RCG Form 4: Insider purchases at $2.62–$2.63 across accounts

RENN Fund (RCG) insider activity: Mr. Stahl, an officer (President/Co‑Portfolio Manager), reported open‑market purchases of Common Stock on 11/10/2025 and 11/11/2025 at $2.62 and $2.63 per share, respectively.

Rhea-AI Filing Summary

RENN Fund (RCG) insider activity: Mr. Stahl, an officer (President/Co‑Portfolio Manager), reported open‑market purchases of Common Stock on 11/10/2025 and 11/11/2025 at $2.62 and $2.63 per share, respectively. The filing lists transactions across direct and multiple indirect accounts.

After these trades, direct holdings were 125,054 shares as of 11/11/2025. Additional purchases occurred in accounts attributed to his spouse and entities including Fromex Equity Corp, FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC. The filing notes that Mr. Stahl disclaims beneficial ownership of indirect accounts except to the extent of his pecuniary interest.

Insider Trade Summary

Net Buyer: 2,268 shares

Net Buy 14 txns

Insider STAHL MURRAY

Role President/Co-Portfolio Manager

Bought 2,268 shs ($6K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	360	$2.63	$946.80
Purchase	Common Stock	18	$2.63	$47.34
Purchase	Common Stock	180	$2.63	$473.40
Purchase	Common Stock	180	$2.63	$473.40
Purchase	Common Stock	296	$2.63	$778.48
Purchase	Common Stock	18	$2.63	$47.34
Purchase	Common Stock	82	$2.63	$215.66
Purchase	Common Stock	360	$2.62	$943.20
Purchase	Common Stock	18	$2.62	$47.16
Purchase	Common Stock	180	$2.62	$471.60
Purchase	Common Stock	180	$2.62	$471.60
Purchase	Common Stock	296	$2.62	$775.52
Purchase	Common Stock	18	$2.62	$47.16
Purchase	Common Stock	82	$2.62	$214.84

Holdings After Transaction: Common Stock — 125,054 shares (Direct); Common Stock — 4,202 shares (Indirect, SPOUSE); Common Stock — 120,288 shares (Indirect, FROMEX EQUITY CORP); Common Stock — 305,540 shares (Indirect, FRMO CORP); Common Stock — 338,554 shares (Indirect, HORIZON COMMON INC.); Common Stock — 10,278 shares (Indirect, Horizon Kinetics Hard Assets LLC); Common Stock — 60,480 shares (Indirect, HORIZON KINETICS ASSET MANAGEMENT LLC)

Footnotes (3)

1. F1. This figure does not include 124,694 shares held directly by Mr. Stahl.
2. F2. For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.
3. F3. This figure does not include 125,054 shares held directly by Mr. Stahl.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did RCG’s insider report on Form 4?

Mr. Stahl reported open‑market purchases of RENN Fund (RCG) Common Stock on 11/10/2025 at $2.62 and on 11/11/2025 at $2.63 across direct and indirect accounts.

How many RCG shares did the insider hold directly after the latest transaction?

Direct holdings were 125,054 shares as of 11/11/2025.

Which affiliated or related accounts also bought RCG shares?

Purchases were attributed to accounts for his spouse, Fromex Equity Corp, FRMO Corp, Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC.

What prices were paid for the RCG shares?

Shares were bought at $2.62 on 11/10/2025 and $2.63 on 11/11/2025.

Does the filing claim full beneficial ownership of indirect accounts?

No. It states Mr. Stahl disclaims beneficial ownership of indirect accounts except to the extent of his pecuniary interest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/12/2025 - 12:41 PM Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

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)
11/10/2025

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	11/10/2025		P		360	A	$2.62	124,694	D
Common Stock	11/10/2025		P		18	A	$2.62	4,184(1)	I	SPOUSE
Common Stock	11/10/2025		P		180	A	$2.62	120,108(1)(2)	I	FROMEX EQUITY CORP
Common Stock	11/10/2025		P		180	A	$2.62	305,360(1)(2)	I	FRMO CORP
Common Stock	11/10/2025		P		296	A	$2.62	338,258(1)(2)	I	HORIZON COMMON INC.
Common Stock	11/10/2025		P		18	A	$2.62	10,260(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	11/10/2025		P		82	A	$2.62	60,398(1)(2)	I	HORIZON KINETICS ASSET MANAGEMENT LLC
Common Stock	11/11/2025		P		360	A	$2.63	125,054	D
Common Stock	11/11/2025		P		18	A	$2.63	4,202(3)	I	SPOUSE
Common Stock	11/11/2025		P		180	A	$2.63	120,288(2)(3)	I	FROMEX EQUITY CORP
Common Stock	11/11/2025		P		180	A	$2.63	305,540(2)(3)	I	FRMO CORP
Common Stock	11/11/2025		P		296	A	$2.63	338,554(2)(3)	I	HORIZON COMMON INC.
Common Stock	11/11/2025		P		18	A	$2.63	10,278(2)(3)	I	Horizon Kinetics Hard Assets LLC
Common Stock	11/11/2025		P		82	A	$2.63	60,480(2)(3)	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 124,694 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.

3. This figure does not include 125,054 shares held directly by Mr. Stahl.

	/s/ Jay Kesslen, attorney-in-fact	11/12/2025
	** 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.
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.