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Magnetar group caps Wheeler Real Estate (WHLR) stake at 9.8% under limits

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Form Type
SCHEDULE 13G/A

Rhea-AI Filing Summary

Wheeler Real Estate Investment Trust, Inc. received an amended Schedule 13G/A from a Magnetar-affiliated group. As of December 31, 2025, Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC and David J. Snyderman together may be deemed to beneficially own 205,951 shares of common stock.

This position represents 9.8% of Wheeler’s common stock, calculated under the company’s charter “Ownership Limits” that cap any holder at 9.8% of outstanding common or total capital stock unless waived by the board. The figure includes shares issuable upon potential exercise or conversion of warrants, 7.00% subordinated convertible notes due 2031, Series D preferred stock and Series B preferred stock held by Magnetar-related vehicles, all subject to those limits.

The reporting persons have shared voting and dispositive power over the 205,951 shares and no sole voting or dispositive authority. They state the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Wheeler.

Positive

  • None.

Negative

  • None.





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




Comment for Type of Reporting Person: The percentage in Row 11 of this table is based on the Reporting Person's interpretation of the Ownership Limits (as defined in Item 2(a) of this Schedule 13G) as applicable to its security holdings in the Issuer. The percentage represents 205,951 shares of Common Stock, which the Reporting Person believes is the maximum number of shares of Common Stock that it may actually, beneficially or constructively own in the Issuer based on those Ownership Limits, and as such is the share figure reported in Rows 6, 8 and 9 of this table. This 205,951 share figure is equal to 9.8% multiplied by 2,101,550 shares of the Issuer's Common Stock, which product the Reporting Person has then rounded down to the nearest whole share. This 2,101,550 share figure, which the Reporting Person has calculated pursuant to Rule 13d-3(d)(1)(i), in turn includes (i) 1,783,599 shares of Common Stock outstanding as of December 8, 2025 (which figure is based on the Issuer's outstanding share figure for its Common Stock as reported in its current report on Form 8-K filed with the SEC (as defined in Item 2(a) of this Schedule 13G) on December 8, 2025), (ii) 96,000 shares of Common Stock that the Issuer issued to an investor on December 12, 2025 (as reported in the Issuer's current report on Form 8-K filed with the SEC on December 17, 2025), (iii) 16,000 shares of Common Stock that the Issuer issued to an investor on December 16, 2025 (as reported in the Issuer's current report on Form 8-K filed with the SEC on December 17, 2025), and (iv) an assumed hypothetical conversion and/or exercise (as applicable, but subject to the Ownership Limits) of the Warrants, Notes, Series D Preferred Stock and/or Series B Preferred Stock (each as defined in Item 2(a) of this Schedule 13G) held by the Magnetar Vehicles (as defined in Item 2(a) of this Schedule 13G) into 205,951 shares of Common Stock.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage in Row 11 of this table is based on the Reporting Person's interpretation of the Ownership Limits as applicable to its security holdings in the Issuer. The percentage represents 205,951 shares of Common Stock, which the Reporting Person believes is the maximum number of shares of Common Stock that it may actually, beneficially or constructively own in the Issuer based on those Ownership Limits, and as such is the share figure reported in Rows 6, 8 and 9 of this table. This 205,951 share figure is equal to 9.8% multiplied by 2,101,550 shares of the Issuer's Common Stock, which product the Reporting Person has then rounded down to the nearest whole share. This 2,101,550 share figure, which the Reporting Person has calculated pursuant to Rule 13d-3(d)(1)(i), in turn includes (i) 1,783,599 shares of Common Stock outstanding as of December 8, 2025 (which figure is based on the Issuer's outstanding share figure for its Common Stock as reported in its current report on Form 8-K filed with the SEC on December 8, 2025), (ii) 96,000 shares of Common Stock that the Issuer issued to an investor on December 12, 2025 (as reported in the Issuer's current report on Form 8-K filed with the SEC on December 17, 2025), (iii) 16,000 shares of Common Stock that the Issuer issued to an investor on December 16, 2025 (as reported in the Issuer's current report on Form 8-K filed with the SEC on December 17, 2025), and (iv) an assumed hypothetical conversion and/or exercise (as applicable, but subject to the Ownership Limits) of the Warrants, Notes, Series D Preferred Stock and/or Series B Preferred Stock held by the Magnetar Vehicles into 205,951 shares of Common Stock.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage in Row 11 of this table is based on the Reporting Person's interpretation of the Ownership Limits as applicable to its security holdings in the Issuer. The percentage represents 205,951 shares of Common Stock, which the Reporting Person believes is the maximum number of shares of Common Stock that it may actually, beneficially or constructively own in the Issuer based on those Ownership Limits, and as such is the share figure reported in Rows 6, 8 and 9 of this table. This 205,951 share figure is equal to 9.8% multiplied by 2,101,550 shares of the Issuer's Common Stock, which product the Reporting Person has then rounded down to the nearest whole share. This 2,101,550 share figure, which the Reporting Person has calculated pursuant to Rule 13d-3(d)(1)(i), in turn includes (i) 1,783,599 shares of Common Stock outstanding as of December 8, 2025 (which figure is based on the Issuer's outstanding share figure for its Common Stock as reported in its current report on Form 8-K filed with the SEC on December 8, 2025), (ii) 96,000 shares of Common Stock that the Issuer issued to an investor on December 12, 2025 (as reported in the Issuer's current report on Form 8-K filed with the SEC on December 17, 2025), (iii) 16,000 shares of Common Stock that the Issuer issued to an investor on December 16, 2025 (as reported in the Issuer's current report on Form 8-K filed with the SEC on December 17, 2025), and (iv) an assumed hypothetical conversion and/or exercise (as applicable, but subject to the Ownership Limits) of the Warrants, Notes, Series D Preferred Stock and/or Series B Preferred Stock held by the Magnetar Vehicles into 205,951 shares of Common Stock.


SCHEDULE 13G




Comment for Type of Reporting Person: The percentage in Row 11 of this table is based on the Reporting Person's interpretation of the Ownership Limits as applicable to its security holdings in the Issuer. The percentage represents 205,951 shares of Common Stock, which the Reporting Person believes is the maximum number of shares of Common Stock that it may actually, beneficially or constructively own in the Issuer based on those Ownership Limits, and as such is the share figure reported in Rows 6, 8 and 9 of this table. This 205,951 share figure is equal to 9.8% multiplied by 2,101,550 shares of the Issuer's Common Stock, which product the Reporting Person has then rounded down to the nearest whole share. This 2,101,550 share figure, which the Reporting Person has calculated pursuant to Rule 13d-3(d)(1)(i), in turn includes (i) 1,783,599 shares of Common Stock outstanding as of December 8, 2025 (which figure is based on the Issuer's outstanding share figure for its Common Stock as reported in its current report on Form 8-K filed with the SEC on December 8, 2025), (ii) 96,000 shares of Common Stock that the Issuer issued to an investor on December 12, 2025 (as reported in the Issuer's current report on Form 8-K filed with the SEC on December 17, 2025), (iii) 16,000 shares of Common Stock that the Issuer issued to an investor on December 16, 2025 (as reported in the Issuer's current report on Form 8-K filed with the SEC on December 17, 2025), and (iv) an assumed hypothetical conversion and/or exercise (as applicable, but subject to the Ownership Limits) of the Warrants, Notes, Series D Preferred Stock and/or Series B Preferred Stock held by the Magnetar Vehicles into 205,951 shares of Common Stock.


SCHEDULE 13G



Magnetar Financial LLC
Signature:/s/ Hayley A. Stein
Name/Title:Hayley A. Stein, Attorney-in-fact for David J. Snyderman, Admin Mgr of Supernova Management LLC, GP of Magnetar Capital Partners LP, its Sole Member
Date:02/17/2026
Magnetar Capital Partners LP
Signature:/s/ Hayley A. Stein
Name/Title:Hayley A. Stein, Attorney-in-fact for David J. Snyderman, Administrative Manager of Supernova Management LLC, its General Partner
Date:02/17/2026
Supernova Management LLC
Signature:/s/ Hayley A. Stein
Name/Title:Hayley A. Stein, Attorney-in-fact for David J. Snyderman, Administrative Manager of Supernova Management LLC
Date:02/17/2026
Snyderman David J.
Signature:/s/ Hayley A. Stein
Name/Title:Hayley A. Stein, Attorney-in-fact for David J. Snyderman
Date:02/17/2026
Exhibit Information

Exhibit A - Joint Filing Agreement, dated February 17, 2026, by and among the Reporting Persons Exhibit B - Power of Attorney, dated December 22, 2022

FAQ

What stake in Wheeler Real Estate (WHLR) does the Magnetar group report?

The Magnetar group reports beneficial ownership of 205,951 Wheeler common shares, representing 9.8% of the class. This percentage is calculated under Wheeler’s charter Ownership Limits, which cap individual ownership at 9.8% of outstanding common or total capital stock.

How did Magnetar calculate its 9.8% beneficial ownership in WHLR?

Magnetar’s 9.8% is based on 205,951 shares over a calculated 2,101,550 Wheeler common shares. That base includes reported outstanding shares plus recent issuances and assumes potential conversion or exercise of certain Magnetar-held warrants, notes and preferred stock, all subject to Ownership Limits.

Which Magnetar-affiliated entities filed this Schedule 13G/A for WHLR?

The filing is made jointly by Magnetar Financial LLC, Magnetar Capital Partners LP, Supernova Management LLC and individual reporting person David J. Snyderman. Together they are treated as Reporting Persons with shared voting and investment power over the reported Wheeler Real Estate common shares.

What are Wheeler Real Estate’s 9.8% Ownership Limits mentioned in the filing?

Wheeler’s charter restricts any person from owning more than 9.8% of outstanding common stock, or 9.8% of all capital stock by value. Related warrant terms similarly cap post-exercise holdings at 9.8%, unless the board grants a waiver, limiting how much Magnetar can beneficially hold.

Do the Magnetar Reporting Persons control how the WHLR shares are voted and sold?

The Magnetar Reporting Persons report zero sole voting or dispositive power, but shared power over 205,951 Wheeler shares. Magnetar Financial exercises voting and investment authority over the Magnetar investment vehicles, with control relationships flowing through Magnetar Capital Partners, Supernova Management and David J. Snyderman.

Are Magnetar’s WHLR securities intended to influence control of the company?

The Reporting Persons certify the Wheeler securities were acquired and are held in the ordinary course of business. They state they were not acquired, and are not held, for the purpose of changing or influencing control of Wheeler, except for limited proxy nomination-related activities referenced in the certification.
Wheeler Real Estate Invt Tr

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