Insider purchase: RENN Fund (RCG) director Murray Stahl reports buys at $2.58

Rhea-AI Filing Summary

Murray Stahl, listed on the form as a Director and identifying the title President/Co-Portfolio Manager, reported multiple purchases of RENN Fund, Inc. (RCG) common stock on 08/12/2025 at a price of $2.58 per share. The filing lists a direct purchase of 356 shares resulting in 102,106 shares owned directly and several indirect acquisitions recorded across affiliated accounts (spouse and multiple Horizon/Fromex/FRMO entities).

The Form shows the post-transaction beneficial ownership totals for each indirect account and includes a footnote disclaiming beneficial ownership of those indirect accounts except to the extent of any pecuniary interest. All reported transactions are purchases coded as "P" on the Form 4 and no derivatives were reported.

Insights

Securities Analyst

TL;DR: Insider purchases reported across direct and indirect accounts at $2.58, but amounts are small relative to reported holdings.

The Form 4 documents routine open-market purchases on 08/12/2025 at $2.58 per share, with a direct acquisition of 356 shares and additional purchases allocated to indirect accounts, where the filing lists the resulting beneficial ownership levels. From a securities-analyst perspective, these transactions are transparent and properly disclosed; they update the market on insider accumulation by a director and officer. The filing includes a standard disclaimer regarding indirect holdings and notes no derivative instruments were reported, which simplifies assessment of economic exposure.

Corporate Governance Expert

TL;DR: Disclosure is complete for reported purchases; relationships and indirect ownership are explicitly identified.

The Form 4 identifies the reporting person as a director and provides the officer title. It itemizes purchases across direct and several indirect accounts and reports post-transaction beneficial ownership for each account. The explanatory footnote disclaiming beneficial ownership except for pecuniary interest is standard for affiliated accounts. There are no indications in the form of departures from Section 16 reporting norms or of complex derivatives that would obscure insider exposure.

Insider Trade Summary

Net Buyer: 1,130 shares ($2,915)

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	$2.58	$918.48
Purchase	Common Stock	18	$2.58	$46.44
Purchase	Common Stock	180	$2.58	$464.40
Purchase	Common Stock	180	$2.58	$464.40
Purchase	Common Stock	296	$2.58	$763.68
Purchase	Common Stock	18	$2.58	$46.44
Purchase	Common Stock	82	$2.58	$211.56

Holdings After Transaction: Common Stock — 102,106 shares (Direct); Common Stock — 3,050 shares (Indirect, SPOUSE)

Footnotes (1)

1. This figure does not include 102,106 shares held directly by Mr. Stahl. For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.

Form 4 Insider Transactions: What Each Field Means →

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)
08/12/2025

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	08/12/2025		P		356	A	$2.58	102,106	D
Common Stock	08/12/2025		P		18	A	$2.58	3,050(1)	I	SPOUSE
Common Stock	08/12/2025		P		180	A	$2.58	108,768(1)(2)	I	FROMEX EQUITY CORP
Common Stock	08/12/2025		P		180	A	$2.58	294,020(1)(2)	I	FRMO CORP
Common Stock	08/12/2025		P		296	A	$2.58	319,622(1)(2)	I	HORIZON COMMON INC.
Common Stock	08/12/2025		P		18	A	$2.58	9,126(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	08/12/2025		P		82	A	$2.58	55,230(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 102,106 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	08/13/2025
	** 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 RENN Fund (RCG) Form 4?

Purchases on 08/12/2025 of RCG common stock at $2.58 per share, including a direct purchase of 356 shares and additional purchases allocated to indirect accounts.

How many shares does the Form 4 show Murray Stahl owned directly after the reported transactions?

The Form 4 shows 102,106 shares held directly by Mr. Stahl following the reported purchase activity.

Were any derivative securities reported in this RCG Form 4 filing?

No derivative securities were reported in Table II; only non-derivative common stock purchases appear in Table I.

Which indirect accounts are named in the RCG Form 4 and how are they described?

Indirect accounts named include spouse, FROMEX EQUITY CORP, FRMO CORP, HORIZON COMMON INC., Horizon Kinetics Hard Assets LLC, and HORIZON KINETICS ASSET MANAGEMENT LLC; the filer disclaims beneficial ownership except to the extent of any pecuniary interest.

What price per share is reported for the RCG purchases on the Form 4?

Each reported purchase on the Form 4 is recorded at a price of $2.58 per share.