Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-10-02

Wheeler Real Estate Investment Trust (WHLR)

CEO M. Andrew Franklin was paid $644,626 in fiscal year 2024 (SEC filing 0001140361-25-025658 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$644,626
M. Andrew Franklin total, FY2024
—
CEO pay percentile vs peers
—
CEO-to-median pay ratio
89.23%
Say-on-pay support, latest vote

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01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
M. Andrew Franklin$400,000$200,000$0$0$0$0$44,626$644,626
Chief Executive Officer and President
Crystal Plum250,000125,000000011,947386,947
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY2023→2024
M. Andrew Franklin$644,626———
Crystal Plum386,947———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against WHLR
2 companies name WHLR as a compensation peer

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2024 total
Dennis PollackIndependent Director$60,740
E.J. BorrackIndependent Director$110,740
Gregory P. HannonIndependent Director—
Joseph D. StilwellIndependent Director$60,740
Kerry G. CampbellIndependent Director$150,740
Megan ParisiIndependent Director$60,740
Rebecca MusserIndependent Director$24,452
Robert G. BradyIndependent Director$39,781
Saverio M. FlemmaFormer director (through FY2024)$20,877
Stefani D. CarterChair of the Board$100,740
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2024 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dividend-equivalent accruals2025-09-11—1,223—~4,8921 insider, 1 accrual row
M. Andrew FranklinCEO2025-09-11D—2,550—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-09-16D1,7123662,253Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-09-16D11,99536436,168Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-09-16D2,2933683,379Derivative, Class A CommonForm 4 ↗
M. Andrew FranklinCEO2025-09-29D5553620,119Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-09-30D—53,735—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-11-05A6,682——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2025-11-05D500——Derivative, Class A CommonForm 4 ↗
Kerry G. CampbellDirector2025-11-10D1,0623637,900Derivative, Class A CommonForm 4 ↗
Kerry G. CampbellDirector2025-11-10D6793523,994Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-11-13D—6,403,672—Derivative, Class A CommonForm 4 ↗
Gregory P. HannonDirector2025-11-13A—1,000,000—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-11-13A—1,000,000—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-10D14,506462,390Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-10D13,494458,038Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-24D11,20937414,924Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-24D2,1973781,326Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-24D1,5943759,005Derivative, Class A CommonForm 4 ↗
Gregory P. HannonDirector2025-12-31A526——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-31A4,217——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-31A28,885——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-31A3,138——Derivative, Class A CommonForm 4 ↗
M. Andrew FranklinCEO2025-12-31A44——Derivative, Class A CommonForm 4 ↗
Kerry G. CampbellDirector2025-12-31A168——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-31A929——Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-03-10—168—~6,3001 insider, 1 accrual row
Joseph D. StilwellDirector2026-03-18D13,470793,742Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-03-18D12,530787,200Derivative, Class A CommonForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-24D172,07500Derivative, Class A CommonForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-24A172,07501,721Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-26D8,84019,692Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-27D3,68513,823Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-30D2,10312,045Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-31D12,378111,516Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-01D3,33213,154Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-02D13,253112,301Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-06D6,50316,005Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-07D6,77415,786Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-08D6,23415,331Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-09D12,346110,221Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-10D1,41311,178Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-13D87,177174,615Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-14D4,91013,760Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-15D3,12712,488Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-06-03D—3,506,250—Derivative, Class A CommonForm 4 ↗
Gregory P. HannonDirector2026-06-03A—412,500—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-03A—2,062,493—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-26D13,8959120,085Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-26D11,105995,973Derivative, Class A CommonForm 4 ↗
Gregory P. HannonDirector2026-06-30A528——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30D1,1033639,708Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30A29,011——Derivative, Class A CommonForm 4 ↗
M. Andrew FranklinCEO2026-06-30A44——Derivative, Class A CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-06-30A24,997134,496CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30A4,235——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30A933——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30A3,152——Derivative, Class A CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-01A14,698116,756CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-02A17,348124,114CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-06A21,70301,767CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-07A40,591124,558CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-08D66,584032,626CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-09-08A8,19703,197CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-09-09A11,25304,231CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-09-10D5,04801,863CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D3,517——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23A35,768——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-23A25,516——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-23D3,270——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D26,603——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D24,730——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D3,222——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D955——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D491——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D6,575——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D3,287——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23A62,829——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-23A257,902——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-23A184,655——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-30D3,903——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30D26,897——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30D899——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30D6,801——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30A—246,925—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30D—2,725,865—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30A—1,287,410—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30A19,685——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-30D5315Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-30A142,015——Common, indirectForm 4 ↗
Gregory P. HannonDirector2026-09-30A—425,000—Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 91 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
M. Andrew FranklinCEO2025-09-11D1,223$4$4,892Derivative, Class A CommonForm 4 ↗
M. Andrew FranklinCEO2025-09-11D—2,550—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-09-16D1,7123662,253Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-09-16D11,99536436,168Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-09-16D2,2933683,379Derivative, Class A CommonForm 4 ↗
M. Andrew FranklinCEO2025-09-29D5553620,119Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-09-30D—53,735—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-11-05A6,682——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2025-11-05D500——Derivative, Class A CommonForm 4 ↗
Kerry G. CampbellDirector2025-11-10D1,0623637,900Derivative, Class A CommonForm 4 ↗
Kerry G. CampbellDirector2025-11-10D6793523,994Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-11-13D—6,403,672—Derivative, Class A CommonForm 4 ↗
Gregory P. HannonDirector2025-11-13A—1,000,000—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-11-13A—1,000,000—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-10D14,506462,390Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-10D13,494458,038Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-24D11,20937414,924Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-24D2,1973781,326Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-24D1,5943759,005Derivative, Class A CommonForm 4 ↗
Gregory P. HannonDirector2025-12-31A526——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-31A4,217——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-31A28,885——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-31A3,138——Derivative, Class A CommonForm 4 ↗
M. Andrew FranklinCEO2025-12-31A44——Derivative, Class A CommonForm 4 ↗
Kerry G. CampbellDirector2025-12-31A168——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2025-12-31A929——Derivative, Class A CommonForm 4 ↗
Kerry G. CampbellDirector2026-03-10D168386,300Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-03-18D13,470793,742Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-03-18D12,530787,200Derivative, Class A CommonForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-24D172,07500Derivative, Class A CommonForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-24A172,07501,721Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-26D8,84019,692Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-27D3,68513,823Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-30D2,10312,045Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-03-31D12,378111,516Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-01D3,33213,154Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-02D13,253112,301Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-06D6,50316,005Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-07D6,77415,786Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-08D6,23415,331Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-09D12,346110,221Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-10D1,41311,178Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-13D87,177174,615Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-14D4,91013,760Common, indirectForm 4 ↗
Magnetar Financial LLCGreater-than-10% holder2026-04-15D3,12712,488Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-06-03D—3,506,250—Derivative, Class A CommonForm 4 ↗
Gregory P. HannonDirector2026-06-03A—412,500—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-03A—2,062,493—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-26D13,8959120,085Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-26D11,105995,973Derivative, Class A CommonForm 4 ↗
Gregory P. HannonDirector2026-06-30A528——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30D1,1033639,708Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30A29,011——Derivative, Class A CommonForm 4 ↗
M. Andrew FranklinCEO2026-06-30A44——Derivative, Class A CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-06-30A24,997134,496CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30A4,235——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30A933——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-06-30A3,152——Derivative, Class A CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-01A14,698116,756CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-02A17,348124,114CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-06A21,70301,767CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-07A40,591124,558CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-07-08D66,584032,626CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-09-08A8,19703,197CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-09-09A11,25304,231CommonForm 4 ↗
HRT FINANCIAL LPGreater-than-10% holder2026-09-10D5,04801,863CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D3,517——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23A35,768——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-23A25,516——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-23D3,270——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D26,603——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D24,730——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D3,222——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D955——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D491——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D6,575——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23D3,287——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-23A62,829——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-23A257,902——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-23A184,655——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-30D3,903——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30D26,897——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30D899——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30D6,801——Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30A—246,925—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30D—2,725,865—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30A—1,287,410—Derivative, Class A CommonForm 4 ↗
Joseph D. StilwellDirector2026-09-30A19,685——Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-30D5315Common, indirectForm 4 ↗
Joseph D. StilwellDirector2026-09-30A142,015——Common, indirectForm 4 ↗
Gregory P. HannonDirector2026-09-30A—425,000—Derivative, Class A CommonForm 4 ↗
05

Incentive-plan design — the Compensation Discussion & Analysis

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultant—
Clawback policyTrue
Anti-hedgingFalse
Anti-pledging—
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-05-0635,149,3794,240,824137,76789.23%Passed
20232023-05-192,458,6802,605,612579,84248.55%Failed
20222022-06-163,289,5451,645,04228,16066.66%Passed
20202020-05-285,786,579572,390170,61991%Passed
20192019-12-19965,7456,349,79927,43313.2%Failed
20182018-10-034,189,3723,039,63466,40057.95%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20242024-05-0689.23%a
20232023-05-1948.55%b
20222022-06-1666.66%c

a. Approved under the standard stated in the filing — “For purposes of the vote on this proposal, abstentions will have no impact on the outcome of the vote on this proposal.”.

b. Approved under the standard stated in the filing — “For purposes of this vote, abstentions and broker non -votes will not be counted as votes cast and will have no effect on the result of the vote for this proposal.”.

c. Approved under the standard stated in the filing — “For purposes of this vote, abstentions and broker non -votes will not be counted as votes cast and will have no effect on the result of the vote for this proposal, although abstentions and broker non -votes will be considered present for the purpose of determining the presence of a quorum.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Kerry G. CampbellIndependent · Audit (Chair) · Related Person Transactions$150,740$0$0$0$0$150,740
E.J. BorrackIndependent · Compensation · Litigation (Chair)110,7400000110,740
Stefani D. CarterIndependent · Board Chair · Governance and Nominating · Executive (Chair) · Litigation · Related Person Transactions (Chair)100,7400000100,740
Dennis PollackIndependent · Audit · Not standing for re-election60,740000060,740
Megan ParisiIndependent · Governance and Nominating60,740000060,740
Joseph D. StilwellIndependent · Compensation (Chair) · Governance and Nominating (Chair) · Executive60,740000060,740
Robert G. BradyIndependent · Audit · Newly elected39,781000039,781
Rebecca MusserIndependent · Audit · Newly elected24,452000024,452
Saverio M. FlemmaIndependent · Not standing for re-election · Departed during FY20,877000020,877
Gregory P. HannonIndependent · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer—
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)50,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$629,550
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$629,550

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Wheeler Real Estate Investment Trust2024M. Andrew Franklin$400,000$0$0$0$644,626

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at Wheeler Real Estate Investment Trust in fiscal 2024?
As disclosed, M. Andrew Franklin (Chief Executive Officer and President) was the highest-paid executive at Wheeler Real Estate Investment Trust in fiscal 2024, with total compensation of $644,626.
How did shareholders vote on Wheeler Real Estate Investment Trust's executive compensation?
As disclosed, 89.23% of shareholders supported Wheeler Real Estate Investment Trust's executive compensation in the latest say-on-pay vote.
How much does Wheeler Real Estate Investment Trust spend in total on board compensation for fiscal 2024?
As disclosed, Wheeler Real Estate Investment Trust reported total board compensation of $629,550 for fiscal 2024.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, M. Andrew FranklinDEF 14A2025-07-110001140361-25-025658Section “Summary Compensation Table” · page 16. As printed: 644,626. Filing ↗machine: r2 · c18 · span 385252–385259
2Section 01, Crystal PlumDEF 14A2025-07-110001140361-25-025658Section “Summary Compensation Table” · page 16. As printed: 386,947. Filing ↗machine: r5 · c18 · span 395280–395287
3Section 08, Kerry G. CampbellDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 150,740. Filing ↗machine: t121 · r4 · c3 · span 349638–349858
4Section 08, E.J. BorrackDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 110,740. Filing ↗machine: t121 · r2 · c3 · span 345726–345950
5Section 08, Stefani D. CarterDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 100,740. Filing ↗machine: t121 · r5 · c3 · span 351611–351831
6Section 08, Dennis PollackDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 60,740. Filing ↗machine: t121 · r9 · c3 · span 359368–359588
7Section 08, Megan ParisiDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 60,740. Filing ↗machine: t121 · r8 · c3 · span 357384–357604
8Section 08, Joseph D. StilwellDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 60,740. Filing ↗machine: t121 · r10 · c3 · span 361240–361460
9Section 08, Robert G. BradyDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 39,781. Filing ↗machine: t121 · r3 · c3 · span 347719–347939
10Section 08, Rebecca MusserDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 24,452. Filing ↗machine: t121 · r7 · c3 · span 355528–355748
11Section 08, Saverio M. FlemmaDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 20,877. Filing ↗machine: t121 · r6 · c3 · span 353544–353764
12Section 08, Gregory P. HannonDEF 14A2025-07-110001140361-25-025658Section “Director Compensation”. As printed: 0. Filing ↗
13Section 02, M. Andrew Franklin 2025-09-11Form 42025-09-120001697904-25-000007Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, M. Andrew Franklin 2025-09-11Form 42025-09-120001697904-25-000007Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Joseph D. Stilwell 2025-09-16Form 42025-09-180001213900-25-089042Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Joseph D. Stilwell 2025-09-16Form 42025-09-180001213900-25-089042Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Joseph D. Stilwell 2025-09-16Form 42025-09-180001213900-25-089042Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, M. Andrew Franklin 2025-09-29Form 42025-09-300001697904-25-000009Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Joseph D. Stilwell 2025-09-30Form 42025-10-020001213900-25-095272Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Joseph D. Stilwell 2025-11-05Form 42025-11-070001213900-25-107765Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Joseph D. Stilwell 2025-11-05Form 42025-11-070001213900-25-107765Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Kerry G. Campbell 2025-11-10Form 42025-11-120001798184-25-000008Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Kerry G. Campbell 2025-11-10Form 42025-11-120001798184-25-000008Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Joseph D. Stilwell 2025-11-13Form 42025-11-170001213900-25-111485Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Gregory P. Hannon 2025-11-13Form 42025-11-170001538186-25-000007Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Joseph D. Stilwell 2025-11-13Form 42025-11-170001213900-25-111485Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Joseph D. Stilwell 2025-12-10Form 42025-12-120001213900-25-121055Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Joseph D. Stilwell 2025-12-10Form 42025-12-120001213900-25-121055Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Joseph D. Stilwell 2025-12-24Form 42025-12-290001213900-25-126092Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Joseph D. Stilwell 2025-12-24Form 42025-12-290001213900-25-126092Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Joseph D. Stilwell 2025-12-24Form 42025-12-290001213900-25-126092Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Gregory P. Hannon 2025-12-31Form 42026-01-050001538186-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Joseph D. Stilwell 2025-12-31Form 42026-01-050001213900-26-001079Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Joseph D. Stilwell 2025-12-31Form 42026-01-050001213900-26-001079Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Joseph D. Stilwell 2025-12-31Form 42026-01-050001213900-26-001079Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, M. Andrew Franklin 2025-12-31Form 42026-01-050001697904-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Kerry G. Campbell 2025-12-31Form 42026-01-050001798184-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Joseph D. Stilwell 2025-12-31Form 42026-01-050001213900-26-001079Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Kerry G. Campbell 2026-03-10Form 42026-03-110001798184-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Joseph D. Stilwell 2026-03-18Form 42026-03-200001213900-26-032376Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Joseph D. Stilwell 2026-03-18Form 42026-03-200001213900-26-032376Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Magnetar Financial LLC 2026-03-24Form 42026-03-260000905148-26-001444Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Magnetar Financial LLC 2026-03-24Form 42026-03-260000905148-26-001444Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Magnetar Financial LLC 2026-03-26Form 42026-03-260000905148-26-001444Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Magnetar Financial LLC 2026-03-27Form 42026-03-310001104659-26-038038Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Magnetar Financial LLC 2026-03-30Form 42026-03-310001104659-26-038038Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Magnetar Financial LLC 2026-03-31Form 42026-03-310001104659-26-038038Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Magnetar Financial LLC 2026-04-01Form 42026-04-060001104659-26-040051Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Magnetar Financial LLC 2026-04-02Form 42026-04-060001104659-26-040051Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Magnetar Financial LLC 2026-04-06Form 42026-04-060001104659-26-040051Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Magnetar Financial LLC 2026-04-07Form 42026-04-090001104659-26-041626Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Magnetar Financial LLC 2026-04-08Form 42026-04-090001104659-26-041626Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Magnetar Financial LLC 2026-04-09Form 42026-04-090001104659-26-041626Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Magnetar Financial LLC 2026-04-10Form 42026-04-140001104659-26-043384Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Magnetar Financial LLC 2026-04-13Form 42026-04-140001104659-26-043384Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Magnetar Financial LLC 2026-04-14Form 42026-04-140001104659-26-043384Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Magnetar Financial LLC 2026-04-15Form 42026-04-160001104659-26-044265Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Joseph D. Stilwell 2026-06-03Form 42026-06-050001213900-26-065877Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Gregory P. Hannon 2026-06-03Form 42026-06-090001538186-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Joseph D. Stilwell 2026-06-03Form 42026-06-050001213900-26-065877Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Joseph D. Stilwell 2026-06-26Form 42026-06-300001213900-26-073610Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Joseph D. Stilwell 2026-06-26Form 42026-06-300001213900-26-073610Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Gregory P. Hannon 2026-06-30Form 42026-07-020001538186-26-000009Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Joseph D. Stilwell 2026-06-30Form 42026-07-020001213900-26-074974Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Joseph D. Stilwell 2026-06-30Form 42026-07-020001213900-26-074974Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, M. Andrew Franklin 2026-06-30Form 42026-07-020001697904-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, HRT FINANCIAL LP 2026-06-30Form 42026-07-020001475597-26-000135Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Joseph D. Stilwell 2026-06-30Form 42026-07-020001213900-26-074974Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Joseph D. Stilwell 2026-06-30Form 42026-07-020001213900-26-074974Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Joseph D. Stilwell 2026-06-30Form 42026-07-020001213900-26-074974Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, HRT FINANCIAL LP 2026-07-01Form 42026-07-020001475597-26-000135Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, HRT FINANCIAL LP 2026-07-02Form 42026-07-070001475597-26-000137Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, HRT FINANCIAL LP 2026-07-06Form 42026-07-070001475597-26-000137Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, HRT FINANCIAL LP 2026-07-07Form 42026-07-090001475597-26-000143Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, HRT FINANCIAL LP 2026-07-08Form 42026-07-090001475597-26-000143Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, HRT FINANCIAL LP 2026-09-08Form 42026-09-100001475597-26-000237Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, HRT FINANCIAL LP 2026-09-09Form 42026-09-100001475597-26-000237Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, HRT FINANCIAL LP 2026-09-10Form 42026-09-110001475597-26-000241Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, Joseph D. Stilwell 2026-09-23Form 42026-09-250001213900-26-103642Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
94Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
95Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
96Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
97Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
98Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
99Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
100Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
101Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
102Section 02, Joseph D. Stilwell 2026-09-30Form 42026-10-020001213900-26-106486Insider equity transaction reported since the proxy statement. Filing ↗
103Section 02, Gregory P. Hannon 2026-09-30Form 42026-10-010001538186-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
104Section 06, 2024 voteForm 8-K2024-05-070001527541-24-000065Item 5.07 · say-on-pay result. As reported: 89.23% (votes for as printed: 35,149,379). Filing ↗
105Section 06, 2023 voteForm 8-K2023-05-220001527541-23-000033Item 5.07 · say-on-pay result. As reported: 48.55% (votes for as printed: 2,458,680). Filing ↗
106Section 06, 2022 voteForm 8-K2022-06-170001527541-22-000033Item 5.07 · say-on-pay result. As reported: 66.66%. Filing ↗
107Section 09b board cost (computed)Computed——Cash 629,550 + equity 0 + all other 0 = 629,550, summed across the director compensation table rows.machine: formula: Σ = 629,550
108Wheeler Real Estate Investment Trust (subject), Section 10b CEO totalDEF 14A2025-07-110001140361-25-025658CEO total compensation as printed in Wheeler Real Estate Investment Trust's own proxy. As printed: 644,626. Filing ↗machine: r2 · c18 · span 385252–385259

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