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

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.

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.