[Form 4] Worthington Steel, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On June 30, 2025, The Bancorp, Inc. (Nasdaq: TBBK) filed an amended Form 8-K to update investors on the disposition of a non-performing real-estate bridge-lending asset classified as Other Real Estate Owned (OREO). The apartment-complex asset carries a balance of $42.9 million as of June 30, 2025.

The company terminated the sale agreement on June 24, 2025 and demanded that the escrow agent release $3.0 million in earnest-money deposits to the company. Two days later, the buyer objected to the release without citing contractual grounds. Management asserts its entitlement to the funds and "intends to pursue" their release.

Beyond the OREO balance and deposit amount, no incremental financial or earnings data were provided, nor was a new timeline for monetizing the asset disclosed. The remainder of the filing consists of customary forward-looking-statement language and signature blocks.

Positive

• $3.0 million earnest-money could convert to cash if released, modestly boosting liquidity.
• Management’s prompt contract termination may prevent further value erosion of the $42.9 million asset.

Negative

• Termination leaves a $42.9 million non-earning OREO asset on the balance sheet, extending capital drag.
• Purchaser’s objection creates potential litigation, adding cost and uncertainty.
• No new timeline for asset disposition, limiting visibility for investors.

Insights

Financial Analyst

Terminated $42.9 M OREO sale keeps non-earning asset on books; $3 M deposit recovery helps liquidity but uncertainty and potential litigation create downside risk.

Balance-sheet drag: The apartment complex remains a $42.9 million non-earning asset, tying up capital and attracting carrying costs until a new buyer is found.
Liquidity impact: Potential receipt of the $3 million deposit would be a modest cash inflow (<1 % of June-30 asset balance) but is contested and uncertain.
Earnings visibility: No guidance was offered on impairment, write-downs, or timing of future disposition, limiting analysts’ ability to model recovery proceeds.
Overall view: The update is modestly negative; it prolongs asset-resolution uncertainty and introduces possible legal expenses, outweighing the relatively small deposit benefit.

Risk Analyst

Sale cancellation elevates asset-resolution risk; deposit dispute introduces potential litigation but does not immediately threaten capital ratios.

The aborted transaction re-opens market-value risk on a large OREO exposure. If real-estate conditions weaken, the company may face future impairments. Legal pursuit of the $3 million deposit could be protracted, yet the amount is immaterial to regulatory capital. No covenant breaches or going-concern issues are signaled, so systemic risk appears contained, but headline and execution risks rise.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Witt Steven R

(Last) (First) (Middle)

100 OLD WILSON BRIDGE ROAD

(Street)

COLUMBUS OH 43085

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Worthington Steel, Inc. [ WS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Controller

3. Date of Earliest Transaction (Month/Day/Year)
06/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	06/27/2025		A(1)		1,900	A	$0	38,137	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. An award of restricted stock was granted pursuant to the Worthington Steel Inc. 2023 Long-Term Incentive Plan. The restricted stock will vest on the third anniversary of the grant date (6/27/2028).

	/s/ Joseph Y. Heuer, as attorney-in-fact for Steven R. Witt	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

Why did The Bancorp (TBBK) file an amended 8-K?

To report termination of the sale agreement for a $42.9 million apartment-complex OREO asset and its pursuit of a $3 million deposit.

What is the value of the real estate asset involved?

The apartment complex carries a balance of $42.9 million as of June 30, 2025.

How much earnest-money is in dispute?

The company seeks release of $3.0 million in earnest-money deposits held by an escrow agent.

Did the buyer provide a reason for objecting to the deposit release?

No. The filing states the purchaser objected "without providing any legal or contractual basis."

What impact does this event have on TBBK’s earnings guidance?

The filing contains no earnings guidance or quantified impact beyond stating management’s intention to pursue the deposit.

Is there a new timeline for selling the asset?

No revised timetable for disposition was disclosed in the filing.