B. Riley Financial Shares Preliminary Fourth Quarter and Full Year 2024 Results and Financial Estimates and Business Update for First Half 2025

First Half 2025 Net Income Available to Common Shareholders Expected to be in the Range of $125.0 Million to $145.0 Million, or $4.08 to $4.74 Diluted Net Income per Common Share As of June 30, 2025, Estimated Cash of $268 Million, Total Debt of $1.46 Billion, and Net Debt in the Range of $809 Million to $839 Million; Total Debt Estimated to Have Decreased by $600 Million from September 30, 2024; Net Debt Estimated to Have Decreased by $544 Million to $574 Million from September 30, 2024 Preliminary Year-End 2024 Net Loss Available to Common Shareholders is $772.3 Million, or $25.46 Diluted Net Loss per Common Share , /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("BRF" or the "Company"), a diversified financial services company, today is providing preliminary fourth quarter and full year 2024 results and financial estimates, and a business update for the first half of 2025, ended June 30, 2025. First Half 2025 Highlights Executed B. Riley Securities ("BRS") carve out in March 2025, aligning capital and management to serve clients. Partnered with BRS to provide clients timely, flexible capital through variable rate transactions and funding for emerging client priorities in AI investments. BRS business highlights include: acting as the lead left book-runner on an AI infrastructure provider's IPO; joint lead placement on a fabless semiconductor company's capital raise; the sole bookrunner for an Ethereum treasury company's equity raises across two transactions; and capital provider as part of a successful variable rate transaction for a digital infrastructure company. Total Company debt reduction from September 30, 2024 to June 30, 2025 is estimated to be $600 million. As of June 30, 2025, estimated net debt (7) ranges from $809 million to $839 million and cash, cash equivalents and restricted cash of $268 million. Realized cash proceeds from business sales of approximately $187 million from the sales of GlassRatner and Atlantic Coast Recycling. Bond exchanges achieved approximately $126 million of debt reduction through five bond exchanges through July 2025. Secured $160 million senior facility with Oaktree Capital Management ("Oaktree"), which was paid down to $62.5 million along with an amendment to the senior facility to provide substantially increased flexibility. Earned approximately $29 million in profits from the Company's equity participation in the JOANN's liquidation. Hired new B. Riley Financial Chief Financial Officer, Scott Yessner, and added resources to support SEC filings. Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley, commented: "We have taken aggressive, decisive and necessary action over the last year to align our balance sheet while continuing to invest in our business and operations. As we look forward, we are laser focused on our financial services businesses, which have seen increasing momentum facilitated by cash flows from our Telecom businesses. "As demonstrated by the Great American transaction last year, and our subsequent JOANN's liquidation equity investment, our strategic objective is to maintain both economic and business relationship upside throughout the process of rightsizing our balance sheet." Scott Yessner, Chief Financial Officer of B. Riley, commented: "Our team has worked tirelessly through a complex audit, challenging operating environment, and delays outside their control. We are in the final stages of documenting the 2024 audit and will file the 10-K shortly. We added a national accounting firm to provide staff augmentation across multiple departments in accounting and financial operations in early July. With our combined teams, we have been documenting our 1st quarter and 2nd quarter filings during the 2024 10-K process. We expect to file both 10-Qs in 30 to 45 days after the 10-K." Tom Kelleher, Co-Chief Executive Officer of B. Riley, commented: "As exemplified in the B. Riley Securities recent announcement, many of our operating businesses continue to generate meaningful results. Separately, we will continue to ensure we have the best resources in place, assessing opportunities across our portfolio to invest and support our operating companies and balance the Company's operational footprint." Summary of Preliminary Unaudited Estimates for the Six-Months Ended June 30, 2025 Net income is expected to range from $125.0 million to $145.0 million, which includes estimated gains on sale of $53 million from Atlantic Coast Recycling, $66 million from GlassRatner, and $55 million on senior note exchanges. Net income from continuing operations is expected to range from $52.4 million to $72.4 million, which includes estimated gains on sale of $53 million from Atlantic Coast Recycling and $55 million on senior note exchanges. Net income from discontinued operations is estimated to be $73.0 million, which includes estimated gains on sale of $66 million from GlassRatner. Revenue is expected to range from $405.0 million to $425.0 million. Operating adjusted EBITDA (4) from continuing operations is expected to range from $20.0 million to $26.0 million. Debt is estimated to be $1.46 billion, with estimated net debt (7) ranging from $809.0 million to $839.0 million. Cash, cash equivalents, and restricted cash are estimated to be $268.0 million. Securities and other investments owned, at fair value is expected to range from $231.0 million to $251.0 million. Total investments (6) are expected to range from $310.0 million to $340.0 million. Basic and diluted earnings per common share (EPS) are expected to range from $4.10 and $4.75, and from $4.08 and $4.74, respectively. Preliminary Year-End 2024 Summary ‌ Three Months Ended Twelve Months Ended December 31, December 31, ‌ (Dollars in thousands, except for share data) 2024 2023 2024 2023 Net income (loss) available to common shareholders $ 877 $ (91,638) $ (772,334) $ (107,967) Basic income (loss) per common share $ 0.03 $ (3.03) $ (25.46) $ (3.69) Diluted income (loss) per common share $ 0.03 $ (3.03) $ (25.46) $ (3.69) ‌ ‌ ‌ ‌ Three Months Ended Twelve Months Ended December 31, December 31, ‌ (Dollars in thousands) 2024 2023 2024 2023 Operating Revenues (1) $ 278,733 $ 363,602 $ 1,242,402 $ 1,453,114 Investment (Loss) Gains (2) (77,358) (49,768) (403,805) 12,663 Total Revenues $ 201,375 $ 313,834 $ 838,597 $ 1,465,777 ‌ Operating Adjusted EBITDA (4) $ 21,489 $ 59,091 $ 126,399 $ 274,576 Investment Adjusted EBITDA (5) (129,048) (132,740) (669,196) (150,706) Total Adjusted EBITDA (3) $ (107,559) $ (73,649) $ (542,797) $ 123,870 ‌ Net loss applicable to common shareholders was $772.3 million due primarily to write downs of $510.0 million related to the equity investment in Freedom VCM Holdings LLC and loan receivable from Vintage Capital Management and impairment of goodwill and other intangible assets of $105.4 million. Operating adjusted EBITDA (4) from continuing operations decreased 54.0% to $126.4 million, compared to $274.6 million in 2023. Debt was $1.77 billion and net debt (7) was $1.06 billion at year end 2024, compared to $2.36 billion and $0.76 billion at year end 2023, respectively. Cash, cash equivalents, and restricted cash increased 13.7% to $255.4 million at year end 2024 compared to $224.6 million at year end 2023, securities and other investments owned, at fair value decreased 65.1% to $282.3 million compared to $809.0 million at year end 2023, and total investments (6) decreased 67.3% to $432.6 million at year end 2024 compared to $1.32 billion at year end 2023. Preliminary Fourth Quarter 2024 Summary Net income available to common shareholders was $0.9 million, an increase from the 4th quarter 2023 net loss available to common shareholders of $91.6 million. Operating adjusted EBITDA (4) from continuing operations decreased 63.6% to $21.5 million, compared to $59.1 million in the 4th quarter 2023. Additional Updates Oaktree Capital Management Financing: The Company amended its senior secured credit agreement with funds managed by Oaktree to provide incremental flexibility, including: A new investment basket that enables an incremental $100 million to facilitate transactions using the Company's balance sheet; A $30 million investment basket for parent company investments upsized from $20 million; and The ability to deploy up to $25 million of cash to reduce other indebtedness through potential repurchases of the Company's unsecured notes. In February 2025, the Company entered into its initial senior secured credit agreement with Oaktree, a portion of which was used to retire its existing debt under the Nomura senior secured credit agreement, with the remaining funds used for general working capital. The Preliminary Fourth Quarter, Full Year 2024, and First Half 2025 update are not a comprehensive statement of the Company's financial results, and are unaudited and subject to change. About B. Riley FinancialB. Riley Financial (BRF) is a diversified financial services company that through its operating entities or affiliates deliver tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. BRF leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its subsidiaries and affiliated entities, BRF provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, appraisal and valuation, auction, and liquidation services. BRF opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. BRF refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com. For more information, please visit www.brileyfin.com. FootnotesSee "Note Regarding Use of Non-GAAP Financial Measures" for further discussion of these non-GAAP terms. For a reconciliation of Adjusted EBITDA, and Operating Adjusted EBITDA to the comparable GAAP financial measures, please see the Appendix hereto. (1) Operating Revenues is defined as the sum of (i) service and fees, (ii) interest income – loans, (iii) interest Income - securities lending, (iv) fixed income spread, and (v) sales of goods. (2) Investment Gains (Losses) is defined as sum of (i) trading income (loss) and (ii) fair value adjustments on loans less fixed income spread. (3) Adjusted EBITDA includes earnings from continuing operations before interest, taxes, depreciation, amortization, restructuring charge, share-based payments, gain or loss on extinguishment of loans, gain on bargain purchase, impairment of goodwill and tradenames, and transaction related and other costs. (4) Operating Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) trading income (loss) net of fixed income spread, (ii) fair value adjustments on loans, (iii) realized and unrealized gains (losses) on investments, and (iv) other investment-related expenses. (5) Investment Adjusted EBITDA is defined as the sum of (i) trading income (loss) net of fixed income spread, (ii) fair value adjustments on loans, (iii) realized and unrealized gains (losses) on investments, and (iv) other investment-related expenses. (6) Total Investments is defined as the sum of (a) securities and other investments owned, at fair value net of (i) securities sold not yet purchased and (ii) noncontrolling interest related to investments from continuing operations, (b) loans receivable, at fair value net of loan participations sold, and (c) other investments reported in prepaid and other assets. (7) Net Debt is defined as the sum of (a) term loans, net, (b) senior notes payable, net, (c) revolving credit facility, and (d) notes payable, net of (i) cash and cash equivalents, net of noncontrolling interest, (ii) restricted cash, (iii) due from clearing brokers net of due to clearing brokers, and (iv) Total Investments. Note Regarding Use of Non-GAAP Financial MeasuresCertain of the information set forth herein, including Adjusted EBITDA, Operating Adjusted EBITDA, Investment Adjusted EBITDA, Operating Revenues, Investment Gains (Losses), Total Investments, and Net Debt, may be considered non-GAAP financial measures. B. Riley Financial believes this information is useful to investors because it provides a basis for measuring the Company's available capital resources, the operating performance of its business and its revenues and cash flow, (i) excluding in the case of Adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, fair value adjustment, restructuring charge, gain on extinguishment of loans, gain on bargain purchase, impairment of goodwill and tradenames, stock-based compensation and transaction and other expenses, (ii) excluding in the case of Operating Adjusted EBITDA, the aforementioned adjustments for adjusted EBITDA as well as trading income (losses) net of fixed income spread, fair value adjustments on loans, realized and unrealized gains (losses) on investments, and other investment related expenses, (iii) including in the case of Investment Adjusted EBITDA, trading income (losses) net of fixed income spread, fair value adjustments on loans, realized and unrealized gains (losses) on investments, and other investment related expenses, (iv) excluding in the case of Operating Revenues, trading income (loss) and fair value adjustments on loans less fixed income spread, (v) including in the case of Investment Gains (Losses), the aforementioned excluded items of Operating Revenues, (vi) including in the case of Total Investments, securities and other investments owned, at fair value net of (a) securities sold not yet purchased and (b) noncontrolling interest related to investments from continuing operations, loans receivable, at fair value net of loan participations sold, and other investments reported in prepaid and other assets, (vii) including in the case of Net Debt, term loans, net, senior notes payable, net, revolving credit facility, and notes payable net of (a) cash and cash equivalents, net of noncontrolling interest, (b) restricted cash, (c) due from clearing brokers net of due to clearing brokers, and (d) aforementioned included items of Total Investments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the Company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies. Forward-Looking StatementsStatements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward-looking statements, except as required by law. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and the Company undertakes no duty to update this information. B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Preliminary Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands, except par value) ‌ December 31, December 31, 2024 2023 ‌ Assets Assets Cash and cash equivalents $ 154,877 $ 222,690 Restricted cash 100,475 1,875 Due from clearing brokers 30,713 51,334 Securities and other investments owned, at fair value 282,325 809,049 Securities borrowed 43,022 2,870,939 Accounts receivable, net of allowance for credit losses of $10,073 and $7,175 as of December 31, 2024 and December 31, 2023, respectively 88,384 101,036 Due from related parties 162 172 Loans receivable, at fair value (includes $51,902 and $378,768 from related parties as of December 31, 2024 and December 31, 2023, respectively) 90,103 532,419 Prepaid expenses and other assets (includes $3,449 and $11,802 from related parties as of December 31, 2024 and December 31, 2023, respectively) 252,344 241,862 Operating lease right-of-use assets 53,767 87,167 Property and equipment, net 18,954 25,206 Goodwill 423,136 466,638 Other intangible assets, net 146,885 198,245 Deferred income taxes 13,393 33,631 Assets held for sale 84,723 — Assets of discontinued operations — 438,341 Total assets $ 1,783,263 $ 6,080,604 Liabilities and Equity (Deficit) Liabilities Accounts payable $ 52,564 $ 43,992 Accrued expenses and other liabilities 203,196 252,876 Deferred revenue 58,153 70,575 Deferred income taxes 5,462 — Due to related parties and partners 3,404 2,480 Securities sold not yet purchased 5,675 8,601 Securities loaned 27,942 2,859,306 Operating lease liabilities 61,038 98,088 Notes payable 28,021 19,391 Loan participations sold 6,000 — Revolving credit facility 16,329 43,801 Term loans, net 199,429 625,151 Senior notes payable, net 1,530,561 1,668,021 Liabilities held for sale 41,505 — Liabilities of discontinued operations — 28,756 Total liabilities 2,239,279 5,721,038 ‌ Commitments and contingencies B. Riley Financial, Inc. stockholders' equity: Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,563 issued and outstanding as of December 31, 2024 and December 31, 2023; liquidation preference of $114,082 as of December 31, 2024 and December 31, 2023. — — Common stock, $0.0001 par value; 100,000,000 shares authorized; 30,499,931 and 29,937,067 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively. 3 3 Additional paid-in capital 589,387 572,170 Accumulated deficit (1,070,996) (281,285) Accumulated other comprehensive (loss) income (6,569) 229 Total B. Riley Financial, Inc. stockholders' equity (deficit) (488,175) 291,117 Noncontrolling interests 32,159 68,449 Total equity (deficit) (456,016) 359,566 Total liabilities and equity (deficit) $ 1,783,263 $ 6,080,604 B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Preliminary Consolidated Statement of Operations (Unaudited) (Dollars in thousands, except share data) ‌ Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Revenues: Services and fees (includes $18,575 and $6,143 for the years ended December 31, 2024 and 2023 from related parties, respectively) $ 214,534 $ 236,569 $ 875,480 $ 898,750 Trading (loss) income (6,781) (10,120) (57,007) 21,603 Fair value adjustments on loans (includes $(328,671) and $(36,788) for the years ended December 31, 2024 and 2023 from related parties, respectively) (66,238) (31,398) (325,498) 20,225 Interest income - loans (includes $33,186 and $26,563 for the years ended December 31, 2024 and 2023 from related parties, respectively) 2,247 20,709 54,141 123,244 Interest income - securities lending 1,248 42,072 70,862 161,652 Sale of goods 56,365 56,002 220,619 240,303 Total revenues 201,375 313,834 838,597 1,465,777 Operating expenses: Direct cost of services 45,893 57,692 213,901 214,065 Cost of goods sold 48,737 43,346 167,634 172,836 Selling, general and administrative expenses 188,180 190,371 759,777 764,926 Restructuring charge 597 1,182 1,522 2,131 Impairment of goodwill and other intangible assets 77,692 33,100 105,373 70,333 Interest expense - Securities lending and loan participations sold 1,073 38,863 66,128 145,435 Total operating expenses 362,172 364,554 1,314,335 1,369,726 Operating (loss) income (160,797) (50,720) (475,738) 96,051 Other income (expense): Interest income 712 420 3,621 3,875 Dividend income 323 3,206 4,462 12,747 Realized and unrealized losses on investments (51,324) (85,033) (263,686) (162,053) Change in fair value of financial instruments and other 3,987 — 4,614 (3,998) Gain on bargain purchase — 15,903 — 15,903 Income (loss) from equity method investments 19 23 31 (152) Loss on extinguishment of debt (12,945) — (18,725) (5,409) Interest expense (31,113) (37,610) (133,308) (156,240) Loss from continuing operations before income taxes (251,138) (153,811) (878,729) (199,276) (Provision for) Benefit from income taxes (4,210) 42,160 (22,125) 39,115 Loss from continuing operations (255,348) (111,651) (900,854) (160,161) Income from discontinued operations, net of income taxes 249,742 21,987 125,915 54,530 Net loss (5,606) (89,664) (774,939) (105,631) Net loss attributable to noncontrolling interests and redeemable noncontrolling interests (8,498) (41) (10,665) (5,721) Net income (loss) attributable to B. Riley Financial, Inc. 2,892 (89,623) (764,274) (99,910) Preferred stock dividends 2,015 2,015 8,060 8,057 Net income (loss) available to common shareholders $ 877 $ (91,638) $ (772,334) $ (107,967) ‌ Basic and diluted income (loss) per common share: Continuing operations $ (8.16) $ (3.67) $ (29.67) $ (5.38) Discontinued operations 8.19 0.64 4.21 1.69 Basic and diluted income (loss) per common share $ 0.03 $ (3.03) $ (25.46) $ (3.69) ‌ Weighted average basic and diluted common shares outstanding 30,499,931 30,248,946 30,336,274 29,265,099 B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Preliminary Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations (Unaudited) (Dollars in thousands) ‌ Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Net income (loss) attributable to B. Riley Financial, Inc. $ 2,892 $ (89,623) $ (764,274) $ (99,910) Income from discontinued operations, net of income taxes 249,742 21,987 125,915 54,530 Net loss attributable to noncontrolling interests and redeemable noncontrolling interests 8,498 41 10,665 5,721 Loss from continuing operations (255,348) (111,651) (900,854) (160,161) Adjustments: Net loss attributable to noncontrolling interests 8,523 2,730 8,920 10,779 Provision for (benefit from) income taxes 4,210 (42,160) 22,125 (39,115) Interest expense 31,113 37,610 133,308 156,240 Interest income (712) (420) (3,621) (3,875) Share based payments 2,245 9,287 18,449 42,553 Depreciation and amortization 11,278 11,462 45,312 49,203 Restructuring charge 597 1,182 1,522 2,131 Gain on bargain purchase — (15,903) — (15,903) Loss on extinguishment of loans 12,945 — 18,725 5,409 Impairment of goodwill and other intangible assets 77,692 33,100 105,373 70,333 Transactions related costs and other (102) 1,114 7,944 6,276 Total EBITDA adjustments 147,789 38,002 358,057 284,031 Adjusted EBITDA $ (107,559) $ (73,649) $ (542,797) $ 123,870 ‌ Operating EBITDA Adjustments: Trading loss (income) 6,781 10,120 57,007 (21,603) Fair value adjustments on loans 66,238 31,398 325,498 (20,225) Realized and unrealized losses on investments 51,324 85,033 263,686 162,053 Fixed income spread 4,339 8,250 21,300 29,165 Other investment related expenses 366 (2,061) 1,705 1,316 Total Operating EBITDA Adjustments 129,048 132,740 669,196 150,706 Operating Adjusted EBITDA $ 21,489 $ 59,091 $ 126,399 $ 274,576 B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Preliminary Operating Revenues Reconciliation (Unaudited) (Dollars in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023 Total revenues $ 201,375 $ 313,834 $ 838,597 $ 1,465,777 Operating revenues adjustments: Trading loss (income) 6,781 10,120 57,007 (21,603) Fair value adjustments on loans 66,238 31,398 325,498 (20,225) Fixed income spread 4,339 8,250 21,300 29,165 Total revenues adjustments 77,358 49,768 403,805 (12,663) Operating revenues $ 278,733 $ 363,602 $ 1,242,402 $ 1,453,114 B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Preliminary Total Investments and Net Debt (Unaudited) (Dollars in thousands) ‍ December 31, December 31, 2024 2023 ‌ Cash, cash equivalents, and restricted cash $ 255,352 $ 224,565 Due from clearing brokers 30,713 51,334 ‌ Securities and other investments owned, at fair value 282,325 809,049 Securities sold not yet purchased (5,675) (8,601) Loans receivable, at fair value 90,103 532,419 Loan participations sold (6,000) — Other investments reported in prepaid and other assets 100,080 14,582 Noncontrolling interest (28,217) (23,480) Total investments 432,616 1,323,969 ‌ Notes payable 28,021 19,391 Revolving credit facility 16,329 43,801 Term loans, net 199,429 625,151 Senior notes payable, net 1,530,561 1,668,021 Total debt 1,774,340 2,356,364 ‌ Net debt $ 1,055,659 $ 756,496 B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Estimated Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations (Unaudited) (Dollars in thousands) ‌ Estimated Range Six Months Ended June 30, 2025 Low High Net income available to common shareholders $ 125,000 $ 145,000 Preferred stock dividends — — Net income attributable to B. Riley Financial, Inc. 125,000 145,000 Income from discontinued operations net of income taxes 73,000 73,000 Net income attributable to noncontrolling interests and redeemable noncontrolling interests (400) (400) Net income from continuing operations 52,400 72,400 Adjustments: Net income attributable to noncontrolling interests (400) (400) Provision for income taxes (3,000) — Interest expense 55,600 56,000 Interest income (2,000) (2,000) Share based payments 8,000 8,000 Depreciation and amortization 18,600 19,000 Restructuring charge 200 400 Net gain on extinguishment of loans and exchange of senior notes (40,000) (38,000) Transactions related costs, gains on divestures, and other (84,000) (75,000) Total EBITDA adjustments (47,000) (32,000) Adjusted EBITDA $ 5,400 $ 40,400 ‌ Operating EBITDA Adjustments: Trading income (8,000) (12,000) Fair value adjustments on loans 3,000 (7,000) Realized and unrealized (gain) losses on investments 12,000 (4,000) Fixed Income Spread 6,600 7,600 Other investment related expenses 1,000 1,000 Total Operating EBITDA Adjustments 14,600 (14,400) Operating Adjusted EBITDA $ 20,000 $ 26,000 B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Estimated Total Investments and Net Debt (Unaudited) (Dollars in thousands) Estimated Range June 30, 2025 Low High Cash, cash equivalents, and restricted cash $ 268,000 $ 268,000 Due from clearing brokers 46,000 46,000 Securities and other investments owned, at fair value 231,000 251,000 Securities sold not yet purchased (13,000) (13,000) Loans receivable, at fair value 51,000 60,000 Loan participations sold (11,000) (11,000) Other investments reported in prepaid and other assets 82,000 83,000 Noncontrolling interest (30,000) (30,000) Total investments 310,000 340,000 Revolving credit facility 12,000 12,000 Term loans, net 127,000 127,000 Senior notes payable, net 1,324,000 1,324,000 Total debt 1,463,000 1,463,000 Net debt $ 839,000 $ 809,000 Contacts Investors[email protected] Media[email protected] SOURCE B. Riley Financial, Inc. 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B. Riley Financial Shares Preliminary Fourth Quarter and Full Year 2024 Results and Financial Estimates and Business Update for First Half 2025

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