B. Riley Financial Inc. (NASDAQ: RILY)

B. Riley Financial Inc. (NASDAQ: RILY) is a diversified financial services company that, through its subsidiaries and operating groups, offers investment banking and financial services to corporate, institutional, and high net worth clients. The company also provides asset disposition, valuation and appraisal, and capital advisory services to retail, wholesale, institutional, lenders, capital providers, private equity investors, and professional services firms in the United States, Canada, and Europe.

B. Riley delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. The company leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle.

Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services.

B. Riley opportunistically invests to benefit its shareholders, and certain registered affiliates originate and underwrite senior secured loans for asset-rich companies. It also provides internet access and subscription services. The reportable operating segments of the company include capital markets, wealth management, auction and liquidation, financial consulting, principal investments, and branding.

Subsidiaries & Operating Groups

• B. Riley Advisory Services works with lenders, law firms, private equity sponsors, and companies of all types, providing a unique mix of Valuation and Appraisal Services including asset-based lending valuations; restructuring and turnaround management; forensic accounting and litigation support; operations management; compliance, risk & resilience services; and transaction support services.
• B. Riley Principal Investments leverages resources across the platform in order to identify attractive investment opportunities and develop creative solutions for distressed companies or divisions that exhibit challenging market dynamics.
• B. Riley Real Estate Solutions advises companies, financial institutions, investors, family offices and individuals on projects in order to preserve and maximize real estate value. B. Riley Real Estate serves clients across the retail, office, education, industrial, manufacturing, distribution centers, restaurant, grocery store, multi-family housing, and health services industries.
• B. Riley Retail Solutions is a leading provider of asset disposition and large-scale retail liquidations, and it efficiently leverages its retail industry expertise to deploy resources to assist companies, lenders, capital providers, private equity investors, and professional services firms in maximizing the value of their assets.
• B. Riley Securities provides a full suite of investment banking, corporate finance, advisory, research, and sales and trading services. Investment banking services include initial, secondary and follow-on offerings; institutional private placements; merger and acquisition advisory; SPACs; corporate restructuring; and recapitalization. B. Riley is nationally recognized and highly ranked for its proprietary small-cap equity research.
• B. Riley Venture Capital is a wholly owned subsidiary of B. Riley Financial, providing collaborative solutions tailored to fit the capital raising and business advisory needs of its clients and partners by investing in late-stage private growth companies with a path toward public markets.
• B. Riley Wealth is a brand name under which several affiliated financial services companies operate as part of the B. Riley Financial platform, providing comprehensive, collaborative financial solutions to individuals and families, businesses and institutions, non-profits, trusts, foundations, and endowments.
• B. Riley Wholesale & Industrial Solutions provides equipment management and capital recovery solutions to leaders in various industries. Solutions include auctions, private treaty, liquidation, valuations, and a host of asset planning and recovery strategies to maximize return.

Financial Overview

For the period ended June 30, 2021, B. Riley ranked second on the FORTUNE 100 Fastest Growing Companies list based on revenue growth, EPS growth and three-year annualized total return.

The company listed $5.9 billion in assets for the quarter ended June 30, 2022, with $1.1 billion in total revenues for the previous 12 months. As of July 26, 2022, B. Riley’s three-year total return was 248%.

The company has about 2,000 personnel working in 200 offices serving more than 1,000 institutional clients.

Management Team

Bryant R. Riley is Co-Founder, Chairman and Co-CEO of B. Riley. He is also chairman of various B. Riley subsidiaries and affiliated companies. He has served as director of Select Interior Concepts Inc. (NASDAQ: SIC). He also previously served on the boards of Babcock & Wilcox Enterprises Inc., Sonim Technologies Inc., and Franchise Group Inc. He received a bachelor’s degree in finance from Lehigh University.

Tom Kelleher is Co-founder, Co-CEO and a board member of B. Riley. He served as the company’s President from August 2014 to July 2018. He was previously CEO of B. Riley & Co. LLC. From the firm’s founding in 1997 to 2006, Kelleher held several senior management positions with B. Riley & Co. LLC, including CFO and Chief Compliance Officer. He received his bachelor’s degree in mechanical engineering from Lehigh University.

Kenneth Young is President of B. Riley, as well as CEO of B. Riley Principal Investments. Before joining B. Riley, he was president and CEO of Lightbridge Communications Corp., which was the world’s largest independent telecom construction and services company. He holds a bachelor’s degree in computer science from Graceland University and an MBA from the University of Southern Illinois.

Phillip Ahn is CFO and COO of B. Riley. Prior to joining B. Riley, he was vice president at private equity firms Altpoint Capital Partners and Stone Tower Equity Partners. He also held positions at the NY State Common Retirement Fund, Salomon Smith Barney, CIBC World Markets and S&P’s J.J. Kenny division. He holds a bachelor’s degree in economics from the University of Michigan and an MBA from Columbia University.

Dan Shribman is Chief Investment Officer of B. Riley and President of B. Riley Principal Investments. He serves on the boards of several public companies. He also serves as the CEO and CFO of 250 Merger Corp. Prior to joining B. Riley, he was a portfolio manager with over $15 billion in assets under management. He holds an AB in economics and history from Dartmouth.