Director Mark S. Berset filed a Form 4 with the SEC on November 9, 2026, disclosing the conversion of 600 shares of Series C Cumulative Convertible Preferred Stock into common shares of BayFirst Financial Corp. on November 6, 2026.

Key Highlights

  • Conversion date: All transactions occurred on November 6, 2026, using transaction code "C" (conversion).
  • Preferred shares converted: A total of 600 shares of Series C Cumulative Convertible Preferred Stock were converted across three holdings: 350 shares directly held, 150 shares held via the Mark S. Berset 2012 Irrevocable Trust, and 100 shares via the Linda Berset Irrevocable Trust.
  • Conversion ratio: According to the filing, "for each share of preferred stock, the Company issued approximately 274.7253 common shares."
  • Common shares acquired: The conversions produced 96,153 common shares directly, 41,208 shares indirectly through the Mark S. Berset 2012 Irrevocable Trust, and 27,472 shares indirectly through the Linda Berset Irrevocable Trust.
  • Resulting beneficial ownership: Following the transactions, Berset directly holds 525,871.792 common shares, the Mark S. Berset 2012 Irrevocable Trust holds 73,642.1733 shares, and the Linda Berset Irrevocable Trust holds 124,866.368 shares.
  • Preferred stock remaining: All three Series C preferred positions reported show zero shares beneficially owned following the conversion.

Mark Berset's Series C Preferred Conversion Details at BayFirst Financial

Mark S. Berset, a director of BayFirst Financial Corp. (NASDAQ:BAFN), disclosed the conversion of Series C Cumulative Convertible Preferred Stock into common shares across three separate ownership structures, according to the filing. The preferred shares carried an exercisable date of October 18, 2023, and an expiration date of October 18, 2033, as listed in Table II of the filing.

The filing reports that 350 preferred shares held directly by Berset were converted into 96,153 common shares, while 150 preferred shares held through the Mark S. Berset 2012 Irrevocable Trust U/A Dated 12/13/12 were converted into 41,208 common shares. An additional 100 preferred shares held through the Linda Berset Irrevocable Trust were converted into 27,472 common shares. The filing states the conversion used transaction code "J" for the common shares acquired and code "C" for the derivative securities disposed of, reflecting the exchange of preferred for common.

All three preferred positions now show zero shares beneficially owned following the reported transactions, as indicated in Table II. The filing was signed by Barbara Felts as attorney-in-fact for the reporting person and dated November 9, 2026.

What Was Disclosed

Director Mark S. Berset disclosed the November 6, 2026 conversion of 600 total Series C Cumulative Convertible Preferred Stock shares into common shares of BayFirst Financial Corp., distributed across direct and two irrevocable trust holdings, at a rate of approximately 274.7253 common shares per preferred share.