Trung Pham/iStock via Getty Images I've been buying B. Riley Financial 2028 5.25% Senior Notes due 08/31/2028 (NASDAQ:RILYZ). The bonds pay a $1.3125 annual coupon and are trading at $13.67 per note, $11.33 below a $25 per note liquidation price. This means a 9.6% yield on cost for what's an absurdly undervalued 55 cents on the dollar. RILYZ's yield has never been higher, with the current conundrum driven by an abnormal short interest in bonds that has ramped up volatility and made B. Riley Financial (NASDA ...

B. Riley's Flagship Conference Will Gather 200 Public and Privately Held Companies Across Variety of Industry Sectors on May 22-23, 2024LOS ANGELES, March 7, 2024 /PRNewswire/ -- B. Riley Securities ("B. Riley"), a leading middle market brokerage and investment bank, and subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY), today announced the initial list of sponsors for its Annual Institutional Investor Conference which will take place on May 22-23 in Beverly Hills, California.In its 24th year, B. Riley' ...

Financial Data and Key Metrics Changes - For the full year 2023, total revenues increased by 52% to $1.65 billion, up from $1.08 billion in 2022. Operating revenues rose by 25% to $1.63 billion from $1.31 billion in the previous year. Operating adjusted EBITDA was $368 million for 2023, with total adjusted EBITDA increasing to $240 million from $32 million in 2022 [42][41][6] - The net loss for the year was $86 million or $2.95 diluted loss per share, primarily due to non-cash impairment charges related to Targus and unrealized investment losses [41][42] Business Line Data and Key Metrics Changes - The Capital Markets segment saw revenues increase by 75% to $575 million in 2023, up from $328 million in 2022, with segment income rising to $198 million from $82 million [45] - Wealth Management returned to profitability with revenues of $198 million and segment income of $3 million, with recurring revenues contributing 60% of total Wealth revenues [29] - The Financial Consulting segment's revenues increased by 35% to $134 million in 2023, driven by increased bankruptcy and litigation consulting assignments [30] - The Communications segment reported a 43% year-over-year revenue increase to $338 million in 2023, with segment income rising to $35 million from $30 million [31] Market Data and Key Metrics Changes - The appraisal and liquidation businesses generated approximately $153 million in revenue and $35 million in operating income, reflecting year-over-year increases of 35% and 69%, respectively [12] - The Consumer Products segment, which includes Targus, faced challenges due to a declining PC and tablet market but is expected to gain market share as conditions improve [32] Company Strategy and Development Direction - The company announced a strategic review of its appraisal and retail liquidation businesses, indicating a focus on maximizing shareholder value through potential divestitures and acquisitions [7][19] - The company aims to leverage its balance sheet to invest in and acquire businesses that can enhance its platform and create shareholder value [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value creation potential of Franchise Group despite current consumer environment challenges [14] - The company acknowledged the scrutiny surrounding its operations but emphasized the resilience of its employees and the strength of its business model [15][39] Other Important Information - The company reported a total debt of approximately $2.4 billion as of December 31, with net debt (total debt minus cash and investments) around $457 million [43] - A quarterly dividend of $0.50 per common share was declared, reflecting a 50% reduction to allow for reinvestment opportunities [20][43] Q&A Session Summary Question: Can you provide insight into the timing and rationale behind the sale of the former Great American unit? - Management indicated that a larger institution could better leverage the asset, and they expect to have clarity on the process by the end of the second quarter [34][35] Question: What are the priorities for the savings from the dividend cut? - Management stated they would be opportunistic regarding capital structure, considering both share buybacks and debt repurchases [62] Question: Can you comment on the audit and the delay in filing? - Management refrained from commenting on the audit specifics but acknowledged the delay in filing the annual report [59][60]

LOS ANGELES, Feb. 29, 2024 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services platform, today released preliminary unaudited financial results for the three and twelve-month periods ending December 31, 2023. These financial results are subject to completion of the ongoing audit of the Company's annual financial statements. Financial Highlights – Preliminary Unaudited Fourth quarter ended December 31, 2023: Total revenues were $347 million ...

Exhibit 99.1 B. Riley Financial Reports Preliminary Unaudited Fourth Quarter and Full Year 2023 Results; Declares Quarterly Dividend of $0.50 per share LOS ANGELES, February 29, 2024 – B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services platform, today released preliminary unaudited financial results for the three and twelve-month periods ending December 31, 2023. These financial results are subject to completion of the ongoing audit of the Company's annua ...

LOS ANGELES, Feb. 26, 2024 /PRNewswire/ -- B. Riley Securities, a leading middle market brokerage and investment bank, and subsidiary of B. Riley Financial (Nasdaq: RILY) ("B. Riley"), today announced that it will host a Radiopharma Investor Conference on March 1, 2024 in New York.This one day conference will feature small and mid-cap public and private biotech, medtech, medical services, contract development and manufacturing, and industrial companies focused on bringing life-saving radiotherapeutics and i ...

NEW YORK, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Wolf Popper LLP is investigating potential claims on behalf of shareholders of B. Riley, Inc. ("B. Riley") (NASDAQ:RILY) against B. Riley's Board of Directors and members of its senior management concerning B. Riley's relationship with Brian Kahn, Chief Executive Officer of Franchise Group, Inc. ("FRG"). In May 2023, B. Riley entered into an agreement to assist Brian Kahn in leading a management buyout of FRG. The deal was completed in August 2023. On November 2, ...

Audit Committee's Review Affirms the Company Acted Properly with Regard to the Management-Led Buyout of FRG; B. Riley Financial and its Executives Had No Involvement with, or Knowledge of, Alleged Prophecy Misconduct LOS ANGELES, Feb. 22, 2024 /PRNewswire/ -- The Board of Directors of B. Riley Financial, Inc. (Nasdaq: RILY) has provided the following statement regarding its review of the circumstances associated with the Company's participation in the management-led buyout of Franchise Group ("FRG") and rel ...

NEW YORK--(BUSINESS WIRE)--Labaton Keller Sucharow, an award-winning shareholder rights firm, is investigating potential securities law violations and breach of fiduciary duty claims against B. Riley Financial, Inc. (NASDAQ: RILY) If you currently own stock in B. Riley Financial, Inc. and want to receive additional information and protect your investments free of charge, please contact Labaton Keller Sucharow’s Shareholder Rights Team via ShareholderRights@labaton.com or calling (888) 543-3218. About the ...

If you suffered losses exceeding $75,000 investing in B. Riley stock or options between May 10, 2023 and November 9, 2023 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/RILY. There is no cost or obligation to you. NEW YORK, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential c ...