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RILYT

B. Riley Financial, Inc. 6.00% Senior Notes Due 2028

RILYT

B. Riley Financial, Inc. 6.00% Senior Notes Due 2028 • NASDAQ
$12.17 ▲ 2.70% (+0.32)
Market Cap $372.37 M
52w High $15.59
52w Low $5.05
Dividend Yield 1.50%
P/E 0
Volume 8.60K
Outstanding Shares 30.60M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $109.119M ▲ $15.434M ▼ $41.766M ▲ 38.276% ▲ $1.37 ▲ $55.041M ▲
Q2-2025 $60.911M ▼ $42.317M ▼ $12.521M ▲ 20.556% ▲ $0.41 ▲ $16.939M ▲
Q4-2024 $267.613M ▼ $326.927M ▲ $2.892M ▲ 1.081% ▲ $0.029 ▲ $-208.747M ▼
Q3-2024 $270.782M ▼ $256.198M ▼ $-284.397M ▲ -105.028% ▲ $-9.39 ▲ $-90.157M ▲
Q2-2024 $323.947M $412.621M $-433.604M -133.85% $-14.35 $-354.287M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $55.039M ▼ $382.109M ▼ $125.658M ▼ $0 ▲
Q4-2024 $154.877M ▼ $1.783B ▼ $2.239B ▼ $-488.175M ▲
Q3-2024 $159.247M ▼ $2.157B ▼ $2.583B ▼ $-497.583M ▼
Q2-2024 $236.895M ▲ $3.236B ▼ $3.379B ▼ $-218.336M ▼
Q1-2024 $190.69M $4.998B $4.698B $228.449M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2025 $-16.567M ▼ $184K ▲ $49.216M ▼ $0 ▲ $0 ▼ $184K ▲
Q4-2024 $-5.606M ▲ $-2.743M ▼ $415.005M ▲ $-317.225M ▼ $86.828M ▲ $-3.97M ▼
Q3-2024 $-287.598M ▲ $19.455M ▼ $18.825M ▲ $-111.196M ▼ $-68.775M ▼ $18.171M ▼
Q2-2024 $-433.781M ▼ $111.482M ▼ $-11.574M ▼ $-52.593M ▲ $46.044M ▲ $106.954M ▼
Q1-2024 $-49.165M $135.357M $18.278M $-190.933M $-41.26M $134.444M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Advertising Licensing And Other
Advertising Licensing And Other
 $30.00M ▲$0 ▼$50.00M ▲$20.00M ▼
Commissions Fees And Reimbursed Expenses
Commissions Fees And Reimbursed Expenses
 $30.00M ▲$10.00M ▼$0 ▼$10.00M ▲
Corporate Finance Consulting And Investment Banking Fees
Corporate Finance Consulting And Investment Banking Fees
 $60.00M ▲$50.00M ▼$60.00M ▲$20.00M ▼
Fair Value Adjustment On Loans
Fair Value Adjustment On Loans
 $-180.00M ▲$-70.00M ▲$0 ▲$-10.00M ▼
Interest Income Securities lending
Interest Income Securities lending
 $20.00M ▲$10.00M ▼$40.00M ▲$0 ▼
Interest Income Loans
Interest Income Loans
 $20.00M ▲$10.00M ▼$0 ▼$0 ▲
Other Segments
Other Segments
 $0 ▲$0 ▲$10.00M ▲$10.00M ▲
Sale Of Goods
Sale Of Goods
 $60.00M ▲$60.00M ▲$50.00M ▼$50.00M ▲
Subscription Services
Subscription Services
 $80.00M ▲$70.00M ▼$60.00M ▼$60.00M ▲
Trading Loss Income
Trading Loss Income
 $0 ▲$0 ▲$0 ▲$-20.00M ▼
Wealth And Asset Management Fees
Wealth And Asset Management Fees
 $50.00M ▲$50.00M ▲$40.00M ▼$40.00M ▲
Advertising And Other
Advertising And Other
 $0 ▲$30.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement The underlying company’s income statement shows a clear shift from earlier profitability to more recent stress. Revenue has been volatile and has dropped sharply in the most recent year. Profitability has deteriorated from healthy operating and net profits a few years ago to meaningful operating and net losses in each of the last three years, with the latest year being the weakest. This points to a business under earnings pressure, likely reflecting tougher markets for capital markets, principal investments, and related advisory activities, and it raises questions about how quickly management can restore more stable, recurring profits.

Balance Sheet

Balance Sheet The balance sheet looks stretched. Total debt is sizeable relative to the company’s overall asset base, and borrowings have generally trended higher over time. Equity has eroded to the point that it has turned negative most recently, which signals that past losses and financial leverage have eaten into the capital cushion. Cash on hand is modest compared to total debt, so the firm depends on ongoing cash generation, asset sales, and access to funding markets rather than relying on a large cash buffer. Overall, the capital structure appears highly leveraged, which increases financial risk for all creditors, including holders of notes like RILYT.

Cash Flow

Cash Flow Despite accounting losses, the business has continued to generate positive operating cash flow in recent years, and free cash flow has also been positive, albeit at relatively low levels. Capital spending needs are small, which helps keep free cash flow from being heavily burdened by investment in physical assets. However, the cash flow cushion is not large relative to the company’s debt load, meaning there is less room for prolonged weakness in earnings or adverse market conditions. The story here is one of a lightly capital‑intensive model that can produce cash, but with limited margin for error given the leverage.

Competitive Edge

Competitive Edge B. Riley operates as a diversified financial conglomerate with multiple business lines—capital markets, wealth management, advisory, liquidation, communications, and brands. This breadth creates some resilience: when one area is weak, others may hold up better, and the firm can cross‑sell services and support clients across their full lifecycle, including complex and distressed situations. Its particular strength is in middle‑market and niche assignments that large global banks often overlook, and in counter‑cyclical businesses like restructuring and liquidation. On the other hand, the model is complex, heavily exposed to market cycles, and includes principal investing and brand ownership, which can amplify both upside and downside. Competition from larger banks, boutiques, and alternative asset managers remains intense.

Innovation and R&D

Innovation and R&D The company’s “innovation” is strategic rather than technology‑heavy. It has built an integrated platform that combines advisory, capital markets, wealth management, and asset‑intensive businesses such as liquidations and brands. Management has been opportunistic, using acquisitions and principal investments to enter new niches and expand capabilities. More recently, the firm has leaned into areas like digital assets, fintech partnerships, and thematic focuses on AI, blockchain, and energy through its conferences and deal work. The planned rebranding to BRC Group Holdings and the carve‑out of B. Riley Securities suggest a willingness to reshape the corporate structure to highlight specific businesses and potentially unlock value. These moves show adaptability, but they also introduce execution risk as the company juggles integrations, strategy shifts, and evolving regulatory and market environments.

Summary

RILYT represents senior notes of a financial services group that is strategically diversified and entrepreneurial, but currently facing notable financial strain. The underlying company has moved from prior profitability to recent substantial losses, while carrying a relatively heavy debt load and now reporting negative equity. Cash generation remains positive but modest relative to leverage, so ongoing performance and funding access are important. On the strategic side, B. Riley’s integrated, middle‑market‑focused platform, niche expertise in restructurings and liquidations, and push into digital assets and new sectors provide competitive differentiation and future opportunity. At the same time, cyclicality, complexity, leverage, and execution around acquisitions and restructuring of the group introduce uncertainty that is particularly relevant when evaluating the risk profile of its 2028 senior notes.