EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2025

Basic earnings per share is calculated by dividing (loss) income from continuing operations, (loss) income from discontinued operations, or net income (loss) by the weighted-average number of shares outstanding during the period. Diluted earnings per share is calculated by dividing (loss) income from continuing operations, (loss) income from discontinued operations, or net income (loss) by the weighted-average number of common shares outstanding, after giving effect to all dilutive potential common shares outstanding during the period.

Securities that could potentially dilute basic net income per share in the future that were not included in the computation of diluted net income per share as the effect would be anti-dilutive were 3,229,165 during the three and six months ended June 30, 2025 and 2,781,112 during the three and six months ended June 30, 2024, respectively.

Basic and diluted earnings per share were calculated as follows:


	Three Months Ended June 30,
	2025						2024
	Continuing Operations		Discontinued Operations		Total		Continuing Operations		Discontinued Operations		Total
Net income (loss)	$	71,687	$	69,312	$	140,999	$	(449,151)	$	15,370	$	(433,781)
Net income (loss) attributable to noncontrolling interests	1,528		—		1,528		(1,018)		841		(177)
Net income (loss) attributable to B. Riley Financial, Inc.	70,159		69,312		139,471		(448,133)		14,529		(433,604)
Preferred stock dividends	2,015		—		2,015		2,015		—		2,015
Net income (loss) available to common shareholders	$	68,144	$	69,312	$	137,456	$	(450,148)	$	14,529	$	(435,619)

	Six Months Ended June 30,
	2025						2024
	Continuing Operations		Discontinued Operations		Total		Continuing Operations		Discontinued Operations		Total
Net income (loss)	$	51,725	$	72,707	$	124,432	$	(510,452)	$	28,717	$	(481,735)
Net (loss) income attributable to noncontrolling interests	(5,064)		—		(5,064)		(1,021)		2,055		1,034
Net income (loss) attributable to B. Riley Financial, Inc.	56,789		72,707		129,496		(509,431)		26,662		(482,769)
Preferred stock dividends	4,030		—		4,030		4,030		—		4,030
Net income (loss) available to common shareholders	$	52,759	$	72,707	$	125,466	$	(513,461)	$	26,662	$	(486,799)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Weighted average common shares outstanding:
Basic	30,527,835		30,352,054		30,512,757		30,170,819
Effect of dilutive potential common shares:
Restricted stock units and warrants	—		—		—		—
Diluted	30,527,835		30,352,054		30,512,757		30,170,819

Basic net 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 net 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)