Company: RILYN
Filing Date: 2025-02-21
Form Type: 10-Q
Source: 0001628280-25-007082
Chunk: 463

Company: B. Riley Financial, Inc.
Filing Date: 2025-02-21
Form: 10-Q
Item: Part I, Item 8
Chunk 463
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,668.0 million (net of unamortized debt issue costs of $13.1 million), respectively, with a weighted average interest rate of 5.62% and 5.71%, respectively. The Company has $145.3 million of Senior Notes that are due to mature on February 28, 2025, $722.7 million due to mature in 2026, and $671.5 million due to mature in 2028. Interest on senior notes is payable on a quarterly basis. Interest expense on senior notes totaled $22.6 million and $25.1 million during the three months ended September 30, 2024 and 2023, respectively and $70.0 million and $78.1 million during the nine months ended September 30, 2024 and 2023, respectively.

Other Notes Payable

As of September 30, 2024 and December 31, 2023, the outstanding balance for the other notes payable was $29.9 million and $19.4 million, respectively. 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 $15.0 million with an annual interest rate of 10.0% and a maturity date of May 3, 2027. The remaining notes payable primarily consisted of additional deferred cash consideration owed to the sellers of FocalPoint and a promissory note related to the Lingo minority interest purchase, which was paid in full on January 2, 2024. Interest expense was $0.5 million and $0.1 million during the three months ended September 30, 2024 and 2023, respectively, and $1.1 million and $0.5 million during the nine months ended September 30, 2024 and 2023, respectively. 

Recent Accounting Standards

See Note 2(p) to the accompanying financial statements for recent accounting standards.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We transact business in various foreign currencies. In countries where the functional currency of the underlying operations has been determined to be the local country’s currency, revenues and expenses of operations outside the United States are translated into United States dollars using average exchange rates while assets and liabilities of operations outside the United States are translated into United States dollars using period