Dolphin Entertainment, Inc. — Form 10-Q
Filed August 12, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 72/100
What the filing says
On May 7, 2026, Dolphin Entertainment, Inc. (guarantor) facilitated a $5M credit facility for two subsidiary entities: Shore Fire Media, Ltd. and The Door Marketing Group, LLC. The facility comprises a $2M closing-date term loan (12% annual interest, 36-month maturity) plus two delayed-draw tranches ($2M at month 6, $1M at month 12). Interest-only payments for 18 months, then $50K monthly principal repayment thereafter. Lender: FHIS Finance, LLC. Administrative agent: FVP Servicing, LLC. Dolphin guarantees all obligations and pledges 100% equity interests in both borrowers as collateral, with detailed security interests granted in subsidiary assets.
Why this rating
Material capital event for $12.4M company—$5M facility is ~40% of market cap. Positive: secured working capital. Negative: 12% rate, personal guarantee by CEO (Key Person event risk defined), loss of equity control if default occurs. Moderate leverage covenant (3.0x Debt/EBITDA), $500K minimum liquidity required.
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