BayFirst Financial COO converts 100 preferred shares

The reported direct position after conversion was 50,617 common shares, while the preferred-stock position was zero.

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. COO Robin Leigh Oliver converted 100 shares of Series C Cumulative Convertible Preferred Stock into 27,472 common shares on November 6, 2026. The conversion left his direct common-stock position at 50,617 shares and his reported preferred-stock position at zero. No Rule 10b5-1 plan is reported.

Insider Trade Summary

100 shares exercised/converted

Exercise 2 txns

Insider Oliver Robin Leigh

Role COO

Type	Security	Shares	Price	Value
Conversion	Series C Cumulative Convertible Preferred Stock F1	100	--	--
Other	Common Stock F1	27,472	--	--

Holdings After Transaction: Series C Cumulative Convertible Preferred Stock — 0 shares (Direct); Common Stock — 50,616.876 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

Series C preferred shares converted: 100 shares Common shares acquired upon conversion: 27,472 shares Direct common shares held after conversion: 50,617 shares +2 more

5 metrics

Series C preferred shares converted 100 shares November 6, 2026

Common shares acquired upon conversion 27,472 shares November 6, 2026

Direct common shares held after conversion 50,617 shares Reported position following the November 6, 2026 transaction

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

Conversion ratio Approximately 274.7253 common shares per preferred share Series C Cumulative Convertible Preferred Stock

Key Terms

Series C Cumulative Convertible Preferred Stock, conversion, derivative 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.

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.

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.

FAQ

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

How many common shares did BAFN COO Robin Leigh Oliver receive?

Robin Leigh Oliver acquired 27,472 common shares on November 6, 2026, when 100 shares of Series C Cumulative Convertible Preferred Stock were converted. His resulting direct common-stock position was 50,617 shares; no Rule 10b5-1 plan is reported.

What was the BAFN Series C preferred stock conversion ratio?

BayFirst Financial Corp. issued approximately 274.7253 common shares for each share of Series C Cumulative Convertible Preferred Stock converted. On November 6, 2026, 100 preferred shares converted into 27,472 common shares.

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^*

Oliver Robin Leigh

(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)
	COO

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		27,472	A	(1)	50,616.876	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			100	09/30/2023	09/30/2033	Common Stock	27,472	(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)