Beeline Holdings, Inc.

What they do

Beeline originates and brokers residential mortgages in the United States, licensed in 29 states including California, Florida and Texas. It acts as lender and underwriter on conventional loans and as a non-delegated lender, and to a lesser extent as a mortgage broker, on Non-QM loans. It also provides title services and is developing BeelineEquity, a fractional home equity offering built with TYTL. The company operates a proprietary platform with machine learning tools and the AI chatbot "Bob", and markets approvals in as little as 7 to 10 minutes.

Revenue drivers

• Non-QM mortgage lending — Approximately 73% of loans originated and brokered in 2025 were Non-QM loans for borrowers with non-traditional or 1099 income or significant assets; the company acted as lender on 73% of 2025 transactions and broker on 27%.
• Conventional mortgage lending — The company acts as lender and is fully responsible for underwriting conventional loans, the remainder of 2025 originations.
• Mortgage brokerage — For certain Non-QM loans, Beeline places borrowers with third-party lenders as a broker rather than lending itself.
• Title services and BeelineEquity — The company provides title services and has built the operating infrastructure for BeelineEquity, its fractional home equity offering with TYTL; no revenue from BeelineEquity is disclosed.

Recent performance

Q2 2026 net revenue was $2.6 million, up 57% year-over-year, per the August 13, 2026 earnings release. Net loss narrowed to $4.0 million from $5.3 million in Q1 2026, and Adjusted EBITDA loss narrowed to $2.6 million from $3.0 million. Non-cash expenses totaled $2.3 million, leaving an approximately $1.7 million cash deficit for the quarter, and operating margins rose 9.4% from the prior quarter. The company ended Q2 2026 with $1.5 million in cash, $50.5 million in shareholders' equity and no corporate debt. Full-year 2025 revenue was $7.8 million with a net loss of $23.4 million.

Strategy

Management says it changed its product mix to improve margins and expects the impact to be more pronounced in Q3. It is advancing BeelineEquity with TYTL and announced a non-binding LOI to acquire TYTL Holdings in an all-stock combination, which would add a blockchain-enabled residential equity and digital securities platform. The combined company would seek to retain Regulation D digital securities equal to roughly 5% of each TYTL transaction value and is engaging an investment banker to sell TYTL digital securities to institutional investors. Beeline says it intends to manage liquidity and capital deployment with a focus on minimizing shareholder dilution, and CEO Nick Liuzza invested $500,000 via a convertible note priced at the higher of $1.50 per share or a five-day VWAP.

Risks

• Going concern and capital needs — The 10-K states that the sufficiency of existing cash and equivalents to meet working capital and capital expenditure needs over the next 12 months depends on the company's ability to raise capital.
• Secondary market dependence — The company depends on its ability to sell loans and mortgage servicing rights in the secondary market, and impairment of that market would materially harm its business.
• Interest rates and macro conditions — Rising mortgage interest rates, recession, inflation and tariffs could reduce loan origination volumes and weaken demand for home loans.
• Non-QM credit and compliance risk — Loans originated outside GSE or other guidelines carry high business and financial risk, and the company faces extensive financial, legal and regulatory compliance obligations including TCPA rules.

Outlook

Management said July revenue is expected to be the highest of the year and July operating margin the highest since inception, though it cautioned the unpredictable macro environment could affect results. It expects the product-mix changes to have a more pronounced margin impact in Q3 2026. The proposed TYTL combination, still subject to due diligence, negotiation and definitive agreements, is positioned as adding a higher-revenue residential equity product whose economics are not directly tied to interest rates.