Stewards, Inc. has entered into Amendment No. 4 to its Loan Agreement with Stewards International Funds PCC (on behalf of the Stewards Private Credit Fund). The amendment, effective as of August 31, 2026, modifies the terms of a credit facility originally dated September 17, 2025.
The primary change is the extension of the facility's Closing Date. Originally scheduled for August 31, 2026, the date has been pushed back to November 15, 2026. The amendment confirms that the aggregate facility limit remains at $100.0 million, the fixed annual interest rate stays at 8.00%, and the maturity date remains August 31, 2030.
The amendment also adjusts the terms for the issuance of Facility Warrants, which are warrants issued in connection with the loan. For principal funded and accepted before the original Closing Date, the coverage remains one warrant for every $0.76 of principal. However, for principal funded and accepted during the extension period (from September 1, 2026, through November 15, 2026), the coverage is reduced to one warrant for every $3.00 of principal.
The Company must issue all accrued warrants on or after November 15, 2026. Shares issued upon warrant exercise will be restricted securities and subject to transfer restrictions under applicable securities laws. The Company intends to rely on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933 for the issuance of these warrants.
Glen Steward, the Company's Chairman, is a related party to the transaction. He disclosed his interest and abstained from voting on the amendment. The four disinterested directors approved the amendment after determining the terms were fair and reasonable to the Company and its stockholders.
