Form 4: U-Haul Director Shoen Boosts Indirect Stake via Asset Swap

Edward J. Shoen, a Director and President of U-Haul Holding Co, increased his indirect beneficial ownership in Series N Common Stock through a strategic asset exchange.

Summary

• Edward J. Shoen, a Director, 10% Owner, and President of U-Haul Holding Co /NV/ (UHALB), filed a Form 4 reporting a transaction on September 18, 2025.
• The transaction involved the MVS-029 Trust selling 229,515 shares of Series N Common Stock to Blackwater Investments, Inc.
• This sale was in exchange for all outstanding equity interests in Holdfast Marine, LLC, which were valued at approximately $11.8 million.
• Mr. Shoen's pecuniary interest in the transferred shares increased by approximately 86,481 shares as a result of this transaction.
• Mr. Shoen holds various direct and indirect beneficial ownerships in Series N Common Stock and Common Stock through entities including Blackwater Investments, Inc., Willow Grove Holdings LP, EJS-028 Trust, ESOP Trust Fund, Clarendon Strategies, LLC, and SAC Holding Corporation.
• He disclaims beneficial ownership of shares held by these entities except to the extent of his pecuniary interest therein.

Sentiment

Score: 6

Explanation: The filing reports an insider increasing their pecuniary interest in the company's stock through an asset exchange, which can be viewed as a mild positive signal of confidence, although it's an internal restructuring rather than a direct market purchase.

Positives

• Edward J. Shoen, a key insider and President, increased his pecuniary interest in U-Haul Holding Co's Series N Common Stock by approximately 86,481 shares through an asset exchange.
• The transaction involved the acquisition of Holdfast Marine, LLC equity interests, valued at approximately $11.8 million, by Blackwater Investments, Inc., a subsidiary of Willow Grove Holdings, LP, which is associated with Mr. Shoen.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing.

Industry Context

This Form 4 filing reports an insider transaction and internal asset restructuring, which does not directly relate to broader industry trends or competitors. It reflects an internal capital allocation decision by a significant shareholder and officer.

Comparison to Industry Standards

• This filing details an insider transaction and internal asset exchange, which is not directly comparable to industry-wide operational or financial benchmarks.
• The valuation of Holdfast Marine, LLC at approximately $11.8 million for the equity interests exchanged for 229,515 shares of Series N Common Stock is specific to this transaction and company structure.

Related Party Transactions

• The transaction involves the MVS-029 Trust selling shares to Blackwater Investments, Inc., a wholly-owned subsidiary of Willow Grove Holdings, LP. Willow Grove is owned and controlled by Foster Road LLC and various trusts associated with Edward J. Shoen and Mark V. Shoen, indicating a related party transaction.

Stakeholder Impact

• Shareholders: Edward J. Shoen's increased pecuniary interest in Series N Common Stock could be perceived as a positive signal of insider confidence. The transaction is an internal restructuring of ownership among related entities.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this filing.

Key Dates

Keywords

U-Haul Holding Co, UHALB, Edward J. Shoen, Form 4, insider transaction, beneficial ownership, Series N Common Stock, Holdfast Marine, LLC, Blackwater Investments, Willow Grove Holdings, asset exchange