$50M term loan from B. Riley Commercial Capital
Company: Applied Digital
What the later record shows
Not a promise: a reported event · happened May 23, 2023
The claim reports a loan agreement already signed on May 23, 2023, which the 10-K confirms. A later exhibit list shows the loan was terminated by a letter dated February 5, 2024, well before the May 2025 maturity.
“On May 23, 2023, SAI Computing LLC, a wholly-owned subsidiary of the Company ("Sai"), entered into a Loan and Security Agreement (the "B. Riley Loan") with B. Riley Commercial Capital, LLC”
2023-08-01 · Applied Digital 10-K filed 2023-08-02 View cached copy (2026-09-13)Live source ↗
“Termination of Loan and Security letter, dated February 5, 2024, between the Company and B. Riley Commercial Capital, LLC and B. Riley Securities, Inc.”
2024-10-21 · ARS View cached copy (2026-09-01)Live source ↗Archive.org ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Applied Digital's subsidiary SAI Computing entered into a $50 million term loan agreement with B. Riley Commercial Capital and B. Riley Securities at 9.00% annual interest with a maturity date of May 23, 2025
Source (primary)
Applied Digital 8-K filed 2023-05-24 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “entered into a Loan and Security Agreement with B. Riley Commercial Capital, LLC and B. Riley Securities, Inc. (the "Lenders")... The Loan and Security Agreement provides for a term loan (the "Loan") in the principal amount of $50,000,000 with a maturity date of May 23, 2025... The Loan and Security Agreement provides for an interest rate of 9.00% per annum.”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The 8-K identifies SAI Computing as Applied Digital's wholly-owned subsidiary and states it borrowed $50,000,000 from B. Riley Commercial Capital and B. Riley Securities at 9.00% per annum, maturing May 23, 2025.
Confirmed in the source:
- SAI Computing is a wholly-owned subsidiary of Applied Digital
- SAI Computing entered into a term loan agreement with B. Riley Commercial Capital, LLC and B. Riley Securities, Inc. as lenders
- The term loan has a principal amount of $50 million
- The loan carries an interest rate of 9.00% per annum
- The loan has a maturity date of May 23, 2025
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487923000152/apld-20230519.htm) in full (4,865 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 8-K filed 2023-05-24
Quote: “entered into a Loan and Security Agreement with B. Riley Commercial Capital, LLC and B. Riley Securities, Inc. (the "Lenders")... The Loan and Security Agreement provides for a term loan (the "Loan") in the principal amount of $50,000,000 with a maturity date of May 23, 2025... The Loan and Security Agreement provides for an interest rate of 9.00% per annum.”