secwatch.observer — SEC 8-K summary
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Issuer:     BayFirst Financial Corp. (BAFN)
CIK:        0001649739
Form:       8-K
Filed at:   2025-08-04T23:59:59+00:00
Accession:  0001649739-25-000232
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BayFirst discontinues Bolt SBA 7(a) loan program, cuts 51 jobs, suspends dividend
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- Bolt loan program (SBA 7(a) working capital) discontinued effective immediately as part of strategic review.
- 51 positions eliminated (26 Bolt, 25 other areas), saving $6M annually; 17% of workforce.
- Q2 2025 charge-offs and fair value write-downs on high-risk SBA 7(a) loans recorded; Q3 restructuring charge expected.
- Dividend payments suspended and directors forgo board fees to offset impacts.
- Company seeks to sell Bolt loan balances and origination platform to an unaffiliated third party.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1649739/000164973925000232/0001649739-25-000232-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1649739/000164973925000232/bafn-20250804.htm
  HTML page:      https://secwatch.observer/filing/0001649739-25-000232

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