SCHEDULE 13G/A 0001036743 XXXXXXXX LIVE 8 Voting Common Stock, no par value per share 12/31/2025 0001462120 Live Oak Bancshares, Inc. 53803X105 1741Tiburon Drive Wilmington NC 28403 Rule 13d-1(d) MAHAN JAMES S III X1 3195011.00 3424671.00 3195011.00 3424671.00 6619682.00 N 14.4 IN (1) Sole Voting Power and Sole Dispositive Power includes 3,067,844 shares held by the James S. Mahan III Revocable Trust and 127,167 shares held by the 2021 Peggy Mahan Family Trust, over which Mr. Mahan has sole investment and voting power. (2) Shared Voting Power and Shared Dispositive Power includes 3,032,547 shares held by the Marguerite D. Mahan Revocable Trust and 127,167 shares held by the 2021 Chip Mahan Family and Charitable Trust. Marguerite D. Mahan is the spouse of James S. Mahan III. By virtue of his relationship with Marguerite D. Mahan, Mr. Mahan may be deemed to share beneficial ownership of the shares owned by Mrs. Mahan's revocable trust and his family and charitable trust. Also includes 124,807 shares held by Salt Water Fund, a nonprofit corporation for which Mr. Mahan serves as director and officer, and 140,150 shares held by Peapod II, LLC. (3) Percent of Class Represented by Amount in Row (9) is based on 45,857,617 shares of Voting Common Stock outstanding as of November 14, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 17, 2025. Marguerite D. Mahan X1 3159714.00 3459968.00 3159714.00 3459968.00 6619682.00 N 14.4 IN (4) Sole Voting Power and Sole Dispositive Power includes 3,032,547 shares held by the Marguerite D. Mahan Revocable Trust and 127,167 shares held by the 2021 Chip Mahan Family and Charitable Trust, over which Mrs. Mahan has sole investment and voting power. (5) Shared Voting Power and Shared Dispositive Power includes 3,067,844 shares held by the James S. Mahan III Revocable Trust and 127,167 shares held by the 2021 Peggy Mahan Family Trust. James S. Mahan III is the spouse of Marguerite D. Mahan. By virtue of her relationship with James S. Mahan III, Mrs. Mahan may be deemed to share beneficial ownership of the shares owned by Mr. Mahan's revocable trust and her family trust. Also includes 124,807 shares held by Salt Water Fund, a nonprofit corporation for which Mrs. Mahan serves as a director and officer, and 140,150 shares held by Peapod II, LLC. James S. Mahan III Revocable Trust X1 3067844.00 0.00 3067844.00 0.00 3067844.00 N 6.7 OO Percent of Class Represented by amount in Row (9) is based on 45,857,617 shares of Voting Common Stock outstanding as of November 14, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 17, 2025. Marguerite D. Mahan Revocable Trust X1 3032547.00 0.00 3032547.00 0.00 3032547.00 N 6.6 OO Percent of Class Represented by amount in Row (9) is based on 45,857,617 shares of Voting Common Stock outstanding as of November 14, 2025, as reported on the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 17, 2025. Live Oak Bancshares, Inc. 1741Tiburon Drive, Wilmington, NC, 28403 This Amendment No. 8 to Schedule 13G is being filed jointly by James S. Mahan III, Marguerite D. Mahan, the James S. Mahan III Revocable Trust, and the Marguerite D. Mahan Revocable Trust. The reporting persons have entered into a Joint Filing Agreement, a copy of which was filed with the original Schedule 13G as Exhibit 99.1 thereto, pursuant to which the reporting persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. c/o Live Oak Bancshares, Inc. 1741 Tiburon Drive Wilmington, NC 28403 James S. Mahan III and Marguerite D. Mahan are each United States citizens. The James S. Mahan III Revocable Trust is sitused in the state of North Carolina, United States. The Marguerite D. Mahan Revocable Trust is sitused in the state of North Carolina, United States. Y James S. Mahan III 6,619,682 Marguerite D. Mahan 6,619,682 James S. Mahan III Revocable Trust 3,067,844 Marguerite D. Mahan Revocable Trust 3,032,547 James S. Mahan III 14.4% Marguerite D. Mahan 14.4% James S. Mahan III Revocable Trust 6.7% Marguerite D. Mahan Revocable Trust 6.6% James S. Mahan III 3,195,011 Marguerite D. Mahan 3,159,714 James S. Mahan III Revocable Trust 3,067,844 Marguerite D. Mahan Revocable Trust 3,032,547 James S. Mahan III 3,424,671 Marguerite D. Mahan 3,459,968 James S. Mahan III Revocable Trust 0 Marguerite D. Mahan Revocable Trust 0 James S. Mahan III 3,195,011 Marguerite D. Mahan 3,159,714 James S. Mahan III Revocable Trust 3,067,844 Marguerite D. Mahan Revocable Trust 3,032,547 James S. Mahan III 3,424,671 Marguerite D. Mahan 3,459,968 James S. Mahan III Revocable Trust 0 Marguerite D. Mahan Revocable Trust 0 Y N Y Y Y Y Y Please see previously filed Exhibit 99.1 for 13d-1(k) agreement. MAHAN JAMES S III MAHAN JAMES S III 02/05/2026 Marguerite D. Mahan Marguerite D. Mahan 02/05/2026 James S. Mahan III Revocable Trust James S. Mahan III 02/05/2026 Marguerite D. Mahan Revocable Trust Marguerite D. Mahan Revocable Trust 02/05/2026