# EDGAR Filing Document

**Accession Number:** 0001588901
**File Stem:** 0001437749-25-039097
**Filing Date:** 2025-12
**Character Count:** 8333
**Document Hash:** 46ce22816df04811ebfe7d42794dd00f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-039097.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001437749-25-039097

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251229

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Levinson Sam
- **CENTRAL INDEX KEY:** 0001588901

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38010
- **FILM NUMBER:** 251617865

**MAIL ADDRESS:**
- **STREET 1:** 9190 PRIORITY WAY WEST DRIVE
- **STREET 2:** SUITE 300
- **CITY:** INDIANAPOLIS
- **STATE:** IN
- **ZIP:** 46240
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clipper Realty Inc.
- **CENTRAL INDEX KEY:** 0001649096
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 474579660
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** 4611 12TH AVENUE, SUITE 1L
- **CITY:** BROOKLYN
- **STATE:** NY
- **ZIP:** 11219
- **BUSINESS PHONE:** 718-438-2804

**MAIL ADDRESS:**
- **STREET 1:** 4611 12TH AVENUE, SUITE 1L
- **CITY:** BROOKLYN
- **STATE:** NY
- **ZIP:** 11219

### 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>Levinson Sam<br><sub>(Last) (First) (Middle)</sub><br>4611 TWELFTH AVENUE<br><sub>(Street)</sub><br>BROOKLYN, NY 11219<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-12-29 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Clipper Realty Inc. [ CLPR ] | **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 |
| Common Stock | 2025-12-29 |  | P |  | 22599 | A | 3.7057<sup>(1)</sup> | 57099 | I | See Footnote<sup>(2)</sup> |
| Common Stock | 2025-12-29 |  | P |  | 10895 | A | 3.7057<sup>(1)</sup> | 26895 | I | See Footnote<sup>(3)</sup> |
| Common Stock | 2025-12-29 |  | P |  | 2418 | A | 3.7057<sup>(1)</sup> | 59852 | D |  |
| Common Stock | 2025-12-30 |  | P |  | 19558 | A | $3.70 | 79410 | D |  |
| Common Stock | 2025-12-31 |  | P |  | 2793 | A | $3.7907 | 82203 | D<sup>(5)</sup> |  |
| Common Stock |  |  |  |  |  |  |  | 1253016 | I | By Trapeze Inc., a Delaware corporation |
| Common Stock |  |  |  |  |  |  |  | 136782 | I | By Trapeze D Holdings LLC, a Delaware limited liability company |
| Common Stock |  |  |  |  |  |  |  | 128185 | I | By ECL Holdings LLC, a Delaware limited liability company |
| Special Voting Stock<sup>(4)</sup> |  |  |  |  |  |  |  | 4464692 | I | By Trapeze Inc., a Delaware corporation |
| Special Voting Stock<sup>(4)</sup> |  |  |  |  |  |  |  | 1362039 | I | By Trapeze D Holdings LLC, a Delaware limited liability company |
| Special Voting Stock<sup>(4)</sup> |  |  |  |  |  |  |  | 1469548 | I | By ECL Holdings LLC, a Delaware limited liability company |

---

## 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 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

### Footnotes:

(1) The price is the weighted average price for the acquisitions reported on this Form 4. The range of prices for the transactions reported on this Form 4 is between $3.62 and $3.75 per share. Complete information regarding the number of shares purchased at each separate price will be provided upon request by Commission Staff, the Issuer or a security holder of the Issuer.

(2) Held through a profit sharing plan at National Financial Services LLC.

(3) Held by the Reporting Person's spouse through a profit sharing plan at National Financial Services LLC of which the Reporting Person is co-trustee.

(4) Special Voting Stock is a class of stock of the Issuer that does not share in any distribution to stockholders of the Issuer, but gives the holder thereof one vote per share on all matters on which the Issuer's holders of Common Stock vote, subject to certain exceptions. Class B LLC Units are units of certain limited liability companies that are indirect subsidiaries of the Issuer. Each Class B LLC Unit is exchangeable, together with one share of Special Voting Stock, for an amount of cash equal to the fair market value of a share of Common Stock of the Issuer or, at the election of the Issuer, one share of Common Stock. The right to exchange Class B LLC Units, together with Special Voting Stock, does not have an expiration date.

(5) The price is the weighted average price for the acquisitions reported on this Form 4. The range of prices for the transactions reported on this Form 4 is between $3.79 and $3.80 per share. Complete information regarding the number of shares purchased at each separate price will be provided upon request by Commission Staff, the Issuer or a security holder of the Issuer

**Signature:** /s/ Sam Levinson  
**Date:** 2025-12-31

### 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.**