J. W. Mays (NASDAQ: MAYS) adds $6.2M loan, refinances debt

Rhea-AI Filing Summary

J. W. Mays, Inc. disclosed that its wholly owned subsidiary J.W.M. Realty Corp. entered into a new mortgage loan with Putnam County National Bank secured by its Circleville, Ohio property. The Loan has a principal amount of $6,200,000, a fixed interest rate of 7.00% per annum, and is due in full on April 1, 2031, when it becomes payable on demand.

The Borrower must make equal monthly payments of $48,068.53 starting May 1, 2026 until principal and interest are fully repaid, with each payment applied first to interest, then lender advances, then principal. Prepayments are allowed but carry penalties of 3%, 2%, and 1% of outstanding principal in the first three years. The Company unconditionally guarantees all borrower obligations, used $3,135,704 of net proceeds to repay an existing secured loan with the same lender, and plans to apply the remaining proceeds to maintenance, repairs and onboarding new tenants on various properties.

Insights

Credit & capital structure analyst

J. W. Mays adds $6.2M fixed-rate mortgage, refinances debt, and earmarks remaining cash for property work.

The company’s real estate subsidiary obtained a $6,200,000 first-mortgage loan on its Circleville, Ohio property at a fixed 7.00% rate, maturing on April 1, 2031. J. W. Mays provided an unconditional guarantee, increasing its direct exposure to this borrowing.

Monthly debt service is $48,068.53, which continues until full repayment. The structure allows prepayment but includes step-down penalties of 3%, 2%, and 1% on outstanding principal in the first three years, discouraging early refinancing.

Of the proceeds, $3,135,704 repaid an existing secured loan with the same bank; the rest is intended for maintenance, repairs and new tenant onboarding on various properties. A board member is affiliated with the lender, but the loan is described as on terms generally available to other borrowers.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Loan principal: $6,200,000 Interest rate: 7.00% per annum Monthly payment: $48,068.53 +5 more

8 metrics

Loan principal $6,200,000 Mortgage loan to J.W.M. Realty Corp. secured by Circleville, Ohio property

Interest rate 7.00% per annum Fixed rate on the new mortgage loan

Monthly payment $48,068.53 Required payment beginning May 1, 2026 until loan fully repaid

Maturity / term date April 1, 2031 Date when loan becomes payable in full on demand

Prepayment penalty year 1 3% of outstanding principal Applies to prepayments in first year of the loan

Prepayment penalty year 2 2% of outstanding principal Applies to prepayments in second year of the loan

Prepayment penalty year 3 1% of outstanding principal Applies to prepayments in third year of the loan

Existing loan repaid $3,135,704 Portion of net proceeds used to repay prior secured loan with lender

Key Terms

Material Definitive Agreement, first mortgage, unconditional guarantee, prepay, +2 more

6 terms

Material Definitive Agreement regulatory

"Item 1.01 Entry into a Material Definitive Agreement."

A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.

first mortgage financial

"obtained a loan secured by a first mortgage on its Circleville, Ohio property"

unconditional guarantee financial

"The Company has made an unconditional guarantee of all obligations and liabilities"

prepay financial

"The Borrower is permitted to prepay any outstanding indebtedness; however, any prepayments"

Audit Committee regulatory

"Mr. Dean L. Ryder, a member of the Board of Directors of the Company, and chair of the Audit Committee"

A company's audit committee is a small group of board members who act like independent inspectors for the firm's finances, overseeing how financial reports are prepared, monitoring internal controls, and managing the relationship with external auditors. Investors care because a strong audit committee reduces the risk of accounting errors, fraud, or misleading statements, making financial statements more trustworthy and helping protect shareholder value.

Interactive Data File technical

"Cover Page Interactive Data File - the cover page XBRL tags are embedded"

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): March 27, 2026

J. W. Mays, Inc.

(Exact Name of Registrant as Specified in Charter) 

New York		1-3647		11-1059070
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

9 Bond Street. Brooklyn, New York		11201-5805
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code (718) 624-7400 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Securities registered pursuant to Section 12(b) of the Act: 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1 par value	MAYS	NASDAQ

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On March 27, 2026, J.W.M. Realty Corp., a wholly owned subsidiary (the “Borrower”) of J.W. Mays, Inc. (the "Company") entered into a loan agreement with Putnam County National Bank of Carmel (the “Lender”) wherein the Borrower has obtained a loan secured by a first mortgage on its Circleville, Ohio property (the “Loan”) due and payable on April 1, 2031 (the “Term Date”). The Company has made an unconditional guarantee of all obligations and liabilities of the Borrower under the Loan. The Borrower borrowed a principal amount of $6,200,000 at a fixed interest rate of 7.00% per annum. The Borrower is required to make a monthly payment of $48,068.53 beginning on May 1, 2026 and shall make the same payment on each and every month thereafter until all the principal and interest is fully paid. Each payment shall first be applied to the interest due at the time, then the balance will be used for the repayment of any money advanced by the Lender for taxes, assessments or insurance and then to the amount borrowed.

The Lender may, but is not obligated, to call the Loan any time after the Term Date and the Loan is payable, in full, on demand beginning on the Term Date. The Borrower is permitted to prepay any outstanding indebtedness; however, any prepayments of indebtedness are subject to a penalty fee equal to (i) 3% of the outstanding principal amount in the first year of the Loan, (ii) 2% of the outstanding principal amount in the second year of the Loan and (iii) 1% of the outstanding principal amount of the third year of the Loan.

The Company used $3,135,704 of the net proceeds from the Loan to repay an existing secured loan with the Lender and the Company intends to use the remaining net proceeds for maintenance, repairs and onboarding of new tenants on various properties. The Company cannot be certain if and when such proceeds will be applied.

Mr. Dean L. Ryder, a member of the Board of Directors of the Company, and chair of the Audit Committee, is affiliated with Putnam County National Bank. The Loan was made on terms generally available to other borrowers of the Lender. 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information contained in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03. 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1		Loan Agreement, dated March 27, 2026, between J.W.M Realty Corp, as borrower, J.W. Mays, Inc., as guarantor and the Putnam County National Bank of Carmel, as lender.
104		Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	J. W. Mays, Inc.
Dated: April 1, 2026	By: Ward Lyke, Jr.
	Ward N. Lyke, Jr.
	Vice President,
	Chief Financial Officer
	and Treasurer

FAQ

What new loan did J. W. Mays (MAYS) enter into on March 27, 2026?

J. W. Mays’ subsidiary J.W.M. Realty Corp. obtained a new mortgage loan for $6,200,000 from Putnam County National Bank, secured by its Circleville, Ohio property, with a fixed 7.00% interest rate and a final term date of April 1, 2031.

What are the payment terms of the new J. W. Mays (MAYS) $6.2 million loan?

The borrower must make monthly payments of $48,068.53 starting May 1, 2026. Each payment is applied first to current interest, then to any lender advances for taxes or insurance, and lastly to principal until all amounts are fully paid.

How will J. W. Mays (MAYS) use the proceeds from the $6.2 million loan?

J. W. Mays used $3,135,704 of net proceeds to repay an existing secured loan with the same lender. The remaining proceeds are intended for maintenance, repairs and onboarding new tenants on various properties, with timing of application uncertain.

Are there prepayment penalties on the J. W. Mays (MAYS) Circleville property loan?

Yes. Any prepayment triggers a fee equal to 3% of outstanding principal in year one, 2% in year two, and 1% in year three. These step-down penalties apply to any prepayments of the indebtedness during those periods.

Did J. W. Mays (MAYS) guarantee the new $6.2 million loan?

Yes. J. W. Mays, Inc. provided an unconditional guarantee of all obligations and liabilities of its subsidiary borrower under the loan agreement, meaning the company stands behind repayment alongside the mortgage on the Circleville, Ohio property.

Is there any related-party connection in the J. W. Mays (MAYS) loan transaction?

A board member, Dean L. Ryder, who chairs the Audit Committee, is affiliated with Putnam County National Bank. The disclosure states the loan was made on terms generally available to other borrowers of the lender.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 LOAN AGREEMENT, DATED MARCH 27, 2026, BETWEEN J.W.M REALTY CORP, AS BORROWER, J. 8.5 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB