WHLR

SEC source: 0001213900-21-019340 · ownership.xml · derivative · entry 11

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 316,340

Underlying: Series D Cumulative Convertible Preferred Stock · 20,601 shares

Expires 2022-03-01

F6 · derivative.exercise_price: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F6 · ownership.nature: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-019340 · ownership.xml · derivative · entry 10

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 336,941

Underlying: Series D Cumulative Convertible Preferred Stock · 25 shares

Expires 2022-03-01

F6 · derivative.exercise_price: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F6 · ownership.nature: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-019340 · ownership.xml · derivative · entry 8

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 17,144

Underlying: Series B Convertible Preferred Stock · 4,010 shares

Expires 2022-03-01

F6 · derivative.exercise_price: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F6 · ownership.nature: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-019635 · ownership.xml · nonDerivative · entry 1

Jones Andrew R · CIK 0001392977 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,441

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in transactions at prices ranging from $3.51 to $3.52, inclusive. The reporting person undertakes to provide to Wheeler Real Estate Investment Trust, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001213900-21-018679 · ownership.xml · derivative · entry 5

Jones Andrew R · CIK 0001392977 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 687.5 shares

Expires not disclosed

F3 · derivative.exercise_date: Each share of Series B Convertible Preferred Stock (the "Series B Stock") is convertible into shares of the Company's common stock at $40.00 per share. The Series B Stock has no expiration date.

F3 · derivative.expiration_date: Each share of Series B Convertible Preferred Stock (the "Series B Stock") is convertible into shares of the Company's common stock at $40.00 per share. The Series B Stock has no expiration date.

SEC source: 0001213900-21-018679 · ownership.xml · derivative · entry 4

Jones Andrew R · CIK 0001392977 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Held in IRA

Disclosed balance after: 0

Underlying: Common Stock · 625 shares

Expires not disclosed

F3 · derivative.exercise_date: Each share of Series B Convertible Preferred Stock (the "Series B Stock") is convertible into shares of the Company's common stock at $40.00 per share. The Series B Stock has no expiration date.

F3 · derivative.expiration_date: Each share of Series B Convertible Preferred Stock (the "Series B Stock") is convertible into shares of the Company's common stock at $40.00 per share. The Series B Stock has no expiration date.

SEC source: 0001213900-21-018679 · ownership.xml · nonDerivative · entry 2

Jones Andrew R · CIK 0001392977 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Held in IRA

Disclosed balance after: 0

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in transactions at prices ranging from $3.40 to $3.535, inclusive. The reporting person undertakes to provide to Wheeler Real Estate Investment Trust, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001213900-21-019340 · ownership.xml · derivative · entry 13

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 48,579

Underlying: Series D Cumulative Convertible Preferred Stock · 512 shares

Expires 2022-03-01

F8 · derivative.exercise_price: SAF entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock was $11.10, and the price of the Swaps for the Series D Stock ranged from $14.75 to $15.85. The Additional Swap Agreement provides SAF with economic results that are comparable to the economic results of ownership, but does not provide SAF with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F8 · ownership.nature: SAF entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock was $11.10, and the price of the Swaps for the Series D Stock ranged from $14.75 to $15.85. The Additional Swap Agreement provides SAF with economic results that are comparable to the economic results of ownership, but does not provide SAF with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-019340 · ownership.xml · derivative · entry 9

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 336,966

Underlying: Series D Cumulative Convertible Preferred Stock · 3,550 shares

Expires 2022-03-01

F6 · derivative.exercise_price: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F6 · ownership.nature: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-018679 · ownership.xml · nonDerivative · entry 1

Jones Andrew R · CIK 0001392977 · Director

10b5-1 filing: Not disclosed

Ownership: Indirect · Held in IRA

Disclosed balance after: 11,064

SEC source: 0001213900-21-018285 · ownership.xml · derivative · entry 13

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 20,122

Underlying: Series D Cumulative Convertible Preferred Stock · 612 shares

Expires 2022-03-01

F9 · derivative.exercise_price: SVP VII entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Second Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.73 to $12.88, and the price of the Swaps for the Series D Stock ranged from $14.50 to $15.50. The Second Additional Swap Agreement provides SVP VII with economic results that are comparable to the economic results of ownership, but does not provide SVP VII with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Second Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F9 · ownership.nature: SVP VII entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Second Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.73 to $12.88, and the price of the Swaps for the Series D Stock ranged from $14.50 to $15.50. The Second Additional Swap Agreement provides SVP VII with economic results that are comparable to the economic results of ownership, but does not provide SVP VII with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Second Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-018285 · ownership.xml · derivative · entry 11

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 49,091

Underlying: Series D Cumulative Convertible Preferred Stock · 688 shares

Expires 2022-03-01

F8 · derivative.exercise_price: SAF entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock was $11.10, and the price of the Swaps for the Series D Stock ranged from $14.75 to $15.85. The Additional Swap Agreement provides SAF with economic results that are comparable to the economic results of ownership, but does not provide SAF with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F8 · ownership.nature: SAF entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock was $11.10, and the price of the Swaps for the Series D Stock ranged from $14.75 to $15.85. The Additional Swap Agreement provides SAF with economic results that are comparable to the economic results of ownership, but does not provide SAF with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-018285 · ownership.xml · derivative · entry 9

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 340,516

Underlying: Series D Cumulative Convertible Preferred Stock · 4,775 shares

Expires 2022-03-01

F6 · derivative.exercise_price: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F6 · ownership.nature: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-017857 · ownership.xml · derivative · entry 13

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 49,779

Underlying: Series D Cumulative Convertible Preferred Stock · 754 shares

Expires 2022-03-01

F8 · derivative.exercise_price: SAF entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock was $11.10, and the price of the Swaps for the Series D Stock ranged from $14.75 to $15.85. The Additional Swap Agreement provides SAF with economic results that are comparable to the economic results of ownership, but does not provide SAF with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F8 · ownership.nature: SAF entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock was $11.10, and the price of the Swaps for the Series D Stock ranged from $14.75 to $15.85. The Additional Swap Agreement provides SAF with economic results that are comparable to the economic results of ownership, but does not provide SAF with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-017857 · ownership.xml · derivative · entry 10

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 345,291

Underlying: Series D Cumulative Convertible Preferred Stock · 5,231 shares

Expires 2022-03-01

F6 · derivative.exercise_price: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F6 · ownership.nature: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-017857 · ownership.xml · derivative · entry 17

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 20,734

Underlying: Series D Cumulative Convertible Preferred Stock · 1,548 shares

Expires 2022-03-01

F9 · derivative.exercise_price: SVP VII entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Second Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.73 to $12.88, and the price of the Swaps for the Series D Stock ranged from $14.50 to $15.50. The Second Additional Swap Agreement provides SVP VII with economic results that are comparable to the economic results of ownership, but does not provide SVP VII with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Second Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F9 · ownership.nature: SVP VII entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Second Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.73 to $12.88, and the price of the Swaps for the Series D Stock ranged from $14.50 to $15.50. The Second Additional Swap Agreement provides SVP VII with economic results that are comparable to the economic results of ownership, but does not provide SVP VII with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Second Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-017857 · ownership.xml · derivative · entry 15

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 55,804

Underlying: Series B Convertible Preferred Stock · 125 shares

Expires 2022-03-01

F9 · derivative.exercise_price: SVP VII entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Second Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.73 to $12.88, and the price of the Swaps for the Series D Stock ranged from $14.50 to $15.50. The Second Additional Swap Agreement provides SVP VII with economic results that are comparable to the economic results of ownership, but does not provide SVP VII with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Second Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F9 · ownership.nature: SVP VII entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Second Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.73 to $12.88, and the price of the Swaps for the Series D Stock ranged from $14.50 to $15.50. The Second Additional Swap Agreement provides SVP VII with economic results that are comparable to the economic results of ownership, but does not provide SVP VII with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Second Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-017857 · ownership.xml · derivative · entry 12

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 50,533

Underlying: Series D Cumulative Convertible Preferred Stock · 3,773 shares

Expires 2022-03-01

F8 · derivative.exercise_price: SAF entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock was $11.10, and the price of the Swaps for the Series D Stock ranged from $14.75 to $15.85. The Additional Swap Agreement provides SAF with economic results that are comparable to the economic results of ownership, but does not provide SAF with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F8 · ownership.nature: SAF entered into a certain cash-settled total return swap agreement, effective as of May 20, 2019 (the "Additional Swap Agreement"), pursuant to which it purchased Swaps constituting economic exposure to notional shares of the Company's Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock was $11.10, and the price of the Swaps for the Series D Stock ranged from $14.75 to $15.85. The Additional Swap Agreement provides SAF with economic results that are comparable to the economic results of ownership, but does not provide SAF with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Additional Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-017857 · ownership.xml · derivative · entry 9

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 350,522

Underlying: Series D Cumulative Convertible Preferred Stock · 26,171 shares

Expires 2022-03-01

F6 · derivative.exercise_price: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

F7 · derivative.exercise_date: These Swaps can be settled at any time prior to the expiration date.

F6 · ownership.nature: SAI entered into a certain cash-settled total return swap agreement, effective as of January 22, 2019 (the "Swap Agreement"), pursuant to which it purchased certain cash-settled swaps (the "Swaps") constituting economic exposure to notional shares of Series B Stock and Series D Stock with maturity dates of March 1, 2022. The price of the Swaps for the Series B Stock ranged from $11.10 to $11.12, and the price of the Swaps for the Series D Stock ranged from $13.75 to $15.85. The Swap Agreement provides SAI with economic results that are comparable to the economic results of ownership, but does not provide SAI with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Series B Stock and Series D Stock. Joseph Stilwell disclaims beneficial ownership of all shares underlying the Swap Agreement reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-21-017149 · ownership.xml · nonDerivative · entry 1

Campbell Kerry G. · CIK 0001798184 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,000

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in transactions at prices ranging from $3.2399 to $3.3600, inclusive. The reporting person undertakes to provide to Wheeler Real Estate Investment Trust, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001213900-20-028675 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 853,747

F1 · shares: This Form 4 reports that on September 24, 2020, Stilwell Activist Investments, L.P. ("SAI") acquired 1 share of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.75 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-028187 · ownership.xml · nonDerivative · entry 1

Khoshaba Daniel · CIK 0001457592 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,068,952

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in transactions at prices ranging from $2.93 to $3.00, inclusive. The reporting person undertakes to provide to Wheeler Real Estate Investment Trust, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001213900-20-027870 · ownership.xml · nonDerivative · entry 3

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 853,746

F1 · shares: This Form 4 reports the following transactions: (i) on September 18, 2020, (a) Stilwell Activist Investments, L.P. ("SAI") acquired 33,750 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.6414 USD per share, and (b) Stilwell Activist Fund, L.P. ("SAF") acquired 3,750 shares of the Company's common stock at $2.6414 USD per share; and (ii) on September 21, 2020, SAI acquired 22 shares of the Company's common stock at $2.7500 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-027870 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 113,814

F1 · shares: This Form 4 reports the following transactions: (i) on September 18, 2020, (a) Stilwell Activist Investments, L.P. ("SAI") acquired 33,750 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.6414 USD per share, and (b) Stilwell Activist Fund, L.P. ("SAF") acquired 3,750 shares of the Company's common stock at $2.6414 USD per share; and (ii) on September 21, 2020, SAI acquired 22 shares of the Company's common stock at $2.7500 USD per share.

F3 · ownership.nature: These shares are owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-027870 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 853,724

F1 · shares: This Form 4 reports the following transactions: (i) on September 18, 2020, (a) Stilwell Activist Investments, L.P. ("SAI") acquired 33,750 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.6414 USD per share, and (b) Stilwell Activist Fund, L.P. ("SAF") acquired 3,750 shares of the Company's common stock at $2.6414 USD per share; and (ii) on September 21, 2020, SAI acquired 22 shares of the Company's common stock at $2.7500 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-027366 · ownership.xml · nonDerivative · entry 4

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 110,064

F1 · shares: This Form 4 reports the following transactions: (i) on September 16, 2020, (a) Stilwell Activist Investments, L.P. ("SAI") acquired 5,042 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.7446 USD per share, and (b) Stilwell Activist Fund, L.P. ("SAF") acquired 560 shares of the Company's common stock at $2.7446 USD per share; and (ii) on September 17, 2020, (a) SAI acquired 18,270 shares of the Company's common stock at $2.6732 USD per share, and (b) SAF acquired 2,030 shares of the Company's common stock at $2.6732 USD per share.

F3 · ownership.nature: These shares are owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-027366 · ownership.xml · nonDerivative · entry 3

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 819,974

F1 · shares: This Form 4 reports the following transactions: (i) on September 16, 2020, (a) Stilwell Activist Investments, L.P. ("SAI") acquired 5,042 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.7446 USD per share, and (b) Stilwell Activist Fund, L.P. ("SAF") acquired 560 shares of the Company's common stock at $2.7446 USD per share; and (ii) on September 17, 2020, (a) SAI acquired 18,270 shares of the Company's common stock at $2.6732 USD per share, and (b) SAF acquired 2,030 shares of the Company's common stock at $2.6732 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-027366 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 108,034

F1 · shares: This Form 4 reports the following transactions: (i) on September 16, 2020, (a) Stilwell Activist Investments, L.P. ("SAI") acquired 5,042 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.7446 USD per share, and (b) Stilwell Activist Fund, L.P. ("SAF") acquired 560 shares of the Company's common stock at $2.7446 USD per share; and (ii) on September 17, 2020, (a) SAI acquired 18,270 shares of the Company's common stock at $2.6732 USD per share, and (b) SAF acquired 2,030 shares of the Company's common stock at $2.6732 USD per share.

F3 · ownership.nature: These shares are owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-027366 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 801,704

F1 · shares: This Form 4 reports the following transactions: (i) on September 16, 2020, (a) Stilwell Activist Investments, L.P. ("SAI") acquired 5,042 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.7446 USD per share, and (b) Stilwell Activist Fund, L.P. ("SAF") acquired 560 shares of the Company's common stock at $2.7446 USD per share; and (ii) on September 17, 2020, (a) SAI acquired 18,270 shares of the Company's common stock at $2.6732 USD per share, and (b) SAF acquired 2,030 shares of the Company's common stock at $2.6732 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-026961 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 107,474

F1 · shares: This Form 4 reports that on September 14, 2020, (i) Stilwell Activist Investments, L.P. ("SAI") acquired 4,500 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.75 USD per share, and (ii) Stilwell Activist Fund, L.P. ("SAF") acquired 500 shares of the Company's common stock at $2.75 USD per share.

F3 · ownership.nature: These shares are owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-026961 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 796,662

F1 · shares: This Form 4 reports that on September 14, 2020, (i) Stilwell Activist Investments, L.P. ("SAI") acquired 4,500 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.75 USD per share, and (ii) Stilwell Activist Fund, L.P. ("SAF") acquired 500 shares of the Company's common stock at $2.75 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-026184 · ownership.xml · nonDerivative · entry 2

Khoshaba Daniel · CIK 0001457592 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,063,952

F2 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in transactions at prices ranging from $2.9150 to $2.9300, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001213900-20-026184 · ownership.xml · nonDerivative · entry 1

Khoshaba Daniel · CIK 0001457592 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,059,249

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in transactions at prices ranging from $2.5964 to $2.6400, inclusive. The reporting person undertakes to provide to Wheeler Real Estate Investment Trust, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission (the "SEC"), upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001213900-20-026058 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 106,974

F1 · shares: This Form 4 reports that on September 8, 2020, (i) Stilwell Activist Investments, L.P. ("SAI") acquired 5,122 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.4919 USD per share, and (ii) Stilwell Activist Fund, L.P. ("SAF") acquired 698 shares of the Company's common stock at $2.4919 USD per share.

F3 · ownership.nature: These shares are owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-026058 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 792,162

F1 · shares: This Form 4 reports that on September 8, 2020, (i) Stilwell Activist Investments, L.P. ("SAI") acquired 5,122 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.4919 USD per share, and (ii) Stilwell Activist Fund, L.P. ("SAF") acquired 698 shares of the Company's common stock at $2.4919 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-025612 · ownership.xml · nonDerivative · entry 4

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 106,276

F1 · shares: This Form 4 reports the following acquisitions: (a) on September 3, 2020, (i) Stilwell Activist Investments, L.P. ("SAI") acquired 8,800 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.475 USD per share, and (ii) Stilwell Activist Fund, L.P. ("SAF") acquired 1,200 shares of the Company's common stock at $2.475 USD per share; and (b) on September 4, 2020, (i) SAI acquired 17,600 shares of the Company's common stock at $2.4132 USD per share, and (ii) SAF acquired 2,400 shares of the Company's common stock at $2.4132 USD per share.

F3 · ownership.nature: These shares are owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-025612 · ownership.xml · nonDerivative · entry 3

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 787,040

F1 · shares: This Form 4 reports the following acquisitions: (a) on September 3, 2020, (i) Stilwell Activist Investments, L.P. ("SAI") acquired 8,800 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.475 USD per share, and (ii) Stilwell Activist Fund, L.P. ("SAF") acquired 1,200 shares of the Company's common stock at $2.475 USD per share; and (b) on September 4, 2020, (i) SAI acquired 17,600 shares of the Company's common stock at $2.4132 USD per share, and (ii) SAF acquired 2,400 shares of the Company's common stock at $2.4132 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-025612 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 103,876

F1 · shares: This Form 4 reports the following acquisitions: (a) on September 3, 2020, (i) Stilwell Activist Investments, L.P. ("SAI") acquired 8,800 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.475 USD per share, and (ii) Stilwell Activist Fund, L.P. ("SAF") acquired 1,200 shares of the Company's common stock at $2.475 USD per share; and (b) on September 4, 2020, (i) SAI acquired 17,600 shares of the Company's common stock at $2.4132 USD per share, and (ii) SAF acquired 2,400 shares of the Company's common stock at $2.4132 USD per share.

F3 · ownership.nature: These shares are owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-025612 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 769,440

F1 · shares: This Form 4 reports the following acquisitions: (a) on September 3, 2020, (i) Stilwell Activist Investments, L.P. ("SAI") acquired 8,800 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.475 USD per share, and (ii) Stilwell Activist Fund, L.P. ("SAF") acquired 1,200 shares of the Company's common stock at $2.475 USD per share; and (b) on September 4, 2020, (i) SAI acquired 17,600 shares of the Company's common stock at $2.4132 USD per share, and (ii) SAF acquired 2,400 shares of the Company's common stock at $2.4132 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-022923 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 213,775

F1 · shares: This Form 4 reports the following acquisitions: (a) on August 17, 2020, Stilwell Value Partners VII, L.P. ("SVP VII") acquired 4,763 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.4945 USD per share; and (b) on August 18, 2020, SVP VII acquired 5,000 shares of the Company's common stock at $2.4999 USD per share.

F2 · ownership.nature: These shares are owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-022923 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 208,775

F1 · shares: This Form 4 reports the following acquisitions: (a) on August 17, 2020, Stilwell Value Partners VII, L.P. ("SVP VII") acquired 4,763 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.4945 USD per share; and (b) on August 18, 2020, SVP VII acquired 5,000 shares of the Company's common stock at $2.4999 USD per share.

F2 · ownership.nature: These shares are owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-022850 · ownership.xml · nonDerivative · entry 1

Khoshaba Daniel · CIK 0001457592 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,053,952

F1 · price: The price reported in Column 4 is a weighted average price. These shares were purchased in transactions at prices ranging from $2.435 to $2.62, inclusive. The reporting person undertakes to provide to Wheeler Real Estate Investment Trust, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

SEC source: 0001213900-20-021894 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 760,640

F1 · shares: This Form 4 reports the following acquisitions: (a) on August 11, 2020, Stilwell Value Partners VII, L.P. ("SVP VII") acquired 919 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.25 USD per share; and (b) on August 12, 2020, Stilwell Activist Investments, L.P. ("SAI") acquired 228 shares of the Company's common stock at $2.25 USD per share.

F3 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-021894 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 204,012

F1 · shares: This Form 4 reports the following acquisitions: (a) on August 11, 2020, Stilwell Value Partners VII, L.P. ("SVP VII") acquired 919 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.25 USD per share; and (b) on August 12, 2020, Stilwell Activist Investments, L.P. ("SAI") acquired 228 shares of the Company's common stock at $2.25 USD per share.

F2 · ownership.nature: These shares are owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-021467 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 203,093

F1 · shares: This Form 4 reports the following acquisitions: (a) on August 7, 2020, Stilwell Activist Investments, L.P. ("SAI") acquired 12,500 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.077 USD per share; and (b) on August 10, 2020, Stilwell Value Partners VII, L.P. ("SVP VII") acquired 3,153 shares of the Company's common stock at $2.25 USD per share.

F3 · ownership.nature: These shares are owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-021467 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · Director · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · Director · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · Director · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 760,412

F1 · shares: This Form 4 reports the following acquisitions: (a) on August 7, 2020, Stilwell Activist Investments, L.P. ("SAI") acquired 12,500 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $2.077 USD per share; and (b) on August 10, 2020, Stilwell Value Partners VII, L.P. ("SVP VII") acquired 3,153 shares of the Company's common stock at $2.25 USD per share.

F2 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-016577 · ownership.xml · nonDerivative · entry 3

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 747,912

F2 · shares: This Form 4 reports the following acquisitions: (a) on June 30, 2020, Stilwell Activist Fund, L.P. ("SAF") acquired 2,640 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $1.7828 USD per share; and (b) on June 30, 2020, Stilwell Activist Investments, L.P. ("SAI") acquired 21,360 shares of the Company's common stock at $1.7828 USD per share.

F4 · ownership.nature: These shares are owned directly by SAI and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAI. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-016577 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 102,676

F2 · shares: This Form 4 reports the following acquisitions: (a) on June 30, 2020, Stilwell Activist Fund, L.P. ("SAF") acquired 2,640 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $1.7828 USD per share; and (b) on June 30, 2020, Stilwell Activist Investments, L.P. ("SAI") acquired 21,360 shares of the Company's common stock at $1.7828 USD per share.

F3 · ownership.nature: These shares are owned directly by SAF and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Value, which is the general partner of SAF. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-015598 · ownership.xml · nonDerivative · entry 2

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 199,940

F1 · shares: This Form 4 reports the following acquisitions: (a) on June 19, 2020, Stilwell Value Partners VII, L.P. ("SVP VII") acquired 31,023 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $1.8318 USD per share; and (b) on June 22, 2020, SVP VII acquired 31,900 shares of the Company's common stock at $1.8157 USD per share.

F2 · ownership.nature: These shares are owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.

SEC source: 0001213900-20-015598 · ownership.xml · nonDerivative · entry 1

STILWELL JOSEPH · CIK 0001113303 · Director · 10% owner

Stilwell Value LLC · CIK 0001397076 · 10% owner

Stilwell Activist Investments, L.P. · CIK 0001573720 · 10% owner

Stilwell Activist Fund, L.P. · CIK 0001564452 · 10% owner

Stilwell Value Partners VII, L.P. · CIK 0001555931 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 168,040

F1 · shares: This Form 4 reports the following acquisitions: (a) on June 19, 2020, Stilwell Value Partners VII, L.P. ("SVP VII") acquired 31,023 shares of Wheeler Real Estate Investment Trust, Inc.'s (the "Company") common stock at $1.8318 USD per share; and (b) on June 22, 2020, SVP VII acquired 31,900 shares of the Company's common stock at $1.8157 USD per share.

F2 · ownership.nature: These shares are owned directly by SVP VII and indirectly by Joseph Stilwell in his capacity as the managing member and owner of Stilwell Value LLC ("Value"), which is the general partner of SVP VII. Joseph Stilwell disclaims beneficial ownership of all shares reported as owned indirectly except to the extent of his pecuniary interest therein.