Murray Stahl (RCG) adds 1,134 RENN Fund shares across direct and indirect accounts

Rhea-AI Filing Summary

RENN Fund, Inc. President and 10% owner Murray Stahl reported open-market purchases of 1,134 shares of RENN Fund common stock at $3.18 per share on March 19. The transactions include 360 shares bought in his direct account, bringing his direct holdings to 156,374 shares.

Additional purchases were made through accounts associated with his spouse and entities including Fromex Equity Corp., FRMO Corp., Horizon Common Inc., and Horizon Kinetics entities, with those accounts holding between 5,768 and 364,306 shares each after the trades. Stahl disclaims beneficial ownership of these indirect holdings except to the extent of his pecuniary interest, if any.

Insider Trade Summary

Net Buyer: 1,134 shares ($3,606)

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	$3.18	$1K
Purchase	Common Stock	18	$3.18	$57.24
Purchase	Common Stock	180	$3.18	$572.40
Purchase	Common Stock	180	$3.18	$572.40
Purchase	Common Stock	296	$3.18	$941.28
Purchase	Common Stock	18	$3.18	$57.24
Purchase	Common Stock	82	$3.18	$260.76

Holdings After Transaction: Common Stock — 156,374 shares (Direct); Common Stock — 5,768 shares (Indirect, Spouse)

Footnotes (1)

1. This figure does not include 156,374 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.

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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)
03/19/2026

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	03/19/2026		P		360	A	$3.18	156,374	D
Common Stock	03/19/2026		P		18	A	$3.18	5,768(1)	I	Spouse
Common Stock	03/19/2026		P		180	A	$3.18	135,948(1)(2)	I	Fromex Equity Corp.
Common Stock	03/19/2026		P		180	A	$3.18	321,200(1)(2)	I	FRMO Corp.
Common Stock	03/19/2026		P		296	A	$3.18	364,306(1)(2)	I	Horizon Common Inc.
Common Stock	03/19/2026		P		18	A	$3.18	11,844(1)(2)	I	Horizon Kinetics Hard Assets LLC
Common Stock	03/19/2026		P		82	A	$3.18	67,614(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	03/20/2026
	** 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 for Murray Stahl?

RENN Fund reported that President and 10% owner Murray Stahl made open-market purchases of 1,134 common shares at $3.18 per share. The trades occurred on March 19 and were split between his direct account, his spouse, and several affiliated investment entities.

How many RENN Fund (RCG) shares does Murray Stahl hold directly after these trades?

After the March 19 purchases, Murray Stahl directly holds 156,374 RENN Fund common shares. This figure reflects only his personal account. Separate indirect holdings exist in accounts of his spouse and affiliated entities, which are reported but treated differently for beneficial ownership purposes.

What was the purchase price for Murray Stahl’s RENN Fund (RCG) Form 4 transactions?

All reported purchases were executed at $3.18 per share. The Form 4 shows multiple open-market transactions on March 19, totaling 1,134 shares, across Murray Stahl’s direct account, his spouse’s account, and several investment entities associated with him.

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

Indirect purchases were reported in accounts associated with Murray Stahl’s spouse and entities such as Fromex Equity Corp., FRMO Corp., Horizon Common Inc., and Horizon Kinetics entities. Each account shows its own post-transaction share balance in the Form 4’s non-derivative holdings table.

Does Murray Stahl claim full beneficial ownership of all reported RENN Fund (RCG) shares?

No. The filing states that for each indirect account, Murray Stahl disclaims beneficial ownership of the reported shares except to the extent of his pecuniary interest, if any. This means economic benefit may exist, but voting and ownership are treated more cautiously.

How many RENN Fund (RCG) shares are held in certain indirect accounts after the trades?

Post-transaction balances include 5,768 shares in an account labeled as spouse, 135,948 shares at Fromex Equity Corp., 321,200 shares at FRMO Corp., and 364,306 shares at Horizon Common Inc. These are reported as indirect holdings with a beneficial ownership disclaimer.