secwatch.observer — SEC 8-K summary
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Issuer:     Broad Street Realty, Inc. (BRST)
CIK:        0000764897
Form:       8-K
Filed at:   2025-04-11T23:59:59+00:00
Accession:  0000950170-25-053293
Event type: other_material
Sentiment:  negative
Materiality: 0.95
Item codes: 2.04, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Fortress removes Broad Street Realty as managing member; $98.4M preferred and $16.9M loan in default
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- On April 8, 2025, Fortress rescinded a temporary waiver and removed Broad Street Operating Partnership as managing member of Eagles JV.
- Outstanding preferred equity investment ~$98.4M; mezzanine loan balance $16.9M; both are now in default.
- Fortress can require redemption at 1.40x minimum multiple on contributions plus a $10M exit fee.
- All company properties are owned by Eagles JV subsidiaries; Fortress may now sell properties to redeem its interest.
- Interest rates on preferred equity and mezzanine loan each automatically increased by the lesser of 4% or legal max.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764897/000095017025053293/0000950170-25-053293-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764897/000095017025053293/brst-20250408.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-053293

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer