Company: BLNE
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011724
Chunk: 60

Company: Beeline Holdings, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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ans, 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 $0.8 million for the three months ended March 31, 2025.

Title fees. Title fees consist of
title policy premiums and settlement fees charged to the borrower and seller on a transaction. Title fees were $0.4 million for the three
months ended March 31, 2025.

Loan origination fees. Loan origination
fees generally include underwriting and processing fees, recording taxes, investor fees, and other related expenses. Loan origination
fees were $0.2 million for the three months ended March 31, 2025.

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 facilities. Net interest expense
was nil for the three months ended March 31, 2025.

Salaries
and benefits. Salaries and benefits were $1.2 million for the three months ended March 31, 2025.

Marketing
and advertising. Marketing and advertising were $0.5 million for the three months ended March 31, 2025.

General and administrative expenses. General
and administrative expenses consist primarily of software service providers and were $0.5 million for the three months ended March
31, 2025.

Depreciation and amortization. Depreciation
and amortization expenses consist primarily of amortization related to internal-use software and was $0.8 million for the three months
ended March 31, 2025.

Other operating expenses. Other
operating expenses consist of expenses directly related to the origination of loans and is charged by investors at the sale of loans excluding
interest. Other operating expenses were $0.6 million for the three months ended March 31,