---
schema_version: "secwatch.filing_event.v1"
accession: "0001527541-26-000370"
form_type: "8-K"
ticker: "WHLR"
cik: "0001527541"
company_name: "Wheeler Real Estate Investment Trust, Inc."
filed_at: "2026-10-06T12:41:29+00:00"
generated_at: "2026-10-12T16:31:01.519532+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Wheeler REIT swaps 38,500 preferred shares for 161,700 common; note conversion price cut 45% to $2.73

## Summary
- Issued 161,700 common shares to Stilwell Activist Investments, L.P. and Stilwell Activist Fund, L.P. for 30,800 Series B and 7,700 Series D preferred shares (21 common per 4 Series B, 1 Series D).
- No cash proceeds; exchanged preferred shares were retired and cancelled. Joseph Stilwell, a Wheeler board member, controls the Stilwell Investors' general partner.
- October 2026 redemption: 8 holder requests, 5,450 Series D shares redeemed at ~$41.96/share, settled by issuing 46,133 common shares, based on a $4.96 ten-day VWAP.
- Cumulative to date: 450 redemption requests, 1,832,678 Series D shares redeemed, ~99,000 common shares issued; 1,506,932 common and 1,703,374 Series D shares outstanding as of Oct 5, 2026.
- 7.00% Notes due 2031 conversion price cut to ~$2.73 (9.17 shares per $25 principal), a 45% discount to $4.96; next Series D deadline Oct 25, redemption date Nov 5, 2026.

## SEC filing metadata
- accession: 0001527541-26-000370
- form_type: 8-K
- ticker: WHLR
- cik: 0001527541
- company_name: Wheeler Real Estate Investment Trust, Inc.
- filed_at: 2026-10-06T12:41:29+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 3.02, 3.03, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1527541/000152754126000370/0001527541-26-000370-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1527541/000152754126000370/whlr-20260930.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001527541-26-000370
- JSON: https://secwatch.observer/filing/0001527541-26-000370.json
- Plain text: https://secwatch.observer/filing/0001527541-26-000370.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.