Form 4: RENN Fund (RCG) Insider Buys by Murray Stahl Totaling Multiple Lots

Rhea-AI Filing Summary

Murray Stahl, identified as President/Co-Portfolio Manager and Director, reported purchases of RENN Fund, Inc. (RCG) common stock on 09/25/2025. Multiple non-derivative purchases were executed at $2.62 per share across several direct and indirect accounts. Reported amounts following the transactions include 113,170 shares held directly and additional indirect holdings reported for spouse and affiliated entities (examples: 299,600, 328,768, 57,772, 9,684). The filing was signed by an attorney-in-fact on behalf of the reporting person on 09/26/2025. The form disclaims beneficial ownership for the listed indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases disclosed across multiple accounts at a consistent price of $2.62, signaling transparent reporting
• Post-transaction share counts provided for direct and indirect holdings (for example, 113,170 shares directly)

Negative

• Indirect accounts include disclaimers of beneficial ownership except to the extent of pecuniary interest, limiting clarity on control
• No aggregate total of all holdings (direct plus all indirect) is provided in a single summed figure

Insights

Financial Analyst

TL;DR: Insider purchases across multiple accounts at $2.62 per share, increasing direct and indirect holdings; transaction sizes are disclosed precisely.

The filing documents routine open-market purchases on a single date totaling multiple lots reported separately for direct and indirect ownership. Price per share is uniform at $2.62, and the filing provides post-transaction share counts for each account, including 113,170 shares held directly. These disclosures allow investors to track insider accumulation by a senior officer and affiliated entities without commentary on intent or future plans.

Corporate Governance Expert

TL;DR: Proper Section 16 disclosure appears filed promptly and includes required ownership disclaimers for indirect accounts.

The Form 4 shows transactions were reported and the signature was provided by an attorney-in-fact, indicating procedural compliance. The filing includes explicit disclaimer language that the reporting person disclaims beneficial ownership of certain indirect accounts except to the extent of pecuniary interest. That disclosure is important for clarity about control and voting influence but does not quantify any retained or voting rights beyond pecuniary interest.

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).

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)
09/25/2025

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	09/25/2025		P		356	A	$2.62	113,170	D
Common Stock	09/25/2025		P		18	A	$2.62	3,608(1)	I	SPOUSE
Common Stock	09/25/2025		P		180	A	$2.62	114,348(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/25/2025		P		180	A	$2.62	299,600(1)(2)	I	FRMO CORP
Common Stock	09/25/2025		P		296	A	$2.62	328,768(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/25/2025		P		18	A	$2.62	9,684(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/25/2025		P		82	A	$2.62	57,772(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 113,170 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	09/26/2025
	** 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 transactions did Murray Stahl report on the Form 4 for RCG?

The Form 4 reports multiple non-derivative purchases on 09/25/2025 of RENN Fund, Inc. common stock at $2.62 per share across direct and indirect accounts.

How many shares does the filing show Murray Stahl holds directly after the transactions?

The filing shows 113,170 shares held directly by Mr. Stahl following the reported transactions.

Which affiliated or indirect accounts are listed in the Form 4?

The filing lists indirect holdings for a spouse and affiliated entities including FROMEX Equity Corp, FRMO Corp, Horizon Common Inc., and Horizon Kinetics Hard Assets LLC with amounts reported per line.

At what price were the RCG shares purchased according to the filing?

All reported purchases on 09/25/2025 were executed at $2.62 per share.

Was the Form 4 signed and when?

The form was signed by an attorney-in-fact (/s/ Jay Kesslen) on 09/26/2025.