---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-081032"
form_type: "8-K"
ticker: "RILY"
cik: "0001464790"
company_name: "BRC Group Holdings, Inc."
filed_at: "2024-09-23T23:59:59+00:00"
generated_at: "2026-05-31T02:22:14.753939+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# B. Riley amends credit facility, repays $85.9M, terminates revolver; President exits

## Summary
- Repaid ~$85.9M of Term Loans; outstanding principal now $388.1M; Revolving Credit Facility terminated.
- Fourth Amendment: interest margin raised to 7.00% cash (or 6%+1.5% PIK) for SOFR loans.
- New covenants: Total Net Leverage ≤10x, Interest Coverage ≥1x, Liquidity ≥$60M; must cut Term Loans to ≤$100M by Sept 2025.
- President Kenny Young resigned from all officer roles; to consult for 1 year at $250k annual fee.
- Young continues as CEO of Babcock & Wilcox via his own entity; B. Riley terminated its services agreement with B&W.

## SEC filing metadata
- accession: 0001213900-24-081032
- form_type: 8-K
- ticker: RILY
- cik: 0001464790
- company_name: BRC Group Holdings, Inc.
- filed_at: 2024-09-23T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 5.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1464790/000121390024081032/0001213900-24-081032-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1464790/000121390024081032/ea0215063-8k_briley.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-081032
- JSON: https://secwatch.observer/filing/0001213900-24-081032.json
- Plain text: https://secwatch.observer/filing/0001213900-24-081032.txt

## Key facts
- Executive change
  Kenny Young resigned as President at BRC Group Holdings, Inc..
  - Action: resigned
  - Role: President
  source text: On September 20, 2024, Kenny Young resigned from his positions as the President of the Company, the Chief Executive Officer of B. Riley Principal Investments, LLC, and other officer roles at certain other Company subsidiaries.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1464790/000121390024081032/0001213900-24-081032-index.htm

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