RCG Insider Buys 1,130 Shares at $2.66 — Murray Stahl (Form 4)

Murray Stahl, a director and President/Co-Portfolio Manager, reported purchases of common stock in RENN Fund, Inc. (RCG) on 08/18/2025.

Rhea-AI Filing Summary

Murray Stahl, a director and President/Co-Portfolio Manager, reported purchases of common stock in RENN Fund, Inc. (RCG) on 08/18/2025. The Form 4 shows purchases totaling 1,130 shares at $2.66 per share. After the reported transactions, Mr. Stahl directly held 103,530 shares. The filing also lists various indirect holdings attributed to related accounts and entities (including a spouse and several corporate/managed accounts) with amounts shown on the form; Mr. Stahl disclaims beneficial ownership of these indirect accounts except to the extent of any pecuniary interest. The Form 4 was signed by attorney-in-fact Jay Kesslen on 08/19/2025.

Positive

• Insider purchases totaling 1,130 shares at $2.66 on 08/18/2025
• Direct holding increased to 103,530 shares, as reported on the Form 4
• Filing appears complete with transaction details, relationships, and signature by attorney-in-fact

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider purchases totaling 1,130 shares at $2.66; increases insider stake but appears non-material to fund size.

The Form 4 documents multiple purchase transactions executed on 08/18/2025 for a combined 1,130 shares at $2.66 each. These purchases increased Mr. Stahl's direct holding to 103,530 shares. For a registered fund, this level of purchase is typically modest in relation to overall outstanding shares; the filing does not present any changes to compensation, grants, or derivative positions. The disclosure of several indirect holdings reflects holdings through related accounts and entities, with a standard disclaimer limiting claimed beneficial ownership. No other material events or financial impacts are stated.

Corporate Governance Expert

TL;DR: Insider acquisition disclosed and properly reported; disclosure includes standard disclaimers on indirect holdings.

The Form 4 is compliant in identifying the reporting person, relationship to the issuer (Director and Officer), transaction dates, codes, prices, and post-transaction holdings. The filing enumerates indirect holdings across multiple related entities and includes the customary disclaimer that beneficial ownership is disclaimed except for pecuniary interest. The signature by an attorney-in-fact is included and dated. There are no indications of atypical trading patterns or undisclosed derivative activity in this filing.

Insider Trade Summary

Net Buyer: 1,130 shares

Net Buy 7 txns

Insider STAHL MURRAY

Role President/Co-Portfolio Manager

Bought 1,130 shs ($3K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	356	$2.66	$946.96
Purchase	Common Stock	18	$2.66	$47.88
Purchase	Common Stock	180	$2.66	$478.80
Purchase	Common Stock	180	$2.66	$478.80
Purchase	Common Stock	296	$2.66	$787.36
Purchase	Common Stock	18	$2.66	$47.88
Purchase	Common Stock	82	$2.66	$218.12

Holdings After Transaction: Common Stock — 103,530 shares (Direct); Common Stock — 3,122 shares (Indirect, SPOUSE); Common Stock — 109,488 shares (Indirect, FROMEX EQUITY CORP); Common Stock — 294,740 shares (Indirect, FRMO CORP); Common Stock — 320,806 shares (Indirect, HORIZON COMMON INC.); Common Stock — 9,198 shares (Indirect, Horizon Kinetics Hard Assets LLC); Common Stock — 55,558 shares (Indirect, HORIZON KINETICS ASSET MANAGEMENT LLC)

Footnotes (2)

1. F1. This figure does not include 103,530 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.

FAQ

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

What did Murray Stahl report on the Form 4 for RCG?

The Form 4 reports that Murray Stahl purchased a total of 1,130 shares of RENN Fund, Inc. (RCG) at $2.66 per share on 08/18/2025.

How many shares does Murray Stahl directly own after the transactions?

After the reported purchases, Mr. Stahl is shown as directly owning 103,530 shares of RCG.

Were any indirect holdings disclosed in the Form 4?

Yes. The filing lists multiple indirect holdings attributed to a spouse and several entities or accounts (with amounts shown on the form), and Mr. Stahl disclaims beneficial ownership of those indirect accounts except to the extent of any pecuniary interest.

When were the transactions executed and when was the Form 4 signed?

The purchases were executed on 08/18/2025, and the Form 4 was signed by attorney-in-fact Jay Kesslen on 08/19/2025.

What price was paid for the RCG shares purchased on 08/18/2025?

All reported purchases on that date were at a price of $2.66 per share.

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

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Accepted by SEC EDGAR 08/19/2025 - 02:15 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)
08/18/2025

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	08/18/2025		P		356	A	$2.66	103,530	D
Common Stock	08/18/2025		P		18	A	$2.66	3,122(1)	I	SPOUSE
Common Stock	08/18/2025		P		180	A	$2.66	109,488(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/18/2025		P		180	A	$2.66	294,740(1)(2)	I	FRMO CORP
Common Stock	08/18/2025		P		296	A	$2.66	320,806(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/18/2025		P		18	A	$2.66	9,198(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/18/2025		P		82	A	$2.66	55,558(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 103,530 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	08/19/2025
	** 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.