WHLR Joseph Stilwell Receives 566,670 Shares in Preferred-for-Common Exchanges

What Happened
Joseph Stilwell (reported as a 10% owner through affiliated entities) received a total of 566,670 shares of Wheeler Real Estate Investment Trust, Inc. (WHLR) common stock on September 23, 2026. The common shares were issued to Stilwell-controlled funds in exchange for Series B and Series D preferred shares (derivative dispositions). No cash changed hands and no open-market purchases or sales of common stock occurred; the transaction is essentially a preferred-for-common stock exchange. Reported acquisition line items total 184,655 + 257,902 + 25,516 + 35,768 + 62,829 = 566,670 common shares. The corresponding dispositions totaled 72,650 preferred shares surrendered across the exchanges.

Key Details

• Transaction date: September 23, 2026; Form 4 filed September 25, 2026 (filed within the normal two-business-day window).
• Acquired common shares: 566,670 total (see breakdown in filing footnotes).
• Disposed securities: 72,650 shares of Series B and Series D preferred stock surrendered to the issuer in the exchanges.
• Price/value: listed as N/A — issuer issued common stock in exchange for preferred stock; no cash proceeds to the issuer or holder.
• Ownership reporting: the securities are held by Stilwell-controlled entities (Stilwell Activist Investments, L.P.; Stilwell Activist Fund, L.P.; Stilwell Associates, L.P.; Stilwell Value Partners VII, L.P.). Joseph Stilwell disclaims direct beneficial ownership except to the extent of his pecuniary interest.
• Footnotes: exchanges are labeled First/Second SAI Exchange, First/Second SAF Exchange, and SA Exchange; convertible note/preferred conversion mechanics are disclosed in the filing (very high conversion prices / minimal common-equivalent ratios for the preferreds).
• Filing timeliness: appears timely (no late-file flag reported).

Context

• This was an equity restructuring/exchange — not a market buy or sale — so it does not directly signal an open-market purchase or sale by the insider. For retail investors, exchanges that convert or swap preferred instruments into common shares increase common share count and can be dilutive.
• Stilwell is reported as a 10% owner via investment vehicles (institutional-style holdings), not as an operating executive; disclosures show the holdings are indirect and held by partnerships he manages.