Stewards affiliates report 10M Series B preferred shares
Series B shares carry 50 votes each, and the issuer’s President holds an irrevocable proxy to vote them.
Sentiment and the balance of points
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Form Type
3
Rhea-AI Filing Summary
For Stewards, Inc. (SWRD), affiliate entities report indirect holdings as of September 9, 2026: 22,012,500 common shares, 71,250,000 Series A preferred shares and 10,000,000 Series B preferred shares, the latter held by Forfront Capital, LLC. The preferred shares are not outstanding common stock. The positions also include warrants exercisable for 8,147,368 common shares and pre-funded warrants exercisable for 4,591,000 common shares at $0.0001 per share. Each preferred share is convertible into one common share; Series B conversion is optional after five years from its August 25, 2025 issuance.
Insights
Analyzing...
Insider Trade Summary
5 transactions reported
Mixed
5 txns
Insider
Steward Glen Anthony Whitefoord, Adam Muhammad Bilal, Forfront Capital, LLC, Stewards Investment Capital Ltd, Stewards (International) Ltd, Stewards Global Holdings Ltd, Tsang Mang kin Nathaniel William Shiong-Hoy Mr, Stewards International Funds PCC
Role
Director, 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Series A Preferred Stock F6, F2, F1 | -- | -- | -- |
| holding | Series B Preferred Stock F6, F3, F1 | -- | -- | -- |
| holding | Warrants F4, F1 | -- | -- | -- |
| holding | Pre-Funded Warrants F5, F1 | -- | -- | -- |
| holding | Common Stock, par value $0.0001 per share F1 | -- | -- | -- |
Holdings After Transaction:
Series A Preferred Stock — 71,250,000 contracts (Indirect, By affiliate entities);
Series B Preferred Stock — 10,000,000 contracts (Indirect, By Forfront Capital, LLC);
Warrants — 8,147,368 contracts (Indirect, By affiliate entities);
Pre-Funded Warrants — 4,591,000 contracts (Indirect, By affiliate entities);
Common Stock, par value $0.0001 per share — 22,012,500 shares (Indirect, By affiliate entities)
Footnotes (6)
- F1. The securities reported herein are held of record by Forfront Capital, LLC, Stewards Investment Capital Limited ("SIC"), and Stewards International Funds PCC, acting for the Stewards Private Credit Fund. As disclosed in the issuer's Form S-1/A, Glen Steward, Bilal Adam, and Nathaniel Tsang Mang Kin share voting and dispositive power over these securities and may be deemed to beneficially own them. Each disclaims beneficial ownership except to the extent of his pecuniary interest. This report is not an admission of beneficial ownership for Section 16 or any other purpose. Amounts exclude 630,000 common shares held of record by SIC as nominee for Wael Barsoum (part of SIC's 3,442,500 record position). Those shares and related warrants and pre-funded warrants under the same mandate are reported on Mr. Barsoum's separate Form 3. The reporting persons disclaim beneficial ownership of the Barsoum securities.
- F2. Represents 71,250,000 shares of Series A Preferred Stock reported on Table II as a convertible security. Under the Certificate of Designation, as amended, each share is convertible into common stock no sooner than twenty-four (24) months after the Initial Issuance Date (June 5, 2023), at Conversion Amount ($0.25) / Conversion Price ($0.25), or one-for-one. That twenty-four-month period ended June 5, 2025. There is no remaining beneficial-ownership or other conversion cap. These shares are not outstanding common stock and are not reported on Table I.
- F3. Represents 10,000,000 shares of Series B Preferred Stock held of record by Forfront Capital, LLC reported on Table II as a convertible security. Optional conversion into common stock is one-for-one after five years from issuance (August 25, 2025). Each share has 50 votes. Forfront Capital, LLC is party to a Voting Agreement dated August 25, 2025 under which it votes the Series B Preferred Stock at the direction of a majority of the issuer's founders (Glen Steward, Vincent Napolitano, and Shaun Quin), and the issuer's President holds an irrevocable proxy to vote those shares. Forfront Capital, LLC has a pecuniary interest in the Series B Preferred Stock. These shares are not outstanding common stock and are not reported on Table I.
- F4. Represents warrants exercisable for 8,147,368 shares of common stock. The exercise price and the conditions to exercisability and expiration are as set forth in the applicable warrant agreements. Excludes warrants exercisable for 630,000 shares held of record by SIC as nominee for Wael Barsoum.
- F5. Represents pre-funded warrants exercisable for 4,591,000 shares of common stock at an exercise price of $0.0001 per share. Vesting, exercisability and expiration are as set forth in the applicable warrant agreements. Excludes pre-funded warrants exercisable for 9,000 shares held of record by SIC as nominee for Wael Barsoum.
- F6. Each share of Series A Preferred Stock and Series B Preferred Stock is convertible into one share of Common Stock. Each pre-funded warrant is exercisable for one share of Common Stock at $0.0001 per share. Each common warrant is exercisable for one share of Common Stock at the exercise price set forth in the applicable warrant agreement.
Key Figures
Common shares held indirectly: 22,012,500 shares
Series A Preferred Stock: 71,250,000 shares
Series B Preferred Stock: 10,000,000 shares
+4 more
7 metrics
Common shares held indirectly
22,012,500 shares
Reported as of September 9, 2026
Series A Preferred Stock
71,250,000 shares
Reported as of September 9, 2026; each share is convertible into one common share
Series B Preferred Stock
10,000,000 shares
Reported as of September 9, 2026; each share is convertible into one common share
Warrants exercisable for common stock
8,147,368 shares
Reported as of September 9, 2026
Pre-funded warrants exercisable for common stock
4,591,000 shares
Reported as of September 9, 2026
Pre-funded warrant exercise price
$0.0001 per share
Each pre-funded warrant is exercisable for one common share
Votes per Series B preferred share
50 votes
Series B Preferred Stock
Key Terms
convertible security, conversion cap, pre-funded warrants, Voting Agreement, +1 more
5 terms
convertible security financial
"reported on Table II as a convertible security"
A convertible security is an investment that starts as one form—typically a bond or preferred share—that the holder can swap for common stock at a set price or under certain conditions. Investors care because it combines steady income or downside protection with the upside of stock ownership: like a ticket that guarantees a seat and also lets you trade up to a VIP pass if the company performs well, affecting dilution and potential returns.
conversion cap financial
"no remaining beneficial-ownership or other conversion cap"
A conversion cap is a limit written into a convertible security (like a note or SAFE) that fixes the maximum company valuation used when that investment converts into equity, so the investor receives shares as if the company were worth no more than that cap. It matters to investors because it protects early backers from being diluted if the company later raises money at a high valuation, effectively acting like a coupon that guarantees a better share price and a clearer sense of potential ownership and return.
pre-funded warrants financial
"pre-funded warrants exercisable for 4,591,000 shares"
Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.
Voting Agreement regulatory
"party to a Voting Agreement dated August 25, 2025"
A voting agreement is a legally binding pact in which shareholders promise to cast their votes the same way on certain corporate matters, such as electing directors or approving a merger. It matters to investors because it changes who controls company decisions and makes outcomes more predictable—like a group of neighbors agreeing in advance to vote the same way on a community rule, it can strengthen or limit the influence of other shareholders and affect the company’s future direction.
irrevocable proxy regulatory
"the issuer's President holds an irrevocable proxy"
An irrevocable proxy is a legal authorization in which a shareholder gives another person or entity the permanent right to vote their shares and cannot later take that voting permission back. It matters to investors because it locks who controls voting power on key issues—like board elections, mergers, or major policy changes—so it can change corporate control and influence the value or direction of an investment much like handing someone an unchangeable voting card.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Which entities hold SWRD’s reported securities?
The reported securities are held of record by Forfront Capital, LLC, Stewards Investment Capital Limited, and Stewards International Funds PCC, acting for the Stewards Private Credit Fund. Forfront Capital, LLC is specifically identified as holding the 10,000,000 Series B preferred shares.
What is the exercise price of SWRD’s pre-funded warrants?
The pre-funded warrants are exercisable for one common share each at $0.0001 per share. Their vesting, exercisability and expiration are set forth in the applicable warrant agreements.
AI-generated analysis. How Rhea-AI works. Not financial advice.
