SENIOR NOTES PAYABLE

9 Months Ended

Sep. 30, 2024

Senior notes payable, net, are comprised of the following:


	September 30, 2024		December 31, 2023



6.750% Senior notes due May 31, 2024	$	—	$	140,492
6.375% Senior notes due February 28, 2025	145,302		146,432
5.500% Senior notes due March 31, 2026	217,440		217,440
6.500% Senior notes due September 30, 2026	180,532		180,532
5.000% Senior notes due December 31, 2026	324,714		324,714
6.000% Senior notes due January 31, 2028	266,058		266,058
5.250% Senior notes due August 31, 2028	405,483		405,483
	1,539,529		1,681,151
Less: Unamortized debt issuance costs	(9,969)		(13,130)
	$	1,529,560	$	1,668,021

The Company issued zero during the three months ended September 30, 2024 and 2023, respectively, and zero and $185 during the nine months ended September 30, 2024 and 2023, respectively, of senior notes. The maturity dates of senior notes ranged from February 2025 to August 2028 pursuant to At the Market Issuance Sales Agreements with B. Riley Securities, Inc. which governs the program of at-the-market sales of the Company’s senior notes. A series of prospectus supplements were filed by the Company with the SEC in respect of the Company’s offerings of these senior notes.

In June 2023, the Company entered into note purchase agreements in connection with the 6.75% Senior Notes due 2024 (“6.75% 2024 Notes”) that were issued for the Targus acquisition. The note purchase agreements had a repurchase date of June 30, 2023 on which date the Company repurchased 2,356,978 shares of its 6.75% 2024 Notes with an aggregate principal amount of $58,924. The repurchase price was equal to the aggregate principal amount, plus accrued and unpaid interest up to, but excluding, the repurchase date. The total repurchase payment included approximately $663 in accrued interest.

On February 29, 2024, the Company redeemed $115,492 aggregate principal amount of its 6.75% Senior Notes due 2024 (the “6.75% 2024 Notes”) pursuant to the seventh supplemental indenture dated December 3, 2021. The redemption price was equal to 100% of the aggregate principal amount, plus accrued and unpaid interest, up to, but excluding, the redemption date. The total redemption payment included approximately $628 in accrued interest.

On May 31, 2024, the Company redeemed the remaining $25,000 aggregate principal amount of the 6.75% 2024 Notes. The redemption price was equal to 100% of the aggregate principal amount, plus any accrued and unpaid interest up to, but excluding, the redemption date. The total redemption payment included approximately $145 in accrued interest. In connection with the full redemption, the 6.75% 2024 Notes, which were listed on NASDAQ under the ticker symbol “RILYO,” were delisted from NASDAQ and ceased trading on the redemption date.

On January 21, 2025, the Company announced that it has called for the full redemption on February 28, 2025 (the "Redemption Date") of all the issued and outstanding 6.375% Senior Notes due February 28, 2025 (the "6.375% 2025 Notes"). The redemption price is equal to 100% of the aggregate principal amount, plus any accrued and unpaid interest up to, but excluding, the Redemption Date. In connection with the full redemption, the 6.375% 2025 Notes, which are listed on NASDAQ under the ticker symbol “RILYM,” will be delisted from NASDAQ and cease trading on the redemption date.

As of September 30, 2024 and December 31, 2023, total senior notes outstanding was $1,529,681 (net of unamortized debt issue costs of $9,969) and $1,668,021 (net of unamortized debt issue costs of $13,130), respectively, with a weighted average interest rate of 5.62% and 5.71%, respectively. Interest on senior notes is payable on a quarterly basis. Interest expense on senior notes totaled $22,617 and $25,088 during the three months ended September 30, 2024 and 2023, respectively and $70,032 and $78,091 during the nine months ended September 30, 2024 and 2023, respectively.