---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-088826"
form_type: "8-K"
ticker: null
cik: "0001671941"
company_name: "Angel Studios, Inc."
filed_at: "2025-09-10T23:59:59+00:00"
generated_at: "2026-05-17T07:01:46.265680+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Angel Studios secures up to $100M term loan from Trinity Capital; $40M drawn at close

## Summary
- $40M funded immediately; three additional $20M tranches available through June 2027 subject to conditions.
- Interest rate at Prime + 6% or 13.5% floor; principal and interest due monthly; maturity October 1, 2030.
- Lenders received warrants for 273,375 shares of Class C Common Stock at $39.00 per share.
- Proceeds used to pay off existing indebtedness and for general working capital and business operations.
- Obligations secured by substantially all assets; loan requires minimum liquidity and other covenants.

## SEC filing metadata
- accession: 0001104659-25-088826
- form_type: 8-K
- cik: 0001671941
- company_name: Angel Studios, Inc.
- filed_at: 2025-09-10T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1671941/000110465925088826/0001104659-25-088826-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1671941/000110465925088826/tm2525710d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-088826
- JSON: https://secwatch.observer/filing/0001104659-25-088826.json
- Plain text: https://secwatch.observer/filing/0001104659-25-088826.txt

## Key facts
- Debt Financings
  Angel Studios, Inc. incurred term loan of up to $100.0 million term loan with a delayed draw feature, which is composed of four committed tranches: (i) the first with Trinity Capital Inc. at a variable rate equal to the greater of (x) the Prime Rate (as defined under the maturing October 1, 2030.
  - Instrument: term loan
  - Principal: up to $100.0 million term loan with a delayed draw feature, which is composed of four committed tranches: (i) the first
  - Counterparty: Trinity Capital Inc.
  - Rate: a variable rate equal to the greater of (x) the Prime Rate (as defined under the
  - Maturity: October 1, 2030
  - Event: incurrence
  source text: Facility ”) with certain lenders thereunder and Trinity Capital Inc., a Maryland Corporation, as agent for the lenders. The Credit Facility provides the Company with an up to $100.0 million term loan with a delayed draw feature, which is composed of four committed tranches: (i) the first tranche in an aggregate principal amount of $40.0 million, which was funded on
  evidence_url: https://www.sec.gov/Archives/edgar/data/1671941/000110465925088826/0001104659-25-088826-index.htm
- Equity Issuances
  Angel Studios, Inc. issued 273,375 shares of Class C Common Stock of warrant to lenders under the Credit Facility for in connection with the Credit Facility.
  - Security: warrant
  - Shares: 273,375 shares of Class C Common Stock
  - Purchaser: lenders under the Credit Facility
  - Consideration: in connection with the Credit Facility
  source text: In connection with the Credit Facility, the Company issued each lender thereunder a Warrant to Purchase Stock (each, a “ Warrant ” and collectively, the “ Warrants ”) to purchase an aggregate amount of 273,375 shares of the Company’s Class C Common Stock with an exercise price per share of $39.00.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1671941/000110465925088826/0001104659-25-088826-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.