[Form 4] RENN Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Stahl Murray, identified as a Director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG), reported multiple purchases of the issuer's common stock on 09/09/2025. The report lists a series of acquisitions at $2.65 per share, including a purchase that leaves 108,870 shares held directly and additional purchases attributed to indirect accounts (spouse and several affiliated entities) that, in combined reporting lines, show beneficial ownership figures such as 112,188, 297,440, 325,246, 9,468, and 56,788 shares for those respective indirect accounts. The filer disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest. The form is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Acquisitions reported — The reporting person purchased common stock, increasing both direct and reported indirect holdings.
• Consistent pricing — All reported purchases were at the same $2.65 per share, indicating execution at a single price level.
• Transparency of indirect holdings — Indirect accounts (spouse and affiliated entities) are disclosed with disclaimers, aligning with Section 16 requirements.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchases across direct and multiple indirect accounts at $2.65 per share, reinforcing existing ownership positions.

The filings show the reporting person executed multiple small purchases rather than a single large block, with the largest reported direct holding shown as 108,870 shares and several substantial indirect holdings recorded under affiliated entities and spouse accounts. The disclosure includes a standard disclaimer that indirect holdings are disclaimed except to the extent of pecuniary interest. Transaction pricing and amounts are explicitly stated; there is no forward-looking commentary or additional corporate action disclosed in this Form 4.

Corporate Governance Expert

TL;DR: Director/officer activity: incremental buy transactions reported, with ownership spread across personal and affiliated accounts.

The form identifies the reporting person as both a director and an officer, which makes these acquisitions subject to Section 16 reporting. The record shows acquisitions allocated across direct ownership and multiple indirect vehicles (spouse, affiliated corporations, and investment entities). The disclosure and the accompanying ownership disclaimers follow typical Section 16 practice. No option exercises, dispositions, or unusual derivative activity are reported on this filing.

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)
09/09/2025

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	09/09/2025		P		356	A	$2.65	108,870	D
Common Stock	09/09/2025		P		18	A	$2.65	3,392(1)	I	SPOUSE
Common Stock	09/09/2025		P		180	A	$2.65	112,188(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/09/2025		P		180	A	$2.65	297,440(1)(2)	I	FRMO CORP
Common Stock	09/09/2025		P		296	A	$2.65	325,246(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/09/2025		P		18	A	$2.65	9,468(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/09/2025		P		82	A	$2.65	56,788(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 108,870 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	09/10/2025
	** 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

Who filed the Form 4 for RENN Fund, Inc. (RCG)?

Stahl Murray, identified as a Director and President/Co-Portfolio Manager, filed the Form 4 reporting purchases of common stock.

What transactions were reported on the Form 4 for RCG?

Multiple acquisitions of common stock on 09/09/2025, each executed at $2.65 per share.

How many shares does the Form 4 show as held directly after the transactions?

The filing shows 108,870 shares held directly following the reported transactions.

Which indirect accounts are disclosed in the Form 4?

Indirect holdings are reported for the spouse and several affiliated entities including FROMEX Equity Corp, FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC.

Does the reporting person claim beneficial ownership of indirect accounts?

The filer disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest.