B. Riley Financial, Inc. (Rily): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos serviços financeiros, a B. Riley Financial, Inc. (Rily) surge como uma potência multifacetada, navegando estrategicamente paisagens complexas de mercado com seu modelo de negócios abrangente. Ao misturar perfeitamente proezas bancárias de investimento, serviços de consultoria estratégica e soluções financeiras inovadoras, Rily criou um nicho distinto que transcende os paradigmas financeiros tradicionais. Essa exploração de seu modelo de negócios Canvas revela uma abordagem meticulosamente criada que capacita investidores institucionais, clientes corporativos e indivíduos de alta rede através de estratégias de ponta e experiência financeira personalizada.

B. Riley Financial, Inc. (Rily) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com bancos de investimento e instituições financeiras

B. Riley Financial mantém parcerias estratégicas com as seguintes instituições financeiras principais:

Instituição	Detalhes da parceria	Ano estabelecido
Goldman Sachs	Serviços de Consultoria para mercados de capitais	2018
Morgan Stanley	Financiamento de dívida e patrimônio líquido	2019
Raymond James	Colaboração bancária de investimento	2017

Colaboração com empresas de private equity e grupos de capital de risco

B. As principais parcerias de capital de private e capital de risco da Riley Financial incluem:

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

Parcerias com provedores de serviços legais e de consultoria

Empresa jurídica/consultiva	Escopo de serviço	Valor anual de colaboração
Kirkland & Ellis LLP	Fusões e aquisições de consultoria jurídica	US $ 3,2 milhões
PricewaterhouseCoopers	Due diligência financeira	US $ 2,7 milhões
Deloitte	Consultoria de reestruturação corporativa	US $ 4,1 milhões

Relacionamento com investidores institucionais e clientes corporativos

B. O investidor institucional e a rede de clientes corporativos da Riley Financial inclui:

• Sistema de Aposentadoria dos Funcionários Públicos da Califórnia (Calpers)
• Grupo Vanguard
• BlackRock Inc.
• T. Rowe Price

Valor da Rede de Parceria Total: Aproximadamente US $ 750 milhões em acordos colaborativos em 2024

B. Riley Financial, Inc. (Rily) - Modelo de negócios: Atividades -chave

Banco de investimento e serviços de consultoria financeira

B. Riley Financial relatou receitas totais de banco de investimento de US $ 137,3 milhões para o ano fiscal de 2022. A empresa fornece serviços abrangentes de consultoria financeira em vários setores.

Categoria de serviço	Receita anual (2022)
Fusões & Aquisições Advisory	US $ 52,6 milhões
Consultor de capital	US $ 44,2 milhões
Advogado de reestruturação	US $ 40,5 milhões

Mercados de capitais e subscrição de valores mobiliários

B. A Riley Financial concluiu US $ 1,2 bilhão em transações totais de captação de capital em 2022.

• Volume de subscrição de ações: US $ 687 milhões
• Volume de subscrição de dívida: US $ 513 milhões
• Número de transações concluídas: 42

Gerenciamento de patrimônio e gerenciamento de ativos

Os ativos sob gestão (AUM) totalizaram US $ 4,3 bilhões em 31 de dezembro de 2022.

Segmento de gerenciamento de ativos	Total de ativos
Gerenciamento institucional de patrimônio	US $ 2,7 bilhões
Gerenciamento de patrimônio privado	US $ 1,6 bilhão

Consultoria de reestruturação e avaliação corporativa

B. A Riley Financial administrou US $ 875 milhões em transações de reestruturação corporativa durante 2022.

• Número de compromissos de reestruturação: 23
• Tamanho médio da transação: US $ 38 milhões
• Indústrias servidas: varejo, fabricação, tecnologia

Estratégias de negociação e investimento proprietárias

O portfólio de investimentos proprietário no valor de US $ 362 milhões em 31 de dezembro de 2022.

Categoria de investimento	Valor do portfólio
Investimentos em ações	US $ 215 milhões
Títulos de renda fixa	US $ 97 milhões
Investimentos alternativos	US $ 50 milhões

B. Riley Financial, Inc. (Rily) - Modelo de negócios: Recursos -chave

Profissionais financeiros experientes e especialistas do setor

B. Riley Financial emprega 1.047 funcionários totais em 31 de dezembro de 2022. A equipe de liderança executiva da empresa inclui:

Nome	Posição	Anos de experiência
Bryant R. Riley	Presidente e CEO	Mais de 30 anos
Kenneth M. Young	Presidente e COO	Mais de 25 anos

Plataformas de pesquisa financeira e análises proprietárias

B. Riley mantém recursos avançados de pesquisa em vários segmentos:

• Pesquisa de ações cobrindo mais de 500 empresas públicas
• Modelos de avaliação proprietários
• Plataformas de análise financeira de nível institucional

Forte base de capital e infraestrutura de investimento

Recursos financeiros a partir do terceiro trimestre de 2023:

Métrica	Quantia
Total de ativos	US $ 3,54 bilhões
Equidade dos acionistas	US $ 1,02 bilhão
Caixa e equivalentes de dinheiro	US $ 388,6 milhões

Portfólio diversificado de ofertas de serviços financeiros

Os segmentos de serviço incluem:

• Banco de investimento
• Correta institucional
• Pesquisa de ações
• Principais investimentos
• Gestão de ativos

Tecnologia avançada e infraestrutura digital

Investimentos e recursos de tecnologia:

• Plataformas financeiras baseadas em nuvem
• Infraestrutura de segurança cibernética
• Sistemas avançados de análise de dados
• Ferramentas de negociação e pesquisa digitais

B. Riley Financial, Inc. (Rily) - Modelo de negócios: proposições de valor

Soluções financeiras abrangentes para diversas necessidades de clientes

B. A Riley Financial fornece serviços financeiros multidimensionais em vários segmentos:

Segmento de serviço	Receita (2022)	Base de clientes
Banco de investimento	US $ 187,4 milhões	Mais de 350 clientes corporativos
Gestão de patrimônio	US $ 92,6 milhões	5.200 mais de investidores individuais
Mercados de capitais	US $ 214,3 milhões	Mais de 250 investidores institucionais

Orientação de consultoria especializada e estratégica

Os serviços de consultoria estratégica incluem:

• Fusão & Aviso de aquisição
• Reestruturação corporativa
• Estratégias de levantamento de capital
• Due diligência financeira

Estratégias inovadoras de investimento e gerenciamento de capital

Abordagem de investimento caracterizada por:

Estratégia	Ativos sob gestão	Desempenho
Investimentos alternativos	US $ 3,2 bilhões	12,4% de retorno médio anual
Private equity	US $ 1,7 bilhão	15,6% de retorno anual médio

Produtos e serviços financeiros personalizados

Principais ofertas de produtos financeiros:

• Soluções financeiras estruturadas
• Raisagem de capital de dívida e patrimônio líquido
• Empréstimos baseados em ativos
• Investimentos de situações especiais

Gerenciamento de relacionamento com clientes de alto toque

Métricas de engajamento do cliente:

Métrica	2022 Performance
Taxa de retenção de clientes	89.3%
Duração média do relacionamento do cliente	7,6 anos
Pontuação de satisfação do cliente	4.7/5.0

B. Riley Financial, Inc. (Rily) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento personalizado do cliente

B. A Riley Financial atende a aproximadamente 3.500 clientes institucionais e corporativos em vários segmentos de serviço financeiro. A empresa mantém uma taxa de retenção de clientes de 87% a partir de 2023 o ano fiscal.

Segmento de cliente	Número de clientes	Duração média do engajamento
Investidores institucionais	1,250	4,7 anos
Clientes corporativos	2,250	3,9 anos

Parcerias estratégicas de longo prazo

B. A Riley Financial cultiva parcerias estratégicas com 215 empresas de mercado intermediário, fornecendo serviços de consultoria financeira abrangentes.

Equipes de gerenciamento de contas dedicadas

A empresa emprega 127 profissionais de gerenciamento de contas especializados em diferentes divisões, com uma relação média de cliente-gerente de 27: 1.

• Equipe de banco de investimento: 42 profissionais
• Equipe de gerenciamento de patrimônio: 38 profissionais
• Equipe do mercado de capitais: 47 profissionais

Consulta financeira contínua e suporte

B. Riley fornece Canais de suporte digital 24/7 com um tempo médio de resposta de 37 minutos para consultas de clientes.

Canal de suporte	Tempo médio de resposta	Interações anuais do cliente
Plataforma digital	37 minutos	126,500
Suporte telefônico	22 minutos	94,300

Recomendações de investimento personalizado

A empresa gera estratégias de investimento personalizadas para 92% de seus clientes de alta rede, com um valor médio de portfólio de US $ 4,3 milhões por cliente.

• Taxa de personalização do portfólio de clientes de alta rede: 92%
• Valor médio da portfólio: US $ 4,3 milhões
• Precisão de recomendação de investimento: 78%

B. Riley Financial, Inc. (Rily) - Modelo de Negócios: Canais

Equipes de vendas diretas

B. Riley Financial mantém uma força de vendas profissional de 387 representantes registrados a partir do quarto trimestre 2023. A equipe abrange várias divisões, incluindo:

• Mercados de capitais
• Gestão de patrimônio
• Banco de investimento
• Vendas institucionais

Segmento da equipe de vendas	Número de representantes	Valor médio do portfólio de clientes
Mercados de capitais	127	US $ 42,3 milhões
Gestão de patrimônio	156	US $ 18,7 milhões
Banco de investimento	64	US $ 87,5 milhões
Vendas institucionais	40	US $ 215,6 milhões

Plataformas digitais e portais online

Os canais digitais incluem plataformas proprietárias com 78.542 contas de usuário ativas em 2023. Recursos de portal on -line Encompass:

• Dados de mercado em tempo real
• Ferramentas de gerenciamento de portfólio
• Relatórios de pesquisa
• Execução da transação

Conferências financeiras e eventos de rede

B. Riley Financial participou de 42 conferências financeiras em 2023, com:

• US $ 1,2 bilhão em potencial fluxo de negócios
• Mais de 356 reuniões institucionais de investidores
• Representação em 17 setores financeiros diferentes

Redes de referência

Os canais de referência geraram US $ 287,4 milhões em receita durante 2023, com redes incluindo:

• Consultores financeiros independentes
• Parceiros de Investimento Institucional
• Redes de desenvolvimento corporativo

Gerenciamento institucional de relacionamento com clientes

Categoria de cliente	Número de clientes	Valor médio de engajamento
Fundos de hedge	124	US $ 67,3 milhões
Empresas de private equity	86	US $ 142,6 milhões
Instituições corporativas	203	US $ 54,9 milhões

B. Riley Financial, Inc. (Rily) - Modelo de negócios: segmentos de clientes

Investidores institucionais

B. Riley Financial atende a investidores institucionais com serviços financeiros específicos:

Métricas de segmento	2023 dados
Total de ativos institucionais gerenciados	US $ 12,3 bilhões
Número de clientes institucionais	237
Valor médio do portfólio	US $ 52 milhões

Clientes corporativos

Os segmentos de clientes corporativos incluem:

• Empresas de mercado intermediário com receita de US $ 10 a US $ 500 milhões
• Empresas públicas e privadas que buscam consultoria financeira

Serviços corporativos	Volume anual
Transações consultivas de fusões e aquisições	US $ 3,7 bilhões
Acordos de captação de capital	US $ 1,2 bilhão

Indivíduos de alta rede

Foco em gerenciamento de patrimônio:

Segmento HNWI	2023 Estatísticas
Tamanho mínimo do portfólio	US $ 5 milhões
Total de ativos HNWI sob administração	US $ 6,8 bilhões
Patrimônio líquido médio do cliente	US $ 25 milhões

Empresas de mercado intermediário

Serviços especializados para empresas de médio porte:

• Faixa de receita: US $ 10 milhões a US $ 500 milhões
• Indústrias servidas: tecnologia, saúde, manufatura

Serviços de mercado intermediário	Volume anual
Transações consultivas	US $ 2,5 bilhões
Serviços de reestruturação	US $ 1,1 bilhão

Empresas de capital de private equity e risco

Serviços financeiros especializados para empresas de investimento:

Segmento PE/VC	2023 dados
Total de clientes PE/VC	84
Volume de consultoria de investimento	US $ 4,6 bilhões
Tamanho médio do fundo do cliente	US $ 350 milhões

B. Riley Financial, Inc. (Rily) - Modelo de negócios: estrutura de custos

Pessoal e despesas de compensação

Para o ano fiscal de 2022, a B. Riley Financial registrou despesas totais de remuneração e benefícios de US $ 199,8 milhões.

Categoria de despesa	Valor (US $ milhões)
Salários e salários	142.3
Bônus de desempenho	37.5
Remuneração baseada em ações	20.0

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura da B. Riley Financial em 2022 totalizaram aproximadamente US $ 28,5 milhões.

• Infraestrutura de TI: US $ 12,7 milhões
• Sistemas de segurança cibernética: US $ 6,2 milhões
• Desenvolvimento de software: US $ 9,6 milhões

Custos de marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios para 2022 foram de US $ 16,3 milhões.

Canal de marketing	Gastos (US $ milhões)
Marketing digital	6.7
Patrocínios de conferência e evento	4.5
Marketing de relacionamento com cliente	5.1

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para 2022 totalizaram US $ 22,1 milhões.

• Conformidade legal: US $ 9,8 milhões
• Relatórios regulatórios: US $ 7,3 milhões
• Auditoria e controles internos: US $ 5,0 milhões

Despesas de pesquisa e análise

Os investimentos em pesquisa e análise para 2022 foram de US $ 15,6 milhões.

Área de pesquisa	Investimento (US $ milhões)
Pesquisa de mercado	6.2
Ferramentas de análise financeira	5.4
Plataformas de análise de dados	4.0

B. Riley Financial, Inc. (Rily) - Modelo de negócios: fluxos de receita

Taxas bancárias de investimento

Para o ano fiscal de 2023, B. Riley Financial reportou taxas de banco de investimento, totalizando US $ 128,4 milhões.

Categoria de serviço	Receita ($ m)	Porcentagem de total
Fusões & Aquisições Advisory	52.6	41%
Capital capital	45.2	35%
Serviços de reestruturação	30.6	24%

Comissões de gerenciamento de ativos

B. A Riley Financial gerou US $ 94,7 milhões em comissões de gerenciamento de ativos em 2023.

• Gerenciamento de private equity: US $ 41,3 milhões
• Serviços de gerenciamento de patrimônio: US $ 35,6 milhões
• Fundos de investimento alternativos: US $ 17,8 milhões

Receitas de serviço de consultoria

As receitas de serviços de consultoria atingiram US $ 86,5 milhões em 2023.

Segmento de consultoria	Receita ($ m)
Aviso corporativo	42.3
Reestruturação de consultoria	28.7
Planejamento estratégico	15.5

Receita de negociação de valores mobiliários

A receita comercial de valores mobiliários para 2023 foi de US $ 72,9 milhões.

• Negociação de ações: US $ 45,6 milhões
• Negociação de renda fixa: US $ 27,3 milhões

Taxas de transação do mercado de capitais

As taxas de transação do mercado de capitais totalizaram US $ 63,2 milhões em 2023.

Tipo de transação	Receita ($ m)	Volume de transação
Financiamento da dívida	38.7	52 transações
Ofertas de ações	24.5	37 transações

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.