Wheeler Real Estate Investment Trust, Inc. (WHLR) - Dilution Analysis
Visualizing historical and potential share dilution over time
Dilution Analysis
Risk Assessment Details
Summary
WHLR currently has 1.04M outstanding shares. with minimal authorized share overhang for future dilution. The company has significantly diluted shareholders by 1990.72% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 8 stock splits (positive for accessibility) and 9 reverse splits (concerning signal).
Share Structure Timeline
Historical Data Points
| Date | Event | Outstanding | Supply |
|---|---|---|---|
| Jun 01, 2026 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 142,800 shares of common stock in exchange for 2,800 shares of Series D Preferred Stock and 5,600 shares of Series B Preferred Stock. |
1M | 0 |
| May 27, 2026 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 757,850 shares of common stock in exchange for Series D and Series B preferred stock on May 21, 2026. |
1M | 0 |
| May 08, 2026 |
10-Q filing | 1.0M shares outstanding |
1M | 0 |
| May 06, 2026 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued a total of 136,516 shares of its common stock in exchange for shares of its Series D and Series B Preferred Stock to multiple unaffiliated holders between April 20, 2026, and May 4, 2026. |
600K | 0 |
| May 06, 2026 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 301,743 shares of common stock in settlement of Series D Preferred Stock redemptions and adjusts the conversion price for the 7.00% Subordinated Convertible Notes due 2031 to $1.03 per share. |
1M | 0 |
| Apr 17, 2026 |
Stock Split
8-K filing: Stock split 1-for-3 | Outstanding: 1,813,124 → 604,374 |
600K | 0 |
| Apr 07, 2026 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. redeemed 5,200 shares of its Series D Preferred Stock for a redemption price of approximately $41.28 per share, settling the aggregate Redemption Price through the issuance of 207,066 shares of its Common Stock, and the conversion price for the Notes was further adjusted to approximately $0.57 per share of Common Stock. |
1.8M | 0 |
| Mar 26, 2026 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 172,075 shares of common stock to certain affiliates of Magnetar Financial LLC upon the exercise of A&R Warrants on March 24, 2026, at an exercise price of $0.01 per share. ($0.0M proceeds) |
2.1M | 0 |
| Jan 14, 2026 |
Stock Split
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued common stock in exchange for preferred stock and announced a one-for-three reverse stock split effective January 16, 2026. |
2.1M | 0 |
| Jan 06, 2026 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 13,974 shares of common stock to settle the redemption of 700 shares of Series D Preferred Stock, and the conversion price for the 7.00% Subordinated Convertible Notes due 2031 was adjusted to $1.16 per share of Common Stock. |
1.9M | 0 |
| Dec 17, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued a total of 112,000 shares of common stock in exchange for shares of Series D and Series B Preferred Stock in two separate transactions on December 12, 2025 and December 17, 2025. |
1.8M | 0 |
| Dec 08, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued common stock in exchange for preferred stock and reported on Series D Preferred Stock redemptions and adjustments to the conversion price of subordinated convertible notes. |
1.8M | 0 |
| Dec 04, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 56,000 shares of its common stock to an unaffiliated holder in exchange for 4,000 shares of Series D Cumulative Convertible Preferred Stock and 8,000 shares of Series B Convertible Preferred Stock. |
1.2M | 0 |
| Nov 06, 2025 |
10-Q filing | 1.2M shares outstanding |
1.2M | 0 |
| Nov 06, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. reports on the conversion price of its 7.00% Subordinated Convertible Notes due 2031 and redemptions of Series D Cumulative Convertible Preferred Stock, resulting in the issuance of common stock. |
1.4M | 0 |
| Oct 07, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 225,970 shares of common stock to settle the redemption of 35,031 shares of Series D Preferred Stock at a redemption price of approximately $42.07 per share, and the conversion price for the Company's 7.00% Subordinated Convertible Notes due 2031 was adjusted to approximately $3.59 per share of Common Stock. |
1.2M | 0 |
| Sep 17, 2025 |
Stock Split
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 253,000 shares of common stock in exchange for preferred stock and enacted a one-for-five reverse stock split. |
4.7M | 0 |
| Sep 12, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued an aggregate of 365,000 shares of common stock to two unaffiliated holders in exchange for 14,600 shares of Series D Preferred Stock and 29,200 shares of Series B Preferred Stock on September 9 and 10, 2025, and issued an aggregate of 1,008,000 shares of Common Stock to two unaffiliated holders in exchange for 42,000 shares of the Series D Preferred Stock and 84,000 shares of the Series B Preferred Stock on September 11 and 12, 2025. |
3.1M | 0 |
| Sep 08, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 270,184 shares of common stock in settlement of Series D Preferred Stock redemptions on September 5, 2025, and had 3,108,970 shares of common stock outstanding as of that date. |
3.1M | 0 |
| Sep 02, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 175,000 shares of common stock to an unaffiliated holder in exchange for 7,000 shares of Series D Preferred Stock and 7,000 shares of Series B Preferred Stock on August 27, 2025. Additionally, on August 28 and 29, 2025, the company issued 275,000 shares of common stock to two unaffiliated holders in exchange for 11,000 shares of Series D Preferred Stock and 11,000 shares of Series B Preferred Stock. |
1.3M | 0 |
| Aug 20, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued an aggregate of 252,000 shares of common stock to the August 18 Investors and 380,000 shares of common stock to the August 19 Investors in exchange for shares of Series D and Series B Preferred Stock. |
1.3M | 0 |
| Aug 05, 2025 |
10-Q filing | 1.3M shares outstanding |
1.3M | 0 |
| Jul 08, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. reports on the redemptions of its Series D Cumulative Convertible Preferred Stock, issuing common stock to settle the redemptions, and provides updated share information. |
1.2M | 0 |
| Jun 13, 2025 |
8-K filing: Stilwell Activist Investments, L.P., Stilwell Activist Fund, L.P., and Stilwell Value Partners VII, L.P. converted Subordinated Convertible Notes into shares of common stock. |
560K | 0 |
| Jun 06, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. adjusted the conversion price of its 7.00% Subordinated Convertible Notes due 2031 and redeemed 1,100 shares of Series D Preferred Stock for 8,871 shares of Common Stock on June 5, 2025. |
560K | 0 |
| May 26, 2025 |
Stock Split
8-K filing: Stock split one-for-seven | Outstanding: 3,071,015 → 438,715 |
440K | 0 |
| May 06, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. adjusts the conversion price of its 7.00% Subordinated Convertible Notes due 2031 due to redemptions of Series D Preferred Stock, and also reports on the results of May 2025 Series D Preferred Stock redemptions, including the issuance of 774,572 shares of common stock. |
3.8M | 0 |
| May 06, 2025 |
10-Q filing | 3.1M shares outstanding |
3.1M | 0 |
| Apr 29, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 600,000 shares of its common stock in exchange for 20,000 shares of Series D Cumulative Convertible Preferred Stock and 20,000 shares of Series B Convertible Preferred Stock. |
1M | 0 |
| Apr 15, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 1,437,800 shares of its common stock in exchange for 102,700 shares of its Series D Cumulative Convertible Preferred Stock and 102,700 shares of its Series B Convertible Preferred Stock. |
1M | 0 |
| Apr 08, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. adjusted the conversion price of its 7.00% Subordinated Convertible Notes due 2031 due to the redemption of Series D Preferred Stock, and issued 443,715 shares of common stock to settle the redemption of 38,990 shares of Series D Preferred Stock in April 2025. |
1M | 0 |
| Mar 26, 2025 |
Stock Split
8-K filing: Stock split 1-for-5 | Outstanding: 2,947,647 → 589,529 |
590K | 0 |
| Mar 24, 2025 |
8-K filing: Cedar Realty Trust Partnership, L.P. entered into a binding commitment letter with KeyBank National Association for a $10 million senior unsecured term loan, with Cedar Realty Trust, Inc. and Wheeler Real Estate Investment Trust, Inc. providing guarantees. |
2.9M | 0 |
| Mar 07, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 821,610 shares of its common stock in exchange for 54,774 shares of Series D Cumulative Convertible Preferred Stock and 54,774 shares of Series B Convertible Preferred Stock. |
2.9M | 0 |
| Mar 06, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. adjusted the conversion price of its 7.00% Subordinated Convertible Notes due 2031 and settled Series D Preferred Stock redemptions through the issuance of common stock. |
2.9M | 0 |
| Mar 04, 2025 |
10-K filing | 1.2M shares outstanding |
1.2M | 0 |
| Feb 06, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. reports an adjustment to the conversion price of its 7.00% Subordinated Convertible Notes due 2031 and provides details on the February 2025 Series D Preferred Stock redemptions, including the issuance of 296,182 shares of Common Stock. |
1.2M | 0 |
| Jan 27, 2025 |
Stock Split
8-K filing: Stock split 1-for-4 | Outstanding: 2,401,831 → 600,457 |
600K | 0 |
| Jan 21, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 1,071,200 shares of its common stock to six unaffiliated holders in exchange for 82,400 shares of Series D Cumulative Convertible Preferred Stock and 82,400 shares of Series B Convertible Preferred Stock on January 16 and 17, 2025. |
2.4M | 0 |
| Jan 07, 2025 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. reports the issuance of 1,089,382 shares of Common Stock to settle the redemption of 102,487 shares of Series D Preferred Stock on January 6, 2025, and a further adjustment to the conversion price of its 7.00% Subordinated Convertible Notes due 2031 to approximately $2.06 per share. |
2.4M | 0 |
| Dec 06, 2024 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. adjusted the conversion price of its 7.00% Subordinated Convertible Notes due 2031 and redeemed 127,554 shares of Series D Preferred Stock by issuing 665,298 shares of its Common Stock. |
1.3M | 0 |
| Nov 18, 2024 |
Stock Split
8-K filing: Stock split 1-for-2 | Outstanding: 1,294,310 → 647,155 |
650K | 0 |
| Nov 07, 2024 |
10-Q filing | 1.3M shares outstanding |
1.3M | 0 |
| Nov 06, 2024 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. redeemed 74,740 shares of Series D Preferred Stock by issuing 303,366 shares of common stock, with 1,294,310 common shares outstanding as of November 6, 2024. |
1.3M | 0 |
| Oct 11, 2024 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. issued 88,000 shares of its common stock in exchange for 22,000 shares of its Series D Cumulative Convertible Preferred Stock and 22,000 shares of its Series B Convertible Preferred Stock. |
900K | 0 |
| Oct 08, 2024 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. processed 17 redemption requests from holders of its Series D Cumulative Convertible Preferred Stock, collectively redeeming 85,019 shares of Series D Preferred Stock for a redemption price of approximately $39.42 per share and settled the aggregate Redemption Price through the issuance of 243,336 shares of its common stock. |
900K | 0 |
| Sep 19, 2024 |
Stock Split
8-K filing: Stock split 1-for-3 | Outstanding: 1,874,119 → 624,706 |
620K | 0 |
| Sep 06, 2024 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. reports an adjustment to the conversion price of its 7.00% Subordinated Convertible Notes due 2031, and discloses information regarding the results of September 2024 Series D Preferred Stock redemptions, including the issuance of common stock to settle redemption requests, and provides updated shares outstanding information adjusted for prior reverse stock splits. |
1.9M | 0 |
| Aug 06, 2024 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. reports adjustments to the conversion price of its 7.00% Subordinated Convertible Notes due 2031 and Series D Preferred Stock redemptions, resulting in the issuance of approximately 1.2 million shares of Common Stock adjusted for prior reverse stock splits. As of August 6, 2024, the company had 1,224,485 shares of Common Stock outstanding. |
1.2M | 0 |
| Aug 06, 2024 |
10-Q filing | 0.6M shares outstanding |
570K | 0 |
| Jul 09, 2024 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. announces the effectiveness of its Form S-11 registration statement related to the issuance of up to 20,704,217 shares of common stock upon redemptions and conversions of Series D Cumulative Convertible Preferred Stock. |
570K | 0 |
| Jul 08, 2024 |
8-K filing: The company provided an update on the redemption of Series D preferred stock, noting that it issued approximately 560,000 shares of common stock related to redemptions and has 566,814 shares of common stock outstanding as of July 8, 2024, as adjusted for previous reverse stock splits. ($35.9M proceeds) |
570K | 0 |
| Jul 01, 2024 |
8-K filing: The Company filed a registration statement on Form S-11 to register 20,704,217 shares of Common Stock issuable upon future redemptions and conversions of the Company's Series D Cumulative Convertible Preferred Stock. |
94K | 0 |
| Jun 27, 2024 |
Stock Split
8-K filing: Stock split 1-for-5 | Outstanding: 472,372 → 94,474 |
94K | 0 |
| Jun 18, 2024 |
Stock Split
8-K filing: Stock split 1-for-6 | Outstanding: 2,834,237 → 472,372 |
470K | 0 |
| Jun 06, 2024 |
Stock Split
8-K filing: The company provided an update on the results of June 2024 Series D Preferred Stock Redemptions, noting that it had processed 182 redemption requests, collectively redeeming 948,631 shares of Series D Preferred Stock and issuing approximately 2.8 million shares of its common stock in settlement of an aggregate redemption price of approximately $35.9 million. As of June 6, 2024, the Company had 2,834,237 shares of Common Stock and 2,577,240 shares of Series D Preferred Stock outstanding. ($35.9M proceeds) |
2.8M | 0 |
| May 07, 2024 |
8-K filing: The company has processed 182 redemption requests, collectively redeeming 948,631 shares of Series D Preferred Stock and issuing 67,042,618 shares of its common stock in settlement of an aggregate redemption price of approximately $35.9 million. ($35.9M proceeds) |
68M | 0 |
| May 06, 2024 |
10-Q filing | 63.0M shares outstanding |
63M | 0 |
| Apr 08, 2024 |
8-K filing: The company received no redemption requests for its Series D Cumulative Convertible Preferred Stock in April 2024. As of April 5, 2024, there were 68,023,718 shares of common stock outstanding. ($35.9M proceeds) |
68M | 0 |
| Mar 06, 2024 |
8-K filing: The company received no redemption requests for its Series D Cumulative Convertible Preferred Stock in March 2024, and has issued 67,042,618 shares of common stock in settlement of Series D redemptions to date. As of March 5, 2024, the Company had 68,023,718 shares of Common Stock outstanding. ($35.9M proceeds) |
68M | 0 |
| Mar 05, 2024 |
10-K filing | 68.0M shares outstanding |
68M | 0 |
| Jan 08, 2024 |
8-K filing: Adjustment to Conversion Price of 7.00% Subordinated Convertible Notes due 2031 and Results of January 2024 Series D Preferred Stock Redemptions where the Company issued 1,205,762 shares of Common Stock in settlement of an aggregate Redemption Price of approximately $370,000. ($0.37M proceeds) |
55M | 0 |
| Nov 07, 2023 |
10-Q filing | 3.2M shares outstanding |
3.2M | 0 |
| Nov 07, 2023 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. reports adjustments to the conversion price of its 7.00% Subordinated Convertible Notes due 2031 and the redemption of Series D Preferred Stock for common stock. ($30.7M proceeds) |
18M | 0 |
| Oct 06, 2023 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. adjusted the Conversion Price for its 7.00% Subordinated Convertible Notes due 2031, and settled redemptions of Series D Preferred Stock by issuing Common Stock. CEOF Holdings LP was granted an Excepted Holder Agreement, increasing its common stock ownership limit to 16%. ($6.46M proceeds) |
980K | 0 |
| Aug 17, 2023 |
Stock Split
8-K filing: Stock split 1-for-10 | Outstanding: 9,800,211 → 980,021 |
980K | 0 |
| Aug 08, 2023 |
10-Q filing | 9.8M shares outstanding |
9.8M | 0 |
| May 09, 2023 |
10-Q filing | 9.8M shares outstanding |
9.8M | 0 |
| Mar 02, 2023 |
10-K filing | 9.8M shares outstanding |
9.8M | 32K |
| Jan 05, 2023 |
POS AM filing: This POS AM filing from 2023-01-05 details an offering of up to 1,056,052 shares of common stock and the potential issuance of an additional 2,703,492 shares upon full conversion of Exchange Notes, along with information on Series A, B, and D Preferred Stock, restrictions on ownership and transfer, business combinations, control share acquisitions, and U.S. federal income tax considerations. |
9.8M | 0 |
| Dec 23, 2022 |
8-K filing: The Company announced that it is extending the expiration date for the Exchange Offer and Consent Solicitation from December 22, 2022 to January 6, 2023, to allow additional time for the holders of Series D Preferred Stock to tender their shares of Series D Preferred Stock in the Exchange Offer. As of December 22, 2022, 713,863 shares of Series D Preferred Stock (representing 22.14% of the total outstanding Series D Preferred Stock) had been validly tendered. |
9.8M | 0 |
| Nov 08, 2022 |
10-Q filing | 9.8M shares outstanding |
9.8M | 0 |
| Aug 09, 2022 |
10-Q filing | 9.7M shares outstanding |
9.7M | 0 |
| May 11, 2022 |
10-Q filing | 9.7M shares outstanding |
9.7M | 0 |
| Feb 28, 2022 |
10-K filing | 9.7M shares outstanding |
9.7M | 0 |
| Nov 09, 2021 |
10-Q filing | 9.7M shares outstanding |
9.7M | 0 |
| Aug 05, 2021 |
10-Q filing | 9.7M shares outstanding |
9.7M | 0 |
| May 06, 2021 |
10-Q filing | 9.7M shares outstanding |
9.7M | 0 |
| Mar 18, 2021 |
10-K filing | 9.7M shares outstanding |
9.7M | 0 |
| Mar 12, 2021 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. entered into a financing agreement for a term loan of $35.0 million and issued warrants to purchase 1,061,719 shares of common stock. |
9.7M | 0 |
| Dec 23, 2020 |
8-K filing: Wheeler Real Estate Investment Trust, Inc. entered into a financing agreement and issued a warrant to Powerscourt Investments XXII, LP to purchase 496,415 shares of common stock at $3.12 per share. |
9.7M | 0 |
| Nov 10, 2020 |
10-Q filing | 9.7M shares outstanding |
9.7M | 0 |
| Aug 04, 2020 |
10-Q filing | 9.7M shares outstanding |
9.7M | 0 |
| May 12, 2020 |
10-Q filing | 9.7M shares outstanding |
9.7M | 0 |
| Feb 26, 2020 |
10-K filing | 9.7M shares outstanding |
9.7M | 0 |