STAHL MURRAY 4

What Happened
Murray Stahl, a disclosed 10% owner of RENN Fund, acquired a total of 1,134 shares in multiple open-market purchases on January 20, 2026. The trades were executed in several lots at $2.69 per share, for an aggregate cash outlay of roughly $3,050. These were purchases (not sales or option exercises), which are generally interpreted as incremental insider buying rather than liquidity events.

Key Details

• Transaction date: January 20, 2026; filing date: January 21, 2026 (Form 4).
• Trade details: seven open-market purchases totaling 1,134 shares at $2.69 per share (~$3,050 total).
• Transaction code: P (purchase).
• Holdings note (footnotes from filing): the filing states it does not include 141,614 shares held directly by Mr. Stahl (F1). For indirect accounts, Mr. Stahl disclaims beneficial ownership except to the extent of any pecuniary interest (F2).
• Timeliness: filed the next business day (appears timely).

Context
These were small, multiple open-market buys rather than option exercises, grants, or gifts. As a 10% owner, Mr. Stahl is a significant shareholder; however, the dollar amount here is modest relative to his disclosed direct holdings (141,614 shares), so this appears to be a minor incremental purchase rather than a material change in stake.