RENN Fund (RCG) co-manager buys shares as filing discloses his death

Rhea-AI Filing Summary

RENN Fund, Inc. insider filings show a net open-market purchase of 1,134 shares of common stock on April 7, 2026 at $3.24 per share, spread across direct and several indirect accounts associated with President and co-portfolio manager Murray Stahl and related entities.

After these trades, one filing shows 160,688 shares held directly by Mr. Stahl and additional indirect holdings, including accounts such as his spouse, Fromex Equity Corp., FRMO Corp., Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC.

A footnote states that Mr. Stahl, a co-manager of the fund and ten percent owner, passed away unexpectedly on April 7, 2026, and that shares owned directly by him and his wife will no longer be subject to Section 16 reporting in future filings. He also disclaims beneficial ownership of the indirect accounts except to the extent of any pecuniary interest.

Positive

• None.

Negative

• Unexpected death of key co-manager and ten percent owner: A footnote states that Murray Stahl, a co-manager of RENN Fund, Inc. and significant holder, passed away unexpectedly on April 7, 2026, creating leadership and oversight transition risk for the fund.

Insights

Corporate governance and insider activity analyst

Small insider buys are routine, but the co-manager’s disclosed death is a significant leadership event.

The filing shows a series of open-market purchases totaling 1,134 common shares at $3.24 on April 7, 2026. These trades are split between Murray Stahl’s direct account and several related entities and accounts, including his spouse and multiple corporate vehicles, plus Horizon Kinetics Asset Management LLC.

In isolation, this scale of insider buying is modest and looks like routine portfolio activity rather than a thesis-changing move. However, a footnote reveals that Mr. Stahl, a co-manager of the fund and a ten percent owner, passed away unexpectedly on the same date. That represents a material change in leadership and potentially in investment oversight.

The disclosure also clarifies that directly owned shares by Mr. Stahl and his wife will no longer be reported under Section 16, and that he disclaims beneficial ownership of indirectly held shares beyond any pecuniary interest. Subsequent company communications and regulatory filings will be important to understand succession arrangements and how portfolio management responsibilities are reallocated following his death.

Insider Trade Summary

Net Buyer: 1,134 shares ($3,674)

Net Buy 7 txns

Insider STAHL MURRAY, HORIZON KINETICS ASSET MANAGEMENT LLC

Role President/Co-Portfolio Manager | 10% Owner

Bought 1,134 shs ($4K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	360	$3.24	$1K
Purchase	Common Stock	18	$3.24	$58.32
Purchase	Common Stock	180	$3.24	$583.20
Purchase	Common Stock	180	$3.24	$583.20
Purchase	Common Stock	296	$3.24	$959.04
Purchase	Common Stock	18	$3.24	$58.32
Purchase	Common Stock	82	$3.24	$265.68

Holdings After Transaction: Common Stock — 160,688 shares (Direct); Common Stock — 5,984 shares (Indirect, Spouse)

Footnotes (1)

1. On April 7, 2026, Mr. Stahl, a co-manager of the Issuer, passed away unexpectedly. As such, shares that are owned directly by Mr. Stahl and his wife are no longer subject to Section 16 reporting and will not be included in future filings. This figure does not include 160,688 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.

Key Figures

Total shares purchased: 1,134 shares Purchase price: $3.24 per share Direct holdings after trade: 160,688 shares +4 more

7 metrics

Total shares purchased 1,134 shares Open-market purchases on April 7, 2026

Purchase price $3.24 per share Price for each common stock trade on April 7, 2026

Direct holdings after trade 160,688 shares Shares held directly by Murray Stahl following transaction

Fromex Equity Corp. holdings 138,108 shares Indirect account balance after April 7, 2026 purchase

FRMO Corp. holdings 323,360 shares Indirect account balance after April 7, 2026 purchase

Horizon Common Inc. holdings 367,858 shares Indirect account balance after April 7, 2026 purchase

Horizon Kinetics Asset Management LLC holdings 68,598 shares Indirect account balance after April 7, 2026 purchase

Key Terms

Section 16 reporting, ten percent owner, beneficial ownership, pecuniary interest, +1 more

5 terms

Section 16 reporting regulatory

"shares that are owned directly by Mr. Stahl and his wife are no longer subject to Section 16 reporting"

ten percent owner regulatory

"is_ten_percent_owner": 1"

beneficial ownership financial

"Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership except to the extent of his pecuniary interest, if any"

indirect ownership financial

"For each indirect account, Mr. Stahl disclaims beneficial ownership"

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)

C/O HORIZON KINETICS LLC

470 PARK AVE S 8TH FL S

(Street)

NEW YORK NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	04/07/2026		P		360	A	$3.24	160,688	D(1)
Common Stock	04/07/2026		P		18	A	$3.24	5,984(2)	I	Spouse
Common Stock	04/07/2026		P		180	A	$3.24	138,108(2)(3)	I	Fromex Equity Corp.
Common Stock	04/07/2026		P		180	A	$3.24	323,360(2)(3)	I	FRMO Corp.
Common Stock	04/07/2026		P		296	A	$3.24	367,858(2)(3)	I	Horizon Common Inc.
Common Stock	04/07/2026		P		18	A	$3.24	12,060(2)(3)	I	Horizon Kinetics Hard Assets LLC
Common Stock	04/07/2026		P		82	A	$3.24	68,598(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

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 NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President/Co-Portfolio Manager

1. Name and Address of Reporting Person^*

HORIZON KINETICS ASSET MANAGEMENT LLC

(Last) (First) (Middle)

470 PARK AVENUE SOUTH

4TH FLOOR SOUTH

(Street)

NEW YORK NEW YORK 10016

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. On April 7, 2026, Mr. Stahl, a co-manager of the Issuer, passed away unexpectedly. As such, shares that are owned directly by Mr. Stahl and his wife are no longer subject to Section 16 reporting and will not be included in future filings.

2. This figure does not include 160,688 shares held directly by Mr. Stahl.

3. For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.

	Jay Kesslen, attorney-in-fact	04/09/2026
	** 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.
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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did RENN Fund (RCG) report on April 7, 2026?

The filing reports open-market purchases of a total of 1,134 common shares on April 7, 2026 at $3.24 per share. These trades occurred across Murray Stahl’s direct holdings and several indirect accounts linked to him and related entities.

Who is the insider involved in the latest RENN Fund (RCG) Form 4?

The Form 4 centers on Murray Stahl, President and co-portfolio manager of RENN Fund, Inc., and a ten percent owner, along with Horizon Kinetics Asset Management LLC, also listed as a ten percent owner and indirect holder of RENN Fund common stock.

How many RENN Fund (RCG) shares did insiders hold after these transactions?

After the April 7, 2026 trades, the filing shows 160,688 shares held directly by Murray Stahl. Indirect accounts report balances such as 138,108 shares at Fromex Equity Corp. and 323,360 shares at FRMO Corp., among other related entities.

What price did RENN Fund (RCG) insiders pay for the purchased shares?

Each reported transaction on April 7, 2026 was executed at $3.24 per share for RENN Fund common stock. This uniform price applied to all seven open-market purchases across the direct account and the various indirect accounts associated with Murray Stahl and related entities.

What does the RENN Fund (RCG) filing say about Murray Stahl’s death and Section 16 reporting?

A footnote states that Murray Stahl passed away unexpectedly on April 7, 2026. It adds that shares owned directly by him and his wife will no longer be subject to Section 16 reporting and therefore will not be included in future insider ownership filings for the fund.

How does the RENN Fund (RCG) filing describe beneficial ownership of indirect accounts?

The filing explains that for each indirect account, Murray Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any. This means his economic interest is acknowledged, but legal or voting control over those indirect holdings is more limited.