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Here are 1-2 brief analogies for the public company identified by the symbol RILY (B. Riley Financial, Inc.):

• Like a boutique Goldman Sachs that also specializes in investing in and turning around distressed businesses.
• Imagine Apollo Global Management (known for opportunistic investing) operating its own full-service investment bank and wealth management firm.

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• Investment Banking: Provides advisory services for mergers and acquisitions, and assists companies in raising capital through equity and debt offerings.
• Institutional Brokerage: Offers securities trading, sales, and comprehensive research coverage to institutional investors.
• Wealth Management: Delivers financial planning, asset management, and brokerage services tailored for high-net-worth individuals and families.
• Auction & Liquidation Services: Specializes in asset valuation, disposition, and liquidation for distressed businesses, including real estate, inventory, and equipment.
• Financial Consulting: Offers advisory services such as turnaround management, restructuring, forensic accounting, and due diligence to companies in various situations.
• Principal Investments: Engages in strategic investments of its own capital across diverse industries and assets with the goal of generating long-term returns.

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B. Riley Financial, Inc. (Symbol: RILY)

Note: The provided symbol "RILY" corresponds to B. Riley Financial, Inc. We have proceeded with information for this company, as "BRC" is not directly linked to this symbol.

B. Riley Financial, Inc. is a diversified financial services company that provides a range of investment banking, wealth management, advisory, and asset disposition services. Due to the diversified nature of its business, B. Riley Financial serves a broad base of clients and does not typically disclose specific "major customers" that account for a significant portion of its revenue, as is common with many financial services firms. Instead, its customer base spans multiple categories, including both companies and individuals.

The company primarily serves the following categories of customers:

1. Corporate & Institutional Clients

• Description: This category includes public and private companies of varying sizes that utilize B. Riley's capital markets services (e.g., investment banking advisory, equity and debt underwriting, mergers & acquisitions advisory) and specialized advisory services (e.g., restructuring, valuations, asset disposition). It also encompasses institutional investors, such as hedge funds, mutual funds, and pension funds, that engage with B. Riley for sales, trading, and research services.
• Examples: Companies seeking capital raises, M&A strategic advice, or solutions for distressed assets; institutional money managers looking for trading execution and investment research.
• Symbols: Not applicable, as specific major corporate customers are not publicly disclosed and this category represents a broad range of entities.

2. High-Net-Worth Individuals & Families

• Description: This category comprises affluent individuals, families, and high-net-worth clients who seek comprehensive wealth management, financial planning, and investment advisory services through B. Riley's Wealth Management division.
• Examples: Entrepreneurs, corporate executives, inheritors, and professionals requiring personalized financial guidance and portfolio management.
• Symbols: Not applicable, as these are individual clients.

3. Professional Firms & Creditors

• Description: B. Riley's advisory services are often engaged by law firms, private equity funds, and various creditor groups. These clients leverage B. Riley's expertise in areas such as forensic accounting, valuations, due diligence, and bankruptcy advisory, often in support of litigation, transactions, or distressed situations.
• Examples: Law firms requiring financial expert testimony; private equity firms needing valuation services for portfolio companies; creditor committees seeking to maximize recovery in bankruptcy proceedings.
• Symbols: Not applicable, as specific major firms are not publicly disclosed and this category includes various types of professional organizations and entities.

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

Bryant R. Riley co-founded Huberman-Riley in 1991 and later founded B. Riley & Co. (now B. Riley Securities, Inc.) in 1997, serving as its CEO from 1997 to 2006. He has been the Chairman of B. Riley Financial since June 2014 and Co-Chief Executive Officer since July 2018. Mr. Riley has also served as Chairman for several Special Purpose Acquisition Companies (SPACs), including B. Riley Principal Merger Corp and B. Riley Principal Merger Corp II, leading multiple de-SPAC transactions.

Scott Yessner, Chief Financial Officer

Scott Yessner was appointed Chief Financial Officer of B. Riley Financial, effective June 3, 2025. He previously served as CFO of California Expanded Metal Products Company (CEMCO), where he was instrumental in improving EBITDA, which led to the company's sale. Prior to CEMCO, he was the CFO of Universal Technical Institute, overseeing a significant transformation that improved EBITDA by $45 million and saw the company's stock price increase by 250 percent. Mr. Yessner has also held divisional CFO roles at Wells Fargo Advisors and MUFG Union Bank and has served as an advisor to private equity firms.

Thomas Kelleher, Co-Chief Executive Officer

Thomas Kelleher is the Co-Chief Executive Officer of B. Riley Financial and a Director. He also serves as President of B. Riley Financial Inc., and Chief Executive Officer of B. Riley & Co., LLC (B. Riley Securities). Mr. Kelleher joined B. Riley in 1997 and has played a key role in expanding the firm from a research-focused entity to a full-service investment bank.

Alan Forman, Executive Vice President, General Counsel

Alan Forman serves as Executive Vice President, General Counsel, and Secretary at B. Riley Financial, Inc.

Andy Moore, CEO, B. Riley Securities, Inc.

Andy Moore is the Chief Executive Officer of B. Riley Securities, Inc.

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The key risks to BRC Group Holdings, Inc. (formerly B. Riley Financial, Inc.), operating under the symbol RILY, are primarily centered around ongoing regulatory challenges, significant financial leverage, and underperforming operational segments.

1. Regulatory Scrutiny, Reputational Damage, and Fraud Case Fallout: The company faces an ongoing SEC investigation into its finances, stemming from a fraud case involving Brian Kahn, a former CEO of a related company (Franchise Group). This situation has led to considerable scrutiny, a tarnished reputation, and potential adverse effects on its advisory business and ability to retain employees. Furthermore, B. Riley Financial received a Nasdaq delinquency notice due to delayed financial filings and has faced difficulties in valuing its assets, consistent with earlier auditor-identified weaknesses.
2. High Leverage, Liquidity, and Bankruptcy Risk: B. Riley Financial exhibits a concerning debt-to-equity ratio and weak financial strength, as indicated by its low Altman Z-Score (placing it in the distress zone) and Piotroski F-Score. The company faces substantial debt maturities, particularly in 2026, which it may struggle to fully satisfy without additional asset sales or refinancing. While recent asset sales have provided some liquidity and reduced the immediate bankruptcy risk, the long-term prospects for debt repayment remain a significant concern, compounded by negative profitability metrics and declining revenue.
3. Underperforming Consumer Business Segment and Operational Inefficiencies: BRC Group Holdings has reported significant write-downs within its consumer business segment. Many of its consumer brands are considered weak and contend with intense competitive pressures, particularly from Chinese electronics accessory companies. The company's financial performance shows negative operating and net margins and a decline in revenue, pointing to broader operational inefficiencies.

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The addressable markets for B. Riley Financial, Inc.'s (RILY) 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, with a compound annual growth rate (CAGR) of 7.55% during the forecast period. Another estimate valued the global investment banking market at USD 169.99 billion in 2023, expecting it to reach USD 394.21 billion by 2033, at a CAGR of 8.78%. North America held the largest share of the investment banking market in 2023, accounting for over 34%, and is estimated to continue holding the largest share over the forecast period.
• Wealth Management: The global wealth management market was valued at around USD 1.8 trillion in 2023 and is projected to reach approximately USD 3.5 trillion by 2033. Another source indicates the global wealth management market size was around USD 1636.83 billion in 2024 and is predicted to grow to around USD 4893.17 billion by 2034. North America held the dominant share in the global wealth management market in 2023 and held the largest share in 2020.
• Brokerage Services (including Institutional Brokerage): The global securities brokerage and stock exchange services market size was valued at USD 2074.24 billion in 2024 and is expected to reach USD 3023.31 billion by 2029, growing at a CAGR of 8.0%. North America remains the largest market for securities brokerage, with the U.S. alone accounting for approximately 70% of the market share. The global brokerage services market is projected to expand to USD 69,231.1 million by 2033, at a CAGR of 7.381% from 2021. The U.S. held a commanding 27.32% of the global brokerage services market share in 2025.
• Auction and Liquidation Services: The global liquidation service market size was approximately USD 35 billion in 2024 and is projected to reach around USD 73 billion by 2034, with a CAGR of 9.4%. Another estimate valued the global liquidation service market at USD 36 billion in 2024 and projected it to reach USD 79.05 billion by 2032, growing at a CAGR of 9.5%. The business liquidation services market in North America accounted for approximately 40% of the global market share in 2024. North America is expected to hold about 34.69% of the global liquidation services market in 2025.
• Financial Consulting / Advisory: The global financial advisory market reached a value of nearly USD 197,454.3 million in 2022 and is expected to reach USD 320,128.5 million in 2032, growing at a CAGR of 5.5% from 2027. Another source indicates the global financial advisory services market size was valued at USD 85.1 billion in 2022 and is projected to grow at a CAGR of over 5.5% between 2023 and 2032. North America's financial advisory services industry accounted for 40% of the revenue share in 2022. In 2024, more than 110 trillion USD in client assets were under advisory management in the United States.

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BRC (formerly B. Riley Financial, symbol: RILY) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and market opportunities:

1. Expansion and Focus on Diversified Business Segments: Effective January 1, 2026, B. Riley Financial rebranded as BRC Group Holdings, Inc., signaling a strategic pivot to emphasize its diversified portfolio across financial services, telecommunications, and retail sectors. This move aims to unlock value by allowing each business unit to operate with its own dedicated management team and strategic focus, thereby expanding revenue streams beyond traditional financial services.
2. Growth in Core Financial Services Offerings: BRC continues to prioritize and invest in its core financial services platform. This includes expanding its broker-dealer, wealth management, and advisory services. The Advisory Services business notably achieved a record first quarter in 2024, and B. Riley Securities experienced an increase in fee income during the same period, indicating continued momentum in these areas.
3. Strategic Investments, Particularly in AI: The company is actively pursuing attractive new investment opportunities and deploying capital strategically. A key focus is providing clients with flexible capital for emerging priorities, including significant investments in Artificial Intelligence (AI). An anticipated unrealized gain of over $50 million from an AI-related investment is expected to contribute positively to future results.
4. Leveraging Joint Ventures for Enhanced Service Offerings: Partnerships, such as the joint venture with Oaktree Capital Management for the Great American Group, are expected to drive revenue by combining the strengths of both firms. This collaboration aims to improve asset disposition and financial advisory services, expanding the reach and effectiveness of these offerings.

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Share Repurchases

• In October 2021, B. Riley Financial announced an equity buyback program authorized for up to $50 million of its shares, which was set to expire in October 2022.
• For the nine months ended September 30, 2024, the company repurchased common stock valued at approximately $53.7 million.

Share Issuance

• In January 2021, B. Riley Financial commenced an underwritten public offering of 870,000 shares of its common stock. The net proceeds from this offering were intended for general corporate purposes, including funding future acquisitions, investments, and capital expenditures.
• In July 2023, the company closed an underwritten public offering of 2,090,909 shares of common stock, generating approximately $115 million in gross proceeds. Officers, directors, and employees participated, purchasing approximately $7 million in shares.
• For the nine months ended September 30, 2024, B. Riley Financial reported proceeds from the issuance of common stock amounting to $115 million.

Outbound Investments

• In January 2021, B. Riley Financial completed the acquisition of the remaining stake in National Holdings Corporation, significantly enhancing its wealth management platform. This merger resulted in a combined platform with 900 registered representatives managing over $30 billion in assets.
• In August 2021, B. Riley acquired the investment firm 272 Capital.
• In December 2021, a subsidiary of B. Riley Financial purchased a portfolio of performing credit receivables from W.S. Badcock Corporation for approximately $400 million, thereby establishing a new receivables division. In January 2022, the company acquired the middle market M&A advisor FocalPoint for $175 million.