MAYS J W INC 8-K

What Happened

• J.W. Mays, Inc. (the Company) filed an 8-K on April 1, 2026 disclosing that its wholly owned subsidiary, J.W.M. Realty Corp., entered a loan agreement with Putnam County National Bank of Carmel on March 27, 2026.
• The Borrower received a $6,200,000 loan secured by a first mortgage on the Circleville, Ohio property. The Company has unconditionally guaranteed all obligations under the loan. The loan bears a fixed interest rate of 7.00% and is due April 1, 2031.

Key Details

• Principal: $6,200,000; Interest rate: 7.00% per annum.
• Monthly payment: $48,068.53, first payment due May 1, 2026, then monthly until paid in full. Payments apply first to interest, then advances for taxes/insurance, then principal.
• Prepayment penalties: 3% of outstanding principal in year 1, 2% in year 2, 1% in year 3.
• Use of proceeds: $3,135,704 used to repay an existing secured loan with the same bank; remaining net proceeds intended for maintenance, repairs and onboarding new tenants (timing not certain).
• Related party: Dean L. Ryder, a Company director and Audit Committee chair, is affiliated with the lender. Company states loan terms were generally available to other borrowers.

Why It Matters

• This transaction increases the Company’s secured indebtedness and creates a direct financial obligation guaranteed by the parent, which may affect leverage and interest expense.
• Repayment of a prior loan and funding for property upkeep and tenant onboarding could support rental income and property value, but the Company notes timing for those uses is uncertain.
• Prepayment penalties and a lender’s ability to demand payment after the April 1, 2031 term date constrain refinancing flexibility. The related-party connection is disclosed; the Company says terms were generally available to other borrowers.