EX-99.2 3 ea020442801ex99-2_briley.htm FOURTH QUARTER 2023 SUPPLEMENTAL FINANCIAL DATA DATED APRIL 24, 2024

Exhibit 99.2

April 23, 2024 NASDAQ: RILY Fourth Quarter 2023 Supplemental Financial Data

Reconciliation of U.S. GAAP to Non - GAAP Measures Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 (Unaudited, dollars in thousands) Total Revenues to Operating Revenue Reconciliation $ 342,920 $ 462,312 $ 406,278 $ 432,090 $ 382,092 Total Revenues 41,518 10,587 (42,365) (51,568) 58,670 Revenue Adjustments: Trading loss (income) and fair value adjustments on loans 8,250 6,982 5,817 8,116 8,069 Fixed income spread 49,768 17,569 (36,548) (43,452) 66,739 Total Revenue Adjustments $ 2 392,688 $ 479,881 $ 369,730 $ 388,638 $ 448,831 Operating Revenue

Reconciliation of U.S. GAAP to Non - GAAP Measures Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 (Unaudited, dollars in thousands) Adj. EBITDA and Operating Adj. EBITDA Reconciliation (89,623) $ (73,823) $ 46,381 $ 17,155 $ (57,445) Net (loss) income attributable to B. Riley Financial, Inc. (51,037) (15,079) 21,504 7,919 (23,998) EBITDA Adjustments: (Benefit from) provision for income taxes 46,891 45,229 47,332 47,561 44,399 Interest expense (420) (180) (701) (2,574) (1,482) Interest income 9,845 11,026 10,492 13,746 15,312 Share based payments 11,502 12,491 12,534 13,077 13,443 Depreciation and amortization 1,182 228 628 93 995 Restructuring charge (15,903) — — — — Gain on bargain purchase — 5,409 — — — Loss on extinguishment of loans 33,100 35,500 1,733 — — Impairment of goodwill and tradenames 1,864 7,318 (10) (2,146) (5,264) Transactions related costs and other 37,024 101,942 93,512 77,676 43,405 Total EBITDA Adjustments $(52,599) $ 28,119 $ 139,893 $ 94,831 $ (14,040) Adjusted EBITDA Operating EBITDA Adjustments: 41,518 10,587 (42,365) (51,568) 58,670 Trading loss (income) and fair value adjustments on loans 77,629 75,361 (18,843) 28,442 64,874 Realized and unrealized losses (gains) on investments 8,250 6,982 5,817 8,116 8,069 Fixed Income Spread (538) (6,575) 1,531 8,421 (7,697) Other investment related expenses 126,859 86,355 (53,860) (6,589) 123,916 Total Operating EBITDA Adjustments $74,260 $114,474 $86,033 $88,242 $109,876 Operating Adjusted EBITDA 3

Quarterly Operating Revenue and Operating Adjusted EBITDA Operating Revenue and Operating Adjusted EBITDA (1)(3)(5)(6) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 (Dollars in thousands) Operating Revenue (1) Investment (Loss) Gains (2) $ $ 392,688 (49,768) $ 479,881 (17,569) $ 369,730 36,548 $ 388,638 43,452 448,831 (66,739) $ 342,920 $ 462,312 $ 382,092 $ 432,090 $ 406,278 Total Revenue Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 $ 74,260 (126,859) $ 86,033 $ 114,474 53,860 (86,355) $ 109,876 $ 88,242 (123,916) 6,589 Operating Adjusted EBITDA (3) Investment Adjusted EBITDA (4) Quarterly Revenue and Adjusted EBITDA 1. 2. 3. 4. 5. 6. Adjusted EBITDA (5)(6) $ (14,040) $ 94,831 $ 139,893 $ 28,119 $ (52,599) Operating Revenue is defined as the sum of revenues from (i) Service and Fees, (ii) Interest Income - Loans and Securities Lending and (iii) Sales of Goods. During the fourth quarter of 2023, the Company recast its operating metrics to include revenues from fixed income trading. Operating Revenues has been adjusted to include fixed income trading revenue for the periods presented. Investment Gains (Loss) is defined as Trading Income (Loss) and Fair Value Adjustments on Loans less fixed income trading revenue. Operating Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) Trading Income (Loss) and Fair Value Adjustments on Loans, (ii) Realized and Unrealized Gains (Losses) on Investments, and (iii) other investment related expenses. During the fourth quarter of 2023, the Company recast its operating metrics to include revenues from fixed income trading. Operating Adjusted EBITDA has been adjusted to include fixed income trading revenue for the periods presented. Investment Adjusted EBITDA is defined as the sum of (i) Trading Income (Loss) and Fair Value Adjustments on Loans and (ii) Realized and Unrealized Gains (Losses) on Investments, less fixed income trading revenue and other investment related expenses. Adjusted EBITDA includes earnings before interest, taxes, depreciation, amortization, restructuring charge, share - based payments, gain/loss on extinguishment of loans, gain on bargain purchase, impairment of goodwill and tradenames, and transaction related and other costs. For a reconciliation to GAAP financial measures, please see slide 2. $448.8M $388.6M $369.7M $392.7M $109.9M $88.2M $86.0M $114.5M $74.3M Operating Adj. EBITDA $479.9M Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Operating Revenue 4

Cash and Investments Summary 1. 2. Other investments and investment related deposits reported in prepaid and other assets. Noncontrolling interest related to investments reported in Securities and Other Investments Owned. Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 (Dollars in thousands) $ 231,964 $ 252,288 $ 107,581 $ 209,971 $ 268,618 Cash and Cash Equivalents 1,875 2,060 2,321 2,351 2,308 Restricted Cash 51,334 25,579 22,289 13,112 29,430 Due from/(to) Clearing Brokers, net — 200 200 200 200 Advances Against Customer Contracts 994,634 1,088,567 963,817 929,582 1,046,710 Securities and Other Investments Owned Equity Securities 59,287 66,341 62,977 65,470 8,539 Corporate Bonds 2,989 3,872 5,093 5,248 3,956 Other Fixed Income Securities 35,196 38,807 40,557 48,930 70,063 Partnership Interests and Other (8,601) (7,120) (2,686) (7,806) (5,897) Securities Sold Not Yet Purchased 532,419 549,142 683,827 772,085 701,652 Loans Receivable, net of Loan Participations Sold 14,582 57,738 66,268 72,905 53,844 Other investments and deposits (1) (41,456) (24,766) (31,199) (29,785) (31,349) Noncontrolling interest (2) $ 1,874,223 $ 2,052,708 $ 1,921,045 $ 2,082,263 $ 2,148,074 Total Cash, Net Securities, and Other Debt Summary Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 (Dollars in thousands) $ 625,151 $ 618,301 $ 529,242 $ 626,613 $ 572,079 Term Loans, net 43,801 57,246 110,875 139,463 127,678 Revolving Credit Facility 19,391 21,300 21,298 19,882 25,263 Notes Payable 1,668,021 1,667,088 1,666,009 1,722,977 1,721,751 Senior Notes Payable, net 2,356,364 2,363,935 2,327,424 2,508,935 2,446,771 Total Debt $ (482,141) $ (311,227) $ (406,379) $ (426,672) $ (298,697) Total Cash and Investments, Net of Debt 5

Private Equity 38.0% Loans Receivable 27.7% Public Equity 13 . 7 % Cash and Restricted Cash 12.2% Partnership Interests and Other 2.6% Due from/(to) Clearing Brokers, net 2.7% Corporate Bonds and Fixed Income Securities 3.2% Composition of Cash and Investments Percentage by Asset Type – December 31, 2023 6 % of Total Gross Value ( Dollars in thousands) 12.2% 2.7% 13.7% 38.0% 27.7% 3.2% 2.6% 100.0% $ 233,839 51,334 263,773 730,861 532,419 62,276 Cash and Restricted Cash Due from/(to) Clearing Brokers, net Public Equity Private Equity Loans Receivable Corporate Bonds and Fixed Income Securities Partnership Interests and Other (1) Total 49,778 $ 1,924,280 1. Includes investments reported in prepaid and other assets.

Loans Receivables Summary Loans Receivable Balance Roll Forward – December 31, 2023 1. Excludes Consumer Receivable Related. Loans Receivable Balance by Sector December 31, 2023 September 30, 2023 $ 84,394 464,748 $ 549,142 December 31, 2023 $ 62,808 469,611 $ 532,419 Capitalized Interest and Other Fair Value Adjustments Sales, Repayments, and Conversions Gross Loan Funding (Unaudited, dollars in thousands) $ 344 (581) $ (237) $ (3,174) (28,225) $ (31,399) $ (18,756) (104,182) $ (122,938) $ — 137,851 $ 137,851 Consumer Receivable Related, at Fair Value Other Loans Receivable, at Fair Value Total Loans Receivable, at Fair Value December 31, 2023 ( Dollars in thousands) 469,611 $ Total Fair Value 480,299 $ Total Principal 12 Number of Companies 16 Number of Loans 40,025 $ Average Principal per Name 39,134 $ Average Fair Value per Name 7% - 18% Interest Rate Range 3.0 years Average Duration Vintage Loan 37.7% Technology 21.4% Retail/Consumer 19.7% Consumer Receivable Related 11.8% Utilities 4.8% Other 4.7% Summary Statistics of Other Loans Receivable (1) 7

Condensed Consolidated Balance Sheets December 31, 2022 December 31, 2023 (Dollars in thousands) $ 268,618 $ 231,964 Cash and cash equivalents 2,308 1,875 Restricted cash 48,737 51,334 Due from clearing brokers 1,129,268 1,092,106 Securities and other investments owned, at fair value 2,343,327 2,870,939 Securities borrowed 149,110 115,496 Accounts receivable, net 1,081 172 Due from related parties 701,652 532,419 Loans receivable, at fair value 460,696 237,327 Prepaid expenses and other assets 88,593 87,605 Operating lease right - of - use assets 27,141 25,206 Property and equipment, net 512,595 472,326 Goodwill 374,098 322,014 Other intangible assets, net 3,978 33,595 Deferred income taxes $ 6,111,202 $ 6,074,378 Total assets $ 81,384 $ 44,550 Accounts payable 322,974 273,193 Accrued expenses and other liabilities 85,441 71,504 Deferred revenue 2,210 2,731 Due to related parties and partners 19,307 — Due to clearing brokers 5,897 8,601 Securities sold not yet purchased 2,334,031 2,859,306 Securities loaned 99,124 98,563 Operating lease liabilities 29,548 — Deferred income taxes 25,263 19,391 Notes payable 127,678 43,801 Revolving credit facility 572,079 625,151 Term loans, net 1,721,751 1,668,021 Senior notes payable, net $ 5,426,687 $ 5,714,812 Total liabilities 178,622 — Redeemable noncontrolling interests in equity of subsidiaries 446,514 291,117 Total B. Riley Financial, Inc. stockholders' equity 59,379 68,449 Noncontrolling interests 505,893 359,566 Total equity $ 6,111,202 $ 6,074,378 Total liabilities and equity 8

Condensed Consolidated Statements of Operations 9 Three Months Ended December 31, 2022 2023 Twelve Months Ended December 31, 2022 2023 (Dollars in thousands, except share data) (Unaudited) (Unaudited) Revenues: $ 895,623 $ 1,002,370 $ 243,837 $ 258,461 Services and fees (202,628) 41,828 (58,670) (41,518) Trading (loss) income and fair value adjustments on loans 245,400 284,896 62,545 62,781 Interest income - Loans and securities lending 142,275 314,506 134,380 63,196 Sale of goods 1,080,670 1,643,600 382,092 342,920 Total revenues Operating expenses: 142,455 238,794 68,496 60,606 Direct cost of services 78,647 213,351 71,313 47,355 Cost of goods sold 714,614 828,903 208,552 205,703 Selling, general and administrative expenses 9,011 2,131 995 1,182 Restructuring charge — 70,333 — 33,100 Impairment of goodwill and tradenames 66,495 145,435 22,738 38,863 Interest expense - Securities lending and loan participations sold 1,011,222 1,498,947 372,094 386,809 Total operating expenses 69,448 144,653 9,998 (43,889) Operating (loss) income Other income (expense): 2,735 3,875 1,482 420 Interest income 35,874 47,776 9,595 12,141 Dividend income (201,079) (162,589) (64,874) (77,629) Realized and unrealized losses on investments 10,188 (4,748) 460 (750) Change in fair value of financial instruments and other — 15,903 — 15,903 Gain on bargain purchase 3,570 (181) 285 (6) (Loss) income from equity method investments (141,186) (187,013) (44,399) (46,891) Interest expense (220,450) (142,324) (87,453) (140,701) Loss before income taxes 63,856 36,693 23,998 51,037 Benefit from income taxes (156,594) (105,631) (63,455) (89,664) Net loss Net (loss) income attributable to noncontrolling interests 3,235 (5,721) (6,010) (41) and redeemable noncontrolling interests $ (159,829) $ (99,910) $ (57,445) $ (89,623) Net loss attributable to B. Riley Financial, Inc. 8,008 8,057 2,002 2,015 Preferred stock dividends $ (167,837) $ (107,967) $ (59,447) $ (91,638) Net loss available to common shareholders $ (5.95) $ (3.69) $ (2.08) $ (3.03) Basic loss per common share $ (5.95) $ (3.69) $ (2.08) $ (3.03) Diluted loss per common share 28,188,530 29,265,099 28,545,714 30,248,946 Weighted average basic common shares outstanding 28,188,530 29,265,099 28,545,714 30,248,946 Weighted average diluted common shares outstanding

Segment Financial Information Twelve Months Ended December 31, 2022 2023 Three Months Ended December 31, 2022 2023 (Unaudited) (Unaudited) Capital Markets segment: $ 292,933 $ 249,036 $ 69,485 $ 65,233 Revenues - Services and fees (206,150) 37,070 (59,115) (44,041) Trading (loss) income and fair value adjustments on loans 240,813 284,896 61,934 62,781 Interest income - Loans and securities lending 327,596 571,002 72,304 83,973 Total revenues (171,006) (224,993) (55,351) (50,514) Selling, general and administrative expenses (66,495) (145,435) (22,738) (38,863) Interest expense - Securities lending and loan participations sold (8,493) (3,998) (2,222) (849) Depreciation and amortization — (1,733) — Impairment of tradenames — 81,602 194,843 (8,007) Segment (loss) income (6,253) Wealth Management segment: 230,735 193,487 45,772 46,827 Revenues - Services and fees 3,522 4,758 445 2,523 Trading income and fair value adjustments on loans 234,257 198,245 46,217 49,350 Total revenues (258,134) (190,779) (51,696) (47,602) Selling, general and administrative expenses (4,955) (61) (849) — Restructuring charge (5,488) (4,308) (1,086) (1,065) Depreciation and amortization (34,320) 3,097 (7,414) 683 Segment income (loss) Auction and Liquidation segment: 12,581 29,062 4,789 2,245 Revenues - Services and fees 56,928 74,203 54,378 7,194 Revenues - Sale of goods 4,587 — 611 — Interest Income – Loan 74,096 103,265 59,778 9,439 Total revenues (23,920) (24,729) (17,290) (2,914) Direct cost of services (17,893) (40,515) (16,658) (4,009) Cost of goods sold (19,683) (16,650) (13,458) (3,663) Selling, general and administrative expenses $ 12,600 $ 21,371 $ 12,372 $ (1,147) Segment (loss) income 10 (Dollars in thousands)

Segment Financial Information (continued) Twelve Months Ended December 31, Three Months Ended December 31, (Dollars in thousands) 2022 2023 2022 2023 (Unaudited) (Unaudited) Financial Consulting segment: $ 98,508 $ 133,705 $ 25,427 $ 40,123 Revenues - Services and fees (81,891) (102,930) (20,944) (32,221) Selling, general and administrative expenses (305) (355) (71) (86) Depreciation and amortization 16,312 30,420 4,412 7,816 Segment income Communications segment: 228,129 330,952 85,763 80,429 Revenues - Services and fees 7,526 6,737 2,181 1,592 Revenues - Sale of goods 235,655 337,689 87,944 82,021 Total revenues (108,686) (183,993) (44,366) (47,163) Direct cost of services (8,592) (7,848) (2,493) (1,884) Cost of goods sold (64,836) (83,642) (23,368) (19,202) Selling, general and administrative expenses (19,165) (25,941) (6,366) (6,166) Depreciation and amortization (4,056) (1,540) (146) (1,138) Restructuring charge 30,320 34,725 11,205 6,468 Segment income Consumer Products segment: 77,821 233,202 77,821 Revenues - Sale of goods 54,046 (52,162) (164,635) (52,162) Cost of goods sold (41,109) (15,303) (67,229) (15,303) Selling, general and administrative expenses (15,197) (2,168) (9,918) (2,168) Depreciation and amortization (2,134) — (68,600) — Impairment of goodwill and tradenames (33,100) — (530) — Restructuring charge (44) 8,188 (77,710) 8,188 Segment (loss) income (37,538) $ 114,702 $ 206,746 $ 20,756 Consolidated operating (loss) income from reportable segments $ (29,971) 11

Definition of US GAAP to Non - GAAP Financial Measures 12 Certain of the information set forth herein, including operating revenue, adjusted EBITDA, operating adjusted EBITDA, and investment adjusted EBITDA 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 operating revenues, trading income (loss) and fair value adjustments on loans, (ii) 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 on extinguishment of loans, gain on bargain purchase, impairment of goodwill and tradenames, stock - based compensation and transaction and other expenses, (iii) excluding in the case of operating adjusted EBITDA, aforementioned adjustments for adjusted EBITDA, as well as trading income (loss) and fair value adjustments on loans net of fixed income trading revenue, realized and unrealized gains (losses) on investments, and other investment related expenses, and (iv) including in the case of investment adjusted EBITDA, trading income (loss) and fair value adjustments on loans, realized and unrealized gains (losses) on investments, net of fixed income trading revenue and other investment related expenses, 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, 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 .

13 For more information, please visit www.brileyfin.com