BayFirst Financial CFO converts 10 preferred shares

The conversion left the CFO with 8,278 common shares and no reported Series C preferred shares.

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) EVP, Chief Financial Officer Scott Joseph McKim converted 10 shares of Series C Cumulative Convertible Preferred Stock on November 6, 2026, into 2,747 common shares. The company stated that each preferred share converted into approximately 274.7253 common shares. After the conversion, McKim directly held 8,278 common shares, and his reported preferred-stock balance was zero.

Insider Trade Summary

10 shares exercised/converted

Exercise 2 txns

Insider McKim Scott Joseph

Role EVP, Chief Financial Officer

Type	Security	Shares	Price	Value
Conversion	Series C Cumulative Convertible Preferred Stock F1	10	--	--
Other	Common Stock F1	2,747	--	--

Holdings After Transaction: Series C Cumulative Convertible Preferred Stock — 0 shares (Direct); Common Stock — 8,278.2052 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: 10 shares Common shares received: 2,747 shares Common shares held afterward: 8,278 shares +2 more

5 metrics

Preferred shares converted 10 shares Series C Cumulative Convertible Preferred Stock, November 6, 2026

Common shares received 2,747 shares Upon conversion on November 6, 2026

Common shares held afterward 8,278 shares Direct holdings following the conversion, rounded to the nearest whole share

Preferred shares held afterward 0 shares Reported Series C preferred-stock position following the conversion

Conversion ratio Approximately 274.7253 common shares per preferred share Ratio stated by BayFirst

Key Terms

Series C Cumulative Convertible Preferred Stock, derivative security, underlying security

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.

derivative security financial

"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.

underlying security financial

"underlying security: Common Stock"

FAQ

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

How many BAFN common shares did Scott Joseph McKim receive in the conversion?

Scott Joseph McKim received 2,747 common shares when 10 Series C Cumulative Convertible Preferred Stock shares were converted on November 6, 2026. BayFirst stated that each preferred share converted into approximately 274.7253 common shares.

How many BAFN shares did Scott Joseph McKim hold after the conversion?

After the November 6, 2026 conversion, Scott Joseph McKim directly held 8,278 common shares, and his reported Series C preferred-stock balance was zero.

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

Form 4 Insider Transactions: What Each Field Means →

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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^*

McKim Scott Joseph

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Financial Officer

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)		2,747	A	(1)	8,278.2052	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			10	09/30/2023	09/30/2033	Common Stock	2,747	(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)