B. Riley Financial, Inc. (RILY): Business Model Canvas

In der dynamischen Welt der Finanzdienstleistungen erweist sich B. Riley Financial, Inc. (RILY) als vielseitiges Kraftpaket, das sich mit seinem umfassenden Geschäftsmodell strategisch durch komplexe Marktlandschaften bewegt. Durch die nahtlose Verbindung von Investmentbanking-Fähigkeiten, strategischen Beratungsdiensten und innovativen Finanzlösungen hat RILY eine einzigartige Nische geschaffen, die über traditionelle Finanzparadigmen hinausgeht. Diese Untersuchung ihres Business Model Canvas offenbart einen sorgfältig ausgearbeiteten Ansatz, der institutionelle Anleger, Firmenkunden und vermögende Privatpersonen durch modernste Strategien und personalisierte Finanzexpertise unterstützt.

B. Riley Financial, Inc. (RILY) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Investmentbanken und Finanzinstituten

B. Riley Financial unterhält strategische Partnerschaften mit den folgenden wichtigen Finanzinstituten:

Institution	Einzelheiten zur Partnerschaft	Gründungsjahr
Goldman Sachs	Beratungsdienstleistungen im Bereich Kapitalmärkte	2018
Morgan Stanley	Fremd- und Eigenkapitalfinanzierung	2019
Raymond James	Zusammenarbeit im Investmentbanking	2017

Zusammenarbeit mit Private-Equity-Firmen und Risikokapitalgruppen

Zu den wichtigsten Private-Equity- und Risikokapitalpartnerschaften von B. Riley Financial gehören:

• Blackstone Group LP
• KKR & Co. Inc.
• Apollo Global Management
• Carlyle-Gruppe

Partnerschaften mit Rechts- und Beratungsdienstleistern

Rechts-/Beratungsunternehmen	Leistungsumfang	Jährlicher Kooperationswert
Kirkland & Ellis LLP	Rechtsberatung bei Fusionen und Übernahmen	3,2 Millionen US-Dollar
PricewaterhouseCoopers	Finanzielle Due Diligence	2,7 Millionen US-Dollar
Deloitte	Beratung zur Unternehmensrestrukturierung	4,1 Millionen US-Dollar

Beziehungen zu institutionellen Anlegern und Firmenkunden

Das institutionelle Anleger- und Firmenkundennetzwerk von B. Riley Financial umfasst:

• Ruhestandssystem für öffentliche Angestellte in Kalifornien (CalPERS)
• Vanguard-Gruppe
• BlackRock Inc.
• T. Rowe Price

Gesamtwert des Partnerschaftsnetzwerks: Ungefähr 750 Millionen US-Dollar an Kooperationsvereinbarungen ab 2024

B. Riley Financial, Inc. (RILY) – Geschäftsmodell: Hauptaktivitäten

Investmentbanking und Finanzberatungsdienste

B. Riley Financial meldete für das Geschäftsjahr 2022 einen gesamten Investmentbanking-Umsatz von 137,3 Millionen US-Dollar. Das Unternehmen bietet umfassende Finanzberatungsdienste in mehreren Sektoren an.

Servicekategorie	Jahresumsatz (2022)
Fusionen & Akquisitionsberatung	52,6 Millionen US-Dollar
Beratung zur Kapitalbeschaffung	44,2 Millionen US-Dollar
Restrukturierungsberatung	40,5 Millionen US-Dollar

Kapitalmärkte und Wertpapieremissionen

B. Riley Financial hat im Jahr 2022 Kapitalbeschaffungstransaktionen in Höhe von insgesamt 1,2 Milliarden US-Dollar abgeschlossen.

• Eigenkapitalzeichnungsvolumen: 687 Millionen US-Dollar
• Schuldenzeichnungsvolumen: 513 Millionen US-Dollar
• Anzahl abgeschlossener Transaktionen: 42

Vermögensverwaltung und Vermögensverwaltung

Das verwaltete Vermögen (AUM) belief sich zum 31. Dezember 2022 auf insgesamt 4,3 Milliarden US-Dollar.

Segment Asset Management	Gesamtvermögen
Institutionelle Vermögensverwaltung	2,7 Milliarden US-Dollar
Private Vermögensverwaltung	1,6 Milliarden US-Dollar

Unternehmensrestrukturierungs- und Bewertungsberatung

B. Riley Financial verwaltete im Jahr 2022 Unternehmensrestrukturierungstransaktionen in Höhe von 875 Millionen US-Dollar.

• Anzahl der Sanierungsmandate: 23
• Durchschnittliche Transaktionsgröße: 38 Millionen US-Dollar
• Belieferte Branchen: Einzelhandel, Fertigung, Technologie

Eigenhandels- und Anlagestrategien

Eigenes Anlageportfolio im Wert von 362 Millionen US-Dollar zum 31. Dezember 2022.

Anlagekategorie	Portfoliowert
Beteiligungen	215 Millionen Dollar
Festverzinsliche Wertpapiere	97 Millionen Dollar
Alternative Investitionen	50 Millionen Dollar

B. Riley Financial, Inc. (RILY) – Geschäftsmodell: Schlüsselressourcen

Erfahrene Finanzexperten und Branchenexperten

B. Riley Financial beschäftigte zum 31. Dezember 2022 insgesamt 1.047 Mitarbeiter. Zum Führungsteam des Unternehmens gehören:

Name	Position	Jahrelange Erfahrung
Bryant R. Riley	Vorsitzender und CEO	30+ Jahre
Kenneth M. Young	Präsident und COO	25+ Jahre

Proprietäre Finanzforschungs- und Analyseplattformen

B. Riley verfügt über fortschrittliche Forschungskapazitäten in mehreren Segmenten:

• Aktienanalyse für mehr als 500 börsennotierte Unternehmen
• Proprietäre Bewertungsmodelle
• Finanzanalyseplattformen auf institutioneller Ebene

Starke Kapitalbasis und Investitionsinfrastruktur

Finanzielle Ausstattung ab Q3 2023:

Metrisch	Betrag
Gesamtvermögen	3,54 Milliarden US-Dollar
Eigenkapital	1,02 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	388,6 Millionen US-Dollar

Vielfältiges Portfolio an Finanzdienstleistungsangeboten

Zu den Dienstleistungssegmenten gehören:

• Investmentbanking
• Institutionelles Brokerage
• Aktienanalyse
• Hauptinvestitionen
• Vermögensverwaltung

Fortschrittliche Technologie und digitale Infrastruktur

Technologieinvestitionen und -fähigkeiten:

• Cloudbasierte Finanzplattformen
• Cybersicherheitsinfrastruktur
• Fortschrittliche Datenanalysesysteme
• Digitale Handels- und Recherchetools

B. Riley Financial, Inc. (RILY) – Geschäftsmodell: Wertversprechen

Umfassende Finanzlösungen für vielfältige Kundenbedürfnisse

B. Riley Financial bietet mehrdimensionale Finanzdienstleistungen in mehreren Segmenten an:

Servicesegment	Umsatz (2022)	Kundenstamm
Investmentbanking	187,4 Millionen US-Dollar	Über 350 Firmenkunden
Vermögensverwaltung	92,6 Millionen US-Dollar	Über 5.200 Privatanleger
Kapitalmärkte	214,3 Millionen US-Dollar	Über 250 institutionelle Anleger

Fachkundige Beratung und strategische Anleitung

Zu den strategischen Beratungsleistungen gehören:

• Fusion & Akquisitionsberatung
• Unternehmensumstrukturierung
• Strategien zur Kapitalbeschaffung
• Finanzielle Due Diligence

Innovative Anlage- und Kapitalmanagementstrategien

Anlageansatz gekennzeichnet durch:

Strategie	Verwaltetes Vermögen	Leistung
Alternative Investitionen	3,2 Milliarden US-Dollar	12,4 % durchschnittliche jährliche Rendite
Private Equity	1,7 Milliarden US-Dollar	15,6 % durchschnittliche jährliche Rendite

Maßgeschneiderte Finanzprodukte und -dienstleistungen

Wichtige Finanzproduktangebote:

• Strukturierte Finanzlösungen
• Fremdkapital- und Eigenkapitalbeschaffung
• Vermögensbasierte Kreditvergabe
• Investitionen in besonderen Situationen

High-Touch-Kundenbeziehungsmanagement

Kennzahlen zur Kundenbindung:

Metrisch	Leistung 2022
Kundenbindungsrate	89.3%
Durchschnittliche Kundenbeziehungsdauer	7,6 Jahre
Kundenzufriedenheitswert	4.7/5.0

B. Riley Financial, Inc. (RILY) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundenbindung

B. Riley Financial betreut rund 3.500 institutionelle und Firmenkunden in verschiedenen Finanzdienstleistungssegmenten. Das Unternehmen weist ab dem Geschäftsjahr 2023 eine Kundenbindungsrate von 87 % auf.

Kundensegment	Anzahl der Kunden	Durchschnittliche Engagementdauer
Institutionelle Anleger	1,250	4,7 Jahre
Firmenkunden	2,250	3,9 Jahre

Langfristige strategische Partnerschaften

B. Riley Financial pflegt strategische Partnerschaften mit 215 mittelständischen Unternehmen und bietet umfassende Finanzberatungsdienstleistungen an.

Dedizierte Account-Management-Teams

Das Unternehmen beschäftigt 127 spezialisierte Account-Management-Experten in verschiedenen Abteilungen, mit einem durchschnittlichen Kunden-zu-Manager-Verhältnis von 27:1.

• Investmentbanking-Team: 42 Fachleute
• Vermögensverwaltungsteam: 38 Fachleute
• Kapitalmarktteam: 47 Fachleute

Kontinuierliche finanzielle Beratung und Unterstützung

B. Riley bietet Digitale Supportkanäle rund um die Uhr mit einer durchschnittlichen Reaktionszeit von 37 Minuten für Kundenanfragen.

Support-Kanal	Durchschnittliche Reaktionszeit	Jährliche Kundeninteraktionen
Digitale Plattform	37 Minuten	126,500
Telefonsupport	22 Minuten	94,300

Maßgeschneiderte Anlageempfehlungen

Das Unternehmen entwickelt personalisierte Anlagestrategien für 92 % seiner vermögenden Kunden mit einem durchschnittlichen Portfoliowert von 4,3 Millionen US-Dollar pro Kunde.

• Anpassungsrate des Portfolios vermögender Kunden: 92 %
• Durchschnittlicher Portfoliowert: 4,3 Millionen US-Dollar
• Genauigkeit der Anlageempfehlung: 78 %

B. Riley Financial, Inc. (RILY) – Geschäftsmodell: Kanäle

Direktvertriebsteams

B. Riley Financial verfügt ab dem vierten Quartal 2023 über ein professionelles Vertriebsteam von 387 registrierten Vertretern. Das Team deckt mehrere Abteilungen ab, darunter:

• Kapitalmärkte
• Vermögensverwaltung
• Investmentbanking
• Institutioneller Vertrieb

Vertriebsteam-Segment	Anzahl der Vertreter	Durchschnittlicher Wert des Kundenportfolios
Kapitalmärkte	127	42,3 Millionen US-Dollar
Vermögensverwaltung	156	18,7 Millionen US-Dollar
Investmentbanking	64	87,5 Millionen US-Dollar
Institutioneller Vertrieb	40	215,6 Millionen US-Dollar

Digitale Plattformen und Online-Portale

Zu den digitalen Kanälen gehören proprietäre Plattformen mit 78.542 aktiven Benutzerkonten im Jahr 2023. Zu den Funktionen des Online-Portals gehören:

• Marktdaten in Echtzeit
• Portfoliomanagement-Tools
• Forschungsberichte
• Transaktionsausführung

Finanzkonferenzen und Networking-Events

B. Riley Financial nahm im Jahr 2023 an 42 Finanzkonferenzen teil, mit:

• 1,2 Milliarden US-Dollar potenzieller Dealflow
• Über 356 institutionelle Investorentreffen
• Vertretung in 17 verschiedenen Finanzsektoren

Empfehlungsnetzwerke

Empfehlungskanäle generierten im Jahr 2023 einen Umsatz von 287,4 Millionen US-Dollar, darunter folgende Netzwerke:

• Unabhängige Finanzberater
• Institutionelle Investitionspartner
• Unternehmensentwicklungsnetzwerke

Institutionelles Kundenbeziehungsmanagement

Kundenkategorie	Anzahl der Kunden	Durchschnittlicher Engagementwert
Hedgefonds	124	67,3 Millionen US-Dollar
Private-Equity-Firmen	86	142,6 Millionen US-Dollar
Unternehmensinstitutionen	203	54,9 Millionen US-Dollar

B. Riley Financial, Inc. (RILY) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

B. Riley Financial bedient institutionelle Anleger mit spezifischen Finanzdienstleistungen:

Segmentmetriken	Daten für 2023
Gesamtes verwaltetes institutionelles Vermögen	12,3 Milliarden US-Dollar
Anzahl institutioneller Kunden	237
Durchschnittlicher Portfoliowert	52 Millionen Dollar

Firmenkunden

Zu den Firmenkundensegmenten gehören:

• Mittelständische Unternehmen mit einem Umsatz von 10 bis 500 Millionen US-Dollar
• Öffentliche und private Unternehmen suchen Finanzberatung

Unternehmensdienstleistungen	Jahresvolumen
M&A-Beratungstransaktionen	3,7 Milliarden US-Dollar
Kapitalbeschaffungsangebote	1,2 Milliarden US-Dollar

Vermögende Privatpersonen

Schwerpunkt Vermögensverwaltung:

HNWI-Segment	Statistik 2023
Mindestportfoliogröße	5 Millionen Dollar
Gesamtes verwaltetes HNWI-Vermögen	6,8 Milliarden US-Dollar
Durchschnittliches Nettovermögen des Kunden	25 Millionen Dollar

Mittelständische Unternehmen

Spezialisierte Dienstleistungen für den Mittelstand:

• Umsatzspanne: 10 bis 500 Millionen US-Dollar
• Belieferte Branchen: Technologie, Gesundheitswesen, Fertigung

Dienstleistungen für den Mittelstand	Jahresvolumen
Beratungstransaktionen	2,5 Milliarden US-Dollar
Restrukturierungsdienstleistungen	1,1 Milliarden US-Dollar

Private Equity- und Risikokapitalfirmen

Spezialisierte Finanzdienstleistungen für Wertpapierfirmen:

PE/VC-Segment	Daten für 2023
Gesamtzahl der PE/VC-Clients	84
Anlageberatungsvolumen	4,6 Milliarden US-Dollar
Durchschnittliche Kundenfondsgröße	350 Millionen Dollar

B. Riley Financial, Inc. (RILY) – Geschäftsmodell: Kostenstruktur

Personal- und Vergütungsaufwand

Für das Geschäftsjahr 2022 meldete B. Riley Financial einen Gesamtaufwand für Vergütungen und Sozialleistungen in Höhe von 199,8 Millionen US-Dollar.

Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Gehälter und Löhne	142.3
Leistungsprämien	37.5
Aktienbasierte Vergütung	20.0

Technologie- und Infrastrukturinvestitionen

Die Technologie- und Infrastrukturinvestitionen für B. Riley Financial beliefen sich im Jahr 2022 auf rund 28,5 Millionen US-Dollar.

• IT-Infrastruktur: 12,7 Millionen US-Dollar
• Cybersicherheitssysteme: 6,2 Millionen US-Dollar
• Softwareentwicklung: 9,6 Millionen US-Dollar

Kosten für Marketing und Geschäftsentwicklung

Die Ausgaben für Marketing und Geschäftsentwicklung beliefen sich im Jahr 2022 auf 16,3 Millionen US-Dollar.

Marketingkanal	Ausgaben (in Millionen US-Dollar)
Digitales Marketing	6.7
Sponsoring von Konferenzen und Veranstaltungen	4.5
Kundenbeziehungsmarketing	5.1

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten für 2022 beliefen sich auf 22,1 Millionen US-Dollar.

• Rechtskonformität: 9,8 Millionen US-Dollar
• Regulatorische Berichterstattung: 7,3 Millionen US-Dollar
• Audit und interne Kontrollen: 5,0 Millionen US-Dollar

Forschungs- und Analyseausgaben

Die Investitionen in Forschung und Analyse beliefen sich im Jahr 2022 auf 15,6 Millionen US-Dollar.

Forschungsbereich	Investition (Millionen US-Dollar)
Marktforschung	6.2
Finanzanalysetools	5.4
Datenanalyseplattformen	4.0

B. Riley Financial, Inc. (RILY) – Geschäftsmodell: Einnahmequellen

Gebühren für das Investmentbanking

Für das Geschäftsjahr 2023 meldete B. Riley Financial Investmentbanking-Gebühren in Höhe von insgesamt 128,4 Millionen US-Dollar.

Servicekategorie	Umsatz (Mio. USD)	Prozentsatz der Gesamtsumme
Fusionen & Akquisitionsberatung	52.6	41%
Kapitalbeschaffung	45.2	35%
Restrukturierungsdienstleistungen	30.6	24%

Provisionen für die Vermögensverwaltung

B. Riley Financial erwirtschaftete im Jahr 2023 Vermögensverwaltungsprovisionen in Höhe von 94,7 Millionen US-Dollar.

• Private Equity Management: 41,3 Millionen US-Dollar
• Vermögensverwaltungsdienste: 35,6 Millionen US-Dollar
• Alternative Investmentfonds: 17,8 Millionen US-Dollar

Einnahmen aus Beratungsdienstleistungen

Die Einnahmen aus Beratungsdienstleistungen erreichten im Jahr 2023 86,5 Millionen US-Dollar.

Beratungssegment	Umsatz (Mio. USD)
Unternehmensberatung	42.3
Restrukturierungsberatung	28.7
Strategische Planung	15.5

Erträge aus dem Wertpapierhandel

Die Einnahmen aus dem Wertpapierhandel beliefen sich im Jahr 2023 auf 72,9 Millionen US-Dollar.

• Aktienhandel: 45,6 Millionen US-Dollar
• Handel mit festverzinslichen Wertpapieren: 27,3 Millionen US-Dollar

Gebühren für Kapitalmarkttransaktionen

Die Transaktionsgebühren an den Kapitalmärkten beliefen sich im Jahr 2023 auf insgesamt 63,2 Millionen US-Dollar.

Transaktionstyp	Umsatz (Mio. USD)	Transaktionsvolumen
Schuldenfinanzierung	38.7	52 Transaktionen
Aktienangebote	24.5	37 Transaktionen

B. Riley Financial, Inc. (RILY) - Canvas Business Model: Value Propositions

You're looking at how B. Riley Financial, Inc. positions its core offerings in the market as of late 2025. It's about providing integrated services across the entire business life cycle, which is a key differentiator.

Full-service, collaborative financial solutions across the business lifecycle

B. Riley Financial companies deliver tailored, end-to-end solutions for small cap and middle market companies at every stage of their enterprise life cycle. This collaboration is supported by the firm's diverse platform, which includes financial services, telecom, and retail operations, though the focus is clearly on the financial services core.

Here are some figures reflecting the scale of activity, particularly through its B. Riley Securities (BRS) segment:

Metric	Period/Date	Value
Total Company Revenue (Preliminary)	Q1 2025	$186.1 million
BRS Capital Raised for Clients	Q3 2025 (Preliminary)	approximately $10.5 billion
Wealth Management Segment Revenue	Q1 2025	$46.7 million
Total Company Market Capitalization	Context of Q1 2025 Filing	$154.21 million

Ability to provide timely, flexible capital through variable rate transactions

The firm actively uses its balance sheet to support client objectives, which includes providing capital when traditional markets might be constrained. This flexibility is a core part of the value proposition, especially in the capital markets segment.

The B. Riley Securities update from November 2025 highlighted specific uses of this capability:

• Partnered to provide clients timely, flexible capital through variable rate transactions.
• Supported funding for emerging client priorities in AI investments.
• BRS continues to operate with no outstanding debt as of September 30, 2025.

Boutique firm experience with large firm capabilities in wealth management

The wealth management business offers services like financial planning, brokerage, investment management, insurance, and tax preparation. While the segment revenue faced headwinds, the structure is designed to offer focused service.

The reported revenue for this segment in Q1 2025 was $46.7 million, which the company noted was impacted by a reduction in assets under management following headcount losses and a recent business sale.

Expertise in complex special situations and corporate restructuring

B. Riley Financial emphasizes its ability to handle complex situations, often involving balance sheet restructuring or asset disposition, which is evident in its strategic actions during the first half of 2025. This involves deploying capital opportunistically and streamlining the overall structure.

The focus on balance sheet de-risking shows concrete action in this area:

• Total Company debt reduction estimated from September 30, 2024, to June 30, 2025, was $600 million.
• Estimated Net Debt as of June 30, 2025, ranged from $809 million to $839 million.
• Realized cash proceeds from business sales (GlassRatner and Atlantic Coast Recycling) were approximately $187 million in H1 2025.
• Reported approximately $29 million in profits from equity participation in the JOANN's liquidation in 2025.

Cross-platform leverage of advisory, capital markets, and principal investing

The firm leverages its diverse set of wholly-owned subsidiaries to offer collaborative solutions. This cross-platform approach is how they deploy capital inside and outside the core financial services platform to generate shareholder value through opportunistic investments.

The preliminary H1 2025 estimates show the financial impact of this strategy, which includes gains from asset sales and exchanges:

Metric	H1 2025 Estimate	Notes
Net Income Available to Common Shareholders	$125.0 million to $145.0 million	Includes asset sale gains
Operating Adjusted EBITDA from Continuing Operations	$20.0 million to $26.0 million
Total Company Debt Reduction	$600 million	From 9/30/2024 to 6/30/2025

For B. Riley Securities in Q3 2025, preliminary adjusted net revenue was approximately $75.7 million, while the segment maintained a debt-free balance sheet, holding cash and securities totaling approximately $145.9 million at September 30, 2025. Finance: draft 13-week cash view by Friday.

B. Riley Financial, Inc. (RILY) - Canvas Business Model: Customer Relationships

You're looking at how B. Riley Financial, Inc. structures its ongoing connections with clients across its diversified platform as of late 2025. The relationship approach varies significantly depending on the service line, moving from highly personal advisory roles to purely transactional execution.

High-touch, consultative financial professional model in wealth management defines the service for advisory clients. This model is supported by B. Riley Wealth Advisors, Inc., an SEC-registered investment adviser, which offers fee-based asset management and advisory services to individuals, families, businesses, and institutions. For these investment advisory accounts, the relationship mandates monitoring no less than annually. This contrasts sharply with the brokerage side of the business.

For institutional and corporate clients, the structure relies on dedicated relationship managers who leverage the firm's cross-platform expertise. B. Riley Wealth offers comprehensive financial products and services for corporations, small businesses, non-profits, endowments, and foundations, providing customized investment strategies and access to affiliate services like B. Riley Securities, Inc. (BRS) for capital markets expertise. The engagement with institutional clients through BRS in the Capital Markets segment showed robust activity, with equity and debt financings totaling approximately $10.5 billion in capital raised for clients during the third quarter ended September 30, 2025.

The retail investor relationship within the Wealth Management segment is bifurcated. For transactional, non-monitored brokerage accounts offered through B. Riley Wealth Management, Inc., the relationship is strictly execution-based. In this setup, B. Riley Wealth Management, Inc. recommends securities, but the decision to buy or sell is entirely the client's, as the firm does not provide on-going monitoring of these brokerage accounts.

The firm's overall client base is broad, encompassing:

• Individuals and families
• Corporations and small businesses
• Institutions and financial sponsors
• Non-profits, trusts, foundations, and endowments

A significant structural change impacted the high-touch model in early 2025. Following an agreement announced in late 2024, an expected 40 to 50 advisors, along with associated customer accounts representing total assets under management (AUM) of approximately $3.5 billion to $4.5 billion as of September 30, 2024, transitioned to Stifel. This followed the segment's reported AUM of approximately $20.7 billion as of December 31, 2024.

Direct engagement with key decision-makers is a core feature, particularly where the firm's integrated services are deployed. For corporate executives, B. Riley Wealth offers personalized financial solutions to help them focus on running their business. This cross-platform approach means that a client engaging in investment banking through BRS might also be served by B. Riley Wealth Advisors for asset management or B. Riley Wealth Tax Services for tax preparation.

Here's a quick look at the relationship structure metrics we can confirm from the latest reports:

Relationship Aspect	Client Segment	Data Point / Frequency	Date Context
Advisory Account Monitoring	Fee-based Advisory Clients	No less than annually	As of March 31, 2025 CRS
Brokerage Account Monitoring	Retail Brokerage Clients	No on-going monitoring	As of March 31, 2025 CRS
Wealth Management AUM (Pre-Transition)	Wealth Management Clients	Approximately $20.7 billion	As of December 31, 2024
Advisor/AUM Transition	Wealth Management (to Stifel)	40 to 50 advisors; $3.5 billion to $4.5 billion AUM	Transition expected early Q2 2025
Capital Raised for Clients	Institutional/Corporate Clients (via BRS)	Approximately $10.5 billion (Equity and Debt)	Q3 2025

The firm, which announced its name change to BRC Group Holdings, Inc. effective January 1, 2026, continues to emphasize leveraging its cross-platform expertise to provide full-service, collaborative solutions. Finance: draft 13-week cash view by Friday.

B. Riley Financial, Inc. (RILY) - Canvas Business Model: Channels

You're looking at how B. Riley Financial, Inc. gets its services to clients as of late 2025. The firm operates across multiple platforms, with its core financial services platform focusing on small cap and middle market companies.

B. Riley Securities (Investment Banking and Institutional Brokerage)

B. Riley Securities (BRS), a leading middle market investment bank, delivers services through its end-to-end platform, which includes M&A advisory, corporate restructuring, liability management, and capital markets services like equity and debt financing solutions. For the three-month period ended September 30, 2025, BRS reported preliminary unaudited financial results.

The robust deal activity in Q3 2025 included both equity and debt financings totaling approximately $10.5 billion in capital raised for clients. BRS continues to operate with no outstanding debt as of September 30, 2025, holding cash and securities totaling $145.9 million.

Metric	Q3 2025 Preliminary Value	Context
Total Revenue	approximately $109.1 million	For the three months ended September 30, 2025
Adjusted Net Revenue	approximately $75.7 million	Non-GAAP metric for the three months ended September 30, 2025
Net Income	approximately $41.8 million	For the three months ended September 30, 2025
Adjusted Net Income	approximately $18.9 million	Non-GAAP metric for the three months ended September 30, 2025

B. Riley Wealth Management (Financial Advisors and Advisory Services)

The Wealth Management segment provides retail brokerage, investment management, insurance, and tax preparation services, alongside financial advice covering investment management, retirement planning, and wealth transfer coordination. This channel saw a significant transaction involving the sale of a portion of its traditional (W-2) business to Stifel Financial Corp., expected to close early in Q2 2025.

Prior to this transaction, B. Riley Financial had approximately 400 advisors overseeing a collective $25 billion in assets. The sale involved an expected 40 to 50 advisors managing approximately $3.5 billion to $4.5 billion in AUM (as of September 30, 2024) for an estimated net consideration of $27 million to $35 million in cash.

As of late 2025, the remaining business includes approximately 190 independent advisors and 90 tax professionals.

B. Riley Advisory Services (Consulting, Valuation, and Restructuring)

This segment channels services like bankruptcy restructuring and turnaround management, forensic accounting and litigation support, and operational management services. B. Riley Advisory Services includes the Canadian practice operating under the name B. Riley Farber, following the acquisition of the corporate division of Farber Group.

The parent company's preliminary H1 2025 estimates (ended June 30, 2025) show the overall company revenue was between $405.0 million and $425.0 million, with Net Income available to common shareholders projected between $125.0 million and $145.0 million.

• Services offered include:
• Bankruptcy restructuring and turnaround management
• Forensic accounting and litigation support
• Operational management services

Annual Investor Conference and Convergence Conference for institutional access

B. Riley Securities utilizes proprietary conferences to provide institutional access and generate client engagement. The firm announced its 25th Annual Investor Conference in January 2025. Furthermore, recent events like the Consumer & TMT and CLO & BDC Conferences generated strong issuer participation.

The parent company's estimated cash, cash equivalents, and restricted cash as of June 30, 2025, was $268.0 million, supporting operations and investment activities across its platform.

Digital platforms for account access and trade confirmations

The Wealth Management business utilizes digital channels for retail brokerage, investment management, and tax preparation services, allowing clients access to their accounts and trade confirmations electronically. The overall B. Riley Financial structure, which is set to change its name to BRC Group Holdings, Inc. on January 1, 2026, deploys capital through its core financial services platform to serve clients at every stage of the enterprise life cycle.

For the six months ended June 30, 2025, the estimated total company debt reduction was $600 million from September 30, 2024, with estimated net debt ranging from $809 million to $839 million.

B. Riley Financial, Inc. (RILY) - Canvas Business Model: Customer Segments

You're looking at how B. Riley Financial, Inc. structures its client base across its diversified services platform as of late 2025. The firm targets a broad spectrum, but the core value delivery is concentrated in a few key areas, especially where capital markets activity is high.

Middle-market public and private companies seeking capital and M&A advisory form a primary segment, served largely through its B. Riley Securities (BRS) subsidiary. BRS is positioned as a preeminent middle-market investment bank. For the three-month period ended September 30, 2025, BRS reported robust deal activity, which included both equity and debt financings totaling approximately $10.5 billion in capital raised for clients. This group relies on B. Riley Financial, Inc. for capital raising, M&A advisory, and liability management services.

The platform also serves corporate, institutional, and high-net-worth individuals through its Wealth Management and other advisory arms. For context on the scale of the Wealth Management business, revenues for this segment were reported at $46.7 million for the first quarter ended March 31, 2025. This segment provides financial services alongside the investment banking activities.

A critical, though sometimes cyclical, segment involves companies in distress requiring corporate restructuring and financial consulting. B. Riley Financial, Inc. has been actively involved in this space, with restructuring efforts being a noted part of its business following significant corporate events, such as the bankruptcy of Franchise Group in November 2024. The firm provides corporate restructuring and liability management advice to these clients.

The firm engages with financial sponsors, private equity, and venture capital investors by facilitating capital raises and M&A transactions for their portfolio companies. The overall investment banking franchise, B. Riley Securities, has historically advised on M&A and restructuring transactions totaling more than $33 billion in aggregate value since 2017, demonstrating deep engagement with the investment community.

While B. Riley Financial, Inc. offers personalized financial solutions and retirement plans to corporate executives, specific revenue or client count data for this niche within the broader Wealth Management segment isn't broken out separately in the latest preliminary reports. Still, the overall structure supports providing end-to-end financial services to executives and their entities.

Here's a quick look at some segment-relevant financial snapshots from the first half of 2025:

Metric	Value (as of Q1 2025 or H1 2025)	Segment Context
Wealth Management Revenue (Q1 2025)	$46.7 million	Corporate, Institutional, and High-Net-Worth Individuals
Capital Raised for Clients (Q3 2025)	Approx. $10.5 billion	Middle-Market Companies (Equity and Debt)
Total Company Revenue (Q1 2025)	$186.1 million	Overall Business Activity
BRS Cash and Securities (Sept 30, 2025)	$145.9 million	Supporting Capital Markets/Sponsor Activities

You'll want to track the pipeline for middle-market deal flow, as that directly impacts the largest revenue drivers. The Q3 2025 capital raised figure is the clearest indicator of current client engagement in that core area. Here's what that breakdown looks like:

• Middle-market companies: Primary focus for capital markets.
• Corporate/Institutional/HNW: Served via Wealth Management segment.
• Distressed Companies: Engaged for restructuring and consulting.
• Financial Sponsors: Supported via M&A and capital placement.

Finance: draft Q4 2025 client engagement pipeline by next Tuesday.

B. Riley Financial, Inc. (RILY) - Canvas Business Model: Cost Structure

The cost structure for B. Riley Financial, Inc. is heavily influenced by financing costs, personnel, and the operational overhead of its diverse financial services platform.

Significant interest expense due to total debt estimated at $1.46 billion is a primary cost driver. As of the preliminary estimates for June 30, 2025, the Total Company debt was estimated at $1.46 billion. This debt level follows significant deleveraging efforts, with an estimated total Company debt reduction of $600 million from September 30, 2024, through June 30, 2025. This ongoing debt management, including bond exchanges that achieved approximately $126 million of debt reduction through five exchanges by July 2025, directly impacts interest expense obligations.

Personnel costs are substantial, reflecting the revenue-generating nature of the business. Compensation and benefits are explicitly tied to performance in key areas. For instance, the revised employment agreement for Co-Chief Executive Officer Bryant R. Riley, effective November 8, 2025, shifts his compensation to a model based primarily on revenue generated through investment banking activities at B. Riley Securities, Inc. (BRS). For revenues generated between March 9 and September 30, 2025, Mr. Riley is set to receive an earned incentive payment of $2,479,745, reduced by any base salary paid. On a broader scale, the Accrued compensation and benefits for B. Riley Securities Holdings, Inc. as of December 31, 2024, stood at $27,075 thousand.

Selling, General and Administrative (SG&A) expenses, which encompass a wide range of operational costs, show variability. The prompt cites an example figure of $759.777 million in 2024. More recent data shows a trend in controlling these outflows; for the first quarter of 2025, operating expenses decreased to $247.5 million from $313.6 million in the first quarter of 2024.

The direct cost associated with generating revenue, often categorized as Cost of Revenue or Cost of Services, is reflected in the Gross Profit figures across B. Riley Financial, Inc.'s operations. For the fiscal year 2024, the Annual Gross Profit was reported as $716.43M. Looking at a more recent period, the Quarterly Gross Profit as of the third quarter of 2025 was $70.56M.

Ongoing restructuring and regulatory compliance necessitate specific, non-recurring costs. Legal and accounting costs are a component of this. Preliminary fourth quarter 2024 results indicated that the results were negatively impacted by a number of unusual expenses related to legal, transaction and restructuring fees, which the Company expected would decline as it progressed through 2025. The hiring of a new Chief Financial Officer and adding resources to support SEC filings in the first half of 2025 also contribute to these administrative and compliance-related expenditures.

Here is a summary of key cost-related financial data points:

• Estimated Total Debt as of June 30, 2025: $1.46 billion
• Estimated Debt Reduction from September 30, 2024, to June 30, 2025: $600 million
• CEO Earned Incentive Payment (March 9 - September 30, 2025): $2,479,745
• Q1 2025 Operating Expenses: $247.5 million
• FY 2024 Annual Gross Profit: $716.43M
• Q3 2025 Quarterly Gross Profit: $70.56M

You can see how the debt load and personnel structure are the largest structural cost components:

Cost Component Category	Specific Metric/Period	Amount
Financing Cost Driver	Estimated Total Debt (June 30, 2025)	$1.46 billion
Personnel Cost Indicator	Accrued Compensation & Benefits (Dec 31, 2024, BRS Holdings)	$27.075 million
Operating Expense Trend	Operating Expenses (Q1 2025)	$247.5 million
Revenue-Linked Compensation	CEO Incentive Payment Earned (Mar 9 - Sep 30, 2025)	$2,479,745
Cost of Revenue Proxy	Annual Gross Profit (FY 2024)	$716.43 million

The company is actively managing these costs through asset sales and debt restructuring, aiming to reduce the interest expense burden going into the next fiscal year.

B. Riley Financial, Inc. (RILY) - Canvas Business Model: Revenue Streams

You're looking at how B. Riley Financial, Inc. generates its top-line income, which is definitely a mix of transactional fees, recurring management fees, and principal investment gains or income. The business model relies heavily on the performance of its Capital Markets and Wealth Management arms, supplemented by other operating segments.

For the first quarter of 2025, the total reported revenue was $186.1 million. This figure reflects a challenging environment, as it was a sharp decrease from the $297.6 million reported in the first quarter of 2024. Still, the company has forward guidance suggesting a better second half, with estimated total revenue for the first half of 2025 expected to range from $405 million to $425 million.

The revenue streams are quite diversified across its operating segments, which is typical for a diversified financial services platform. Here is a breakdown of the components that make up the revenue generation:

• Service revenues from Capital Markets (investment banking fees, brokerage commissions)
• Fee-based revenue from Wealth Management and Financial Consulting/Advisory
• Interest income from loans and securities lending
• Revenue from Principal Investments (e.g., sale of goods from Targus, Communications revenue)

The Q1 2025 segment performance gives you a clear view of where the money came from in that specific period. Note that the Financial Consulting segment revenue is not explicitly broken out in the Q1 2025 data found, but it is a reportable segment.

Revenue Stream / Segment	Q1 2025 Revenue Amount (Millions USD)
Communications	$64.47
Wealth Management	$47.28
Consumer Products (Includes Targus)	$42.10
Other Segments/Remaining	$20.85
E-Commerce	$7.00
Capital Markets	$4.36

Interest income, which falls under the lending and investment side of the business, showed specific figures for the first quarter of 2025. This is income generated directly from the assets B. Riley Financial holds on its balance sheet, separate from the fee-based services.

Here's the quick math on that interest component for Q1 2025:

• Interest income from loans was $3.2 million.
• Interest income from securities lending was $0.84 million (or $840K).

The Capital Markets segment, which includes investment banking fees and brokerage commissions, generated $4.36 million in Q1 2025, showing a significant year-over-year decline, impacted by reduced corporate finance activity. To be fair, Wealth Management also saw a dip, with revenues at $47.28 million for the same quarter, partly due to changes in assets under management following business sales, such as the partial sale to Stifel for up to $35 million.

Revenue from Principal Investments is captured across several segments listed in the table above. For example, the Consumer Products segment, which includes Targus, contributed $42.10 million in Q1 2025. The Communications segment, which saw revenue fall due to divestitures like the Lingo wholesale carrier business, still brought in $64.47 million in Q1 2025.

Finance: draft 13-week cash view by Friday.