On June 3, BRC Specialty Finance announced it has advanced a $20 million term loan through its affiliate, B. Riley Securities. This loan is part of a $100 million senior secured delayed draw term loan facility initiated by Bit Digital, with Enovum NC-1 Venture LLC, an indirectly wholly-owned subsidiary of WhiteFiber, as the borrower.

A distinctive aspect of this transaction is that B. Riley Securities became the lender of record by entering into an assignment and assumption agreement with the lead lender, adopting identical economic terms. This 90-day bridge loan is designed to assist the borrower in securing anticipated permanent institutional financing. Proceeds will be used for general corporate purposes, including the completion of the first phase of a high-performance computing data center located in Madison, North Carolina.

The total loan facility can provide up to $100 million, with the potential to increase to $150 million upon mutual agreement. The initial annual interest rate is set at 9.5%, which will be reduced to 8% upon achieving key milestones such as the completion of the initial 40-megawatt build-out and leasing 80% of the data center's capacity.

BRC Group Chairman and Co-CEO Bryant Riley stated, "This transaction addresses a dual credit need: providing crucial liquidity for an operator expanding next-generation data center infrastructure, while also capturing high-quality, asset-backed yield for our platform. Traditional lenders are often not equipped to handle such short-term loans and lack the long-term corporate relationship investment that is our guiding principle."

B. Riley Securities CEO Andy Moore added, "Our multi-year, deep relationship with the Bit Digital and WhiteFiber management teams enabled B. Riley Securities to execute this transaction swiftly and precisely."

This financing was approved by the independent committees of the WhiteFiber and Bit Digital boards, with both parties receiving fair opinions from third-party financial advisors. The law firm White & Case provided legal counsel to WhiteFiber on governance matters.

WhiteFiber is focused on supporting artificial intelligence and high-performance computing workloads through its digital infrastructure solutions, with the Madison, North Carolina data center being a key part of its growth strategy. This deal represents a significant execution for BRC Specialty Finance since its establishment in March 2026, demonstrating its focus on providing flexible financing solutions for U.S. public companies, typically with market capitalizations under $1 billion.