Broadway Financial restates 2023-2024, Q1 2025 results; loan participation accounting errors

BROADWAY FINANCIAL CORP \DE\

Audit committee concludes audited FY 2023/2024 and unaudited Q1-Q3 2024 and Q1 2025 financials are unreliable.
Restatement adjusts loan participation agreements under ASC 860, impacting balance sheet, interest income/expense, and allowance for credit losses.
Material weakness in internal control over financial reporting identified; to be reported in amendments.
Discussions with auditors Baker Tilly US (FY2024) and Crowe LLP (Q1 2025) regarding the restatement.

item 4.02

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