---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-005348"
form_type: "8-K"
ticker: "RILY"
cik: "0001464790"
company_name: "BRC Group Holdings, Inc."
filed_at: "2024-01-22T23:59:59+00:00"
generated_at: "2026-06-06T20:36:26.193931+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# B. Riley guarantees up to $150M of Babcock & Wilcox debt; earns 2% quarterly fee

## Summary
- Guaranty caps B. Riley's exposure at $150M for Babcock & Wilcox credit extensions and L/C obligations.
- B. Riley earns quarterly fee of 2.00% of aggregate revolving commitments, payable in cash or 50% cash + penny warrants.
- Credit agreement matures no later than Jan 18, 2027; B. Riley consent required for certain amendments.
- Guaranty is unsecured, ranks pari passu with B. Riley's senior debt and senior to subordinated debt.

## SEC filing metadata
- accession: 0001213900-24-005348
- form_type: 8-K
- ticker: RILY
- cik: 0001464790
- company_name: BRC Group Holdings, Inc.
- filed_at: 2024-01-22T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1464790/000121390024005348/0001213900-24-005348-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1464790/000121390024005348/ea191993-8k_briley.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-005348
- JSON: https://secwatch.observer/filing/0001213900-24-005348.json
- Plain text: https://secwatch.observer/filing/0001213900-24-005348.txt

## Key facts
- Debt Financings
  BRC Group Holdings, Inc. incurred guarantee of $150,000,000 with Axos Bank at 2.00%.
  - Instrument: guarantee
  - Principal: $150,000,000
  - Counterparty: Axos Bank
  - Rate: 2.00%
  - Event: incurrence
  source text: the Company has guaranteed certain obligations of the Borrower (subject to certain limitations) under the Credit Agreement, including the obligation to repay outstanding loans and letters of credit and to pay earned interest, fees costs and expenses of enforcing the Guaranty, provided however, that the Company’s obligations with respect to the principal amount of credit extensions and unreimbursed letter of credit obligations under the Credit Agreement shall not at any time exceed $150,000,000 in the aggregate
  evidence_url: https://www.sec.gov/Archives/edgar/data/1464790/000121390024005348/0001213900-24-005348-index.htm
- Material Agreements
  BRC Group Holdings, Inc. entered into Guaranty with Babcock & Wilcox Enterprises, Inc. valued at $150,000,000 aggregate cap on Company obligations; 2.00% fee of aggregate revolving commitments paya (effective 2024-01-18).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Babcock & Wilcox Enterprises, Inc.
  - Value: $150,000,000 aggregate cap on Company obligations; 2.00% fee of aggregate revolving commitments paya
  - Effective: 2024-01-18
  source text: On January 18, 2024 (the “ Effective Date ”), B. Riley Financial, Inc., a Delaware corporation (the “ Company ”), entered into a guaranty (the “ Guaranty ”) in favor of (i) Axos Bank, in its capacity as administrative agent (the “ Administrative Agent ”) for the secured parties under that certain Credit Agreement, dated as of the Effective Date among Babcock & Wilcox Enterprises, Inc. (the “ Borrower ”), the guarantors party thereto, the lenders party thereto and the Administrative Agent (the “ Credit Agreement ”), and (ii) the secured parties.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1464790/000121390024005348/0001213900-24-005348-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.