Company: RILYN
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001464790-25-000023
Chunk: 2

Company: B. Riley Financial, Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Part I, Item 1
Chunk 2
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 consolidated variable interest entities (Note 2(o)).

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Table of Contents

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except share and per share data)

Three Months EndedMarch 31,20252024Revenues:Services and fees (includes $3,945 and $3,631 for the three months ended March 31, 2025 and 2024 from related parties, respectively) $158,839 $214,081 Trading gains (losses), net(16,171)(17,667)Fair value adjustments on loans (includes $(2,146) and $(19,125) for the three months ended March 31, 2025 and 2024 from related parties, respectively) (8,096)(12,201)Interest income - loans (includes $696 and $13,979 for the three months ended March 31, 2025 and 2024 from related parties, respectively)3,196 22,135 Interest income - securities lending840 37,809 Sale of goods47,455 53,433 Total revenues186,063 297,590 Operating expenses:Direct cost of services42,700 59,670 Cost of goods sold36,733 38,827 Selling, general and administrative expenses167,388 178,940 Restructuring charge (Note 4)— 789 Interest expense - Securities lending and loan participations sold719 35,383 Total operating expenses247,540 313,609 Operating loss(61,477)(16,019)Other income (expense):  Interest income1,486 663 Dividend income135 3,004 Realized and unrealized losses on investments(14,500)(34,924)Change in fair value of financial instruments and other922 — Gain on sale and deconsolidation of businesses80,841 314 Gain on senior note exchange10,532 — Loss from equity investments(552)(4)Loss on extinguishment of debt(10,427)— Interest expense(29,964)(35,665)Loss from continuing operations before income taxes(23,004)(82,631)Benefit from income taxes3,042 21,330