Stilwell Joseph has filed 114 Form 4 transactions across four companies, with a clear sell bias. His open-market sales total $22.5 million against open-market purchases of $2.8 million, a ratio of roughly eight to one. The bulk of the selling activity has been concentrated in recent months, and the pattern of his disclosures shows a consistent reduction of positions rather than accumulation.
The most recent cluster of filings, dated September 30, 2026, involves Wheeler Real Estate Investment Trust (WHLR). Those filings are dominated by code D transactions, which are sales back to the issuer, and code A grants, which are compensation awards. The dollar values on those entries are zero, meaning the filings record share counts rather than cash proceeds. One open-market sale on the same date carried a value of $15.15, a nominal amount. A similar grouping appears on September 23, 2026, again with multiple D and A entries at zero value. These are mechanical or non-discretionary events, not conviction trades.
The discretionary trades sit elsewhere. On August 13, 2026, Stilwell sold shares in KWY across three transactions totaling $1.0 million: $408,500, $261,680, and $329,820. That is the largest single-day cash sale in the recent record. The only open-market purchase in the recent window is a $844,701.74 buy of PFBX on July 31, 2026. That purchase is the sole P code in the recent trades, and it is the only instance where Stilwell put new cash into a position. Across the full record, his acquired value, which includes option exercises and grants, is $1.5 million, well below the $22.5 million in sales. The direction is consistent: he is selling far more than he buys, and the recent activity does not change that.
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