Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 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 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Gans Frederick 2. Issuer Name and Ticker or Trading Symbol Ironwood Institutional Multi-Strategy Fund LLC [N/A] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) Director of Investment Adviser (Last) (First) (Middle) ONE MARKET PLAZA, STEUART TOWER, SUITE 2500 3. Date of Earliest Transaction (Month/Day/Year) 07/01/2026 (Street) SAN FRANCISCO, CA 94105 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) 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 Units 07/01/2026 S 126.3341(1) D $1,306.061(1)(2) 1,478.7499(3) D(4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities (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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Gans Frederick ONE MARKET PLAZA STEUART TOWER, SUITE 2500 SAN FRANCISCO, CA 94105				Director of Investment Adviser

Signatures

/s/ Frederick Gans		07/02/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Values are given based on most recent calculated NAV per unit (5/31/2026). Values at transaction date are not yet available.
(2)	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.
(3)	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.
(4)	Securities are owned by "UBS Financial Services Custodian Frederick M. Gans Traditional IRA", of which Frederick Gans is the beneficiary.

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