RENN Fund president buys RCG shares in market

RENN Fund, Inc. President and Co-Portfolio Manager Murray Stahl, who is also a more than ten percent owner, reported multiple open-market purchases of the company’s common stock.

Rhea-AI Filing Summary

RENN Fund, Inc. President and Co-Portfolio Manager Murray Stahl, who is also a more than ten percent owner, reported multiple open-market purchases of the company’s common stock.

On March 20, 2026, he and related accounts bought a total of 1,134 shares at $3.26 per share across seven transactions. These included both direct purchases in his own name and indirect purchases through his spouse and several affiliated entities. A footnote states that, for each indirect account, he disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

Net Buyer: 1,134 shares

Net Buy 7 txns

Insider STAHL MURRAY

Role President/Co-Portfolio Manager

Bought 1,134 shs ($4K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	360	$3.26	$1K
Purchase	Common Stock	18	$3.26	$58.68
Purchase	Common Stock	180	$3.26	$586.80
Purchase	Common Stock	180	$3.26	$586.80
Purchase	Common Stock	296	$3.26	$964.96
Purchase	Common Stock	18	$3.26	$58.68
Purchase	Common Stock	82	$3.26	$267.32

Holdings After Transaction: Common Stock — 156,734 shares (Direct); Common Stock — 5,786 shares (Indirect, Spouse); Common Stock — 136,128 shares (Indirect, Fromex Equity Corp.); Common Stock — 321,380 shares (Indirect, FRMO Corp.); Common Stock — 364,602 shares (Indirect, Horizon Common Inc.); Common Stock — 11,862 shares (Indirect, Horizon Kinetics Hard Assets LLC); Common Stock — 67,696 shares (Indirect, Horizon Kinetics Asset Management LLC)

Footnotes (2)

1. F1. This figure does not include 156,374 shares held directly by Mr. Stahl.
2. F2. For each indirect account, Mr. Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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

The filing reports that President and Co-Portfolio Manager Murray Stahl and related accounts made several open-market purchases of RENN Fund common stock. These transactions occurred on March 20, 2026 and involved both his direct holdings and multiple indirect ownership accounts.

How many RENN Fund (RCG) shares did Murray Stahl and related accounts buy?

They purchased a combined total of 1,134 shares of RENN Fund common stock. The total reflects seven separate open-market transactions spread across Stahl’s direct holdings, his spouse’s account, and several affiliated entities listed in the filing.

At what price were the RENN Fund (RCG) shares purchased in this Form 4?

All reported purchases were made at a price of $3.26 per share. Each of the seven transactions in the filing, whether direct or through indirect accounts, shows the same per‑share purchase price for the RENN Fund common stock.

Which accounts or entities bought RENN Fund (RCG) shares in this insider filing?

Shares were bought directly by Murray Stahl and indirectly through his spouse, Fromex Equity Corp., FRMO Corp., Horizon Common Inc., Horizon Kinetics Hard Assets LLC, and Horizon Kinetics Asset Management LLC, as specifically identified in the individual transaction records.

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

A footnote 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 in those accounts may be limited, even though transactions are reported under his name.

What is Murray Stahl’s role and ownership status at RENN Fund (RCG)?

He is identified as President and Co-Portfolio Manager of RENN Fund and is also listed as a more than ten percent owner. This combination of executive role and significant ownership makes his trading activity particularly notable for regulatory disclosure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/23/2026 - 11:08 AM Learn about SEC filing dates

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)
03/20/2026

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

X	Form filed by One Reporting Person
	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	03/20/2026		P		360	A	$3.26	156,734	D
Common Stock	03/20/2026		P		18	A	$3.26	5,786(1)	I	Spouse
Common Stock	03/20/2026		P		180	A	$3.26	136,128(1)(2)	I	Fromex Equity Corp.
Common Stock	03/20/2026		P		180	A	$3.26	321,380(1)(2)	I	FRMO Corp.
Common Stock	03/20/2026		P		296	A	$3.26	364,602(1)(2)	I	Horizon Common Inc.
Common Stock	03/20/2026		P		18	A	$3.26	11,862(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	03/20/2026		P		82	A	$3.26	67,696(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 156,374 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	03/23/2026
	** 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)