B. Riley Financial Files 8-K: Agreements, Officer Changes

TL;DR

B. Riley Financial (RILY) filed an 8-K detailing new financial obligations and executive changes.

AI Summary

On September 17, 2024, B. Riley Financial, Inc. entered into a material definitive agreement related to a direct financial obligation. The company also announced the departure of a director and the appointment of new officers, along with updates to compensatory arrangements.

Why It Matters

This filing indicates significant corporate actions, including new financial obligations and changes in leadership, which could impact the company's financial strategy and operational direction.

Risk Assessment

Risk Level: medium — The filing involves material definitive agreements and changes in corporate officers, which can introduce uncertainty and potential financial risks.

Key Players & Entities

• B. Riley Financial, Inc. (company) — Filer of the 8-K
• 20240917 (date) — Date of report
• 11100 SANTA MONICA BLVD (address) — Company business and mailing address

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share RILY Nasdaq Global Market
• $500 million — " Collateral Agent "), providing for a $500 million secured term loan credit facility (the
• $100 million — lity (the " Term Loan Facility ") and a $100 million secured revolving loan credit facility
• $85.9 million — in an aggregate amount of approximately $85.9 million. After giving effect to the repayment,
• $388,126,873 — erm Loans as of September 17, 2024, was $388,126,873. In addition, the Borrower paid the acc
• $100,000,000 — anding Term Loans to be no greater than $100,000,000 on or prior to September 30, 2025; re
• $60,000,000 — at no time shall Liquidity be less than $60,000,000; and amend certain provisions related
• $250,000 — which he will be paid an annual fee of $250,000 paid monthly. In addition to and as pa

Filing Documents

• ea0215063-8k_briley.htm (8-K) — 53KB
• 0001213900-24-081032.txt ( ) — 310KB
• rily-20240917.xsd (EX-101.SCH) — 5KB
• rily-20240917_def.xml (EX-101.DEF) — 29KB
• rily-20240917_lab.xml (EX-101.LAB) — 41KB
• rily-20240917_pre.xml (EX-101.PRE) — 28KB
• ea0215063-8k_briley_htm.xml (XML) — 14KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement As previously disclosed, B. Riley Financial, Inc., a Delaware corporation (the " Company ") and the Company's wholly owned subsidiary, BR Financial Holdings, LLC, a Delaware limited liability company (the " Borrower "), entered into a credit agreement (as amended prior to the Fourth Amendment (as defined below), the " Existing Credit Agreement "), dated August 21, 2023, by and among the Company, the Borrower, the lenders party thereto, Nomura Corporate Funding Americas, LLC, as administrative agent (the " Administrative Agent ") and Computershare Trust Company, N.A., as collateral agent (the " Collateral Agent "), providing for a $500 million secured term loan credit facility (the " Term Loan Facility ") and a $100 million secured revolving loan credit facility (the " Revolving Credit Facility " and, together with the Term Loan Facility, the " Facilities "). On September 17, 2024 (the " Amendment Effective Date "), the Company, the Borrower and each of the subsidiary guarantors of the Facilities entered into Amendment No. 4 to Credit Agreement (the " Fourth Amendment " and the Existing Credit Agreement as amended by the Fourth Amendment, the " Credit Agreement "), with each of the lenders party thereto and the Administrative Agent. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Credit Agreement. On the Amendment Effective Date, the Borrower repaid a portion of the principal of the Term Loans and accrued and unpaid interest on the portion of the Term Loans so repaid in an aggregate amount of approximately $85.9 million. After giving effect to the repayment, the outstanding principal amount of Term Loans as of September 17, 2024, was $388,126,873. In addition, the Borrower paid the accrued and unpaid Commitment Fee on the Revolving Credit Facility through the Amendment Effective Date and terminated the Revolving Credit Facility on the Amendment Effective Date. In a

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. B. Riley Financial, Inc. By: /s/ Bryant R. Riley Name: Bryant R. Riley Title: Chairman & Co-CEO Date: September 23, 2024 -2-

View Full Filing

View this 8-K filing on SEC EDGAR