Company: RILYN
Filing Date: 2025-05-13
Form Type: NT 10-Q
Source: 0001213900-25-042767
Chunk: 2

Company: B. Riley Financial, Inc.
Filing Date: 2025-05-13
Form: NT 10-Q
Chunk 2
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 diluted common share compared to a net loss available to common shareholders of $(51) million or $(1.71) per diluted common
share for the three months ended March 31, 2024. Results for the quarterly period ended March 31, 2025 includes legal, audit and transaction
costs of approximately $20 million, operating losses from Nogin of approximately $5 million, realized and unrealized losses from investments
of approximately $35 million and gains of approximately $90 million from the deconsolidation of Nogin and sale of the Company’s
environmental services business. The Company is continuing to review the carrying value of goodwill and the impact, if any, on the net
income estimate for the three months ended March 31, 2025. The Company is also working expeditiously to complete the audit and finalize
the Annual Report on Form 10-K for the year ended December 31, 2024.

Cash, cash equivalents, and restricted cash as
of March 31, 2025 of approximately $143 million, which included approximately $142 million of cash and cash equivalents
and $1 million of restricted cash. This is a decrease of $114 million, which was primarily due to the use of cash to retire
the February 2025 senior notes, from $257 million as of December 31, 2024. In the comparable quarter ended March 31, 2024, cash, cash
equivalents, and restricted cash totaled $193 million.

Total loans receivable, securities and other investments
and amounts due from clearing brokers is estimated to be approximately $450 million to $460 million at March 31, 2025. The Company estimates
liabilities related to loan participations sold of approximately $10 million at March 31, 2025. Total assets of the Company are estimated
to be approximately $1.5 billion at March 31, 2025, a decrease from approximately $5.0 billion in the comparable period ended March 31,
2024. The decrease in total assets is due to a decrease of $2.0 billion in securities borrowed, $0.6 billion of assets sold related to
the Great American businesses, Brands transaction and the Company’s environmental services business, and the remaining $0.9 billion
primarily relates to a decrease in loans receivable and securities and other investments.

Total debt is estimated to be approximately $1.58 billion at
March 31, 2025