Bright Mountain Media, Inc. 8-K

What Happened

• Bright Mountain Media, Inc. (BMTM) filed an 8-K (Item 2.03) disclosing the Twenty-Fifth Amendment to its Amended and Restated Senior Secured Credit Agreement (originally dated June 5, 2020), effective March 31, 2026. The amendment adjusts payment terms on the Company’s "Second Out" loans and requires certain vendor-notification obligations. As consideration, BMTM agreed to issue 2,922,566 shares of common stock (equal to 1.5% of fully-diluted pro forma ownership as of March 31, 2026) to Centre Lane Partners. After the issuance, Centre Lane Partners and its affiliates will beneficially own approximately 27.3% of BMTM’s common stock.

Key Details

• Amendment effective date: March 31, 2026 (Twenty-Fifth Amendment).
• Deferred principal: the ~ $1.2 million quarterly installment on the Second Out Loans due March 31, 2026 is deferred in full to the maturity date, December 20, 2026.
• Interest treatment: ~ $201,000 of interest accrued on the Second Out Loans for the period ended March 31, 2026 was made payable-in-kind (PIK) rather than cash.
• Upcoming amounts due: approximately $1.6 million due under the Credit Agreement as of June 30, 2026; approximately $92.1 million due at maturity on December 20, 2026.

Why It Matters

• The amendment provides short-term cash relief by deferring a March 31 principal payment and converting a March 31 interest payment to PIK, which can help conserve cash in the near term. However, the deferred amounts and outstanding balance remain payable, concentrating material obligations at the December 20, 2026 maturity date (about $92.1M). The issuance of nearly 2.93 million shares increases Centre Lane Partners’ ownership to ~27.3%, a meaningful ownership stake that may affect governance and investor dilution considerations. Investors should note the shifted payment schedule and the concentrated maturity exposure when assessing near-term liquidity and capital structure risk.