• Think of it as a diversified financial services firm, like a smaller Raymond James, but with a significant business investing in and liquidating distressed assets, particularly from struggling retailers.
• It's like a hybrid of a boutique investment bank similar to Jefferies and a specialized private equity firm focused on distressed assets, often involved in liquidating entire businesses.

• Investment Banking and Corporate Advisory: Provides comprehensive corporate finance advice, including mergers and acquisitions, capital raising, and strategic consulting for companies.
• Wealth Management: Offers financial planning, investment advisory, and brokerage services to individuals and institutional clients.
• Asset Management: Manages investment funds and separate accounts across various strategies for institutional and individual investors.
• Financial Consulting & Forensic Services: Delivers specialized advisory in areas like restructuring, valuation, forensic accounting, and litigation support.
• Auction and Liquidation Services: Specializes in asset disposition, appraisal, and liquidation services, particularly for distressed businesses.
• Principal Investments: Deploys the firm's own capital into various investment opportunities, often through direct equity or debt.

• Public and Private Corporations: These entities engage B. Riley for a range of investment banking services, including mergers and acquisitions (M&A) advisory, debt and equity capital raising, financial restructuring, and valuation services.
• Institutional Investors: This category includes hedge funds, mutual funds, asset managers, and other large institutional clients who utilize B. Riley's sales, trading, and independent research capabilities in equity, fixed income, and derivative markets.
• Lenders and Private Equity Firms: B. Riley provides advisory, consulting, and liquidation services to these clients, particularly in complex or distressed situations. This can include forensic accounting, bankruptcy consulting, and asset disposition services.

Bryant R. Riley, Chairman and Co-Chief Executive Officer

Bryant R. Riley co-founded B. Riley & Co., LLC, a stock brokerage firm, in 1997, serving as its CEO from 1997 to 2006 and Chairman until its combination with FBR Capital Markets & Co., LLC in 2017. He also co-founded Huberman-Riley, a Texas-based brokerage firm, from 1991 to 1993. Mr. Riley has chaired several B. Riley Principal Merger Corps (SPACs), which completed business combinations with companies such as Alta Equipment Group, Inc., Eos Energy Enterprises Inc., and FaZe Holdings, Inc.

Thomas J. Kelleher, Co-Chief Executive Officer and Director

Thomas J. Kelleher is a co-founder of B. Riley Financial and has served as a Director since 2015. He was previously President of the company from August 2014 to July 2018. Prior to that, he served as the Chief Executive Officer of B. Riley & Co., LLC from 2006 to 2014, and also held positions as Chief Financial Officer and Chief Compliance Officer at B. Riley & Co., LLC.

Scott Yessner, Executive Vice President, Chief Financial Officer

Scott Yessner assumed the role of Chief Financial Officer of B. Riley Financial on June 3, 2025. He previously served as CFO of California Expanded Metal Products Company (CEMCO), where he was instrumental in improving EBITDA and facilitating its sale. Before CEMCO, he was the CFO of Universal Technical Institute, where he led a transformation that resulted in significant EBITDA improvement and a 250% increase in the company's stock price. Mr. Yessner's career also includes divisional CFO roles at Wells Fargo Advisors and MUFG Union Bank. He has also acted as an advisor to private equity firms.

Phillip J. Ahn, Former Chief Financial Officer and Chief Operating Officer

Phillip J. Ahn served as Chief Financial Officer and Chief Operating Officer of B. Riley Financial, Inc. from 2013 until June 2025, when he departed to pursue another opportunity. He joined the company in 2010 as Senior Vice President of Strategy and Corporate Development for its Great American Group affiliate. Mr. Ahn played a key role in expanding B. Riley Securities through acquisitions and adding various operating companies to the platform. Prior to joining B. Riley, he was Vice President at Altpoint Capital Partners and Stone Tower Equity Partners. He also held investment banking positions at Salomon Smith Barney and CIBC World Markets.

Kenneth Young, President of B. Riley Financial and CEO of B. Riley Principal Investments

Kenneth Young has over 30 years of global operational, executive, and director experience, primarily in the energy, communications, and finance industries. Before joining B. Riley, he served as President and CEO of Lightbridge Communications Corporation (LCC), a global telecom construction and services company, which he led until its sale in 2015. Under his leadership, LCC's revenues grew by more than 200%. He also held C-level positions with several of Liberty Media's subsidiaries. Mr. Young is currently the Chairman and CEO of Babcock & Wilcox (B&W) and has served on numerous public company boards.

The increasing sophistication and adoption of Artificial Intelligence (AI) and advanced automation tools pose a clear emerging threat to B. Riley Financial's core Capital Markets, Wealth Management, and Financial Consulting segments. Similar to how Netflix disrupted Blockbuster's distribution model or Uber disrupted traditional taxi services, AI has the potential to fundamentally alter the delivery and cost structure of financial advisory, research, due diligence, and portfolio management services. As AI algorithms become more capable of processing vast amounts of financial data, conducting valuations, identifying market opportunities, automating compliance, and even generating sophisticated investment advice, it could:

• Reduce the need for human capital in roles currently performed by analysts and consultants, leading to fee compression in advisory services.
• Enable the rise of highly efficient, AI-driven platforms that offer services at a lower cost or with superior analytical insights, potentially disintermediating traditional human-intensive advisory firms.
• Shift competitive dynamics, favoring firms that rapidly integrate and leverage advanced AI, while placing those reliant on traditional, more manual processes at a disadvantage.

B. Riley Financial (symbol: RILY) is a diversified financial services company with several core business segments, including Capital Markets (investment banking, institutional brokerage, and research), Wealth Management, Auction and Liquidation Services, and Financial Consulting.

The addressable markets for their main products and services are as follows:

• Investment Banking: The global investment banking market was valued at approximately USD 103.23 billion in 2024 and is projected to grow to USD 183.28 billion by 2032. In North America, the investment banking market size was approximately USD 54.05 billion in 2024.
• Wealth Management: The global wealth management market was valued at around USD 1.64 trillion (1636.83 Billion) in 2024, with projections to reach USD 4.89 trillion by 2034. Focusing on the U.S. asset management market, which includes wealth management services, it is valued at USD 63.28 trillion in 2025 and is forecast to expand to USD 112.17 trillion by 2030 (based on Assets Under Management - AUM). The U.S. asset management market revenue is estimated to reach USD 184.89 billion in 2025.
• Auction and Liquidation Services: The broader global liquidation market, which includes the reselling of returned items and excess goods, reached an estimated USD 644 billion in 2020. More specifically, the global liquidation service market was valued at USD 36 billion in 2023 and is projected to reach USD 79.05 billion by 2031.
• Financial Consulting: The North America financial advisory market is estimated at USD 58.65 billion in 2025 and is projected to reach USD 77.27 billion by 2030. The U.S. Financial Advisory Services Market is projected to reach USD 161.68 billion by 2033. The global financial advisory services market was valued at $79.4 billion in 2020 and is estimated to reach $135.6 billion by 2030.

Here are 3-5 expected drivers of future revenue growth for B. Riley Financial (RILY) over the next 2-3 years:

1. Expansion of Investment Banking and Capital Markets Activities: B. Riley Financial is focused on expanding its advisory services for mergers and acquisitions (M&A), restructuring, and valuation, with B. Riley Securities showing increased fee income. The environment for transactional activity, including capital raising and M&A, appears to be improving, which is expected to drive further growth in this segment.
2. Growth in Wealth Management Services: The company is enhancing its wealth management services to attract a broader client base and has shown continuous improvement in operating margins within this segment. B. Riley plans to retain and grow its wealth management services as a key component of its diversified platform.
3. Strategic Mergers & Acquisitions (M&A) and Inorganic Growth: A core component of B. Riley's growth strategy involves making significant investments in M&A. The company consistently seeks to acquire businesses that complement its existing services or expand into new markets, aiming to diversify revenue streams and enhance its competitive position.
4. Leveraging Technology and Innovation: B. Riley is integrating technology, such as data analytics for investment banking and digital platforms for wealth management and auction services. These initiatives are designed to enhance client experiences, improve operational efficiency, and drive growth across its diverse business lines.
5. Continued Contribution from Appraisal, Valuation, and Liquidation Services: Despite some strategic divestitures, the company's remaining appraisal, valuation, and liquidation businesses are expected to continue providing diversified cash flow and business opportunities. Strategic partnerships, such as the joint venture with Oaktree for the Great American Group, further support the growth prospects in these areas.

Share Repurchases

• B. Riley Financial announced a share repurchase program in October 2021, authorizing the company to repurchase up to $50 million worth of its shares.
• In November 2023, the company announced another share repurchase program, authorizing the repurchase of up to $50 million worth of its common shares.
• In August 2024, B. Riley's founder offered a share buyback at $7.00 per share.

Share Issuance

• B. Riley Financial completed a public offering of $200 million aggregate principal amount of 6.00% senior notes due 2028 in January 2021, with net proceeds of approximately $193.7 million.
• As part of private bond exchange agreements in 2025, B. Riley issued warrants to purchase common shares at an exercise price of $10.00 per share. For example, warrants for approximately 98,000 common shares were issued in a July 2025 exchange. Another exchange in March 2025 involved issuing warrants to purchase 351,012 shares of common stock.
• As of September 16, 2025, B. Riley Financial had 30,597,066 shares outstanding.

Inbound Investments

• In February 2025, B. Riley Financial secured a $160 million senior credit facility with Oaktree Capital Management, which was used in part to retire existing debt under the Nomura senior secured credit agreement.
• An amendment to the senior secured credit agreement with Oaktree Capital Management provided incremental flexibility, including a new investment basket enabling an additional $100 million to facilitate transactions using the company's balance sheet.
• In September 2025, B. Riley's 10-K disclosed a new Oaktree credit facility for $125 million with warrants and 8% notes due 2028.

Outbound Investments

• B. Riley acquired investment firm 272 Capital in August 2021.
• In January 2022, B. Riley acquired FocalPoint, a middle-market M&A advisor, for $175 million.
• The company divested several assets, generating significant cash proceeds, including approximately $46.6 million (net cash) from the sale of bebe brand assets, $167.1 million distributable from Great American, and $117.8 million from the sale of GlassRatner and Farber. Realized cash proceeds from business sales, including GlassRatner and Atlantic Coast Recycling, totaled approximately $187 million through July 2025.