Insider Murray Stahl Reports Purchases in RENN Fund (RCG)

Rhea-AI Filing Summary

Renn Fund, Inc. (RCG) Form 4: The filing shows insider Murray Stahl made purchases of the issuer's common stock on 08/28/2025 at $2.63 per share. The reported transactions list multiple acquisitions: 356 shares (direct) and additional purchases reported indirectly through several affiliated accounts and entities (18, 180, 180, 296, 18 and 82 shares). Aggregating the reported line-item purchases equals 1,130 shares acquired at $2.63. Following the transactions, Mr. Stahl is shown as directly owning 106,378 shares and holding additional indirect interests across named accounts and entities. The filing includes a standard disclaimer that indirect accounts disclaim beneficial ownership except to the extent of any pecuniary interest.

Positive

• Insider purchases reported: Murray Stahl acquired reported shares on 08/28/2025 at $2.63 per share
• Multiple affiliated accounts disclosed: Indirect holdings are explicitly listed (spouse and several entities), improving transparency

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases totaling 1,130 shares at $2.63 are reported; holdings remain concentrated but transactions appear routine.

The Form 4 documents small, contemporaneous purchases by Murray Stahl on 08/28/2025 at a price of $2.63 per share. The transaction lines show one direct acquisition and multiple indirect acquisitions through affiliated accounts and entities, resulting in the reporter holding 106,378 shares directly post-transaction and larger indirect positions disclosed for several entities. The size of the purchases relative to the reported direct holding is small, suggesting these are incremental buys rather than a material change in ownership.

Corporate Governance Expert

TL;DR: Filing is a standard Section 16 disclosure of insider purchases with typical ownership disclaimers for indirect accounts.

The Form 4 is properly executed and signed by an attorney-in-fact, listing Mr. Stahl's roles (Director and President/Co-Portfolio Manager). Indirect holdings are identified and accompanied by a disclaimer limiting beneficial ownership claims to any pecuniary interest. There are no departures, option exercises, sales, or other governance actions reported; the form reads as a routine insider purchase disclosure.

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)
08/28/2025

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	08/28/2025		P		356	A	$2.63	106,378	D
Common Stock	08/28/2025		P		18	A	$2.63	3,266(1)	I	SPOUSE
Common Stock	08/28/2025		P		180	A	$2.63	110,928(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/28/2025		P		180	A	$2.63	296,180(1)(2)	I	FRMO CORP
Common Stock	08/28/2025		P		296	A	$2.63	323,174(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/28/2025		P		18	A	$2.63	9,342(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/28/2025		P		82	A	$2.63	56,214(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 106,378 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	08/29/2025
	** 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).
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 acquisitions on 08/28/2025 totaling 1,130 shares of Renn Fund, Inc. common stock at $2.63 per share across direct and indirect accounts.

How many shares does Murray Stahl directly own after the reported transactions?

The Form 4 indicates Mr. Stahl directly owns 106,378 shares following the reported transactions.

Were any sales or option exercises reported in this Form 4 for RCG?

No. The Form 4 lists only purchases (transaction code "P") on 08/28/2025; there are no sales or derivative exercises reported.

Which indirect accounts are named in the Form 4?

Indirect accounts named include spouse, FROMEX EQUITY CORP, FRMO CORP, HORIZON COMMON INC., Horizon Kinetics Hard Assets LLC, and HORIZON KINETICS ASSET MANAGEMENT LLC.

Does the filing state ownership disclaimers for indirect holdings?

Yes. The filer disclaims beneficial ownership of each indirect account except to the extent of any pecuniary interest, as stated in the explanations.