Stewards revises Envy acquisition accounting: 7M escrowed shares become $20.04M redeemable liability

Stewards, Inc.

Pro forma net loss revised to $29.429M ($0.21/sh) for FY2025 and $14.933M ($0.08/sh) for H1 2026, reflecting ASC 480 treatment of the 7,000,000 escrowed shares.
7,000,000 escrow shares now a current liability at $20.043M fair value — the present value of seven $3.0M monthly payments due Oct 5, 2026-Apr 5, 2027, discounted at a preliminary 18.0%.
7,263,025 rollover shares recorded in equity at the $2.42 closing price (~$17.577M); total preliminary accounting consideration ~$84.83M; recorded real estate and intangible basis ~$86.682M.
New $47.70M LoanCore Capital Credit REIT loan at one-month Term SOFR 3.9375% plus 3.60% (7.5375% total), amortizing $0.75M issuance costs over 24 months; refinanced $44.56M mortgage.
Acquired 214-unit Pompano Beach apartment community, 26-slip marina and three-story commercial center; $90.0M contractual price unchanged; late payments trigger $1,000/day liquidated damages.

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