Filing Analysis
J.W. Mays, Inc. announced a transition agreement for its CFO, Ward Lyke, Jr., who will step down on September 25, 2026. The company has appointed Controller Kevin Guptar to serve as Principal Financial Officer and Principal Accounting Officer effective upon the departure.
🚩 Red Flags
- Sudden leadership transition in the finance department (CFO/Treasurer).
📋 Key Facts
- Ward Lyke, Jr. will resign as VP, CFO, and Treasurer on September 25, 2026.
- The transition agreement ensures continued employment through the separation date to facilitate an orderly handover.
- Mr. Lyke will receive his base salary of $316,000 until the separation date.
- Separation benefits include six weeks of base salary contingent upon signing a General Release.
- Kevin Guptar (current Controller) is designated as the successor Principal Financial Officer and Principal Accounting Officer.
J. W. Mays, Inc. filed an 8-K to report its financial results for the three and nine months ended April 30, 2026. The filing serves as a cover for a press release containing revenue and net loss comparisons against the same periods in 2025.
📋 Key Facts
- Reporting period covers the three and nine months ended April 30, 2026.
- The filing includes a comparison of revenues and net losses against the period ended April 30, 2025.
- The financial results were disseminated via a press release dated June 11, 2026.
J.W. Mays, Inc. entered into an $8 million building loan agreement with Beacon Bank & Trust to finance the expansion of its Fishkill, New York property for an existing tenant. The loan is secured by a first lien mortgage and features a 10-year term with a 25-year amortization schedule beginning in 2027.
🚩 Red Flags
- Restrictive liquidity covenant requiring $1,000,000 to be held in lender accounts at all times.
- Floating interest rate exposure with a high initial floor of 7.25%.
- Prepayment penalties ranging from 1.00% to 3.00% apply after the first year.
📋 Key Facts
- Principal loan amount of $8,000,000 secured by the Fishkill, NY property.
- Initial advance of approximately $2,000,000 received at closing on May 12, 2026.
- Interest rate for the first year is WSJ Prime plus 100 basis points, with a 7.25% floor.
- Post-May 2027 interest rate resets based on the FHLB Boston Fixed Rate Advance Rate plus 225 basis points, with a 6.00% floor.
- Loan maturity date is set for May 1, 2036.
- Company must maintain a $1,000,000 minimum balance in accounts with the lender.
- An interest reserve of $350,000 was established at closing.
J.W. Mays, Inc. filed an amended 8-K to correct a typographical error, clarifying that the disclosure is a Regulation FD update rather than a material agreement. The company has engaged Newmark Group, Inc. to market the property at 25 Elm Place, Brooklyn, NY for sale to manage liquidity needs.
🚩 Red Flags
- Explicit mention of selling assets to 'manage its liquidity needs' suggests potential cash flow pressure.
- Administrative error in the original filing (mislabeling a Reg FD disclosure as a Material Agreement) indicates poor internal controls over SEC reporting.
📋 Key Facts
- The company is actively marketing 25 Elm Place, Brooklyn, New York for sale via Newmark Group, Inc.
- The sale is being pursued specifically to 'manage its liquidity needs'.
- Management is considering lease modifications or terminations for existing tenants at 25 Elm Place, potentially relocating them to 9 Bond Street.
- The filing is an amendment (8-K/A) to correct a previous misclassification of the event as a 'Material Definitive Agreement'.
- The sale process is in 'early stages' with no guarantee of a transaction or specific timing.
J. W. Mays, Inc. has engaged Newmark Group, Inc. to market its 25 Elm Place property in Brooklyn, NY for sale to address the company's liquidity needs. The company is also exploring lease modifications and the potential relocation of existing tenants to its 9 Bond Street property.
🚩 Red Flags
- Explicit mention of selling core real estate assets specifically to 'manage its liquidity needs', suggesting potential cash flow pressure.
- Uncertainty regarding the timing and execution of the sale in a fluctuating macro-economic and real estate market.
📋 Key Facts
- Engaged Newmark Group, Inc. to actively market 25 Elm Place, Brooklyn, New York for sale.
- The potential sale is being pursued to 'manage its liquidity needs' as previously disclosed in quarterly reports.
- Marketing efforts are in early stages with no guaranteed buyer or timeline for completion.
- Management is considering relocating certain tenants from the Elm Place property to another company-owned property at 9 Bond Street, Brooklyn.
- Any final sale transaction requires approval from the Company’s Board of Directors.
J.W. Mays, Inc. secured a $6.2 million loan through its subsidiary, J.W.M. Realty Corp., from Putnam County National Bank of Carmel at a 7.00% fixed interest rate. The loan is secured by a property in Circleville, Ohio, and involves a related-party transaction with a company director.
🚩 Red Flags
- Related-party transaction: Director Dean L. Ryder, who chairs the Audit Committee, is affiliated with the lender, Putnam County National Bank.
- The loan is payable in full on demand beginning on the Term Date (April 1, 2031).
- More than 50% of the new loan proceeds were used to refinance existing debt with the same affiliated lender.
📋 Key Facts
- Loan principal amount is $6,200,000 with a fixed interest rate of 7.00% per annum.
- The loan matures on April 1, 2031, and is secured by a first mortgage on the Circleville, Ohio property.
- Monthly payments are set at $48,068.53 starting May 1, 2026.
- Approximately $3,135,704 of the proceeds were used to repay an existing loan with the same lender.
- Remaining proceeds are intended for maintenance, repairs, and onboarding new tenants.
- Prepayment penalties apply: 3% in year one, 2% in year two, and 1% in year three.
J. W. Mays, Inc. announced its financial results for the three and six-month periods ended January 31, 2026. The report includes comparisons of revenue and net loss against the prior year's corresponding periods.
🚩 Red Flags
- Reported a net loss for the three and six-month periods ended January 31, 2026.
📋 Key Facts
- Financial results reported for the quarter and six months ended January 31, 2026.
- Company reported a net loss for both the three and six-month periods.
- Comparison data provided for the periods ended January 31, 2025.
- Information disclosed under Item 2.02 (Results of Operations and Financial Condition).
J. W. Mays, Inc. filed an 8-K to announce its financial results for the three months ended October 31, 2025. The filing includes a press release comparing current period revenues and net loss against the prior year's performance.
🚩 Red Flags
- None identified in this specific filing text (financial figures were not detailed in the summary provided)
📋 Key Facts
- Reporting date of earliest event: December 10, 2025
- Financial results cover the three months ended October 31, 2025
- The filing includes a comparison of revenues and net income/loss against the period ended October 31, 2024
- Press release attached as Exhibit 99(i)
J.W. Mays, Inc. held its Annual Meeting of Shareholders on November 25, 2025. Shareholders approved the election of seven directors and ratified Prager Metis CPA's, LLP as the independent auditor for the fiscal year ending July 31, 2026.
🚩 Red Flags
- Related-party transaction: Director Mark S. Greenblatt has an active monthly consulting agreement ($10,000/month) with the company.
📋 Key Facts
- Annual Meeting held on November 25, 2025.
- Shareholders approved fixing the number of directors at seven (1,535,244 votes for).
- All seven director nominees were elected: Jennifer L. Caruso, Robert L. Ecker, Mark S. Greenblatt, Steven Gurney-Goldman, Melinda S. Koster, Dean L. Ryder, and Lloyd J. Shulman.
- Prager Metis CPA's, LLP was ratified as the independent auditor for FY ending July 31, 2026.
- Shareholders voted to have executive compensation advisory votes occur every one year (Choice 1: 1,387,851 votes).
- Mark S. Greenblatt renewed a consulting agreement effective January 1, 2026, at $10,000 per month.
J.W. Mays, Inc. filed an 8-K to announce its financial results for the three and twelve months ended July 31, 2025. The filing serves as a formal announcement of the company's recent earnings performance.
🚩 Red Flags
- The filing reports a 'net loss' for the periods mentioned, though specific dollar amounts are not detailed in the summary text.
📋 Key Facts
- Reporting period: Three and twelve months ended July 31, 2025.
- Comparison provided against periods ended July 31, 2024.
- Financial results include revenue and net loss figures.
- Press release issued on October 22, 2025.
J. W. Mays, Inc. filed an 8-K to announce its quarterly financial results for the three and nine months ended April 30, 2025. The filing includes a press release detailing revenues and net loss compared to the previous year.
📋 Key Facts
- Reporting period: Three and nine months ended April 30, 2025.
- Financial results include revenue and net loss figures for the current and prior year periods (ended April 30, 2024).
- The filing was signed by Ward N. Lyke, Jr., Vice President, CFO, and Treasurer on June 12, 2025.
J.W. Mays, Inc. filed an 8-K to announce its financial results for the three and six months ended January 31, 2025. The filing serves as a formal announcement of the release of earnings data via press release.
📋 Key Facts
- Reporting period: Three and six months ended January 31, 2025.
- Financial results include revenues and net loss comparisons against the prior year (ended Jan 31, 2024).
- The filing was signed by Ward N. Lyke, Jr., CFO/Treasurer on March 13, 2025.
J. W. Mays, Inc. filed an 8-K to announce its financial results for the three months ended October 31, 2024. The filing includes a press release comparing current period revenues and net income against the prior year's performance.
📋 Key Facts
- Reporting period: Three months ended October 31, 2024.
- The company issued a press release on December 11, 2024, containing financial results.
- Financial data includes comparisons of revenues and net income/loss against the three-month period ended October 31, 2023.
J.W. Mays, Inc. held its Annual Meeting of Shareholders on November 26, 2024. The meeting resulted in the election of seven directors and the ratification of Prager Metis CPA's, LLP as the independent auditor for the fiscal year ending July 31, 2025.
📋 Key Facts
- Annual Meeting held on November 26, 2024.
- Shareholders voted to fix the number of directors at seven (Proposal A).
- Seven nominees were elected to the Board: Jennifer L. Caruso, Robert L. Ecker, Mark S. Greenblatt, Steven Gurney-Goldman, Melinda S. Koster, Dean L. Ryder, and Lloyd J. Shulman.
- Prager Metis CPA's, LLP was ratified as the independent registered public accounting firm for FY ending July 31, 2025.
- Shareholders approved an advisory vote on executive compensation (Say-on-Pay).
- Shareholders selected 'Every One Year' for the frequency of future executive compensation advisory votes.
J.W. Mays, Inc. filed an 8-K to announce its financial results for the three and twelve months ended July 31, 2024. The filing includes a press release detailing revenues and net losses compared to the prior year.
📋 Key Facts
- Reporting period: Three and twelve months ended July 31, 2024.
- The company issued a press release on October 23, 2024, regarding financial results.
- Financials include comparative data for the periods ended July 31, 2023.
J. W. Mays, Inc. filed an 8-K to announce its financial results for the three and nine months ended April 30, 2024. The filing includes a press release detailing revenues and net loss compared to the prior year.
🚩 Red Flags
- The filing notes 'net loss' for the period, indicating the company is currently not profitable.
📋 Key Facts
- Reporting period: Three and nine months ended April 30, 2024.
- The company reported both revenue figures and net loss for the periods.
- Financial results were released via a press release dated June 13, 2024.
J.W. Mays, Inc. filed an 8-K to announce its financial results for the three and six months ended January 31, 2024. The filing includes a press release detailing revenues and net losses compared to the prior year.
🚩 Red Flags
- The filing reports a 'net loss' for the period, though specific magnitude is not detailed in the 8-K text itself (requires Exhibit 99.1).
📋 Key Facts
- Reporting period: Three and six months ended January 31, 2024.
- Financial results include revenue and net loss figures.
- Comparison provided against the three and six month periods ended January 31, 2023.
J.W. Mays, Inc. announced the election of Melinda Koster to its Board of Directors during a meeting held on March 12, 2024. This appointment fills the vacancy created by the death of director John Pearl.
🚩 Red Flags
- Death of a Board Member (John Pearl)
📋 Key Facts
- Board Meeting Date: March 12, 2024
- New Director: Melinda Koster (Partner at Sanford Heisler Sharp, LLP)
- Reason for Vacancy: Death of John Pearl
- Term Duration: Initial term expires at the Annual Meeting of Shareholders in November 2024
- Director Background: Legal professional with experience in employment law and judicial clerkships.
J.W. Mays, Inc. announced the death of director John Pearl on January 29, 2024. Mr. Pearl was a long-standing board member serving on multiple key committees.
📋 Key Facts
- John Pearl passed away on January 29, 2024.
- Mr. Pearl had served as a director since 2016.
- He served on the Audit Committee, Investment Advisory Committee, Compensation Committee, and Governance and Nominating Committee.
The company announced a consulting agreement with former CFO Mark Greenblatt following his retirement on December 31, 2023. The agreement is month-to-month and provides for monthly compensation of $8,000.
🚩 Red Flags
- Transition of CFO to a consultant role can sometimes indicate ongoing dependency on departing management or unresolved financial matters, though not explicitly stated here.
📋 Key Facts
- Mark Greenblatt retired as Chief Financial Officer effective December 31, 2023.
- A new Consulting Agreement was entered into on January 1, 2024.
- The consulting arrangement is on a month-to-month basis.
- Compensation for consulting services is $8,000 per month.