B. Riley Financial, Inc. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
APLD	APPLIED DIGITAL CORPORATION	495,000	$12,137	5.2%	$28.80	0.0%	COM	038169207
SQNS	SEQUANS COMMUNICATIONS S.A.	1,047,614	$4,704	2.0%	$4.49	—	SPONSORED ADS	817323405
TACT	TRANSACT TECHNOLOGIES INCORPORATED	545,812	$2,183	0.9%	$4.53	0.0%	COM	892918103
CELH	CELSIUS HOLDINGS, INC.	8,600	$393	0.2%	$50.38	0.0%	COM NEW	15118V207
TGLS	TECNOGLASS INC.	7,700	$387	0.2%	$54.59	0.0%	ORD SHS	G87264100
PGY	PAGAYA TECHNOLOGIES LTD.	17,700	$370	0.2%	$25.47	0.0%	CL A NEW	M7S64L123
CRBP	CORBUS PHARMACEUTICALS HOLDINGS, INC.	38,714	$315	0.1%	$12.34	0.0%	COM NEW	21833P301
ELF	e.l.f BEAUTY, INC.	3,600	$274	0.1%	$98.43	0.0%	COM	26856L103
LFMD	LIFEMD, INC.	74,000	$252	0.1%	$4.85	0.0%	COM	53216B104
BZAI	BLAIZE HOLDINGS, INC.	83,353	$163	0.1%	$3.23	0.0%	COM	092915107
—	XEROX HOLDINGS CORPORATION	337,000	$99	0.0%	$0.29	—	NOTE 3.750% 3/1	98421MAE6

Exited Positions (15)

AMAT APPLIED DIGITAL CORPORATION 4.9%

Value ($000) $11,355 Shares 495,000 Est. Cost $180.78 Unrealized +32.5%

— SEQUANS COMMUNICATIONS S.A. 3.2%

Value ($000) $7,575 Shares 800,692 Est. Cost $9.46 Unrealized —

— TRANSACT TECHNOLOGIES INCORPORATED 1.3%

Value ($000) $3,117 Shares 575,009 Est. Cost $3.68 Unrealized —

— BLAIZE HOLDINGS, INC 1.0%

Value ($000) $2,446 Shares 708,854 Est. Cost $3.45 Unrealized —

VPG VISHAY PRECISION GROUP, INC 0.2%

Value ($000) $545 Shares 17,000 Est. Cost $28.94 Unrealized +22.2%

QNST QUINSTREET, INC 0.2%

Value ($000) $430 Shares 27,780 Est. Cost $16.04 Unrealized -10.1%

— EOS ENERGY ENTERPRISES, INC 0.2%

Value ($000) $397 Shares 224,400 Est. Cost $8.31 Unrealized —

IMAX IMAX CORPORATION 0.2%

Value ($000) $357 Shares 10,887 Est. Cost $25.95 Unrealized +34.4%

OPRA OPERA LIMITED 0.1%

Value ($000) $340 Shares 16,484 Est. Cost $18.90 Unrealized —

PGYWW PAGAYA TECHNOLOGIES LTD 0.1%

Value ($000) $327 Shares 11,000 Est. Cost $29.69 Unrealized —

SPMC STARDUST POWER INC 0.1%

Value ($000) $147 Shares 47,510 Est. Cost $3.10 Unrealized —

BTBT BIT DIGITAL, INC 0.0%

Value ($000) $75 Shares 25,000 Est. Cost $2.21 Unrealized +30.9%

— BEYOND MEAT, INC BOND ZERO CPN 03/15/2027 0.0%

Value ($000) $59 Shares 300,000 Est. Cost $0.11 Unrealized —

AIRJ AIRJOULE TECHNOLOGIES CORPORATION 0.0%

Value ($000) $59 Shares 12,567 Est. Cost $4.69 Unrealized -7.9%

— 8X8, INC 0.0%

Value ($000) $19 Shares 22,000 Est. Cost $0.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMAT	APPLIED DIGITAL CORPORATION	495,000	$11,355	4.9%	$180.78	+32.5%	—	038222105
—	SEQUANS COMMUNICATIONS S.A.	800,692	$7,575	3.2%	$9.46	—	—	817323306
—	TRANSACT TECHNOLOGIES INCORPORATED	575,009	$3,117	1.3%	$3.68	—	—	892918953
—	BLAIZE HOLDINGS, INC	708,854	$2,446	1.0%	$3.45	—	—	092915907
VPG	VISHAY PRECISION GROUP, INC	17,000	$545	0.2%	$28.94	+22.2%	—	92835K103
QNST	QUINSTREET, INC	27,780	$430	0.2%	$16.04	-10.1%	—	74874Q100
—	EOS ENERGY ENTERPRISES, INC	224,400	$397	0.2%	$8.31	—	—	29415C119
IMAX	IMAX CORPORATION	10,887	$357	0.2%	$25.95	+34.4%	—	45245E109
OPRA	OPERA LIMITED	16,484	$340	0.1%	$18.90	—	—	68373M107
PGYWW	PAGAYA TECHNOLOGIES LTD	11,000	$327	0.1%	$29.69	—	—	M7S64L107
SPMC	STARDUST POWER INC	47,510	$147	0.1%	$3.10	—	—	83617A108
BTBT	BIT DIGITAL, INC	25,000	$75	0.0%	$2.21	+30.9%	—	G1144A105
—	BEYOND MEAT, INC BOND ZERO CPN 03/15/2027	300,000	$59	0.0%	$0.11	—	—	08862EAB5
AIRJ	AIRJOULE TECHNOLOGIES CORPORATION	12,567	$59	0.0%	$4.69	-7.9%	—	612160101
—	8X8, INC	22,000	$19	0.0%	$0.86	—	—	282914AE0

Decreased Positions (3)

IBIT ISHARES BITCOIN TRUST ETF 0.2%

Value ($000) $497 (-67.5%) Shares 10,000 (-57.4%) Est. Cost $61.11 Unrealized —

TOI THE ONCOLOGY INSTITUTE, INC. 1.0%

Value ($000) $2,362 (-16.6%) Shares 663,376 (-18.3%) Est. Cost $2.58 Unrealized +43.8%

— XBP GLOBAL HOLDINGS, INC. 0.3%

Value ($000) $640 (+86.0%) Shares 93,951 (-78.0%) Est. Cost $0.81 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBIT	ISHARES BITCOIN TRUST ETF	10,000 (-57.4%)	$497 (-67.5%)	0.2%	$61.11	—	SHS BEN INT	46438F101
TOI	THE ONCOLOGY INSTITUTE, INC.	663,376 (-18.3%)	$2,362 (-16.6%)	1.0%	$2.58	+43.8%	COM	68236X100
—	XBP GLOBAL HOLDINGS, INC.	93,951 (-78.0%)	$640 (+86.0%)	0.3%	$0.81	—	COM	98400V101

Unchanged Positions (7)

BW BABCOCK & WILCOX ENTERPRISES, INC. 74.4%

Value ($000) $174,011 Shares 27,446,522 Est. Cost $4.54 Unrealized +8.6%

DDI DOUBLEDOWN INTERACTIVE CO., LTD. 12.8%

Value ($000) $30,010 Shares 3,477,440 Est. Cost $15.69 Unrealized —

SNCR SYNCHRONOSS TECHNOLOGIES, INC. 1.5%

Value ($000) $3,503 Shares 409,196 Est. Cost $6.17 Unrealized —

DRDB ROMAN DBDR ACQUISITION CORP II 0.6%

Value ($000) $1,295 Shares 605,913 Est. Cost $9.96 Unrealized +4.6%

RMCO ROYALTY MANAGEMENT HOLDING CORPORATION 0.0%

Value ($000) $62 Shares 20,000 Est. Cost $1.01 Unrealized +180.6%

GCTS GCT SEMICONDUCTOR HOLDING, INC. 0.0%

Value ($000) $68 Shares 56,818 Est. Cost $2.13 Unrealized -34.6%

OTGAU OTG ACQUISITION CORP. I 0.1%

Value ($000) $234 Shares 115,000 Est. Cost $2.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BW	BABCOCK & WILCOX ENTERPRISES, INC.	27,446,522	$174,011	74.4%	$4.54	+8.6%	COM	05614L209
DDI	DOUBLEDOWN INTERACTIVE CO., LTD.	3,477,440	$30,010	12.8%	$15.69	—	ADS	25862B109
SNCR	SYNCHRONOSS TECHNOLOGIES, INC.	409,196	$3,503	1.5%	$6.17	—	COM NEW	87157B400
DRDB	ROMAN DBDR ACQUISITION CORP II	605,913	$1,295	0.6%	$9.96	+4.6%	SH	G7633M104
RMCO	ROYALTY MANAGEMENT HOLDING CORPORATION	20,000	$62	0.0%	$1.01	+180.6%	CLASS A COM	02369M102
GCTS	GCT SEMICONDUCTOR HOLDING, INC.	56,818	$68	0.0%	$2.13	-34.6%	COMMON STOCK	36170N107
OTGAU	OTG ACQUISITION CORP. I	115,000	$234	0.1%	$2.01	—	UNIT 09/05/2030	G6791A126