Gans Frederick 4

4 · Ironwood Institutional Multi-Strategy Fund LLC · Filed Jul 2, 2026

AI-generated summary of this filing

Updated Jul 2, 2026

Ironwood Institutional Multi-Strategy Fund Director Frederick Gans Sells Units

What Happened

Frederick Gans, a director of the fund's investment adviser, reported a sale of 126.334 units (reported as "shares") at $1,306.06 per unit on 2026-07-01, for an aggregate value of about $165,000. The filing reports this as a sale (code S), which is typically a routine disposition rather than a purchase (which would be a more bullish signal).

Key Details

Transaction date and price: 2026-07-01, 126.334 units at $1,306.06 each (aggregate ≈ $165,000).
Filing date: 2026-07-02 — the Form 4 was filed the day after the transaction (timely).
Shares owned after transaction: not specified in the provided summary; see the full Form 4 for exact post-transaction holdings.
Notable footnotes:
- F1: Values shown are based on the most recent calculated NAV per unit (5/31/2026); NAV at the exact transaction date was not yet available.
- F2: Sale price is reported on a per-unit basis here (consistent with the 7/1/2022 Form 4); an earlier 2021 filing reported an aggregate sale value instead.
- F3: Reported holdings reflect units acquired through dividend/capital gains reinvestment (exempt under Rule 16a-11) and adjustments tied to final NAV calculations for prior reported transactions.
- F4: The units are owned in "UBS Financial Services Custodian Frederick M. Gans Traditional IRA" for which Frederick Gans is the beneficiary.

Context

The units are held in an IRA custodian account (not a corporate brokerage account), which is common for personal retirement holdings and can affect how trades are reported.
This was a sale (disposition). For retail investors, purchases by insiders typically signal more about confidence in the company than routine sales; this filing does not by itself indicate the insider's view of future performance.

Form 4

Period: 2026-07-01

Other

Transactions

Sale
Units
[F1][F2][F3][F4]
2026-07-01$1306.06/sh−126.334$165,000→ 1,478.75 total

Footnotes (4)

[F1]Values are given based on most recent calculated NAV per unit (5/31/2026). Values at transaction date are not yet available.
[F2]Reflects the sale price on a per-unit basis. A prior Form 4 filed by the reporting person on 7/1/2021 reported the sale price on an aggregate value basis, rather than on a per-unit basis; however, the sale price is reported in this Form 4 on a per-unit basis, consistent with the reporting person's most recent Form 4 filed on 7/1/2022.
[F3]This amount includes units acquired through the reinvestment of dividends and capital gains that occurred after the reporting person last filed a Form 4 on 7/1/2022, which acquisitions were exempt from Section 16 of the Securities Exchange Act of 1934, as amended, pursuant to Rule 16a-11 thereunder. This amount also reflects the amount of units beneficially owned by the reporting person once adjusted based on the final calculated NAV per unit for the reporting person's previous reported transactions, which were reported based on the most recent calculated NAV per unit available as of the applicable filing dates.
[F4]Securities are owned by "UBS Financial Services Custodian Frederick M. Gans Traditional IRA", of which Frederick Gans is the beneficiary.

Signature

/s/ Frederick Gans|2026-07-02

1 file