[SCHEDULE 13D/A] LENDWAY, INC. SEC Filing

Rhea-AI Filing Summary

Air T and affiliated Swenson entities report a combined 701,275 shares of LENDWAY, Inc., representing 39.6% of outstanding common stock based on 1,769,599 shares. Air T holds 486,819 shares (27.6%), Nicholas J. Swenson holds 214,456 shares (12.1%) through various entities, AO Partners entities hold 139,444 shares (7.9%), Groveland Capital holds 60,284 shares (3.4%), and Glenhurst Co. holds 11,428 shares (0.6%).

The Reporting Persons paid approximately $7,371,211 in the aggregate. Financing arrangements include a Delayed Draw Term Note increased to $3,500,000 (8% interest on advances) and two Pari Passu promissory notes dated September 15, 2025: AO Partners I lent $1,699,844 and Air T lent $1,100,156, each bearing 13.5% interest and maturing June 1, 2027. The Pari Passu lenders may appoint a non-voting board observer until repayment. The parties state they may be deemed a "group" for reporting purposes but disclaim membership in a group. The shares held by Air T and the Swenson Group are reported separately.

Positive

• Material strategic stake: Combined 701,275 shares equal 39.6% ownership, providing substantial influence.
• Substantial capital commitment: Reporting Persons paid approximately $7,371,211 in aggregate for the shares.
• Supportive financing provided: Air T amended a Delayed Draw Term Note to $3.5M and Pari Passu lenders advanced additional funds, signaling willingness to fund the Issuer.
• Lender oversight: Pari Passu lenders have the right to appoint a non-voting board observer, increasing lender visibility into operations.

Negative

• High-cost debt: Two Pari Passu promissory notes bear 13.5% interest, indicating elevated financing cost for the Issuer.
• Concentrated ownership/governance risk: Near-40% ownership concentration and overlapping roles of Mr. Swenson raise potential related-party and control concerns.
• Pledged collateral: AO Partners Fund pledged 139,444 shares as collateral for a bank loan, which could affect share availability if the loan is enforced.
• Potential perception of control: Although the Reporting Persons disclaim group membership, the parties acknowledge facts that could be construed as forming a group under Section 13(d), which may raise regulatory or shareholder scrutiny.

Insights

Financial Analyst

TL;DR: Combined stakeholders control a near-40% position and provided multi-layered financing, creating both influence and meaningful creditor exposure.

The 39.6% aggregate holding is material and can affect control dynamics and shareholder outcomes. Air T's direct 27.6% stake is particularly significant for voting outcomes. The financing structure mixes a $3.5M delayed-draw facility at 8% and higher-cost Pari Passu notes at 13.5%, reflecting a combination of strategic support and elevated borrower risk pricing. The aggregate purchase cost of $7.37M confirms substantial capital commitment. Investors should note the lender rights (non-voting observer) tied to the Pari Passu notes, which create governance visibility without immediate board control.

Corporate Governance Expert

TL;DR: Significant ownership concentration paired with interrelated entities raises governance and related-party scrutiny.

The filing discloses overlapping ownership and control links among Air T, AO Partners, Groveland, Glenhurst and Nicholas Swenson. Although the Reporting Persons disclaim formal group status, the disclosure acknowledges potential group characterization under Section 13(d), which is material for fiduciary and disclosure purposes. Collateralization of 139,444 AO Partners Fund shares for a bank loan and indemnities for Mr. Swenson are notable related-party arrangements. The appointment right for a non-voting observer gives lenders board access absent voting power, a common governance compromise that still elevates monitoring and influence.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 20)

LENDWAY, INC.

(Name of Issuer)

Common Stock, par value of $0.01 per share

(Title of Class of Securities)

45765Y204

(CUSIP Number)

Air T. Inc.
11020 David Taylor Drive,
Charlotte, NC, 28262
980.595.2840

Copy to: Peter D. Fetzer
Foley & Lardner LLP, 777 East Wisconsin Avenue, Suite 3800
Milwaukee, WI, 53202-5306
414.297.5596

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/15/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 45765Y204

1

Name of reporting person

AIR T INC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 486,819.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 486,819.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

486,819.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

27.5 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

CUSIP No. 45765Y204

1

Name of reporting person

Groveland Capital LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 60,284.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 60,284.00

11

Aggregate amount beneficially owned by each reporting person

60,284.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

3.4 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45765Y204

1

Name of reporting person

AO Partners I, LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 139,444.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 139,444.00

11

Aggregate amount beneficially owned by each reporting person

139,444.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.9 %

14

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13D

CUSIP No. 45765Y204

1

Name of reporting person

AO Partners LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 139,444.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 139,444.00

11

Aggregate amount beneficially owned by each reporting person

139,444.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.9 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45765Y204

1

Name of reporting person

Glenhurst Co.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 11,428.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 11,428.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

11,428.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.6 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP No. 45765Y204

1

Name of reporting person

Swenson Nicholas John

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

PF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 14,728.00
8	Shared Voting Power 199,728.00
9	Sole Dispositive Power 14,728.00
10	Shared Dispositive Power 199,728.00

11

Aggregate amount beneficially owned by each reporting person

214,456.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

12.1 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value of $0.01 per share
(b)	Name of Issuer: LENDWAY, INC.
(c)	Address of Issuer's Principal Executive Offices: 5000 West 36th Street, Suite 220, Minneapolis, MINNESOTA , 55416.
Item 2.	Identity and Background
(a)	This Amended Schedule 13D is being filed jointly by Air T and the Swenson Group. The parties identified in the list below constitute the "Swenson Group": 1. Groveland Capital LLC, a Delaware limited liability company ("Groveland Capital"). 2. AO Partners I, L.P., a Delaware limited partnership ("AO Partners Fund"). 3. AO Partners, LLC, a Delaware limited liability company and General Partner of AO Partners Fund ("AO Partners"). 4. Glenhurst Co., a Minnesota corporation ("Glenhurst"). 5. Nicholas J. Swenson as the Managing Member of Groveland Capital and AO Partners; as the sole owner of Glenhurst; and as an individual beneficially owning shares of Common Stock in his own name. Nicholas J. Swenson is the Chief Executive Officer of Air T, Inc., a Delaware corporation ("Air T"). Mr. Swenson also serves as a director of Air T. By virtue of Mr. Swenson serving on the Board of Directors of Air T and as the Chief Executive Officer of Air T, and by virtue of Mr. Swenson's control of the Swenson Group, Air T and the Swenson Group may be deemed to constitute a "group" for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). However, Air T and the Swenson Group expressly disclaim membership in a group, as Mr. Swenson does not possess voting or dispositive power over the shares of Common Stock held by Air T. Each of the persons identified herein is referred to as a "Reporting Person" and, collectively, as the "Reporting Persons." Each of the Reporting Persons is a party to that certain Joint Filing Agreement that was previously filed. The Reporting Persons are filing this Amended Schedule 13D jointly, as they may be considered a "group" under Section 13(d)(3) of the Exchange Act. However, neither the fact of this filing nor anything contained herein shall be deemed to be an admission by the Reporting Persons that such a group exists. The securities reported herein as being beneficially owned by Air T do not include any securities held by any member of the Swenson Group. The securities reported herein as being beneficially owned by the Swenson Group do not include any securities held by Air T. Information regarding the identity and background of each executive officer and director of Air T is set forth on Schedule A to this Amended Schedule 13D, which was previously filed as Exhibit 99.2. Each of the individuals identified on Schedule A to this Statement is a U.S. citizen.
(b)	The principal business address of each of AO Partners Fund, AO Partners, Groveland Capital, Glenhurst and Mr. Swenson is 5000 W 36th Street, Suite 200, Minneaplis, MN 55416-2763. The principal business address of Air T is 11020 David Taylor Drive, Suite 305, Charlotte, North Carolina 28262.
(c)	Each of AO Partners Fund, AO Partners, Groveland Capital and Glenhurst are engaged in various interests, including investments. The principal occupation of Mr. Swenson is serving as the President, Chief Executive Officer and Chairman of the board of directors of Air T. Mr. Swenson is also a private investor and the founder and managing member of Groveland, and the managing member of AO Partners, which is the general partner of AO Partners Fund. The principal business of Air T is serving as a diversified holding company providing overnight air cargo, aviation ground equipment, commercial jet engines and parts, and other related items.
(d)	None of the Reporting Persons, any of their partners, managers, officers or other controlling persons or, to the Reporting Persons' knowledge, any individuals identified on Schedule A to this Statement has, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	None of the Reporting Persons, any of their partners, managers, officers or other controlling persons or, to the Reporting Persons' knowledge, any individuals identified on Schedule A to this Statement has, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	Mr. Swenson is a citizen of the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	The total cost for purchasing the Common Stock reported as owned by the Reporting Persons, excluding brokerage commissions, was approximately $7,371,211 in the aggregate. The source of these funds was working capital or personal funds, as applicable.
Item 4.	Purpose of Transaction
	The Reporting Persons purchased the Common Stock for investment purposes. The Reporting Persons may in the future acquire additional shares of Common Stock of the Company or dispose of some or all of the shares of Common Stock of the Company held by them in open-market transactions or privately negotiated transactions, on such terms and at such times as the Reporting Persons may deem advisable, subject to applicable law. The Reporting Persons may engage in short selling or hedging or similar transactions with respect to the shares of Common Stock, on such terms and at such times as the Reporting Persons may deem advisable, subject to applicable law. On August 15, 2024, the Issuer entered into a Delayed Draw Term Note with Air T in the principal amount of $2.500,000. Pursuant to the terms of the Note, the Issuer may request from time to time prior to August 15, 2026, and Air T, may make one or more loans. The loans are solely to be used to (i) fund the operations and growth of the Issuer's business and (ii) pay transaction fees and expenses related to the note. The entire principal amount outstanding on the loans, together with accrued and unpaid interest thereon is due and payable in full on the earlier of (i) August 15, 2029, (ii) Issuer's receipt of a written demand by Air T delivered on or after February 15, 2026. and (iii) such earlier date as all principal owing thereunder becomes due and payable by acceleration or otherwise (the "Maturity Date"). The Borrower may prepay any loan outstanding, together with accrued and unpaid interest on such loan, at any time without prepayment or penalty and amounts paid or prepaid in respect of any loan may not be reborrowed. Each loan made under the note bears interest, beginning on the date such loan is advanced by the Air T to the Issuer, at a rate per annum equal to 8% as of the date of each loan. All accrued and unpaid interest on the loans is due and payable by the Borrower on the Maturity Date; provided that any default interest due under the loan is payable on demand. The obligations of the Issuer under this note rank and shall continue to rank at least senior in priority of payment to all subordinated indebtedness and all senior unsecured indebtedness of the Issuer. On September 27, 2024, the Issuer entered into an Amended and Restated Delayed Draw Term Note with Air T (the "Amended Note'). The Amended Note amends, restates, replaces and supersedes the prior Delayed Draw Term Note, dated as of August 15, 2024. The terms of the Amended Note remain essentially the same as the prior Delayed Draw Term Note except that the principal amount of the note was increased to $3,500,000. On September 15, 2025, the Issuer entered into a Promissory Note with AO Partners I, L.P. pursuant to which AO Partners I lent $1,699,844 to the Issuer. The Note has a maturity date of June 1, 2027, and bears interest at a rate per annum equal to 13.5%. Under the Note, the Issuer may enter into other Promissory Notes with other parties on the same terms (all of the Promissory notes entered into are referred to herein as "Pari Passu Notes"), and the Note provides that until all amounts outstanding under the Pari Passu Notes have been paid in full, the lenders may appoint one individual as a non-voting observer to the Issuer's board of directors. A copy of the Promissory Note is attached as Exhibit 99.3 to this filing, and is incorporated herein by reference. On September 15, 2025, the Issuer entered into a Promissory Note with Air T, Inc. pursuant to which Air T lent $1,100,156 to the Issuer. The Note has a maturity date of June 1, 2027, and bears interest at a rate per annum equal to 13.5%. Under the Note, the Issuer may enter into other Promissory Notes with other parties on the same terms (all of the Promissory notes entered into are referred to herein as "Pari Passu Notes"), and the Note provides that until all amounts outstanding under the Pari Passu Notes have been paid in full, the lenders may appoint one individual as a non-voting observer to the Issuer's board of directors. A copy of the Promissory Note is attached as Exhibit 99.4 to this filing, and is incorporated herein by reference. To the extent the actions described herein may be deemed to constitute a "control purpose" with respect to the Securities Exchange Act of 1934, as amended, and the regulations thereunder. the Reporting Persons have such a purpose. Except as noted in this Amended Schedule 13D, none of the Reporting Persons currently has any plans or proposals, which relate to. or would result in. any of the matters referred to in paragraphs (a) through (j), inclusive of Item (4) of Schedule 13D. Such individuals may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto.
Item 5.	Interest in Securities of the Issuer
(a)	The Reporting Persons beneficially own in the aggregate 701,275 shares of Common Stock, which represents approximately 39.6% of the Company's outstanding shares of Common Stock. The percentage ownership interests reported herein are based on 1,769,599 shares of Common Stock outstanding on August 25, 2025, as reported in the Issuer's Transition Report on Form 10-K, for the transition period from January 1, 2025 to June 30, 2025. The following sets forth the aggregate ownership information for each of the Reporting Persons. Name of Reporting Person: Air-T Aggregate Number of Shares Beneficially Owned: 486,819 Percentage of Outstanding: 27.6% Name of Reporting Person: Groveland Capital Aggregate Number of Shares Beneficially Owned: 60,284 Percentage of Outstanding: 3.4% Name of Reporting Person: AO Partners Fund Aggregate Number of Shares Beneficially Owned: 139,444 Percentage of Outstanding: 7.9% Name of Reporting Person: AO Partners Aggregate Number of Shares Beneficially Owned: 139,444 Percentage of Outstanding: 7.9% Name of Reporting Person: Glenhurst Co. Aggregate Number of Shares Beneficially Owned: 11,428 Percentage of Outstanding: 0.6% Name of Reporting Person: Nicholas J. Swenson Aggregate Number of Shares Beneficially Owned: 214,456 Percentage of Outstanding: 12.1%
(b)	The following list sets forth the ownership information for each of the Reporting Persons: Name of Reporting Person: Air-T Number of Shares Beneficially Owned with Sole Voting and Dispositive Power: 486,819 Number of Shares Beneficially Owned with Shared Voting and Dispositive Power: None Additional Information: Air T has sole voting and dispositive power with regard to the shares of Common Stock that it holds. Mr. Swenson serves on the Board of Directors of Air T and is the Chief Executive Officer of Air T. Name of Reporting Person: Groveland Capital Number of Shares Beneficially Owned with Sole Voting and Dispositive Power: 60,284 Number of Shares Beneficially Owned with Shared Voting and Dispositive Power: None Additional Information: Groveland Capital has voting and dispositive power with regard to the shares of Common Stock. Because Mr. Swenson is the Managing Member of Groveland Capital, he has the power to direct the affairs of Groveland Capital. Therefore, Groveland Capital may be deemed to share with Mr. Swenson voting and dispositive power with regard to the shares of Common Stock held by Groveland Capital. Name of Reporting Person: AO Partners Fund Number of Shares Beneficially Owned with Sole Voting and Dispositive Power: 139,444 Number of Shares Beneficially Owned with Shared Voting and Dispositive Power: None Name of Reporting Person: AO Partners Number of Shares Beneficially Owned with Sole Voting and Dispositive Power: 139,444 Number of Shares Beneficially Owned with Shared Voting and Dispositive Power: None Additional Information: AO Partners is the General Partner of AO Partners Fund and, as General Partner, has voting and dispositive power with regard to the shares of Common Stock held by AO Partners Fund. Because Mr. Swenson is the Managing Member of AO Partners, he has the power to direct the affairs of AO Partners. Therefore, AO Partners may be deemed to share with Mr. Swenson voting and dispositive power with regard to the shares of Common Stock held by AO Partners Fund. Name of Reporting Person: Glenhurst Co. Number of Shares Beneficially Owned with Sole Voting and Dispositive Power: 11,428 Number of Shares Beneficially Owned with Shared Voting and Dispositive Power: None Additional Information: Because Mr. Swenson is the President and sole director of Glenhurst, he has the power to direct the affairs of Glenhurst, including the voting and disposition of shares of Common Stock held in the name of Glenhurst. Name of Reporting Person: Nicholas J. Swenson Number of Shares Beneficially Owned with Sole Voting and Dispositive Power: 14,728 Number of Shares Beneficially Owned with Shared Voting and Dispositive Power: 199,728 Additional Information: Because Mr. Swenson is the Managing Member of AO Partners, the General Partner of AO Partners Fund, he has the power to direct the affairs of AO Partners Fund, including the voting and disposition of shares of Common Stock held in the name of AO Partners Fund. Because Mr. Swenson is the Managing Member of Groveland Capital, he has the power to direct the affairs of Groveland Capital, including the voting and disposition of shares of Common Stock held in the name of Groveland Capital. Because Mr. Swenson is the President and sole director of Glenhurst, he has the power to direct the affairs of Glenhurst, including the voting and disposition of shares of Common Stock held in the name of Glenhurst.
(c)	Since the last filed amended Schedule 13D, no Reporting Person has effected transactions in the Common Stock.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Common Stock beneficially owned by any Reporting Person.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Information set forth in Item 4 is incorporated herein by reference. Pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect to the joint filing of this Amendment Schedule 13D. With respect to AO Partners Fund, AO Partners is entitled to (1) an allocation of a portion of profits, if any, and (2) a management fee based upon a percentage of total capital. Mr. Swenson is indemnified by AO Partners Fund, AO Partners, Groveland Capital and and Glenhurst for liabilities he may incur in connection with his duties for the Swenson Group. AO Partners Fund secured a bank loan, pursuant to which it has pledged 139,444 shares of Common Stock, along with additional securities and collateral owned by AO Partners Fund, as collateral for the loan. The loan was obtained in the ordinary course of business. Other than the foregoing agreements and arrangements, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer.
Item 7.	Material to be Filed as Exhibits.
	99.1 Joint Filing Agreement - Previously Filed. 99.2 Schedule A Identity and Background Related Parties - Previously Filed. 99.3 Promissory Note - Filed Herewith. 99.4 Promissory Note - Filed Herewith.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

AIR T INC

Signature:	/s/ Nicholas J. Swenson
Name/Title:	Chief Executive Officer
Date:	09/15/2025

Groveland Capital LLC

Signature:	/s/ Nicholas J. Swenson
Name/Title:	Managing Member
Date:	09/15/2025

AO Partners I, LP

Signature:	/s/ Nicholas J. Swenson
Name/Title:	Managing Member
Date:	09/15/2025

AO Partners LLC

Signature:	/s/ Nicholas J. Swenson
Name/Title:	Managing Member
Date:	09/15/2025

Glenhurst Co.

Signature:	/s/ Nicholas J. Swenson
Name/Title:	Sole Owner
Date:	09/15/2025

Swenson Nicholas John

Signature:	/s/ Nicholas J. Swenson
Name/Title:	Nicholas J. Swenson
Date:	09/15/2025

FAQ

How many LENDWAY (LDWY) shares do the Reporting Persons now own collectively?

The Reporting Persons beneficially own 701,275 shares, representing 39.6% of outstanding common stock based on 1,769,599 shares.

What is Air T's stake in LENDWAY as reported?

Air T beneficially owns 486,819 shares, equal to 27.6% of LENDWAY's outstanding common stock.

What financing has been provided to LENDWAY by the Reporting Persons?

Air T amended a Delayed Draw Term Note to $3,500,000 with 8% interest on advances; on September 15, 2025 AO Partners I lent $1,699,844 and Air T lent $1,100,156 via Pari Passu promissory notes at 13.5% interest, maturing June 1, 2027.

Do the lenders have any board rights under the promissory notes?

Yes. Until all Pari Passu notes are repaid, the lenders may appoint one non-voting observer to the Issuer's board of directors.

Did the Filing Persons declare themselves a formal group for Section 13(d) purposes?

The filing states the parties may be deemed a "group" under Section 13(d) but the Reporting Persons expressly disclaim membership in a group.