The following table summarizes the net carrying amount of the Company's outstanding debt as of March 31, 2025 and December 31, 2024, net of debt issuance costs (in thousands):


	March 31, 2025						December 31, 2024
	Outstanding principal		Debt issuance costs		Net carrying amount		Outstanding principal		Debt issuance costs		Net carrying amount




Current portion	$	20,000	$	—	$	20,000	$	5,688	$	—	$	5,688
Long term	34,844		(322)		34,522		50,375		(365)		50,010
Total debt	$	54,844	$	(322)	$	54,522	$	56,063	$	(365)	$	55,698

Credit Agreement - Silicon Valley Bank

On May 24, 2022, Brilliant Earth, LLC, as borrower, and Silicon Valley Bank (“SVB”), as

administrative agent and collateral agent for the lenders, entered into the SVB Credit Agreement which provides for a secured term loan credit facility of $65.0 million (the “SVB Term Loan”) and a secured revolving credit facility in an amount of up to $40.0 million (the “SVB Revolving Facility,” and together with the SVB Term Loan, the “SVB Credit Facilities”). The SVB Credit Facilities mature on May 24, 2027 (the “Maturity Date”).

The SVB Credit Facilities are subject to customary affirmative covenants and negative covenants as well as financial maintenance covenants. The financial covenants are tested at the end of each fiscal quarter, and require that (a) the Company and its subsidiaries not have a Consolidated Fixed Charge Coverage Ratio (defined as the ratio of (i) Consolidated EBITDA, less cash taxes (including tax distributions), less certain capital expenditures, less cash dividends and other cash restricted payments, to (ii) the sum of cash interest expense and scheduled principal payments on outstanding debt (in each case, as further defined in the SVB Credit Agreement)) of less than 1.25 to 1.00, (b) the Company and its subsidiaries not have a Consolidated Total Leverage Ratio of more than 4.00 to 1.00, and (c) Brilliant Earth, LLC and its subsidiaries not have a Consolidated Borrower Leverage Ratio (defined substantially similar as Consolidated Total Leverage Ratio, but limited to Brilliant Earth, LLC and its subsidiaries) in excess of 3.00 to 1.00 (which level is subject to temporary increases to 4.00 to 1.00 in connection with certain acquisitions).

Subsequent to March 31, 2025, the Company entered into the Second Amendment (as defined in Note 11. “Subsequent Events”). See Note 11, Subsequent Events, for further discussion.

The Company's debt effective interest rate was 8.07% and 8.10% for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, there were no amounts outstanding under the SVB Revolving Facility.

As of March 31, 2025, the aggregate future principal payments under the SVB Term Loan were as follows (in thousands):


	Principal
For the remainder of the year ending December 31, 2025	$	20,000
Years ending December 31,
2026	—
2027	34,844

Total aggregate future principal payments	$	54,844