares reported as held directly afterward (103,174 direct beneficially owned reported). Multiple indirect accounts now reflect higher post-transaction balances. From a capital-markets perspective, the absolute size of the purchase documented here is modest versus the reported beneficial holdings and provides only a small additional alignment of executive interest with shareholders. The filing is procedural, contains the customary disclaimer regarding indirect holdings, and includes an attorney-in-fact signature dated 08/18/2025.

Corporate Governance Expert

TL;DR: Director/officer purchase disclosed correctly; standard disclaimers and indirect ownership notations included.

The disclosure identifies Murray Stahl as both a director and an officer (President/Co-Portfolio Manager) and reports purchases across direct and multiple indirect accounts. The filing includes required statements disclaiming beneficial ownership of indirect accounts except for any pecuniary interest and is properly signed by an attorney-in-fact. Procedurally, the Form 4 meets Section 16 reporting conventions and does not show unusual structures or flagged exceptions in the provided text.

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

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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)
08/15/2025

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	08/15/2025		P		356	A	$2.65	103,174	D
Common Stock	08/15/2025		P		18	A	$2.65	3,104(1)	I	SPOUSE
Common Stock	08/15/2025		P		180	A	$2.65	109,308(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/15/2025		P		180	A	$2.65	294,560(1)(2)	I	FRMO CORP
Common Stock	08/15/2025		P		296	A	$2.65	320,510(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/15/2025		P		18	A	$2.65	9,180(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/15/2025		P		82	A	$2.65	55,476(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 103,174 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	08/18/2025
	** 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.
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FAQ

What insider transactions were disclosed on the RCG Form 4 filed for Murray Stahl?

The Form 4 reports purchases of common stock on 08/15/2025 totaling 1,130 shares at $2.65 per share across direct and multiple indirect accounts.

How many shares does Murray Stahl report as directly owned after the transaction?

The filing shows 103,174 shares reported as directly owned following the reported transactions.

Does the Form 4 disclose indirect holdings or disclaimers for RCG insider Murray Stahl?

Yes, the Form 4 lists multiple indirect accounts with post-transaction balances and includes a disclaimer that Mr. Stahl disclaims beneficial ownership of those indirect accounts except to the extent of any pecuniary interest.

What role does Murray Stahl hold at RENN Fund, Inc. as stated on the Form 4?

The Form 4 lists Murray Stahl as a Director and Officer with the title President/Co-Portfolio Manager.

When was the Form 4 signed and filed for the RCG insider transaction?

The signature block shows the form was signed by an attorney-in-fact on 08/18/2025.