National Services (USIO) reports 2.72M shares, 9.86% stake

Rhea-AI Filing Summary

National Services, Inc. amended a Schedule 13G/A to report beneficial ownership of 2,721,272 shares of Usio, Inc. common stock, representing 9.86% of the class. The filing cites 27,595,994 shares outstanding as of May 11, 2026 from the issuer's Quarterly Report on Form 10-Q.

The filing states sole voting and dispositive power over the 2,721,272 shares and explains that 2,713,852 of those shares are held by Whittier Trust Company for the benefit of National Services, Inc., with an additional 7,420 shares held by NSI's sole shareholder.

Insights

Institutional Ownership Analyst

Filing shows a near-10% passive stake reported by an institutional holder.

The amendment clarifies beneficial ownership of 2,721,272 shares (9.86%) and attributes most shares to a trust relationship with Whittier Trust Company. The ownership is reported under Schedule 13G/A, which typically indicates a passive investment intent.

Key dependencies include the May 11, 2026 outstanding share figure from the issuer's Form 10-Q. Subsequent filings may update percentage ownership if outstanding shares change.

Key Figures

Beneficial ownership: 2,721,272 shares Percent of class: 9.86% Shares outstanding used: 27,595,994 shares +2 more

5 metrics

Beneficial ownership 2,721,272 shares Amount beneficially owned by National Services, Inc.

Percent of class 9.86% Percent of Usio common stock based on outstanding shares as of May 11, 2026

Shares outstanding used 27,595,994 shares Shares outstanding as of May 11, 2026 per Usio Form 10-Q

Trust-held shares 2,713,852 shares Shares held by Whittier Trust Company for the benefit of NSI

Shares held by sole shareholder 7,420 shares Shares held by NSI's sole shareholder as of the filing date

Key Terms

Schedule 13G/A, beneficial ownership, Rule 13d-3, sole dispositive power

4 terms

Schedule 13G/A regulatory

"amended a Schedule 13G/A to report beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

beneficial ownership finance

"Amount beneficially owned: 2,721,272 shares of Common Stock"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Rule 13d-3 regulatory

"Calculated in accordance with Rule 13d-3 promulgated"

Rule 13d-3 defines who is treated as the beneficial owner of a company’s shares for U.S. securities disclosure rules — essentially anyone who has the power to vote or direct how shares are voted, or the power to buy or sell them, even if they don’t hold the certificates. For investors this matters because crossing certain ownership thresholds triggers public filing and disclosure obligations and signals potential control or influence, much like having the keys to a car implies you can drive it even if it’s registered to someone else.

sole dispositive power corporate

"Sole power to dispose or to direct the disposition of: 2,721,272 shares"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Usio, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

917313108

(CUSIP Number)

03/10/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 917313108

1

Names of Reporting Persons

National Services, Inc.

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

NEVADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,721,272.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,721,272.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,721,272.00

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)

9.86 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: (1) Includes 2,713,852 shares held by Whittier Trust Company for the benefit of National Services, Inc. ("NSI") and 7,420 shares held by NSI's sole shareholder as of the date of this filing. (2) Calculated in accordance with Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and based on 27,595,994 shares of Common Stock outstanding as of May 11, 2026 as reported in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed by the Issuer on May 13, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Usio, Inc.
(b)	Address of issuer's principal executive offices: 3611 Paesanos Parkway, Suite 300, San Antonio, Texas 78231
Item 2.
(a)	Name of person filing: National Services, Inc.
(b)	Address or principal business office or, if none, residence: The address for the principal business office of National Services, Inc. is 4303 San Rafael Avenue, Los Angeles, CA 90042
(c)	Citizenship: National Services, Inc. is a Nevada Corporation
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 917313108
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: 2,721,272 shares of Common Stock (1)
(b)	Percent of class: 9.86% (2)
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,721,272 shares of Common Stock (1)
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,721,272 shares of Common Stock (1)
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

National Services, Inc.

Signature:	/s/ Jeffrey R. Dohoda
Name/Title:	Jeffrey R. Dohoda, Attorney-in-Fact for National Services, Inc.*
Date:	05/18/2026

Comments accompanying signature: * The power of attorney is incorporated herein by reference to Exhibit 24.1 to the Form 4 of National Services, Inc. filed January 22, 2026, accession number: 0001213900-26-006773

FAQ

What stake does National Services, Inc. report in USIO?

National Services, Inc. reports beneficial ownership of 2,721,272 shares, equal to 9.86% of Usio's common stock. This percentage is calculated using 27,595,994 shares outstanding as of May 11, 2026 from the issuer's Form 10-Q.

Does National Services, Inc. control the shares it reports?

Yes; the filing states NSI has sole voting and sole dispositive power over the 2,721,272 shares. The filing also notes 2,713,852 shares are held by Whittier Trust Company for NSI's benefit.

What document is the ownership percentage based on?

The 9.86% figure is calculated in accordance with Rule 13d-3 and uses 27,595,994 shares outstanding as of May 11, 2026, as reported in Usio's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.

What does Schedule 13G/A filing indicate about intent?

A Schedule 13G/A amendment typically signals a passive investor updating ownership information. The filing identifies ownership amounts and voting/dispositive power; it does not itself state any plans to acquire or dispose of additional shares.