Murray Stahl (RCG) adds RENN Fund common stock through direct and indirect buys

Rhea-AI Filing Summary

RENN Fund, Inc. insider activity: President and Co-Portfolio Manager Murray Stahl, who is also a 10% owner of RENN Fund, Inc. (RCG), reported multiple open-market purchases of common stock on January 14, 2026 at a price of $2.68 per share.

The filing shows a direct purchase of 360 shares, bringing his directly held position to 140,534 common shares. Additional purchases were made in various indirect accounts, including 18 shares held through his spouse and separate blocks of shares held through entities such as Fromex Equity Corp., FRMO Corp., Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC.

The footnotes state that shares in each indirect account are reported with Murray Stahl disclaiming beneficial ownership except to the extent of his pecuniary interest, if any, and clarify that the indirect figures do not include the 140,534 shares he holds directly.

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
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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).

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)

C/O HORIZON KINETICS LLC

470 PARK AVE S 8TH FL S

(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)
01/14/2026

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	01/14/2026		P		360	A	$2.68	140,534	D
Common Stock	01/14/2026		P		18	A	$2.68	4,976(1)	I	Spouse
Common Stock	01/14/2026		P		180	A	$2.68	128,028(1)(2)	I	Fromex Equity Corp.
Common Stock	01/14/2026		P		180	A	$2.68	313,280(1)(2)	I	FRMO Corp.
Common Stock	01/14/2026		P		296	A	$2.68	351,282(1)(2)	I	Horizon Common Inc.
Common Stock	01/14/2026		P		18	A	$2.68	11,052(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	01/14/2026		P		82	A	$2.68	64,006(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 140,534, 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	01/15/2026
	** 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 insider transaction did RENN Fund, Inc. (RCG) report on this Form 4?

The Form 4 reports that Murray Stahl, President/Co-Portfolio Manager and a 10% owner of RENN Fund, Inc., recorded multiple open-market purchases of the company’s common stock on January 14, 2026 at a price of $2.68 per share.

How many RENN Fund (RCG) shares did Murray Stahl hold directly after the reported transaction?

After the direct purchase of 360 common shares at $2.68 on January 14, 2026, Murray Stahl directly held 140,534 shares of RENN Fund, Inc. common stock.

Were there indirect RENN Fund (RCG) holdings reported for Murray Stahl?

Yes. The filing lists indirect ownership of RENN Fund, Inc. common stock through several accounts, including 4,976 shares held via his spouse and other indirect positions through entities such as Fromex Equity Corp., FRMO Corp., Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC, each with its own reported share balance following the January 14, 2026 purchases.

What does Murray Stahl’s disclaimer of beneficial ownership in the RCG Form 4 mean?

The footnotes explain that for each indirect account, Murray Stahl disclaims beneficial ownership of the RENN Fund, Inc. shares except to the extent of his pecuniary interest, if any. This means he reports the positions but does not claim full beneficial ownership of those indirectly held shares beyond any economic interest he may have.

What role does Murray Stahl hold at RENN Fund, Inc. (RCG)?

According to the filing, Murray Stahl is an officer of RENN Fund, Inc., serving as President/Co-Portfolio Manager, and he is also identified as a 10% owner of the issuer.

Were any derivative securities reported in this RENN Fund (RCG) Form 4 filing?

No derivative securities are listed as acquired, disposed of, or beneficially owned in Table II. The reported activity relates only to non-derivative common stock transactions on January 14, 2026.