# EDGAR Filing Document

**Accession Number:** 0001697904
**File Stem:** 0001697904-25-000005
**Filing Date:** 2025-7
**Character Count:** 8622
**Document Hash:** 25e2a436503fa22259a9ade5a2ae5447
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001697904-25-000005.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001697904-25-000005

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Franklin Michael Andrew
- **CENTRAL INDEX KEY:** 0001697904

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35713
- **FILM NUMBER:** 251098414

**MAIL ADDRESS:**
- **STREET 1:** RIVERSEDGE NORTH
- **STREET 2:** 2529 VIRGINIA BEACH BLVD, SUITE 200
- **CITY:** VIRGINIA BEACH
- **STATE:** VA
- **ZIP:** 23452
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wheeler Real Estate Investment Trust, Inc.
- **CENTRAL INDEX KEY:** 0001527541
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 452681082
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** RIVERSEDGE NORTH
- **STREET 2:** 2529 VIRGINIA BEACH BLVD., SUITE 200
- **CITY:** VIRGINIA BEACH
- **STATE:** VA
- **ZIP:** 23452
- **BUSINESS PHONE:** 757-627-9088

**MAIL ADDRESS:**
- **STREET 1:** RIVERSEDGE NORTH
- **STREET 2:** 2529 VIRGINIA BEACH BLVD., SUITE 200
- **CITY:** VIRGINIA BEACH
- **STATE:** VA
- **ZIP:** 23452

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Franklin Michael Andrew<br><sub>(Last) (First) (Middle)</sub><br>2529 VIRGINIA BEACH BLVD<br><sub>(Street)</sub><br>VIRGINIA BEACH, VA 23452<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-06-30 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [ ] 10% Owner<br>[X] Officer (give title below) [ ] Other (specify below)<br>_CEO_ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Wheeler Real Estate Investment Trust, Inc. [ WHLR ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Series D Cumulative Convertible Preferred Stock | 17095680<sup>(1)</sup> | 2025-06-30 |  | J |  | 50<sup>(2)</sup> |  | <sup>(1)</sup> | <sup>(3)</sup> | Common Stock | 0<sup>(1)</sup> | <sup>(4)</sup> | 555 | D |  |
| 7.00% Senior Subordinated Convertible Notes due 2031 | 2.82<sup>(5)</sup> |  |  |  |  |  |  | <sup>(5)</sup> | 2031-12-31 | Common Stock | 9479<sup>(5)(6)</sup> |  |  | D |  |
| Series B Convertible Preferred Stock | 40320000<sup>(7)</sup> |  |  |  |  |  |  | <sup>(7)</sup> | <sup>(8)</sup> | Common Stock | 0<sup>(7)</sup> |  | 1223 | D |  |

---

### Footnotes:

(1) Each share of the Issuer's Series D Cumulative Convertible Preferred Stock ("Series D Preferred Stock") is convertible, in whole or in part, at any time, at the option of the holders thereof, into 001 shares of the Issuer's common stock (a conversion price of $17,095,680 per share of common stock).

(2) As disclosed in the Issuer's Form 8-K filed with the Securities and Exchange Commission on May 22, 2025, the Issuer determined that interest on the Issuer's 7.00% Subordinated Convertible
Notes due 2031 (the "Notes") payable on June 30, 2025, would be paid in the form of Series D Preferred Stock. On June 30, 2025, the Issuer issued shares of the Series D Preferred Stock tothe Reporting Person as payment of interest with respect to the Notes, in accordance with the terms thereof and of the Indenture among the Issuer and Wilmington Savings Fund Society, FSB, as Trustee,governing the terms of the Notes (the "Indenture").

(3) Series D Preferred Stock has no expiration date.

(4) In accordance with the terms of the Indenture, the number of shares of Series D Preferred Stock paid as interest on the Notes on June 30, 2025, was determined based on a per share value of $18.58379, calculated as the product of (x) the average of the per share volume-weighted average prices for Series D Preferred Stock for the 15 consecutive trading days ending on the third business day immediately preceding the interest payment date, and (y) 0.55.

(5) The Notes are convertible, in whole or in part, at any time, at the option of the holders thereof, into shares of the Issuer's common stock at a conversion price of approximately $2.82 per share (approximately 8.87 common shares for each $25.00 of principal amount of the Notes being converted).

(6) Interest on the Notes may be payable, at the Issuer's election, in cash, in shares of the Issuer's Series B Convertible Preferred Stock ("Series B Preferred Stock") or in shares of Series D Preferred Stock, in each case as set forth in the Notes. The number of shares of the Issuer's common stock indicated in the Table is based on the outstanding principal amount of the Notes held by the Reporting Person.

(7) Each share of Series B Preferred Stock is convertible, in whole or in part, at any time, at the option of the holders thereof, into 0006 shares of the Issuer's common stock (a conversion price of $40,320,000 per share of common stock).

(8) The Series B Preferred Stock has no expiration date.

**Signature:** /s/ M. Andrew Franklin  
**Date:** 2025-07-02

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**