Wheeler Real Estate (WHLR) Stilwell funds sell Series B preferred stake

Rhea-AI Filing Summary

Wheeler Real Estate Investment Trust insider affiliates reported open-market sales of Series B Convertible Preferred Stock. On March 18, 2026, Stilwell Activist Investments, L.P. sold 13,470 Series B shares at $6.9593 per share and Stilwell Value Partners VII, L.P. sold 12,530 Series B shares at $6.9593 per share.

After these sales, Stilwell Activist Investments, L.P. reported 547,518 Series B shares and Stilwell Value Partners VII, L.P. reported 104,460 Series B shares held indirectly. The group also reported significant indirect holdings of 7.00% Subordinated Convertible Notes due 2031, which are convertible into Wheeler common stock at a conversion price of $1.036670 per share (24.115672 common shares for each $25 principal amount).

The filing notes these securities are held by various Stilwell limited partnerships, with Joseph Stilwell reporting indirect ownership through Stilwell Value LLC and disclaiming beneficial ownership except to the extent of his pecuniary interest.

Insights

Insider transactions analyst

Stilwell-affiliated funds sold 26,000 WHLR Series B preferred shares but kept sizable convertible and equity positions.

Two Stilwell-managed limited partnerships executed open-market sales of Wheeler Real Estate Investment Trust Series B Convertible Preferred Stock on March 18, 2026. Stilwell Activist Investments, L.P. sold 13,470 shares and Stilwell Value Partners VII, L.P. sold 12,530 shares at $6.9593 per share.

These are dispositions of a preferred security, not common stock, and no options were exercised. Post-transaction, the reporting group still shows substantial indirect holdings, including Series B preferred balances of 547,518 and 104,460 shares and multiple tranches of 7.00% Subordinated Convertible Notes due 2031 that are convertible into common stock at $1.036670 per share.

The notes also allow interest to be paid in cash or additional preferred stock, which can further affect equity exposure over time. Because the filing does not quantify Wheeler’s overall share count or float, the significance of these sales relative to the company’s size cannot be determined from this data alone, so the event is best viewed as a routine insider portfolio adjustment.

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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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^*

Stilwell Joseph

(Last) (First) (Middle)

200 CALLE DEL

SANTO CRISTO

(Street)

SAN JUAN 00901

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Wheeler Real Estate Investment Trust, Inc. [ WHLR ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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								14,638	I	See footnote(1)
Common Stock								1,419	I	See footnote(2)
Common Stock								2,946	I	See footnote(3)
Common Stock								26	I	See footnote(4)

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
7.00% Subordinated Convertible Notes due 2031	$1.04(5)							(5)	12/31/2031	Common Stock	16,552,008(5)(6)		$17,158,975	I	See footnote(1)
7.00% Subordinated Convertible Notes due 2031	$1.04(5)							(5)	12/31/2031	Common Stock	2,416,342(5)(6)		$2,504,950	I	See footnote(2)
7.00% Subordinated Convertible Notes due 2031	$1.04(5)							(5)	12/31/2031	Common Stock	1,798,281(5)(6)		$1,864,225	I	See footnote(3)
7.00% Subordinated Convertible Notes due 2031	$1.04(5)							(5)	12/31/2031	Common Stock	532,835(5)(6)		$552,375	I	See footnote(4)
Series D Cumulative Convertible Preferred Stock	$512,870,400(7)							(7)	(7)	Common Stock	0(7)		108,954	I	See footnote(1)
Series D Cumulative Convertible Preferred Stock	$512,870,400(7)							(7)	(7)	Common Stock	0(7)		15,798	I	See footnote(2)
Series D Cumulative Convertible Preferred Stock	$512,870,400(7)							(7)	(7)	Common Stock	0(7)		19,099	I	See footnote(3)
Series D Cumulative Convertible Preferred Stock	$512,870,400(7)							(7)	(7)	Common Stock	0(7)		2,289	I	See footnote(4)
Series B Convertible Preferred Stock	$1,209,600,000(9)	03/18/2026		S			13,470(8)	(9)	(9)	Common Stock	0(9)	$6.9593	547,518	I	See footnote(1)
Series B Convertible Preferred Stock	$1,209,600,000(9)							(9)	(9)	Common Stock	0(9)		83,488	I	See footnote(2)
Series B Convertible Preferred Stock	$1,209,600,000(9)	03/18/2026		S			12,530(8)	(9)	(9)	Common Stock	0(9)	$6.9593	104,460	I	See footnote(3)

1. Name and Address of Reporting Person^*

Stilwell Joseph

(Last) (First) (Middle)

200 CALLE DEL

SANTO CRISTO

(Street)

SAN JUAN 00901

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Stilwell Value LLC

(Last) (First) (Middle)

111 BROADWAY

12TH FLOOR

(Street)

NEW YORK NEW YORK 10006

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Stilwell Activist Investments, L.P.

(Last) (First) (Middle)

111 BROADWAY

12TH FLOOR

(Street)

NEW YORK NEW YORK 10006

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Stilwell Activist Fund, L.P.

(Last) (First) (Middle)

111 BROADWAY

12TH FLOOR

(Street)

NEW YORK NEW YORK 10006

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Stilwell Value Partners VII, L.P.

(Last) (First) (Middle)

111 BROADWAY

12TH FLOOR

(Street)

NEW YORK NEW YORK 10006

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Stilwell Associates, L.P.

(Last) (First) (Middle)

111 BROADWAY

12TH FLOOR

(Street)

NEW YORK NEW YORK 10006

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. These securities are owned directly by Stilwell Activist Investments, L.P. ("SAI") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all securities reported as owned indirectly except to the extent of his pecuniary interest therein.

2. These securities are owned directly by Stilwell Activist Fund, L.P. ("SAF") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all securities reported as owned indirectly except to the extent of his pecuniary interest therein.

3. These securities are owned directly by Stilwell Value Partners VII, L.P. ("SVP VII") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all securities reported as owned indirectly except to the extent of his pecuniary interest therein.

4. These securities are owned directly by Stilwell Associates, L.P. ("SA") and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SA. Joseph Stilwell disclaims beneficial ownership of all securities reported as owned indirectly except to the extent of his pecuniary interest therein.

5. The Issuer's 7.00% Subordinated Convertible Notes due 2031 (the "Notes") are convertible, in whole or in part, at any time, at the option of the holders thereof, into shares of the Issuer's common stock at a conversion price of $1.036670 per share (24.115672 common shares for each $25.00 of principal amount of the Notes being converted).

6. Interest on the Notes may be payable, at the Issuer's election, in cash, in shares of the Issuer's Series B Convertible Preferred Stock ("Series B Preferred Stock") or in shares of the Issuer's Series D Cumulative Convertible Preferred Stock ("Series D Preferred Stock"), in each case as set forth in the Notes. The number of shares of the Issuer's common stock indicated in the Table is based on the outstanding principal amount of the Notes held by the Reporting Person.

7. Each share of Series D Preferred Stock is convertible, in whole or in part, at any time, at the option of the holders thereof, into 0.00000005 shares of the Issuer's common stock (a conversion price of $512,870,400 per share of common stock). Series D Preferred Stock has no expiration date.

8. This Form 4 reports the following sales of Series B Preferred Stock on March 18, 2026: (i) SAI sold 13,470 shares at $6.9593 per share, and (ii) SVP VII sold 12,530 shares at $6.9593 per share.

9. Each share of Series B Preferred Stock is convertible, in whole or in part, at any time, at the option of the holders thereof, into 0.00000002 shares of the Issuer's common stock (a conversion price of $1,209,600,000 per share of common stock). Series B Preferred Stock has no expiration date.

	/s/ Joseph Stilwell	03/20/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value LLC	03/20/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Investments, L.P.	03/20/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Activist Fund, L.P.	03/20/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Value Partners VII, L.P.	03/20/2026
	/s/ Joseph Stilwell as authorized agent for Stilwell Associates, L.P.	03/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider trades in Wheeler Real Estate Investment Trust (WHLR) are reported here?

Stilwell-affiliated funds sold WHLR Series B Convertible Preferred Stock. On March 18, 2026, Stilwell Activist Investments, L.P. sold 13,470 shares and Stilwell Value Partners VII, L.P. sold 12,530 shares at $6.9593 per share in open-market transactions.

Who actually sold WHLR securities in this Form 4 for Stilwell Joseph?

The selling holders were Stilwell-managed limited partnerships. The Form 4 attributes sales to Stilwell Activist Investments, L.P. and Stilwell Value Partners VII, L.P., with Joseph Stilwell reporting indirect ownership through Stilwell Value LLC and disclaiming beneficial ownership beyond his pecuniary interest.

What WHLR holdings remain after the Stilwell funds’ Series B preferred sales?

The Stilwell group still reports significant indirect positions. After the March 18, 2026 trades, Stilwell Activist Investments, L.P. reports 547,518 Series B preferred shares and Stilwell Value Partners VII, L.P. reports 104,460 Series B shares, plus sizeable holdings of 7.00% Subordinated Convertible Notes due 2031 convertible into common stock.

At what price did the Stilwell funds sell WHLR Series B Convertible Preferred Stock?

Both sales occurred at $6.9593 per Series B share. On March 18, 2026, Stilwell Activist Investments, L.P. sold 13,470 shares and Stilwell Value Partners VII, L.P. sold 12,530 shares, each at a transaction price of $6.9593 per share in open-market transactions.

How are WHLR’s 7.00% Subordinated Convertible Notes described in this Form 4?

The notes are convertible into Wheeler common stock at a fixed price. Footnotes state each note is convertible at a conversion price of $1.036670 per share, or 24.115672 common shares for each $25.00 principal amount, with interest payable in cash or specified preferred stock.

Does Stilwell Joseph have direct ownership of the WHLR securities reported?

The filing describes mainly indirect ownership through funds. The securities are owned directly by various Stilwell limited partnerships, with Joseph Stilwell reporting indirect interests via Stilwell Value LLC and expressly disclaiming beneficial ownership except to the extent of his pecuniary interest in those entities.