# EDGAR Filing Document

**Accession Number:** 0001722839
**File Stem:** 0001213900-26-051462
**Filing Date:** 2026-5
**Character Count:** 22998
**Document Hash:** 445f29c8e0282b09c767be387db9d4f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-051462.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001213900-26-051462

**CONFORMED SUBMISSION TYPE**: 1-SA

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Shared Capital Cooperative
- **CENTRAL INDEX KEY:** 0001722839
- **STANDARD INDUSTRIAL CLASSIFICATION:** SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 411621896
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-SA
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00586
- **FILM NUMBER:** 26936667

**BUSINESS ADDRESS:**
- **STREET 1:** 2388 UNIVERSITY AVENUE, SUITE 300
- **CITY:** ST. PAUL
- **STATE:** MN
- **ZIP:** 55114
- **BUSINESS PHONE:** 6127672100

**MAIL ADDRESS:**
- **STREET 1:** 2388 UNIVERSITY AVENUE, SUITE 300
- **CITY:** ST. PAUL
- **STATE:** MN
- **ZIP:** 55114

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**FORM 1-SA**

**☒ SEMIANNUAL REPORT PURSUANT TO REGULATION A**

**or**

**☐ SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A**

For the semiannual period ended June 30, 2025

SHARED CAPITAL COOPERATIVE

(Exact name of issuer as specified in its charter)

<u>Minnesota</u> <u>41-1621896</u> <br> State or other jurisdiction of incorporation or organization (I.R.S. Employer Identification Number)

2388 University Ave W, Suite 300, St. Paul, Minnesota 55114

(Full mailing address of principal executive)

612-767-2100

(Issuer's telephone number, including area code)

**Item 1. Management's Discussion and Analysis of Financial Condition and Results of Operations**

You should read this discussion together with the financial statements and related notes included in this report, as well as the section titled "Description of Business" in the Company's offering statement on Form 1-A.

This discussion contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed or implied. Factors that could cause such differences include those described in the "Risk Factors" section of the Company's Form 1-A and other filings.

**Results of Operations**

Total revenue for the six months ended June 30, 2025 was approximately **$1.97 million**, compared to **$1.01 million** for the same period in 2024. The increase was primarily attributable to higher grant and contribution revenue, which totaled approximately **$1.15 million** in 2025 compared to **$0.16 million** in 2024.

Interest income from loans decreased to approximately **$671,000** for the six months ended June 30, 2025, compared to **$727,000** in the prior-year period. This decrease reflects changes in the size and composition of the loan portfolio during the period. Loan fee income increased to approximately **$87,000** from approximately **$31,000** in the prior-year period.

Total expenses for the six months ended June 30, 2025 were approximately **$2.06 million**, compared to **$1.54 million** for the same period in 2024. The increase in expenses was primarily due to higher contributions expense and increased personnel and operating costs.

The provision for loan losses resulted in a **reduction of expense of approximately $73,000** in 2025, compared to a **provision expense of approximately $325,000** in 2024. This change reflects adjustments to the allowance for loan losses based on portfolio performance and management's estimates.

Net loss for the six months ended June 30, 2025 was approximately **$132,000**, compared to a net loss of approximately **$541,000** for the same period in 2024.

**Liquidity and Capital Resources**

As of June 30, 2025, the Company had cash of approximately $1.38 million, compared to $3.67 million as of December 31, 2024. The decrease in cash during the period was primarily attributable to net cash used in operating activities of approximately $2.13 million and net cash used in financing activities of approximately $1.52 million, partially offset by net cash provided by investing activities of approximately $1.35 million.

Net cash used in operating activities was primarily driven by changes in working capital accounts, including a significant decrease in deferred revenue, as well as the timing of grant receipts and expenditures. The decrease in deferred revenue reflects the Company's disbursement of the remaining funds for the Commons Land Community project whereby Shared Capital served as fiscal sponsor – the Company previously received grant funding from the Bush Foundation for this project, so the Company simultaneously recognized grant income and an equal contribution expense. Operating cash flows were also affected by changes in accounts receivable, prepaid expenses, and accrued interest receivable.

Investing activities during the period included proceeds from notes receivable of approximately $3.94 million and the issuance of new loans of approximately $2.74 million. These activities reflect ongoing lending operations and portfolio management. Shared Capital also redeemed a certificate of deposit for $311,535. Another certificate of deposit remains at June 30, 2025 with a balance of $724,245.

Shared Capital acquired real estate valued at approximately $124,000 during the period through a Deed in Lieu of Foreclosure. The property has since been sold and Shared Capital realized a small gain on the sale. This asset was included on the balance sheet during the period.

Financing activities included repayments on long-term debt and the reduction of the Company's line of credit balance. The Company also received proceeds from the issuance of equity securities during the period.

The Company funds its operations and lending activities through a combination of operating cash flows, debt financing, equity investments, and grants and contributions from governmental and philanthropic sources. The availability and timing of these funding sources may vary and are subject to factors outside the Company's control, including market conditions and the availability of grant funding.

The Company's ability to meet its obligations depends on its operating performance, access to external financing, and continued receipt of grant funding. There can be no assurance that additional funding will be available on acceptable terms or at all.

**Portfolio Risk and Loan Losses**

The Company maintains an allowance for loan losses based on management's evaluation of the loan portfolio, historical performance, and current economic conditions. Changes in the allowance are reflected in the provision for loan losses.

The loan portfolio is subject to risks associated with borrower performance, economic conditions, and industry-specific factors. Adverse changes in these conditions could result in increased delinquencies or loan losses.

**Trends and Uncertainties**

The Company's financial condition and results of operations may be affected by:

● Changes in demand for lending to cooperative enterprises,

● Availability and timing of grant funding,

● Interest rate fluctuations, and

● Broader economic conditions affecting borrowers.

The Company may experience variability in revenue and operating results from period to period due to the timing of grant income, lending activity, and funding availability.

There has been an increase in cooperative development efforts in rural and urban communities across the country, which may affect demand for financing.

**Item 2. Other Information**

n/a

**Item 3. Financial Statements**

Shared Capital Cooperative

Balance Sheets

June 30, 2025 and December 31, 2024

---

| | | |
|:---|:---|:---|
|  | 30-Jun<br>2025 | 31-Dec<br>2024 |
| **ASSETS** |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 1383919 | 3673225 |
| &nbsp;&nbsp;&nbsp;Certificates of Deposit | 724245 | 1013448 |
| &nbsp;&nbsp;&nbsp;Accounts Receivable | 55435 | 28781 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 132763 | 69837 |
| &nbsp;&nbsp;&nbsp;Accrued Interest Receivable | 246708 | 207017 |
| &nbsp;&nbsp;&nbsp;Current Portion of Notes Receivable | 5748504 | 6207259 |
| &nbsp;&nbsp;&nbsp;Total Current Assets | 8291574 | 11199567 |
| Property and Equipment - Net | 8516 | 4056 |
| Intangible Assets - Net | 3879 | 5209 |
| Real Estate Asset | 124080 |  |
| OTHER ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Security Deposit | 3000 | 3000 |
| &nbsp;&nbsp;&nbsp;Equity in Other Cooperatives | 337459 | 337459 |
| &nbsp;&nbsp;&nbsp;Deposit in Other Cooperatives | 10075 | 10075 |
| &nbsp;&nbsp;&nbsp;Notes Receivable Less Current Portion - Net of Loan Loss Allowance | 14281127 | 14941305 |
| &nbsp;&nbsp;&nbsp;Right of Use Asset | 79106 | 96774 |
| &nbsp;&nbsp;&nbsp;Deferred Taxes | 11000 | 11000 |
| **Total Assets** | 23149815 | 26608445 |
| **LIABILITIES AND EQUITY** |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Accounts Payable | 71700 | 11918 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses | 41705 | 34060 |
| &nbsp;&nbsp;&nbsp;Patronage Dividend Payable | 23363 | 23363 |
| &nbsp;&nbsp;&nbsp;Deferred Revenue | 66113 | 1806921 |
| &nbsp;&nbsp;&nbsp;Funds Held for Others | 396781 | 406868 |
| &nbsp;&nbsp;&nbsp;Income Taxes Payable |  | 80182 |
| &nbsp;&nbsp;&nbsp;Current Portion of Accrued Interest Payable | 43998 | 43163 |
| &nbsp;&nbsp;&nbsp;Current Portion of Operating Lease Liabilities | 29279 | 35518 |
| &nbsp;&nbsp;&nbsp;Line of Credit |  | 1000000 |
| &nbsp;&nbsp;&nbsp;Current Portion of Long-Term Debt | 3050900 | 3148737 |
| &nbsp;&nbsp;&nbsp;Total Current Liabilities | 3723839 | 6590730 |
| LONG-TERM LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Operating Lease Liabilities Net of Current Portion | 51758 | 62788 |
| &nbsp;&nbsp;&nbsp;Accrued Interest Payable Net of Current Portion | 307989 | 339219 |
| &nbsp;&nbsp;&nbsp;Long-Term Debt Net of Current Portion and Loan Costs | 13164356 | 13610785 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 17247942 | 20603522 |
| EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock, $10 Par Value, 10,000,000 Shares Authorized, 535,764 and 516,196 shared issued and outstanding | 5357644 | 5161958 |
| &nbsp;&nbsp;&nbsp;Common Stock - Voting, $10 Par Value, 10,000 Shares Authorized, 481 and 474 shared issued and outstanding | 4810 | 4740 |
| &nbsp;&nbsp;&nbsp;Common Stock - Nonvoting, $10 Par Value, 10,000,000 Shares Authorized, 155,643 and 155,645 shared issued and outstanding | 1558426 | 1556451 |
| &nbsp;&nbsp;&nbsp;Additional Paid-In Capital | 749312 | 722732 |
| &nbsp;&nbsp;&nbsp;Retained Patronage | 188954 | 188954 |
| &nbsp;&nbsp;&nbsp;Accumulated Deficit | (1957273) | (1629912) |
| &nbsp;&nbsp;&nbsp;Total Equity | 5901873 | 6004923 |
| **Total Liabilities and Equity** | 23149815 | 26608445 |

---

Shared Capital Cooperative

Income Statements - Unaudited

For 6 Months Ending June 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | 30-June<br>2025 | 30-Jun<br>2024 |
| REVENUE |  |  |
| &nbsp;&nbsp;&nbsp;Interest Income - Loans | 671369 | 727282 |
| &nbsp;&nbsp;&nbsp;Interest Income - Cash Accounts | 40307 | 15225 |
| &nbsp;&nbsp;&nbsp;Loan Fees | 87300 | 31199 |
| &nbsp;&nbsp;&nbsp;Loan Recovery Income | 3177 | 4626 |
| &nbsp;&nbsp;&nbsp;Grants and Contributions | 1153455 | 157498 |
| &nbsp;&nbsp;&nbsp;Consulting Income | 200 | 45576 |
| &nbsp;&nbsp;&nbsp;Other | 9538 | 33553 |
| &nbsp;&nbsp;&nbsp;Total Revenue | 1965346 | 1014959 |
| EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;Provision for Loan Losses | (73144) | 325382 |
| &nbsp;&nbsp;&nbsp;Personnel | 691708 | 567987 |
| &nbsp;&nbsp;&nbsp;Outside Services | 139818 | 114014 |
| &nbsp;&nbsp;&nbsp;Interest | 205803 | 208808 |
| &nbsp;&nbsp;&nbsp;Contributions | 862343 | 135026 |
| &nbsp;&nbsp;&nbsp;Professional Services | 74481 | 66561 |
| &nbsp;&nbsp;&nbsp;Advertising | 23861 | 19671 |
| &nbsp;&nbsp;&nbsp;Occupancy | 34328 | 32147 |
| &nbsp;&nbsp;&nbsp;Office Supplies | 35324 | 11673 |
| &nbsp;&nbsp;&nbsp;Depreciation and Amortization | 4196 | 6972 |
| &nbsp;&nbsp;&nbsp;Seminars, Travel, Training | 41920 | 37009 |
| &nbsp;&nbsp;&nbsp;Fees | 4023 | 3729 |
| &nbsp;&nbsp;&nbsp;Dues | 7350 | 8517 |
| &nbsp;&nbsp;&nbsp;Board Expense | 7175 | - |
| &nbsp;&nbsp;&nbsp;Total Expenses | 2059186 | 1537496 |
| **Net Income Before Income Taxes and Patronage Dividend** | (93840) | (522537) |
| Provision for Income Taxes | (33868) | (18870) |
| Property Taxes | (3964) | - |
| **Net Income** | (131672) | (541407) |

---

Shared Capital Cooperative

Cash Flows – Unaudited

For the 6 Months Ended June 30, 2025 and 2024

---

| | | |
|:---|:---|:---|
|  | 30-June<br>2025 | 30-Jun<br>2024 |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net Income | (131672) | (541407) |
| &nbsp;&nbsp;&nbsp;Adjustments to Reconcile Net Income to |  |  |
| &nbsp;&nbsp;&nbsp;Net Cash Flows from Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 4196 | 5642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Loan Loss Allowance | (77374) | 325383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Loan Costs |  | 1330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of Operating Lease Right-of-Use Asset | 17669 | 17349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forgiveness of Notes Payable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Taxes |  | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Receivable | (26654) | (3013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | (62926) | (3254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Interest Receivable | (39691) | (49224) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Investments in Other Cooperatives (Net) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Membership Equity in Other Cooperatives |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (Decrease) in Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts Payable | 59780 | (455358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | 4645 | (262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Revenue | (1740809) | (156219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Lease Liabilities | (17269) | (16950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds Held for Others | (7086) | 33072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes Payable | (80182) | (2510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Interest Payable | (30395) | (2228) |
| **Net Cash Flows from Operating Activities** | (2127769) | (845649) |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Redemptions of Certificates of Deposit | 311535 |  |
| &nbsp;&nbsp;&nbsp;Interest Retained in Certificates of Deposit | (22332) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Notes Receivable | 3938952 | 2591391 |
| &nbsp;&nbsp;&nbsp;Purchases of Property and Equipment | (131405) |  |
| &nbsp;&nbsp;&nbsp;Issuance of Notes Receivable | (2742645) | (2206112) |
| &nbsp;&nbsp;&nbsp;Purchases of Mission Equity Investments | - | (24480) |
| **Net Cash Flows from Investing Activities** | 1354104 | 360799 |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Repayments to Line of Credit | (1000000) | (1000000) |
| &nbsp;&nbsp;&nbsp;Issuance of Long-Term Debt | 180540 | 829467 |
| &nbsp;&nbsp;&nbsp;Payments on Long-Term Debt | (728257) | (174538) |
| &nbsp;&nbsp;&nbsp;Payments of Debt Issuance Costs | 3451 | 372 |
| &nbsp;&nbsp;&nbsp;Purchases of Common Stock | 28625 | 10200 |
| &nbsp;&nbsp;&nbsp;Redemptions of Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of Preferred Stock |  | 930000 |
| &nbsp;&nbsp;&nbsp;Patronage Dividend Retained |  |  |
| &nbsp;&nbsp;&nbsp;Redemptions of Retained Patronage | - | - |
| **Net Cash Flows from Financing Activities** | (1515641) | 595501 |
| Net Change in Cash | (2289306) | 110651 |
| Cash at Beginning of Year | 3673225 | 2908090 |
| **Cash at End of Period** | 1383919 | 3018741 |

---

Shared Capital Cooperative

Changes in Stockholder Equity - Unaudited

6 Months Ended June 30, 2025 and 2024

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>Preferred<br>Stock | Common<br>Stock -<br>Voting | Common<br>Stock -<br>Nonvoting | Additional<br>Paid-In<br>Capital |<br>Retained<br>Patronage |<br>Accumulated<br>Deficit |<br>Total<br>Equity |
| Balance December 31, 2023 | 3931085 | 4640 | 1556451 | 682068 | 98525 | (1576495) | 4696274 |
| &nbsp;&nbsp;&nbsp;Purchases | 930000 | 70 |  | 10130 |  |  | 940200 |
| &nbsp;&nbsp;&nbsp;Redemptions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock Converted |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock Dividend | 164758 |  |  |  |  | (164758) |  |
| &nbsp;&nbsp;&nbsp;Patronage Dividend |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Income | - | - | - | - | - | (541407) | (541407) |
| Balance June 30, 2024 | 5025843 | 4710 | 1556451 | 692198 | 98525 | (2282660) | 5095067 |
| Balance December 31, 2024 | 5161967 | 4740 | 1556451 | 722732 | 188954 | (1629912) | 6004922 |
| &nbsp;&nbsp;&nbsp;Purchases |  | 70 | 1975 | 26580 |  |  | 28625 |
| &nbsp;&nbsp;&nbsp;Redemptions |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Stock Converted |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock Dividend | 195687 |  |  |  |  | (195687) |  |
| &nbsp;&nbsp;&nbsp;Patronage Dividend |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Income | - | - | - | - | - | (131672) | (131672) |
| Balance June 30, 2025 | 5357644 | 4810 | 1558426 | 749312 | 188954 | (1957273) | 5901873 |

---

**Notes to Interim Financial Statements** 

**Note 1 – Basis of Presentation**

The accompanying financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information.

In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented have been included. Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year.

These interim financial statements should be read in conjunction with the audited financial statements and related notes included in the Company's Annual Report on Form 1-K for the year ended December 31, 2024.

**Note 2 – Loans Receivable and Allowance for Loan Losses**

Loans receivable are stated at unpaid principal balances, net of an allowance for loan losses.

The allowance for loan losses is established through a provision for loan losses charged to expense and is based on management's evaluation of the loan portfolio, including historical loss experience, current economic conditions, and specific risks related to individual borrowers.

During the six months ended June 30, 2025, the Company recorded a reduction in the provision for loan losses, reflecting changes in the estimated collectability of the loan portfolio.

**Note 3 – Revenue Recognition**

The Company recognizes revenue from interest on loans, fees, and other sources in accordance with applicable accounting standards.

Grant and contribution revenue is recognized when conditions on which they depend are substantially met. Amounts received in advance of meeting such conditions are recorded as deferred revenue and recognized as revenue when the conditions are satisfied.

During the six months ended June 30, 2025, the Company recognized a significant amount of grant revenue related to previously awarded funding, including amounts associated with projects for which the Company serves in a fiscal sponsorship capacity. The recognition of such revenue corresponded with the incurrence of related expenses.

**Note 4 – Deferred Revenue**

Deferred revenue represents grant funds received in advance of meeting the related conditions or incurring the associated expenses.

During the six months ended June 30, 2025, deferred revenue decreased significantly as the Company recognized revenue associated with previously received grant funding, including funds related to the Commons Land Community project.

**Note 5 – Debt and Line of Credit**

The Company maintains various debt agreements and a line of credit to support its lending and operational activities.

During the six months ended June 30, 2025, the Company reduced its outstanding line of credit balance to zero. The Company continues to service its long-term debt obligations in accordance with the terms of those agreements.

**Note 6 – Equity**

The Company has multiple classes of equity, including preferred stock and common stock (voting and nonvoting), as well as additional paid-in capital and retained patronage.

During the six months ended June 30, 2025, the Company issued additional equity securities and recorded preferred stock dividends in accordance with its governing documents. Changes in equity are reflected in the Statement of Changes in Stockholders' Equity.

**Note 7 – Real Estate Asset**

During the six months ended June 30, 2025, the Company acquired real estate of approximately $124,000 through a deed in lieu of foreclosure. The property was subsequently sold, and a gain was recognized. The asset was included in the balance sheet during the period.

**Note 8 – Subsequent Events**

The Company has evaluated subsequent events through May 1, 2026, the date these financial statements were available to be issued. Other than the disposition of the real estate asset described in Note 7, no other events have occurred that would require adjustment to or disclosure in these financial statements.

**Item 4. Exhibits**

n/a

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Shared Capital Cooperative, a Minnesota Cooperative Corporation

By

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| | |
|:---|:---|
| Signature | /s/ Christina Jennings |
| Name | Christina Jennings |
| Title | Executive Director |
| Date | May 4, 2026 |

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Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| Signature | /s/ Christina Jennings |
| Name | Christina Jennings |
| Title | Executive Director |
| Date | May 4, 2026 |

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| | |
|:---|:---|
| Signature | /s/ Mark Downey |
| Name | Mark Downey |
| Title | Director of Finance and Operations |
| Date | May 4, 2026 |

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| | |
|:---|:---|
| Signature | /s/ holly jo sparks |
| Name | holly jo sparks |
| Title | Vice President and Director |
| Date | May 4, 2026 |

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