Stewards Inc Common Stock (SWRD) News & EventsSWRDStewards Inc Common Stock

Stewards Completes $90M Acquisition of Envy Pompano Beach

Stewards completed its previously disclosed acquisition of Envy Pompano Beach, a 214-unit Class A mixed-use multifamily community in Pompano Beach, Florida. Stewards acquired 100% of the membership interests in the entities that own Envy for a contractual purchase price of $90M. The transaction included approximately $42.7M of contractual rollover equity, represented by 14.2M restricted shares of Stewards common stock, together with a $47.7M property-level loan from LoanCore Capital Credit REIT. The shares were issued using a negotiated contractual value of $3.00 per share solely to determine the number of shares issued under the transaction documents. The $3.00 contractual value does not represent the market price of Stewards common stock at closing. The accounting value of the shares and resulting purchase accounting remain subject to final valuation and auditor review. As of August 26, Envy was 89.3% physically occupied and 93.0% leased. The property generated approximately $5.3M in trailing 12-month revenue. Stewards' operating plan targets approximately 95% occupancy and NOI of over $4.2M at stabilization. NOI represents property revenue less property operating expenses and is calculated before interest, depreciation, amortization, corporate overhead and income taxes. The operating plan targets over $2.5M in NOI growth through a combination of increased residential occupancy, improved collections, reduced concessions and non-revenue units, greater operating efficiency, and additional revenue from the property's retail and marina components.

Stewards Proposes Acquisitions of Two South Florida Properties Valued at $240M

Stewards provided an update regarding its previously disclosed non-binding letters of intent for the proposed acquisitions of PIXL at Plantation and Envy Pompano Beach, two South Florida multifamily properties comprising approximately 330 and 214 units, respectively. The Company previously disclosed the LOIs in its Quarterly Report on Form 10-Q for the quarter ending June 30. Under the terms contemplated by the LOI, Stewards would acquire the existing owners' equity interests in the entities that own the properties through the issuance of restricted shares of Stewards common stock at an agreed issuance price of $3.00 per share. The $240M figure represents the aggregate implied property value of PIXL and Envy, inclusive of property-level debt, and does not represent the amount of stock consideration to be issued in the proposed acquisitions. Since the Company's prior disclosure, Stewards has continued to advance due diligence and discussions regarding the proposed acquisitions. The Company believes PIXL and Envy would significantly expand its Real Assets platform and South Florida portfolio and are consistent with its broader strategy to build a diversified financial platform across private credit, real assets and technology.

Stewards Receives Nasdaq Approval for Direct Uplisting

Stewards announced that it has received approval from the Listing Qualifications Department of The Nasdaq Stock Market LLC to list its common stock on the Nasdaq Capital Market. The company's common stock will begin trading on the Nasdaq Capital Market under its existing ticker symbol, "SWRD," at market open on Thursday, September 10, through a direct uplisting from the OTCID Market. The uplisting does not involve a concurrent public offering or issuance of new shares by the company. Commencement of trading remains subject to the effectiveness of the company's Form 8-A and satisfaction of customary Nasdaq listing conditions.