SCHEDULE: Mahan Family Maintains Significant Live Oak Bancshares Stake

James S. Mahan III and Marguerite D. Mahan, along with their trusts, collectively report a 14.4% beneficial ownership in Live Oak Bancshares, Inc.

Summary

• James S. Mahan III and Marguerite D. Mahan, along with their respective revocable trusts, jointly filed an Amendment No. 8 to Schedule 13G.
• The reporting persons collectively beneficially own 6,619,682 shares of Live Oak Bancshares, Inc. Voting Common Stock.
• This aggregate ownership represents 14.4% of the company's outstanding shares.
• James S. Mahan III holds sole voting and dispositive power over 3,195,011 shares and shared power over 3,424,671 shares.
• Marguerite D. Mahan holds sole voting and dispositive power over 3,159,714 shares and shared power over 3,459,968 shares.
• The James S. Mahan III Revocable Trust solely owns 3,067,844 shares, representing 6.7% of the class.
• The Marguerite D. Mahan Revocable Trust solely owns 3,032,547 shares, representing 6.6% of the class.
• The percentage of class is based on 45,857,617 shares outstanding as of November 14, 2025, as reported in the Issuer's Form 10-Q filed on November 17, 2025.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this filing as moderately positive due to the significant and stable insider ownership, which generally signals strong confidence and alignment of interests between management and shareholders.

Positives

• Significant insider ownership by Chairman & CEO James S. Mahan III and his spouse, Marguerite D. Mahan, totaling 14.4%, indicates strong alignment of management and founding family interests with long-term shareholder value.
• The substantial holdings by the Mahan family trusts demonstrate a long-term commitment to the company's success.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding the company's future performance.

Management Comments

• James S. Mahan III, Chairman & Chief Executive Officer, signed the filing, certifying the information to the best of his knowledge and belief.

Industry Context

StockSavvy.ai notes that significant insider ownership, such as the 14.4% reported by the Mahan family in Live Oak Bancshares, is generally viewed positively in the banking sector. It suggests strong confidence from key executives and founders in the company's long-term prospects and strategic direction, often leading to better alignment between management decisions and shareholder interests.

Comparison to Industry Standards

• StockSavvy.ai observes that a 14.4% beneficial ownership by a founding family and key executive (Chairman & CEO) is a substantial stake, often exceeding typical insider ownership percentages in many publicly traded regional banks.
• For example, while many bank executives hold shares, it is less common to see a single family group maintain such a high percentage of voting power, especially in a company of Live Oak Bancshares' size. This level of ownership is more akin to founder-led companies or those with a strong legacy family presence, which can provide stability but also raise questions about governance concentration.

Stakeholder Impact

• Shareholders: The significant insider ownership by the Mahan family may reassure shareholders of strong alignment with long-term company performance and strategic decisions.
• Management: The filing reinforces the Mahan family's substantial influence and commitment to the company's direction.

Key Dates

Recommendation

The filing indicates a stable and significant level of insider ownership, which is generally a positive signal for long-term investors as it aligns management's interests with shareholders. However, a Schedule 13G primarily discloses ownership and does not provide sufficient financial or operational details to warrant a 'buy' or 'sell' recommendation. Investors should 'hold' and consider this information alongside comprehensive financial reports and strategic updates to make a fully informed investment decision.

Keywords

Live Oak Bancshares, LOB, Schedule 13G, Beneficial Ownership, Insider Ownership, Common Stock, Mahan Family, Corporate Governance, Shareholder Alignment