BRC Group Holdings (RILY)

• BRC Group Holdings, Inc. (RILY) announced preliminary financial estimates for Q4 and Full Year 2025, indicating significant improvements over 2024.
• The company expects Net Debt to decline, ranging from $609.0 million to $631.0 million as of December 31, 2025, compared to $1.06 billion at December 31, 2024.
• BRC also regained Nasdaq compliance with the Periodic Filing Rule on January 27, 2026, after filing its Q1, Q2, and Q3 2025 Form 10-Qs between November 2025 and January 2026.

The preliminary financial estimates are as follows:

• BRC Group Holdings, Inc. (RILY) expects Net Income Available to Common Shareholders for the fourth quarter of 2025 to be between $60.0 million and $65.4 million, and Adjusted EBITDA to range from $98.9 million to $109.4 million.
• For the full year 2025, the company anticipates Net Income Available to Common Shareholders to be between $274.5 million and $279.9 million, with Adjusted EBITDA ranging from $225.8 million to $236.3 million.
• The company estimates a significant decline in Net Debt for the full year 2025, between $433 million and $455 million, with Net Debt expected to be between $609 million and $631 million as of December 31, 2025.
• BRC Group Holdings, Inc. regained Nasdaq compliance on January 27, 2026, after filing its outstanding Form 10-Qs for Q1, Q2, and Q3 2025.

• BRC Group Holdings, Inc. (RILY) reported strong financial results for the third quarter of 2025, with net income available to common shareholders of $89.1 million and basic and diluted EPS of $2.91, a significant turnaround from a net loss of $(286.4) million and EPS of $(9.39) in Q3 2024.
• The company successfully reduced total debt to $1.44 billion and net debt to $702.9 million as of September 30, 2025, down from $1.77 billion and $1.06 billion, respectively, at December 31, 2024.
• BRC Group Holdings, Inc. achieved Nasdaq compliance by filing its Q1, Q2, and Q3 2025 Form 10-Qs within 120 days, bringing its SEC periodic reporting current ahead of the January 20, 2026 deadline.
• The Capital Markets segment was a key driver of performance, generating $65.4 million in services and fee revenues and segment income of $60.7 million in Q3 2025.

• BRC Group Holdings, Inc. (f/k/a B. Riley Financial, Inc.) reported net income available to common shareholders of $89.1 million for the third quarter of 2025, a significant improvement from a net loss of $(286.4) million in the third quarter of 2024.
• The company achieved NASDAQ compliance by filing its Q1, Q2, and Q3 2025 Form 10-Qs within 120 days, bringing its SEC periodic reporting current ahead of the deadline.
• Total revenues for Q3 2025 were $277.9 million, up from $175.4 million in Q3 2024, and Adjusted EBITDA reached $112.2 million compared to $(89.5) million in the prior year period.
• The Capital Markets segment was a strong performer, generating $65.4 million in services and fee revenues and $60.7 million in segment income.
• As of September 30, 2025, total debt was $1.44 billion, and net debt was $702.9 million, with net debt reduced by over $120 million in the third quarter.

• B. Riley Financial reported second-quarter 2025 net income of $137.5 million, a significant reversal from a loss in the prior year, and filed its Form 10-Q ahead of Nasdaq's December compliance deadline.
• The company reduced total debt by approximately $314 million since year-end 2024 and increased cash balances, indicating balance-sheet stabilization.
• Operating adjusted EBITDA from continuing operations improved year over year, with management signaling confidence in meeting the January 2026 deadline for third-quarter reporting, shifting the narrative toward financial normalization.

• B. Riley Financial, Inc. reported net income of $137.5 million and basic and diluted earnings per common share (EPS) of $4.50 for the second quarter of 2025, a significant improvement from a net loss of $(435.6) million and EPS of $(14.35) in the second quarter of 2024.
• Revenues for Q2 2025 were $225.3 million, up from $94.9 million in Q2 2024.
• The company successfully filed its Q2 2025 Form 10-Q ahead of Nasdaq's December 23, 2025 deadline and expects to file its Q3 2025 Form 10-Q by January 20, 2026, to become current on financial reporting.
• Total debt was reduced by $314 million to $1.46 billion as of June 30, 2025, compared to $1.77 billion as of December 31, 2024.

• B. Riley Financial reported net income of $137.5 million for the second quarter of 2025, a significant improvement from a net loss of $(435.6) million in the second quarter of 2024.
• Revenues increased to $225.3 million in Q2 2025, compared to $94.9 million in Q2 2024.
• Basic and diluted earnings per common share (EPS) were $4.50 for Q2 2025, up from $(14.35) in Q2 2024.
• The company reduced its total debt by $314 million to $1.46 billion as of June 30, 2025, compared to December 31, 2024.
• The Second Quarter 2025 Form 10-Q was filed ahead of Nasdaq's December 23, 2025 deadline, and the company expects to file the Third Quarter 2025 Form 10-Q by January 20, 2026, to become current with financial reporting.

• B. Riley Financial, Inc. (RILY) filed its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2025, on November 18, 2025.
• This filing represents an important step towards timely financial reporting and compliance with Nasdaq listing requirements.
• The company completed a mid-year transition to BDO as its new auditor.
• B. Riley Financial Inc. is scheduled to change its name to BRC Group Holdings, Inc. on January 1, 2026.

• B. Riley Securities announced preliminary unaudited Q3 2025 financial results, reporting total revenue of $109.1 million and net income of $41.8 million.
• As of September 30, 2025, the company held $145.9 million in cash and securities and continued to operate with no outstanding debt.
• The Board approved a dividend of $0.40 per common share, amounting to approximately $7.4 million in total distribution.
• Jimmy Baker has been appointed CEO, effective January 1, 2026, while Andy Moore will remain Chairman of the BRS Board of Directors.

• B. Riley Financial, Inc. is party to a new Revolving Credit, Receivables Purchase, Security and Guaranty Agreement dated August 20, 2025.
• The agreement involves Targus International LLC, Targus US LLC, Hyper Products Inc., and Targus (Canada) Ltd. as Borrowers, among other entities.
• Proceeds from the advances are designated for refinancing existing indebtedness, covering transaction fees and expenses, and supporting working capital and general corporate purposes.
• The indebtedness under this agreement is intended to be senior secured Indebtedness.