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B. RILEY FINANCIAL, INC. - RILY STOCK NEWS

Welcome to our dedicated page for B. RILEY FINANCIAL news (Ticker: RILY), a resource for investors and traders seeking the latest updates and insights on B. RILEY FINANCIAL stock.

B. Riley Financial, Inc. (NASDAQ: RILY) is a publicly traded, diversified financial services company that takes a collaborative approach to the capital raising and financial advisory needs of public and private companies, as well as high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc., Wunderlich Securities, Inc., Great American Group, LLC, B. Riley Capital Management, LLC, which encompasses B. Riley Asset Management, B. Riley Wealth Management, and Great American Capital Partners, LLC. Additionally, B. Riley Principal Investments focuses on proprietary investments in other businesses, such as the acquisition of United Online, Inc.

The company's core segments include Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer products. B. Riley Financial offers a broad range of services including investment banking, financial consulting, asset disposition, valuation, and appraisal, catering to corporate, institutional, and high-net-worth clients across the United States, Canada, and Europe. Recent highlights include:

  • Financial Performance: Preliminary unaudited financial results for the year ending December 31, 2023, indicate a strategic focus on core business growth and reducing dividend payouts to invest in business opportunities. The company reported a 36% increase in financial consulting revenues and an 86% rise in operating income for 2023.
  • Strategic Initiatives: B. Riley has retained Moelis & Company as an independent financial advisor to review strategic alternatives for its appraisal and asset disposition businesses.
  • Leadership: The recent addition of Virginia Schnippel as Managing Director to B. Riley Advisory Services highlights the company's commitment to expanding its advisory capabilities.
  • Partnerships and Investments: The firm continues to make significant investments, such as funding the redevelopment of a recycling processing facility in New Jersey, and partnering with strategic investors to support environmental sustainability initiatives.
  • Dividend Declaration: The Board of Directors announced a quarterly dividend of $0.50 per common share, emphasizing the company's commitment to shareholder value.

With an extensive portfolio of services and a proactive investment strategy, B. Riley Financial is positioned to provide comprehensive financial solutions tailored to the unique needs of its diverse client base. Visit www.brileyfin.com to learn more about their services.

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B. Riley Financial (NASDAQ: RILY) received an additional delinquency notification from Nasdaq on November 20, 2024, for non-compliance with listing rules due to delayed filing of Quarterly Reports for periods ended June 30 and September 30, 2024. While this notification doesn't immediately affect the company's Nasdaq listing, B. Riley must submit an updated compliance plan by December 5, 2024. If accepted, Nasdaq may grant up to 180 calendar days (until February 17, 2025) to regain compliance. The company attributes the delays to significant events and transactions in 2024 and expects to resume normal filing schedules in 2025.

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B. Riley Financial and Oaktree Capital Management announced the launch of Great American Group as an independent business following their partnership formation. B. Riley received approximately $203 million in cash, Class B Preferred Units with an initial liquidation preference of about $183 million, and Class A Common Units representing roughly 47% of total outstanding common units. The company expects to record a $235 million gain on this investment in Q4 2024. The transaction allows B. Riley to reduce its debt while maintaining significant equity in the business.

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B. Riley Securities announces its inaugural Energy Convergence Conference: Mining, Nuclear and Infrastructure scheduled for December 4th at Hotel Eventi New York. The event will bring together public companies and industry experts from mining, nuclear energy, and U.S. infrastructure sectors to present to institutional investors. The conference will feature panel discussions, analyst-moderated roundtables, and one-on-one meetings with corporate executives. The event is invitation-only and represents B. Riley's effort to connect middle market institutional investors with companies in these sectors during a period of market inflection.

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B. Riley Financial (NASDAQ: RILY) has announced an agreement to sell part of its traditional (W-2) Wealth Management business to Stifel Financial Corp. (NYSE: SF) for an estimated $27-35 million in cash. The deal involves the transition of 40-50 advisors managing approximately $3.5-4.5 billion in assets to Stifel in early 2025. The transaction excludes B. Riley's 190 independent advisors and 90 tax professionals. The company cites disruption to its Wealth Management business due to competitors capitalizing on concerns about its principal investments business as a key factor in this strategic decision.

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B. Riley Financial (NASDAQ: RILY) and its subsidiary bebe stores have completed a brand assets transaction generating $236 million in cash proceeds. The deal involved transferring interests in multiple brand licenses including Hurley, Justice, and Scotch & Soda to a securitization vehicle for $189 million, while bebe sold its interests in bebe and Brookstone brands for $47 million. B. Riley had originally acquired the brand portfolio (excluding bebe and Brookstone) for $222 million and received $179 million in distributions during ownership. The company plans to use proceeds to reduce senior secured debt and deleverage its balance sheet. Additionally, B. Riley expects to sell a majority stake in Great American Group in late November.

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B. Riley Financial (NASDAQ: RILY) has announced cash dividends for its 6.875% Series A and 7.375% Series B Cumulative Perpetual Preferred Stock. The dividends are payable on October 31, 2024, to holders of record as of October 28, 2024. Each depositary share represents a 1/1000th fractional interest in a share of the respective Preferred Stock, with a liquidation preference of $25.00 per depositary share.

The dividend for the 6.875% Series A Preferred Stock (NASDAQ: RILYP) is $0.42968750 per depositary share, while the 7.375% Series B Preferred Stock (NASDAQ: RILYL) will pay $0.4609375 per depositary share.

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B. Riley Financial (Nasdaq: RILY) has signed a definitive agreement with Oaktree Capital Management to establish a partnership in Great American Holdings, (Great American NewCo). B. Riley will contribute its Great American Group businesses to the new entity. The transaction, valued at $386 million, includes:

1. B. Riley receiving $203 million in cash
2. Class B Preferred Units with $183 million initial liquidation preference
3. Class A Common Units representing 47% ownership

Oaktree will acquire Class A Preferred Units and 53% of Class A Common Units for $203 million. The deal is expected to close in Q4 2024, subject to regulatory approvals. This partnership aims to reduce B. Riley's debt while maintaining equity upside and leveraging Oaktree's expertise to enhance growth prospects for Great American Group's services.

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B. Riley Securities, a subsidiary of B. Riley Financial (Nasdaq: RILY), has announced the appointment of Brendon Philipps as Managing Director to lead their Capital Structure Advisory and Liability Management efforts. Philipps joins from Guggenheim Partners, bringing nearly 15 years of experience in complex transactions, including restructurings, debt amendments, and capital raises.

Andy Moore, CEO of B. Riley Securities, emphasized the importance of Philipps' expertise in navigating the current complex capital environment. Philipps expressed enthusiasm for expanding B. Riley's product offerings and leveraging opportunities in the current economic climate.

Philipps' background includes roles at Guggenheim Partners, KLS Diversified Asset Management, Millstein & Co., and Rothschild. He holds an MBA from Carnegie Mellon University and a BA in Economics from the University of California, Santa Cruz.

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B. Riley Financial (NASDAQ: RILY) has announced strategic initiatives to enhance shareholder value by accelerating debt repayment. The company is negotiating the sale of a 53% stake in Great American Group at a $380 million enterprise value and financing its Brands portfolio for $236 million. These transactions are expected to generate approximately $410 million in gross cash proceeds. B. Riley intends to use the majority of proceeds to reduce its Nomura Senior Secured Debt to about $125 million by the end of 2024 and plans to repay all 2025 maturities. The company anticipates announcing an amended credit agreement soon and is evaluating a take-private proposal from Chairman Bryant Riley at $7.00 per share.

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B. Riley Financial (Nasdaq: RILY) received a delinquency notification from Nasdaq on August 21, 2024, due to the delayed filing of its Q2 2024 10-Q report. This non-compliance with Nasdaq Listing Rule 5250(c)(1) doesn't immediately affect the company's listing status. RILY has 60 days to submit a compliance plan to Nasdaq, which may grant up to 180 days (until February 10, 2025) to regain compliance.

The company released preliminary Q2 2024 financial results on August 12 and is working to file the Quarterly Report promptly. This situation highlights potential risks for investors, including possible regulatory issues and financial reporting delays.

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FAQ

What is the current stock price of B. RILEY FINANCIAL (RILY)?

The current stock price of B. RILEY FINANCIAL (RILY) is $4.98 as of December 20, 2024.

What is the market cap of B. RILEY FINANCIAL (RILY)?

The market cap of B. RILEY FINANCIAL (RILY) is approximately 159.4M.

What services does B. Riley Financial, Inc. provide?

B. Riley Financial offers a range of financial services including investment banking, financial consulting, asset disposition, valuation, and appraisal.

Who are B. Riley Financial's main clients?

The company serves corporate, institutional, and high-net-worth clients across the United States, Canada, and Europe.

What are the core business segments of B. Riley Financial?

The company operates through Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer products segments.

What recent strategic initiatives has B. Riley Financial undertaken?

The company has retained Moelis & Company to review strategic alternatives for its appraisal and asset disposition businesses.

Has B. Riley Financial declared any recent dividends?

Yes, the company declared a quarterly dividend of $0.50 per common share, payable on or about June 11, 2024.

What is B. Riley Financial's approach to investments?

B. Riley Financial makes proprietary investments in various businesses and has recently funded the redevelopment of a recycling processing facility in New Jersey.

How has B. Riley Financial performed financially in recent periods?

Preliminary unaudited results for the year ending December 31, 2023, show significant growth in financial consulting revenues and operating income.

What is the role of B. Riley Principal Investments?

B. Riley Principal Investments focuses on making proprietary investments in other businesses such as the acquisition of United Online, Inc.

Who recently joined B. Riley Advisory Services?

Virginia Schnippel joined as a Managing Director, bringing over 23 years of valuation experience to the Corporate Advisory & Valuation Services practice.

Where can I find more information about B. Riley Financial's services?

You can visit their official website at www.brileyfin.com to learn more about their services.

B. RILEY FINANCIAL, INC.

Nasdaq:RILY

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RILY Stock Data

159.38M
15.87M
47.4%
27.52%
33.95%
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