Company: RILYN
Filing Date: 2025-03-18
Form Type: NT 10-K
Source: 0001013762-25-000631
Chunk: 2

Company: B. Riley Financial, Inc.
Filing Date: 2025-03-18
Form: NT 10-K
Chunk 2
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2025, estimated
results of operations for the quarter ended December 31, 2024 are summarized as follows:

Net income available to common shareholders for the
three months ended December 31, 2024 is expected to be in the range of $48 million to $68 million, or $1.57 to $2.22 net
income per diluted common share, which includes approximately $236 million to $247 million of income from discontinued operations
primarily related to the divesture of a majority interest in the Great American businesses. Net loss from continuing operations for the
three months ended December 31, 2024 is expected to be in the range of ($178) million to ($187) million, which primarily includes estimated
impairment charges of goodwill and intangible assets of $73 million to $79 million and approximately $49 million of trading losses and
realized and unrealized losses on investment.

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Estimated results of operations for the year ended
December 31, 2024 are summarized as follows:

Cash, cash equivalents, and restricted cash as of
December 31, 2024 of approximately $257 million, which included approximately $156 million of cash and cash equivalents
and $101 million of restricted cash primarily reserved for the Company’s February 2025 senior notes, which were
redeemed on February 28, 2025. This is an increase of $32 million from $225 million as of December 31, 2023.

Total loans receivable at fair value, securities and
other investments owned, amounts due from clearing brokers and equity method investments from continuing operations is expected to be
approximately $550 million to $560 million at December 31, 2024, a decrease of approximately $834 million to $844 million from approximately
$1.394 billion at December 31, 2023. The decrease is primarily due to losses of approximately $287 from fair value adjustments resulting
from the write-off of the investment in Freedom VCM Holdings, LLC (“Freedom VCM”) and $223 million from fair value adjustments
related to the loan receivable to Vintage Capital Management, LLC (“VCM”) as previously reported in the results for the nine
months ended September 30, 2024, as well as the sale of investments the proceeds of which funded principal payments on our term loans
and the retirement of a portion of our senior notes payable.

Total debt is expected to be approximately $1.78 billion at