Murray Stahl Reports 1,120-Share Purchases in RCG at $2.62

Rhea-AI Filing Summary

Murray Stahl, President, Co-Portfolio Manager and Director, reported purchases of RENN Fund, Inc. (RCG) common stock on 09/24/2025. The Form 4 shows purchases totaling 1,120 shares executed at $2.62 per share. The filing lists multiple direct and indirect holdings following the transactions, including 112,814 shares held directly by Mr. Stahl and additional indirect holdings attributed to spouse and affiliated entities. The report includes a standard disclaimer that Mr. Stahl disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest.

Positive

• Insider purchases totaling 1,120 shares at $2.62 on 09/24/2025, indicating insider buying activity
• Significant existing direct holding reported: 112,814 shares held directly by the reporting person

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider purchases of 1,120 shares at $2.62 signal modest insider accumulation but are small in absolute size versus reported holdings.

The Form 4 documents purchases executed on 09/24/2025 totaling 1,120 shares at $2.62. While the transaction increases the reporting person's stake, the filing also shows Mr. Stahl already holds a substantial direct position (112,814 shares) and sizable indirect positions through affiliated entities. The scale of the purchases is modest relative to existing holdings, so market-impact and valuation implications are limited based solely on this filing.

Corporate Governance Expert

TL;DR: Insider purchase indicates alignment with shareholders but includes typical disclaimers about indirect holdings.

The filing identifies Murray Stahl as a director and officer, reporting both direct and multiple indirect holdings and purchases. The presence of disclaimers for indirect accounts is standard practice. These purchases may reflect personal or firm-level portfolio activity rather than a material change in control or governance. No departures, option exercises, or other governance events are disclosed.

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).

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)
09/24/2025

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	09/24/2025		P		356	A	$2.62	112,814	D
Common Stock	09/24/2025		P		18	A	$2.62	3,590(1)	I	SPOUSE
Common Stock	09/24/2025		P		180	A	$2.62	114,168(1)(2)	I	FROMEX EQUITY CORP
Common Stock	09/24/2025		P		180	A	$2.62	299,420(1)(2)	I	FRMO CORP
Common Stock	09/24/2025		P		286	A	$2.62	328,472(1)(2)	I	HORIZON COMMON INC.
Common Stock	09/24/2025		P		18	A	$2.62	9,666(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	09/24/2025		P		82	A	$2.62	57,690(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 112,814 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	09/25/2025
	** 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 insider transactions did RCG (RENN Fund, Inc.) report on 09/24/2025?

The Form 4 reports insider purchases totaling 1,120 shares of RCG common stock executed at $2.62 per share on 09/24/2025.

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

The reporting person is Murray Stahl, identified as President, Co-Portfolio Manager and a Director of RENN Fund, Inc.

How many shares does Murray Stahl hold directly after the reported transactions?

The filing shows Mr. Stahl holds 112,814 shares directly following the reported transactions.

Are there indirect holdings reported in the RCG Form 4?

Yes. The Form 4 lists multiple indirect holdings through spouse and affiliated entities and includes a disclaimer that Mr. Stahl disclaims beneficial ownership of those indirect accounts except to the extent of any pecuniary interest.

What was the total number of shares acquired in each reported purchase on 09/24/2025?

The Form 4 lists individual purchases of 356, 18, 180, 180, 286, 18, and 82 shares, which sum to 1,120 shares acquired on 09/24/2025.