BayFirst Financial director converts 3 preferred shares

The director reported 10,905 common shares held directly after the conversion.

Available on EDGAR 11/09/2026 - 02:05 PM EST Accepted by SEC EDGAR 11/09/2026 - 02:05 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

BayFirst Financial Corp. (BAFN) director Barbara J. Zipperian converted 3 shares of Series C Cumulative Convertible Preferred Stock into 824 common shares on November 6, 2026. She reported direct ownership of 10,905 common shares after the transaction. The conversion footnote states that the company issued approximately 274.7253 common shares for each preferred share.

Insider Trade Summary

3 shares exercised/converted

Exercise 2 txns

Insider Zipperian Barbara J

Role Director

Type	Security	Shares	Price	Value
Conversion	Series C Cumulative Convertible Preferred Stock F1	3	--	--
Other	Common Stock F1	824	--	--

Holdings After Transaction: Series C Cumulative Convertible Preferred Stock — 0 shares (Direct); Common Stock — 10,905.0998 shares (Direct)

Footnotes (1)

1. F1. The reporting person acquired the common shares upon the conversion of shares Series C Cumulative Convertible Preferred Stock. For each share of preferred stock, the Company issued approximately 274.7253 common shares.

Key Figures

Preferred shares converted: 3 shares Common shares acquired: 824 shares Common shares held after transaction: 10,905 shares +1 more

4 metrics

Preferred shares converted 3 shares Series C Cumulative Convertible Preferred Stock; November 6, 2026

Common shares acquired 824 shares Upon conversion on November 6, 2026

Common shares held after transaction 10,905 shares Direct ownership after the transaction

Common shares issued per preferred share Approximately 274.7253 common shares Conversion terms stated in the footnote

Key Terms

Series C Cumulative Convertible Preferred Stock, conversion, common shares

3 terms

Series C Cumulative Convertible Preferred Stock financial

"conversion of shares Series C Cumulative Convertible Preferred Stock"

Series C cumulative convertible preferred stock is a specific class of preferred shares that pays dividends which accrue if not paid and can later be exchanged for common shares. It ranks ahead of common stock for dividend payments and for getting money back if the company is sold or winds down, so it acts like a mix of a bond and an equity stake; investors get steadier, prioritized payments with the option to convert for potential upside, but conversion can dilute existing owners.

conversion financial

"acquired the common shares upon the conversion"

Conversion is the exchange of one type of financial instrument for another, most commonly turning convertible bonds or preferred shares into common stock. It matters to investors because conversion changes the number of outstanding shares and ownership stakes—like trading a coupon for a slice of a company—potentially reducing each existing owner's portion, affecting per-share earnings, voting power and the market value of the stock.

common shares financial

"acquired the common shares"

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BAFN common shares did Barbara J. Zipperian receive in the conversion?

Barbara J. Zipperian received 824 common shares on November 6, 2026, upon conversion of 3 shares of Series C Cumulative Convertible Preferred Stock. The company stated that it issued approximately 274.7253 common shares for each preferred share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Zipperian Barbara J

(Last) (First) (Middle)

700 CENTRAL AVE

(Street)

ST. PETERSBURG FLORIDA 33701

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BayFirst Financial Corp. [ BAFN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/06/2026		J(1)		824	A	(1)	10,905.0998	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series C Cumulative Convertible Preferred Stock	(1)	11/06/2026		C			3	11/30/2023	11/30/2033	Common Stock	824	(1)	0	D

Explanation of Responses:

1. The reporting person acquired the common shares upon the conversion of shares Series C Cumulative Convertible Preferred Stock. For each share of preferred stock, the Company issued approximately 274.7253 common shares.

Remarks:

	/s/ Barbara Felts, Attorney-in-fact	11/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)