SCHEDULE: Corbel Capital Partners Discloses 9.9% Stake in Noble Romans

Corbel Capital Partners and its affiliates have filed an amended Schedule 13G, disclosing beneficial ownership of 9.9% of Noble Romans Inc.'s common stock through warrants, subject to a 9.9999% blocker.

Summary

• Corbel Capital Partners SBIC, L.P., along with Corbel Capital Advisors SBIC, LLC, Jeffrey B. Schwartz, and Jeffrey S. Serota (collectively, the "Reporting Persons"), have filed an Amendment No. 3 to Schedule 13G.
• The filing indicates beneficial ownership of 5,000,000 shares of Noble Romans Inc. Common Stock, which are issuable upon the full exercise of warrants held by Corbel Capital Partners.
• This ownership represents 9.9% of the outstanding Common Stock, calculated based on 22,215,512 shares outstanding as of November 25, 2025.
• A "Warrant Blocker" prevents the Reporting Persons from exercising warrants to the extent that their beneficial ownership would exceed 9.9999% of the outstanding shares.
• The Reporting Persons disclaim beneficial ownership for Messrs. Schwartz and Serota or Corbel Capital Advisors for certain purposes, stating they have shared power to vote and dispose of the shares.
• The securities were not acquired for the purpose of changing or influencing control of Noble Romans Inc.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive signal, as a significant institutional investor maintains a substantial stake, indicating continued interest, though the warrant blocker limits immediate full exercise and potential influence.

Positives

• The investment by Corbel Capital Partners, a private investment firm, could be seen as a vote of confidence in Noble Romans Inc.
• The existence of a warrant blocker limits the immediate dilution impact on existing shareholders from the full exercise of 5,000,000 warrants, maintaining the beneficial ownership below 10%.

Risks

• The "Warrant Blocker" mechanism, while limiting immediate ownership, introduces complexity regarding the full potential exercise of warrants and future ownership percentages, which can be adjusted with 61 days' notice.
• The potential future exercise of 5,000,000 warrants could lead to significant dilution for existing shareholders if the blocker is removed or adjusted upwards.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that institutional filings like this Schedule 13G provide transparency into significant ownership stakes, which can signal investor interest in a company within the restaurant or food service industry, such as Noble Romans Inc. While not a performance report, a substantial stake by a firm like Corbel Capital Partners, which specializes in private credit and equity, suggests a strategic investment, potentially indicating a belief in the company's long-term value or a specific investment thesis.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake could be viewed positively, signaling investor confidence. However, the potential future exercise of 5,000,000 warrants, if the blocker is removed or increased, could lead to dilution.
• Management: The filing indicates that the stake is not for changing or influencing control, which might reassure current management regarding stability.

Next Steps

• Corbel Capital Partners may increase or decrease the Warrant Blocker percentage upon 61 days' notice.

Key Dates

Recommendation

The filing primarily discloses an existing significant beneficial ownership stake through warrants, subject to a blocker. It does not provide new financial performance data or strategic shifts that would warrant a strong buy or sell recommendation. The continued holding by a substantial investor like Corbel Capital Partners suggests a stable, long-term interest, but the implications of the warrant blocker and potential future exercise mean a "hold" is appropriate until further operational or financial updates from Noble Romans Inc. become available.

Keywords

Noble Romans Inc, NROM, Corbel Capital Partners, Schedule 13G, beneficial ownership, warrants, common stock, institutional investor, equity stake, SEC filing, warrant blocker