B. Riley Financial, Inc. Stock Price, News & Analysis

B. Riley Financial (NASDAQ:RILY) released preliminary Q4, full year 2024 results, and H1 2025 estimates. For H1 2025, the company expects net income of $125-145 million ($4.08-4.74 per share). The company has significantly reduced its debt, with total debt decreasing by $600 million from September 2024 to June 2025.

For full year 2024, RILY reported a substantial net loss of $772.3 million ($25.46 per share), primarily due to $510 million in write-downs related to Freedom VCM Holdings and Vintage Capital Management investments, plus $105.4 million in goodwill impairment. The company secured a $160 million facility with Oaktree Capital Management, which was later reduced to $62.5 million, and realized $187 million from business sales.

B. Riley Securities (NASDAQ:RILY) released its first full-quarter results following its March 2025 carve-out from B. Riley Financial. The company reported Q2 2025 total revenue of $60.9 million, with GAAP net income of $12.5 million.

The investment bank highlighted significant growth in Institutional Brokerage commissions and Investment Banking revenue, having helped clients raise over $8 billion for AI-driven investments. The company maintains a strong financial position with $94.5 million in cash and securities and no outstanding debt. The Board approved a one-time dividend of $0.22 per share, totaling approximately $4.1 million.

BRS strengthened its organization through seven senior strategic hires, expanding coverage across key sectors including Real Estate, Healthcare, Digital Assets, Consumer, TMT, FinTech, Renewables, and Industrials.

B. Riley Financial (NASDAQ: RILY) announced it will host a conference call on August 13, 2025, at 4:30 PM ET to discuss its fiscal year 2024 financial results and provide a preliminary update for the first half of 2025. The company's leadership team, including Chairman and Co-CEO Bryant Riley, Co-CEO Tom Kelleher, and CFO Scott Yessner, will deliver a comprehensive financial and business update followed by a Q&A session.

The call will be accessible through the company's investor relations website, with a replay available until September 12, 2025.

B. Riley Financial (NASDAQ: RILY) has executed a private bond exchange agreement that will reduce its total debt by $18 million. The agreement involves exchanging $43 million in outstanding Senior Notes for $25 million in newly issued 8.00% Senior Secured Second Lien Notes due January 2028.

As part of the transaction, the company is issuing warrants to purchase approximately 98,000 common shares at an exercise price of $10.00 per share, exercisable for seven years. This marks B. Riley's fifth bond exchange in four months, collectively reducing total outstanding debt by $126 million. After the exchange, the Notes balance stands at $229 million with $21 million of remaining capacity.

B. Riley Financial (NASDAQ: RILY) has amended its senior secured credit agreement with Oaktree Capital Management, enhancing operational flexibility. The amendment includes key improvements: a new $100 million investment basket for balance sheet transactions, an increased parent company investment basket from $20 million to $30 million, and authorization to use up to $25 million to reduce other debt, including potential repurchase of unsecured notes.

The original Term Loan Facility, established in February 2025, was used to retire Nomura Senior Secured Credit Agreement debt and fund working capital. The outstanding balance stands at $62.5 million, with no provision for incremental borrowings.

B. Riley Financial (NASDAQ: RILY) has executed a privately negotiated exchange agreement with an institutional investor to reduce its outstanding debt by approximately $15 million. The agreement involves exchanging $28 million in outstanding Senior Notes for $13 million in newly issued 8.00% Senior Secured Second Lien Notes due January 1, 2028.

As part of the transaction, B. Riley is issuing warrants to purchase approximately 52,000 common shares at an exercise price of $10.00 per share, exercisable for seven years. Following the exchange, the Notes have a balance of approximately $204 million with $46 million in remaining capacity.

This represents the company's fourth bond exchange in three months, contributing to a total debt reduction of approximately $108 million. Moelis & Company LLC and Sullivan & Cromwell LLP served as financial and legal advisors, respectively.

B. Riley Financial (NASDAQ: RILY) has announced the sale of its advisory services business, GlassRatner, to TorQuest Partners for $117.8 million. The company expects to record a gain of approximately $66 million from the sale in Q2 financial results.

The divestment aligns with B. Riley's strategy to focus on its middle-market investment bank and B. Riley Wealth Management businesses. The transaction will provide additional capital for growth initiatives and strengthen the company's capital structure. GlassRatner, which was acquired by B. Riley in August 2018, delivered record results in 2024 and will become TorQuest Partners Fund VI's third platform investment.

B. Riley Financial (NASDAQ: RILY) has received an additional delinquency notification from Nasdaq due to delayed filing of its 2024 Annual Report (10-K) and Q1 2025 Quarterly Report (10-Q). The company is not compliant with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic financial reports. However, Nasdaq has granted B. Riley an extension until September 29, 2025, to regain compliance, with no immediate impact on its listing status. The company attributes the filing delays to significant events and transactions in 2024 and expects to resume normal filing schedules by Fall 2025.

B. Riley Financial (NASDAQ: RILY) has received a delinquency notification from Nasdaq on May 21, 2025, for failing to comply with listing rules due to delayed filing of its Q1 2025 Form 10-Q. This follows a previous notification regarding the delayed 2024 annual report (10-K). The company must submit a compliance plan to Nasdaq by June 2, 2025, addressing both delinquent filings.

If Nasdaq accepts the plan, RILY could receive up to 180 calendar days from the initial delinquent filing's due date (until September 29, 2025) to regain compliance. The notification currently has no immediate effect on RILY's Nasdaq listing status.