{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-23-080327","form_type":"8-K","ticker":"DRCT","cik":"0001880613","company_name":"Direct Digital Holdings, Inc.","filed_at":"2023-07-12T23:59:59+00:00","discovered_at":"2026-05-14T18:03:35.980254+00:00","generated_at":"2026-06-13T09:37:26.134730+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Direct Digital Holdings enters $5M revolving credit facility with East West Bank","bullets":["Credit facility of up to $5M (plus $5M uncommitted incremental) maturing July 7, 2025.","Interest rate is 1-month SOFR + 0.10% + 3.00% p.a., with a 0.50% floor.","Covenants: fixed charge coverage ≥1.25x, funded debt/EBITDA ≤3.50x stepping down to 3.00x, and $1M minimum liquid assets.","Facility is secured by substantially all assets of the borrowers."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-23-080327","json":"https://secwatch.observer/filing/0001104659-23-080327.json","markdown":"https://secwatch.observer/filing/0001104659-23-080327.md","text":"https://secwatch.observer/filing/0001104659-23-080327.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1880613/000110465923080327/0001104659-23-080327-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1880613/000110465923080327/tm2321088d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T09:37:26.134730+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"523662716851f5b9a894c9c7e99df4e80b84914d","claim":"Direct Digital Holdings, Inc. incurred revolving credit of up to $5 million with East West Bank at one-month Term Secured Overnight Financing Rate, as administered by the CME Grou maturing July 7, 2025.","evidence_excerpt":"On July 7, 2023, Direct Digital Holdings, Inc. (the “ Company ”) entered into a Credit Agreement (the “ Credit Agreement ”), by and among East West Bank (“ EWB ”), as lender, and Direct Digital Holdings, LLC, the Company, Huddled Masses LLC, Colossus Media, LLC and Orange142, LLC, as borrowers. The Credit Agreement provides for a revolving credit facility (the “ Credit Facility ”) in the original principal amount of up to $5 million, subject to a borrowing base determined based on eligible accounts, and an up to $5 million uncommitted incremental revolving facility. Loans under the Credit Facility mature on July 7, 2025 (the “ Maturity Date ”), unless the Credit Facility is otherwise terminated pursuant to the terms of the Credit Agreement. Borrowings under the Credit Facility bear interest at a rate per annum equal to the one-month Term Secured Overnight Financing Rate, as administered by the CME Group Benchmark Administration Limited (“ CBA ”) (or a successor administrator of the sec","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1880613/000110465923080327/0001104659-23-080327-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Principal","value":"up to $5 million"},{"label":"Counterparty","value":"East West Bank"},{"label":"Rate","value":"one-month Term Secured Overnight Financing Rate, as administered by the CME Grou"},{"label":"Maturity","value":"July 7, 2025"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"6339feeffc3db706c516f14bfbb22d719bfdbb51","claim":"Direct Digital Holdings, Inc. entered into Credit Agreement with East West Bank valued at up to $5 million (effective 2023-07-07).","evidence_excerpt":"On July 7, 2023, Direct Digital Holdings, Inc. (the “ Company ”) entered into a Credit Agreement (the “ Credit Agreement ”), by and among East West Bank (“ EWB ”), as lender, and Direct Digital Holdings, LLC, the Company, Huddled Masses LLC, Colossus Media, LLC and Orange142, LLC, as borrowers.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1880613/000110465923080327/0001104659-23-080327-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"East West Bank"},{"label":"Value","value":"up to $5 million"},{"label":"Effective","value":"2023-07-07"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}