Form 4: Brigade Capital Sells Beasley Broadcast Group Shares

Brigade Capital Management, a 10% owner of Beasley Broadcast Group, reported the sale of 134,048 Class A Common Stock shares through pre-arranged plans.

Summary

• Brigade Capital Management, LP, along with Brigade Capital Management GP, LLC and Donald E. Morgan, III, reported sales of Beasley Broadcast Group Inc. (BBGI) Class A Common Stock.
• The transactions occurred on December 10, 2025, and were executed under a Rule 10b5-1(c) plan, indicating they were pre-scheduled.
• A total of 134,048 shares of Class A Common Stock were disposed of across three separate transactions.
• The sales included 34,250 shares at a price of $24.97 per share, 33,000 shares at $18.47 per share, and 66,798 shares at a weighted average price of $11.79 per share (ranging from $11.50 to $12.13).
• Following these transactions, the reporting persons indirectly beneficially own a total of 173,808 shares of Class A Common Stock.
• The reported securities are directly owned by advisory clients of Brigade Capital Management, LP, with the reporting persons disclaiming beneficial ownership except to the extent of their pecuniary interest.

Sentiment

Score: 4

Explanation: The sale of a significant number of shares by a 10% owner, even if pre-planned under Rule 10b5-1, generally indicates a reduction in conviction or portfolio rebalancing, which can be perceived negatively by the market. However, the pre-planned nature mitigates a stronger negative sentiment.

Positives

• The sales were conducted under a Rule 10b5-1(c) plan, which suggests the transactions were pre-scheduled and not based on new, non-public information, potentially mitigating negative market interpretation.

Negatives

• A significant sale of 134,048 shares by a 10% owner can be perceived negatively by the market, potentially signaling a reduction in conviction or a move to rebalance portfolios.
• The sales occurred at varying price points, with a substantial portion at a lower weighted average price of $11.79, which could reflect a strategic decision to divest at current market levels.

Future Outlook

na

Management Comments

• Brigade Capital Management, LP, Brigade Capital Management GP, LLC, and Mr. Morgan each disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.
• This report shall not be deemed to be an admission that each Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

Industry Context

na

Stakeholder Impact

• Shareholders may perceive the sales by a significant owner as a negative signal, potentially impacting investor confidence and the stock price of Beasley Broadcast Group Inc.

Key Dates

Recommendation

While the sale of shares by a 10% owner is typically a negative signal, the transactions were executed under a Rule 10b5-1 plan, suggesting they were pre-scheduled and not necessarily indicative of new negative information. Investors should monitor future filings and company performance, but the current information does not warrant an immediate 'sell' given the pre-planned nature of the sales and the disclaimers regarding beneficial ownership.

Keywords

Beasley Broadcast Group, BBGI, Brigade Capital Management, Insider Sales, Form 4, Stock Transaction, 10% Owner, Equity Sales, Class A Common Stock, Rule 10b5-1