Analogy 1: Robert Half for professional and technical staffing.

• Real Estate Lending: Provides short-term, senior secured loans primarily to real estate owners and developers of income-producing properties and residential projects.
• Real Estate Investment: Invests in real estate secured notes and other real estate-related assets.

Lendway (LDWY) Customer Information

I was unable to identify major customers for Lendway (symbol: LDWY) because there is no publicly traded company corresponding to this symbol in available financial databases. The provided symbol does not appear to represent an active or historical public company.

As such, I cannot provide details on its business model (B2B or B2C) or list specific customers or customer categories as requested.

Mark R. Jundt Co-Chief Executive Officer

Mr. Jundt was appointed Co-Chief Executive Officer of Lendway, Inc. effective July 1, 2024. He has served as a member of Lendway's Board of Directors since November 2022 and as its Chair from August 2023. Mr. Jundt has also served as General Counsel & Corporate Secretary of Air T, Inc. since 2008, and brings extensive experience in corporate governance, mergers and acquisitions, and litigation.

Daniel C. Philp Co-Chief Executive Officer

Mr. Philp was appointed Co-Chief Executive Officer of Lendway, Inc. effective July 1, 2024. He has served as a member of Lendway's Board of Directors since November 2022. Mr. Philp has also served as Senior Vice President of Corporate Development at Air T, Inc. since 2014. He was instrumental in the Board's oversight of Lendway's acquisition of Bloomia, B.V. and has significant experience investigating new acquisition targets and other strategic initiatives. Mr. Philp recently acquired 32,000 shares of Lendway's common stock in November 2024.

Elizabeth "Biz" McShane Chief Financial Officer, Treasurer & Secretary

Ms. McShane was appointed Chief Financial Officer of Lendway, Inc. effective May 20, 2024. She brings extensive experience in finance and operations to her role, having most recently served as Vice President and Corporate Controller at Regis Corporation. Her background also includes a foundation in public accounting from KPMG.

Werner Jansen Chief Executive Officer of Bloomia B.V.

Mr. Jansen serves as the Chief Executive Officer of Bloomia B.V., Lendway's majority-owned subsidiary.

Dan Moldenhauer Controller

Mr. Moldenhauer serves as the Controller for Lendway, Inc.

The increasing encroachment into small business lending by large technology companies and payment processors (e.g., Block/Square, PayPal, Stripe) that leverage their vast amounts of transaction data and existing merchant relationships to offer embedded, data-driven, and highly convenient financing solutions. This offers a superior customer experience and often lower cost of capital and customer acquisition, posing a significant competitive threat to specialized lenders like Lendway.

Lendway (LDWY) operates in two primary markets: specialty agriculture, specifically fresh cut tulips, and non-bank lending focused on agricultural real estate loans.

The addressable market sizes for their main products and services are as follows:

• Specialty Agricultural Business (Fresh Cut Tulips): The U.S. floriculture market, which includes cut flowers, was estimated at approximately $6.70 billion in 2023 and is projected to grow to $9.80 billion by 2030, with a compound annual growth rate of 5.5% from 2025 to 2030. The global tulip market was valued at $9.1 billion in 2023. Bloomia, a majority-owned subsidiary of Lendway, is one of the largest producers of fresh cut tulips in the United States.
• Non-Bank Lending (Agricultural Real Estate Loans): The inflation-adjusted volume of all farm loans secured by real estate in the United States exceeded $353 billion in 2023 and is expected to increase to nearly $360 billion in 2024. Lendway aims to purchase existing loans and/or originate and fund new loans secured by collateral, initially focusing on agricultural real estate. The broader U.S. agricultural loan market was $110.0 billion in 2023 for farm banks alone, and all U.S. banks held nearly $199 billion in farm and ranch loans at the end of 2023. The global agricultural loan market is valued at $424 billion in 2025.

Expected Drivers of Future Revenue Growth for Lendway (LDWY)

Share Repurchases

• Lendway's Board of Directors authorized a new stock repurchase program on August 28, 2023, for up to 400,000 shares of the company's common stock.
• As of September 30, 2024, 315,792 shares remained available for repurchase under the existing authorization.
• No shares were repurchased under the program for the three months ended September 30, 2024.

Share Issuance

• The number of common shares outstanding increased from 1,742,599 as of March 27, 2024, to 1,769,599 as of August 25, 2025.
• Directors acquired common stock equivalents under the company's Deferred Compensation Plan on September 30, 2025, which are convertible into common stock upon separation from service or cash upon a change in control.
• As of October 6, 2025, there were 22,945 shares available under the Employee Stock Purchase Plan and 79,576 shares available for future awards under the 2018 Equity Incentive Plan.

Inbound Investments

• Air T and affiliated Swenson entities collectively acquired 701,275 shares of Lendway, Inc., representing 39.6% of outstanding common stock, for an aggregate of approximately $7,371,211.

Outbound Investments

• On February 22, 2024, Lendway, through its majority-owned subsidiary Tulp 24.1, LLC, acquired Bloomia B.V., a significant producer of fresh-cut tulips with operations in the U.S., Netherlands, and South Africa.
• The acquisition of Bloomia was partly financed by the sale of Lendway's legacy In-Store Marketing Business for $3,500,000, with its operations presented as discontinued from the third quarter of 2023.
• As part of the Bloomia acquisition, units representing an 18.6% non-controlling interest in Tulp 24.1 were issued to Bloomia's continuing CEO, while Lendway retained 81.4% equity and control.

Capital Expenditures

• Capital expenditures were approximately ($0.56) million in the last 12 months ending around October 2025.
• Annual capital expenditures were reported as ($0.41) million in 2024, ($1.46) million in 2023, ($1.16) million in 2022, and ($1.30) million in 2021.
• Lendway's near-term primary focus is on its Bloomia business, indicating that capital expenditures are likely directed towards its specialty agriculture operations.