Direct Digital Holdings Inc. has amended its Term Loan and Security Agreement through a Tenth Amendment with Lafayette Square Loan Servicing, LLC and Lafayette Square USA, Inc. Under the revised terms, Direct Digital Holdings, LLC, as borrower, now has the option to request that Lafayette exchange or convert, in whole or in part, up to $35 million in Series A Preferred Stock into shares of Class A Common Stock. Lafayette may accept or decline such requests at its discretion and must decline requests that would result in exceeding a specified ownership limitation. The exchange ratio will be based on the accumulated conversion value of the Series A Preferred Stock divided by the 20-day volume-weighted average price of the company's Class A shares. Parties have also agreed to use reasonable efforts to sell exchanged shares within three business days.