Financial Performance - Total revenues increased by $102.5 million to $277.9 million for the three months ended September 30, 2025, compared to $175.4 million for the same period in 2024, representing a 58.5% increase[368]. - Operating income improved to $65.4 million from a loss of $82.2 million in the prior year, marking a significant turnaround[365]. - Net income attributable to common shareholders was $89.1 million, compared to a loss of $286.4 million in the same quarter last year, reflecting a 131.1% improvement[365]. - Total revenues for the nine months ended September 30, 2025, were $689.2 million, an increase of 21.4% compared to $567.8 million for the same period in 2024[402]. - Net income for the nine months ended September 30, 2025, was $220.0 million, compared to a net loss of $769.3 million in 2024[402]. Revenue Breakdown - The Capital Markets segment saw a revenue increase of $34.9 million to $65.4 million, primarily driven by a rise in corporate finance, consulting, and investment banking fees[370]. - The Wealth Management segment's revenues from services and fees decreased by $15.0 million to $34.3 million, attributed to a reduction in assets under management (AUM) from approximately $25.7 billion to $13.3 billion[371]. - The Communications segment's revenues decreased by $6.9 million to $59.4 million, primarily due to a decline in subscription revenue[372]. - The Consumer Products segment reported a decrease in sales of goods by $2.8 million, contributing to the overall revenue decline in certain areas[369]. - The Capital Markets segment saw a revenue decrease of $11.4 million to $129.7 million, primarily due to declines in corporate finance and investment banking fees[407]. Investment and Assets - As of September 30, 2025, the total securities and other investments owned amounted to $315.5 million, an increase from $282.3 million as of December 31, 2024, representing a growth of approximately 11.5%[354][355]. - The carrying value of public equity securities was $149.7 million as of September 30, 2025, up from $124.9 million as of December 31, 2024, indicating a growth of about 19.8%[355]. - The carrying value of Babcock & Wilcox Enterprises, Inc. common stock increased to $79.6 million as of September 30, 2025, from $45.0 million as of December 31, 2024, reflecting a rise of 76.4%[356]. - The carrying value of private equity securities was $99.0 million as of September 30, 2025, down from $107.6 million as of December 31, 2024, representing a decrease of 8.0%[359]. Cash Flow and Liquidity - Cash used in operating activities was $85.9 million for the nine months ended September 30, 2025, compared to cash provided of $266.3 million for the same period in 2024, reflecting a decrease of $352.2 million[451]. - Cash provided by investing activities increased to $275.9 million for the nine months ended September 30, 2025, up from $25.5 million in 2024, primarily due to proceeds from the sale of various businesses[452]. - Cash used in financing activities was $261.0 million for the nine months ended September 30, 2025, a decrease from $354.7 million in 2024, mainly due to the suspension of dividends and a net increase in debt-related proceeds[453]. - The company expects current cash, cash equivalents, and available credit facilities to meet working capital and capital expenditure requirements for at least the next 12 months[445]. Expenses and Impairments - Total selling, general and administrative expenses decreased by $17.2 million to $143.9 million during the three months ended September 30, 2025, from $161.1 million in the same period of 2024[383]. - Selling, general and administrative expenses in the Capital Markets segment increased by $22.2 million to $53.4 million during the three months ended September 30, 2025, from $31.3 million in the same period of 2024[384]. - The company recognized an impairment charge of $1.5 million for the Targus tradename due to potential impairment indicators[362]. - Selling, general and administrative expenses decreased by $64.4 million to $453.6 million, with notable reductions in the Wealth Management and Communications segments[422]. Debt and Dividends - As of September 30, 2025, total borrowings outstanding were $1.4 billion, including $1.3 billion from senior notes due between March 31, 2026, and August 31, 2028, with interest rates ranging from 5.00% to 8.00%[444]. - The company did not pay any cash dividends on common stock during the three months ended September 30, 2025, and suspended dividends in August 2024 to prioritize debt reduction[447]. - Dividends in arrears for Series A Preferred Stock amounted to $4.5 million as of September 30, 2025, and for Series B Preferred Stock, $2.9 million[448][449]. Future Outlook and Strategy - The Company aims to maximize free cash flow through operational improvements in acquired companies, targeting attractive risk-adjusted returns[342]. - The Company plans to pursue future acquisitions to expand its Communications Segment, which includes several cloud and telecom service providers[349]. - The company continues to monitor financial performance to ensure sufficient liquidity for operations and business plans[446]. - The Company underwent a name change to BRC Group Holdings, Inc. effective January 1, 2026, while retaining its trading symbol "RILY"[360].

Financial Performance - Net income available to common shareholders for Q3 2025 was $89.1 million, a significant improvement from a net loss of $(286.4) million in Q3 2024[6]. - Total revenues for Q3 2025 reached $277.9 million, compared to $175.4 million in Q3 2024, reflecting a year-over-year increase of approximately 58.5%[7]. - Operating income for the three months ended September 30, 2025, was $65.4 million, compared to an operating loss of $82.2 million in the same period of 2024[26]. - Net income attributable to the Registrant for the three months ended September 30, 2025, was $91.1 million, a significant improvement from a net loss of $284.4 million in the same period of 2024[26]. - Basic income per common share for continuing operations was $2.97 for the three months ended September 30, 2025, compared to a loss of $5.02 in the same period of 2024[27]. - Adjusted EBITDA for Q3 2025 was $112.2 million, a turnaround from $(89.5) million in Q3 2024[7]. - The company reported trading gains of $53.0 million for the three months ended September 30, 2025, compared to a loss of $1.2 million in the same period of 2024[26]. - The company reported trading losses of $53.0 million for the three months ended September 30, 2025, compared to gains of $1.2 million in the same period of 2024[31]. - Fair value adjustments on loans resulted in a loss of $1.3 million for the three months ended September 30, 2025, compared to a gain of $71.5 million in the same period of 2024[31]. Revenue Segments - Operating revenues were $244.1 million in Q3 2025, slightly down from $253.1 million in Q3 2024[7]. - The Capital Markets segment generated revenues of $116.2 million in Q3 2025, up from $(24.7) million in the same period last year, with segment income increasing to $60.7 million from $(62.3) million[11]. - Wealth Management segment revenues decreased to $42.4 million in Q3 2025, down from $50.1 million in Q3 2024, but segment income improved to $7.2 million from $0.8 million[11]. Debt and Assets - Total debt as of Q3 2025 was $1.44 billion, with net debt reduced to $702.9 million, down from $1.06 billion at the end of 2024[7]. - Total assets as of September 30, 2025, were $1.67 billion, a decrease from $1.78 billion as of December 31, 2024[24]. - Total liabilities as of September 30, 2025, were $1.88 billion, down from $2.24 billion as of December 31, 2024[24]. - Cash and cash equivalents increased to $184.2 million as of September 30, 2025, from $146.9 million as of December 31, 2024[24]. - The company’s accumulated deficit decreased to $850.1 million as of September 30, 2025, from $1.07 billion as of December 31, 2024[24]. - Total investments as of September 30, 2025, amounted to $406.7 million, a decrease from $432.6 million as of December 31, 2024[33]. - Net debt as of September 30, 2025, was $702.9 million, down from $1,063.7 million as of December 31, 2024, indicating a reduction of 34%[33]. - The company’s total debt as of September 30, 2025, was $1.4 billion, down from $1.8 billion as of December 31, 2024[33]. Compliance and Management - The company filed three Form 10-Qs for Q1, Q2, and Q3 2025 within 120 days, achieving NASDAQ compliance ahead of the deadline[5]. - B. Riley Wealth managed over $13 billion in client assets as of September 30, 2025[11]. - The company is focused on comprehensive transformation efforts across its businesses and operations to enhance its position for 2026[4]. - The company plans to focus on market expansion and new product development to drive future growth[30].

Financial Performance - The company reported total revenues of $225.3 million for the three months ended June 30, 2025, a 137.4% increase from $94.9 million in the same period of 2024[380]. - Operating income for the three months ended June 30, 2025, was $10.8 million, a significant turnaround from an operating loss of $232.6 million in the same period of 2024[377]. - Net income attributable to B. Riley Financial, Inc. was $139.5 million for the three months ended June 30, 2025, compared to a loss of $433.6 million in the prior year[377]. - Total revenues for the six months ended June 30, 2025, were $411.4 million, an increase of 4.8% compared to $392.5 million for the same period in 2024[419]. - The company generated net income of $129.5 million for the six months ended June 30, 2025, compared to a net loss of $482.8 million in the same period of 2024[457]. Revenue Breakdown - Wealth Management segment total revenues decreased to $38.6 million in Q2 2025 from $50.9 million in Q2 2024, a decline of 24%[383]. - The Capital Markets segment saw a revenue decrease of $46.3 million to $64.3 million, a decline of 41.9% from $110.6 million in the prior year[424]. - Communications segment revenues decreased by $34.9 million to $123.9 million, a decline of 22.0% from $158.8 million in the prior year[426]. - E-Commerce segment revenues increased by 27.0% to $3.5 million, up from $2.7 million in the previous year[422]. - Revenues from services and fees in the Communications segment decreased to $60.7 million in Q2 2025 from $77.7 million in Q2 2024, a decline of 22%[384]. Investment and Securities - As of June 30, 2025, the total securities and other investments owned amounted to $242.4 million, down from $282.3 million as of December 31, 2024, representing a decrease of approximately 14.1%[363][364]. - The carrying value of public equity securities was $88.9 million as of June 30, 2025, compared to $124.9 million as of December 31, 2024, indicating a decline of about 29%[364]. - The carrying value of private equity securities decreased to $97.9 million as of June 30, 2025, from $107.6 million as of December 31, 2024, reflecting a reduction of approximately 9.5%[364][368]. - The carrying value of Babcock & Wilcox Enterprises, Inc. common stock decreased from $45.0 million as of December 31, 2024, to $26.4 million as of June 30, 2025, a decline of approximately 41.1%[365]. - The carrying value of Double Down Interactive Co., Ltd common stock fell from $43.7 million as of December 31, 2024, to $34.5 million as of June 30, 2025, representing a decrease of about 21.1%[366]. Cash Flow and Financing - Cash used in operating activities was $25.4 million for the six months ended June 30, 2025, a decrease of $272.2 million compared to $246.8 million provided in the same period of 2024[469]. - Cash provided by investing activities was $289.2 million for the six months ended June 30, 2025, compared to $6.7 million in the same period of 2024, primarily due to proceeds from business sales[471]. - Cash used in financing activities was $252.4 million for the six months ended June 30, 2025, compared to $243.5 million in the same period of 2024, primarily due to increased debt-related payments[472]. - The Company had borrowings outstanding of $1.5 billion as of June 30, 2025, including $1.3 billion from senior notes with interest rates ranging from 5.00% to 8.00%[463]. - The company expects to utilize existing cash balances and cash generated from operations to fund debt service obligations over the next twelve months[459]. Expenses and Cost Management - Selling, general and administrative expenses decreased by $35.6 million to $142.4 million in Q2 2025 from $178.0 million in Q2 2024, a reduction of 20%[397]. - Total selling, general and administrative expenses decreased by $47.2 million to $309.8 million during the six months ended June 30, 2025, from $356.9 million in the same period of 2024, a reduction of 13.2%[439]. - Direct cost of services decreased by $42.4 million to $75.9 million, primarily due to a $32.9 million decrease in the Communications segment[437]. - Interest expense decreased by $56.0 million to $2.7 million during the six months ended June 30, 2025, from $58.7 million in the same period of 2024, due to a decrease in securities loaned and loan participations sold[447]. - The impairment charge for the Targus tradename was $1.5 million as of June 30, 2025, reflecting a decline in fair value due to market conditions[374]. Future Outlook and Strategic Initiatives - The Company plans to change its name to BRC Group Holdings, Inc., effective January 1, 2026[372]. - The Company anticipates variability in the sale of additional investments over the next twelve months based on economic value realization and liquidity needs[461]. - The company actively monitors interest rate risk and may consider entering into interest rate hedges to mitigate potential risks[476]. - The company maintains a portfolio of cash equivalents and short-term investments, including common stocks and loans receivable, to maximize income while preserving capital[477]. - The Company completed private exchange transactions on July 11, 2025, exchanging Exchanged Notes for approximately $24.6 million aggregate principal amount of New Notes[462].

Financial Performance - Total revenue for Q3 2025 was approximately $109.1 million, with adjusted net revenue of approximately $75.7 million[3] - Net income for the quarter was approximately $41.8 million, while adjusted net income totaled approximately $18.9 million[3] - Investment banking revenue was $53.9 million, while institutional brokerage revenue was $51.6 million for the quarter[14] Capital Management - The company raised approximately $10.5 billion in capital for clients through equity and debt financings during the quarter[2] - Cash and securities as of September 30, 2025, totaled $145.9 million, with no outstanding debt[6] - The company continues to evaluate future returns of capital to shareholders based on available excess capital and business growth prospects[10] Shareholder Returns - The board approved a dividend of $0.40 per common share, amounting to approximately $7.4 million in total distribution[10] Strategic Initiatives - The company maintained a disciplined approach to recruiting, strategically expanding its team to enhance its platform[2] - The upcoming Convergence Conference will focus on the impact of AI and blockchain on the energy sector, reflecting the company's commitment to relevant engagement[2] Revenue Clarity - Adjusted net revenue excludes trading gains and losses, providing a clearer view of the firm's operating performance[4]

Financial Performance - Total revenues decreased by $111.5 million to $186.1 million for the three months ended March 31, 2025, compared to $297.6 million for the same period in 2024, representing a decline of 37.5%[348]. - Revenues from services and fees fell by $55.2 million, with significant decreases in the Capital Markets segment ($35.1 million) and Communications segment ($17.9 million)[348][349]. - The operating loss for the three months ended March 31, 2025, was $61.5 million, compared to an operating loss of $16.0 million for the same period in 2024[345]. - The net loss attributable to B. Riley Financial, Inc. was $9.975 million for the three months ended March 31, 2025, a decrease of 79.7% compared to a net loss of $49.2 million in the same period in 2024[345]. - The Capital Markets segment reported a revenue decrease of 58.2%, falling to $25.2 million from $60.3 million year-over-year[350]. - Wealth Management segment revenues from services and fees decreased by $4.5 million to $46.7 million for the three months ended March 31, 2025, down from $51.2 million in the same period of 2024, primarily due to an $8.8 million decrease in wealth and asset management fees[351]. - Communications segment revenues from services and fees decreased by $17.9 million to $63.2 million for the three months ended March 31, 2025, primarily due to a $17.6 million decline in subscription revenue[352]. - E-Commerce segment saw a revenue increase of 100%, generating $3.5 million in the three months ended March 31, 2025, compared to no revenue in the same period in 2024[347]. Investment and Assets - As of March 31, 2025, total securities and other investments owned amounted to $231.8 million, down from $282.3 million as of December 31, 2024, representing a decrease of approximately 17.9%[331]. - The carrying value of public equity securities decreased from $124.9 million as of December 31, 2024, to $79.7 million as of March 31, 2025, a decline of about 36.2%[331]. - The carrying value of private equity securities decreased from $107.6 million as of December 31, 2024, to $97.7 million as of March 31, 2025, a reduction of approximately 9.2%[331]. - Total assets under management (AUM) were approximately $18.4 billion as of March 31, 2025, down from $25.8 billion as of March 31, 2024, reflecting a significant decline in AUM[351]. Business Operations - The Company operates through five reportable business segments: Capital Markets, Wealth Management, Communications, Consumer, and E-Commerce[320]. - The Company maintains a diverse investment approach, focusing on operational improvements to maximize free cash flow from acquired companies[318]. - The Company has a significant presence in various locations, including offices in Los Angeles, New York, Chicago, and internationally in Canada, Europe, Asia, and Australia[319]. Debt and Financing - The Company executed four private exchange transactions resulting in the cancellation of approximately $29.5 million of 5.50% Senior Notes and the issuance of approximately $140.7 million aggregate principal amount of 8.00% Senior Secured Second Lien Notes due 2028[337]. - The Targus/FGI Credit Agreement provides a $30.0 million revolving loan facility, with a final maturity date of August 20, 2028[339]. - The company extended an additional subordinated loan of $5.0 million to the Targus Borrower, increasing the total loan amount to $10.0 million[340]. - The company expects to utilize existing cash and proceeds from business sales to meet debt service obligations over the next twelve months[383]. - As of March 31, 2025, the company had $138.3 million in unrestricted cash and cash equivalents and $1.6 billion in borrowings outstanding[382]. - Approximately 86% of the company's debt obligations bore interest at fixed rates as of March 31, 2025[402]. - A 1% change in floating interest rates would result in a $0.5 million change in interest expense[403]. Cash Flow - Cash provided by operating activities decreased to $0.2 million in Q1 2025 from $135.4 million in Q1 2024, a reduction of $135.2 million[395]. - Cash provided by investing activities increased to $59.2 million in Q1 2025 from $18.3 million in Q1 2024, an increase of $40.9 million[397]. - Cash used in financing activities decreased to $172.5 million in Q1 2025 from $190.9 million in Q1 2024, a reduction of $18.4 million[398]. Other Financial Metrics - Interest income from loans decreased by $18.9 million, while interest income from securities lending dropped by $37.0 million, reflecting declines of 85.6% and 97.8%, respectively[345][348]. - Selling, general and administrative expenses decreased by $11.6 million to $167.4 million during the three months ended March 31, 2025, from $178.9 million in the same period of 2024[363]. - Direct cost of services decreased by $17.0 million to $42.7 million during the three months ended March 31, 2025, primarily due to a $16.2 million decrease in the Communications segment[361]. - Cost of goods sold decreased by $2.1 million to $36.7 million during the three months ended March 31, 2025, primarily due to lower sales volume in the Consumer Products segment[362]. - Interest expense from securities lending and loan participations sold decreased by $34.7 million to $0.7 million for the three months ended March 31, 2025, due to a reduction in loaned securities from $2.0 billion to $33.0 million[370]. - Realized and unrealized losses on investments were $14.5 million for the three months ended March 31, 2025, an improvement from a loss of $34.9 million in the same period of 2024[372]. - The company reported a benefit from income taxes of $3.0 million for the three months ended March 31, 2025, compared to $21.3 million in the prior year, with an effective tax rate of 13.2%[376]. Corporate Actions - The Company completed the sale of a portion of its Wealth Management business for net cash consideration of $26.0 million, which included 36 financial advisors managing approximately $4.0 billion, or 23.6%, of assets under management as of March 31, 2025[336]. - The company completed the sale of Atlantic Coast Recycling for approximately $68.6 million and the sale of its financial consulting business for $117.8 million[386]. - The company did not pay any cash dividends on common stock during the three months ended March 31, 2025, following the suspension of dividends announced in August 2024[390]. - Common stock dividends declared for Q1 2025 were $0.50 per share, consistent with Q1 2024[391]. - Series A Preferred Stock dividends are at a cumulative rate of 6.875%, with $2.0 million in arrears as of March 31, 2025[392]. - Series B Preferred Stock dividends are at a cumulative rate of 7.375%, with $1.3 million in arrears as of March 31, 2025[393]. - The company announced a name change to BRC Group Holdings, Inc., effective January 1, 2026[341].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM 10-K _____________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37503 _________________________________ ...

Exhibit 99.2 B. Riley Financial Shares Preliminary Fourth Quarter and Full Year 2024 Results and Financial Estimates and Business Update for First Half 2025 First Half 2025 Net Income Available to Common Shareholders Expected to be in the Range of $125.0 Million to $145.0 Million, or $4.08 to $4.74 Diluted Net Income per Common Share First Half 2025 Highlights www.brileyfin.com | NASDAQ: RILY 1 ● Executed B. Riley Securities ("BRS") carve out in March 2025, aligning capital and management to serve clients. ...