Company: BLNE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023462
Chunk: 68

Company: Beeline Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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    and advertising 
     700  
     1,889 
  
    Other
    operating expenses 
     637  
     1,536 
  
    Total
    operating expenses 
     3,202  
     9,045 
  
    Loss
    from operations 
     (1,249) 
     (4,806)
  
    Interest expense 
     (17) 
     (37)

    Gain on extinguishment of debt 
     34 
     34
  
    Net
    loss 
    $(1,232) 
    $(4,809)

For
the three and nine months ended September 30, 2025, Beeline Loans originated $43.3 million and $98.2 million in residential mortgage
loans, respectively; reported net revenues of $2.0 million and $4.2 million, respectively; and reported a net loss of $1.2 million and
$4.8 million, respectively.

39

Gain
on sale of loans, net. Gain on sale of loans, net consists of all components related to the origination and sale of mortgage
loans, including (1) net gain on sale of loans, which represents the premium we receive in excess of the loan principal amount and certain
fees charged by investors upon sale of loans into the secondary market, (2) loan origination fees, credits, points and certain costs,
(3) provision for or benefit from investor reserves, and (4) the change in fair value of interest rate lock commitment (“IRLCs”
or “rate lock”) and mortgage loans held for sale.

When
the mortgage loan is sold into the secondary market (i.e. funded), any difference between the proceeds received and the current fair
value of the loan is recognized in current period earnings in gain on sale of loans. Gain on sale of loans, net was $1.7 million and
$3.6 million for the three and nine months ended September 30, 2025, respectively.

Loan
origination fees. Loan origination fees generally include underwriting and processing fees, investor fees, and other related
expenses. Loan origination fees were $0.3 million and $0.6 million for the three and nine months ended September 30, 2025, respectively.

Loan
interest income and expense. Interest income is interest earned on mortgage loans held for sale and interest expense is paid
on our loan funding