STILWELL JOSEPH reported 3 transactions at WHEELER REAL ESTATE INVESTMENT TRUST, INC.

Review the transaction codes below to understand the nature of each event.

STILWELL JOSEPH

Filed: 6/13/2025ACC: 0001213900-25-054414

InsiderSTILWELL JOSEPHCIK 1113303

→

IssuerWHEELER REAL ESTATE INVESTMENT TRUST, INC.CIK 1527541

Director

Since Dec 2019

+518.98K

Net shares

Net buyer

$1.51M

Total acquired

Open market trades

0B · 0S

Total transactions

536.48K acquired · 17.50K disposed

Non-Derivative Transactions3

Common Stock

Indirect

C · Conversion

+405.58K

Price / share

$2.82

Trade value

$1.14M

% of position

174819.0%

6/11/2025

232.00→405.81K

Common Stock

Indirect

C · Conversion

+42.56K

Price / share

$2.82

Trade value

$120K

% of position

121611.4%

6/11/2025

35.00→42.60K

Common Stock

Indirect

C · Conversion

+88.33K

Price / share

$2.82

Trade value

$249.04K

% of position

133837.9%

6/11/2025

66.00→88.40K

Total

Net shares

+536.48K

Net value

$1.51M

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Indirect	6/11/2025	C · Conversion	+405.58K	$2.82	$1.14M	174819.0%	232.00	405.81K
Common Stock Indirect	6/11/2025	C · Conversion	+42.56K	$2.82	$120K	121611.4%	35.00	42.60K
Common Stock Indirect	6/11/2025	C · Conversion	+88.33K	$2.82	$249.04K	133837.9%	66.00	88.40K
Total			+536.48K		$1.51M

Derivative Transactions6

7.00% Subordinated Convertible Notes due 2031

Indirect

C · Conversion

Converts to

Common Stock

405.58K shares

−N/A

Strike price

2.82

Held after

N/A

Exercisable

—

6/11/2025

7.00% Subordinated Convertible Notes due 2031

Indirect

C · Conversion

Converts to

Common Stock

42.56K shares

−N/A

Strike price

2.82

Held after

N/A

Exercisable

—

6/11/2025

7.00% Subordinated Convertible Notes due 2031

Indirect

C · Conversion

Converts to

Common Stock

88.33K shares

−N/A

Strike price

2.82

Held after

N/A

Exercisable

—

6/11/2025

Series D Cumulative Convertible Preferred Stock

Indirect

S · Sale

Converts to

Common Stock

0.00 shares

−13.19K

Strike price

17095680

Held after

69.31K

Exercisable

—

6/12/2025

Series D Cumulative Convertible Preferred Stock

Indirect

S · Sale

Converts to

Common Stock

0.00 shares

−1.89K

Strike price

17095680

Held after

9.94K

Exercisable

—

6/12/2025

Series D Cumulative Convertible Preferred Stock

Indirect

S · Sale

Converts to

Common Stock

0.00 shares

−2.41K

Strike price

17095680

Held after

12.68K

Exercisable

—

6/12/2025

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
7.00% Subordinated Convertible Notes due 2031 Indirect	Common Stock405.58K shares	6/11/2025	C · Conversion	−N/A	2.82	—	N/A
7.00% Subordinated Convertible Notes due 2031 Indirect	Common Stock42.56K shares	6/11/2025	C · Conversion	−N/A	2.82	—	N/A
7.00% Subordinated Convertible Notes due 2031 Indirect	Common Stock88.33K shares	6/11/2025	C · Conversion	−N/A	2.82	—	N/A
Series D Cumulative Convertible Preferred Stock Indirect	Common Stock0.00 shares	6/12/2025	S · Sale	−13.19K	17095680	—	69.31K
Series D Cumulative Convertible Preferred Stock Indirect	Common Stock0.00 shares	6/12/2025	S · Sale	−1.89K	17095680	—	9.94K
Series D Cumulative Convertible Preferred Stock Indirect	Common Stock0.00 shares	6/12/2025	S · Sale	−2.41K	17095680	—	12.68K

Non-Derivative Holdings (Post-Transaction)1

Common Stock

Indirect

Shares owned806.00

Total

806.00 indirect806.00

Security Title	Shares Owned	Ownership Type
Common Stock	806.00	Indirect
Total	806.00	806.00 indirect

Derivative Holdings (Post-Transaction)5

Series D Cumulative Convertible Preferred Stock

Indirect

Underlying security

Common Stock

Underlying shares

0.00

Shares owned

909.00

Exercise price

17095680

Expiration

—

Exercise window

—

7.00% Subordinated Convertible Notes due 2031

Indirect

Underlying security

Common Stock

Underlying shares

85.08K

Shares owned

N/A

Exercise price

2.82

Expiration

—

Exercise window

—

Series B Convertible Preferred Stock

Indirect

Underlying security

Common Stock

Underlying shares

0.00

Shares owned

83.49K

Exercise price

40320000

Expiration

—

Exercise window

—

Series B Convertible Preferred Stock

Indirect

Underlying security

Common Stock

Underlying shares

0.00

Shares owned

131.20K

Exercise price

40320000

Expiration

—

Exercise window

—

Series B Convertible Preferred Stock

Indirect

Underlying security

Common Stock

Underlying shares

0.00

Shares owned

578.64K

Exercise price

40320000

Expiration

—

Exercise window

—

Total

Underlying

85.08K

Owned

794.24K

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Series D Cumulative Convertible Preferred Stock Indirect	Common Stock	17095680	—	—	0.00	909.00
7.00% Subordinated Convertible Notes due 2031 Indirect	Common Stock	2.82	—	—	85.08K	N/A
Series B Convertible Preferred Stock Indirect	Common Stock	40320000	—	—	0.00	83.49K
Series B Convertible Preferred Stock Indirect	Common Stock	40320000	—	—	0.00	131.20K
Series B Convertible Preferred Stock Indirect	Common Stock	40320000	—	—	0.00	578.64K
Total					85.08K	794.24K