B. Riley Financial Reports Second Quarter 2025 Financial Results

Rhea-AI Summary

B. Riley Financial (NASDAQ: RILY) filed its Form 10-Q for the quarter ended June 30, 2025 and reported Q2 2025 net income of $137.5 million, in line with prior guidance of $120 million to $140 million. Results included $66.8 million gain on the sale of GlassRatner and $44.5 million gain on senior note exchanges.

Other highlights: revenues $225.3M vs $94.9M a year earlier; income from continuing operations $71.7M; operating adjusted EBITDA (continuing) $38.5M; total debt $1.46B and net debt $824.8M; cash and restricted cash $268.6M; basic and diluted EPS $4.50.

Positive

• Net income of $137.5M within prior estimate range
• Revenue increased to $225.3M from $94.9M year-over-year
• Total debt reduced by $314M since December 31, 2024
• Cash and restricted cash of $268.6M

Negative

• Net debt remains $824.8M, a material leverage level
• Total investments declined to $321.6M from $432.6M as of Dec 31, 2024

Key Figures

Q2 2025 Net income $137.5 million Compared to net loss of $(435.6) million in Q2 2024

Income from continuing ops $71.7 million Includes $44.5 million gains on senior note exchanges; Q2 2024 was $(449.2) million

Revenues $225.3 million Versus $94.9 million in Q2 2024, which had large fair value losses

Operating adj. EBITDA $38.5 million From continuing operations vs $31.2 million in Q2 2024

Total debt $1.46 billion Down from $1.77 billion as of Dec 31, 2024

Net debt $824.8 million Down from $1.06 billion as of Dec 31, 2024

Cash & equivalents $268.6 million Compared to $247.3 million as of Dec 31, 2024

Basic & diluted EPS $4.50 Versus $(14.35) in Q2 2024

Market Reality Check

$3.72 Last Close

Volume Volume 442,384 is below the 20-day average of 611,569, suggesting muted trading interest before this filing. normal

Technical Shares at $3.96 are trading below the 200-day moving average of $4.52 and about 49.87% under the 52-week high.

Peers on Argus

RILY slipped 0.75% with light volume while peers were mixed: TREE fell 3.36%, VOYA declined 1.71%, but FRHC gained 1.06% and RILYP rose 5.44%, pointing to stock-specific rather than broad sector pressure.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 28	Nasdaq delinquency notice	Negative	-1.1%	Nasdaq delinquency notification and extended deadlines for late 10-Q filings.
Nov 18	Q1 2025 filing	Positive	+0.4%	Filing of Q1 2025 10-Q and progress toward Nasdaq listing compliance.
Nov 11	Corporate name change	Neutral	+7.8%	Announcement of rebranding to BRC Group Holdings effective January 1, 2026.
Oct 06	Nasdaq staff letter	Negative	-1.5%	Staff Determination Letter over missing Q1 and Q2 2025 10-Qs and compliance plan.
Sep 09	Auditor change	Positive	+3.5%	Appointment of BDO for 2025 audit to help restore timely financial reporting.

Pattern Detected

Recent news around filings, compliance, and governance has generally seen price moves that align with the tone of the announcements.

Recent Company History

Over the past six months, RILY’s news flow has focused on restoring timely reporting and maintaining its Nasdaq listing. An auditor change to BDO, progress on delayed 10-Q filings, and a planned corporate name change on Jan 1, 2026 framed a remediation narrative. Nasdaq delinquency and determination letters weighed modestly on shares. Today’s Q2 2025 results, highlighting a return to profitability and timely filing before the Dec 23, 2025 deadline, continue this theme of operational repair and reporting normalization.

Market Pulse Summary

The stock is surging +38.4% following this news. A strong positive reaction aligns with the sharp swing from prior losses to Q2 2025 net income of $137.5 million and EPS of $4.50, alongside meaningful debt reduction. Historical earnings-related headlines have often produced sizable moves, with an average change of 6.14%. Elevated leverage and reliance on gains from asset sales and note exchanges could still temper sustainability if core earnings momentum stalls or one-time items fade.

Key Terms

form 10-q regulatory

"announced the filing of its Quarterly Report on Form 10-Q for the three-month"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

nasdaq regulatory

"Form 10-Q Filed Prior to Nasdaq's December 23, 2025 Deadline"

The Nasdaq is a stock exchange where many companies' shares are bought and sold, functioning much like a marketplace for investments. It matters to investors because it provides a platform to buy and sell ownership stakes in companies, helping them track the value of those companies and make informed decisions. As one of the largest and most technology-focused markets, it also reflects trends and developments in the business world.

discontinued operations financial

"Income from discontinued operations was $69.3 million, which includes gains"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

senior notes financial

"gains of $44.5 million on senior note exchanges, compared to a net loss"

Senior notes are a type of loan that a company borrows from investors, promising to pay it back with interest. They are called "senior" because in case the company faces financial trouble, these lenders are paid back before others. This makes senior notes safer for investors compared to other types of loans or bonds.

AI-generated analysis. Not financial advice.

Second Quarter 2025 Net Income of $137.5 Million in Line with Previous Estimate of $120 Million to $140 Million

Second Quarter 2025 Form 10-Q Filed Prior to Nasdaq's December 23, 2025 Deadline

LOS ANGELES, Dec. 15, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("BRF" or the "Company"), a diversified holding company, today announced the filing of its Quarterly Report on Form 10-Q for the three-month period ended June 30, 2025.

Bryant Riley, Chairman and Co-Chief Executive Officer of BRF, commented: "As previously shared on our August 13^th earnings call, we are pleased with the second quarter results as filed, which are in line with filed estimates.

"The significant changes we made to our financial operations practices were critical in enabling the team to successfully file the second quarter Form 10-Q ahead of Nasdaq's listing compliance deadline. These important changes, coupled with the team's commitment and perseverance, achieved our objectives. 

"We are well positioned to file the third quarter Form 10-Q by the January 20, 2026 deadline established by Nasdaq, which will bring our financial reporting current."

Second Quarter 2025 Financial Highlights

• Net income was $137.5 million, which includes gains of $66.8 million on sale of GlassRatner, and gains of $44.5 million on senior note exchanges, compared to a net loss of $(435.6) million in the second quarter 2024.
• Income from continuing operations was $71.7 million, which includes gains of $44.5 million on senior note exchanges, compared to a loss from continuing operations of $(449.2) million in the second quarter 2024.
• Income from discontinued operations was $69.3 million, which includes gains of $66.8 million on sale of GlassRatner, compared to $15.4 million in the second quarter 2024.
• Revenues were $225.3 million, compared to $94.9 million in the second quarter 2024 due to a $(175.6) million loss on fair value adjustments on loans in that same period.
• Operating adjusted EBITDA⁽¹⁾ from continuing operations was $38.5 million, compared to $31.2 million in the second quarter 2024.
• Total debt was $1.46 billion, with net debt⁽²⁾ of $824.8 million, compared to $1.77 billion and $1.06 billion, respectively, as of December 31, 2024. The $314 million reduction of total debt was due to a decrease in senior notes payable of $207 million and term loans and notes payable of $107 million.
• Cash, cash equivalents, and restricted cash was $268.6 million, compared to $247.3 million as of December 31, 2024.
• Securities and other investments owned were $242.4 million and total investments⁽³⁾ were $321.6 million, compared to $282.3 million and $432.6 million as of December 31, 2024, respectively.
• Basic and diluted earnings per common share (EPS) were $4.50 compared to $(14.35) in the second quarter 2024.

About B. Riley Financial
B. Riley Financial Inc. (Nasdaq: RILY), which is changing its name to BRC Group Holdings, Inc. ("BRC") on January 1, 2026, is a diversified holding company, including financial services, telecom, and retail, and investments in equity, debt and venture capital. Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. Our banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Our wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Our telecom businesses provide consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Our retail companies provide mobile computing accessories and home furnishings. BRC deploys its capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. For more information, please visit www.brileyfin.com.

Footnotes
See "Note Regarding Use of Non-GAAP Financial Measures" for further discussion of these non-GAAP terms. For a reconciliation of Operating Revenues, Adjusted EBITDA, and Operating Adjusted EBITDA to the comparable GAAP financial measures, please see the Appendix hereto.

(1) Operating Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) trading gains (losses), net, net of (a) fixed income spread and (b) trading gains attributable to variable rate transactions, (ii) fair value adjustments on loans, (iii) realized and unrealized gains (losses) on investments net of gains attributable to variable rate transactions, and (iv) other investment-related expenses.

(2) Net Debt is defined as the sum of (a) term loans, net, (b) senior notes payable, net, (c) revolving credit facility, and (d) notes payable, net of (i) cash and cash equivalents (ii) restricted cash, (iii) due from clearing brokers net of due to clearing brokers, and (iv) Total Investments.

(3) Total Investments is defined as the sum of (a) securities and other investments owned net of (i) securities sold not yet purchased and (ii) noncontrolling interest related to investments from continuing operations, (b) loans receivable, at fair value net of loan participations sold, and (c) other investments reported in prepaid and other assets.

Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including Adjusted EBITDA, Operating Adjusted EBITDA, Investment Adjusted EBITDA, Operating Revenues, Investment Gains (Losses), Total Investments, and Net Debt, may be considered non-GAAP financial measures. B. Riley Financial believes this information is useful to investors because it provides a basis for measuring the Company's available capital resources, the operating performance of its business and its revenues and cash flow, (i) excluding in the case of Adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, fair value adjustment, restructuring charge, gain or loss on extinguishment of loans, gain on bargain purchase, gain on sale and deconsolidation of businesses, gain on senior note exchange, impairment of goodwill and tradenames, stock-based compensation and transaction and other expenses, (ii) excluding in the case of Operating Adjusted EBITDA, the aforementioned adjustments for adjusted EBITDA as well as trading gains (losses), net, net of fixed income spread and trading gains attributable to variable rate transactions,  fair value adjustments on loans, realized and unrealized gains (losses) on investments net of gains attributable to variable rate transactions, and other investment related expenses, (iii) including in the case of Investment Adjusted EBITDA, trading gains (losses), net, net of fixed income spread and trading gains attributable to variable rate transactions,  fair value adjustments on loans, realized and unrealized gains (losses) on investments net of gains attributable to variable rate transactions, and other investment related expenses, (iv) excluding in the case of Operating Revenues, trading gains (losses), net and fair value adjustments on loans less fixed income spread and trading gains attributable to variable rate transactions, (v) including in the case of Investment Gains (Losses), the aforementioned excluded items of Operating Revenues, (vi)  including in the case of Total Investments, securities and other investments owned net of (a) securities sold not yet purchased and (b) noncontrolling interest related to investments from continuing operations, loans receivable, at fair value net of loan participations sold, and other investments reported in prepaid and other assets, (vii) including in the case of Net Debt, term loans, net, senior notes payable, net, revolving credit facility, and notes payable net of (a) cash and cash equivalents, (b) restricted cash, (c) due from clearing brokers net of due to clearing brokers, and (d) aforementioned included items of Total Investments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the Company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.

Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. The Company assumes no duty to update forward-looking statements, except as required by law. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's 2024 Annual Report on Form 10-K, its Quarterly Report on Form 10-Q for the period ended March 31, 2025 and its Quarterly Report on Form 10-Q for the period ended June 30, 2025 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements.

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollars in thousands, except par value)
							June 30,			December 31,
							2025			2024
								(Unaudited)
Assets
Assets
	Cash and cash equivalents						$	267,388		$	146,852
	Restricted cash							1,255			100,475
	Due from clearing brokers							45,380			30,713
	Securities and other investments owned (includes $172,135 and $215,225 at fair value as of June 30, 2025 and December 31, 2024, respectively)							242,352			282,325
	Securities borrowed							72,320			43,022
	Accounts receivable, net of allowance for credit losses of $6,022 and $6,100 as of June 30, 2025 and December 31, 2024, respectively							61,233			68,653
	Due from related parties							185			189
	Loans receivable, at fair value (includes $19,370 and $51,902 from related parties as of June 30, 2025 and December 31, 2024, respectively)							48,980			90,103
	Prepaid expenses and other assets (includes $75 and $3,449 from related parties as of June 30, 2025 and December 31, 2024, respectively)							219,972			242,916
	Operating lease right-of-use assets							40,178			51,509
	Property and equipment, net							18,452			18,679
	Goodwill							392,687			392,687
	Other intangible assets, net							131,320			146,446
	Deferred income taxes							1,300			13,598
	Assets held for sale							—			84,723
	Assets of discontinued operations							2,221			70,373
		Total assets					$	1,545,223		$	1,783,263
Liabilities and Equity (Deficit)
Liabilities
	Accounts payable						$	35,081		$	51,238
	Accrued expenses and other liabilities							175,144			185,745
	Deferred revenue							53,499			58,148
	Deferred income taxes							2,264			5,462
	Due to related parties and partners							1,198			3,404
	Securities sold not yet purchased							12,347			5,675
	Securities loaned							54,588			27,942
	Operating lease liabilities							48,714			58,499
	Notes payable							—			28,021
	Loan participations sold							10,475			6,000
	Revolving credit facility							12,075			16,329
	Term loans, net							124,584			199,429
	Senior notes payable, net							1,323,727			1,530,561
	Liabilities held for sale							—			41,505
	Liabilities of discontinued operations							830			21,321
		Total liabilities						1,854,526			2,239,279
Commitments and contingencies
B. Riley Financial, Inc. equity (deficit):
	Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,563 issued and outstanding as of June 30, 2025 and December 31, 2024; liquidation preference of $118,112 and $114,082 as of June 30, 2025 and December 31, 2024, respectively							—			—
	Common stock, $0.0001 par value; 100,000,000 shares authorized; 30,597,066 and 30,499,931 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively							3			3
	Additional paid-in capital							595,432			589,387
	Accumulated deficit							(941,243)			(1,070,996)
	Accumulated other comprehensive loss							(5,898)			(6,569)
		Total B. Riley Financial, Inc. stockholders' deficit						(351,706)			(488,175)
Noncontrolling interests								42,403			32,159
		Total deficit						(309,303)			(456,016)
			Total liabilities and deficit				$	1,545,223		$	1,783,263

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Operations (Loss)
(Unaudited)
(Dollars in thousands, except share and per share data)
							Three Months Ended						Six Months Ended
							June 30,						June 30,
							2025			2024			2025			2024
Revenues:
	Services and fees (includes $5,121, and $3,119 for the three months ended June 30, 2025 and 2024 and $7,849 and $5,398 for the six months ended June 30, 2025 and 2024 from related parties, respectively)						$	145,772		$	202,909		$	304,611		$	416,990
	Trading gains (losses), net							27,680			(31,321)			11,509			(48,988)
	Fair value adjustments on loans (includes $(992) and $(177,618) for the three months ended June 30, 2025 and 2024 and  $(3,137) and $(196,743) for the six months ended June 30, 2025 and 2024 from related parties, respectively)							800			(175,582)			(7,296)			(187,783)
	Interest income - loans (includes $475 and $13,439 for the three months ended June 30, 2025 and 2024 and  $1,171 and $27,403 for the six months ended June 30, 2025 and 2024 from related parties, respectively)							3,853			18,508			7,049			40,643
	Interest income - securities lending							2,124			24,798			2,964			62,607
	Sale of goods							45,073			55,573			92,528			109,006
		Total revenues						225,302			94,885			411,365			392,475
Operating expenses:
	Direct cost of services							33,216			58,679			75,916			118,349
	Cost of goods sold							35,113			39,758			71,846			78,585
	Selling, general and administrative expenses							142,369			178,014			309,757			356,954
	Restructuring charge							321			20			321			809
	Impairment of goodwill and tradenames							1,500			27,681			1,500			27,681
	Interest expense - Securities lending and loan participations sold							1,968			23,313			2,687			58,696
		Total operating expenses						214,487			327,465			462,027			641,074
			Operating income (loss)					10,815			(232,580)			(50,662)			(248,599)
Other income (expense):
	Interest income							492			797			1,978			1,460
	Dividend income							122			460			257			3,464
	Realized and unrealized gains (losses) on investments							10,216			(155,241)			(4,284)			(190,165)
	Change in fair value of financial instruments and other							11,884			—			12,806			—
	Gain on sale and deconsolidation of businesses							5,372			—			86,213			314
	Gain on senior note exchange							44,454			—			54,986			—
	Income from equity investments							25,603			10			25,051			6
	(Loss) gain on extinguishment of debt							(10,266)			120			(20,693)			120
	Interest expense							(23,952)			(33,534)			(53,916)			(69,199)
		Income (loss) from continuing operations before income taxes						74,740			(419,968)			51,736			(502,599)
Provision for income taxes								(3,053)			(29,183)			(11)			(7,853)
		Income (loss) from continuing operations						71,687			(449,151)			51,725			(510,452)
		Income from discontinued operations, net of income taxes						69,312			15,370			72,707			28,717
			Net income (loss)					140,999			(433,781)			124,432			(481,735)
Net Income (loss) attributable to noncontrolling interests								1,528			(177)			(5,064)			1,034
		Net income (loss) attributable to B. Riley Financial, Inc.						139,471			(433,604)			129,496			(482,769)
Preferred stock dividends								2,015			2,015			4,030			4,030
		Net income (loss) available to common shareholders					$	137,456		$	(435,619)		$	125,466		$	(486,799)
Basic income (loss) per common share:
		Continuing operations					$	2.23		$	(14.83)		$	1.73		$	(17.02)
		Discontinued operations						2.27			0.48			2.38			0.89
		Basic income (loss) per common share					$	4.50		$	(14.35)		$	4.11		$	(16.13)
Diluted income (loss) per common share:
		Continuing operations					$	2.23		$	(14.83)		$	1.73		$	(17.02)
		Discontinued operations						2.27			0.48			2.38			0.89
		Diluted income (loss) per common share					$	4.50		$	(14.35)		$	4.11		$	(16.13)
Weighted average basic common shares outstanding								30,527,835			30,352,054			30,512,757			30,170,819
Weighted average diluted common shares outstanding								30,527,835			30,352,054			30,512,757			30,170,819

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Adjusted EBITDA and Operating Adjusted EBITDA Reconciliations
(Unaudited)
(Dollars in thousands)
							Three Months Ended						Six Months Ended
							June 30,						June 30,
							2025			2024			2025			2024
Net income (loss) attributable to B. Riley Financial, Inc.							$	139,471		$	(433,604)		$	129,496		$	(482,769)
Income from discontinued operations, net of income taxes								69,312			15,370			72,707			28,717
Net (income) loss attributable to noncontrolling interests								(1,528)			177			5,064			(1,034)
Income (loss) from continuing operations								71,687			(449,151)			51,725			(510,452)
Adjustments:
	Net (income) loss from continuing operations attributable to noncontrolling interests							(1,528)			1,018			5,064			1,021
	Provision for income taxes							3,053			29,183			11			7,853
	Interest expense							23,952			33,534			53,916			69,199
	Interest income							(492)			(797)			(1,978)			(1,460)
	Share based payments							4,234			5,449			7,580			13,253
	Depreciation and amortization							8,648			11,679			18,645			22,693
	Restructuring charge							321			20			321			809
	Gain on sale and deconsolidation of businesses							(5,372)			—			(86,213)			(314)
	Gain on senior note exchange							(44,454)			—			(54,986)			—
	Loss (gain) on extinguishment of loans							10,266			(120)			20,693			(120)
	Impairment of goodwill and tradenames							1,500			27,681			1,500			27,681
	Transactions related costs and other							(11,800)			5,129			(1,580)			4,907
		Total EBITDA adjustments						(11,672)			112,776			(37,027)			145,522
			Adjusted EBITDA				$	60,015		$	(336,375)		$	14,698		$	(364,930)
Operating EBITDA Adjustments:
	Trading (gains) losses, net							(27,680)			31,321			(11,509)			48,988
	Fair value adjustments on loans							(800)			175,582			7,296			187,783
	Realized and unrealized (gains) losses on investments							(10,216)			155,241			4,284			190,165
	Fixed income spread							3,161			5,875			6,584			11,927
	Trading gains and realized and unrealized gains on investments attributable to variable rate transactions							13,705			—			13,705			—
	Other investment related expenses							351			(487)			1,067			(251)
		Total Operating EBITDA Adjustments						(21,479)			367,532			21,427			438,612
Operating Adjusted EBITDA							$	38,536		$	31,157		$	36,125		$	73,682

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Operating Revenues Reconciliation
(Unaudited)
(Dollars in thousands)
							Three Months Ended						Six Months Ended
							June 30,						June 30,
							2025			2024			2025			2024
Total revenues							$	225,302		$	94,885		$	411,365		$	392,475
Operating revenues adjustments:
	Trading (gains) losses, net							(27,680)			31,321			(11,509)			48,988
	Fair value adjustments on loans							(800)			175,582			7,296			187,783
	Fixed income spread							3,161			5,875			6,584			11,927
	Trading gains attributable to variable rate transactions							8,322			—			8,322			—
		Total revenues adjustments						(16,997)			212,778			10,693			248,698
Operating revenues							$	208,305		$	307,663		$	422,058		$	641,173

 

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Total Investments and Net Debt
(Unaudited)
(Dollars in thousands)
			June 30,			December 31,
			2025			2024
Cash, cash equivalents, and restricted cash			$	268,643		$	247,327
Due from clearing brokers				45,380			30,713
Securities and other investments owned				242,352			282,325
Securities sold not yet purchased				(12,347)			(5,675)
Loans receivable, at fair value				48,980			90,103
Loan participations sold				(10,475)			(6,000)
Other investments reported in prepaid and other assets				86,119			100,080
Noncontrolling interest				(33,070)			(28,217)
Total investments				321,559			432,616
Notes payable				-			28,021
Revolving credit facility				12,075			16,329
Term loans, net				124,584			199,429
Senior notes payable, net				1,323,727			1,530,561
	Total debt			1,460,386			1,774,340
		Net debt	$	824,804		$	1,063,684

 

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View original content:https://www.prnewswire.com/news-releases/b-riley-financial-reports-second-quarter-2025-financial-results-302642533.html

SOURCE B. Riley Financial

FAQ

What did B. Riley (RILY) report for Q2 2025 net income and EPS?

B. Riley reported Q2 2025 net income of $137.5 million and basic and diluted EPS of $4.50.

What drove the Q2 2025 net income for B. Riley (RILY)?

Q2 net income included a $66.8M gain from the sale of GlassRatner and a $44.5M gain on senior note exchanges.

How did B. Riley's (RILY) revenues in Q2 2025 compare to Q2 2024?

Revenues were $225.3M in Q2 2025 versus $94.9M in Q2 2024.

What is B. Riley's (RILY) debt position after the Q2 2025 filing?

Total debt was $1.46B with net debt $824.8M as of the filing.

Did B. Riley (RILY) file its Q2 2025 Form 10-Q on time for Nasdaq requirements?

Yes, the company filed the Q2 2025 Form 10-Q prior to Nasdaq's December 23, 2025 deadline and stated plans to file Q3 by January 20, 2026.

What was B. Riley's (RILY) operating adjusted EBITDA from continuing operations in Q2 2025?

Operating adjusted EBITDA from continuing operations was $38.5M for Q2 2025.