Bright Mountain Media, Inc. 8-K/A

What Happened

• Bright Mountain Media, Inc. (BMTM) filed an 8-K on April 6, 2026 disclosing the Twenty-Fifth Amendment to its Amended and Restated Senior Secured Credit Agreement (effective March 31, 2026) with Centre Lane Partners Master Credit Fund II, L.P. (as Administrative and Collateral Agent) and the lenders.
• The amendment defers the quarterly installment on the "Second Out Loans" due March 31, 2026 (about $1.2 million) to the loan maturity date of December 20, 2026, converts approximately $201,000 of interest accrued for the period ending March 31, 2026 into payable‑in‑kind (PIK) rather than a cash payment, and adds notice requirements related to certain vendor agreements.
• As consideration for the amendment, the company issued 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 and affiliates beneficially own about 27.3% of the common stock.

Key Details

• Amendment effective date: March 31, 2026; 8-K filed April 6, 2026 (signed by CEO Matthew Drinkwater).
• Deferred principal (Second Out Loans) originally due 3/31/2026: ≈ $1.2 million (now due 12/20/2026).
• Interest for period ended 3/31/2026 on Second Out Loans: ≈ $201,000 converted to PIK.
• Shares issued to Centre Lane Partners: 2,922,566 (1.5% fully‑diluted pro forma); Centre Lane ownership post-issuance: ≈ 27.3%.
• Cash obligations noted: ≈ $1.6 million due under the Credit Agreement as of June 30, 2026; ≈ $92.1 million due at maturity on December 20, 2026.

Why It Matters

• The amendment reduces near‑term cash outflows (deferral + PIK interest), which eases immediate liquidity pressure but shifts a larger cash obligation to the December 20, 2026 maturity date (≈ $92.1M).
• Issuing shares to the lender increases Centre Lane’s ownership stake to roughly 27.3%, diluting other shareholders and concentrating voting/influence with the lender group.
• Investors should watch upcoming liquidity milestones (June 30 and December 20, 2026) and any further amendments or refinancing actions; the vendor‑notice covenant may also affect operational flexibility.