---
schema_version: "secwatch.filing_event.v1"
accession: "0001819404-25-000075"
form_type: "8-K"
ticker: "NRDY"
cik: "0001819404"
company_name: "Nerdy Inc."
filed_at: "2025-11-06T23:59:59+00:00"
generated_at: "2026-05-16T23:57:04.645634+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Nerdy enters $50M loan facility with Hercules Capital; draws $20M initially

## Summary
- Initial draw of $20M from first tranche; remaining $10M available until Dec 31, 2026.
- Interest rate: prime + 3.5% (floor 10.75%); maturity Nov 1, 2029.
- Interest-only payments for 36 months, extendable to 48 months upon milestone achievement.
- Covenants include minimum $15M Qualified Cash or 6 months liquidity; borrowing base tied to TTM Contribution Margin.
- Loan secured by substantially all assets; end-of-term charge of 7.5% of funded amount.

## SEC filing metadata
- accession: 0001819404-25-000075
- form_type: 8-K
- ticker: NRDY
- cik: 0001819404
- company_name: Nerdy Inc.
- filed_at: 2025-11-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819404/000181940425000075/0001819404-25-000075-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819404/000181940425000075/nrdy-20251103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001819404-25-000075
- JSON: https://secwatch.observer/filing/0001819404-25-000075.json
- Plain text: https://secwatch.observer/filing/0001819404-25-000075.txt

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