[SCHEDULE 13G/A] Reliance Global Group, Inc. Series A Warrants SEC Filing

Rhea-AI Filing Summary

Lockheed Martin (LMT) filed an Item 8.01 Form 8-K announcing completion of a $2.0 billion senior unsecured note offering. The issue is split into three tranches:

• $500 million of 4.150% notes maturing 15 Aug 2028
• $750 million of 4.400% notes maturing 15 Aug 2030
• $750 million of 5.000% notes maturing 15 Aug 2035

Interest on all series is paid semi-annually each 15 Feb and 15 Aug, starting 15 Feb 2026. The notes were sold via Citigroup, Crédit Agricole and J.P. Morgan under an effective S-3 shelf and are governed by the April 18 2023 indenture with U.S. Bank Trust Company. The company may redeem the notes early at make-whole premiums outlined in the prospectus supplement. Net proceeds are earmarked for general corporate purposes, which could include repayment of existing debt. No financial results or guidance were provided. Key exhibits include the underwriting agreement (Ex. 1.1) and forms of each series (Ex. 4.1-4.3).

Positive

• Maintains investment-grade market access at competitive coupons, reinforcing liquidity.
• Staggered maturities (2028-2035) reduce refinancing concentration risk.

Negative

• Higher coupon rates than existing debt will incrementally raise interest expense.
• Increases gross debt by $2 B, modestly elevating leverage until proceeds are applied to repayments.

Insights

Fixed Income Analyst

TL;DR: $2 B multi-tenor deal locks in mid-single-digit coupons; leverage up modestly, liquidity preserved.

The three-tranche structure staggers maturities (2028-2035), smoothing Lockheed’s debt ladder and limiting refinancing risk. Coupon levels sit roughly 80-100 bp over Treasuries of comparable tenor, reasonable for an A-rated defense prime in today’s curve. Proceeds labelled for “general corporate purposes” usually imply debt refinancing or pension funding, so incremental leverage impact may be limited. Covenants are standard investment-grade; unsecured ranking preserves capital-structure flexibility. Overall credit profile remains strong; impact on bondholders is neutral, with a small positive from liquidity reinforcement.

Equity Analyst

TL;DR: Routine debt raise; negligible EPS effect, signals continued access to capital markets.

$2 B equals ~2% of LMT’s market cap and ~13% of end-2024 net debt, so balance-sheet strain is mild. While coupons are above existing average cost (~3.2%), the staggered maturities enhance funding flexibility. Because proceeds are not tied to M&A or buybacks, immediate shareholder return is limited. Still, maintaining investment-grade pricing bolsters confidence in cash-flow durability—important given backlog-driven working-capital swings. For equity holders, the filing is broadly neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Reliance Global Group, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

75946W405

(CUSIP Number)

07/25/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 75946W405

1

Names of Reporting Persons

Spetner Jonathan S

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Reliance Global Group, Inc.
(b)	Address of issuer's principal executive offices: 300 Blvd. of the Americas, Suite 105, Lakewood, New Jersey, 08701
Item 2.
(a)	Name of person filing: This statement is filed by Jonathan Spetner (the "Reporting Person").
(b)	Address or principal business office or, if none, residence: Jonathan Spetner 8220 Delmar Blvd St. Louis, MO 63124
(c)	Citizenship: Jonathan Spetner is a citizen of the United States of America.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 75946W405
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The percentages used herein are calculated based upon 2,974,909 Shares issued and outstanding as of May 14, 2025, as reported on the Company's Form 10-Q filed with the Securities and Exchange Commission by the Issuer on May 14, 2025. The information required by Items 4(a)-(c), as of the date hereof, is set forth in Rows 5-11 of the cover page hereto for the Reporting Person and is incorporated herein by reference.
(b)	Percent of class: Jonathan Spetner owns 0 Shares directly (constituting approximately 0% of the Shares outstanding).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Spetner Jonathan S

Signature:	/s/ Jonathan Spetner
Name/Title:	Spetner Jonathan S
Date:	07/28/2025

FAQ

How much debt did Lockheed Martin (LMT) issue on 28 Jul 2025?

The company issued $2.0 billion of senior unsecured notes across three maturities.

What are the interest rates and maturities of the new LMT notes?

4.150% due 2028, 4.400% due 2030, and 5.000% due 2035.

When will interest payments on the new Lockheed Martin notes begin?

Semi-annual payments start on 15 Feb 2026 and continue each 15 Feb and 15 Aug.

What will Lockheed Martin do with the $2 B proceeds?

Proceeds are for general corporate purposes, which may include repaying existing debt.

Can the new notes be redeemed early?

Yes. LMT may redeem any series in whole or in part at make-whole premiums described in the prospectus.