B. Riley Financial Announces Full Redemption of February 2025 Senior Notes

Provides Update on Preferred Stock Dividends

LOS ANGELES, Jan. 21, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) ("B. Riley" or the "Company"), a diversified financial services company, today announced the redemption on February 28, 2025 (the "Redemption Date") of all the issued and outstanding 6.375% Senior Notes due February 28, 2025 (NASDAQ:RILYM) (the "Notes").

The redemption price for the Notes will be equal to 100% of the aggregate principal amount of the Notes, plus any accrued and unpaid interest as set forth in each notice of redemption delivered to note holders (the "Redemption Payment"). Interest on the Notes will cease to accrue on and after the Redemption Date. The Notes, which are listed on NASDAQ under the ticker symbol "RILYM," will be delisted and cease trading on the Redemption Date. Notice to holders of the Notes will be issued on or before January 24, 2025. Investors in the Notes should contact the bank or broker through which they hold a beneficial interest in the Notes for information about the Redemption Payment

Preferred Stock

B. Riley also announced that the Company has temporarily suspended cash dividends on its 6.875% Series A Cumulative Perpetual Preferred Stock (NASDAQ:RILYP) and its 7.375% Series B Cumulative Perpetual Preferred Stock (NASDAQ:RILYL). Unpaid dividends on the Series A and Series B Preferred Stock will accrue until paid in full.

As previously announced, as of December 31, 2024, B. Riley had a preliminary cash balance of $257 million, which included the amount reserved for redemption of the Notes. B. Riley expects to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 with the SEC in the near future. The Company plans to host an investor call and provide investors with a broader update at that time.

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, commented: "The B. Riley Board continues to work with management to evaluate opportunities to enhance the Company's capital structure and invest in our core financial services business."

About B. Riley Financial

B. Riley Financial is a diversified financial services company that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its subsidiaries and affiliated entities, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.

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. All statements other than statements of historical fact are forward-looking statements. 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. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to update forward-looking statements, except as required by law. 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 2023 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024 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. All information is current as of the date this press release is issued, and the Company undertakes no duty to update this information.

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SOURCE B. Riley Financial