Company: RILYN
Filing Date: 2025-02-21
Form Type: 10-Q
Source: 0001628280-25-007082
Chunk: 226

Company: B. Riley Financial, Inc.
Filing Date: 2025-02-21
Form: 10-Q
Item: Part I, Item 2
Chunk 226
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 Preferred stock dividends were $6.0 million for the nine months ended September 30, 2024 and 2023. Dividends on the Series A preferred paid during the nine months ended September 30, 2024 and 2023 were $0.4296875 per depository share. Dividends on the Series B preferred paid during the nine months ended September 30, 2024 and 2023 were $0.4609375 per depository share.

Net Loss Available to Common Shareholders. Net loss available to common shareholders was $773.2 million during the nine months ended September 30, 2024 compared to net loss available to common shareholders $16.3 million during the nine months ended September 30, 2023. The decrease was due to a change in operating (loss) income of $462.1 million, a decrease in realized and unrealized losses on investments of $135.3 million, a change in net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests of $3.5 million, a decrease of $0.5 million in interest income, and a decrease of $5.4 million in dividend income, partially offset by a change in provision for income taxes of $14.9 million and a decrease in interest expense of $16.4 million. 

Liquidity and Capital Resources

Our operations are funded through a combination of existing cash on hand, cash generated from operations, borrowings under our senior notes payable, term loans and credit facilities, and special purposes financing arrangements. During the nine months ended September 30, 2024 and 2023, we generated net losses of $645.5 million and $48.5 million, respectively. The Company operates a number of businesses in its segments that provide steady cash flows and operating income throughout the year, however, our cash flows and profitability are impacted by capital market engagements.

As of September 30, 2024, we had $159.2 million of unrestricted cash and cash equivalents, $1.4 million of restricted cash, $341.8 million of securities and other investments owned, at fair value, $151.7 million of loans receivable, at fair value, and $2,067.8 million of borrowings outstanding. The borrowings outstanding of $2,067.8 million as of September 30, 2024 included $1,529.6 million from the issuance of series of senior notes that are due at