SCHEDULE: Stewards Inc. Stakeholder Group Discloses 35.9% Ownership

A group of reporting persons, including key individuals and investment entities, has disclosed a collective beneficial ownership of 35.9% of Stewards, Inc. common stock.

Summary

• A group of reporting persons, including Glen Steward, Bilal Adam, Nathaniel Tsang Mang Kin, Forfront Capital, LLC, Stewards Investment Capital Limited, Stewards International Funds PCC, Stewards Global Holdings Limited, and Stewards (International) Limited, have jointly filed a Schedule 13D.
• The group collectively beneficially owns 106,000,868 shares of Stewards, Inc. common stock, representing approximately 35.9% of the class.
• This ownership includes shares held directly, shares issuable upon conversion of Series A Preferred Stock, and shares issuable upon exercise of warrants and pre-funded warrants.
• The filing details the business addresses and roles of the reporting persons, including Glen Steward's position as Chairman of the Board and director of Stewards, Inc.
• The securities were acquired over time using working capital and subscription capital of various entities, with no single negotiated purchase covering the entire beneficial position.
• The purpose of the transaction is for investment and in connection with Mr. Steward's role and the reporting persons' historical financing of the Issuer.
• The reporting persons have no current plans for extraordinary corporate actions, material changes to the business, or changes in management, other than ordinary board processes and Mr. Steward's continued service.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive, indicating significant beneficial ownership and strategic involvement by key individuals and entities, though it primarily serves as a disclosure of existing holdings and relationships rather than new developments.

Positives

• Significant collective beneficial ownership of 35.9% of Stewards, Inc. common stock by a group of key individuals and investment entities.
• Glen Steward's continued role as Chairman of the Board and director, indicating ongoing strategic involvement.
• The reporting persons have a history of financing the Issuer, suggesting a vested interest in its success.
• The filing clarifies the complex ownership structure and relationships among the reporting persons and their entities.

Negatives

• The filing does not disclose any new material information or strategic initiatives, primarily serving as a disclosure of existing holdings.
• The complex web of trusts, LLCs, and holding companies could obscure ultimate beneficial ownership for some investors.
• The exclusion of Series B Preferred Stock from immediate conversion into common stock means a significant portion of potential dilution is not currently reflected in the 35.9% figure.

Risks

• The Voting Agreement and irrevocable proxy concerning Series B Preferred Stock mean that a majority of the Issuer's founders control approximately 87% of the total voting power, potentially limiting the influence of other shareholders.
• The reporting persons may from time to time acquire additional securities or dispose of securities, which could impact market price and liquidity.
• The complex ownership structure involving multiple entities and trusts could lead to governance challenges or conflicts of interest.

Future Outlook

The reporting persons have no present plans or proposals that relate to or would result in an extraordinary corporate transaction, sale of assets, material change in capitalization or dividend policy, or other material changes to the Issuer's business or corporate structure, except for ordinary board processes and Mr. Steward's continuing service as Chairman. However, they reserve the right to change their purpose or formulate new plans at any time.

Management Comments

• Mr. Steward serves as Chairman and director and, in that capacity, participates in ordinary Board decisions concerning the Issuer's business, capitalization, compensation, listing, and governance.
• Each of Messrs. Steward, Adam, and Tsang Mang Kin disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.
• This statement is not an admission that any Reporting Person is the beneficial owner of such securities for any purpose other than Section 13(d), except as required.

Industry Context

StockSavvy.ai notes that Schedule 13D filings are common for significant beneficial ownership changes or disclosures. This filing by a group of related entities and individuals highlights concentrated ownership, which can be a factor in corporate governance and strategic decision-making within the technology or investment sectors.

Corporate Governance

Related Party Transactions

• Glen Steward is Chairman of the Board and a director of Stewards, Inc. and Founder and Chairman of Stewards Investment Capital Limited.
• Bilal Adam is a director of Stewards Investment Capital Limited and related Stewards entities.
• Nathaniel Tsang Mang Kin is Chief Operating Officer of Stewards Investment Capital Limited.
• Forfront Capital, LLC is managed by Messrs. Steward, Adam, and Tsang Mang Kin, and its members are trusts for which Mary Louise Gleissner is settlor and Whitefoord Family Management LLC is trustee.
• Stewards Global Holdings Limited wholly owns Stewards Investment Capital Limited and Stewards International Funds PCC.
• Stewards (International) Limited is the manager of Stewards International Funds PCC.
• The Loan Agreement dated September 17, 2025, is between the Issuer and Stewards International Funds PCC (on behalf of the Stewards Private Credit Fund).

Stakeholder Impact

• Shareholders: The concentrated ownership (35.9%) by a single group may influence corporate strategy and decision-making. The removal of conversion caps on Series A Preferred Stock could lead to increased share count.
• Creditors: The Loan Agreement with Stewards International Funds PCC indicates a financial relationship that could impact creditor positions depending on the terms and performance of the loan.
• Management/Board: Glen Steward's continued role as Chairman and director, alongside the voting agreement for Series B shares, suggests significant control over board decisions.

Next Steps

• The reporting persons may from time to time acquire additional securities or dispose of securities in the open market, in privately negotiated transactions, upon exercise or conversion of existing securities, or otherwise, depending on market conditions and the Issuer's business.
• Any change in purpose or formulation of new plans by the reporting persons will be reported by amendment to this statement as required by Rule 13d-2.

Key Dates

Recommendation

This filing is primarily a disclosure of existing beneficial ownership and relationships, not a report of new financial results or strategic shifts. While the significant ownership stake by a coordinated group is noteworthy, it does not provide sufficient new information to warrant a buy or sell recommendation. A 'hold' reflects the status quo and the need for further information on the company's operational performance.

Keywords

Schedule 13D, Beneficial Ownership, Stewards Inc., Glen Steward, Forfront Capital, Investment Holding, Securities Ownership, Corporate Governance