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

Rhea-AI Filing Summary

UMH Properties director Mitchell William Edward reported a sale of common stock and discloses existing option holdings. The filing shows a sale of 75,849 shares at $16.32 per share, leaving 41,368.03 shares reported as beneficially owned indirectly through Mitchell Portfolio Management. The report also lists 33,000 exercisable derivative securities held directly: 11,000 at a $15.80 exercise price (expiring 01/10/2034), 10,000 at $14.36 (expiring 03/21/2033) and 12,000 at $16.86 (expiring 06/16/2035).

The filing includes an explanation that the sold shares were liquidated so Mitchell Partners could return capital to limited partners, identifying the sale as part of fund-level redemptions rather than an unexplained transfer.

Positive

• Reason for sale disclosed: The filing explicitly states the shares were sold to return capital to limited partners, improving transparency.
• Remaining alignment: The reporting person still holds 41,368.03 beneficial shares indirectly and 33,000 exercisable options, preserving continued economic interest.

Negative

• Material disposition: The director sold 75,849 shares, a notable reduction in holdings reported on this Form 4.
• Reduced direct ownership: The sale lowered the director's direct/economic stake in the issuer, which could reduce insider-signal weight from future trades.

Insights

Corporate Governance Expert

TL;DR: Director sold a block of shares to fund redemptions; continued option holdings maintain some alignment with shareholders.

The transaction is disclosed with a stated business reason: Mitchell Partners is liquidating holdings to return capital to limited partners. That explanation reduces ambiguity about motive compared with unexplained sales. The director retains indirect beneficial ownership of 41,368.03 shares and holds 33,000 exercisable options across three strike prices, which preserves partial alignment of interests but reflects a meaningful reduction in directly held equity.

Securities Analyst

TL;DR: Sale of 75,849 shares at $16.32 is material for insider activity; options exposure remains significant (33,000).

The reported sale size and the explicit sale price provide clear, actionable data for monitoring insider activity. The existence of three option tranches with differing strikes and multi-year expirations indicates ongoing potential for future exercises and dilution timing. The stated reason—returning capital to limited partners—frames the sale as a fund liquidity event rather than a directional signal about UMH's fundamentals.

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^*

Mitchell William Edward

(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)
08/13/2025

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.								25,104.45	D
UMH Properties, Inc.	08/13/2025		S		75,849(1)	D	$16.32	41,368.03	I	Mitchell Portfolio Management

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. These shares are being sold because Mitchell Partners, for which Mitchell Portfolio Management is the fund manager, must liquidate some of its holdings to return capital to its limited partners.

	Nelli Madden	08/14/2025
	** 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).
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FAQ

What insider activity did UMH (UMH) report on this Form 4?

The filing reports a sale of 75,849 shares at $16.32 per share and lists continuing beneficial ownership of 41,368.03 shares indirectly.

Why were the 75,849 UMH shares sold?

The filing states the shares were sold because Mitchell Partners must liquidate holdings to return capital to its limited partners.

Does the reporting person still hold options in UMH?

Yes. The report lists 33,000 exercisable options: 11,000 at $15.80 (exp. 01/10/2034), 10,000 at $14.36 (exp. 03/21/2033), and 12,000 at $16.86 (exp. 06/16/2035).

Who holds the remaining beneficial shares reported?

The remaining 41,368.03 shares are reported as owned indirectly through Mitchell Portfolio Management.

When did the reported sale occur and who signed the Form 4?

The transaction date listed is 08/13/2025. The form is signed by Nelli Madden on behalf of the reporting person.