Company: RILYN
Filing Date: 2025-03-04
Form Type: 8-K
Source: 0001213900-25-020254
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Company: B. Riley Financial, Inc.
Filing Date: 2025-03-04
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On February 26, 2025 (the “ Closing Date”), 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 (the “ Credit
Agreement”), by and among the Company, the Borrower, the lenders party thereto, and Oaktree Fund Administration, LLC, as administrative
agent and as collateral agent, providing for (i) a three-year $125 million secured term loan credit facility (the “ Initial Term
Loan Facility”) and (ii) a four-month $35 million secured delayed draw term loan credit facility (the “ Delayed Draw
Facility” and, together with the Initial Term Loan Facility, the “ Credit Facilities”).

On the Closing Date, the Borrower borrowed the full $125 million under
the Initial Term Loan Facility and the full $35 million under the Delayed Draw Facility. The Initial Term Loan Facility will mature on
the earlier of (i) February 26, 2028, and (ii) if any series of bonds, notes or bank indebtedness of the Company or the Borrower
(other than the Company’s 6.375% Senior Notes due 2025 and the Company’s 5.00% Senior Notes due 2026) is outstanding on the
date 91 days prior to the stated maturity date thereof with an aggregate outstanding amount exceeding $10,000,000, the date that is 91
days prior to the stated maturity date thereof, subject to acceleration or prepayment. The Delayed Draw Facility will mature on June 30,
2025, subject to acceleration or prepayment.

Use of Proceeds

The proceeds of the Initial Term Loan Facility was used (i) to repay
the Company’s existing indebtedness under that certain credit agreement, dated August 21, 2023 (as amended by Amendment No. 1, dated
as of October 6, 2023, as further amended by Amendment, No. 2, dated as of March 26, 2024, as further amended by Amendment No. 3, dated
as of May 24, 2024, as further amended by Amendment No. 4, dated as of September 17, 2024, as further amended by Amendment No. 5, dated
as