Company: ACTG
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000934549-25-000021
Chunk: 54

Company: ACACIA RESEARCH CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 payable1,049 2,046 Revolving credit facility and Term loan interest accrual1,749 1,162 Product warranty liability, current53 59 Service contract costs, current275 277 Short-term lease liability3,218 3,563 Other accrued liabilities1,918 2,216 Total$24,084 $20,575 

10. ASSET RETIREMENT OBLIGATIONS

The following table presents the changes in asset retirement obligations in the condensed consolidated balance sheets:Three Months Ended March 31,20252024(In thousands)Beginning balance$31,070 $294 Liabilities acquired1,462 — Accretion of discounts434 — Ending balance$32,966 $294 Less: Current portion(1,565)—    Asset retirement obligation, long-term$31,401 $294 

11. REVOLVING CREDIT FACILITY AND TERM LOAN

Benchmark Loan AgreementOn April 17, 2024 (the “Revolution Closing Date”), in connection with the Revolution Transaction, BE Anadarko II, LLC, a subsidiary of Benchmark, entered into a Loan Agreement (the “Benchmark Loan Agreement”) with Frost Bank, as Administrative Agent and LC Issuer (“Frost Bank”) and the lenders from time to time party thereto (the “Benchmark Lenders”), governing the “Benchmark Revolving Credit Facility”, with a maximum aggregate credit amount of $150 million, of which approximately $85 million was available at the Revolution Closing Date, that Benchmark may draw upon from time to time subject to the terms and conditions set forth in the Benchmark Loan Agreement. The Benchmark Revolving Credit Facility will mature April 17, 2027 and includes a letter of credit subfacility. On the Revolution Closing Date, $82.7 million, including $660,000 related to letters of credit, was drawn under the Benchmark Revolving Credit Facility. Benchmark pledged substantially all of its oil and gas properties and other assets as collateral to secure amounts outstanding under the Benchmark Loan Agreement. During the three months ended March 31, 2025, Benchmark made payment of $5.0 million under the Benchmark Revolving Credit Facility reducing the borrowing base. The outstanding balance on the Benchmark Revolving Credit Facility was $61.5 million and $66.5 million as of March 31, 2025 and December 31, 2024, respectively.

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Borrowings under