百老汇金融 2024年度报告

Amendment No. 2 (Mark one)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto___________ Commission file number001-39043 BROADWAY FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Delaware95-4547287(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) (Zip Code) (323) 634-1700(Registrant’s Telephone Number, Including Area Code) Securities registered under Section 12(b) of the Act: Title of each class:Trading Symbol(s)Name of each exchange on which registered:Common Stock, par value $0.01 per share(including attached preferred stock purchaserights)BYFCNasdaq Capital Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well‑known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☐No☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S‑T during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files). Yes☐No☒ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated, a smaller reportingcompany, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act. Large accelerated filer☐ Accelerated filer☐ Non-accelerated filer☒ Smaller reporting company☒Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes☐No☒ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☒ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☒ Aggregate market value of the voting and non‑voting common stock held by non‑affiliates as of June 30, 2024: $38.1 million. As of March 21, 2025, 6,022,227 shares of the registrant’s Class A voting common stock, 1,425,574 shares of the registrant’s Class Bnon-voting common stock and 1,672,562 shares of the registrant’s Class C non‑voting common stock were outstanding. DOCUMENTS INCORPORATED BY REFERENCE The information required by Items 10, 11, 12, 13 and 14 of Part III of this Report is incorporated by reference to the registrant’sAmendment No. 1 on Form 10-K/A that was filed with the Securities and Exchange Commission on April 30, 2025. TABLE OF CONTENTS Item 1.Business1Item 1A.Risk Factors21Item 1B.Unresolved Staff Comments26Item 1C.Cybersecurity26Item 2.Properties27Item 3.Legal Proceedings28Item 4.Mine Safety Disclosure28 Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities28Item 6.Reserved29Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations29Item 7A.Quantitative and Qualitative Disclosures About Market Risk39Item 8.Financial Statements and Supplementary Data39Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure39Item 9A.Controls and Procedures39Item 9B.Other Information40Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections40 PART III Item 10.Directors, Executive Officers and Corporate Gove