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Broadway Financial Corporation reported that it has received an extension from Nasdaq until February 16, 2026 to file its delayed Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. The company needs to file this report with the SEC in order to regain compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely financial reporting. The company states that it anticipates filing the Form 10-Q on or before the new deadline and that there is currently no immediate impact on its listing status on the Nasdaq Capital Market.
Broadway Financial (BYFC) reported an insider equity grant on Form 4. The company’s EVP, Chief Deposit Officer acquired 4,936 shares of common stock as restricted stock on 10/14/2025 at a reported price of $7.09. Following the transaction, the officer beneficially owned 4,936 shares, held directly.
The filing notes the award is a restricted stock grant with a 4-year vesting schedule under the Broadway Financial Corporation Amended and Restored 2018 Long-Term Incentive Plan effective April 16, 2023.
Broadway Financial (BYFC) filed a Form 3 reporting the initial beneficial ownership status of an executive serving as EVP, Chief Deposit Officer. The filing states that no securities are beneficially owned. The event date is October 14, 2025, and the form was submitted by one reporting person. This is a routine Section 16 disclosure indicating the officer currently reports no direct or indirect holdings.
Broadway Financial (BYFC) announced that its Audit Committee concluded goodwill is impaired under U.S. GAAP. The Company expects to record a non-cash $25.9 million goodwill impairment for the quarter ended September 30, 2025.
The write-down will reduce GAAP earnings for that period but does not reflect operating cash usage. Management stated it does not expect future cash expenditures related to this charge. Goodwill impairments occur when the carrying value of acquired businesses exceeds their estimated fair value.
Broadway Financial Corporation (NASDAQ: BYFC) announced a restatement of prior financial statements after its Audit Committee concluded certain loan participation agreements were recorded in error under ASC 860. As a result, the Company advised that its audited consolidated financial statements for fiscal years 2024 and 2023, and unaudited interim statements for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024, and March 31, 2025 should no longer be relied upon.
The Company plans to file amendments to its 2024 Form 10-K and Q1 2025 Form 10-Q to restate the Affected Financials, impacting the balance sheet presentation, related interest income and interest expense, and the allowance for credit losses. Management identified a material weakness in internal control over financial reporting as of the original filing dates, which will be reported in the amendments. The Company discussed these matters with Baker Tilly US, LLP and Croe LLP.
Broadway Financial Corporation reported that Nasdaq has notified the company it is not in compliance with listing Rule 5250(c)(1) because its Form 10-Q for the quarter ended June 30, 2025 was not filed on time. The notice does not immediately affect the listing or trading of the company’s common stock on the Nasdaq Capital Market, and the company expects to regain compliance in the near future.
The delay stems from additional work needed to evaluate participation agreements under Accounting Standards Codification Topic 860 and to complete the related financial statement disclosures. Broadway Financial has 60 days from August 21, 2025 to submit a plan to regain compliance, and Nasdaq may allow up to February 16, 2026 to file the 10-Q if the plan is accepted. The company plans to file the Form 10-Q as promptly as reasonably practicable and has issued a press release describing the notice.
Broadway Financial Corporation has filed a notice that it will delay submitting its Quarterly Report on Form 10‑Q for the quarter ended June 30, 2025 because it cannot complete the filing without unreasonable effort and expense. The company has largely finished the report but needs more time to evaluate certain participation agreements under Accounting Standards Codification Topic 860 and assess how this affects its consolidated financial statements and related disclosures.
The company previously reported a net loss attributable to common stockholders of $147 thousand for the quarter ended June 30, 2025 after preferred dividends of $750 thousand, compared with net income attributable to common stockholders of $269 thousand for the quarter ended June 30, 2024. Broadway Financial still currently expects a net loss for the 2025 quarter, but cannot provide updated estimates while it reviews the accounting, particularly the provision for credit losses.