Murray Stahl reports multiple RCG purchases at $2.62, direct holdings grow

Rhea-AI Filing Summary

Reporting person Murray Stahl, President and Co-Portfolio Manager, reported multiple open-market purchases of RENN Fund, Inc. (RCG) common stock on 10/08/2025. The filing shows a direct purchase of 360 shares at $2.62, bringing his directly held shares to 116,410. Several additional purchases of small lots were reported as indirect holdings through related accounts and entities, each at $2.62, with reported beneficial balances in those accounts (for example, 301,220 shares in FROMEX EQUITY CORP and 331,432 in FRMO CORP). The form was signed by an attorney-in-fact on 10/09/2025. The filer disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest.

Positive

• Direct purchase of 360 shares at $2.62 increased directly held shares to 116,410
• Multiple acquisitions across affiliated accounts show continued buying activity at the same price point ($2.62) on 10/08/2025

Negative

• None.

Insights

Corporate Governance Analyst

Minor open-market buys slightly raised direct and indirect holdings; structure shows holdings across multiple related accounts.

The reported 360-share direct purchase at $2.62 increases Mr. Stahl's directly held position to 116,410 shares, while additional purchases were allocated to various indirect accounts and affiliated entities. These entries reflect acquisition activity across personal and affiliated vehicles rather than a single large block transaction.

The main dependency is the distinction between direct and indirect ownership: the filer explicitly disclaims beneficial ownership of indirect accounts except for pecuniary interest, so investors should treat the disclosed indirect balances as related-party holdings rather than direct control. Watch for future Form 4s for aggregate changes to direct holdings or any conversions of indirect positions into directly controlled shares within the next few reporting periods.

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)
10/08/2025

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	10/08/2025		P		360	A	$2.62	116,410	D
Common Stock	10/08/2025		P		18	A	$2.62	3,770(1)	I	SPOUSE
Common Stock	10/08/2025		P		180	A	$2.62	115,968(1)(2)	I	FROMEX EQUITY CORP
Common Stock	10/08/2025		P		180	A	$2.62	301,220(1)(2)	I	FRMO CORP
Common Stock	10/08/2025		P		296	A	$2.62	331,432(1)(2)	I	HORIZON COMMON INC.
Common Stock	10/08/2025		P		18	A	$2.62	9,846(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	10/08/2025		P		82	A	$2.62	58,510(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 116,410 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	10/09/2025
	** 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 did Murray Stahl report buying in the RCG Form 4?

The filing reports a direct purchase of 360 shares at $2.62 on 10/08/2025, plus several additional purchases allocated to indirect/affiliated accounts.

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

After the reported purchases, Mr. Stahl directly owns 116,410 shares of common stock.

Were any purchases held indirectly or by affiliated entities?

Yes. The filing lists purchases allocated to indirect accounts and affiliated entities (for example, 301,220 shares in FROMEX EQUITY CORP and 331,432 shares in FRMO CORP), with a disclaimer of beneficial ownership except for pecuniary interest.

What price were the reported RCG purchases executed at?

All reported purchases on 10/08/2025 were executed at $2.62 per share.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by an attorney-in-fact, /s/ Jay Kesslen, and dated 10/09/2025.