Murray Stahl of RENN Fund (RCG) reports new insider share purchases

Rhea-AI Filing Summary

RENN Fund, Inc. insider activity: President and Co-Portfolio Manager Murray Stahl, who is also a 10% owner, reported multiple open-market purchases of RENN Fund common stock on January 20, 2026 at a price of $2.69 per share.

The filing shows a purchase of 360 shares held directly, bringing his directly held position to 141,614 common shares18 shares held by his spouse, and purchases 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 updated post-transaction share balances.

The footnotes state that for each indirect account, Stahl disclaims beneficial ownership except to the extent of any pecuniary interest.

01/21/2026 - 11:12 AM

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

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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)
01/20/2026

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	01/20/2026		P		360	A	$2.69	141,614	D
Common Stock	01/20/2026		P		18	A	$2.69	5,030(1)	I	Spouse
Common Stock	01/20/2026		P		180	A	$2.69	128,568(1)(2)	I	Fromex Equity Corp.
Common Stock	01/20/2026		P		180	A	$2.69	313,820(1)(2)	I	FRMO Corp.
Common Stock	01/20/2026		P		296	A	$2.69	352,170(1)(2)	I	Horizon Common Inc.
Common Stock	01/20/2026		P		18	A	$2.69	11,106(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	01/20/2026		P		82	A	$2.69	64,252(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 141,614 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	01/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider activity did RENN Fund (RCG) report in this Form 4?

The Form 4 reports that Murray Stahl, President/Co-Portfolio Manager and a 10% owner of RENN Fund, Inc., recorded several open-market purchases of common stock on January 20, 2026 at $2.69 per share, both directly and through various indirect accounts.

How many RENN Fund (RCG) shares does Murray Stahl now hold directly?

After the reported direct purchase of 360 common shares at $2.69 per share on January 20, 2026, the Form 4 shows 141,614 common shares held in his direct ownership.

Which indirect accounts related to Murray Stahl bought RENN Fund (RCG) shares?

Indirect purchases of RENN Fund common stock at $2.69 per share are reported for accounts identified as Fromex Equity Corp., FRMO Corp., Horizon Common Inc., Horizon Kinetics Hard Assets LLC, Horizon Kinetics Asset Management LLC, and an account labeled Spouse, each with its own updated share balance.

What does the Form 4 say about Murray Stahls beneficial ownership of RENN Fund (RCG) indirect accounts?

The footnotes explain that for each indirect account, Murray Stahl disclaims beneficial ownership of the shares except to the extent of his pecuniary interest, if any, clarifying how his economic stake in those entities should be viewed.

At what price were the reported RENN Fund (RCG) insider purchases made?

All of the reported transactions in the Form 4 show purchases of RENN Fund common stock at a price of $2.69 per share on January 20, 2026, across both direct and indirect accounts.

Is Murray Stahl considered an insider and major holder of RENN Fund (RCG)?

Yes. The Form 4 identifies Murray Stahl as an officer of RENN Fund, serving as President/Co-Portfolio Manager, and as a 10% owner, making him a Section 16 reporting person for the company.