[Form 4] Associated Capital Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Associated Capital Group, Inc. and related reporting persons disclosed multiple share disposals of Tredegar Corp (reported issuer symbol in filing: TG) via indirect investment partnerships. The Form 4 shows sales on 09/26/2025 and 09/29/2025 totaling at least 2,200 shares sold at prices of $7.9575 and $8.02 respectively, after which one line reports 0 shares held indirectly for that specificholding. The filing also reports an additional 4,000 shares attributed to Investment Partnership II and 300 shares attributed to Investment Partnership III as indirect beneficial ownership. The reporting persons clarify these holdings are indirect and that each entity holds less than 100% interest in the others.

Positive

• Timely, detailed disclosure of multiple Section 16 transactions with specific prices and amounts, aiding investor transparency
• Clear explanation of indirect ownership and disclaimers about pecuniary interests, clarifying beneficial ownership structure

Negative

• Insider selling of at least 2,200 shares across two transactions, which may represent distribution of affiliated holdings
• Net change to certain reported holdings shows a line with 0 shares following reported disposals, indicating a full disposition of that unit's reported stake

Insights

Securities Analyst

TL;DR: Routine insider selling by affiliated investment vehicles; disclosure improves transparency but signals distribution of holdings.

The transactions reported are disposals executed by investment partnerships affiliated with Associated Capital Group, Inc. and related entities, totaling at least 2,200 shares sold across two reported trades with specific prices recorded. The filings separately note continued indirect ownership of 4,000 and 300 shares through other partnerships, and an explicit disclaimer of ownership beyond pecuniary interest. From a securities analysis perspective, these are clear Section 16 disclosures that allow investors to track affiliated selling; they do not, on their face, provide new operational or financial information about the issuer.

Corporate Governance Expert

TL;DR: Proper Section 16 reporting by multiple affiliated reporting persons; the disclosure clarifies ownership structure and indirect holdings.

The Form 4 properly attributes sales to investment partnerships and states the layered ownership among GAMCO Investors, Associated Capital Group, GGCP, Inc., and Mario J. Gabelli, with appropriate disclaimers regarding pecuniary interest. The documentation of indirect beneficial ownership and signed attorney-in-fact and general counsel attestations indicate compliance with reporting requirements. Material governance implications are limited to transparency of related-party holdings rather than changes in management control.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GAMCO INVESTORS, INC. ET AL

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
TREDEGAR CORP [ TG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

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
Common Stock	09/26/2025		S		1,100	D	$7.9575	1,100	I	By: Investment Partnership I(1)
Common Stock	09/29/2025		S		1,100	D	$8.02	0	I	By: Investment Partnership I(1)
Common Stock								4,000	D(2)
Common Stock								4,000	I	By: Investment Partnership II(1)
Common Stock								300	I	By: Investment Partnership III(1)

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 Securities Underlying Derivative Security (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: 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

1. Name and Address of Reporting Person^*

GAMCO INVESTORS, INC. ET AL

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Associated Capital Group, Inc.

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GGCP, INC.

(Last) (First) (Middle)

189 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

GABELLI MARIO J

(Last) (First) (Middle)

191 MASON STREET

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. GAMCO Investors, Inc. and Associated Capital Group, Inc. have less than a 100% interest in this entity; GGCP, Inc. has less than a 100% interest in GAMCO Investors, Inc. and Associated Capital Group, Inc.; and Mario J. Gabelli has less than a 100% interest in GGCP, Inc. The amount of securities reported as beneficially owned reflects the total amount of securities held by this entity which is greater that the Reporting Persons' indirect pecuniary interests. The Reporting Persons hereby disclaim ownership of these securities in excess of their pecuniary interests.

2. These shares are owned by Associated Capital Group, Inc.

	/s/ Douglas R. Jamieson, Attorney-In-Fact for MARIO J. GABELLI, GGCP INC., and ASSOCIATED CAPITAL GROUP, INC.	09/29/2025
	/s/ Peter D. Goldstein, General Counsel for GAMCO INVESTORS, INC.	09/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions were reported for AC in this Form 4 filing?

The filing reports sales totaling at least 2,200 shares via two transactions on 09/26/2025 and 09/29/2025 at prices of $7.9575 and $8.02 respectively; additional indirect holdings of 4,000 and 300 shares are reported for other partnerships.

Who filed the Form 4 reporting these trades?

The Form 4 was filed by affiliated reporting persons: GAMCO Investors, Inc., Associated Capital Group, Inc., GGCP, Inc., and Mario J. Gabelli, with signatures by counsel and an attorney-in-fact.

Are the reported holdings direct or indirect for the reporting persons?

The filing indicates the relevant holdings are reported as indirect (I), held by investment partnerships, and the reporting persons disclaim ownership beyond their pecuniary interests.

Did the filing disclose any derivative securities transactions?

No derivative securities transactions are reported in Table II; only non-derivative common stock disposals and indirect holdings are shown.

What explanation did the reporting persons provide about ownership interests?

They explained the entities have less than 100% interest in the referenced partnerships and that reported beneficial ownership reflects total securities held by the entities, not necessarily their full ownership.