URBAN ONE, INC.

Previous wording

Net revenue consists of gross revenue, net of local and national agency and outside sales representative commissions. Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing.

Current wording

Net revenue consists of gross revenue, net of local and national agency commissions. Agency commissions are calculated based on a stated percentage applied to gross billing.

Previous wording

Within our Digital segment, Interactive One generates the majority of the Company’s digital revenue. Our digital revenue is principally derived from advertising services on non-radio station branded, but Company-owned websites. Advertising services include the sale of banner and sponsorship advertisements. As the Company runs its advertising campaigns, the customer simultaneously receives benefits as impressions are delivered, and revenue is recognized. The amount of revenue recognized each month is based on the number of impressions delivered multiplied by the effective per impression unit price and is equal to the net amount receivable from the customer.

Current wording

Within our Digital segment, Interactive One generates the majority of the Company’s digital revenue. Our digital revenue is principally derived from advertising services on non-radio station branded, but Company-owned websites. The segment also includes the digital components of the Company’s other reportable segments. Advertising services include the sale of banner and sponsorship advertisements. As the Company runs its advertising campaigns, the customer simultaneously receives benefits as impressions are delivered, and revenue is recognized. The amount of revenue recognized each month is based on the number of impressions delivered multiplied by the effective per impression unit price and is equal to the net amount receivable from the customer.

Previous wording

During the three months ended March 31, 2026, we recognized approximately $77.7 million in net revenue compared to approximately $92.2 million during the three months ended March 31, 2025. These amounts are net of agency and outside sales representative commissions. We recognized approximately $30.5 million of revenue from our Radio Broadcasting segment during the three months ended March 31, 2026, compared to approximately $32.6 million during the three months ended March 31, 2025, a decrease of approximately$2.1 million. This decrease was primarily driven by weaker overall market demand from the national and local advertisers. We recognized approximately$4.9 million of revenue from our Reach Media segment during the three months ended March 31, 2026, compared to approximately $5.9 million for the three months ended March 31, 2025, a decrease of approximately $1.0 million. This decrease was primarily driven by a decrease in national sales. We recognized approximately$6.8 million ofrevenue from our Digital segment during the three months ended March 31, 2026, compared to approximately $10.2 million for the three months ended March 31, 2025, a decrease of approximately $3.4 million. This decrease was primarily driven by the decrease in direct revenue streams, reflecting reduced advertising spend from diversity, equity and inclusion-focused campaigns. We recognized approximately$36.0 million of revenue from our Cable Television segment during the three months ended March 31, 2026, compared to approximately $44.2 million for the three months ended March 31, 2025, a decrease of approximately $8.2 million. This decrease was primarily driven by the churn of subscribers and lower advertising sales.

Current wording

During the three months ended June 30, 2026, we recognized approximately $85.8 million in net revenue compared to approximately $91.6 million during the three months ended June 30, 2025. These amounts are net of agency commissions. We recognized approximately$35.3 million of revenue from our Radio Broadcasting segment during the three months ended June 30, 2026, compared to approximately $36.7 million during the three months ended June 30, 2025, a decrease of approximately $1.4 million. This decrease was primarily driven by weaker overall market demand from the national and local advertisers. We recognized approximately$4.8 million of revenue from our Reach Media segment during the three months ended June 30, 2026, compared to approximately $5.3 million for the three months ended June 30, 2025, a decrease of approximately $0.5 million. This decrease was primarily driven by a decrease in syndicated revenue. We reco gnized approximately$9.4 million ofrevenue from our Digital segment during the three months ended June 30, 2026, compared to approximately $10.3 million for the three months ended June 30, 2025, a decrease of approximately $0.9 million. This decrease was primarily driven by the decrease in direct revenue streams, reflecting reduced advertising spend, diversity, equity and inclusion-focused campaigns. We recognized approximately$37.1 million of revenue from our Cable Television segment during the three months ended June 30, 2026, compared to approximately $40.1 million for the three months ended June 30, 2025, a decrease of approximately $3.0 million. This decrease was primarily driven by the churn of subscribers and lower advertising sales.

Previous wording

Programming and technical expenses include expenses associated with on-air talent and the management and maintenance of the systems, tower facilities, and studios used in the creation, distribution, and broadcast of programming content on our radio stations. Programming and technical expenses for the Radio Broadcasting segment also include expenses associated with our programming research activities and music royalties. For our Digital segment, programming and technical expenses include software product design, post-application software development and maintenance, database and server support costs, the help desk function, data center expenses connected with ISP hosting services and other internet content delivery expenses. For our Cable Television segment, programming and technical expenses include expenses associated with technical, programming, production, and content management. Programming and technical expenses were approximately $30.0 million for the three months ended March 31, 2026, compared to approximately $30.6 million for the three months ended March 31, 2025, respectively. The$0.6 million decrease is primarily due to lower programming and lower residual expense in our Cable Television Segment.

Current wording

Programming and technical expenses include expenses associated with on-air talent and the management and maintenance of the systems, tower facilities, and studios used in the creation, distribution, and broadcast of programming content on our radio stations. Programming and technical expenses for the Radio Broadcasting segment also include expenses associated with our programming research activities and music royalties. For our Digital segment, programming and technical expenses include software product design, post-application software development and maintenance, database and server support costs, the help desk function, data center expenses connected with ISP hosting services and other internet content delivery expenses. For our Cable Television segment, programming and technical expenses include expenses associated with technical, programming, production, and content management. Programming and technical expenses were approximately $29.8 million for the three months ended June 30, 2026, compared to approximately $28.6 million for the three months ended June 30, 2025, respectively. The approximately $1.2 million increase is primarily due to higher royalty expenses in our Radio Broadcasting Segment.

Previous wording

Selling, general and administrative expenses include expenses associated with our sales departments, offices, corporate headquarters and facilities, marketing and promotional expenses, special events and sponsorships, and back-office expenses. Expenses associated with securing ratings data for our radio stations and visitors’ data for our websites, personnel, and other corporate overhead functions are also included in selling, general and administrative expenses. In addition, selling, general and administrative expenses for the Radio Broadcasting segment and Digital segment include expenses related to the advertising traffic (scheduling and insertion) functions. Selling, general and administrative expenses also include membership traffic acquisition costs for our Digital segment. Selling, general and administrative expenses were approximately $43.5 million for the three months ended March 31, 2026, compared to approximately $50.1 million for the three months ended March 31, 2025, adecrease of approximately $6.6 million. Expenses in our Digital segment decreased by approximately $2.0 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a decrease in traffic acquisition costs due to lower revenue. Expenses in our Cable segment decreased by approximately $2.5 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to the timing of media campaigns and lower media monitoring expenses. Expenses in our Radio Broadcasting segment decreased approximately $1.1 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to lower revenue, lower headcount costs, lower facility and rental costs, lower national rep fees and lower bank charges. Expenses in our Reach Media segment increased approximately $1.1 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to lower bad debt reserve, lower bank charges, and lower revenue. Expenses in corporate decreased approximately $0.5 million for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to lower professional service and payroll related costs.

Current wording

Selling, general and administrative expenses include expenses associated with our sales departments, offices, corporate headquarters and facilities, marketing and promotional expenses, special events and sponsorships, and back-office expenses. Expenses associated with securing ratings data for our radio stations and visitors’ data for our websites, personnel, and other corporate overhead functions are also included in selling, general and administrative expenses. In addition, selling, general and administrative expenses for the Radio Broadcasting segment and Digital segment include expenses related to the advertising traffic (scheduling and insertion) functions. Selling, general and administrative expenses also include membership traffic acquisition costs for our Digital segment. Selling, general and administrative expenses were approximately $45.2 million for the three months ended June 30, 2026, compared to approximately $49.5 million for the three months ended June 30, 2025, a decrease of approximately $4.3 million. Expenses in our Digital segment decreased by approximately $0.8 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to a decrease in traffic acquisition costs due to lower revenue. Expenses in our Cable segment increased by approximately $0.6 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in executive compensation. Expenses in our Radio Broadcasting segment decreased approximately $1.4 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to lower bad debt reserve. Expenses in our Reach Media segment decreased approximately $1.2 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to lower bad debt reserve and lower affiliate station compensation expense. Expenses in corporate decreased approximately $1.5 million for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to lower professional service fees.

Previous wording

Depreciation and amortization expense was approximately $6.2 million for the three months ended March 31, 2026, compared to approximately $2.3 million for the three months ended March 31, 2025, an increase of approximately $3.9 million. This increase is primarily driven by the Radio Broadcasting licenses amortization, which the Company started to amortize in the second quarter of 2025.

Current wording

Depreciation and amortization expense was approximately $6.2 million for the three months ended June 30, 2026, compared to approximately $3.5 million for the three months ended June 30, 2025, an increase of approximately $2.7 million. This increase is primarily driven by the Radio Broadcasting licenses amortization, which began in June 2025.

Previous wording

Interest expense was approximately $4.4 million for the three months ended March 31, 2026, compared to approximately $10.9 million for the three months ended March 31, 2025, a decrease of approximately $6.5 million. This decrease was due to lower overall debt balances outstanding as well as lower effective interest rates. See Note 9 - Debt of the Company’s unaudited condensed consolidated financial statements for further discussion.

Current wording

Interest expense was approximately $2.1 million for the three months ended June 30, 2026, compared to approximately $9.7 million for the three months ended June 30, 2025, a decrease of approximately $7.6 million. This decrease was due to lower overall debt balances outstanding as well as lower effective interest rates. See Note 9 - Debt of the Company’s unaudited condensed consolidated financial statements for further discussion.

Previous wording

There was an approximately $2.1 million gain on retirement of debt for the three months ended March 31, 2026, compared to approximately $11.6 million for the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company repurchased approximately $4.3 million of its 2028 Notes at an average price of approximately 51.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million. During the three months March 31, 2025, the Company repurchased approximately $28.2 million of its 2028 Notes at an average price of approximately 58.0% of par, resulting in a net gain on retirement of debt of approximately $11.6 million.

Current wording

During the six months ended June 30, 2026, the Company repurchased approximately $4.3 million of its 2028 Notes at a weighted average price of approximately 51.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million. During the six months ended June 30, 2025, the Company repurchased approximately $92.2 million of its 2028 Notes at an average price of approximately 53.7% of par, resulting in a net gain on retirement of debt of approximately $41.9 million.

Previous wording

For the three months ended March 31, 2026, we recorded a benefit from income taxes of approximately $1.4 million resulting in an effective tax rate of 31.7%. For thethree months ended March 31, 2025, we recorded a provision for income taxes of approximately$15.7 million resulting in an effective tax rate of 399.5%, which includes$14.6 million of discrete tax expense related to valuation allowance for net operating losses, and$0.2 million of discrete tax expense related to stock-based compensation.

Current wording

For the six months ended June 30, 2026, we recorded a benefit from income taxes of approximately $3.1 million resulting in an actual effective tax rate of 23.8%. For the six months ended June 30, 2025, we recorded a benefit from income taxes of approximately $5.7 million resulting in an actual effective tax rate of 6.0%. This rate includes approximately $14.6 million of discrete tax expense related to valuation allowance for net operating losses, and approximately $6.6 million of discrete tax expense related to the impact of the change of accounting estimate for radio broadcasting licenses.

Previous wording

Broadcast and digital operating income decreased to approximately $14.9 million for the three months ended March 31, 2026, compared to approximately $23.0 million for the three months ended March 31, 2025, a decrease of approximately $8.2 million or 35.4%. This decrease was primarily due to lower broadcast and digital operating income at all segments. Our Digital segment generated approximately $1.4 million of broadcast and digital operating loss during the three months ended March 31, 2026, compared to approximately $0.1 million of broadcast and digital operating income during the three months ended March 31, 2025, primarily due to lower revenues. Reach Media generated approximately $0.6 million of broadcast and digital operating loss during the three months ended March 31, 2026, compared to approximately $0.7 million during the three months ended March 31, 2025, primarily due to lower expenses. Our Radio Broadcasting segment generated approximately $1.8 million of broadcast and digital operating income during the three months ended March 31, 2026, compared to approximately $2.7 million during the three months ended March 31, 2025, primarily due to lower revenues offset by lower expenses. Finally, Cable Television generated approximately $12.9 million of broadcast and digital operating income during the three months ended March 31, 2026, compared to approximately $18.6 million during the three months ended March 31, 2025. The decrease in the Cable Television segment’s broadcast and digital operating income was primarily due to lower revenues offset by lower expenses.

Current wording

Broadcast and digital operating income was approximately $22.2 million for the three months ended June 30, 2026, compared to approximately $25.7 million for the three months ended June 30, 2025, a decrease of approximately $3.5 million or 13.7%. This decrease was primarily due to lower broadcast and digital operating income at our Radio Broadcasting and Cable Television segments and lower broadcast and digital operating loss at our Reach Media segment. Broadcast and digital operating loss at our Digital segment remained flat during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Our Radio Broadcasting segment generated approximately $6.0 million of broadcast and digital operating income during the three months ended June 30, 2026, compared to approximately $6.9 million during the three months ended June 30, 2025, primarily due to lower revenues. Our Cable Television segment generated approximately $16.7 million of broadcast and digital operating income during the three months ended June 30, 2026, compared to approximately $19.8 million during the three months ended June 30, 2025. The decrease in our Cable Television segment’s broadcast and digital operating income was primarily due to lower revenues. Reach Media segment generated broadcast and digital operating loss of approximately $0.4 million of during the three months ended June 30, 2026, compared to approximately $0.9 million during the three months ended June 30, 2025, primarily due to lower expenses.

Previous wording

(c)Adjusted EBITDA: Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, net income attributable to non-controlling interests, impairment of intangible assets, stock-based compensation, (gain) loss on retirement of debt, employment agreement award and other compensation, corporate costs, non-recurring litigation settlement costs, non-recurring debt refinancing costs, severance-related costs, investment income, loss from unconsolidated joint venture, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net (loss) income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as “EBITDA.” Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company’s operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets, or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.” Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance.

Current wording

(c)Adjusted EBITDA: Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, net income attributable to non-controlling interests, impairment of goodwill, intangible assets and long-lived assets, stock-based compensation, gain on sale of business, (gain) loss on retirement of debt, corporate costs, non-recurring litigation settlement costs, non-recurring debt refinancing costs, severance-related costs, investment income, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net (loss) income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as “EBITDA.” Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company’s operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets, or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in an “all other” category which the Company refers to as “All other - corporate/eliminations.” Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance.

Previous wording

Our primary source of liquidity is cash provided by operations and, to the extent necessary, borrowings available under our asset-backed credit facility. Our cash, cash equivalents and restricted cash balance was approximately $28.0 million as of March 31, 2026. As of March 31, 2026, there were $10.0 million borrowings outstanding on the Current ABL Facility (as defined below) which has $75.0 millionin overall capacity. After giving effect to the outstanding $10.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $31.8 million as of March 31, 2026.

Current wording

Our primary source of liquidity is cash provided by operations and, to the extent necessary, borrowings available under our asset-backed credit facility. Our cash, cash equivalents and restricted cash balance was approximately $16.2 million as of June 30, 2026. As of June 30, 2026, there were $20.0 million borrowings outstanding on the Current ABL Facility (as defined below) which has $75.0 million in overall capacity.

Previous wording

From time to time, the Company may repurchase its outstanding debt and/or equity securities in open market purchases. Under open authorizations, repurchases of our outstanding debt and/or equity securities may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Repurchased debt and equity securities are retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s outstanding debt and/or equity securities and other factors, and subject to restrictions under applicable law. All repurchase amounts reflected in this quarterly report (both the number of shares repurchased and repurchase prices) are reflective of the reverse stock split effective January 22, 2026.

Current wording

From time to time, the Company may repurchase its outstanding debt and/or equity securities in open market purchases. Under open authorizations, repurchases of our outstanding debt and/or equity securities may be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Repurchased debt and equity securities are retired when repurchased. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company’s outstanding debt and/or equity securities and other factors, and subject to restrictions under the Company's indentures, credit agreement and applicable law. All repurchase amounts reflected in this quarterly report (both the number of shares repurchased and repurchase prices) are reflective of the reverse stock split effective January 22, 2026.

Previous wording

On June 10, 2024, the Company’s Board of Directors approved a share repurchase authorization to repurchase up to $20.0 million of the Company's outstanding Class A and/or Class D Common Stock (collectively, the “2024 Stock Repurchase Program”) on a cash basis.

Current wording

On June 10, 2024, after exhaustion of the earlier programs except the Stock Grant Authorization, the Company’s Board of Directors approved a share repurchase authorization to repurchase up to $20.0 million of the Company's outstanding Class A and/or Class D Common Stock (collectively, the “Stock Repurchase Program”). The 2024 Stock Repurchase Program has been cancelled in connection with our debt refinancing in December 2025.

Previous wording

During the three months ended March 31, 2025, the Company repurchased 44,952 shares of Class A Common Stock under the 2024 Stock Repurchase Program in the amount of approximately $0.7 million at an average price of $14.80 per share. During the three months ended March 31, 2025, the Company repurchased 20,464 shares of Class D Common Stock in the amount of approximately $0.2 million at an average price of $8.20 per share.

Current wording

During the six months ended June 30, 2025, the Company repurchased 67,529 shares of Class A Common Stock under the 2024 Stock Repurchase Program of approximately $1.0 million at an average price of $15.30 per share. During the six months ended June 30, 2025, the Company repurchased 40,520 shares of Class D Common Stock for approximately $0.3 million at an average price of $7.00 per share.

Previous wording

In addition, the Company has limited but ongoing authority to purchase shares of Class D Common Stock (in one or more transactions at any time there remain outstanding grants) under the 2019 Equity and Performance Incentive Plan (as defined below). This limited authority is used to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2019 Equity and Performance Incentive Plan, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “Stock Vest Tax Repurchase”).

Current wording

In addition, the Company has limited but ongoing authority to purchase shares of Class D Common Stock (in one or more transactions at any time there remain outstanding grants) under the 2026 and 2019 Equity and Performance Incentive Plans (as defined below). This limited authority is used to satisfy any employee or other recipient tax obligations in connection with the exercise of an option or a share grant under the 2026 or 2019 Equity and Performance Incentive Plans, to the extent that the Company has capacity under its financing agreements (i.e., its current credit facilities and indentures) (each a “stock vest tax repurchase”).

Previous wording

During the three months ended March 31, 2026, the Company executed Stock Vest Tax Repurchases of 2,187 shares of Class D Common Stock at a price of $5.73 per share. During the three months ended March 31, 2025, the Company executed Stock Vest Tax Repurchases of 12,596 shares of Class D Common Stockat a price of $9.80 per share.

Current wording

During the three and six months ended June 30, 2025 the Company executed stock vest tax repurchases of 11,067 shares of Class D Common Stock for approximately $0.1 million at an average price of $6.40 per share and 39,444 shares of Class D Common Stock for approximately $0.3 million at an average price of $7.80 per share, respectively.

Previous wording

During the three months ended March 31, 2026, the Company repurchased approximately $4.3 million of its 2028 Notes at a weighted average price of approximately 51.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million, included in the unaudited consolidated statement of operations and an outstanding balance of approximately$7.5 million as of March 31, 2026.

Current wording

During the three months ended March 31, 2026, the Company repurchased approximately $4.3 million of its 2028 Notes at a weighted average price of approximately 51.0% of par, resulting in a net gain on retirement of debt of approximately $2.1 million, included in the unaudited condensed consolidated statement of operations, and an outstanding balance of approximately $7.5 million as of June 30, 2026.

Previous wording

In April 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par. Subsequent to the repurchases, the total outstanding balance of the 2031 Second Lien Notes is $235.1 million.

Current wording

During the three months ended March 31, 2026, the Company repurchased approximately $32.4 million of its 2031 Second Lien Notes at a weighted average price of approximately 40.7% of par. During the three months ended June 30, 2026, the Company repurchased approximately $23.5 million of its 2031 Second Lien Notes at a weighted average price of approximately 42.0% of par.

Previous wording

During the three months ended March 31, 2026, the Company repurchased approximately $32.4 million of its 2031Second Lien Notes at a weighted average price of approximately 40.7% of par. As the 2031 Second Lien Notes are accounted under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors, no gain was recorded. Instead, the Company recorded an additional premium of $19.3 million, which is included in long-term debt, neton the Company's consolidated balance sheets.

Current wording

As the 2031 Second Lien Notes are accounted under Accounting Standards Codification No. 470-60, Troubled Debt Restructurings by Debtors, no gain was recorded. Instead, the Company recorded additional premiums of $19.3 and $13.6 million during the three months ended March 31, 2026, and June 30, 2026, respectively, which is included in long-term debt, net on the Company's condensed consolidated balance sheets.

Previous wording

On December 18, 2025, the Company drew $10.0 million on the on the Current ABL Facility, which was repaid in the first quarter of 2026. In March 2026, the Company drew $10.0 million on the Current ABL Facility with a six-month maturity at an interest rate of approximately 6.09% which remains outstanding as of March 31, 2026. After giving effect to the outstanding $10.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $31.8 million as of March 31, 2026.

Current wording

On December 18, 2025, the Company drew $10.0 million on the Current ABL Facility, which was repaid in the first quarter of 2026. In March 2026, the Company drew another $10.0 million on the Current ABL Facility with a six-month maturity at an interest rate of approximately 6.09%. The Company further made two separate draws of $5.0 million each for a total of $10.0 million in the second quarter of 2026, payable at an interest rate of approximately 6.75% and 6.01%. After giving effect to the outstanding $20.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $26.1 million as of June 30, 2026.

Previous wording

The following table provides a summary of our statements of cash flows for the three months ended March 31, 2026, and 2025, respectively:

Current wording

The following table provides a summary of our statements of cash flows for the six months ended June 30, 2026, and 2025, respectively:

Previous wording

Net cash flows provided by operating activities were approximately $22.1 million and $2.1 million for the three months ended March 31, 2026, and 2025, respectively. Net cash flow from operating activities for the three months ended March 31, 2026 increased primarily due to the timing of contractual interest payments due to the 2025 refinancing.

Current wording

Net cash flows provided by operating activities were approximately $14.8 million and $8.3 million for the six months ended June 30, 2026, and 2025, respectively. Net cash flow from operating activities for the six months ended June 30, 2026 increased primarily due to the lower spent in accounts payable, content assets and payables, offset by lower accounts receivable balance.

Previous wording

Net cash flows (used in) provided by investing activities were approximately $3.4 million and $2.5 million for the three months ended March 31, 2026, and 2025, respectively. Net cash flows used in investing activities increased from the prior year primarily due to higher capital expenditures.

Current wording

Net cash flows used in investing activities were approximately $3.5 million and $4.2 million for the six months ended June 30, 2026, and 2025, respectively. Net cash flows used in investing activities decreased from the prior year primarily due to the cash received from the disposition of radio station KZMJ from the Radio Broadcasting segment to Fuzion Dallas, LLC, offset by the escrow deposit related to the Service Broadcasting Group, LLC acquisition described in Note 7 - Dispositions and Acquisitions and higher capital expenditures.

Previous wording

Net cash flows used in financing activities were approximately $17.04 million and $21.5 million for the three months ended March 31, 2026, and 2025, respectively. The decrease was primarily driven by the debt repurchase activity as described in Note 9 - Debtas well as the purchase of the non-controlling interest in Reach Media (see 5 - Fair Value Measurements).

Current wording

Net cash flows used in financing activities were approximately $21.5 million and $55.4 million for the six months ended June 30, 2026, and 2025, respectively. The change was primarily driven by the debt repurchase activity of the 2031 Second Lien Notes and 2028 Notes as described in Note 9 - Debtand a net cash inflow of $10.0 million from the Current ABL Facility.

Previous wording

Our critical accounting estimates are described in our Form 10-K for the year ended December 31, 2025, under the heading Part II - Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. There have been no significant changes in our critical accounting estimates from those presented in our Form 10-K.

Current wording

Our critical accounting estimates are described in our Form 10-K for the year ended December 31, 2025, under theheading Part II - Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. There have been no significant changes in our critical accounting estimates from those presented in our Form 10-K, other than the impairment of goodwill of the Reach Media reporting unit (see further discussion below).

Previous wording

As of March 31, 2026, we had approximately $258.6 million of our 2031 Second Lien Notes, $60.6 million of our 2030 First Lien Notes and $7.5 million of our 2028 Notes outstanding within our corporate structure. See Note 9 - Debt of our consolidated financial statements. In addition, the Company entered into an amended and restated ABL facility (the “Current ABL Facility”) as a part of the 2025 Refinancing pursuant to an Amended and Restated Credit Agreement. The ABL Credit Facility provides for, among other things, commitments in the aggregate principal amount of up to $75 million (subject to determination with reference to the “Borrowing Base”, as defined in the Current ABL Credit Facility), with incremental capacity to incur an additional principal amount of up to $25.0 million. As of March 31, 2026, there were $10.0 million borrowings outstanding on the Current ABL Facility. See Note 9 -Debt of our unaudited condensed consolidated financial statements. After giving effect to the outstanding $10.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $31.8 million as of March 31, 2026.

Current wording

As of June 30, 2026, we had approximately $235.1 million of our 2031 Second Lien Notes, $60.6 million of our 2030 First Lien Notes and $7.5 million of our 2028 Notes outstanding within our corporate structure. In addition, the Company entered into an amended and restated ABL facility (the “Current ABL Facility”) as a part of the 2025 Refinancing pursuant to an Amended and Restated Credit Agreement. The ABL Credit Facility provides for, among other things, commitments in the aggregate principal amount of up to $75 million (subject to determination with reference to the “Borrowing Base”, as defined in the Current ABL Credit Facility), with incremental capacity to incur an additional principal amount of up to $25.0 million. As of June 30, 2026, there were $20.0 million borrowings outstanding on the Current ABL Facility. After giving effect to the outstanding $20.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $26.1 million as of June 30, 2026. See Note 9 - Debt of our condensed consolidated financial statements.

Previous wording

Beginning on January 1, 2018, the non-controlling interest shareholders of Reach Media have had an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”). This annual right is exercisable for a 30-day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D Common Stock of Urban One, at the discretion of Urban One. On February 14, 2025, certain non-controlling interest shareholders of Reach Media exercised their annual Put Right for approximately $3.2 million, increasing the Company’s interest in Reach Media to approximately 94.6% and decreasing the interest of the non-controlling interest shareholders from approximately 10.0% to approximately 5.4%. On January 13, 2026, the last of the non-controlling interest shareholders of Reach Media exercised their annual right to require Reach Media to purchase the remaining portion of their shares at the current fair market value for such shares (the “Put Right”). On February 25, 2026, Reach Media closed on the Put Interest increasing the Company’s interest in Reach Media to 100.0%. Reach Media paid the last of the non-controlling interest shareholders approximately $1.3 million for the 5.4% interest.

Current wording

Beginning on January 1, 2018, the non-controlling interest shareholders of Reach Media have had an annual right to require Reach Media to purchase all or a portion of their shares at the then current fair market value for such shares (the “Put Right”). This annual right is exercisable for a 30-day period beginning January 1 of each year. The purchase price for such shares may be paid in cash and/or registered Class D Common Stock of Urban One, at the discretion of Urban One. On February 14, 2025, certain non-controlling interest shareholders of Reach Media exercised their annual Put Right for approximately $3.2 million, increasing the Company’s interest in Reach Media to approximately 94.6% and decreasing the interest of the non-controlling interest shareholders from approximately 10% to approximately 5.4%. On January 13, 2026, the last of the non-controlling interest shareholders of Reach Media exercised their annual right to require Reach Media to purchase the remaining portion of their shares at the current fair market value for such shares (the “Put Right”). On February 25, 2026, Reach Media closed on the Put Interest increasing the Company’s interest in Reach Media to 100%. Reach Media paid the last of the non-controlling interest shareholders approximately $1.3 million for the 5.4% interest.

Previous wording

(3) Includes employment contracts (including the Employment Agreement Award), severance obligations, on-air talent contracts, consulting agreements, equipment rental agreements, programming related agreements, launch liability payments, and other general operating agreements. Also includes contracts that our Cable Television segment has entered into to acquire entertainment programming rights and programs from distributors and producers. These contracts relate to their content assets as well as prepaid programming related agreements.

Current wording

(5) Includes employment contracts (including the Employment Agreement Award), severance obligations, on-air talent contracts, consulting agreements, equipment rental agreements, programming and programming measurement and analytics agreements, launch liability payments, and other general operating agreements. Also includes contracts that our Cable Television segment has entered into to acquire entertainment programming rights and programs from distributors and producers. These contracts relate to their content assets as well as prepaid programming related agreements.

Previous wording

Of the total amount of other operating contracts and agreements included in the table above, approximately$112.8 million has not been recorded on the unaudited condensed consolidated balance sheet as of March 31, 2026, as it does notmeet recognition criteria. Approximately$9.4 million relates to certain commitments for content agreements for our Cable Television segment, approximately$33.3 million relates to employment agreements, and the remainder relates to other agreements.

Current wording

Of the total amount of other operating contracts and agreements included in the table above, approximately$114.6 million has not been recorded on the unaudited condensed consolidated balance sheet as of June 30, 2026, as it does notmeet recognition criteria. Approximately$14.1 million relates to certain commitments for content agreements for our Cable Television segment, approximately$46.9 million commitments for certain programming related and measurement and analytics agreements, approximately$32.8 million relates to employment and talent agreements, and the remainder relates to other agreements.

Previous wording

The Current ABL Credit Facility provides for, among other things, commitments in the aggregate principal amount of up to $75.0 million (subject to determination with reference to the “Borrowing Base”, as defined in the Current ABL Credit Facility), with incremental capacity to incur an additional principal amount of up to $25.0 million thereunder, with the proceeds thereof to be used primarily for working capital and general corporate purposes, including capital expenditures, permitted acquisitions, permitted investments and permitted dividends, in each case, in accordance with the terms of the Current ABL Facility. Subsequent to the $10.0 million drawdown, the Company's borrowing capacity was approximately $31.8 million as of March 31, 2026. As of March 31, 2026, there were $10.0 million borrowings outstanding on the Current ABL Facility. After giving effect to the outstanding $10.0 million drawdown and adjustments to account for the Borrowing Base, the Company's borrowing capacity was approximately $31.8 million as of March 31, 2026.

Current wording

The Current ABL Credit Facility provides for, among other things, commitments in the aggregate principal amount of up to $75.0 million (subject to determination with reference to the “Borrowing Base”, as defined in the Current ABL Credit Facility), with incremental capacity to incur an additional principal amount of up to $25.0 million thereunder, with the proceeds thereof to be used primarily for working capital and general corporate purposes, including capital expenditures, permitted acquisitions, permitted investments and permitted dividends, in each case, in accordance with the terms of the Current ABL Facility.