B. Riley Financial, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>B. Riley Financial, Inc. has submitted its 2023 10-K filing, detailing financial performance and key balance sheet items.</b>

AI Summary

B. Riley Financial, Inc. (RILYT) filed a Annual Report (10-K) with the SEC on April 24, 2024. B. Riley Financial, Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as common stock, preferred stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income are detailed. The company's principal business address is 11100 Santa Monica Blvd, Suite 800, Los Angeles, CA 90025. The filing references specific debt instruments including Senior Notes due in 2024, 2025, 2026, and 2028.

Why It Matters

For investors and stakeholders tracking B. Riley Financial, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of B. Riley Financial's financial position and performance for the fiscal year 2023, allowing investors to assess its stability and growth. The detailed breakdown of various financial instruments and equity components offers insights into the company's capital structure and its management of debt and equity.

Risk Assessment

Risk Level: medium — B. Riley Financial, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure, but the specific financial details and debt instruments mentioned require careful review to assess the company's financial health and risks.

Analyst Insight

Review the detailed financial statements and debt obligations within the 10-K to understand B. Riley Financial's current financial standing and future commitments.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-24 — Filing Date (Date of submission)
• 001-37503 — SEC File Number (Company's SEC file number)
• 0001464790 — Central Index Key (Company's unique identifier)

Key Players & Entities

• B. Riley Financial, Inc. (company) — Filer name
• Great American Group, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-24 (date) — Filing date
• 11100 Santa Monica Blvd, Suite 800, Los Angeles, CA 90025 (address) — Business and mailing address
• 818-884-3737 (phone) — Business phone number

FAQ

Industry Context

B. Riley Financial operates in the financial services sector, providing investment banking, financial advisory, and capital markets services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports detailing their financial condition.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Review the notes to the financial statements for details on debt, equity, and other financial instruments.
3. Assess any disclosed risk factors or management discussions that may impact future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-24: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; a comparison to the previous year's filing would require access to that document.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share RILY Nasdaq Global Market De
• $287.0 million — ("AUM") for this business totaled over $287.0 million as of December 31, 2023. Direct Lendi
• $1.0 — icipate in rounds by allocating between $1.0-10.0 million as part of a larger round
• $25.4 billion — anagement segment totaled approximately $25.4 billion as of December 31, 2023. Financial Co
• $216.5 million — d an equity interest in Freedom VCM for $216.5 million in cash in connection with the closing
• $64.6 million — ad the sole power to vote or dispose of $64.6 million of shares of FRG common stock (based on
• $20.9 million — ion, and (iii) Mr. Kahn owed a total of $20.9 million to us under the Advisory Agreement whic
• $200.5 million — diary the aggregate principal amount of $200.5 million and bears interest at the rate of 12% p
• $227.3 million — in the FRG take-private transaction) of $227.3 million as of August 21, 2023. On January 22, 2
• $232.1 million — st owned by Mr. Kahn and his spouse was $232.1 million as of December 31, 2023. Amounts owing

Filing Documents

• rily-20231231.htm (10-K) — 4310KB
• exhibit1034-formofrsuaward.htm (EX-10.34) — 14KB
• exhibit211subsidiarieslist.htm (EX-21.1) — 118KB
• rily-20231231xexx311.htm (EX-31.1) — 10KB
• rily-20231231xexx312.htm (EX-31.2) — 10KB
• rily-20231231xexx313.htm (EX-31.3) — 10KB
• rily-20231231xexx321.htm (EX-32.1) — 5KB
• rily-20231231xexx322.htm (EX-32.2) — 5KB
• rily-20231231xexx323.htm (EX-32.3) — 5KB
• exhibit971-clawbackpolicy.htm (EX-97.1) — 33KB
• image_0a.jpg (GRAPHIC) — 8KB
• rily-20231231_g1.jpg (GRAPHIC) — 104KB
• 0001628280-24-017512.txt (&nbsp;) — 24213KB
• rily-20231231.xsd (EX-101.SCH) — 138KB
• rily-20231231_cal.xml (EX-101.CAL) — 186KB
• rily-20231231_def.xml (EX-101.DEF) — 936KB
• rily-20231231_lab.xml (EX-101.LAB) — 1484KB
• rily-20231231_pre.xml (EX-101.PRE) — 1262KB
• rily-20231231_htm.xml (XML) — 4621KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 47 Item 1C. C ybersecurity 47 Item 2.

Properties

Properties 48 Item 3.

Legal Proceedings

Legal Proceedings 48 Item 4. Mine Safety Disclosures 49 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 50 Item 6. Reserved 51 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 71 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 72 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72 Item 9A.

Controls and Procedures

Controls and Procedures 72 Item 9B. Other Information 75 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 75 PART III Item 10. Directors, Executive Officers and Corporate Governance 76 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 76 Item 13. Certain Relationships and Related Transactions, and Director Independence 76 Item 14. Principal Accountant Fees and Services 76 PART IV Item 15. Exhibits and Financial Statement Schedules 77 Item 16. Form 10-K Summary 83

Signatures

Signatures 84 i Table of Contents PART I This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "may," "will," "should," "could," "future," "likely," "predict," "project," "potential," "continue," "estimate" and similar expressions are generally intended to identify forward-looking statements but are not exclusive means of identifying forward-looking statements in this Annual Report. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date on which this Annual Report was filed with the Securities and Exchange Commission (the "SEC"). Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements, including our plans, objectives, expectations and intentions and other factors discussed in "Part I—Item 1A. Risk Factors" contained in this Annual Report. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Except as otherwise required by the context, references in this Annual Report to " the Company," "B. Riley," "B. Riley Financial," "we," "us" or "our" refer to the combined business of B. Riley Financial, Inc. and all of its subsidiaries.

BUSINESS

Item 1. BUSINESS Overview B. Riley Financial, Inc. (Nasdaq: RILY) (the "Company") is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. We operate through several consolidated subsidiaries (collectively, "B. Riley") that provide investment banking, brokerage, wealth management, asset management, direct lending, business advisory, valuation, and asset disposition services to a broad client base spanning public and private companies, financial sponsors, investors, financial institutions, legal and professional services firms, and individuals. The Company opportunistically invests in and acquires companies or assets with attractive risk-adjusted return profiles to benefit our shareholders. We own and operate several uncorrelated consumer businesses and invest in brands on a principal basis. Our approach is focused on high quality companies and assets in industries in which we have extensive knowledge and can benefit from our experience to make operational improvements and maximize free cash flow. Our principal investments often leverage the financial, restructuring, and operational expertise of our professionals who work collaboratively across disciplines. We refer to B. Riley as a "platform" because of the unique composition of our business. Our platform has grown considerably and become more diversified over the past several years. We have increased our market share and expanded the depth and breadth of our businesses both organically and through opportunistic acquisitions. Our increasingly diversified platform enables us to invest opportunistically and to deliver strong long-term investment performance throughout a range of economic cycles. Our platform is comprised of more than 2,700 affiliated professionals, including employees and independent contractors. We are headquartered in Los Angeles, California and maintain offices throughout the U.S., includ

View Full Filing

View this 10-K filing on SEC EDGAR