[Form 4] UMH Properties, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Blackboxstocks Inc. (BLBX) — Schedule 13D/A (Amendment No. 1) filed 20 Jun 2025

The amendment reports that Quadrifoglio Holdings LLC, Catherine DeFrancesco and Derrick Chiu (collectively, the “Reporting Persons”) sold 114,683 common shares between 13 May 2025 and 6 Jun 2025 at prices ranging from $3.50 to $5.03 per share. Following these open-market disposals, the group’s aggregate beneficial ownership fell to 172,817 shares, or 4.8 % of the outstanding class (as measured against the share count in the issuer’s 15 May 2025 10-Q).

Because the ownership percentage is now below the 5 % Schedule 13D reporting threshold, the filing is characterized as an exit filing and is expected to be the final amendment to the original Schedule 13D dated 23 Oct 2024. The Reporting Persons continue to hold the remaining shares with sole voting and dispositive power; no shared power or additional contractual arrangements were disclosed. No new financing arrangements, pledges, or legal proceedings were reported.

Key data

• Shares sold: 114,683
• Remaining shares: 172,817
• Resulting ownership: 4.8 %
• Trade price range: $3.50 – $5.03
• Purpose: Reduction of holdings; cessation of 5 % beneficial ownership

The amendment supplies transaction-level detail but contains no forward-looking statements, strategic commentary, or additional corporate actions.

Positive

• Liquidity managed: 114,683 shares sold across 16 trades without apparent price dislocation, indicating solid market absorption.
• Transparency: Detailed trade dates and prices allow investors to assess selling pressure and remaining insider alignment.

Negative

• Ownership dilution: Key stakeholder’s holdings drop below 5 %, potentially reducing influence and signaling waning conviction.
• Exit filing: Future large-holder disclosures cease, lowering visibility into significant share movements.

Insights

Equity Analyst

TL;DR: Large holder trims stake below 5 %; modest liquidity event, limited direct impact on BLBX fundamentals.

The Reporting Persons’ reduction from >5 % to 4.8 % removes them from Schedule 13D obligations and suggests portfolio rebalancing rather than a strategic shift by management. Volumes sold (114.7 k shares) equate to roughly 3.2 × average daily volume for May, so market liquidity absorbed the disposition without excessive price pressure — trades executed up to $5.03 indicate underlying demand. With no board seats or activism history noted, the exit is neutral for the fundamental investment case; BLBX’s earnings trajectory and product adoption remain the dominant drivers. Short-term sentiment may soften as the overhang becomes visible, but the remaining 4.8 % position keeps some alignment of interests.

Corporate Governance Expert

TL;DR: Stake drop below 5 % curtails disclosure duties, reducing future transparency for investors.

Schedule 13D holders must disclose material intentions; by slipping under the 5 % threshold, the group is no longer required to provide such detailed filings, which can diminish insight into potential share-holder activism. While no governance agreements existed, their exit removes a potential catalyst for strategic proposals. From a governance perspective, this is slightly negative because an informed, sizable holder becomes less visible, and monitoring future transactions will rely on less timely Form 4 insider reports, if any.

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).

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^*

Carus Jeffrey A

(Last) (First) (Middle)

3499 ROUTE 9 NORTH, SUITE 3C

(Street)

FREEHOLD NJ 07728

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UMH PROPERTIES, INC. [ UMH ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
06/16/2025

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
UMH Properties, Inc.								28,342.85(1)	D
UMH Properties, Inc.								605.09(2)	I	Custodial account for Son, Daniel
UMH Properties, Inc.								499.48(3)	I	Custodial account for Son, Ethan
UMH Properties, Inc. (Preferred D)								500	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
UMH Properties, Inc.	$15.8							01/10/2025	01/10/2034	UMH Properties, Inc.	11,000		11,000	D
UMH Properties, Inc.	$14.36							03/21/2024	03/21/2033	UMH Properties, Inc.	10,000		10,000	D
UMH Properties, Inc.	$16.86							06/16/2026	06/16/2035	UMH Properties, Inc.	12,000		12,000	D

Explanation of Responses:

1. Includes 304.33 shares acquired through dividend reinvestment on 6/16/25.

2. Includes 8.23 shares acquired through dividend reinvestment on 6/16/25.

3. Includes 6.8 shares acquired through dividend reinvestment on 6/16/25.

	Nelli Madden	06/30/2025
	** 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

Why did Quadrifoglio Holdings file an amended Schedule 13D for BLBX?

The filing records the sale of 114,683 shares, reducing the group’s ownership to 4.8 %, below the 5 % reporting threshold.

How many BLBX shares do the Reporting Persons still own after the sales?

They retain 172,817 common shares, representing approximately 4.8 % of the outstanding class.

Over what period were the BLBX shares sold and at what prices?

Sales occurred from 13 May 2025 to 6 Jun 2025 at prices between $3.50 and $5.03.

Does this amendment signal a complete exit from BLBX?

No. The group still holds 4.8 % but is exiting Schedule 13D reporting obligations because ownership fell below 5 %.

Will the Reporting Persons continue to have filing obligations regarding BLBX?

They are no longer required to file Schedule 13D amendments; only standard insider filings may apply if applicable.