Form 4: Winmill & Co. adds SELF shares in open-market buys

Winmill & Co. Inc. purchased 11,844 Global Self Storage shares on Nov. 17–18, 2025, raising its direct holdings to 109,431 shares.

Summary

• Winmill & Co. Inc. reported open-market purchases of Global Self Storage, Inc. (SELF) common stock on 11/17/2025 and 11/18/2025.
• Shares bought: 6,226 at $5.1246 on 11/17/2025; 5,618 at $5.1578 on 11/18/2025 (Transaction Code: P).
• Direct beneficial ownership increased to 103,813 shares after the 11/17/2025 purchase and to 109,431 shares after the 11/18/2025 purchase.
• Ownership form is direct (D) for the reported holdings.
• Winmill & Co. may be deemed an affiliate of Global Self Storage.
• The Winmill Family Trust owns all voting stock of Winmill & Co.; trustees (Thomas B., Mark C., William, and Woodworth Winmill) may be deemed indirect beneficial owners but each disclaims beneficial ownership.
• Form signed by Donald Klimoski II on behalf of Winmill & Co. Incorporated on 11/18/2025.

Sentiment

Score: 6

Explanation: Insider open-market buying by an affiliate is a mild positive signal; however, the disclosure contains no operational or financial updates.

Positives

• Insider open-market purchases on consecutive days signal incremental confidence: 6,226 shares at $5.1246 and 5,618 shares at $5.1578.
• Direct beneficial ownership increased to 109,431 shares following the transactions.
• No derivative securities activity reported; purchases were straightforward common stock buys.

Negatives

• No operational, financial performance, or strategic updates provided in this disclosure.
• Complex beneficial ownership structure with family trust and trustee disclaimers may reduce clarity for investors.

Future Outlook

No forward-looking statements or guidance are provided.

Management Comments

• Winmill & Co. may be deemed an affiliate of Global Self Storage.
• The Winmill Family Trust owns all voting stock of Winmill & Co.; trustees Thomas B., Mark C., William, and Woodworth Winmill may be deemed indirect beneficial owners; each disclaims beneficial ownership.

Industry Context

Insider purchases in REITs are often interpreted as a confidence signal but do not, by themselves, alter operating fundamentals; self-storage REIT peers (e.g., Public Storage, Extra Space Storage, CubeSmart) similarly disclose such transactions without immediate strategic implications.

Comparison to Industry Standards

• Open-market insider purchases are a common governance feature across REITs and typically modest in size; this activity aligns with standard insider trading practices observed at storage REIT peers such as Public Storage (PSA), Extra Space Storage (EXR), and CubeSmart (CUBE).
• No 10b5-1 plan indication is provided, consistent with many single-day or short-window discretionary insider purchases reported by REIT insiders.
• Absence of operational metrics or guidance is typical for Form 4 disclosures and should be evaluated alongside quarterly or annual reports for performance benchmarking.

Related Party Transactions

• The Winmill Family Trust owns all voting stock of Winmill & Co.; trustees may be deemed to have indirect beneficial ownership, and each disclaims beneficial ownership.

Stakeholder Impact

• Shareholders: Slightly positive sentiment indicator from insider buying; direct holdings increased to 109,431 shares.
• Market liquidity: Small reduction in public float due to insider accumulation.

Next Steps

• No additional actions or timelines disclosed.

Key Dates

Recommendation

Insider purchases by an affiliate are constructive but modest and do not change the investment thesis without accompanying financial or operational updates. Maintain a neutral stance pending substantive performance data or strategic developments.

Keywords

Global Self Storage, SELF, Form 4, insider buying, Winmill & Co., beneficial ownership, self-storage REIT, open-market purchase, affiliates, Winmill Family Trust