B. Riley Financial, Inc. (Rily): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, B. Riley Financial, Inc. (Rily) apparaît comme une puissance multiforme, naviguant stratégiquement des paysages de marché complexes avec son modèle commercial complet. En mélangeant de manière transparente les prouesses en matière de banque d'investissement, des services de conseil stratégique et des solutions financières innovantes, Rily a creusé un créneau distinctif qui transcende les paradigmes financiers traditionnels. Cette exploration de leur toile de modèle commercial révèle une approche méticuleusement conçue qui permet aux investisseurs institutionnels, aux clients d'entreprise et aux individus à haute teneur en nouant grâce à des stratégies de pointe et une expertise financière personnalisée.

B. Riley Financial, Inc. (Rily) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les banques d'investissement et les institutions financières

B. Riley Financial maintient des partenariats stratégiques avec les principales institutions financières suivantes:

Institution	Détails du partenariat	Année établie
Goldman Sachs	Services consultatifs sur les marchés des capitaux	2018
Morgan Stanley	Financement de la dette et des actions	2019
Raymond James	Collaboration des services bancaires d'investissement	2017

Collaboration avec des sociétés de capital-investissement et des groupes de capital-risque

Les partenariats clés de capital-investissement et de capital-risque de B. Riley Financial comprennent:

• Blackstone Group LP
• Kkr & Co. Inc.
• Gestion mondiale Apollo
• Groupe de carlyle

Partenariats avec les prestataires de services juridiques et consultatifs

Cabinet juridique / consultatif	Portée du service	Valeur de collaboration annuelle
Kirkland & Ellis LLP	Fusions et acquisitions conseils juridiques	3,2 millions de dollars
PricewaterhouseCoopers	Diligence financière	2,7 millions de dollars
Deloitte	Conseil de restructuration des entreprises	4,1 millions de dollars

Relations avec les investisseurs institutionnels et les clients d'entreprise

B. Riley Financial's Institutional Investor and Corporate Client Network comprend:

• Système de retraite des employés publics de Californie (CALPERS)
• Groupe d'avant-garde
• BlackRock Inc.
• Prix ​​de T. Rowe

Valeur totale du réseau de partenariat: environ 750 millions de dollars en accords collaboratifs à partir de 2024

B. Riley Financial, Inc. (Rily) - Modèle d'entreprise: Activités clés

Banques d'investissement et services de conseil financier

B. Riley Financial a déclaré un chiffre d'affaires total de la banque d'investissement de 137,3 millions de dollars pour l'exercice 2022. L'entreprise fournit des services de conseil financier complets dans plusieurs secteurs.

Catégorie de service	Revenus annuels (2022)
Fusion & Conseil des acquisitions	52,6 millions de dollars
Capital Raising Advisory	44,2 millions de dollars
Avis de restructuration	40,5 millions de dollars

MARCHETS DE CAPITALS ET TELECTIONS SUBÉRIT

B. Riley Financial a effectué 1,2 milliard de dollars de transactions totales de capital en 2022.

• Volume de souscription des actions: 687 millions de dollars
• Volume de souscription de la dette: 513 millions de dollars
• Nombre de transactions terminées: 42

Gestion de la richesse et gestion des actifs

Les actifs sous gestion (AUM) ont totalisé 4,3 milliards de dollars au 31 décembre 2022.

Segment de gestion des actifs	Actif total
Gestion de la patrimoine institutionnel	2,7 milliards de dollars
Gestion de patrimoine privée	1,6 milliard de dollars

Conseil de restructuration et d'évaluation des entreprises

B. Riley Financial a géré 875 millions de dollars de transactions de restructuration des entreprises en 2022.

• Nombre d'engagements de restructuration: 23
• Taille moyenne des transactions: 38 millions de dollars
• Industries servies: commerce de détail, fabrication, technologie

Stratégies de négociation et d'investissement propriétaires

Portefeuille d'investissement propriétaire d'une valeur de 362 millions de dollars au 31 décembre 2022.

Catégorie d'investissement	Valeur de portefeuille
Investissements en actions	215 millions de dollars
Titres à revenu fixe	97 millions de dollars
Investissements alternatifs	50 millions de dollars

B. Riley Financial, Inc. (Rily) - Modèle d'entreprise: Ressources clés

Professionnels financiers expérimentés et experts de l'industrie

B. Riley Financial emploie 1 047 employés au total au 31 décembre 2022. L'équipe de direction de l'entreprise comprend:

Nom	Position	Années d'expérience
Bryant R. Riley	Président	30 ans et plus
Kenneth M. Young	Président et COO	25 ans et plus

Plateformes de recherche financière et analytique propriétaires

B. Riley maintient des capacités de recherche avancées sur plusieurs segments:

• Recherche en actions couvrant plus de 500 entreprises publiques
• Modèles d'évaluation propriétaires
• Plateformes d'analyse financière de qualité institutionnelle

Solide base de capital et infrastructure d'investissement

Ressources financières au troisième trimestre 2023:

Métrique	Montant
Actif total	3,54 milliards de dollars
Capitaux propres des actionnaires	1,02 milliard de dollars
Equivalents en espèces et en espèces	388,6 millions de dollars

Portefeuille diversifié d'offres de services financiers

Les segments de service comprennent:

• Banque d'investissement
• Courtage institutionnel
• Recherche sur les actions
• Investissements principaux
• Gestion des actifs

Technologie de pointe et infrastructure numérique

Investissements et capacités technologiques:

• Plateformes financières basées sur le cloud
• Infrastructure de cybersécurité
• Systèmes d'analyse de données avancées
• Outils de trading et de recherche numériques

B. Riley Financial, Inc. (Rily) - Modèle d'entreprise: propositions de valeur

Solutions financières complètes pour divers besoins des clients

B. Riley Financial fournit des services financiers multidimensionnels sur plusieurs segments:

Segment de service	Revenus (2022)	Clientèle
Banque d'investissement	187,4 millions de dollars	350+ clients d'entreprise
Gestion de la richesse	92,6 millions de dollars	Plus de 5 200 investisseurs individuels
Marchés des capitaux	214,3 millions de dollars	250+ investisseurs institutionnels

Conseils de conseil et stratégies experts

Les services de conseil stratégique comprennent:

• Fusionnement & Avis d'acquisition
• Restructuration des entreprises
• Stratégies de levée de capitaux
• Diligence financière

Stratégies d'investissement et de gestion des capitaux innovantes

Approche d'investissement caractérisée par:

Stratégie	Actifs sous gestion	Performance
Investissements alternatifs	3,2 milliards de dollars	Rendement annuel moyen de 12,4%
Capital-investissement	1,7 milliard de dollars	Retour annuel moyen de 15,6%

Produits et services financiers personnalisés

Offres de produits financiers clés:

• Solutions de financement structurées
• La dette et le capital-actions augmentent
• Prêts basés sur les actifs
• Investissements de situations spéciales

Gestion des relations avec les clients élevés

Métriques d'engagement des clients:

Métrique	2022 Performance
Taux de rétention des clients	89.3%
Durée moyenne des relations avec le client	7,6 ans
Score de satisfaction du client	4.7/5.0

B. Riley Financial, Inc. (Rily) - Modèle d'entreprise: relations avec les clients

Engagement client personnalisé

B. Riley Financial dessert environ 3 500 clients institutionnels et d'entreprises dans plusieurs segments de services financiers. La société maintient un taux de rétention de la clientèle de 87% au cours de l'exercice 2023.

Segment client	Nombre de clients	Durée moyenne de l'engagement
Investisseurs institutionnels	1,250	4,7 ans
Clients des entreprises	2,250	3,9 ans

Partenariats stratégiques à long terme

B. Riley Financial cultive des partenariats stratégiques avec 215 sociétés intermédiaires, fournissant des services de conseil financier complets.

Équipes de gestion des comptes dédiés

L'entreprise emploie 127 professionnels de la gestion des comptes spécialisés dans différentes divisions, avec un ratio client / manager moyen de 27: 1.

• Équipe de banque d'investissement: 42 professionnels
• Équipe de gestion de patrimoine: 38 professionnels
• Équipe des marchés des capitaux: 47 professionnels

Consultation et soutien financiers continus

B. Riley fournit Canaux de support numériques 24/7 avec un temps de réponse moyen de 37 minutes pour les demandes de renseignements des clients.

Canal de support	Temps de réponse moyen	Interactions annuelles du client
Plate-forme numérique	37 minutes	126,500
Support téléphonique	22 minutes	94,300

Recommandations d'investissement sur mesure

L'entreprise génère des stratégies d'investissement personnalisées pour 92% de ses clients à haute netteté, avec une valeur de portefeuille moyenne de 4,3 millions de dollars par client.

• Taux de personnalisation du portefeuille des clients à haute teneur net: 92%
• Valeur du portefeuille moyen: 4,3 millions de dollars
• Précision des recommandations d'investissement: 78%

B. Riley Financial, Inc. (Rily) - Modèle d'entreprise: canaux

Équipes de vente directes

B. Riley Financial maintient une force de vente professionnelle de 387 représentants enregistrés au T2 2023. L'équipe couvre plusieurs divisions, notamment:

• Marchés des capitaux
• Gestion de la richesse
• Banque d'investissement
• Ventes institutionnelles

Segment de l'équipe de vente	Nombre de représentants	Valeur moyenne du portefeuille client
Marchés des capitaux	127	42,3 millions de dollars
Gestion de la richesse	156	18,7 millions de dollars
Banque d'investissement	64	87,5 millions de dollars
Ventes institutionnelles	40	215,6 millions de dollars

Plates-formes numériques et portails en ligne

Les canaux numériques comprennent des plateformes propriétaires avec 78 542 comptes d'utilisateurs actifs en 2023. Les fonctionnalités du portail en ligne comprennent:

• Données de marché en temps réel
• Outils de gestion de portefeuille
• Rapports de recherche
• Exécution des transactions

Conférences financières et événements de réseautage

B. Riley Financial a participé à 42 conférences financières en 2023, avec:

• 1,2 milliard de dollars en flux d'accord potentiels
• Plus de 356 réunions d'investisseurs institutionnels
• Représentation dans 17 secteurs financiers différents

Réseaux de référence

Les canaux de référence ont généré 287,4 millions de dollars de revenus en 2023, avec des réseaux, notamment:

• Conseillers financiers indépendants
• Partenaires d'investissement institutionnel
• Réseaux de développement d'entreprise

Gestion des relations avec les clients institutionnels

Catégorie client	Nombre de clients	Valeur d'engagement moyenne
Hedge funds	124	67,3 millions de dollars
Sociétés de capital-investissement	86	142,6 millions de dollars
Institutions d'entreprise	203	54,9 millions de dollars

B. Riley Financial, Inc. (Rily) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

B. Riley Financial dessert les investisseurs institutionnels ayant des services financiers spécifiques:

Métriques du segment	2023 données
Total des actifs institutionnels gérés	12,3 milliards de dollars
Nombre de clients institutionnels	237
Valeur de portefeuille moyenne	52 millions de dollars

Clients des entreprises

Les segments des clients d'entreprise comprennent:

• Les sociétés de marché intermédiaire avec 10 à 500 millions de dollars de revenus
• Sociétés publiques et privées à la recherche de conseil financier

Services d'entreprise	Volume annuel
Transactions consultatives de fusions et acquisitions	3,7 milliards de dollars
Capital Raising Deals	1,2 milliard de dollars

Individus à haute nette

Focus de la gestion de la patrimoine:

Segment HNWI	2023 statistiques
Taille du portefeuille minimum	5 millions de dollars
Total des actifs HNWI sous gestion	6,8 milliards de dollars
Valeur nette moyenne du client	25 millions de dollars

Sociétés intermédiaires

Services spécialisés pour les entreprises de taille moyenne:

• Gamme de revenus: 10 millions de dollars à 500 millions de dollars
• Industries servies: technologie, soins de santé, fabrication

Services intermédiaires	Volume annuel
Transactions consultatives	2,5 milliards de dollars
Services de restructuration	1,1 milliard de dollars

Sociétés de capital-investissement et de capital-risque

Services financiers spécialisés pour les entreprises d'investissement:

Segment PE / VC	2023 données
Clients totaux PE / VC	84
Volume de conseil en investissement	4,6 milliards de dollars
Taille moyenne du fonds client	350 millions de dollars

B. Riley Financial, Inc. (Rily) - Modèle d'entreprise: Structure des coûts

Frais de personnel et d'indemnisation

Pour l'exercice 2022, B. Riley Financial a déclaré des dépenses totales de rémunération et des avantages sociaux de 199,8 millions de dollars.

Catégorie de dépenses	Montant (millions de dollars)
Salaires et salaires	142.3
Bonus de performance	37.5
Compensation en stock	20.0

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures pour B. Riley Financial en 2022 ont totalisé environ 28,5 millions de dollars.

• Infrastructure informatique: 12,7 millions de dollars
• Systèmes de cybersécurité: 6,2 millions de dollars
• Développement de logiciels: 9,6 millions de dollars

Coûts de marketing et de développement commercial

Les dépenses de marketing et de développement commercial pour 2022 étaient de 16,3 millions de dollars.

Canal de marketing	Dépenses (millions de dollars)
Marketing numérique	6.7
Conférences et parrainages d'événements	4.5
Marketing de la relation client	5.1

Compliance et dépenses réglementaires

Les coûts liés à la conformité pour 2022 s'élevaient à 22,1 millions de dollars.

• Conformité juridique: 9,8 millions de dollars
• Représentation réglementaire: 7,3 millions de dollars
• Audit et contrôles internes: 5,0 millions de dollars

Dépenses de recherche et analyse

Les investissements de recherche et d'analyse pour 2022 étaient de 15,6 millions de dollars.

Domaine de recherche	Investissement (millions de dollars)
Étude de marché	6.2
Outils d'analyse financière	5.4
Plateformes d'analyse de données	4.0

B. Riley Financial, Inc. (Rily) - Modèle d'entreprise: Strots de revenus

Frais de banque d'investissement

Pour l'exercice 2023, B. Riley Financial a déclaré des frais de banque d'investissement totalisant 128,4 millions de dollars.

Catégorie de service	Revenus ($ m)	Pourcentage du total
Fusion & Conseil des acquisitions	52.6	41%
Levage de capitaux	45.2	35%
Services de restructuration	30.6	24%

Commissions de gestion des actifs

B. Riley Financial a généré 94,7 millions de dollars de commissions de gestion des actifs en 2023.

• Gestion du capital-investissement: 41,3 millions de dollars
• Services de gestion de patrimoine: 35,6 millions de dollars
• Fonds d'investissement alternatifs: 17,8 millions de dollars

Revenus de service consultatif

Les revenus du service consultatif ont atteint 86,5 millions de dollars en 2023.

Segment consultatif	Revenus ($ m)
Avis d'entreprise	42.3
Conseil de restructuration	28.7
Planification stratégique	15.5

Revenu de négociation des valeurs mobilières

Le revenu de négociation de titres pour 2023 était de 72,9 millions de dollars.

• Commerce des actions: 45,6 millions de dollars
• Trading à revenu fixe: 27,3 millions de dollars

Frais de transaction des marchés des capitaux

Les frais de transaction des marchés des capitaux ont totalisé 63,2 millions de dollars en 2023.

Type de transaction	Revenus ($ m)	Volume de transaction
Financement de la dette	38.7	52 transactions
Offrandes de capitaux propres	24.5	37 transactions

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.