# EDGAR Filing Document

**Accession Number:** 0001464790
**File Stem:** 0001213900-26-005664
**Filing Date:** 2026-1
**Character Count:** 25682
**Document Hash:** dcebfe9cafd50af9784198033dee0d77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-005664.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001213900-26-005664

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260114

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRC Group Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001464790
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 270223495
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37503
- **FILM NUMBER:** 26543029

**BUSINESS ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025
- **BUSINESS PHONE:** 818-884-3737

**MAIL ADDRESS:**
- **STREET 1:** 11100 SANTA MONICA BLVD
- **STREET 2:** SUITE 800
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90025

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** B. Riley Financial, Inc.
- **DATE OF NAME CHANGE:** 20141104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Great American Group, Inc.
- **DATE OF NAME CHANGE:** 20090522

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): January 14, 2026**

**BRC GROUP HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37503** | **27-0223495** |
| (State or other jurisdiction<br> of incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

**11100 Santa Monica Blvd., Suite 800**

**Los Angeles, CA 90025**

**<u>310-966-1444</u>**

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which<br> registered** |
| **Common Stock, par value $0.0001 per share** | **RILY** | **Nasdaq Global Market** |
| **Depositary Shares (each representing 1/1000th of a share of 6.875% Series A Cumulative Perpetual Preferred Stock)** | **RILYP** | **Nasdaq Global Market** |
| **Depositary Shares (each representing 1/1000th of a share of 7.375% Series B Cumulative Perpetual Preferred Stock)** | **RILYL** | **Nasdaq Global Market** |
| **5.00% Senior Notes due 2026** | **RILYG** | **Nasdaq Global Market** |
| **5.50% Senior Notes due 2026** | **RILYK** | **Nasdaq Global Market** |
| **6.50% Senior Notes due 2026** | **RILYN** | **Nasdaq Global Market** |
| **5.25% Senior Notes due 2028** | **RILYZ** | **Nasdaq Global Market** |
| **6.00% Senior Notes due 2028** | **RILYT** | **Nasdaq Global Market** |

---

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01 Entry into a Material Definitive Agreement**

*Amendment to Credit Agreement*

On January 14, 2026, BRC Group Holdings, Inc. (the "<u>Company</u>") and its wholly owned subsidiary BR Financial Holdings, LLC (the "<u>Borrower</u>") entered into Amendment No. 4 (the "<u>Credit Agreement Amendment</u>") to that certain Credit Agreement, dated as of February 26, 2025, by and among the Company, Borrower, each of the lenders party thereto, and Oaktree Fund Administration, LLC, as administrative agent and as collateral agent (as amended by Amendment No. 1 dated as of March 24, 2025, Amendment No. 2 dated as of July 8, 2025 and Amendment No. 3 dated as of October 8, 2025, the "<u>Credit Agreement</u>").

The Credit Agreement Amendment added an additional carve-out to Section 6.06 with respect to Limitation on Investments and allows the Company to repurchase unsecured notes on or prior to June 30, 2026 in an aggregate outstanding amount not to exceed $25 million.

The foregoing description of the Credit Agreement Amendment is qualified in its entirety by reference to the full text of the Credit Agreement Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

In connection with the Company's repositioning as a holding company, the Company is working through various corporate structuring efforts, including the amendment (the "Amendment") of that certain Amended and Restated Employment Agreement (the "Agreement"), dated as of April 11, 2023, by and between the Company and, Alan N. Forman, the Company's Executive Vice President and General Counsel (the "Executive"). The Amendment reduces the Executive's severance amount to two thirds times the Executive's base salary.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment attached hereto as Exhibit 10.2 and incorporated by reference herein.

**Item 9.01. Financial Statements and Exhibits.**

**(d) Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Amendment No. 4 to Credit Agreement, dated January 14, 2026, among Registrant, BR Financial Holdings, LLC, each of the lenders party thereto, and Oaktree Fund Administration, LLC](ea027322901ex10-1_brcgroup.htm) |
| 10.2 | [Amendment No. 1 dated January 15, 2026, to Amended and Restated Employment Agreement, by and between the Registrant and Alan N. Forman](ea027322901ex10-2_brcgroup.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| BRC Group Holdings, Inc. | BRC Group Holdings, Inc. |
| By: | /s/ Scott Yessner |
| Name: | Scott Yessner |
| Title: | EVP & CFO |

---

Date: January 20, 2026

## Exhibit 10.1

**Exhibit 10.1**

**Execution Version**

 ****

**<u>AMENDMENT NO. 4 TO CREDIT AGREEMENT</u>**

This AMENDMENT NO. 4 TO CREDIT AGREEMENT (this "<u>Amendment</u>") is entered into effective January 14, 2026 (the "<u>Effective Date</u>"), among BRC Group Holdings, Inc. (f/k/a B. Riley Financial, Inc.), a Delaware corporation ("<u>Ultimate Parent</u>"), BR Financial Holdings, LLC, a Delaware limited liability company (the "<u>Borrower</u>"), each of the lenders party hereto (the "<u>Lenders</u>") and Oaktree Fund Administration, LLC, as administrative agent for the Lenders (in such capacity, together with its successors and permitted assigns in such capacity, the "<u>Administrative Agent</u>") and as collateral agent (in such capacity, together with its successors and assigns in such capacity, the "<u>Collateral Agent</u>"). All capitalized terms used herein (including in this preamble) and not otherwise defined herein shall have the respective meanings provided such terms in the Credit Agreement referred to below.

<u>R E C I T A L S</u>:

WHEREAS, the Ultimate Parent, the Borrower, the Lenders, the Administrative Agent, and the Collateral Agent are parties to that certain Credit Agreement, dated as of February 26, 2025 (as amended by Amendment No. 1 to Credit Agreement and Guarantee and Collateral Agreement, dated as of March 24, 2025, as amended by Amendment No. 2 to Credit Agreement, dated as of July 8, 2025 and as amended by Amendment No. 3 to Credit Agreement, dated as of October 8, 2025, the "<u>Credit Agreement</u>");

WHEREAS, pursuant to Section 9.01 of the Credit Agreement, the Ultimate Parent and the Borrower have requested the Administrative Agent and the Lenders agree to amend the Credit Agreement as hereinafter provided;

WHEREAS, subject to the terms and conditions set forth herein, the Administrative Agent and the Lenders party hereto are willing to agree to such amendments, all as hereinafter provided;w

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1. <u>Rules of Construction</u>. The rules of construction specified in Section 1.02 of the Credit Agreement shall apply to this Amendment, including the terms defined in the preamble and recitals hereto.

Section 2. <u>Amendment to Credit Agreement</u>. The parties hereto (including the Lenders party hereto) agree that, effective as of the Effective Date, the Credit Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendment to Section 6.06(j)</u>. Section 6.06(j) of the Credit Agreement is hereby amended and restated in its entirety to read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Investments consisting of purchases of Unsecured Notes on or prior to June 30, 2026, in an aggregate outstanding amount not to exceed $25,000,000 (it being understood that in the case of such Unsecured Notes purchased at a discount, the amount of such Investment shall be deemed to be the amount of consideration paid by Ultimate Parent or its Subsidiaries in respect thereof).

Section 3. <u>Representations and Warranties</u>. Each Loan Party party hereto hereby represents and warrants that as of the Effective Date, both before and after giving effect to the provisions of this Amendment, (i) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents are true and correct in all material respects as of the Effective Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); provided that any representation and warranty that is qualified by "materiality", "Material Adverse Effect" or similar language shall be true and correct (after giving effect to any qualification therein) in all respects and (ii) no Default or Event of Default has occurred and is continuing or would result from the transactions contemplated by this Amendment.

Section 4. <u>Reference to and Effect on the Credit Agreement and the other Loan Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the Effective Date, (i) each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof" or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Amendment and (ii) all references in each of the Loan Documents referring to the Credit Agreement shall be deemed to be a reference to the Credit Agreement, as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Credit Agreement and each of the other Loan Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Security Documents and all of the Collateral described therein do and shall continue to secure the payment of all Obligations of the Loan Parties, as amended by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On and after the effectiveness of this Amendment, this Amendment shall constitute a "Loan Document" for all purposes of the Loan Agreement and the other Loan Documents.

Section 5. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Ratification</u>. This Amendment is limited to the matters specified herein and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or any other Loan Document. Nothing herein contained shall be construed as a substitution or novation of the obligations outstanding under the Credit Agreement or any other Loan Document or instruments securing the same, which shall remain in full force and effect as modified hereby or by instruments executed concurrently herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Governing Law; Submission to Jurisdiction, Waiver of Jury Trial, Etc</u>. THIS AMENDMENT AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AMENDMENT (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Sections 9.13 and 9.16 of the Credit Agreement are incorporated by reference herein as if such Sections appeared herein, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability</u>. Section 9.09 of the Credit Agreement is incorporated by reference herein as if such Section appeared herein, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Counterparts</u>. This Amendment shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the UCC (collectively, "<u>Signature Law</u>"); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Section Headings</u>. The Section headings used in this Amendment are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Costs and Expenses</u>. The Borrower hereby agrees to pay and reimburse the Administrative Agent for its reasonable and documented out-of-pocket costs and expenses incurred in connection with the negotiation, preparation, execution and delivery of this Amendment, including without limitation, the reasonable fees, charges and disbursements of one counsel for the Administrative Agent, all in accordance with Section 9.05 of the Credit Agreement.

[SIGNATURE PAGES FOLLOW]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

---

| | |
|:---|:---|
| BRC GROUP HOLDINGS, INC., as Ultimate Parent | BRC GROUP HOLDINGS, INC., as Ultimate Parent |
| By: | /s/ Bryant Riley |
| Name: | Bryant Riley |
| Title: | Co-Chief Executive Officer |
| BR FINANCIAL HOLDINGS, LLC, as Borrower | BR FINANCIAL HOLDINGS, LLC, as Borrower |
| By: | /s/ Bryant Riley |
| Name: | Bryant Riley |
| Title: | Co-Chief Executive Officer |

---

[*Signature Page to Amendment No. 4 to Credit Agreement*]

---

| | |
|:---|:---|
| **OAKTREE FUND ADMINISTRATION, LLC, as** | **OAKTREE FUND ADMINISTRATION, LLC, as** |
| Administrative Agent and Collateral Agent | Administrative Agent and Collateral Agent |
| By: | /s/ Thomas Casarella |
| Name: | Thomas Casarella |
| Title: | Managing Director |
| By: | /s/ Nicholas Basso |
| Name: | Nicholas Basso |
| Title: | Managing Director |

---

*[Signature Page to Amendment No. 4 to Credit Agreement]*

---

| | |
|:---|:---|
| **OPPS XII BROKER D HOLDINGS, L.P.**, as a Lender | **OPPS XII BROKER D HOLDINGS, L.P.**, as a Lender |
| By: | Oaktree Fund GP, LLC |
| Its: | Manager |
| By: | Oaktree Fund GP I, L.P. |
| Its: | Managing Member |
| By: | /s/ Nicholas Basso |
| Name: | Nicholas Basso |
| Title: | Authorized Signatory |
| By: | /s/ Reed Westerman |
| Name: | Reed Westerman |
| Title: | Authorized Signatory |

---

*[Signature Page to Amendment No. 4 to Credit Agreement]*

---

| | |
|:---|:---|
| **OPIF BROKER HOLDINGS, L.P**., as a Lender | **OPIF BROKER HOLDINGS, L.P**., as a Lender |
| By: | Oaktree Fund AIF Series, L.P. – Series U |
| Its: | General Partner |
| By: | Oaktree Fund GP AIF, LLC |
| Its: | General Partner |
| By: | Oaktree Fund GP III, L.P. |
| Its: | Managing Member |
| By: | /s/ Steven Tesoriere |
| Name: | Steven Tesoriere |
| Title: | Authorized Signatory |
| By: | /s/ Pavel Kaganas |
| Name: | Pavel Kaganas |
| Title: | Authorized Signatory |

---

*[Signature Page to Amendment No. 4 to Credit Agreement]*

---

| | |
|:---|:---|
| **OAKTREE-COPLEY INVESTMENTS, LLC, as a** | **OAKTREE-COPLEY INVESTMENTS, LLC, as a** |
| Lender |  |
| By: | Oaktree Fund GP, LLC |
| Its: | Managing Member |
| By: | Oaktree Fund GP I, L.P. |
| Its: | Managing Member |
| By: | /s/ Steven Tesoriere |
| Name: | Steven Tesoriere |
| Title: | Managing Director |
| By: | /s/ Pavel Kaganas |
| Name: | Pavel Kaganas |
| Title: | Senior Vice President |

---

*[Signature Page to Amendment No. 4 to Credit Agreement]*

---

| | |
|:---|:---|
| **RPVOF BROKER CTB, LLC**, as a Lender | **RPVOF BROKER CTB, LLC**, as a Lender |
| By: | Oaktree Fund GP, LLC |
| Its: | Manager |
| By: | Oaktree Fund GP I, L.P. |
| Its: | Managing Member |
| By: | /s/ Steven Tesoriere |
| Name: | Steven Tesoriere |
| Title: | Authorized Signatory |
| By: | /s/ Pavel Kaganas |
| Name: | Pavel Kaganas |
| Title: | Authorized Signatory |

---

*[Signature Page to Amendment No. 4 to Credit Agreement]*

---

| | |
|:---|:---|
| **OCM SSF III BROKER DEBT HOLDINGS, L.P.,** | **OCM SSF III BROKER DEBT HOLDINGS, L.P.,** |
| as a Lender | as a Lender |
| By: | Oaktree Fund AIF Series (Cayman), L.P. – Series S |
| Its: | General Partner |
| By: | Oaktree AIF (Cayman) GP Ltd. |
| Its: | General Partner |
| By: | Oaktree Capital Management, L.P. |
| Its: | Director |
| By: | /s/ Thomas Casarella |
| Name: | Thomas Casarella |
| Title: | Managing Director |
| By: | /s/ Ryan Irwin |
| Name: | Ryan Irwin |
| Title: | Vice President |

---

*[Signature Page to Amendment No. 4 to Credit Agreement]*

## Exhibit 10.2

**Exhibit 10.2**

**<u>Amendment No. 1 to Amended And Restated Employment Agreement</u>**

This Amendment No. 1 to Amended and Restated Employment Agreement (this "<u>Amendment</u>") is entered into as of January 15, 2026, by and between BRC Group Holdings, Inc., f/k/a B. Riley Financial, Inc. (the "<u>Company</u>") and **Alan N. Forman** (the "<u>Executive</u>"). The above parties are referred to collectively herein as the "<u>Parties</u>," and individually as a "<u>Party</u>."

**<u>RECITALS</u>**

**WHEREAS**, the Parties have entered into an Amended and Restated Employment Agreement dated as of April 11, 2023, a copy of which is publicly filed (the "<u>Existing Agreement</u>"); and

**WHEREAS**, the Company and the Executive desire to amend the Existing Agreement to revise certain terms relating to the amount of severance due to Executive upon termination of the Executive under certain circumstances.

**<u>AGREEMENT</u>**

**NOW THEREFORE**, each of the Parties, in consideration of the mutual promises hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, does hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. Each capitalized term not defined herein shall have the definition ascribed to it in the Existing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment</u>. The Existing Agreement shall be amended by deleting the second sentence in Section 5.2 and replacing it in its entirety with the following sentence:

"The "Severance Payment" shall be a lump sum equal to two thirds (2/3) times Executive's Base Salary (as in effect immediately prior to such termination)."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Full Force and Effect</u>. Except as specifically modified or amended by the terms of this Amendment, the Existing Agreement and all provisions contained therein are, and shall continue, in full force and effect and are hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Miscellaneous Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Further Assurances</u>. Each Party, at the reasonable request of the other Party, and without additional consideration, shall, from time to time (i) execute and deliver, or shall cause to be executed and delivered, such further certificates, agreements or instruments, and (ii) take such other action, as the other Party may reasonably request, to consummate or implement the amendment contemplated by this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Counterparts</u>. This Amendment may be executed in any number of separate counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

IN WITNESS WHEREOF, the Parties have executed this Amendment on the date first written above.

---

| | |
|:---|:---|
| BRC Group Holdings, Inc. | BRC Group Holdings, Inc. |
| By: | /s/ Bryant Riley |
| Name: | Bryant Riley |
| Title: | Co-CEO |
| /s/ Alan N. Forman | /s/ Alan N. Forman |
| Alan N. Forman | Alan N. Forman |

---