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B Riley Financial (RILY) investor relations material

B Riley Financial Investor Update summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor Update summary13 Aug, 2025

Audit and financial reporting status

  • 2024 annual audit is in late stages, with 10-K filings expected shortly; 1Q and 2Q 10-Qs are documented and ready for auditor review after 10-K submission.

  • Audit delays were caused by complex divestitures, transition service agreements, and auditor transition, leading to significant documentation requirements.

  • A national accounting advisory firm was hired to augment staff and support technical accounting and internal controls, aiming to normalize future filings.

  • Third quarter filings are expected to return to a normal schedule.

Strategic realignment and business operations

  • Focus has shifted to financial services and capital markets, supported by strong cash flows from telecom and consumer products.

  • The carve-out of B. Riley Securities (BRS) in March 2025 exceeded expectations, with BRS showing operational autonomy, capital strength, and new talent additions.

  • Sale of GA Group to Oaktree funds provided strategic benefits, cash for debt reduction, and access to larger liquidation deals.

  • Divestitures included GlassRatner, Atlantic Coast Recycling, and W2 Wealth Management, generating significant cash proceeds.

Financial performance and capital structure

  • Net debt reduced to $839M as of June 30, 2025, through investment and asset sales, amended credit facility, and bond exchanges.

  • Cash balance at June 30, 2025, exceeds $260M, with additional operational flexibility from amended Oaktree facility.

  • Five bond exchanges since March 2025 reduced outstanding debt by $126M; February 2025 senior notes fully redeemed.

  • Estimated first half 2025 net income available to common shareholders is $125M–$145M, driven by gains on asset sales and bond retirements.

  • Investment portfolio estimated at $320M–$355M, down due to debt paydowns and investment sales.

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Frequently asked questions

B. Riley Financial Inc. is an investment bank that provides corporate finance, research and sales and trading to corporate, institutional and high net worth individual clients. The company is an internally recognized provider of structured finance, fixed income sales and trading, and research in the small cap market space. B. Riley also provides collaborative advisory services through Great American Group Advisors, LLC to companies under financial duress as well as asset management through B. Riley Asset Management LLC.

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