HORIZON KINETICS ASSET MANAGEMENT LLC 4

What Happened
Murray Stahl, a co‑manager of RENN Fund, Inc. and a reported 10% owner, made multiple open‑market purchases on April 7, 2026, acquiring a total of 1,134 shares at $3.24 per share (aggregate ≈ $3,673). These were purchases (transaction code P), which are purchases of stock rather than sales.

Key Details

• Transaction date: April 7, 2026. Price: $3.24 per share. Total shares acquired: 1,134. Approximate total value: $3,673.
• Filing date: April 9, 2026 — appears to be filed within the standard two‑business‑day window for Form 4s.
• Ownership notes from the filing:
  • The filing states it does not include 160,688 shares held directly by Mr. Stahl (footnote F2).
  • Footnote F1 reports that Mr. Stahl passed away unexpectedly on April 7, 2026; shares owned directly by Mr. Stahl and his wife will no longer be subject to Section 16 reporting and will not be included in future filings.
  • Footnote F3: Mr. Stahl disclaims beneficial ownership of shares held in certain indirect accounts except to the extent of any pecuniary interest.
• Transaction type: multiple small open‑market purchases (code P), not exercises, gifts, or awards.

Context
Purchases by insiders can be viewed as a positive signal since they increase the insider’s stake, but filings do not explain motivation. Note that Mr. Stahl was a 10% owner and co‑manager; his reported death on the transaction date changes how his directly held shares will be reported going forward. The filing is factual and does not indicate any derivative activity or sale of shares.