BayFirst Financial director converts 500 preferred shares

The company states that each preferred share converts into approximately 274.7253 common shares.

Available on EDGAR 11/09/2026 - 02:05 PM EST Accepted by SEC EDGAR 11/09/2026 - 02:04 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

BayFirst Financial Corp. (BAFN) director Dennis Reppard Deloach III converted 500 shares of Series C Cumulative Convertible Preferred Stock into 137,362 common shares on November 6, 2026. His reported direct common-stock position after the transaction was 206,677 shares.

Insider Trade Summary

500 shares exercised/converted

Exercise 2 txns

Insider Deloach Dennis Reppard III

Role Director

Type	Security	Shares	Price	Value
Conversion	Series C Cumulative Convertible Preferred Stock F1	500	--	--
Other	Common Stock F1	137,362	--	--

Holdings After Transaction: Series C Cumulative Convertible Preferred Stock — 0 shares (Direct); Common Stock — 206,676.6366 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: 500 shares Common shares acquired: 137,362 shares Direct common shares after transaction: 206,677 shares +2 more

5 metrics

Preferred shares converted 500 shares November 6, 2026

Common shares acquired 137,362 shares Upon conversion on November 6, 2026

Direct common shares after transaction 206,677 shares Reported after the November 6, 2026 transaction

Preferred shares after transaction 0 shares Reported after the November 6, 2026 conversion

Common shares issued per preferred share Approximately 274.7253 common shares per preferred share Company-stated conversion terms

Key Terms

Cumulative Convertible Preferred Stock, derivative security, conversion

3 terms

Cumulative Convertible Preferred Stock financial

"Series C Cumulative Convertible Preferred Stock"

A class of preferred shares that pays fixed dividends which accumulate if they are skipped, and that can be converted into common shares at a predetermined rate. Think of it as a hybrid between a savings account that guarantees missed interest later and a ticket that can be exchanged for ordinary ownership; investors care because it provides steady income protection and priority in payouts while also posing potential dilution to common shareholders if converted.

derivative security technical

"Conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

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.

FAQ

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

How many BAFN preferred shares did Dennis Reppard Deloach III hold after the conversion?

Dennis Reppard Deloach III had 0 shares of Series C Cumulative Convertible Preferred Stock reported after the November 6, 2026, conversion.

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^*

Deloach Dennis Reppard III

(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)		137,362	A	(1)	206,676.6366	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			500	09/30/2023	09/30/2033	Common Stock	137,362	(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)