U-Haul director Mark V. Shoen discloses Series N stock move

Rhea-AI Filing Summary

U-Haul Holding Co director and 10% owner Mark V. Shoen filed a Form 4 reporting a transaction in the company’s Series N Common Stock on 11/20/2025. The filing shows a disposition of 4,578 shares of Series N Common Stock at a reported price of $0 under transaction code G, with 186,013 Series N shares beneficially owned indirectly through the Shoen Family Revocable Trust after the transaction.

The form also lists substantial additional indirect holdings, including 425,196 Series N shares held by the MVS-029 Trust and 8,150,658 Series N shares held by Blackwater Investments, Inc. Other indirect holdings are reported through Willow Grove Holdings LP, EJS-028 Trust, Clarendon Strategies, LLC and SAC Holding Corporation, reflecting a significant aggregate beneficial ownership position tied to various trusts and entities associated with the reporting person.

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
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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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

SHOEN MARK V

(Last) (First) (Middle)

207 E. CLARENDON AVENUE

(Street)

PHOENIX AZ 85012

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
U-Haul Holding Co /NV/ [ UHALB ]

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)
11/20/2025

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
Series N Common Stock	11/20/2025		G		4,578	D	$0	186,013	I(1)	Shoen Family Revocable Trust
Series N Common Stock								425,196	I(2)	MVS-029 Trust
Series N Common Stock								8,150,658	I(3)	Blackwater Investments, Inc.
Series N Common Stock								67,253,456	I(3)	Willow Grove Holdings LP
Series N Common Stock								42,962	D
Series N Common Stock								225,954	I(4)	EJS-028 Trust
Common Stock								4,770	D
Common Stock								6,707	I(1)	Shoen Family Revocable Trust
Common Stock								880,127	I(3)	Blackwater Investments, Inc.
Common Stock								25,106	I(4)	EJS-028 Trust
Common Stock								7,562,884	I(3)	Willow Grove Holdings LP
Common Stock								1,324,000	I(3)	Clarendon Strategies, LLC
Common Stock								24,900	I(3)	SAC Holding Corporation

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

Explanation of Responses:

1. Includes shares held by the Shoen Family Revocable Trust for which the Reporting Person is a trustee and the Reporting Person and his spouse are beneficiaries.

2. Includes shares held by the MVS-029 Trust, for which the Reporting Person is a trustee and one of the beneficiaries. The Reporting Person disclaims beneficial ownership of shares held by the MVS-029 Trust except to the extent of his pecuniary interest therein.

3. Willow Grove is owned and controlled by Foster Road LLC and various trusts associated with the Reporting Person and Edward J. Shoen. Foster Road LLC is the general partner of Willow Grove and is managed by the Reporting Person and Stuart Shoen. Blackwater is a wholly owned subsidiary of Willow Grove. Clarendon Strategies, LLC ("Clarendon") and SAC Holding Corporation ("SAC") are wholly owned subsidiaries of Blackwater. The Reporting Person disclaims beneficial ownership of shares held directly and indirectly by Willow Grove, Clarendon, Blackwater and SAC except to the extent of his pecuniary interest therein.

4. Includes shares held by the EJS-028 Trust for which the Reporting Person is an independent trustee. The Reporting Person disclaims beneficial ownership of shares held by the EJS-028 Trust and the filing of this Form 4 shall not be deemed an admission that he is the beneficial owner of the securities for purposes of Section 16 of the Exchange Act or for any other purpose.

	/s/ Mark V. Shoen	11/21/2025
	** 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 insider transaction did Mark V. Shoen report for U-Haul (UHAL)?

The Form 4 reports that Mark V. Shoen had a transaction on 11/20/2025 involving 4,578 shares of U-Haul Holding Co Series N Common Stock, shown as a disposition at a price of $0 with transaction code G.

What is Mark V. Shoen’s relationship to U-Haul Holding Co (UHAL)?

Mark V. Shoen is reported as a Director and a 10% Owner of U-Haul Holding Co.

How many Series N U-Haul shares does the Shoen Family Revocable Trust hold after the transaction?

After the reported transaction, the Shoen Family Revocable Trust is shown as beneficially owning 186,013 shares of U-Haul Series N Common Stock, reported as indirectly owned by Mark V. Shoen.

What large indirect U-Haul Series N holdings are attributed to entities tied to Mark V. Shoen?

The filing lists indirect holdings including 425,196 Series N shares held by the MVS-029 Trust, 8,150,658 Series N shares held by Blackwater Investments, Inc., and 67,253,456 Series N shares held by Willow Grove Holdings LP, among others.

Which entities associated with Mark V. Shoen hold U-Haul common stock (non-Series N)?

Indirect common stock holdings are reported through the Shoen Family Revocable Trust, EJS-028 Trust, Blackwater Investments, Inc., Willow Grove Holdings LP, Clarendon Strategies, LLC and SAC Holding Corporation, with amounts such as 7,562,884 common shares held by Willow Grove Holdings LP and 1,324,000 common shares held by Clarendon Strategies, LLC.

Does Mark V. Shoen disclaim beneficial ownership of some U-Haul shares?

Yes. The explanations state that he disclaims beneficial ownership of shares held by the MVS-029 Trust, Willow Grove, Clarendon, Blackwater, SAC and the EJS-028 Trust except to the extent of his pecuniary interest, and that filing the form is not an admission of beneficial ownership.

How are Willow Grove, Blackwater, Clarendon, and SAC related in this U-Haul filing?

The filing explains that Willow Grove is owned and controlled by Foster Road LLC and various trusts associated with Mark V. Shoen and Edward J. Shoen, that Blackwater is a wholly owned subsidiary of Willow Grove, and that Clarendon Strategies, LLC and SAC Holding Corporation are wholly owned subsidiaries of Blackwater.