[Form 4] Harrow, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Castle Creek Capital Partners VII, LP filed Amendment No. 10 to its Schedule 13D disclosing open-market sales of 65,907 CF Bankshares Inc. (CFBK) voting shares between 9-21 Jul 2025, generating net proceeds of $1.59 million (weighted-average price ≈ $24.05/sh).

After these transactions the fund now directly owns 288,857 voting shares. Including up to 292,526 voting shares that could be received upon conversion of non-voting stock (subject to an ownership cap), the Castle Creek group is deemed to beneficially own 581,383 voting shares, equal to 9.9 % of the 5.87 million shares outstanding.

• Voting and dispositive power over the entire 581,383-share position is shared with Castle Creek Capital VII LLC.
• Individual trade prices ranged from $24.00 to $24.35 per share across seven sell orders executed on 9, 10, 14, 16, 17, 18 and 21 Jul 2025.
• Other sections of the original Schedule 13D remain unchanged; the amendment solely updates share counts and recent trading activity.

Positive

• Castle Creek still holds a sizable 9.9 % stake, aligning interests with minority shareholders.
• Potential conversion of 292,526 non-voting shares could expand economic exposure without additional cash outlay.

Negative

• Sale of 65,907 shares for $1.59 million indicates reduced commitment by a key shareholder.
• Ownership dropped below the 10 % threshold, which may be perceived as waning influence or confidence.

Insights

Financial Analyst

TL;DR: Large holder cut CFBK stake by 65.9k shares; ownership now 9.9%.

Castle Creek’s reduction takes its beneficial stake just under the 10 % threshold, signaling a modest decrease in exposure while still maintaining meaningful influence. The $24.05 average exit price is near recent trading ranges, suggesting the sales were liquidity-driven rather than opportunistic. From a valuation lens the disposal represents roughly 1.1 % of CFBK’s market cap, so immediate price impact is likely limited, yet continuous selling could weigh on sentiment. Overall, the filing is mildly negative for market psychology but does not alter CF Bankshares’ fundamentals.

Portfolio Manager

TL;DR: Position trimmed, but Castle Creek retains strategic holding.

Even after the sales Castle Creek controls access to 581k shares, preserving board-level relevance if desired. The amendment confirms liquidity activity rather than governance changes; no intent language or activist measures were updated. Investors should monitor further filings to gauge whether selling accelerates or stabilizes around the 10 % mark.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

BAUM MARK L

(Last) (First) (Middle)

C/O HARROW, INC.

1A BURTON HILLS BLVD., SUITE 200

(Street)

NASHVILLE TN 37215

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HARROW, INC. [ HROW ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/21/2025

4. If Amendment, Date of 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

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	07/21/2025		M		600,000	A	$7.87	3,199,462	D
Common stock	07/21/2025		F		313,338	D	$37.08	2,886,124	D

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
Stock Option (Right to Buy)(1)	$7.87	07/31/2015		M			600,000	(1)	07/31/2025	Common Stock	600,000	$0	0	D

Explanation of Responses:

1. Represents stock options granted to Mr. Baum on July 31, 2015, and amended on June 4, 2020, under the Issuer's 2007 Stock Incentive and Awards Plan, as amended. The stock option vested upon achievement and maintenance of certain Harrow common stock-price-based performance targets. The Company withheld a total of 313,338 shares from issuance to Mr. Baum for: (i) 127,346 shares withheld as consideration for the cashless exercise of the option; and (ii) an additional 185,992 shares of common stock were withheld from issuance to Mr. Baum for payroll tax purposes.

	/s/ Mark L. Baum	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many CF Bankshares (CFBK) shares did Castle Creek sell?

The fund sold 65,907 voting shares between 9 and 21 July 2025.

What is Castle Creek’s current beneficial ownership of CFBK?

Including convertible non-voting shares, Castle Creek is deemed to own 581,383 voting shares, or 9.9 % of the class.

At what prices were the CFBK shares sold?

Sales were executed between $24.00 and $24.35 per share, averaging about $24.05.

Does the filing indicate any changes to Castle Creek’s investment intent?

No. The amendment only updates share counts and recent trades; all other disclosures remain unchanged.

How many voting shares does Castle Creek directly hold after the transactions?

The fund directly holds 288,857 voting shares following the reported sales.