Latest news with #BRF
Yahoo
6 days ago
- Business
- Yahoo
B. Riley Financial Announces Notification of Delinquency with Nasdaq
LOS ANGELES, May 28, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (Nasdaq: RILY) ("BRF" or the "Company") today announced it received an expected delinquency notification letter from Nasdaq on May 21, 2025, which indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) as a result of the delayed filing of the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2025. The Nasdaq Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC"). This notification has no immediate effect on the listing of the Company's securities on Nasdaq. Nasdaq has informed the Company that it must submit a plan by June 2, 2025, 60 days from the Nasdaq letter received on April 3, 2025, in connection with the delinquency of the Company's filing of its form 10-K for the period ended December 31,2024 (the "Initial Delinquent Filing"), to address how it intends to regain compliance with Nasdaq's listing rules. If accepted, Nasdaq can grant an exception of up to 180 calendar days from the due date of the Initial Delinquent Filing, or until September 29, 2025, to regain compliance. B. Riley expects to submit an updated plan to Nasdaq by the June 2 deadline. About B. Riley FinancialB. Riley Financial (BRF) is a diversified financial services company that delivers 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, operations management, risk and compliance, due diligence, forensic accounting, litigation support, 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 Forward-Looking StatementsStatements made in this press release that are not descriptions of historical facts are forward-looking statements that 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 in B. Riley Financial's Quarterly Reports on Form 10-Q for the 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. Contacts Investorsir@ Mike Frank VP Corporate Development & Investor Relationsmfrank@ Mediapress@ View original content: SOURCE B. Riley Financial, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-05-2025
- Business
- Yahoo
B. Riley Financial Announces Private Bond Exchange to Reduce Debt by Approximately $46 Million
Exchange Eliminates More than $100 Million in 2026 Maturities LOS ANGELES, May 21, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("BRF" or the "Company"), a diversified financial services company, today announced it has entered into a privately negotiated exchange agreement (the "Agreement") with an institutional investor, which will reduce the Company's total outstanding debt by approximately $46 million. Pursuant to the Agreement and subject to the completion of certain closing procedures, the investor has agreed to exchange approximately $139 million in outstanding Senior Notes, consisting of $30 million in March 2026 notes, $75 million in December 2026 notes and $35 million in January 2028 notes, for $93 million in newly issued 8.00% Senior Secured Second Lien Notes due January 1, 2028 (the "Notes"). In addition, the Company is issuing to the investor warrants to purchase an aggregate of approximately 372,000 common shares at an exercise price of $10.00 per share. The warrants are exercisable for a period of seven years from the issuance date. Bryant Riley, Chairman and Co-Chief Executive Officer of BRF, said: "We've made significant progress addressing our capital structure over the past several months as we've negotiated three bond exchanges to reduce our total outstanding debt by approximately $93 million. The exchange announced today represents our largest to date and eliminates more than $100 million in 2026 maturities, representing a significant reduction in near-term debt and an important step forward for B. Riley. We expect to opportunistically utilize the remaining capacity under our Senior Secured Second Lien facility to further improve our balance sheet." Moelis & Company LLC acted as financial advisor and Sullivan & Cromwell LLP acted as legal advisor to BRF with respect to the Agreement. No Offer or Solicitation This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall it constitute an offer to sell, solicitation or sale of securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. About B. Riley Financial B. Riley Financial (BRF) is a diversified financial services company that delivers 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, operations management, risk and compliance, due diligence, forensic accounting, litigation support, 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 Forward-Looking Statements Statements 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 and include the completion of the closing procedures related to the exchange. 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. ContactsInvestorsir@ Mike FrankVP Corporate Development & Investor Relationsmfrank@ Mediapress@ View original content: SOURCE B. Riley Financial
Yahoo
19-05-2025
- Business
- Yahoo
Marfrig Global Foods SA (MRRTY) Q1 2025 Earnings Call Highlights: Revenue Surge and Strategic ...
Release Date: May 16, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Marfrig Global Foods SA (MRRTY) reported a 27% increase in consolidated net revenue, reaching 38.6 billion reais compared to Q1 2024. The company achieved an adjusted EBITDA of 3.2 billion reais with an EBITDA margin of 8.3%, marking a 20% year-over-year increase. Free cash flow generation was positive at 182 million reais, an increase of 740 million reais year-over-year. The company has successfully reduced its leverage for the seventh consecutive quarter, bringing it down to 2.69 times. Marfrig Global Foods SA (MRRTY) announced a proposed merger with BRF, expected to unlock significant synergies and drive meaningful value creation for shareholders. North American operations faced challenges with adjusted EBITDA dropping 89.7% compared to the previous year, resulting in a margin of only 0.2%. Higher cattle prices and lower drop credit values negatively impacted the profitability of North American operations. Sales to China decreased, now accounting for 49% of exports compared to the same period last year. The company faces potential risks from tariffs that could impact margins in the upcoming quarters. The avian flu outbreak in Brazil poses a potential risk to operations, although the company has contingency plans in place. Warning! GuruFocus has detected 12 Warning Signs with MRRTY. Q: Can you provide insights on the start of Q2, considering the challenging start of the year and potential tariff impacts on margins? A: (Tim Klein, CEO of North America Operations) We have seen a rapid escalation in cattle prices, which typically causes a lag in aligning boxed beef prices with cattle prices. However, as cattle prices stabilize, we expect improved demand for boxed beef. Currently, tariffs have not significantly impacted our margins, but we continue to monitor the situation closely. Q: Could you elaborate on the tax-related synergies from the merger and the timeline for realizing them? A: (Inaus Corseria, Vice President of Administration and Controls at BRF) The tax synergies include optimizing the company's capital structure due to the larger corporation size. Initially, we will capture synergies from creditor-side tax benefits, especially in Sao Paulo. A second wave of synergies, requiring additional steps, may be realized in the second year post-merger. Q: What are the main drivers for considering a US listing and potential re-domiciliation of the company? A: (Miguel Goulart, CEO of BRF) The inclusion of National Beef in the merger provides materiality for re-domiciliation, offering tax and cost advantages. We have been preparing for this scenario over the past few years, and we aim to make it a reality in the medium term. Q: Could you break down the operational synergies expected from the merger? A: (Miguel Goulart, CEO of BRF) We anticipate 485 million in operational synergies in the first year, with costs contributing an additional 320 million. Synergies are mapped across commercial, logistics, supply, and SGNA areas, with significant contributions from commercial and supply chain optimizations. Q: How might the avian flu outbreak impact the merger, and what are the protocols in place? A: (Miguel Goulart, CEO of BRF) The Ministry of Agriculture has declared a sanitary emergency in the affected area, implementing a 10-kilometer radius protocol. We are confident in Brazil's stringent sanitary measures and have contingency plans to navigate this situation. As for the merger, it's too early to determine the impact, but past experiences suggest manageable outcomes. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Malaysian Reserve
19-05-2025
- Business
- Malaysian Reserve
B. Riley Securities Provides Business and Financial Update Following Carve-Out Transaction
LOS ANGELES, May 19, 2025 /PRNewswire/ — B. Riley Securities Holdings, Inc. ('B. Riley Securities,' 'BRS' or the 'Company'), a leading middle market investment bank, today provided a business and financial update following its previously announced carve-out transaction with B. Riley Financial, Inc. ('BRF'), and in anticipation of BRS' future filings of financial statements and quotation on the OTC Markets. Andy Moore, Chairman and Co-CEO, B. Riley Securities, stated:'We remain relentlessly focused on delivering for our clients. With our previously announced carve-out from BRF, we are able to provide greater financial transparency and a clearer view into the underlying strength of our business. We are committed to providing our stakeholders with increased visibility into our strategy and vision for value creation. Although transactional activity has been tempered by macro uncertainty, volatility has often presented compelling opportunities for us to gain market share with differentiated, client-focused execution. As a trusted partner to middle market companies and those who invest in them, we take a long-term view in positioning BRS for sustainable growth and maximizing shareholder value.' Jimmy Baker, Co-CEO & Head of Capital Markets at B. Riley Securities, commented:'We are proud of how our team navigated a challenging 2024. Over the course of last year, we raised $16.5 billion in debt and equity on behalf of our clients and expanded our capabilities in key areas including Convertibles and Liability Management. In addition, our advisory practice is now more closely aligned with our core clients' interests with a sharpened strategic focus on Capital Markets. We have also continued to invest in talent across Equity Research, Sales & Trading, and Investment Banking. It will take time for the full impact of our previously announced carve-out and the contribution of our new team members to materialize in our financial results. Our focus remains firmly on long-term value creation and making BRS a destination for top middle market talent while creating opportunities for growth and leadership within our firm.' Adjusted Year 2024 Financial HighlightsOn an adjusted basis, BRS delivered total revenue of $217.7 million, adjusted net revenue of $211.0 million, a net loss of $14.5 million, and adjusted net income of $33.1 million. The adjusted basis referred to gives effect to the March 2025 contributions of Cascadia Investments Inc. (OTCMKTS: CDIV) and other subsidiaries to BRS as part of the carve-out, as if those contributions had been completed on January 1, 2024. For a reconciliation of non-GAAP measures to their corresponding GAAP measures and additional disclosures, see 'Note Regarding Use of Non-GAAP Financial Measures' and the tables below. In January 2025, the Company repaid all $12.4 million of its outstanding debt. Reflecting primarily the impact of pre-carve out distributions to BRF, losses pertaining to a legacy investment, cash use in connection with year-end compensation and repayment of debt as discussed above, BRS stands completely debt-free with $68 million in cash and securities owned as of the carve-out effective date. About B. Riley Securities (BRS)BRS provides a full suite of investment banking and capital markets services to corporations, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary, and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring and liability management. Widely recognized for its thematic proprietary equity research, clients benefit from BRS' extensive network, industry expertise, and proven execution capabilities of its end-to-end financial services platform. For more information, visit Note Regarding Use of Non-GAAP Financial MeasuresCertain information set forth herein, including adjusted net revenue and adjusted net income (loss), may be considered non-GAAP financial measures. B. Riley Securities believes this information is useful to investors because it provides a basis for measuring the operating performance of the Company's business and its revenues and cash flow, (i) excluding in the case of adjusted net revenue, trading gains (losses) on legacy investment positions (net of 'regular way' fixed income trading revenue) and fair value adjustments on loans, and including Securities Lending interest expense and (ii) excluding in the case of adjusted net income, fair value adjustments, stock-based compensation, trading gains (losses) on legacy investment positions (net of 'regular way' fixed income trading revenue), fair value adjustments on loans and other investment-related expenses, and including the estimated related tax expense or benefit on the aforementioned adjustments, 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. B. RILEY SECURITIES HOLDINGS, INC. Condensed Consolidated Balance Sheet as of December 31, 2024 (Unaudited) (in thousands) B. Riley Securities,Inc. (1) Other wholly owned unaudited subsidiaries (2) As AdjustedB. Riley Securities Holdings, Inc. Assets: Cash and cash equivalents $ 40,926 $ 1,213 $ 42,139 Receivables 70,006 (36,298) 33,708 Securities borrowed 43,022 – 43,022 Securities owned, at fair value 77,758 938 78,696 Operating lease right of use asset 6,884 1,721 8,605 Goodwill and intangibles 113,914 24,990 138,904 Property and equipment, net 2,049 – 2,049 Prepaid expenses and other assets 2,387 – 2,387 Total assets $ 356,946 $ (7,436) $ 349,510 Liabilities: Securities loaned $ 27,942 $ – $ 27,942 Financial instruments sold, not yet purchased, at fair value 5,675 – 5,675 Note payable 12,379 – 12,379 Accrued compensation and benefits 26,822 253 27,075 Accounts payable and accrued expenses 16,021 (1,279) 14,742 Operating lease liabilities 8,293 2,288 10,581 Total liabilities 97,132 1,262 98,394 Equity 259,814 (8,698) 251,116 Total liabilities & equity $ 356,946 $ (7,436) $ 349,510 1) Focus report audit of B. Riley Securities as of and for the year ended December 31, 2024. 2) Reflects the contribution of Cascadia Investments Inc. and other immaterial subsidiaries contributed to B. Riley Securities Holdings, Inc. as if the March 2025 contribution was made on December 31, 2024. B. RILEY SECURITIES HOLDINGS, INC. Condensed Consolidated Statements of Operations Year Ended December 31, 2024 (Unaudited) (in thousands) B. Riley Securities, Inc. (1) Other wholly owned unaudited subsidiaries (2) As AdjustedB. Riley Securities Holdings, Inc. Revenues Investment banking: $ 146,887 $ 7,045 $ 153,932 Institutional brokerage (18,824) (556) (19,380) Interest 78,229 76 78,305 Other income 3,866 945 4,811 Total revenues $ 210,158 $ 7,510 $ 217,668 Expenses Compensation and benefits $ 117,745 $ 1,363 $ 119,108 Interest 66,518 – 66,518 Other operating expenses 47,947 3,456 51,403 Total expenses 232,210 4,819 237,029 Operating net income (loss) (22,052) 2,691 (19,361) Other income/expense – (515) (515) Net income (loss) before income taxes (22,052) 2,176 (19,876) Income tax (benefit) expense (5,954) 587 (5,367) Net income (loss) $ (16,098) $ 1,589 $ (14,509) 1) Focus report audit of B. Riley Securities as of and for the year ended December 31, 2024. 2) Reflects the contribution of Cascadia Investments Inc. and other immaterial subsidiaries contributed to the group subsequent to December 31, 2024. B. RILEY SECURITIES HOLDINGS, INC. Reconciliation of GAAP to Adjusted Full Year 2024 Results (Unaudited) (in thousands) B. Riley Securities, Inc. (1) Other wholly owned unaudited subsidiaries (2) As AdjustedB. Riley Securities Holdings, Inc. Reconciliation of GAAP to adjusted financials: GAAP revenue $ 210,158 $ 7,510 $ 217,668 Adjustments: Legacy positions losses (gains) (3) 59,182 556 59,738 Loans at fair value 63 – 63 Committed equity facility gains (losses) – (515) (515) Total adjustments 59,245 41 59,286 Adjusted revenue 269,403 7,551 276,954 Securities lending interest expense (65,939) – (65,939) Adjusted net revenue (a non-GAAP figure) $ 203,464 $ 7,551 $ 211,015 Net income $ (16,098) $ 1,589 $ (14,509) Adjustments: Fair value adjustment of contingent acquisition consideration (379) – (379) Share based compensation 5,757 – 5,757 Legacy positions losses (gains) (3) 59,182 556 59,738 Loans at fair value 63 – 63 Income tax-effect of above non-GAAP adjustments and certain discrete tax items (17,448) (150) (17,598) Adjusted net income $ 31,077 $ 1,995 $ 33,072 1) Focus report audit of B. Riley Securities as of and for the year ended December 31, 2024. 2) Reflects the contribution of Cascadia Investments Inc. and other immaterial subsidiaries contributed to the group subsequent to December 31, 2024. 3) Legacy investment positions held at BRS that are not, following the carve-out, part of BRS' go-forward strategy. Contact:Jo Anne McCuskerB. Riley Securitiespress@
Yahoo
19-05-2025
- Business
- Yahoo
B. Riley Securities Provides Business and Financial Update Following Carve-Out Transaction
LOS ANGELES, May 19, 2025 /PRNewswire/ -- B. Riley Securities Holdings, Inc. ("B. Riley Securities," "BRS" or the "Company"), a leading middle market investment bank, today provided a business and financial update following its previously announced carve-out transaction with B. Riley Financial, Inc. ("BRF"), and in anticipation of BRS' future filings of financial statements and quotation on the OTC Markets. Andy Moore, Chairman and Co-CEO, B. Riley Securities, stated:"We remain relentlessly focused on delivering for our clients. With our previously announced carve-out from BRF, we are able to provide greater financial transparency and a clearer view into the underlying strength of our business. We are committed to providing our stakeholders with increased visibility into our strategy and vision for value creation. Although transactional activity has been tempered by macro uncertainty, volatility has often presented compelling opportunities for us to gain market share with differentiated, client-focused execution. As a trusted partner to middle market companies and those who invest in them, we take a long-term view in positioning BRS for sustainable growth and maximizing shareholder value." Jimmy Baker, Co-CEO & Head of Capital Markets at B. Riley Securities, commented:"We are proud of how our team navigated a challenging 2024. Over the course of last year, we raised $16.5 billion in debt and equity on behalf of our clients and expanded our capabilities in key areas including Convertibles and Liability Management. In addition, our advisory practice is now more closely aligned with our core clients' interests with a sharpened strategic focus on Capital Markets. We have also continued to invest in talent across Equity Research, Sales & Trading, and Investment Banking. It will take time for the full impact of our previously announced carve-out and the contribution of our new team members to materialize in our financial results. Our focus remains firmly on long-term value creation and making BRS a destination for top middle market talent while creating opportunities for growth and leadership within our firm." Adjusted Year 2024 Financial HighlightsOn an adjusted basis, BRS delivered total revenue of $217.7 million, adjusted net revenue of $211.0 million, a net loss of $14.5 million, and adjusted net income of $33.1 million. The adjusted basis referred to gives effect to the March 2025 contributions of Cascadia Investments Inc. (OTCMKTS: CDIV) and other subsidiaries to BRS as part of the carve-out, as if those contributions had been completed on January 1, 2024. For a reconciliation of non-GAAP measures to their corresponding GAAP measures and additional disclosures, see "Note Regarding Use of Non-GAAP Financial Measures" and the tables below. In January 2025, the Company repaid all $12.4 million of its outstanding debt. Reflecting primarily the impact of pre-carve out distributions to BRF, losses pertaining to a legacy investment, cash use in connection with year-end compensation and repayment of debt as discussed above, BRS stands completely debt-free with $68 million in cash and securities owned as of the carve-out effective date. About B. Riley Securities (BRS)BRS provides a full suite of investment banking and capital markets services to corporations, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary, and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring and liability management. Widely recognized for its thematic proprietary equity research, clients benefit from BRS' extensive network, industry expertise, and proven execution capabilities of its end-to-end financial services platform. For more information, visit Note Regarding Use of Non-GAAP Financial MeasuresCertain information set forth herein, including adjusted net revenue and adjusted net income (loss), may be considered non-GAAP financial measures. B. Riley Securities believes this information is useful to investors because it provides a basis for measuring the operating performance of the Company's business and its revenues and cash flow, (i) excluding in the case of adjusted net revenue, trading gains (losses) on legacy investment positions (net of "regular way" fixed income trading revenue) and fair value adjustments on loans, and including Securities Lending interest expense and (ii) excluding in the case of adjusted net income, fair value adjustments, stock-based compensation, trading gains (losses) on legacy investment positions (net of "regular way" fixed income trading revenue), fair value adjustments on loans and other investment-related expenses, and including the estimated related tax expense or benefit on the aforementioned adjustments, 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. B. RILEY SECURITIES HOLDINGS, INC. Condensed Consolidated Balance Sheet as of December 31, 2024 (Unaudited) (in thousands) B. Riley Securities,Inc. (1)Other wholly owned unaudited subsidiaries (2)As AdjustedB. Riley Securities Holdings, Cash and cash equivalents$ 40,926$ 1,213$ 42,139 Receivables70,006(36,298)33,708 Securities borrowed43,022-43,022 Securities owned, at fair value77,75893878,696 Operating lease right of use asset6,8841,7218,605 Goodwill and intangibles113,91424,990138,904 Property and equipment, net2,049-2,049 Prepaid expenses and other assets2,387-2,387 Total assets$ 356,946$ (7,436)$ 349,510 Liabilities: Securities loaned$ 27,942$ -$ 27,942 Financial instruments sold, not yet purchased, at fair value5,675-5,675 Note payable12,379-12,379 Accrued compensation and benefits26,82225327,075 Accounts payable and accrued expenses16,021(1,279)14,742 Operating lease liabilities8,2932,28810,581 Total liabilities97,1321,26298,394Equity259,814(8,698)251,116Total liabilities & equity$ 356,946$ (7,436)$ 349,5101) Focus report audit of B. Riley Securities as of and for the year ended December 31, 2024. 2) Reflects the contribution of Cascadia Investments Inc. and other immaterial subsidiaries contributed to B. Riley Securities Holdings, Inc. as if the March 2025 contribution was made on December 31, 2024. B. RILEY SECURITIES HOLDINGS, INC. Condensed Consolidated Statements of Operations Year Ended December 31, 2024 (Unaudited) (in thousands) B. Riley Securities, Inc. (1)Other wholly owned unaudited subsidiaries (2)As AdjustedB. Riley Securities Holdings, Inc. Revenues Investment banking:$ 146,887$ 7,045$ 153,932 Institutional brokerage(18,824)(556)(19,380) Interest78,2297678,305 Other income3,8669454,811 Total revenues$ 210,158$ 7,510$ 217,668Expenses Compensation and benefits$ 117,745$ 1,363$ 119,108 Interest66,518-66,518 Other operating expenses47,9473,45651,403 Total expenses232,2104,819237,029 Operating net income (loss)(22,052)2,691(19,361)Other income/expense-(515)(515) Net income (loss) before income taxes(22,052)2,176(19,876) Income tax (benefit) expense(5,954)587(5,367) Net income (loss)$ (16,098)$ 1,589$ (14,509)1) Focus report audit of B. Riley Securities as of and for the year ended December 31, 2024. 2) Reflects the contribution of Cascadia Investments Inc. and other immaterial subsidiaries contributed to the group subsequent to December 31, 2024. B. RILEY SECURITIES HOLDINGS, INC. Reconciliation of GAAP to Adjusted Full Year 2024 Results (Unaudited) (in thousands) B. Riley Securities, Inc. (1)Other wholly owned unaudited subsidiaries (2)As AdjustedB. Riley Securities Holdings, Inc. Reconciliation of GAAP to adjusted financials: GAAP revenue$ 210,158$ 7,510$ 217,668Adjustments: Legacy positions losses (gains) (3)59,18255659,738 Loans at fair value63-63 Committed equity facility gains (losses)-(515)(515) Total adjustments59,2454159,286 Adjusted revenue269,4037,551276,954 Securities lending interest expense(65,939)-(65,939) Adjusted net revenue (a non-GAAP figure)$ 203,464$ 7,551$ 211,015Net income$ (16,098)$ 1,589$ (14,509)Adjustments: Fair value adjustment of contingent acquisition consideration(379)-(379) Share based compensation5,757-5,757 Legacy positions losses (gains) (3)59,18255659,738 Loans at fair value63-63 Income tax-effect of above non-GAAP adjustments and certain discrete tax items(17,448)(150)(17,598) Adjusted net income$ 31,077$ 1,995$ 33,0721) Focus report audit of B. Riley Securities as of and for the year ended December 31, 2024. 2) Reflects the contribution of Cascadia Investments Inc. and other immaterial subsidiaries contributed to the group subsequent to December 31, 2024. 3) Legacy investment positions held at BRS that are not, following the carve-out, part of BRS' go-forward strategy. Contact:Jo Anne McCuskerB. Riley Securitiespress@ View original content to download multimedia: SOURCE B. Riley Securities Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
