Bright Mountain Media, Inc. 8-K

What Happened
Bright Mountain Media, Inc. (BMTM) filed an 8‑K reporting the Twenty‑Seventh Amendment (effective June 29, 2026) to its Amended and Restated Senior Secured Credit Agreement with Centre Lane Partners (as Administrative and Collateral Agent) and the lenders. The amendment deferred the quarterly installment on the Second Out Loans due June 30, 2026 (approximately $840,000) until December 20, 2026 and converted interest accrued for the period ending June 30, 2026 (about $210,000) on the Second Out Loans to payable‑in‑kind instead of cash. As consideration for the amendment, BMTM agreed to issue 2,980,903 shares of common stock (equal to 1.5% of fully‑diluted pro forma ownership as of June 30, 2026) to Centre Lane Partners; after issuance, Centre Lane and affiliates will beneficially own about 28.8% of the company.

Key Details

• Amendment effective June 29, 2026 to the Credit Agreement originally dated June 5, 2020.
• Deferred Second Out Loans installment (due 6/30/2026): ≈ $840,000 moved to 12/20/2026.
• Interest for period ended 6/30/2026 on Second Out Loans: ≈ $210,000 paid payable‑in‑kind (PIK).
• Shares issued as consideration: 2,980,903 common shares (1.5% pro forma); Centre Lane ownership ~28.8% after issuance.
• Upcoming cash obligations stated: ≈ $1.7 million due under the Credit Agreement as of 9/30/2026; ≈ $93.2 million due at maturity on 12/20/2026.

Why It Matters
The amendment reduces near‑term cash outflows by deferring principal and converting interest to PIK, giving the company short‑term liquidity relief. However, the PIK interest and deferred principal increase future obligations due at the December 20, 2026 maturity, and issuing nearly 3 million shares dilutes existing shareholders while concentrating ownership (Centre Lane ~28.8%). Investors should note the large remaining balance due at maturity and the increased lender equity stake when evaluating near‑term liquidity and equity dilution.