---
schema_version: "secwatch.filing_event.v1"
accession: "0001663577-26-000321"
form_type: "8-K/A"
ticker: "SWRD"
cik: "0001795851"
company_name: "Stewards, Inc."
filed_at: "2026-10-07T21:25:50+00:00"
generated_at: "2026-10-12T15:44:26.005569+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001663577-26-000321
- form_type: 8-K/A
- ticker: SWRD
- cik: 0001795851
- company_name: Stewards, Inc.
- filed_at: 2026-10-07T21:25:50+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 1.01, 9.01, 2.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1795851/000166357726000321/0001663577-26-000321-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1795851/000166357726000321/swrd8ka_100726.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001663577-26-000321
- JSON: https://secwatch.observer/filing/0001663577-26-000321.json
- Plain text: https://secwatch.observer/filing/0001663577-26-000321.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.