RENN Fund (RCG) Director Murray Stahl Reports Multiple Purchases at $2.65

Rhea-AI Filing Summary

Insider purchases of RENN Fund, Inc. (RCG) The filing reports multiple purchases of RENN Fund common stock executed at $2.65 per share. The reporting person, Murray Stahl, acquired 356 shares directly and additional shares indirectly through related entities and accounts, with notable indirect holdings reported for FRMO Corp (323,766 shares), Fromex Equity Corp (296,540 shares), Horizon Kinetics affiliates, and a spouse account. After these purchases the filing lists 107,090 shares held directly by Mr. Stahl and material indirect positions across several entities. The report includes a disclaimer that Mr. Stahl disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases executed at $2.65 per share, indicating accumulation by a director/officer
• Direct holding of 107,090 shares reported for Mr. Stahl after the transactions
• Substantial indirect positions disclosed (e.g., FRMO Corp 323,766 shares, Fromex Equity Corp 296,540 shares) improving transparency

Negative

• None.

Insights

Securities Analyst

TL;DR: Significant insider buying at a low per-share price signals management-side accumulation across multiple affiliated accounts.

The pattern shows repeated purchases at $2.65 per share and aggregate increases in both direct and indirect holdings. Concentrated indirect positions reported in FRMO Corp and Fromex Equity Corp suggest substantial related-party exposure rather than a sole personal stake. For investors, the activity is a material disclosure of insider accumulation but requires context on total outstanding shares and prior holdings to assess magnitude.

Corporate Governance Expert

TL;DR: Multiple purchases disclosed by a director/officer raise governance transparency considerations due to extensive indirect holdings.

The filing identifies Mr. Stahl as a director and officer with purchases routed through several entities and a spouse account. The disclaimer of beneficial ownership for indirect accounts is standard but important; it limits the reporting person’s stated beneficial claim while still revealing related-party positions. This is a material disclosure for shareholder oversight and potential conflicts of interest monitoring.

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)
09/02/2025

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	09/02/2025		P		356	A	$2.65	107,090	D
Common Stock	09/02/2025		P		18	A	$2.65	3,302(1)	I	SPOUSE
Common Stock	09/02/2025		P		180	A	$2.65	111,288(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/02/2025		P		180	A	$2.65	296,540(1)(2)	I	FRMO CORP
Common Stock	09/02/2025		P		296	A	$2.65	323,766(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/02/2025		P		18	A	$2.65	9,378(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/02/2025		P		82	A	$2.65	56,378(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 107,090 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	09/03/2025
	** 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

Who filed the Form 4 for RCG and what is their role?

The Form 4 was filed on behalf of Murray Stahl, who is identified as a Director and Officer (President/Co-Portfolio Manager) of RENN Fund, Inc.

What transactions were reported on this Form 4 for RCG?

Multiple purchases of RENN Fund common stock were reported, including direct and indirect acquisitions at a price of $2.65 per share.

How many shares does the filing show Mr. Stahl directly owns after the transactions?

The filing shows 107,090 shares held directly by Mr. Stahl following the reported transactions.

Which entities hold indirect shares reported in the filing?

Indirect holdings are reported for entities and accounts including Fromex Equity Corp, FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, a spouse account, and Horizon Kinetics Asset Management LLC.

What disclaimer does Mr. Stahl make regarding indirect holdings?

For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of any pecuniary interest.