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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 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.
B. Riley Financial (NASDAQ: RILY) has announced an underwritten public offering of $150 million in senior notes due 2028, subject to market conditions. The company received a BBB+ investment grade rating from Egan-Jones Ratings Company. Proceeds will be used for general corporate purposes, including acquisitions, debt repayment, capital expenditures, and working capital. The offering is conducted under a previous shelf registration effective since January 28, 2021. Additional details will be available in a prospectus filed with the SEC.
B. Riley Financial (RILY) reported a net income of $73.9 million for Q2 2021, down 11% year-over-year, with total revenues of $336.8 million, up 26% year-over-year. Adjusted EBITDA stood at $124.9 million. The investment banking division led this growth, while the Wealth Management segment surged 362% year-over-year to $158.2 million in revenues. The company declared a $2.00 dividend per share, effective August 26, 2021. B. Riley aims to capitalize on market opportunities while enhancing recurring revenues.
B. Riley Securities will host a small-cap investor conference at the Proper Hotel in Santa Monica, California, on August 18-19, 2021. This event aims to connect institutional investors with senior management teams of selected companies, showcasing B. Riley's award-winning equity research. CEO Andy Moore emphasized the importance of live corporate access in a personal setting for effective networking. Featured companies include B. Riley Financial (RILY), AMC Entertainment, and Plug Power, among others. Participation is by invitation only for the firm's clients.
B. Riley Wealth Management has opened a new branch in Warrenton, Virginia, expanding its services in the Mid-Atlantic region. The branch offers a full suite of investment management and brokerage services, supported by a team of experienced financial advisors. This team previously managed over $335 million in client assets at BB&T Securities/Truist. The new branch enhances B. Riley's commitment to its client relationships and reflects the company's growth strategy in providing customized wealth management solutions.
B. Riley Financial (NASDAQ: RILY) announced a conference call scheduled for July 29, 2021, at 4:30 p.m. ET to discuss its Q2 2021 financial results. The financial results will be released shortly after market close on the same day. Co-CEOs Bryant Riley and Tom Kelleher, along with CFO Phillip Ahn, will host the call, including a question and answer segment. Investors can access the live broadcast and archived recording via the company’s investor relations website.
B. Riley Financial has announced cash dividends for its Preferred Stock, effective August 2, 2021. The 6.875% Series A Preferred Stock will pay a dividend of $0.42968750 per depositary share, while the 7.375% Series B will distribute $0.4609375 per depositary share. Both dividends are payable to holders on record as of July 21, 2021. Each depositary share corresponds to a fractional interest in a share with a liquidation preference of $25.00.
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