RENN Fund (RCG) Insider Purchases 1,134 Shares — Form 4 Details

Rhea-AI Filing Summary

Stahl Murray, a director and President/Co-Portfolio Manager of RENN Fund, Inc. (RCG), reported multiple purchases on 09/11/2025 at $2.65 per share. The Form 4 shows a total of 1,134 shares acquired across seven purchase entries. Following these transactions Mr. Stahl is shown with 109,586 shares held directly and several indirect holdings reported in accounts (spouse and affiliated entities) totaling 806,070 shares, producing 915,656 shares reported as beneficially owned when combining direct and reported indirect amounts. 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 recorded: 1,134 shares acquired on 09/11/2025 at $2.65 per share
• Large reported aggregate stake: combined direct and reported indirect holdings total 915,656 shares as shown on the form
• No derivative or sale activity reported on this Form 4, indicating net accumulation on the filing date

Negative

• Indirect holdings disclaimed: the filer disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest, reducing clarity on control
• Transaction size is small relative to aggregate reported holdings, limiting potential market impact

Insights

Financial Analyst

TL;DR Insider purchases of 1,134 shares at $2.65 increase reported stake; transactions are modest relative to reported indirect holdings.

The Form 4 documents opportunistic purchases by a senior insider on a single day at $2.65 per share totaling 1,134 shares. While the incremental buy is small versus the aggregate reported holdings (direct plus indirect sum to 915,656 shares), it signals insider acquisition rather than disposal. The report is routine in structure and lacks derivative activity. For market impact, the absolute transaction size is minor versus the reported aggregate position, so price-moving implications are limited.

Corporate Governance Expert

TL;DR Director and officer disclosed purchases and extensive indirect holdings; disclosure contains standard beneficial-ownership disclaimers.

The filing combines direct ownership, multiple indirect accounts (spouse and affiliated entities), and a clear disclaimer that the reporting person disclaims beneficial ownership of certain indirect accounts except for any pecuniary interest. This is a common governance disclosure to clarify legal vs. economic ownership. The absence of amendments, option exercises, or sales keeps the disclosure straightforward. Documentation appears complete for the reported transactions and signature via attorney-in-fact is included.

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)
09/11/2025

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	09/11/2025		P		360	A	$2.65	109,586	D
Common Stock	09/11/2025		P		18	A	$2.65	3,428(1)	I	SPOUSE
Common Stock	09/11/2025		P		180	A	$2.65	112,548(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/11/2025		P		180	A	$2.65	297,800(1)(2)	I	FRMO CORP
Common Stock	09/11/2025		P		296	A	$2.65	325,838(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/11/2025		P		18	A	$2.65	9,504(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/11/2025		P		82	A	$2.65	56,952(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 109,586 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	09/12/2025
	** 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 did Stahl Murray report on the RCG Form 4 dated 09/11/2025?

The Form 4 reports multiple purchases totaling 1,134 shares of RENN Fund, Inc. (RCG) at $2.65 per share on 09/11/2025.

How many shares does Stahl Murray report owning after the transactions?

The filing shows 109,586 shares directly and reported indirect holdings of 806,070 shares, which together sum to 915,656 shares as reported on the form.

Were any derivative securities reported in this Form 4 for RCG?

No. Table II (derivative securities) shows no entries; only non-derivative common stock purchases are reported.

Does the filing indicate a change in control or a sale of shares?

No. The Form 4 documents purchases only and does not report any sales or transactions that indicate a change in control.

Who signed the Form 4 for Stahl Murray?

The form was executed by /s/ Jay Kesslen, attorney-in-fact on 09/12/2025 for the reporting person.