RCG Form 4: Insider Murray Stahl Acquires 1,134 Shares at $2.61

Rhea-AI Filing Summary

Insider purchases by Murray Stahl at RENN Fund, Inc. (RCG) The filing shows Murray Stahl, identified as President/Co-Portfolio Manager and a director, acquired a series of non-derivative shares on 10/01/2025. The reported transactions are purchases (code P) at a price of $2.61 per share and total 1,134 shares acquired across multiple accounts. Mr. Stahl holds 114,610 shares directly, and additional indirect holdings are reported through several entities, the largest being 329,952 shares via FRMO CORP. The filing includes a standard disclaimer that Mr. Stahl disclaims beneficial ownership of indirect accounts except to the extent of any pecuniary interest.

Positive

• Reporting person purchased shares on 10/01/2025, totaling 1,134 shares at $2.61, indicating insider buying activity
• Direct holding of 114,610 shares is explicitly reported, showing substantial aligned ownership

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases of 1,134 shares at $2.61 by a senior executive and director; holdings include 114,610 direct shares and large indirect positions.

The transactions are straightforward open-market purchases executed on 10/01/2025, recorded under transaction code P. The combined purchased quantity of 1,134 shares is explicitly listed and priced at $2.61 each. The report highlights substantial indirect holdings across affiliated entities, most notably 329,952 shares held by FRMO CORP, and a direct holding of 114,610 shares. The filing contains the customary disclaimer that indirect holdings are disclaimed except for any pecuniary interest.

Corporate Governance Expert

TL;DR: Routine Section 16 disclosure showing insider purchases and standard beneficial ownership disclaimers; no governance red flags disclosed.

The Form 4 is signed by an attorney-in-fact and reports multiple non-derivative acquisitions by a named officer/director on a single date. The filing documents both direct and multiple indirect ownership paths and includes the standard note disclaiming beneficial ownership of indirect accounts. There are no departures, amendments, or other governance actions reported in this form.

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).

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)
10/01/2025

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	10/01/2025		P		360	A	$2.61	114,610	D
Common Stock	10/01/2025		P		18	A	$2.61	3,680(1)	I	SPOUSE
Common Stock	10/01/2025		P		180	A	$2.61	115,068(1)(2)	I	FROMEX EQUITY CORP
Common Stock	10/01/2025		P		180	A	$2.61	300,320(1)(2)	I	FRMO CORP
Common Stock	10/01/2025		P		296	A	$2.61	329,952(1)(2)	I	HORIZON COMMON INC.
Common Stock	10/01/2025		P		18	A	$2.61	9,756(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	10/01/2025		P		82	A	$2.61	58,100(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 114,610 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	10/02/2025
	** 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 transactions did Murray Stahl report on Form 4 for RCG?

The filing reports multiple purchases on 10/01/2025 (transaction code P) totaling 1,134 common shares at $2.61 per share.

How many shares does Murray Stahl hold directly according to the filing?

The filing states Mr. Stahl directly holds 114,610 shares of RENN Fund, Inc. common stock.

Are there indirect holdings disclosed for Murray Stahl in the Form 4?

Yes. The Form 4 lists multiple indirect holdings through entities and accounts, including 329,952 shares via FRMO CORP and other affiliated accounts.

What price were the reported shares purchased at in the Form 4?

All reported purchases are shown at a price of $2.61 per share.

Who signed the Form 4 filing for Murray Stahl?

The form is executed by /s/ Jay Kesslen, attorney-in-fact with a signature date of 10/02/2025.