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RENN Fund, Inc. (RCG) has mailed its Definitive Proxy Statement for the Annual Meeting scheduled for 2:00 p.m. EST on Thursday, 18 September 2025. The hybrid meeting will be held at Horizon Kinetics Asset Management鈥檚 New York offices and simultaneously via live audio webcast. The record date is 22 July 2025 for the Fund鈥檚 7,015,786 outstanding common shares.

Six voting items are on the agenda:

• Proposals 1-5: Annual election of the entire five-member board鈥擠ouglas J. Cohen (Chair), Russell Cleveland, Alice C. Brennan, Anita L. Allen and Melinda J. Newman鈥攅ach for a one-year term.
• Proposal 6: Ratification of Tait, Weller & Baker LLP as independent auditor for FYE 31 Dec 2025.

Abstentions and broker non-votes are not counted as votes cast on director elections; they carry weight as 鈥渁gainst鈥� only for the auditor ratification. A simple majority of votes cast (directors) or entitled shares present (auditor) is required for approval. Shareholders may vote by Internet, telephone or mailed proxy and can change votes up to 鈥� and during 鈥� the meeting.

Board & Ownership Snapshot. The slate blends long-tenured leadership (Cleveland, since 1994) with recent additions (Allen & Newman, 2024). Independent directors receive $1,800 per meeting; interested directors and officers receive no board fees. Insider and affiliate ownership is significant鈥攄irectors and officers as a group hold 1.91 million shares (27.14%), with President/CEO/CFO Murray Stahl indirectly and directly holding 858,014 shares (12.23%). Outside 5 % holders include Foxhunt Crescent LP (8.82%).

Audit Oversight. The Audit Committee (Cohen, Newman, Allen) has designated all three members as 鈥渇inancial experts.鈥� Tait, Weller & Baker has audited the Fund since 2017; FY 2024 fees were unchanged at $33,000 (audit $29k; tax $4k) and there were no reportable disagreements or non-audit services.

Governance & Committees. In addition to the Audit Committee, the Board maintains Nominating/Corporate Governance and Pricing Committees; each met at least once in 2024 with 100 % attendance. The proxy includes updated committee charters (Appendices A & B) and reiterates the Board鈥檚 emphasis on diversified skills, financial literacy and risk oversight.

Key logistics. Shareholders wishing to attend virtually must pre-register via GoToWebinar; physical attendees will be admitted at the Park Avenue South address. Advance questions may be emailed to [email protected]. The Board unanimously recommends a 鈥淔OR鈥� vote on all six proposals.

On 9 July 2025, Murray Stahl鈥擯resident, Co-Portfolio Manager and 10 % owner of RENN Fund, Inc. (RCG)鈥攆iled a Form 4 detailing open-market purchases of the company鈥檚 common stock.

• Total acquired: 1,132 shares at $2.71 each (approx. $3,070).
• Direct purchase: 360 shares, increasing his direct holding to 93,530 shares.
• Indirect purchases: 772 shares allocated across seven related accounts (spouse and several corporate entities).

After the transactions, Stahl reports beneficial ownership鈥攄irect and indirect鈥攐f roughly 864,752 shares. He disclaims beneficial ownership of the indirect accounts except to the extent of his pecuniary interest.

No sales or derivative transactions were reported. The filing reflects continued insider accumulation, though the size is modest relative to his existing position.

Form 4 highlights: On 07/08/2025, Murray Stahl鈥擯resident, Co-Portfolio Manager, Director and >10% owner of RENN Fund, Inc. (RCG)鈥攔eported a series of open-market purchases at $2.69 per share.

• Direct account: 356 shares acquired, lifting his direct holding to 93,170 shares.
• Indirect accounts: An additional 782 shares were bought across six affiliated entities and a spouse account, bringing their respective post-transaction balances to between 2,600 and 312,210 shares.
• Total shares purchased: 1,138, representing roughly $3.06 k in aggregate consideration.

The filing reiterates that Mr. Stahl disclaims beneficial ownership of indirect shares beyond any pecuniary interest. No derivative transactions were reported.

Take-away: While dollar value is modest, repeated insider buying鈥攅specially by a long-standing control person鈥攃an signal incremental confidence in 搁颁骋鈥檚 outlook.

Form 4 filing for RENN Fund, Inc. (RCG) discloses that Murray Stahl鈥擯resident, Co-Portfolio Manager, Director and 10% owner鈥� purchased an aggregate 1,108 shares of RCG common stock on 07/07/2025 at $2.65 per share. The purchases were made across seven ownership accounts:

• Direct account: 356 shares; new direct balance 92,814 shares
• Spouse: 18 shares; balance 2,582 shares
• Fromex Equity Corp.: 180 shares; balance 104,088 shares*
• FRMO Corp.: 180 shares; balance 289,340 shares*
• Horizon Common Inc.: 274 shares; balance 311,916 shares*
• Horizon Kinetics Hard Assets LLC: 18 shares; balance 8,658 shares*
• Horizon Kinetics Asset Management LLC: 82 shares; balance 53,084 shares*

*Mr. Stahl disclaims beneficial ownership in indirect accounts except to the extent of his pecuniary interest.

Total reported holdings after the transactions equal approximately 862,482 shares across all accounts (92,814 held directly). The filing re-affirms Mr. Stahl鈥檚 status as a 10% owner and contains no dispositions鈥攐nly open-market purchases coded "P." No derivative securities were reported.

For investors, insider buying鈥攑articularly by a senior executive with an existing 10% stake鈥攃an signal confidence in the fund鈥檚 prospects. However, the dollar value (~$2,940) is relatively modest, so the signal should be weighed accordingly.

RENN Fund, Inc. (RCG) 鈥� Form 4 insider activity

On 07/03/2025, Murray Stahl 鈥� the fund鈥檚 President, Co-Portfolio Manager, Director and >10% owner 鈥� disclosed a series of open-market purchases totaling 1,144 common shares at a uniform price of $2.66 per share (鈮� $3.0 thousand aggregate). The trades were allocated across seven accounts: 356 shares bought directly and 788 shares through six affiliated or family accounts, including FRMO Corp., Fromex Equity Corp., Horizon Common Inc., and several Horizon Kinetics entities, plus 18 shares in his spouse鈥檚 account.

Post-transaction, the filing lists 92,458 shares held directly by Mr. Stahl and more than 768 k shares indirectly via related entities, reaffirming his status as a significant insider. No derivative securities were involved, and no sales were reported.

While the dollar amount is modest relative to his existing stake, the continued open-market buying鈥攔ather than option exercises鈥攐ffers a marginally positive signal of management confidence without materially altering the ownership structure.

Epsilon Energy Ltd. (EPSN) 鈥� Form 4 insider filing

Chief Executive Officer and Director Jason Stabell reported the automatic issuance of restricted stock that vested on 1 July 2025. Two separate grants became unrestricted:

• 6,098 common shares from a 1 July 2022 award (footnote 1)
• 18,727 common shares from a 1 July 2023 award (footnote 2)

The transactions are coded 鈥淎鈥� (acquisition) and were executed at $0, reflecting share issuance rather than market purchases.

Following these events, Stabell鈥檚 direct holdings increased to 271,671 common shares. He also reports 470,339 shares held indirectly through an LLC, bringing his total disclosed beneficial ownership to roughly 742,010 shares.

No derivative securities were involved, and there were no dispositions. Because the shares stem from previously approved compensation plans, the filing signals continued equity alignment but does not reflect an incremental cash investment by the insider.

American Shared Hospital Services (AMS) has filed an amended Form 8-K to disclose the compensation package for its recently appointed Chief Executive Officer, Gary Delanois. The compensation committee approved an annual base salary of $425,000, up from $325,000, effective July 2, 2025. In addition, Mr. Delanois is eligible for a performance bonus targeting 50 percent of base salary under the 2025 Variable Compensation Plan. No other changes to employment terms, equity awards, or strategic initiatives were reported.

RENN Fund, Inc. (RCG) 鈥� Insider Form 4 filing dated 07/01/2025

President, Director and >10% owner Murray Stahl disclosed a series of open-market purchases executed on 06/30/2025 at a uniform price of $2.65 per share. In total, 1,108 common shares were acquired across direct and multiple indirect accounts (spouse and affiliated entities). Aggregate cash outlay was roughly $2.9 thousand.

Post-transaction beneficial ownership stands at:

• 91,390 shares held directly
• 766,624 shares held indirectly through FRMO Corp, FROMEX Equity Corp, Horizon entities and spouse accounts (amounts individually itemised in the filing)

No derivative securities were reported. Stahl disclaims beneficial ownership in indirect accounts except for his pecuniary interest.

The purchases modestly increase an already sizeable position but represent <0.2 % of total reported holdings, implying symbolic confidence rather than a material capital commitment. No other corporate events, earnings data or option exercises were disclosed.

Form 4 discloses that Murray Stahl, President, Co-Portfolio Manager and 10% owner of RENN Fund, Inc. (RCG), purchased a total of 1,108 common shares on 06/27/2025 at a uniform price of $2.60 per share. The purchases were spread across his own account (356 shares) and six indirect accounts鈥攊ncluding his spouse and several investment entities he controls鈥攅ach of which added between 18 and 274 shares.

After the transactions, Stahl鈥檚 aggregate beneficial ownership stands at:

• Direct: 91,034 shares
• Spouse: 2,492 shares
• Fromex Equity Corp: 103,188 shares
• FRMO Corp: 288,440 shares
• Horizon Common Inc.: 310,510 shares
• Horizon Kinetics Hard Assets LLC: 8,568 shares
• Horizon Kinetics Asset Management LLC: 52,674 shares

Stahl expressly disclaims beneficial ownership of the indirect shares beyond his pecuniary interest. No derivative security activity was reported.

The filing signals continued insider accumulation, but the incremental share count is minor relative to Stahl鈥檚 existing holdings and 搁颁骋鈥檚 public float. Financial impact appears limited.