Company: UONE
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001041657-25-000034
Chunk: 36

Company: URBAN ONE, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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84% and 7.73%, respectively.From time to time, the Company may repurchase its debt securities in open market purchases. Under open authorizations, repurchases of the outstanding debt may be made from time to time on the open market or in privately negotiated transactions in accordance with applicable laws and regulations. Repurchased debt is 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 other factors, and subject to restrictions under applicable law.During the fourth quarter of 2023, the Board of Directors authorized and approved a note repurchase program for up to $75.0 million of the currently outstanding 2028 Notes (the “Q4 2023 Notes Repurchase Authorization”). During the second quarter of 2024, the Board of Directors authorized and approved a further note repurchase program for up to $75.0 million of the currently outstanding 2028 Notes (the “June 2024 Authorization”). During the first quarter of 2025, the Board of Directors authorized and approved a further note repurchase program for up to $75.0 million of the currently outstanding 2028 Notes (the “March 2025 Authorization”).During the year ended December 31, 2024, the Company repurchased approximately $140.4 million of its 2028 Notes at a weighted average price of approximately 82.3% of par. The repurchase activity during the year ended December 31, 2024 exhausted the Q4 2023 Notes Repurchase Authorization and left approximately $9.6 million remaining under the June 2024 Authorization.

21

During the three months ended March 31, 2025, the Company repurchased approximately $28.2 million of its 2028 Notes at a weighted average price of approximately 58.0% of par, resulting in a net gain on retirement of debt of approximately $11.6 million, exhausting the June 2024 Authorization and leaving $56.4 million remaining under the March 2025 Authorization. See Note 15 - Subsequent Events of our condensed consolidated financial statements for additional debt repurchases subsequent to March 31, 2025.The 2028 Notes had fair values of approximately $286.5 million and $341.5 million as of March 31, 2025 and December 31, 2024, respectively. The fair values of the 2028 Notes, classified as a Level