Core Viewpoint - B. Riley Financial has secured a new $160 million senior secured debt facility from Oaktree Capital Management, which will be used to retire existing debt and support a joint venture overseeing the liquidation of JOANN, a fabric and crafts retailer facing bankruptcy [1][2][4]. Group 1: Financial Transactions - B. Riley utilized approximately $118 million to retire outstanding debt under the Nomura Senior Secured Credit Agreement, with the remaining funds allocated for working capital and a joint venture investment [2]. - The new Term Loan Facility has an interest rate of SOFR plus 8.00% and includes warrants for Oaktree to purchase 1,832,290 common shares at an exercise price of $5.14 per share, representing a 20% premium to the 30-day VWAP prior to issuance [4]. Group 2: JOANN Liquidation - B. Riley's GA Group, in which it holds a 44% stake, was selected as the exclusive agent to manage the liquidation of JOANN, which has approximately $2 billion in retail inventory [3]. - The liquidation process is expected to be completed in about 12 weeks and is one of the largest transactions in GA Group's history [3]. Group 3: Strategic Implications - The partnership with Oaktree and the establishment of GA Group is seen as a significant step for B. Riley, enhancing its financial and strategic flexibility [4]. - The successful bid in JOANN's bankruptcy process highlights the potential of GA Group in large-scale retail liquidations, benefiting B. Riley as both an investor and through its equity stake [4].

LOS ANGELES, Feb. 26, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services company, today announced that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1) in connection with the filing of its Third Quarter 10-Q. The Company received notice from The Nasdaq Stock Market on February 24, 2025 indicating that it has regained compliance with the Listing Rule, which requires listed companies to timely file all required pe ...

Core Points - B. Riley Financial, Inc. plans to release preliminary financial results for the fourth quarter ended December 31, 2024, after market close on March 3, 2025 [1] - The company will host a conference call for analysts and investors on the same day at 4:30 p.m. ET, which will include a question-and-answer session [2] - B. Riley has filed its Quarterly Report on Form 10-Q for the three-month period ended September 30, 2024, and expects to regain compliance with Nasdaq Listing Rule 5250(c)(1) [3] - Bryant Riley, Chairman and Co-CEO, indicated that the upcoming conference call will provide a comprehensive update on the business and capital allocation priorities for renewed growth and value creation [4] Company Overview - B. Riley Financial is a diversified financial services company that offers tailored solutions to meet the strategic, operational, and capital needs of clients [4] - The company provides a wide range of financial services, including investment banking, institutional brokerage, private wealth management, financial consulting, corporate restructuring, and more [4] - B. Riley also engages in opportunistic investments to benefit shareholders and has affiliates that originate and underwrite senior secured loans for asset-rich companies [4]

Fair Value Adjustments - For the three months ended September 30, 2024, fair value adjustments on loans receivable were $(71.5) million, compared to $(0.9) million for the same period in 2023[310]. - For the nine months ended September 30, 2024, fair value adjustments on loans receivable totaled $(259.3) million, contrasting with $51.6 million for the same period in 2023[310]. - The fair value adjustment for the loan receivable from Vintage Capital Management, LLC was $(54.3) million for the three months and $(222.7) million for the nine months ended September 30, 2024, primarily due to a decline in the equity fair value of Freedom VCM[311]. - The fair value adjustment for the loan receivable from Conn's, Inc. was $(18.6) million for the three months and $(27.1) million for the nine months ended September 30, 2024, influenced by Conn's Chapter 11 filing[313]. - The fair value of total securities and other investments owned decreased to $341.8 million as of September 30, 2024, down from $809.0 million at December 31, 2023, a decline of 57.7%[324]. - The investment in Freedom VCM Holdings, LLC was valued at zero as of September 30, 2024, down from $287.0 million at December 31, 2023, reflecting a significant loss of $287.0 million[328]. - The sale of bebe's brand interests resulted in a fair value adjustment of approximately $(20.0) million and a loss of approximately $(133.0) million recorded in the quarter ending September 30, 2024[344]. Revenue Performance - Total revenues decreased by $164.0 million to $199.3 million for the three months ended September 30, 2024, compared to $363.3 million for the same period in 2023, representing a decline of 45.1%[357]. - Total revenues decreased by $514.7 million to $637.2 million for the nine months ended September 30, 2024, compared to $1,151.9 million for the same period in 2023, representing a decline of 44.7%[395]. - Revenues from services and fees in the Capital Markets segment fell by $50.5 million to $30.4 million, a decrease of 62.4% due to reduced underwriting engagements[358]. - Revenues from the Financial Consulting segment increased by $3.7 million to $23.9 million, an 18.4% increase, driven by growth in bankruptcy and restructuring services[360]. - The Wealth Management segment saw an increase in revenues of $3.5 million to $150.2 million, a growth of 2.4%, driven by higher wealth and asset management fees[398]. - Revenues from services and fees in All Other increased by $18.6 million to $28.5 million, a 187.1% increase, due to contributions from newly acquired entities[362]. Operating Expenses - Total operating expenses decreased by $90.2 million to $281.1 million, a reduction of 24.3% compared to the previous year[357]. - Total operating expenses decreased by $52.6 million to $957.9 million, a decline of 5.2%[408]. - Total selling, general and administrative expenses decreased by $17.7 million to $184.6 million during the three months ended September 30, 2024, from $202.3 million during the same period in 2023, representing an 8.8% decline[371]. - Capital Markets segment expenses decreased by $32.5 million to $31.3 million, primarily due to a $26.8 million reduction in payroll and related expenses[372]. - Wealth Management segment expenses increased by $0.3 million to $49.3 million, mainly driven by higher payroll and related expenses[373]. - Financial Consulting segment expenses rose by $1.9 million to $19.8 million, attributed to a $1.6 million increase in payroll related to a business acquired in Q3 2023[374]. - Communications segment expenses decreased by $6.9 million to $21.5 million, largely due to cost-saving measures implemented in 2024[375]. - Consumer Products segment expenses fell by $1.9 million to $16.9 million, primarily due to reduced headcount and fully amortized items[376]. - Corporate and All Other expenses increased by $21.4 million to $45.8 million, driven by acquisitions and increased legal expenses[377]. Net Loss and Financial Performance - The loss from continuing operations increased to $148.9 million, compared to a loss of $100.0 million in the prior year, marking a 48.8% increase[357]. - Net loss attributable to B. Riley Financial, Inc. was $284.4 million, compared to a loss of $73.8 million in the prior year, reflecting a significant increase in losses[357]. - Loss from discontinued operations, net of tax for the Brands Transaction was $134.4 million during the three months ended September 30, 2024, compared to income of $10.3 million in the prior year[383]. - The net loss attributable to B. Riley Financial, Inc. was $767.2 million for the nine months ended September 30, 2024, compared to a net loss of $10.3 million in the same period of 2023[395]. - For the nine months ended September 30, 2024, the company reported a net loss of $645.5 million compared to a net loss of $48.5 million for the same period in 2023[427]. Cash Flow and Liquidity - As of September 30, 2024, the company had $159.2 million in unrestricted cash and cash equivalents, $341.8 million in securities and other investments, and $2,067.8 million in outstanding borrowings[428]. - The company generated $266.3 million in cash from operating activities for the nine months ended September 30, 2024, a significant increase from cash used in operating activities of $41.0 million in the same period of 2023[438]. - Cash used in financing activities was $354.7 million for the nine months ended September 30, 2024, compared to $285.5 million for the same period in 2023[441]. - The company paid cash dividends of $33.6 million on common stock during the nine months ended September 30, 2024, and announced the suspension of common stock dividends in August 2024 to prioritize debt reduction[433]. - The company is monitoring its financial performance to ensure sufficient liquidity to fund operations and execute its business plan, especially given its ineligibility for short form registration with the SEC[432]. Debt and Credit Agreements - The company has $217.4 million of Senior Notes due to mature on March 31, 2026, and is exploring strategic alternatives to satisfy this obligation[431]. - The company has $145.3 million of 6.375% Senior Notes due on February 28, 2025, which will be repaid using cash on hand[429]. - The Targus Credit Agreement includes a five-year term loan of $28.0 million and a revolver loan of $85.0 million, maturing on October 18, 2027[442]. - The Lingo Credit Agreement has a principal balance of $55.0 million as of September 30, 2024, with quarterly installments of $2.7 million due until December 31, 2024[453]. - The interest rate on the Lingo Credit Agreement was 8.59% as of September 30, 2024[449]. - The bebe Credit Agreement includes a $25.0 million term loan with an interest rate of 10.78% as of September 30, 2024[455]. - The outstanding balance on the bebe term loan was $21.7 million as of September 30, 2024[457]. - The New Credit Facilities include a $500.0 million secured term loan and a $100.0 million secured revolving loan, aimed at refinancing previous debts and funding corporate purposes[460]. - The company recorded a loss on extinguishment of debt related to the Prior Credit Agreement of $5.4 million[460]. - As of September 30, 2024, the outstanding balance on the term loan was $369.5 million, down from $475.1 million as of December 31, 2023[464]. - The interest rate on the term loan increased to 12.13% as of September 30, 2024, up from 11.37% as of December 31, 2023[464]. - The company made a payment of $85.9 million on September 17, 2024, reducing the outstanding principal balance on the term loan from $469.8 million to $388.1 million[1]. - The BRPAC Amended Credit Agreement includes a new five-year $80.0 million term loan, with quarterly installments of $4.0 million due[473]. - The interest rate on the BRPAC Amended Credit Agreement is set at the Term SOFR rate plus a margin of 2.75% to 3.50% per annum, with a margin level of 3.25%[474]. - The company is in compliance with all financial covenants in both the Credit Agreement and the BRPAC Credit Agreement as of September 30, 2024[468]. Investigations and Legal Matters - The Company is under investigation by the SEC regarding certain business dealings and has received subpoenas for document production[347].

LOS ANGELES, Feb. 21, 2025 /PRNewswire/ -- B. Riley Securities, Inc. ("B. Riley"), a preeminent middle market investment bank, will be hosting its Precision Oncology & Radiopharma Investor Conference on Friday, February 28th in New York.This one-day conference will feature more than 30 institutionally relevant companies developing and commercializing next-gen targeted oncology and radiopharmaceutical therapeutics and diagnostics. In addition to investor discussions, B. Riley Equity Research Analysts will be ...

Core Insights - B. Riley Securities, Inc. will host its 25th Annual Investor Conference on May 21-22, 2025, at the Ritz-Carlton, Marina Del Rey, California [1] - The conference will feature approximately 200 public companies and attract over 1,000 attendees, including institutional, private equity, and venture capital investors [2] Company Overview - B. Riley has been a leading middle market brokerage and investment banking firm for over 25 years, offering a full suite of investment banking and capital markets services [6] - The firm provides services such as initial, secondary, and follow-on offerings, M&A advisory, SPACs, and corporate restructuring [6] Conference Details - The two-day event will include research analyst-moderated executive roundtables, thematic industry panel discussions, and one-on-one meetings with corporate management teams [4] - Participation in the conference is by invitation only, emphasizing the exclusivity and targeted nature of the event [4] Leadership Commentary - The CEO of B. Riley Securities highlighted the conference as a prime opportunity for creating value and fostering relationships with clients and partners [3] - The firm’s equity research team has curated a mix of new and familiar companies for presentation at the conference [3] Additional Information - For those interested in attending or sponsoring, contact details are provided for inquiries [5] - B. Riley Financial, the parent company, offers a diverse range of financial services, including investment management and financial consulting [7]

Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We alsoCheck out Systematic Income and explore our Income Portfolios, engineered with both yield and risk management considerations. Use our powerful Interactive Investor Tools to navigate the BDC, CEF, OEF, preferred and baby bond markets.Read ...

Provides Update on Preferred Stock Dividends LOS ANGELES, Jan. 21, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services company, today announced the redemption on February 28, 2025 (the "Redemption Date") of all the issued and outstanding 6.375% Senior Notes due February 28, 2025 (NASDAQ: RILYM) (the "Notes"). The redemption price for the Notes will be equal to 100% of the aggregate principal amount of the Notes, plus any accrued and un ...

Financial Statements Consistent with Preliminary Results Issued on August 12, 2024 Discloses Preliminary Total Cash Balance of $257 Million as of December 31, 2024 LOS ANGELES, Jan. 14, 2025 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services company, today announced the filing of its Quarterly Report on Form 10-Q for the three-month period ended June 30, 2024. The financial statements are consistent with the preliminary financial results r ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 Or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-37503 B. RILEY FINANCIAL, INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 27-0223495 (Stat ...