Stewards Completes $90 Million Acquisition of Envy Pompano Beach, Expanding South Florida Real Assets Portfolio

214-unit Class A multifamily property expands Stewards’ Real Assets platform with operating plan targeting NOI growth from $1.7 million to $4.2 million at stabilization

FORT LAUDERDALE, Fla., Sept. 24, 2026 (GLOBE NEWSWIRE) — Stewards, Inc. (Nasdaq: SWRD) (“Stewards” or the “Company”), a diversified financial platform spanning private credit, real assets and technology, announced that on Sept. 23, 2026, it completed its previously disclosed acquisition of Envy Pompano Beach (“Envy”), a 214-unit Class A mixed-use multifamily community in Pompano Beach, Florida.

Stewards acquired 100% of the membership interests in the entities that own Envy for a contractual purchase price of $90.0 million. The transaction included approximately $42.7 million of contractual rollover equity, represented by 14.2 million restricted shares of Stewards common stock, together with a $47.7 million property-level loan from LoanCore Capital Credit REIT LLC.

The shares were issued using a negotiated contractual value of $3.00 per share solely to determine the number of shares issued under the transaction documents. The $3.00 contractual value does not represent the market price of Stewards common stock at closing. The accounting value of the shares and resulting purchase accounting remain subject to final valuation and auditor review.

As of August 26, 2026, Envy was 89.3% physically occupied and 93.0% leased. The property generated approximately $5.3 million in trailing 12-month revenue. Stewards’ operating plan targets approximately 95% occupancy and NOI of over $4.2 million at stabilization. NOI represents property revenue less property operating expenses and is calculated before interest, depreciation, amortization, corporate overhead and income taxes.

The operating plan targets over $2.5mm in NOI growth through a combination of increased residential occupancy, improved collections, reduced concessions and non-revenue units, greater operating efficiency, and additional revenue from the property’s retail and marina components.

“The acquisition of Envy represents another important step in the continued expansion of our Real Assets platform,” said Shaun Quin, Chief Executive Officer of Stewards, Inc. “We are adding a substantial South Florida multifamily asset with a defined operating plan and clear opportunities to improve performance. Our focus now turns to execution, increasing occupancy, strengthening property-level economics and realizing the long-term potential of the asset.”

A Defined Operating Plan

Envy consists of two 11-story buildings completed in 2020 and includes 214 residential units, a 26-slip marina and a three-story community center. The property’s residential, retail and marina components provide multiple opportunities for Stewards to drive improved operating performance through its stabilization plan.

Stewards Realty, led by the recently integrated JOSS Realty Partners team, will oversee execution of the property’s operating plan and oversee the property-management transition. The Stewards Realty team brings an institutional real estate track record spanning over 30 acquisitions, approximately 3.4 million square feet and more than $1.2 billion in transaction value.

In addition to increasing residential occupancy toward approximately 95%, Stewards plans to lease approximately 5,575 square feet of retail space and increase utilization of the property’s 26-slip marina.

The Company’s current business plan does not include a condominium conversion.

“Envy gives us several identifiable levers to improve property-level performance without relying on a major renovation program,” said Larry Botel, President of Stewards Realty. “Our immediate focus is on occupancy, collections, concessions and operating discipline, while also capturing additional revenue opportunities from the property’s retail and marina components. We believe there is a clear path to improving NOI as we execute the stabilization plan.”

Transaction Structure

The acquisition was financed through the $47.7 million LoanCore property-level loan, representing approximately 53% of the contractual purchase price, together with contractual rollover equity. The transaction was arranged by BayBridge Real Estate Capital, with Jay Miller, Spencer Miller, AJ Felberbaum, Noah Rothman and Jonah Gentleman leading the placement effort on behalf of the Company.

The acquisition resulted in the issuance of 14.2 million restricted shares of Stewards common stock. Based on 211.4 million common shares outstanding immediately prior to closing, Stewards has approximately 225.6 million common shares outstanding following the transaction.

All consideration shares issued in the transaction are initially restricted and none are freely tradable solely as a result of the closing. Seven million of the consideration shares are subject to an escrow and settlement arrangement and may require up to seven monthly cash payments of $3 million, beginning Oct. 5, 2026. One million escrowed shares are subject to cancellation upon each scheduled payment. If all seven payments are made, the aggregate cash settlement will total $21 million, approximately seven million of the initially issued shares will be canceled and Stewards would have approximately 218.6 million common shares outstanding, assuming no other changes to shares outstanding.

“We were deliberate in structuring the transaction around both the operating opportunity and its impact on our capital structure,” said Katy Murless, CFA, Chief Financial Officer of Stewards, Inc. “The transaction increases our common shares outstanding at closing, and we believe it is important to be transparent about that. At the same time, all consideration shares are initially restricted, and the escrow arrangement provides a mechanism under which up to seven million shares may ultimately be canceled as the corresponding settlement obligations are satisfied.”

Additional information regarding the acquisition, financing, escrow arrangement and other transaction terms will be included in a Current Report on Form 8-K to be filed with the SEC.

About Stewards, Inc.

Stewards, Inc. (Nasdaq: SWRD) is a diversified financial platform spanning private credit, real assets and technology. Through Stewards Business Capital, the Company provides revenue-based financing to small and midsized businesses through its origination, underwriting and servicing platform. Stewards’ Real Assets business expands the platform through income-producing real estate, while the Company continues to develop technology and infrastructure designed to improve efficiency and connectivity across its businesses.

About Envy Pompano Beach

Envy Pompano Beach is a Class A mixed-use multifamily property located in Pompano Beach, Florida. Completed in 2020, the property consists of two 11-story buildings with 214 residential units, a 26-slip marina and a three-story community center, along with approximately 5,575 square feet of retail space. The property is located in the South Florida market and combines residential, retail and marina components within a single waterfront community.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable federal securities laws. These statements include, among other things, statements regarding Envy’s expected occupancy, NOI, revenue and operating performance; the Company’s stabilization and operating plans; expected benefits of the acquisition; potential retail and marina revenue; the Company’s ability to fund scheduled settlement payments and the potential cancellation of escrowed shares; and the Company’s broader Real Assets strategy. Forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. These risks include the Company’s ability to execute its operating plan, improve occupancy and collections, reduce concessions and expenses, lease retail and marina space and satisfy its financing and other transaction-related obligations. Additional risks and uncertainties are described in Stewards’ filings with the U.S. Securities and Exchange Commission. Stewards undertakes no obligation to update forward-looking statements except as required by law.

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