RILY extends earliest term-loan maturity; director won’t seek re‑election

Rhea-AI Filing Summary

B. Riley Financial amended its credit agreement to modify the “springing” maturity trigger on its Initial Term Loans. The loans still mature on the earlier of February 26, 2028 or a date 91 days before the maturity of other Company or Borrower debt outstanding above $10,000,000 (excluding the 6.375% Senior Notes due February 28, 2025 and the 5.50% Senior Notes due March 31, 2026). The amendment now provides that this springing maturity will not occur before March 31, 2027, extending the earliest possible maturity of the Initial Term Loans from July 1, 2026.

The company also announced that director Michael Sheldon will not seek re‑election at the next annual meeting. He reported no disagreements with the company on operations, policies, or practices.

Insights

Credit & capital structure analyst

Springing maturity pushed to Mar 31, 2027, easing near-term timing.

The amendment keeps the Initial Term Loans maturing on the earlier of Feb 26, 2028 or a springing date 91 days ahead of other debt maturities above $10,000,000, but now ensures that trigger cannot occur before Mar 31, 2027. This directly extends the earliest possible maturity from Jul 1, 2026.

Exclusions from the trigger remain the 6.375% Senior Notes due Feb 28, 2025 and the 5.50% Senior Notes due Mar 31, 2026. By fixing a floor date, the agreement reduces the chance of an earlier-than-expected acceleration tied to other instruments crossing their maturities.

The filing also notes director Michael Sheldon will not seek re‑election, with no stated disagreements. Actual capital-market impact will depend on subsequent liability management steps and future disclosures.

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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): October 8, 2025

B. RILEY FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-37503		27-0223495
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

11100 Santa Monica Blvd., Suite 800

Los Angeles, CA 90025

310-966-1444

(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 registered
Common Stock, par value $0.0001 per share		RILY		Nasdaq Global Market
Depositary Shares (each representing a 1/1000th interest in a 6.875% Series A Cumulative Perpetual Preferred Share, par value $0.0001 per share)		RILYP		Nasdaq Global Market
Depositary Shares, each representing a 1/1000th fractional interest in a 7.375% share of 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 October 8, 2025, B. Riley Financial, Inc. (the “Company”) and its wholly owned subsidiary BR Financial Holdings, LLC (the “Borrower”) entered into an amendment (the “Credit Agreement Amendment”) 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 the Amendment No. 1 to Credit Agreement, dated as of February 26, 2025 and the Amendment No. 2 to Credit Agreement, dated as of July 8, 2025, the “Credit Agreement”).

Pursuant to the Credit Agreement, the maturity date for the Initial Term Loans (as defined in the Credit Agreement) matures on the earlier of (i) February 26, 2028, and (ii) a springing maturity date 91 days prior to the maturity of any series of bonds, notes or bank indebtedness of the Company or the Borrower (other than the Company’s 6.375% Senior Notes due February 28, 2025 and the Company’s 5.50% Senior Notes due March 31, 2026) outstanding on such date with an aggregate outstanding amount exceeding $10,000,000. The Credit Agreement Amendment provides that this springing maturity date shall in no event occur prior to March 31, 2027, thereby extending the earliest possible maturity date of the Initial Term Loans from July 1, 2026.

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(a) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 10, 2025, Michael Sheldon, a member of the Company’s Board of Directors, informed the Company of his decision not to seek re-election at the Company’s next annual meeting of stockholders. Mr. Sheldon has no disagreements with the Company on any matters related to the Company’s operations, policies or practices.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
10.1		Amendment No. 3 to Credit Agreement, dated October 8, 2025, among B. Riley Financial, Inc., BR Financial Holdings, LLC, each of the lenders party thereto, and Oaktree Fund Administration, LLC
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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.

	B. Riley Financial, Inc.
	By:	/s/ Bryant R. Riley
	Name:	Bryant R. Riley
	Title:	Co-CEO

Date: October 14, 2025

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FAQ

What did RILY change in its credit agreement?

It amended the springing maturity so it cannot occur before March 31, 2027, extending the earliest possible Initial Term Loan maturity from July 1, 2026.

When do B. Riley’s Initial Term Loans mature under the amended terms?

On the earlier of February 26, 2028 or a date 91 days before other Company/Borrower debt maturities over $10,000,000, but not before March 31, 2027.

Which securities are excluded from the springing maturity test for RILY?

The 6.375% Senior Notes due February 28, 2025 and the 5.50% Senior Notes due March 31, 2026 are excluded.

Who is the administrative and collateral agent on RILY’s credit agreement?

The agent is Oaktree Fund Administration, LLC.

What board change did RILY disclose?

Director Michael Sheldon will not seek re‑election at the next annual meeting and has no disagreements with the company.

What threshold triggers the springing maturity for RILY’s loans?

Debt maturities of the Company/Borrower exceeding an aggregate outstanding amount of $10,000,000, subject to the stated exclusions.