Form 4: U-Haul Insider Acquires $11.8M in Series N Stock

Blackwater Investments, a subsidiary of U-Haul's 10% owner Willow Grove Holdings LP, acquired 229,515 shares of Series N Common Stock in exchange for Holdfast Marine, LLC equity valued at $11.8 million.

Summary

• Willow Grove Holdings LP, a 10% owner and director of U-Haul Holding Co. /NV/ [UHALB], reported a change in beneficial ownership.
• On September 18, 2025, Blackwater Investments, Inc., a wholly-owned subsidiary of Willow Grove Holdings LP, acquired 229,515 shares of U-Haul Holding Co. Series N Common Stock.
• This acquisition was made from the MVS-029 Trust in exchange for all outstanding equity interests in Holdfast Marine, LLC.
• The equity interests in Holdfast Marine, LLC were valued at approximately $11.8 million for the purpose of this transaction.
• Following the transaction, Willow Grove Holdings LP indirectly beneficially owns 8,150,658 shares of Series N Common Stock through Blackwater Investments, Inc.
• Blackwater Investments, Inc. directly owns 67,253,456 shares of Series N Common Stock and 7,562,884 shares of Common Stock.
• SAC Holding Corporation, a wholly-owned subsidiary of Blackwater, indirectly owns 1,324,000 shares of Common Stock.
• Clarendon Strategies, LLC, another wholly-owned subsidiary of Blackwater, indirectly owns 880,127 shares of Common Stock.
• Willow Grove Holdings LP disclaims beneficial ownership of shares held directly and indirectly by Blackwater and its subsidiaries (Clarendon, SAC) except to the extent of its pecuniary interest.
• Willow Grove is owned and controlled by Foster Road LLC and various trusts associated with Edward J. Shoen and Mark V. Shoen. Foster Road LLC is the general partner of Willow Grove and is managed by Mark V. Shoen and Stuart Shoen.

Sentiment

Score: 7

Explanation: The acquisition of additional shares by a significant insider, even through an asset exchange, generally indicates a positive outlook and confidence in the company's value and future prospects. The $11.8 million valuation of the exchanged asset is also substantial.

Positives

• A significant insider, Willow Grove Holdings LP (a 10% owner and director), increased its indirect beneficial ownership in U-Haul Holding Co. Series N Common Stock.
• The transaction involved a substantial valuation of $11.8 million for the acquired equity interests, indicating a notable asset exchange.
• The acquisition of additional shares by a key insider group can signal confidence in the company's future prospects.

Negatives

• The transaction was an asset exchange rather than a direct cash purchase, which might be viewed differently by some investors.
• The filing does not provide details on the financial performance or strategic value of Holdfast Marine, LLC, making a full assessment of the exchange difficult.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Management Comments

• This Form 4 is being filed in connection with a sale by the MVS-029 Trust of 229,515 shares of Series N Common Stock to Blackwater Investments, Inc. ('Blackwater') in exchange for all of the outstanding equity interests in Holdfast Marine, LLC, which were valued for purposes of this transaction at approximately $11.8 million.
• Blackwater is a wholly owned subsidiary of the Reporting Person. Accordingly, the Reporting Person may be deemed to have indirect beneficial ownership of the Series N Common Stock held by Blackwater.
• The Reporting Person disclaims beneficial ownership of shares held directly and indirectly by Blackwater and its subsidiaries, including Clarendon Strategies, LLC ('Clarendon') and SAC Holding Corporation ('SAC'), except to the extent of its pecuniary interest therein.
• Willow Grove is owned and controlled by Foster Road LLC and various trusts associated with Edward J. Shoen and Mark V. Shoen. Foster Road LLC is the general partner of Willow Grove and is managed by Mark V. Shoen and Stuart Shoen.

Industry Context

This filing primarily details an internal beneficial ownership change within the U-Haul Holding Co. and its related entities, specifically involving the Shoen family trusts and their investment vehicles. It does not directly reflect broader industry trends in the self-storage or moving sectors but rather an internal strategic asset reallocation and increased insider stake in the company.

Related Party Transactions

• The transaction involves the sale of Series N Common Stock from the MVS-029 Trust to Blackwater Investments, Inc., a 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 transaction between entities related through the Shoen family.

Stakeholder Impact

• Shareholders: The acquisition by a significant insider may be viewed as a positive signal, potentially increasing investor confidence in the company's long-term value.
• Management: The transaction reflects continued strategic asset management and investment by key individuals associated with the company's leadership.

Key Dates

Recommendation

The acquisition of a substantial block of Series N Common Stock by a 10% owner and director, Willow Grove Holdings LP, through its subsidiary Blackwater Investments, Inc., signals strong insider confidence in U-Haul Holding Co.'s future. While an asset exchange, the $11.8 million valuation of the exchanged asset underscores the significance of this increased stake. Such insider buying often precedes positive company performance and suggests that the reporting persons believe the stock is undervalued or has significant growth potential.

Keywords

U-Haul Holding Co, UHALB, SEC Form 4, Insider Trading, Beneficial Ownership, Series N Common Stock, Willow Grove Holdings LP, Blackwater Investments, Holdfast Marine, Asset Exchange, Shoen Family