RENN Fund president buys RCG shares in open market

RENN Fund, Inc. President and Co-Portfolio Manager Murray Stahl reported multiple open-market purchases of RENN Fund common stock at $3.25 per share.

Rhea-AI Filing Summary

RENN Fund, Inc. President and Co-Portfolio Manager Murray Stahl reported multiple open-market purchases of RENN Fund common stock at $3.25 per share. The transactions total 1,134 shares across direct and several indirect accounts, including spouse and entities such as Fromex Equity Corp., FRMO Corp., Horizon Common Inc., and Horizon Kinetics firms.

After these trades, reported holdings include 158,534 shares held directly, with additional shares held through the indirect accounts. Footnotes state that Stahl disclaims beneficial ownership of the indirect holdings 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	$3.25	$1K
Purchase	Common Stock	18	$3.25	$58.50
Purchase	Common Stock	180	$3.25	$585.00
Purchase	Common Stock	180	$3.25	$585.00
Purchase	Common Stock	296	$3.25	$962.00
Purchase	Common Stock	18	$3.25	$58.50
Purchase	Common Stock	82	$3.25	$266.50

Holdings After Transaction: Common Stock — 158,534 shares (Direct); Common Stock — 5,876 shares (Indirect, Spouse); Common Stock — 137,028 shares (Indirect, Fromex Equity Corp.); Common Stock — 322,280 shares (Indirect, FRMO Corp.); Common Stock — 366,082 shares (Indirect, Horizon Common Inc.); Common Stock — 11,952 shares (Indirect, Horizon Kinetics Hard Assets LLC); Common Stock — 68,106 shares (Indirect, Horizon Kinetics Asset Management LLC)

Footnotes (2)

1. F1. This figure does not include 158,534 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.

Key Figures

Total shares bought: 1,134 shares Purchase price: $3.25 per share Direct holdings after trade: 158,534 shares +4 more

7 metrics

Total shares bought 1,134 shares Net open-market purchases on 2026-03-27

Purchase price $3.25 per share Price for all reported common stock purchases

Direct holdings after trade 158,534 shares Shares held directly by Murray Stahl after transactions

Spouse account holdings 5,876 shares Indirect spouse ownership after purchasing 18 shares

Fromex Equity Corp. holdings 137,028 shares Indirect holdings after purchasing 180 shares

FRMO Corp. holdings 322,280 shares Indirect holdings after purchasing 180 shares

Horizon Common Inc. holdings 366,082 shares Indirect holdings after purchasing 296 shares

Key Terms

open-market purchase, indirect, beneficial ownership, pecuniary interest

4 terms

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

indirect financial

""direct_or_indirect": "I", "nature_of_ownership""

beneficial ownership financial

"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"

FAQ

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

What did Murray Stahl report in this RENN Fund (RCG) Form 4 filing?

Murray Stahl reported open-market purchases of RENN Fund common stock totaling 1,134 shares at $3.25 per share. These buys span his direct account and several indirect accounts associated with his spouse and related entities, increasing reported share holdings across those accounts.

At what price did Murray Stahl buy RENN Fund (RCG) shares?

All reported purchases were made at $3.25 per share. This single transaction price applied to each trade across Stahl’s direct account and the various indirect accounts, including spouse and affiliated entities, as disclosed in the Form 4 insider transaction details.

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

Following the reported transactions, Murray Stahl’s direct holdings total 158,534 shares of RENN Fund common stock. This figure reflects only the shares held in his own name and excludes additional shares held through spouse and other indirect entities referenced in the filing.

Which indirect accounts bought RENN Fund (RCG) shares in this filing?

Indirect accounts include holdings labeled for Spouse, Fromex Equity Corp., FRMO Corp., Horizon Common Inc., and Horizon Kinetics entities. Each account purchased small blocks of RENN Fund shares, with Stahl disclaiming beneficial ownership except for any pecuniary interest.

How many RENN Fund (RCG) shares were purchased for indirect accounts?

Indirect accounts together acquired several small lots, including 18 shares for a spouse account and blocks of 180, 180, 296, 18, and 82 shares for the various corporate and LLC accounts. All these trades occurred at $3.25 per share on the same transaction date.

Does Murray Stahl claim full beneficial ownership of all RENN Fund (RCG) indirect holdings?

No. A footnote states that for each indirect account, Murray Stahl disclaims beneficial ownership except to the extent of his pecuniary interest, if any. This means the indirect holdings legally belong to those entities, even though they are reported in connection with him.

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

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Accepted by SEC EDGAR 03/30/2026 - 12:58 PM 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)
03/27/2026

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	03/27/2026		P		360	A	$3.25	158,534	D
Common Stock	03/27/2026		P		18	A	$3.25	5,876(1)	I	Spouse
Common Stock	03/27/2026		P		180	A	$3.25	137,028(1)(2)	I	Fromex Equity Corp.
Common Stock	03/27/2026		P		180	A	$3.25	322,280(1)(2)	I	FRMO Corp.
Common Stock	03/27/2026		P		296	A	$3.25	366,082(1)(2)	I	Horizon Common Inc.
Common Stock	03/27/2026		P		18	A	$3.25	11,952(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	03/27/2026		P		82	A	$3.25	68,106(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 158,534 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	03/30/2026
	** 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)