B. Riley Financial 10-Q: Debt Details for Q2 2024

TL;DR

B. Riley Financial's Q2 2024 10-Q shows ongoing debt, including notes due in 2025 and 2026.

AI Summary

B. Riley Financial, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including various debt instruments such as the A6.375% Senior Notes due 2025 and A5.00% Senior Notes due 2026. The company is incorporated in Delaware and its fiscal year ends on December 31.

Why It Matters

This filing provides investors with a detailed look at B. Riley Financial's financial health and its outstanding debt obligations, which are crucial for assessing the company's risk and future prospects.

Risk Assessment

Risk Level: medium — The filing details various senior notes and preferred stock, indicating a significant level of debt and financial leverage.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter covered by the report.)
• 2025-12-31 — Fiscal Year End (Defines the company's annual financial reporting cycle.)

Key Players & Entities

• B. Riley Financial, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• A6.375% Senior Notes due 2025 (dollar_amount) — Specific debt instrument
• A5.00% Senior Notes due 2026 (dollar_amount) — Specific debt instrument
• Delaware (location) — State of incorporation

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share RILY Nasdaq Global Market De

Filing Documents

• rily-20240630.htm (10-Q) — 3831KB
• exhibit102-seventhamendmen.htm (EX-10.2) — 66KB
• exhibit103-amendmentno3ton.htm (EX-10.3) — 1511KB
• rily-20240630xexx311.htm (EX-31.1) — 10KB
• rily-20240630xexx312.htm (EX-31.2) — 10KB
• rily-20240630xexx313.htm (EX-31.3) — 10KB
• rily-20240630xexx321.htm (EX-32.1) — 5KB
• rily-20240630xexx322.htm (EX-32.2) — 5KB
• rily-20240630xexx323.htm (EX-32.3) — 4KB
• 0001628280-25-001398.txt ( ) — 23282KB
• rily-20240630.xsd (EX-101.SCH) — 117KB
• rily-20240630_cal.xml (EX-101.CAL) — 130KB
• rily-20240630_def.xml (EX-101.DEF) — 866KB
• rily-20240630_lab.xml (EX-101.LAB) — 1278KB
• rily-20240630_pre.xml (EX-101.PRE) — 1101KB
• rily-20240630_htm.xml (XML) — 4467KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1. Unaudited Condensed Consolidated Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of June 30 , 2024 and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30 , 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 30 , 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Equity (Deficit) for the three and six months ended June 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 7 Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 64 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 96 Item 4.

Controls and Procedures

Controls and Procedures 97

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 99 Item 1A.

Risk Factors

Risk Factors 100 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 101 Item 3. Defaults Upon Senior Securities 101 Item 4. Mine Safety Disclosures 101 Item 5. Other Information 101 Item 6. Exhibits 102

SIGNATURES

SIGNATURES 104 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Dollars in thousands, except par value) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Assets: Cash and cash equivalents $ 236,895 $ 231,964 Restricted cash 1,728 1,875 Due from clearing brokers 40,911 51,334 Securities and other investments owned, at fair value 664,070 1,092,106 Securities borrowed 742,940 2,870,939 Accounts receivable, net of allowance for credit losses of $ 7,253 and $ 7,339 as of June 30, 2024 and December 31, 2023, respectively 115,681 115,496 Due from related parties 905 172 Loans receivable, at fair value (includes $ 171,748 and $ 378,768 from related parties as of June 30, 2024 and December 31, 2023, respectively) 229,199 532,419 Prepaid expenses and other assets (includes $ 24,579 and $ 11,802 from related parties as of June 30, 2024 and December 31, 2023, respectively) 221,464 237,327 Operating lease right-of-use assets 83,763 87,605 Property and equipment, net 44,689 25,206 Goodwill 502,341 472,326 Other intangible assets, net 319,320 322,014 Deferred income taxes 32,376 33,595 Total assets $ 3,236,282 $ 6,074,378 LIABILITIES AND EQUITY (DEFICIT) Liabilities: Accounts payable $ 58,932 $ 44,550 Accrued expenses and other liabilities 259,916 273,193 Deferred revenue 65,421 71,504 Due to related parties and partners 2,067 2,731 Securities sold not yet purchased 4,765 8,601 Securities loaned 733,552 2,859,306 Operating lease liabilities 94,924 98,563 Notes payable 30,039 19,391 Revolving credit facility 19,809 43,801 Term loans, net 581,395 625,151 Senior notes payable, net 1,528,565 1,668,021 Total liabilities 3,379,385 5,714,812 Commitments and contingencies (Note 16) B. Riley Financial, Inc. equity (deficit): Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; 4,563 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; and liquidati

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