WHLR.NASDAQWheeler Real Estate Investment Trust, INC
SCHEDULE: Stilwell Group Extends Wheeler REIT Agreement to 2026
Sentiment:
Amendment to Beneficial Ownership Report
The Stilwell Group has extended its Letter Agreement with Wheeler Real Estate Investment Trust, Inc. until December 7, 2026, maintaining its significant beneficial ownership and board representation.
Delay expectedThe acquisition of Anchor Bancorp (ANCB) by Washington Federal, Inc. was delayed due to regulatory issues at Washington Federal, Inc. (though a sale to FS Bancorp, Inc. at a higher price was later announced).The Letter Agreement, which restricts the Stilwell Group's ability to convert Notes if it would lead to 50% or more beneficial ownership, has been extended multiple times, most recently to December 7, 2026. This represents a delay in the Group's full potential conversion and consolidation of control.
Summary
- The Stilwell Group, an activist investor, filed its 37th amendment to Schedule 13D for Wheeler Real Estate Investment Trust, Inc. (WHLR).
- The primary update is the extension of the 'Letter Agreement' with WHLR until December 7, 2026, which restricts the Group from converting certain convertible notes if it would result in 50% or more beneficial ownership of common stock.
- The Group beneficially owns 1,265,978 shares of WHLR Common Stock, representing 49.99% of the outstanding shares. This includes 114,203 shares owned of record and 1,151,775 shares convertible from 7% Senior Subordinated Convertible Notes due 2031.
- The conversion price for these Notes was adjusted to approximately $1.74 per share as of November 5, 2025, due to redemptions of Series D Preferred Stock.
- Joseph Stilwell, E. J. Borrack, and Megan Parisi, all affiliated with The Stilwell Group, currently serve on WHLR's board of directors.
- The Group has an 'Excepted Holder Agreement' allowing them to exceed standard REIT ownership limits, up to 60% of capital stock value and 90% of common stock outstanding.
- Stilwell Value LLC faced an SEC cease and desist order on September 25, 2024, for untimely filing of beneficial ownership reports, resulting in a $75,000 civil penalty, which has been satisfied.
- The Group's historical strategy involves asserting shareholder rights to profit from share price appreciation, often by advocating for sales, mergers, or share repurchases, and seeking board representation.
Sentiment
Score: 6
Explanation: The filing is neutral to slightly positive for the Stilwell Group, as it confirms their continued influence and strategic positioning in Wheeler REIT. The extension of the Letter Agreement indicates ongoing engagement. However, the past SEC violation for Stilwell Value LLC is a negative, and the filing lacks specific positive operational or financial news for Wheeler REIT itself.
Positives
- The Stilwell Group maintains significant influence over Wheeler REIT's strategic direction through its 49.99% beneficial ownership and board representation.
- The extension of the Letter Agreement suggests ongoing engagement and a structured approach to managing the Group's stake.
- The adjusted conversion price of the 7% Senior Subordinated Convertible Notes to $1.74 per share (from $4.907490 per share in some prior sales) could be favorable for the Group's potential future conversions, depending on the market price.
- The Excepted Holder Agreement allows the Stilwell Group to hold a substantial stake (up to 90% of common stock and 60% of capital stock) without violating REIT ownership restrictions, providing flexibility for their activist strategy.
Negatives
- Stilwell Value LLC, a key entity within the Group, was subject to an SEC cease and desist order and a $75,000 civil monetary penalty for failing to timely file beneficial ownership reports, indicating past compliance issues.
- The Letter Agreement restricts the Group from converting Notes if it would lead to 50% or more beneficial ownership of common stock, which could limit their immediate ability to fully realize their equity stake or exert full control.
- The filing does not provide specific positive financial metrics or operational improvements for Wheeler REIT, focusing instead on the activist investor's position and historical actions.
Risks
- Regulatory Compliance Risk: Stilwell Value LLC's past SEC violation for untimely filings highlights a potential risk in regulatory compliance, although the penalty has been satisfied and remedial actions taken.
- Shareholder Rights Limitations: The Letter Agreement's restriction on converting Notes to exceed 50% common stock ownership limits the Group's immediate ability to fully consolidate control, potentially prolonging their activist efforts.
- Market Price Volatility: The Group's stated purpose is to profit from appreciation in the Issuer's securities, which inherently carries market price risk.
- Conversion Price Risk: While the conversion price for Notes was adjusted down, the value of the convertible Notes is still subject to the underlying common stock price performance.
- REIT Ownership Restrictions: Although the Excepted Holder Agreement provides flexibility, the underlying REIT ownership restrictions could still pose complexities for large shareholders.
Future Outlook
The Stilwell Group intends to continue working with Wheeler REIT's management and board to maximize shareholder value, as evidenced by the extension of the Letter Agreement and their ongoing board representation. Their historical actions suggest a focus on strategic alternatives such as sales, mergers, or capital allocation programs like share repurchases.
Management Comments
- "Our purpose in acquiring the Common Stock of the Issuer is to profit from the appreciation in the Issuer's securities and the market price of the shares of Common Stock through asserting shareholder rights."
- "In each instance, our purpose has been to profit from the appreciation in the market price of the shares we held by asserting shareholder rights. In addition, we believed that the values of the companies' assets were not adequately reflected in the market prices of their shares."
- "We hope to work with management and the board of directors to maximize shareholder value at SFBC."
- "We intend to continue to work to maximize value for all common shareholders of SICP."
- "We believe management and the board are acting in good faith to maximize shareholder value."
- "We are evaluating how best to proceed to maximize shareholder value."
- "We hope to work with management and the board to maximize shareholder value."
- "We hope to work with management and the board on capital allocation to maximize shareholder value."
- "We believe management and the directors have ill served PFBX's shareholders, and PFBX should explore all possibilities to maximize shareholder value."
Industry Context
The filing highlights the ongoing trend of activist investors, like the Stilwell Group, targeting publicly traded companies, particularly in the financial and real estate sectors (REITs and banks), to unlock shareholder value. Their strategy often involves advocating for M&A, share repurchases, or board changes when they perceive assets are undervalued or management is underperforming. The detailed history of 78 activist positions underscores a consistent, long-term strategy focused on driving strategic changes rather than passive investment.
Comparison to Industry Standards
- The Stilwell Group's strategy of acquiring significant stakes and seeking board representation to drive value through sales, mergers, or capital allocation is a common tactic among activist investors in the financial industry.
- Their historical success in achieving sales or mergers in 23 companies (Category I) and seating directors leading to sales/mergers in 13 companies (Category II) demonstrates a track record comparable to successful activist funds.
- The engagement with companies like Oregon Trail Financial Corp. (OTFC) and HopFed Bancorp, Inc. (HFBC), involving proxy contests, lawsuits, and ultimately board changes and strategic shifts, aligns with aggressive activist playbooks seen across various industries.
- The focus on share repurchases and second-step conversions in mutual holding companies (e.g., ROMA, ALLB, ALMG, FSBC, NECB) is a specific strategy often employed in the banking sector to unlock value for public shareholders.
- The legal proceedings against companies like PBIP and PFBX for fiduciary duty breaches or refusal to provide shareholder lists are typical actions taken by activists when management resists their proposals, reflecting a willingness to escalate.
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
| Director | N/A | Joseph Stilwell | December 19, 2019 | Elected to the board at the Issuer's shareholder meeting. |
| Director | N/A | E. J. Borrack | July 15, 2021 | Elected to the board at the Issuer's annual meeting of shareholders. |
| Director | N/A | Megan Parisi | May 19, 2023 | Elected to the board at the Issuer's annual meeting of shareholders. |
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Board Composition | Joseph Stilwell, E. J. Borrack, and Megan Parisi, all affiliated with The Stilwell Group, continue to serve on the Issuer's board of directors, indicating significant activist investor representation. | Ongoing (elected Dec 2019, July 2021, May 2023 respectively) | Increased influence of the Stilwell Group on corporate strategy and decision-making. |
| Ownership Limits | The Excepted Holder Agreement was amended to increase the Capital Stock Excepted Holder Limit to 60% and the Common Stock Excepted Holder Limit to 90% for the Stilwell Holders. | February 5, 2024 | Provides greater flexibility for the Stilwell Group to increase its ownership stake without violating REIT ownership restrictions, potentially facilitating further consolidation of control or influence. |
| Shareholder Reporting | The Stilwell Holders are obligated to annually deliver a detailed report describing their beneficial ownership of the Issuer's securities as long as they beneficially own at least 9.8% of outstanding Common Stock or capital stock. | December 5, 2023 (Excepted Holder Agreement) | Ensures ongoing transparency regarding the Stilwell Group's holdings to the Issuer. |
| Conversion Restrictions | The Letter Agreement, which restricts the Stilwell Holders from converting their Notes if it would result in 50% or more beneficial ownership of Common Stock, was extended to December 7, 2026. | November 20, 2025 | Temporarily limits the Stilwell Group's ability to fully convert their Notes and potentially gain majority control, suggesting a negotiated approach to their influence. |
Legal Proceedings
- Stilwell Value LLC consented to an SEC administrative cease and desist order on September 25, 2024, for violations of Section 13(d)(1) and 13(d)(2) of the Securities Exchange Act of 1934 and related rules, specifically for failing to timely file certain beneficial ownership reports on Schedule 13D and Schedule 13G. A $75,000 civil monetary penalty was imposed and satisfied.
Related Party Transactions
- The Stilwell Group entities (Stilwell Value Partners VII, Stilwell Activist Fund, Stilwell Activist Investments, Stilwell Associates) acquired 7% Senior Subordinated Convertible Notes from the Issuer as part of a Rights Offering on August 19, 2021.
- The Stilwell Holders (Stilwell Activist Investments, Stilwell Activist Fund, Stilwell Value Partners VII, and Stilwell Associates) entered into an Excepted Holder Agreement and a Letter Agreement with the Issuer on December 5, 2023, which were subsequently amended.
- The Stilwell Holders settled redemption requests for 207,713 shares of Series D Preferred Stock, receiving 20,233,821 shares of Common Stock from the Issuer.
- Joseph Stilwell, E. J. Borrack, and Megan Parisi, all affiliated with The Stilwell Group, serve on the Issuer's board of directors.
Stakeholder Impact
- Shareholders: The extension of the Letter Agreement and the Stilwell Group's continued significant ownership and board representation suggest ongoing efforts to maximize shareholder value, potentially through strategic transactions or capital allocation. The past SEC violation for Stilwell Value LLC could raise concerns about compliance, but it has been resolved.
- Management/Board: The presence of three Stilwell Group affiliates on the board indicates a strong activist influence on management decisions and strategic direction. The Letter Agreement's restrictions imply a negotiated relationship.
- Creditors (Noteholders): The 7% Senior Subordinated Convertible Notes held by the Stilwell Group are a significant debt instrument, and their conversion terms are relevant to the company's capital structure.
Next Steps
- The Stilwell Group will continue to work with Wheeler REIT's management and board to maximize shareholder value.
- The Letter Agreement will remain in effect until December 7, 2026, restricting certain Note conversions.
- The Stilwell Holders are obligated to annually deliver a detailed report describing their beneficial ownership of Wheeler REIT securities.
- If IROQ fails to substantially implement matters approved by stockholders at its 2024 annual meeting after March 31, 2026, the Stilwell Group will select an additional nominee to the board.
- The Stilwell Group intends to seek board representation at Lake Shore Bancorp, Inc.'s (LSBK) 2026 annual meeting.
- The Stilwell Group intends to gain board representation and work to maximize shareholder value at Peoples Financial Corporation (PFBX).
- The Stilwell Group hopes to work with management and boards of CIB Marine Bancshares, Inc. (CIBH), U & I Financial Corp. (UNIF), Central Plains Bancshares, Inc. (CPBI), and Catalyst Bancorp, Inc. (CLST) to maximize shareholder value.
Key Dates
| Date | Description |
|---|---|
| 2000 | Members or affiliates of the Stilwell Group have taken an activist position in 78 other publicly-traded companies since this year. |
| 2001 | Stilwell Group met with OTFC management to discuss concerns about maximizing shareholder value. |
| 2002 | ACAP repurchased approximately 15% of its outstanding shares. |
| 2003 | ACAP repurchased approximately 15% of its outstanding shares. |
| 2007 | BRBW deregistered its shares of common stock effective in this year. |
| 2010 | ACAP became concerned about the fundamentals of its business upon the passage of federal healthcare legislation. |
| 2012 | Stilwell Group nominated a director for election at HARI's annual meeting. |
| 2012 | CIBH deregistered its shares of common stock effective in this year. |
| 2013 | Stilwell Group nominated a director at HARI's annual meeting. |
| 2013 | FABK deregistered its shares of common stock effective in this year. |
| 2014 | Stilwell Group nominated a director at HARI's annual meeting. |
| 2015 | Stilwell Group began soliciting stockholder votes for its nominee for HARI's annual meeting. |
| 2016 | FFNM deregistered its shares of common stock effective in this year. |
| 2016 | NECB shares of common stock were deregistered from this year to 2021. |
| 2017 | CROL deregistered its shares of common stock effective in this year. |
| 2018 | BFFI deregistered its shares of common stock effective in this year. |
| 2018 | WAYN deregistered its shares of common stock effective in this year. |
| 2019 | CFDB deregistered its shares of common stock effective in this year. |
| 2019 | MBCQ deregistered its shares of common stock effective in this year. |
| 2020 | OTTW deregistered its shares of common stock effective in this year. |
| 2021 | Stilwell Group's nominees for election as directors at PFBX's annual meeting were not elected. |
| 2022 | Stilwell Group's nominees for election as directors at PFBX's annual meeting were not elected. |
| 2023 | Stilwell Group's nominees for election as directors at PFBX's annual meeting were not elected. |
| 2024 | Stilwell Group's nominees for election as directors at PFBX's annual meeting were not elected. |
| 2025 | Stilwell Group's nominees for election as directors at PFBX's annual meeting were not elected. |
| 2000-05-01 | Stilwell Group filed original Schedule 13D reporting its position in Security of Pennsylvania Financial Corp. (SPN). |
| 2000-06-02 | SPN and Northeast Pennsylvania Financial Corp. announced SPN's acquisition. |
| 2000-07-07 | Stilwell Group filed original Schedule 13D reporting its position in Cameron Financial Corporation (Cameron). |
| 2000-10-06 | Cameron announced its sale to Dickinson Financial Corp. |
| 2000-12-15 | Stilwell Group filed original Schedule 13D reporting its position in Oregon Trail Financial Corp. (OTFC). |
| 2001-01-04 | Stilwell Group filed original Schedule 13D reporting its position in Community Financial Corp. (CFIC). |
| 2001-01-25 | CFIC announced the sale of one of its remaining subsidiaries. |
| 2001-02-23 | Stilwell Group filed original Schedule 13D reporting its position in Montgomery Financial Corporation (Montgomery). |
| 2001-03-30 | CFIC announced its merger with First Financial Corporation. |
| 2001-04-20 | Stilwell Group met with Montgomery's management and suggested they maximize shareholder value by selling the institution. |
| 2001-06-05 | Montgomery announced that it had hired an investment banker to explore a sale. |
| 2001-06-14 | Stilwell Group filed original Schedule 13D reporting its position in HCB Bancshares, Inc. (HCBB). |
| 2001-07-24 | Montgomery announced its merger with Union Community Bancorp. |
| 2001-08-16 | Stilwell Group started soliciting proxies to elect Kevin D. Padrick, Esq. to the OTFC board. |
| 2001-09-04 | Stilwell Group reported that it had entered into a standstill agreement with HCBB. |
| 2001-10-12 | OTFC's shareholders elected Stilwell Group's candidate by a two-to-one margin. |
| 2001-10-22 | Stilwell Group's nominee, John G. Rich, Esq., was appointed to the HCBB board. |
| 2002-01-31 | HCBB announced a modified Dutch tender auction to repurchase 20% of its shares. |
| 2002-02-20 | Stilwell Group entered into a three-year standstill agreement with American Physicians Capital, Inc. (ACAP). |
| 2002-03-12 | Stilwell Group entered into a standstill agreement with OTFC. |
| 2003-02-26 | OTFC and FirstBank NW Corp. announced their merger. |
| 2003-06-30 | Stilwell Group filed original Schedule 13D reporting its position in FPIC Insurance Group, Inc. (FPIC). |
| 2003-08-12 | Florida's Insurance Department approved Stilwell Group's request to hold more than 5% of FPIC's shares. |
| 2003-08-12 | HCBB announced it had hired an investment banker to assist in exploring alternatives for maximizing shareholder value. |
| 2003-10-31 | The merger between OTFC and FirstBank NW Corp. was completed. |
| 2003-11-06 | ACAP announced a reserve charge and that it would explore options to maximize shareholder value. |
| 2003-11-10 | FPIC invited Stilwell Group's nominee, John G. Rich, Esq., to join the board. |
| 2003-12-02 | ACAP announced the early retirement of its president and CEO. |
| 2003-12-23 | ACAP named R. Kevin Clinton its new president and CEO. |
| 2004-01-14 | HCBB announced its sale to Rock Bancshares, Inc. |
| 2004-03-29 | Stilwell Group filed original Schedule 13D reporting its position in Community Bancshares, Inc. (COMB). |
| 2004-06-08 | Stilwell Group disclosed that it sold FPIC shares in the open market, decreasing its holdings below 5%. |
| 2004-06-24 | ACAP announced that it had decided that the best means to maximize shareholder value would be to shed non-core businesses. |
| 2004-11-10 | ACAP invited Joseph Stilwell to sit on the board, and a new standstill agreement was entered. |
| 2005-06-20 | Stilwell Group filed original Schedule 13D reporting its position in Prudential Bancorp, Inc. of Pennsylvania (PBIP). |
| 2005-08-01 | Stilwell Group announced it would solicit proxies to oppose adoption of PBIP's management stock benefit plans. |
| 2005-11-21 | Stilwell Group amended its Schedule 13D for COMB and stated that it should be sold. |
| 2005-12-01 | Stilwell Group solicited proxies to withhold votes on the election of PBIP's directors. |
| 2006-01-06 | Stilwell Group disclosed the names of its three board nominees for COMB. |
| 2006-01-19 | Stilwell Group filed original Schedule 13D reporting its position in SCPIE Holdings Inc. (SKP). |
| 2006-04-06 | PBIP announced that it had secretly solicited a letter from an FDIC staffer. |
| 2006-04-19 | PBIP postponed the special meeting to vote on management stock benefit plans. |
| 2006-05-01 | COMB announced its sale to The Banc Corporation. |
| 2006-09-01 | The Fed subsequently followed the FDIC's position regarding PBIP in this month. |
| 2006-10-04 | Stilwell Group sued PBIP, the MHC, and the directors of PBIP and the MHC in federal court. |
| 2006-12-01 | Stilwell Group solicited proxies to withhold votes on the election of PBIP's directors at the 2007 annual meeting. |
| 2006-12-14 | SKP agreed to place Joseph Stilwell on its board. |
| 2007-03-07 | Stilwell Group disclosed that it was publicizing the results of PBIP's elections by placing billboard advertisements. |
| 2007-04-01 | Stilwell Group engaged in a proxy solicitation at ROMA's first annual meeting. |
| 2007-07-27 | Stilwell Group filed original Schedule 13D reporting its position in Roma Financial Corp. (ROMA). |
| 2007-08-15 | The court dismissed some claims against PBIP but sustained Stilwell Group's cause of action against the MHC. |
| 2007-10-16 | Mr. Stilwell resigned from SKP's board after it approved a sale that he believed was an inferior deal. |
| 2007-11-05 | Stilwell Group filed original Schedule 13D reporting its position in NorthEast Community Bancorp, Inc. (NECB). |
| 2007-11-21 | Stilwell Group disclosed that it sold ROMA shares in the open market, decreasing its holdings below 5%. |
| 2007-12-01 | Stilwell Group filed proxy materials for the solicitation of proxies to withhold votes on the election of PBIP's directors at the 2008 annual meeting. |
| 2008-05-08 | Stilwell Group's representatives were re-elected to ACAP's board for three-year terms expiring in 2011. |
| 2008-05-22 | Stilwell Group voluntarily discontinued the lawsuit against PBIP. |
| 2008-05-23 | Stilwell Group filed original Schedule 13D reporting its position in William Penn Bancorp, Inc. (WMPN). |
| 2008-05-30 | Stilwell Group filed original Schedule 13D reporting its position in Malvern Bancorp, Inc. (MLVF). |
| 2008-06-11 | Stilwell Group filed a notice to appeal certain portions of the lower court's August 15, 2007, order dismissing portions of the PBIP lawsuit. |
| 2008-11-01 | Stilwell Group entered into a settlement agreement and an expense agreement with PBIP. |
| 2008-11-07 | Stilwell Group filed original Schedule 13D reporting its position in Kingsway Financial Services Inc. (KFS). |
| 2008-12-29 | Stilwell Group filed original Schedule 13D reporting its position in First Savings Financial Group, Inc. (FSFG). |
| 2009-01-07 | Stilwell Group entered into a settlement agreement with KFS. |
| 2009-03-12 | Stilwell Group filed original Schedule 13D reporting its position in Alliance Bancorp, Inc. of Pennsylvania (ALLB). |
| 2009-04-23 | The KFS board was reconstituted with just three of the original ten legacy directors remaining. |
| 2009-11-03 | All of the legacy directors had resigned from the KFS board. |
| 2009-12-01 | Stilwell Group reported that its beneficial ownership of outstanding FSFG common stock had fallen below 5%. |
| 2010-03-05 | Stilwell Group reported that its ownership in PBIP had dropped below 5%. |
| 2010-07-01 | Stilwell Group served a demand on NECB to inspect its shareholder list. |
| 2010-08-01 | NECB produced the list of shareholders to Stilwell Group. |
| 2010-08-11 | ALLB announced its intention to undertake a second-step offering. |
| 2010-09-24 | Stilwell Group filed original Schedule 13D reporting its position in FedFirst Financial Corporation (FFCO). |
| 2010-10-08 | Stilwell Group filed original Schedule 13D reporting its position in Wayne Savings Bancshares, Inc. (WAYN). |
| 2010-10-18 | Stilwell Group filed original Schedule 13D reporting its position in Standard Financial Corp. (STND). |
| 2010-10-22 | ACAP was acquired by The Doctors Company. |
| 2010-10-26 | Stilwell Group demanded that MLVF pursue a derivative action against its directors. |
| 2010-12-29 | The plan of conversion and reorganization for ALLB was approved by depositors. |
| 2011-01-03 | Stilwell Group filed original Schedule 13D reporting its position in Home Federal Bancorp, Inc. of Louisiana (HFBL). |
| 2011-02-07 | Stilwell Group filed original Schedule 13D reporting its position in Wolverine Bancorp, Inc. (WBKC). |
| 2011-02-28 | Stilwell Group filed original Schedule 13D reporting its position in SP Bancorp, Inc. (SPBC). |
| 2011-03-28 | Stilwell Group filed original Schedule 13D reporting its position in Eureka Financial Corp. (EKFC). |
| 2011-04-01 | Stilwell Group filed original Schedule 13D reporting its position in Harvard Illinois Bancorp, Inc. (HARI). |
| 2011-04-11 | Stilwell Group filed original Schedule 13D reporting its position in Fraternity Community Bancorp, Inc. (FRTR). |
| 2011-04-18 | Stilwell Group filed original Schedule 13D reporting its position in Sunshine Financial, Inc. (SSNF). |
| 2011-06-03 | Stilwell Group sued MLVF's directors in Chester County, Pennsylvania. |
| 2011-07-05 | Stilwell Group filed original Schedule 13D reporting its position in Jacksonville Bancorp, Inc. (JXSB). |
| 2011-07-11 | Stilwell Group filed original Schedule 13D reporting its position in Naugatuck Valley Financial Corporation (NVSL). |
| 2011-09-23 | Stilwell Group filed original Schedule 13D reporting its position in Poage Bankshares, Inc. (PBSK). |
| 2011-09-29 | Stilwell Group filed original Schedule 13D reporting its position in United Insurance Holdings Corp. (UIHC). |
| 2011-10-01 | Stilwell Group sent a letter to NECB's board of directors demanding board expansion. |
| 2011-10-07 | Stilwell Group filed original Schedule 13D reporting its position in Provident Financial Holdings, Inc. (PROV). |
| 2011-10-01 | Stilwell Group filed a lawsuit in New York state court against NECB. |
| 2011-11-09 | Judge Howard F. Riley Jr. overruled the director defendants' preliminary objections to the MLVF derivative lawsuit. |
| 2012-01-17 | MLVF announced its intention to undertake a second-step conversion. |
| 2012-01-19 | Stilwell Group filed original Schedule 13D reporting its position in West End Indiana Bancshares, Inc. (WEIN). |
| 2012-03-05 | Stilwell Group filed original Schedule 13D reporting its position in IF Bancorp, Inc. (IROQ). |
| 2012-05-07 | Stilwell Group filed original Schedule 13D reporting its position in Anchor Bancorp (ANCB). |
| 2012-07-23 | Stilwell Group filed original Schedule 13D reporting its position in Georgetown Bancorp, Inc. (GTWN). |
| 2012-08-22 | SNFL announced the completion of its second-step conversion. |
| 2012-09-21 | Stilwell Group filed original Schedule 13D reporting its position in Fairmount Bancorp, Inc. (FMTB). |
| 2012-10-11 | MLVF conversion and stock offering were completed. |
| 2012-10-22 | Stilwell Group filed original Schedule 13D reporting its position in Hamilton Bancorp, Inc. (HBK). |
| 2012-11-23 | Stilwell Group filed original Schedule 13D reporting its position in Polonia Bancorp, Inc. (PBCP). |
| 2012-11-29 | Stilwell Group filed original Schedule 13D reporting its position in TF Financial Corporation (THRD). |
| 2012-12-17 | Stilwell Group disclosed that it sold UIHC shares in the open market, decreasing its holdings below 5%. |
| 2013-01-03 | Stilwell Group disclosed that it sold HFBL shares in the open market, decreasing its holdings below 5%. |
| 2013-01-22 | Stilwell Group filed original Schedule 13D reporting its position in United Community Bancorp (UCBA). |
| 2013-02-07 | Stilwell Group disclosed that it sold HFBL shares in the open market, decreasing its holdings below 5%. |
| 2013-02-25 | Stilwell Group filed original Schedule 13D reporting its position in HopFed Bancorp, Inc. (HFBC). |
| 2013-03-19 | Stilwell Group disclosed that it sold STND shares in the open market, decreasing its holdings below 5%. |
| 2013-04-08 | Stilwell Group filed original Schedule 13D reporting its position in Jefferson Bancshares, Inc. (JFBI). |
| 2013-05-20 | Stilwell Group filed original Schedule 13D with the Federal Deposit Insurance Corporation reporting its position in United-American Savings Bank (UASB). |
| 2013-08-09 | Stilwell Group met with SPBC management and the Chairman to assess the best way to maximize shareholder value. |
| 2013-08-23 | Stilwell Group met with ASBB management to assess the best way to maximize shareholder value. |
| 2013-09-05 | Stilwell Group notified MLVF of its intention to nominate John P. OGrady for election as a director. |
| 2013-10-28 | Stilwell Group filed original Schedule 13D reporting its position in Delanco Bancorp, Inc. (DLNO). |
| 2013-12-01 | Prior to its acquisition by Investors Bancorp, Inc., nearly 70% of ROMA's shares were held by a mutual holding company controlled by ROMA's board. |
| 2013-12-18 | Stilwell Group reached an agreement with Colonial Financial Services, Inc. (COBK) to have a director of its choice appointed to its board. |
| 2014-01-23 | JFBI's sale to HomeTrust Bancshares, Inc. was announced. |
| 2014-02-13 | Stilwell Group reported its intention to seek NVSL board representation. |
| 2014-02-25 | Stilwell Group reported its intention to seek FMTB board representation at its 2015 annual meeting. |
| 2014-03-12 | Stilwell Group reached an agreement with NVSL for its representative to join NVSL's board of directors. |
| 2014-03-17 | Stilwell Group filed original Schedule 13D reporting its position in Carroll Bancorp, Inc. (CROL). |
| 2014-03-25 | Stilwell Group's then analyst, Corissa B. Porcelli, joined COBK's board of directors. |
| 2014-04-14 | FFCO announced its sale to CB Financial Services, Inc. |
| 2014-04-21 | Stilwell Group filed original Schedule 13D reporting its position in Sugar Creek Financial Corp. (SUGR). |
| 2014-05-05 | SPBC announced its sale to Green Bancorp Inc. |
| 2014-06-04 | THRD announced its sale to National Penn Bancshares, Inc. |
| 2014-07-18 | Stilwell Group disclosed that it sold its shares to ASBB. |
| 2014-09-10 | COBK announced its sale to Cape Bancorp, Inc. |
| 2014-09-15 | Stilwell Group filed original Schedule 13D reporting its position in Seneca-Cayuga Bancorp, Inc. (SCAY). |
| 2014-09-23 | Stilwell Group filed original Schedule 13D reporting its position in Pinnacle Bancshares, Inc. (PCLB). |
| 2014-11-14 | PCLB announced the continuation of its share repurchase plan. |
| 2014-11-18 | Stilwell Group's then analyst, Corissa B. Porcelli, was appointed to the FRTR board of directors. |
| 2014-11-25 | Stilwell Group terminated its standstill agreement with MLVF. |
| 2014-12-03 | WMPN announced and subsequently completed its plan to repurchase 10% of its shares outstanding. |
| 2015-02-09 | Stilwell Group filed original Schedule 13D reporting its position in Ben Franklin Financial, Inc. (BFFI). |
| 2015-04-01 | The COBK cash/stock deal was completed. |
| 2015-04-16 | FMTB's sale was announced. |
| 2015-05-11 | Stilwell Group filed original Schedule 13D reporting its position in Alamogordo Financial Corp. (ALMG). |
| 2015-05-21 | HARI announced the sale of its subsidiary bank to State Bank in Wonder Lake, IL. |
| 2015-06-04 | NVSL announced its sale to Liberty Bank in Middletown, Connecticut. |
| 2015-07-21 | Stilwell Group's nominee, Stephen S. Burchett, was elected as a director to the PBSK board. |
| 2015-10-13 | FRTR's sale was announced. |
| 2015-10-26 | Stilwell Group filed original Schedule 13D reporting its position in FSB Community Bankshares, Inc. (FSBC). |
| 2015-11-09 | Stilwell Group disclosed that it sold shares to UCBA, decreasing its holdings below 5%. |
| 2015-11-12 | Stilwell Group disclosed that it sold its shares in WEIN in the open market. |
| 2015-12-30 | UASB announced its sale to Emclaire Financial Corp. |
| 2016-01-15 | The NVSL cash deal was completed. |
| 2016-01-25 | Stilwell Group filed original Schedule 13D reporting its position in Central Federal Bancshares, Inc. (CFDB). |
| 2016-02-05 | Stilwell Group's Director of Research, Corissa B. Porcelli, was appointed to the SSNF board of directors. |
| 2016-03-03 | FSBC announced and later completed a second-step conversion. |
| 2016-03-07 | ALMG announced and later completed a second-step conversion. |
| 2016-03-10 | Stilwell Group filed original Schedule 13D reporting its position in First Federal of Northern Michigan Bancorp, Inc. (FFNM). |
| 2016-03-30 | MBCQ announced and subsequently completed its plan to repurchase an initial 10% of its shares outstanding. |
| 2016-04-11 | Stilwell Group disclosed that it sold WMPN shares in the open market, decreasing its holdings below 5%. |
| 2016-05-13 | The FRTR cash deal was completed. |
| 2016-05-25 | PCLB announced a new repurchase plan. |
| 2016-06-02 | PBCP's sale to Prudential Bancorp, Inc. was announced. |
| 2016-07-07 | Stilwell Group called for ANCB's sale to the highest bidder. |
| 2016-08-01 | The sale of HARI's subsidiary bank was completed. |
| 2016-08-10 | Stilwell Group entered into a settlement agreement with HARI. |
| 2016-08-29 | Stilwell Group agreed not to seek ANCB board representation at the 2016 annual meeting. |
| 2016-10-06 | GTWN announced its sale to Salem Five Bancorp. |
| 2016-10-11 | Stilwell Group disclosed that it sold its FFNW shares in the open market. |
| 2016-10-14 | Stilwell Group disclosed that it sold shares of the converted company, Bancorp 34, Inc., in the open market, decreasing its holdings below 5%. |
| 2016-12-07 | Stilwell Group disclosed that it sold MLVF shares in the open market, decreasing its holdings below 5%. |
| 2016-12-09 | Stilwell Group disclosed that it sold shares of the converted company, FSB Bancorp, Inc., in the open market, decreasing its holdings below 5%. |
| 2016-12-13 | Stilwell Group disclosed that it sold its PCLB shares in the open market. |
| 2016-12-20 | The WAYN board announced H. Stewart Fitz Gibbon III's unexplained resignation. |
| 2017-03-20 | Stilwell Group filed original Schedule 13D reporting its position in First Advantage Bancorp (FABK). |
| 2017-04-11 | ANCB's announced sale to Washington Federal, Inc. |
| 2017-05-01 | Stilwell Group sent a letter to HFBC stockholders detailing real estate holdings and conflicts of interest. |
| 2017-05-04 | Stilwell Group filed a complaint in the Delaware Court of Chancery against HFBC. |
| 2017-06-14 | WBKC's sale to Horizon Bancorp was announced. |
| 2017-07-03 | Original Schedule 13D filed for Wheeler Real Estate Investment Trust, Inc. (WHLR). |
| 2017-07-28 | Stilwell Group disclosed that it sold its SUGR shares in the open market. |
| 2017-09-25 | Stilwell Group disclosed that it sold PROV shares in the open market, decreasing its holdings below 5%. |
| 2017-10-04 | HFBC announced it had amended the bylaw, mooting the case. |
| 2017-10-18 | DLNO's sale to First Bank was announced. |
| 2017-12-04 | Second Amendment to WHLR Schedule 13D filed. |
| 2017-12-06 | SSNF's sale to The First Bancshares, Inc. was announced. |
| 2017-12-28 | Stilwell Group filed original Schedule 13D reporting its position in Alcentra Capital Corp (ABDC). |
| 2018-01-05 | Stilwell Group informed ABDC management that it would aggressively seek board representation if ABDC did not repurchase 10% of its shares in 2018. |
| 2018-01-16 | FFNM's sale to Mackinac Financial Corporation was announced. |
| 2018-01-17 | Third Amendment to WHLR Schedule 13D filed. |
| 2018-01-18 | JXSB's sale to CNB Bank Shares, Inc. was announced. |
| 2018-01-29 | Stilwell Group served a letter to the SCAY board demanding that SCAY undertake a second-step conversion. |
| 2018-02-07 | Vice Chancellor J. Travis Laster granted Stilwell Group's motion to recover attorneys fees and expenses against HFBC, awarding $610,312. |
| 2018-02-20 | Stilwell Group reached an agreement with MBCQ, and its Director of Research, Corissa B. Porcelli, was appointed to the board. |
| 2018-02-23 | HFBC filed a Form 8-K reporting that its Special Litigation Committee declined to recommend a lawsuit against John Peck. |
| 2018-02-23 | Stilwell Group formally demanded that HFBC's board of directors take action against HFBC's attorneys for legal malpractice. |
| 2018-03-01 | Stilwell Group nominated Mark D. Alcott for election to HFBC's board of directors. |
| 2018-04-02 | The SSNF cash/stock deal was completed. |
| 2018-04-10 | Stilwell Group entered into a Standstill Agreement with HFBC. |
| 2018-04-18 | Mr. Alcott's appointment to the HFBC board became effective. |
| 2018-04-30 | The DLNO stock deal was completed. |
| 2018-05-24 | Stilwell Group announced that it would withhold its proxy votes on the re-election of the then current KFS CEO. |
| 2018-06-19 | Fourth Amendment to WHLR Schedule 13D filed. |
| 2018-06-22 | Fifth Amendment to WHLR Schedule 13D filed. |
| 2018-06-27 | Sixth Amendment to WHLR Schedule 13D filed. |
| 2018-07-09 | Seventh Amendment to WHLR Schedule 13D filed. |
| 2018-07-11 | PBSK's sale to City Holding Company was announced. |
| 2018-07-17 | ANCB's sale to FS Bancorp, Inc. at a higher price was announced. |
| 2018-07-24 | Eighth Amendment to WHLR Schedule 13D filed. |
| 2018-08-16 | Ninth Amendment to WHLR Schedule 13D filed. |
| 2018-09-05 | Tenth Amendment to WHLR Schedule 13D filed. |
| 2018-09-05 | The KFS board announced a CEO transition. |
| 2018-09-18 | Eleventh Amendment to WHLR Schedule 13D filed. |
| 2018-10-23 | HBK's sale to Orrstown Financial Services, Inc. was announced. |
| 2018-10-29 | Twelfth Amendment to WHLR Schedule 13D filed. |
| 2018-12-03 | Stilwell Group announced its intent to seek board representation at BFFI's 2019 annual meeting. |
| 2018-12-07 | The PBSK stock deal was completed. |
| 2019-01-07 | HFBC's sale to First Financial Corporation was announced. |
| 2019-01-25 | Stilwell Group announced its nominees and alternate nominee for ABDC's 2019 election of directors. |
| 2019-02-22 | Stilwell Group served its notice of intent to nominate Ralph Sesso for election as a director on BFFI's board. |
| 2019-04-15 | Thirteenth Amendment to WHLR Schedule 13D filed. |
| 2019-05-07 | Fourteenth Amendment to WHLR Schedule 13D filed. |
| 2019-06-07 | Fifteenth Amendment to WHLR Schedule 13D filed. |
| 2019-07-08 | Sixteenth Amendment to WHLR Schedule 13D filed. |
| 2019-07-16 | BFFI's sale to Corporate America Family Credit Union was announced. |
| 2019-07-18 | Stilwell Group sold its shares to WTWB. |
| 2019-07-27 | The HFBC cash/stock deal was completed. |
| 2019-08-13 | ABDC's sale to Crescent Capital BDC, Inc. was announced. |
| 2019-09-04 | Stilwell Group served a demand for inspection of SCAY's books and records. |
| 2019-09-05 | MBCQ's sale to BV Financial, Inc. was announced. |
| 2019-09-24 | Stilwell Group disclosed that it sold IROQ shares in the open market and had decreased its holdings below 5%. |
| 2019-10-23 | FABK's sale to Reliant Bancorp, Inc. was announced. |
| 2019-10-24 | Seventeenth Amendment to WHLR Schedule 13D filed. |
| 2019-11-11 | Stilwell Group filed a motion to compel the production of SCAY's books and records. |
| 2019-11-14 | Eighteenth Amendment to WHLR Schedule 13D filed. |
| 2019-11-19 | Nineteenth Amendment to WHLR Schedule 13D filed. |
| 2019-12-19 | Joseph Stilwell was elected to WHLR's board of directors. |
| 2020-01-02 | Twentieth Amendment to WHLR Schedule 13D filed. |
| 2020-01-17 | CFDB's sale to Southern Missouri Bancorp, Inc. was announced. |
| 2020-01-21 | Stilwell Group filed original Schedule 13D reporting its position in Garrison Capital, Inc. (GARS). |
| 2020-02-29 | The MBCQ all-cash deal was completed. |
| 2020-03-06 | CROL's sale to Farmers and Merchants Bancshares, Inc. was announced. |
| 2020-04-01 | Stilwell Group sold its stake in GARS. |
| 2020-04-07 | The judge denied SCAY's motion to dismiss the lawsuit. |
| 2020-05-06 | SCAY announced its intention to second-step. |
| 2020-05-07 | Stilwell Group filed original Schedule 13D reporting its position in Cincinnati Bancorp, Inc. (CNNB). |
| 2020-05-27 | Stilwell Group filed original Schedule 13D reporting its position in Parkway Acquisition Corp. (PKKW). |
| 2020-06-01 | The judge ordered SCAY to begin the production of board materials for inspection. |
| 2020-06-17 | Twenty-First Amendment to WHLR Schedule 13D filed. |
| 2020-08-05 | The Board of Governors of the Federal Reserve notified Stilwell Group that it would not object to its request to buy additional shares of SFBC up to 14.99%. |
| 2020-08-12 | Twenty-Second Amendment to WHLR Schedule 13D filed. |
| 2020-09-21 | Stilwell Group's Director of Research, Corissa B. Porcelli, was elected to the KFS board of directors. |
| 2020-09-22 | Twenty-Third Amendment to WHLR Schedule 13D filed. |
| 2020-11-04 | NECB announced that it would undertake a second-step conversion. |
| 2020-11-23 | Stilwell Group filed original Schedule 13D reporting its position in Peoples Financial Corporation (PFBX). |
| 2020-12-28 | Stilwell Group filed original Schedule 13D reporting its position in ICC Holdings, Inc. (ICCH). |
| 2020-12-29 | Twenty-Fourth Amendment to WHLR Schedule 13D filed. |
| 2021-01-12 | SCAY completed its second-step conversion and ceased to exist. |
| 2021-01-13 | The new stock holding company, Generations Bancorp NY, Inc. (GBNY), began trading. |
| 2021-07-08 | A form of the Indenture governing the Notes was filed with the Issuer's Registration Statement on Form S-11. |
| 2021-07-12 | NECB completed its second-step conversion. |
| 2021-07-15 | E. J. Borrack, General Counsel of The Stilwell Group, was elected to WHLR's board of directors. |
| 2021-07-22 | WHLR distributed non-transferable subscription rights to its shareholders to purchase up to $30 million in aggregate principal amount of 7% Senior Subordinated Convertible Notes due in 2031. |
| 2021-08-19 | Stilwell Group entities exercised their Rights and acquired Notes in WHLR. |
| 2021-08-24 | Twenty-Sixth Amendment to WHLR Schedule 13D filed. |
| 2021-11-24 | Stilwell Group disclosed that it sold its PKKW shares in the open market. |
| 2021-12-10 | The Federal Reserve Bank of Chicago notified Stilwell Group that it would not object to its request to buy additional shares of CIBH up to 14.99%. |
| 2022-05-23 | Stilwell Group sold shares to WAYN, decreasing its holdings below 5%. |
| 2022-05-31 | Stilwell Group served a demand for inspection of PFBX's books and records pursuant to Mississippi law. |
| 2022-07-07 | Twenty-Seventh Amendment to WHLR Schedule 13D filed. |
| 2022-07-22 | Stilwell Group filed a complaint in the Chancery Court of Harrison County, Mississippi to compel the production of PFBX's books and records. |
| 2022-09-01 | Twenty-Eighth Amendment to WHLR Schedule 13D filed. |
| 2022-09-21 | Stilwell Group disclosed that it sold CNNB shares in the open market, decreasing its holdings below 5%. |
| 2022-12-20 | BRBW's sale to Mid Penn Bancorp, Inc. was announced. |
| 2023-01-06 | Twenty-Ninth Amendment to WHLR Schedule 13D filed. |
| 2023-05-19 | Megan Parisi, Director of Communications of The Stilwell Group, was elected to WHLR's board of directors. |
| 2023-05-22 | SICP terminated its registration with the SEC. |
| 2023-06-30 | Stilwell Group demanded that PFBX pursue a derivative action against its directors. |
| 2023-07-18 | The Special Chancellor partially granted Stilwell Group's motion for summary judgment against PFBX. |
| 2023-08-01 | The Federal Reserve Bank of Boston notified Stilwell Group that it would not object to its request to buy additional shares of PVBC up to 14.99%. |
| 2023-08-11 | The Federal Reserve Bank of Chicago notified Stilwell Group that it would not object to its request to buy additional shares of OTTW up to 19.99%. |
| 2023-09-18 | Stilwell Group purchased IROQ shares and again filed a Schedule 13D reporting its position. |
| 2023-09-18 | The Board of Governors of the Federal Reserve notified Stilwell Group that it would not object to its request to buy additional shares of SFBC up to 19.99%. |
| 2023-09-21 | Date after which holders of Series D Preferred Stock could elect to cause WHLR to redeem at least 100,000 shares, triggering a conversion price adjustment for the Notes. |
| 2023-09-29 | Stilwell Group filed a derivative complaint on behalf of PFBX against PFBX's directors. |
| 2023-10-02 | Thirtieth Amendment to WHLR Schedule 13D filed. |
| 2023-10-20 | Thirty-First Amendment to WHLR Schedule 13D filed. |
| 2023-10-28 | Stilwell Group entered into a standstill agreement with Provident Bancorp, Inc. (PVBC). |
| 2023-11-09 | Thirty-Second Amendment to WHLR Schedule 13D filed. |
| 2023-12-05 | Stilwell Holders entered into an Excepted Holder Agreement and a Letter Agreement with WHLR. |
| 2023-12-08 | Thirty-Third Amendment to WHLR Schedule 13D filed. |
| 2023-12-18 | Stilwell Group served a shareholder records inspection demand on Silvergate Capital Corporation (SICP). |
| 2024-01-25 | PVBC appointed Dennis Pollack to its board after receiving regulatory approval. |
| 2024-02-02 | Stilwell Group served its notice of intent to nominate Mark D. Alcott for election as a director at OTTW's 2024 annual meeting. |
| 2024-02-05 | Stilwell Holders and WHLR entered into an amendment to the Excepted Holder Agreement. |
| 2024-02-06 | Issuer's Form 8-K filed with the SEC regarding the Excepted Holder Agreement Amendment. |
| 2024-02-07 | Thirty-Fourth Amendment to WHLR Schedule 13D filed. |
| 2024-02-14 | SFBC announced that it would nominate Stilwell Group's Director of Research, Corissa B. Porcelli, for election to its board of directors. |
| 2024-02-16 | Stilwell Group filed suit in the Maryland Circuit Court seeking to compel SICP to hold an annual meeting. |
| 2024-03-08 | Stilwell Group served its notice of intent to nominate Joseph Stilwell for election as a director at ICCH's 2024 annual meeting. |
| 2024-03-20 | Stilwell Group entered into a Standstill Agreement with Ottawa Bancorp, Inc. (OTTW). |
| 2024-03-20 | OTTW announced the appointment of Mr. Alcott to its board of directors. |
| 2024-04-09 | Stilwell Group served its notice of intent to nominate Joseph Stilwell for election as a director at SICP's annual meeting. |
| 2024-05-22 | Stilwell Group announced its intent to either submit a shareholder proposal calling for GBNY's sale or nominate a director for election at GBNY's 2025 annual meeting. |
| 2024-05-23 | The Circuit Court granted Stilwell Group's petition and ordered SICP to hold an annual meeting by September 27, 2024. |
| 2024-05-28 | Stilwell Group submitted a shareholder proposal under Rule 14a-8 calling for the prompt sale of IROQ, which was approved by stockholders. |
| 2024-05-29 | Corissa B. Porcelli was elected to SFBC's board. |
| 2024-06-08 | ICCH announced its merger with Mutual Capital Group, Inc. |
| 2024-08-09 | The Court ordered SICP to produce the records sought by Stilwell Group. |
| 2024-09-06 | The Circuit Court denied SICP's motion to stay the order to hold an annual meeting pending SICP's appeal. |
| 2024-09-17 | SICP mailed proxy materials and notice to shareholders of its annual meeting and filed for Chapter 11 bankruptcy protection. |
| 2024-09-18 | The Appellate Court denied without prejudice SICP's motion to stay the Circuit Court's order pending appeal. |
| 2024-09-19 | SICP moved the Bankruptcy Court for a temporary restraining order. |
| 2024-09-25 | The Bankruptcy Court denied SICP's request for a temporary restraining order. |
| 2024-09-25 | Stilwell Value LLC consented to the entry of an SEC administrative cease and desist order. |
| 2024-09-27 | Joseph Stilwell was elected to the board of directors at SICP's annual meeting. |
| 2024-10-17 | The Court denied PFBX's directors' motion to dismiss. |
| 2024-11-05 | Stilwell Group filed original Schedule 13D reporting its position in Central Plains Bancshares, Inc. (CPBI). |
| 2024-12-05 | Stilwell Holders and WHLR entered into an amendment to the Letter Agreement, extending its term to December 5, 2025. |
| 2024-12-09 | Thirty-Fifth Amendment to WHLR Schedule 13D filed. |
| 2024-12-20 | The Court issued an order allowing Stilwell Group to seek discovery against PFBX's directors. |
| 2025-01-10 | PFBX's directors filed an interlocutory appeal with the Supreme Court of Mississippi. |
| 2025-04-01 | The Mississippi Supreme Court denied PFBX's directors' interlocutory appeal. |
| 2025-05-13 | Stilwell Group reached a settlement with SICP, pending approval by the Bankruptcy Court. |
| 2025-05-14 | The Federal Reserve Bank of Chicago notified Stilwell Group that it would not object to its request to buy additional shares of IROQ up to 19.99%. |
| 2025-06-05 | PVBC's sale to NB Bancorp, Inc. was announced. |
| 2025-06-13 | Thirty-Sixth Amendment to WHLR Schedule 13D filed. |
| 2025-07-30 | Stilwell Group filed original Schedule 13D reporting its position in Lake Shore Bancorp, Inc. (LSBK). |
| 2025-08-26 | Stilwell Group served its notice of intent to nominate Scott J. Dworschak for election as a director at IROQ's 2025 annual meeting. |
| 2025-09-16 | Stilwell Group entered into a standstill agreement with IROQ. |
| 2025-09-24 | GBNY announced its sale to ESL Federal Credit Union. |
| 2025-09-24 | IROQ appointed Scott J. Dworschak to its board. |
| 2025-09-30 | Stilwell Value Partners VII, L.P. sold $11,725 principal amount of 7.00% Subordinated Convertible Notes due 2031. |
| 2025-10-30 | IROQ announced its sale to ServBanc Holdco, Inc. |
| 2025-10-30 | Stilwell Group filed original Schedule 13D reporting its position in Catalyst Bancorp, Inc. (CLST). |
| 2025-11-05 | The conversion price for WHLR's 7% Senior Subordinated Convertible Notes was adjusted to approximately $1.74 per share. |
| 2025-11-05 | Stilwell Activist Investments, L.P. disposed of 500 Series D Cumulative Preferred Stock and acquired 6,682 Common Stock shares. |
| 2025-11-05 | WHLR's Common Stock outstanding was reported as 1,380,640 shares in its Form 8-K. |
| 2025-11-13 | Stilwell Value Partners VII, L.P. sold $2,000,000 principal amount of 7.00% Subordinated Convertible Notes due 2031. |
| 2025-11-13 | Stilwell Associates, L.P. purchased $312,500 principal amount of 7.00% Subordinated Convertible Notes due 2031. |
| 2025-11-20 | The Group entered into the Second Letter Agreement Amendment with WHLR, extending the term to December 7, 2026. |
| 2025-11-24 | Filing date of this Thirty-Seventh Amendment to Schedule 13D. |
| 2026-03-31 | If IROQ fails to substantially implement the matters approved by stockholders at its 2024 annual meeting after this date, Stilwell Group will select an additional nominee to the board. |
| 2026-12-07 | Extended termination date of the Letter Agreement between Stilwell Holders and WHLR. |
Recommendation
holdThis filing is an amendment to a Schedule 13D, primarily reporting the extension of an existing agreement between an activist investor group and the company. It does not contain new financial results, operational updates, or a definitive strategic announcement (like a merger or sale) for Wheeler REIT. While the Stilwell Group's continued engagement and board representation are notable, the extension of the Letter Agreement is a procedural update that maintains the status quo of their activist position rather than signaling an immediate catalyst for significant price movement. The past SEC compliance issue for Stilwell Value LLC is a minor negative, but it has been resolved. Therefore, a "hold" recommendation is appropriate as there's no new information to warrant a change in investment thesis based solely on this filing.
Keywords
Wheeler Real Estate Investment Trust, WHLR, Stilwell Group, Activist Investor, Schedule 13D/A, Shareholder Rights, Convertible Notes, Board Representation, Corporate Governance, REIT, SEC Filing, Beneficial Ownership, Capital Allocation, Mergers and Acquisitions
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