Company: ACTG
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0000934549-25-000054
Chunk: 38

Company: ACACIA RESEARCH CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 38
---
 expenses and other current assets in the consolidated balance sheet as of December 31, 2024. During the nine months ended September 30, 2025, ARG exercised the option to acquire all rights to license and enforce the portfolio and capitalized $15.0 million in patent and patent rights costs.

9. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following:September 30, 2025December 31, 2024(In thousands)Accrued consulting and other professional fees$1,406 $2,602 Income taxes payable2,303 1,296 Sales and tax and fees payable7,209 7,354 Other tax payable76 2,046 Interest accrual1,333 1,162 Service contract costs, current889 277 Short-term lease liability3,967 3,563 Other accrued liabilities3,143 2,275 Total$20,326 $20,575 

10. ASSET RETIREMENT OBLIGATIONS

The following table presents the changes in asset retirement obligations in the consolidated balance sheets:Nine Months EndedSeptember 30,20252024(In thousands)Beginning balance$32,616 $294 Liabilities acquired6 28,713 Liabilities settled(118)— Changes in assumptions(2)— Accretion of discounts1,299 620 Ending balance$33,801 $29,627 Less: Current portion(1,569)(1,562)   Asset retirement obligation, long-term$32,232 $28,065 

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 a revolving credit facility with a maximum aggregate credit amount of $150 million (the “Benchmark Revolving Credit Facility”), approximately $85 million of which 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