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.
B. Riley Financial (RILY) and the Toigo Foundation announced the success of the 2021 Summer MBA Investment Competition, featuring nearly 50 MBA participants. The four-month program focused on industry education, mentorship, and practical business strategies, culminating in a competition where winners received a total of $60,000. B. Riley's involvement underscores its dedication to diversity and inclusion in finance, with 20 senior leaders actively participating. This initiative enhances learning opportunities and networking for rising professionals in the financial sector.
B. Riley Financial (RILY) announced a cash tender offer to purchase up to 2,000,000 ADS of DoubleDown Interactive (DDI) at $18.00 per ADS. This initiative reflects B. Riley's confidence in DDI's strong market position and profitability. The tender offer is set to commence by late September 2021. B. Riley has been a significant purchaser of DDI shares since its IPO, emphasizing the strategic value of this acquisition for enhancing shareholder value.
B. Riley Financial (NASDAQ:RILY) has appointed Kevin Olson as Senior Vice President of Business Development for B. Riley Retail Solutions. Olson, who has been with the firm since 2016, previously oversaw operations in Australia, New Zealand, and the Oceania market. In his new role, he will expand the firm's relationships with retailers in North America. In 2020, B. Riley Retail Solutions managed over 2,000 store closures with an inventory value of around $2.8 billion.
B. Riley Financial, Inc. (NASDAQ: RILY) announced the promotion of Jimmy Baker to President of B. Riley Securities on August 17, 2021. Baker, who has been with the firm since 2010, will oversee investment banking activities while continuing as Head of Capital Markets. His leadership contributed to a more than five-fold increase in Equity Capital Markets revenues. CEO Andy Moore praised Baker’s innovative approach and vision for driving market share gains and expanding the firm's small and mid-cap investment banking services.
B. Riley Financial (NASDAQ: RILY) announced the appointment of Renée E. LaBran to its Board of Directors, increasing the board size to nine. LaBran brings over 25 years of experience in investment management, venture capital, and corporate strategy, with a strong background in executive management and growth capital investing. She has previously held leadership roles in various companies and served on multiple boards. B. Riley expresses confidence in her abilities to contribute positively to the company.
B. Riley Financial (NASDAQ: RILY) announced the appointment of Tim Sullivan as Head of Fixed Income for B. Riley Securities. This move aims to enhance the firm's fixed income division, building on approximately $1.5 billion in corporate debt and preferred stock offerings year-to-date. Sullivan, previously at Imperial Capital, brings over 25 years of experience in high-yield and credit sales. The expansion is positioned to meet increasing client demand and strengthen B. Riley's distribution capabilities in the fixed income market.
B. Riley Financial (NASDAQ: RILY) announced the successful closure of its underwritten public offering of 5.25% senior notes due 2028, totaling approximately $316.25 million. This includes $41.25 million from the underwriters' option to purchase additional notes. The investment-grade rated notes are set to begin trading on NASDAQ under the symbol RILYZ. Net proceeds of around $306 million will support general corporate purposes such as acquisitions, debt repayment, capital expenditures, and working capital.
B. Riley Financial (NASDAQ: RILY) announced the redemption of all issued 7.375% Senior Notes due 2023, totaling $137,453,925, effective September 4, 2021. The redemption price includes 100% of the principal, a premium of $0.375, and accrued interest until the redemption date. Holders will receive the payment on September 7, 2021, after which the notes will cease trading on NASDAQ under the symbol RILYH. This press release serves as a notification for investors regarding the redemption process.
B. Riley Financial has announced the acquisition of the investment advisory business of 272 Capital L.P. on August 4, 2021. This strategic move aims to expand B. Riley's asset management capabilities, focusing on small cap equity securities. Wes Cummins, the leader of 272 Capital, will join B. Riley as President of Asset Management, overseeing the investment strategy for the BRC Partners Opportunity Fund. The acquisition aligns with B. Riley's commitment to enhancing its investment offerings for institutional and high-net-worth clients. Together, they manage over $270 million in assets.
B. Riley Financial has announced a priced underwritten public offering of $275 million in 5.25% senior notes due 2028. The offering is set to close on August 6, 2021, subject to closing conditions, with a potential additional $41.25 million option for underwriters. These notes have received a BBB+ investment grade rating from Egan-Jones Ratings. Proceeds will support general corporate purposes including acquisitions, debt repayment, and working capital.
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