[SCHEDULE 13G/A] Iron Horse Acquisitions Corp. Unit SEC Filing

Rhea-AI Filing Summary

SmartStop Self Storage REIT (NYSE: SMA) filed an 8-K announcing two board changes. Director Paula Mathews retired effective 30 June 2025; there were no disagreements cited. The Compensation Committee accelerated vesting of 12,412 LTIP units for Mathews, valued at approximately $450,000 based on the 30 June share price, creating a one-time, non-cash equity compensation expense.

On 1 July 2025 the Nominating & Corporate Governance Committee recommended, and the Board approved, the appointment of Lora Gotcheva as an independent director effective 10 July 2025. Gotcheva brings 25 years of real-estate investment experience, most recently as Managing Director at CPP Investments, and will join the Audit and Compensation Committees.

Gotcheva will receive:

• Board cash retainer: $65,000 (prorated)
• Audit Committee retainer: $10,000 (prorated)
• Compensation Committee retainer: $7,500 (prorated)
• Initial equity award: $100,000, vesting after one year

The filing is limited to governance changes; it contains no operational or earnings data.

Positive

• Addition of experienced independent director with extensive real-estate investment background enhances board expertise and committee oversight.
• No disagreements cited in the outgoing director’s resignation, indicating stable governance environment.

Negative

• $450,000 accelerated vesting of LTIP units introduces a small incremental equity compensation expense and potential minor dilution.

Insights

Corporate Governance Expert

TL;DR: Routine board refresh; adds seasoned REIT investor, no red flags, minor one-time equity expense.

Mathews’ retirement follows normal succession planning and is explicitly unconnected to policy disagreements, reducing risk of underlying disputes. Accelerated vesting is permissible under the 2022 LTIP but creates a modest dilution/expense of roughly $450k—immaterial to SmartStop’s equity base. Appointment of Gotcheva strengthens board independence and deepens real-estate capital markets expertise, particularly valuable for a storage REIT pursuing external growth. Committee assignments align with her background, bolstering audit oversight. Overall effect on governance quality is modestly positive; financial impact negligible.

Portfolio Manager

TL;DR: Governance reshuffle unlikely to move the stock; watch for strategic shifts from new director’s CPP experience.

Director turnover is commonplace and doesn’t alter cash flow. Gotcheva’s 25-year record in global real-estate deals could signal an appetite for more joint ventures or cross-border partnerships, but such strategic implications remain speculative until disclosed. The $450k accelerated vesting is a rounding error versus SmartStop’s market cap. Net effect on valuation: neutral. I classify the event as not impactful for position sizing or price targets, yet note the potential for strategic optionality given Gotcheva’s infrastructure and REIT background.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Iron Horse Acquisitions Corp.

(Name of Issuer)

Common

(Title of Class of Securities)

462837105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 462837105

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 629,525.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 629,525.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

629,525.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

29.76 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Iron Horse Acquisitions Corp.
(b)	Address of issuer's principal executive offices: P.O. Box 2506 Toluca Lake, CA 91610
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: 462837105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 629,525.00
(b)	Percent of class: 29.76 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 629,525.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 629,525.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	07/07/2025

FAQ

Why did Paula Mathews resign from SmartStop Self Storage REIT's board?

Mathews retired voluntarily on 30 June 2025 and cited no disagreements with the company.

What is the financial impact of Mathews’ accelerated LTIP vesting?

12,412 units vested, carrying a $450,000 fair value based on 30 June 2025 closing price.

Who is the new independent director at SmartStop Self Storage REIT?

Lora Gotcheva, former Managing Director at CPP Investments, joins the board on 10 July 2025.

What compensation will Lora Gotcheva receive as a director of SMA?

Annualized cash retainers total $82,500 (prorated), plus an initial $100,000 equity award vesting in one year.

Will these board changes affect SmartStop’s stock symbol or listing?

No. The company continues to trade on the NYSE under ticker SMA; listing details remain unchanged.

Does the 8-K include any earnings or operational updates?

No, the filing is limited to board composition and compensation; it contains no financial performance data.