---
schema_version: "secwatch.filing_event.v1"
accession: "0001649739-26-000020"
form_type: "8-K"
ticker: "BAFN"
cik: "0001649739"
company_name: "BayFirst Financial Corp."
filed_at: "2026-04-30T23:59:59+00:00"
generated_at: "2026-05-15T00:58:22.923494+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# BayFirst raises $80M in PIPE, reports Q1 loss of $5.7M, names new bank CEO

## Summary
- Raised $80M via convertible preferred stock PIPE; initial conversion price of $3.50 per common share.
- Q1 2026 net loss of $5.7M ($1.48 per diluted share) vs. Q4 2025 loss of $2.5M ($0.69).
- Alfred T. Rogers appointed President and CEO of BayFirst National Bank; Thomas Zernick retired.
- Filed S-1 for public offering of up to 4.1M common shares at $3.50 to existing shareholders as of May 12, 2026.
- Net interest margin fell 35 bps YoY to 3.42%; loans held for investment down 14.2% YoY.

## SEC filing metadata
- accession: 0001649739-26-000020
- form_type: 8-K
- ticker: BAFN
- cik: 0001649739
- company_name: BayFirst Financial Corp.
- filed_at: 2026-04-30T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 5.03, 2.02, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1649739/000164973926000020/0001649739-26-000020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1649739/000164973926000020/bafn-20260428.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001649739-26-000020
- JSON: https://secwatch.observer/filing/0001649739-26-000020.json
- Plain text: https://secwatch.observer/filing/0001649739-26-000020.txt

## Source-grounded claims
- claim_id: 1c7198d911d2113a8a000d9eba0fa6edbd752429
  claim: BayFirst Financial Corp. reported first quarter of 2026 results: net income $5.7 million, EPS $1.48 per common share and diluted common share.
  evidence_excerpt: the Company reported a net loss of $5.7 million, or $1.48 per common share and diluted common share, for the first quarter of 2026
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649739/000164973926000020/0001649739-26-000020-index.htm
- claim_id: 530775d717
  claim: Alfred T. Rogers, Jr. was appointed as President, Chief Executive Officer, and Principal Executive Officer at BayFirst Financial Corp..
  evidence_excerpt: On April 28, 2026, the Bank appointed Alfred T. (“Al”) Rogers, Jr. to serve as its President, Chief Executive Officer, and Principal Executive Officer, and as a member of its board of directors.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649739/000164973926000020/0001649739-26-000020-index.htm
- claim_id: b04a7a6c5b
  claim: Robin L. Oliver was appointed as principal executive officer (interim) at BayFirst Financial Corp..
  evidence_excerpt: The Company has appointed its President, Robin L. Oliver, to serve as principal executive officer on an interim basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649739/000164973926000020/0001649739-26-000020-index.htm
- claim_id: b25cee32af
  claim: Thomas G. Zernick retired as Chief Executive Officer and director at BayFirst Financial Corp..
  evidence_excerpt: On April 30, 2026, Thomas G. Zernick retired as Chief Executive Officer, principal executive officer, and a director of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649739/000164973926000020/0001649739-26-000020-index.htm
- claim_id: d201334698ba564ce228616146a1e865f791bf7f
  claim: BayFirst Financial Corp.: Created and authorized 4,000 shares of Series D Preferred Stock and 4,000 shares of Series E Preferred Stock via Articles of Amendment (effective 2026-04-28).
  evidence_excerpt: On April 28, 2026, the Company filed Articles of Amendment to its Articles of Incorporation with the Florida Division of Corporations creating and authorizing 4,000 shares of Series D Preferred Stock and 4,000 shares of Series E Preferred Stock.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649739/000164973926000020/0001649739-26-000020-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.