B. Riley Financial, Inc. 5.50% Senior Notes Due 2026 Q1 FY2024 earnings call

• Operating Performance: Solid quarter with $66 million of operating adjusted EBITDA, down from $88 million last year. Advisory Services had a record Q1, Wealth Management margins improved. - Investments: Monetized investments, $59 million of investment-related losses (primarily unrealized), repaid debt and invested in new opportunities like Nogin. - Dividend: Declared a $0.50 per share dividend, to be paid on June 11. - Business Segments: Capital Markets had fee income increase despite revenue decrease, BRAS had strong results, Wealth Management seeing normalized production, Auction and Liquidation had ongoing projects, Financial Consulting saw record Q1, Communications contributed steady cash flow, Consumer Products faced headwinds.

Advisory Services (BRAS): Generated over $100 million in operating revenues and over $18 million of operating EBITDA during the quarter. Wealth Management: Revenues increased to $52 million in Q1 2024, with assets under management totaling $25.8 billion at March 31, 2024. Auction and Liquidation: Contributed revenues of $5.8 million and operating income of $2 million. Financial Consulting (B. Riley Advisory Services): Experienced a record first quarter, with a 40% increase in segment revenues to $35 million and a 62% increase in segment operating income to $6.1 million. Communications: Generated revenues of $82 million and operating income of $8 million. Consumer Products (Targus): Had a segment loss of $3 million due to soft global PC and laptop sales.

• Management expects to exit 2024 with ample liquidity. - Dividend of $0.50 per share declared. - Plan to redeem remaining Riley old senior notes by May 31, 2024.

• Volatility in periodic results due to investment portfolio fluctuations. - Macro headwinds impacting the global PC market affecting Targus. - Complexity of the business model making it difficult for investors to evaluate.

Q: On Consumer Products delta and Communications margin, A: Bryant and Phil discuss the delta from retail liquidation and margin contraction in Communications.

Q: On dividend allocation and Capital Markets, A: Bryant talks about deleveraging and market activity, noting Capital Markets picked up in Q2.

Q: On Great American transaction and Franchise Group, A: Bryant discusses ongoing sale process of Great American and management performance of Franchise Group.

Q: On Targus and learnings, A: Thomas and Bryant talk about industry cycles affecting Targus and management teams.

Q: On Investor Day and baby bonds, A: Bryant discusses operating EBITDA and bond management, including plans for Great American sale.