Company: RILY
Filing Date: 2025-12-15
Form Type: 10-Q
Source: 0001464790-25-000029
Chunk: 69

Company: B. Riley Financial, Inc.
Filing Date: 2025-12-15
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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On May 3, 2024, upon closing of the acquisition of Nogin, Nogin entered into a secured convertible promissory note agreement with a principal amount of $15,000 with an annual interest rate of 10.00% and a maturity date of May 3, 2027. As of December 31, 2024, the outstanding balance for the secured convertible promissory note payable was $15,000. On March 31, 2025, the Company signed a Deed of ABC, and the $15,000 convertible note was no longer an obligation of the Company. Interest expense on the secured convertible promissory note was $386 during the six months ended June 30, 2025. 

Notes payable as of December 31, 2024, also included $12,408 related to deferred cash consideration owed to the sellers of FocalPoint. The deferred cash consideration was paid in full in January 2025. Interest expense was $144 during the three months ended June 30, 2024, and $30 and $288 during the six months ended June 30, 2025 and 2024, respectively. 

NOTE 11 — TERM LOANS AND REVOLVING CREDIT FACILITY

Term loans and revolving credit facilities are comprised of the following:June 30, 2025December 31, 2024Interest RatePrincipalInterest RatePrincipalTerm Loans:Lingo Term Loan— $— 7.91 %$52,925 Nomura Term Loan— — 11.52 %122,538 BRPAC Term Loan7.44 %72,000 7.42 %30,106 Oaktree Term Loan12.33 %63,035 — — Subtotal135,035 205,569 Less: Unamortized debt issuance costs and discount(10,451)(6,140)Total Term Loans$124,584 $199,429 Weighted AverageInterest RatePrincipalJune 30, 2025June 30, 2025December 31, 2024Revolver Loan:Targus Revolver Loan9.90 %$12,075 $16,329 Oaktree Credit AgreementOn February 26, 2025, the Company and BRFH (“BRFH Borrower”) entered into a new credit agreement with a group of funds indirectly or directly controlled by Oaktree Capital Management,