RILY

Interested in B. Riley Financial, Inc.? Here are five stocks we like better. B. Riley reported a strong second quarter, with $19 million in net income attributable to common shareholders, or $0.45 per diluted share, and revenue of $239 million. Management called it the company’s best core operating quarter in nearly three years. Revenue growth was supported by higher investment banking and brokerage fees and $30 million in carried-interest management fees tied to funds owning SpaceX. Capital markets and wealth management performed well, while communications exceeded budget; Targus remained unprofitable with a $6 million quarterly loss. The company reduced total debt to $1.277 billion and said it has sufficient cash and investments to cover its remaining 2026 maturities of $142 million and $164 million. Management does not currently plan to reinstate cash dividends on preferred securities. Marvell's New AI Chip Deals Capture Wall Street’s Attention B. Riley Financial (NASDAQ:RILY) reported second-quarter net income attributable to common shareholders of $19 million, or $0.45 per diluted share, as its capital markets, wealth management and communications businesses contributed to what Chairman, Founder and Co-CEO Bryant Riley called the company’s best core operating quarter in nearly three years. The company posted $239 million in second-quarter revenue, up $14 million from a year earlier. Operating adjusted EBITDA was $66 million, while adjusted EBITDA was $61 million. For the first half of 2026, B. Riley reported net income of $230 million, or $6.47 per diluted share, on revenue of $591 million. First-half operating adjusted EBITDA totaled $100 million. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Is indie Semi Taking the Driver’s Seat in Autonomous Vehicles? Riley said the company generated trailing-12-month net income attributable to common shareholders of $404 million and operating adjusted EBITDA of $182 million. He attributed the quarterly performance to the underlying earnings of the company’s operating units, including capital markets execution, wealth management cost controls, cash generation from communications operations and progress at its consumer-products business. Chief Financial Officer Scott Yessner said service and fee revenue rose $27.8 million year over year to $174 million during the second quarter. The increase included a $5.7 million gain in investment banking and brokerage fees and $30 million of management fees from carried interest in funds that own SpaceX. Those gains were partly offset by a $5.8 million decline in telecommunications and other revenue. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Second-quarter trading gains were $12.9 million, down $14.8 million from a year earlier, primarily because of a lower fair value on the company’s Babcock & Wilcox investment, Yessner said. Operating expenses declined $13.6 million to $201 million in the quarter. The reduction reflected lower selling, general and administrative expenses, including occupancy, legal and other costs; lower telecom-related cost of goods sold and services; and lower consumer-product costs. Results also included $1.9 million in restructuring charges tied to the contemplated combination of B. Riley Securities and B. Riley Wealth. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling For the first six months, revenue increased $180 million year over year, aided by $146 million in higher trading gains, including $131 million related to the Babcock & Wilcox investment. First-half service and fee income rose $21 million, supported by investment banking and brokerage fees as well as SpaceX-related carried interest management fees. The capital markets segment, consisting of B. Riley Securities, reported second-quarter revenue of $54 million and income of $13 million. During the first half, segment revenue was $226 million and income was $150 million, driven in part by higher investment banking and capital markets fee income and trading gains tied to Babcock & Wilcox. Riley said the firm participated in transactions representing $21 billion in aggregate deal value during the second quarter, including $8.5 billion in combined equity and debt issuances. The company also served as an agent on new at-the-market, or ATM, filings representing more than $12 billion in aggregate value. Co-CEO Tom Kelleher said ATM fees more than doubled sequentially and that the firm saw strength in AI data-center infrastructure, power-related financing and business development company capital raising. He also said the company had reactivated several previously inactive institutional trading accounts and added five senior producers during the quarter. The wealth segment generated $58 million in quarterly revenue and $18 million in income. It ended the quarter with $12 billion in assets under management and 184 financial advisors. Kelleher said the company has completed back-office integrations between B. Riley Securities and B. Riley Wealth, consolidated certain accounting, finance and end-market teams, and undertaken vendor rationalization efforts. The communications business group, which includes Lingo, magicJack, Marconi Wireless and United Online, reported aggregate second-quarter revenue of $58 million and income of $14 million. For the first half, revenue was $118 million and income was $27 million. Yessner said first-half income increased $4.6 million despite a $9 million decline in revenue. Kelleher said the communications portfolio finished the quarter ahead of budget because of operating efficiencies and is expected to finish 2026 ahead of budget. He said the portfolio has generated more than $1.5 billion in revenue and approximately $300 million in operating income since 2018. Targus, the company’s consumer-products segment, reported second-quarter revenue of $44 million and a $6 million loss. First-half revenue was $88 million and the loss was $8 million. Kelleher said targeted distribution-channel improvements helped narrow the segment’s first-half loss, while management is streamlining operations and reducing structural costs. Yessner said total debt declined by $497 million from Dec. 31, 2024, to $1.277 billion at June 30, 2026. Interest expense fell $6 million year over year to $18 million in the second quarter. Cash equivalents and restricted cash totaled $156 million at quarter-end, compared with $229 million at the end of 2025. The company reported securities and other investments of $724 million at June 30, up $277 million from year-end. The increase was primarily driven by a $213 million fair-value increase in the Babcock & Wilcox investment and a $43 million increase in partnership interests related to carried interest in funds that own SpaceX. B. Riley has two senior-note maturities remaining in 2026: $142 million due Sept. 30 and $164 million due Dec. 31. In response to an analyst question, Yessner said the company had enough investments and cash to fund the year-end maturities, while Riley said management would not rule out potential capital actions as it evaluates the most productive use of its assets and cash. Riley also said the company does not currently plan to restore cash dividends on preferred securities, stating that management believes capital can presently generate higher returns in other uses. B. Riley Financial, Inc, headquartered in Los Angeles, California, is a diversified financial services company offering a broad range of advisory and investment solutions to individual, corporate and institutional clients. Since its founding in 1997 by Bryant E. Riley, the firm has expanded its capabilities across two primary segments: financial solutions and operations solutions. Its financial solutions segment provides investment banking services, equity research, merger and acquisition advisory, corporate finance, restructuring advisory and private capital solutions. In addition to traditional investment banking, B. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "B. Riley Financial Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Second Quarter 2026 Net Income Available to Common Shareholders of $18.5 Million;Second Quarter 2026 Adjusted EBITDA of $61.3 Million; Operating Adjusted EBITDA of $66.0 Million LOS ANGELES, Aug. 6, 2026 /PRNewswire/ -- BRC Group Holdings, Inc. (Nasdaq: RILY) ("BRCGH" or the "Company"), a diversified holding company, today released its financial results for the three and six months ended June 30, 2026. Second Quarter and Six Months Ended June 30, 2026 Highlights Revenues: Year-to-date revenues increased 44% to $591.2 million; second quarter revenues increased to $239.1 million, up from $225.3 million in the prior-year period. Net Income: Year-to-date net income available to common shareholders increased 83% to $229.8 million, or $6.47 per diluted share. Second quarter net income was $18.5 million, compared to $137.5 million in the prior-year period. Adjusted EBITDA(3): Year-to-date Adjusted EBITDA increased to $323.4 million, up from $14.7 million in the prior year period. Second quarter Adjusted EBITDA was $61.3 million, with Operating Adjusted EBITDA(4) of $66.0 million. Debt Reduction: Total Debt decreased by $150.7 million during the first six months to $1.28 billion, Net Debt(5) reduced by $341.7 million to $285.2 million. Investment Portfolio: Total Investments(6) increased to $804.5 million, including $723.7 million of securities and other investments owned as of June 30, 2026. Talent Recruiting: Five senior producers added to B. Riley Securities during the quarter, including three key alumni. Bryant Riley, Chairman and Co-Chief Executive Officer, commented: "For the second quarter, we generated $18.5 million in net income, and $66.0 million in Operating Adjusted EBITDA - our highest core operating result since the third quarter of 2023. Over the first six months of the year, net income totaled $229.8 million and we continued to strengthen our balance sheet, reducing Net Debt by $341.7 million over the first six months to $285.2 million as of quarter-end. These consolidated results were supported by the strong foundation of our diversified platform, anchored by proven deal execution in Capital Markets, disciplined operating leverage in Wealth Management, reliable cash conversion in our Communications portfolio, and steady operational progress in Consumer Products." "B. Riley Securities delivered a strong quarter, translating deepened client relationships into deal execution, and drawing senior talent to the firm. We participated in transactions representing over $21 billion in total deal value, and helped clients raise $8.5 billion in combined equity and debt capital. This included $3.5 billion in equity issuance - our highest level in over four years - and nearly $5.0 billion in debt issuance, extending a record 12-month run. We saw particular strength in sectors driving today's capital formation, including AI and data center infrastructure, power and energy, and business development companies (BDCs). The momentum we are creating makes us a destination for top talent, evidenced by the five senior producers we added this quarter - including alumni choosing to rejoin our platform." "A core differentiator of our platform is our ability to convene the market and surface proprietary ideas. In May, our 26th Annual Institutional Investor Conference brought issuers and investors together around approximately 180 companies, alongside our 15th 'Big Fighters, Big Cause' charitable gala. Our focus remains on execution and creative capital deployment to deliver for our colleagues, clients, partners, and shareholders, and we look forward to carrying this momentum into our Consumer TMT Conference in New York on September 10th, and our annual Convergence Conference in December." Second Quarter and Six Months Ended June 30, 2026 Financial Summary Net income available to common shareholders was $18.5 million, or $0.45 per diluted share, for the second quarter 2026, compared to $137.5 million, or $4.50 per diluted share, for the second quarter 2025, primarily due to substantial income from discontinued operations and gain on senior note exchange included in the prior-year period. For the six months 2026, net income available to common shareholders increased to $229.8 million, or $6.47 per diluted share, from $125.5 million, or $4.11 per diluted share, for the six months 2025, driven primarily by substantial gains on the Company's investment portfolio. Revenues were $239.1 million in the second quarter 2026, up from $225.3 million in the second quarter 2025, driven primarily by a 50% year-over-year increase in Wealth Management segment revenues. For the six months 2026, revenues increased 44% to $591.2 million, up from $411.4 million in the year-ago period, primarily due to substantial trading gains in 2026 and higher service and fees revenue in Capital Markets. Adjusted EBITDA(3) was $61.3 million in the second quarter 2026, up from $60.0 million in the second quarter 2025. For the six months 2026, Adjusted EBITDA(3) was $323.4 million, up from $14.7 million for the same year-ago period. Operating Adjusted EBITDA(4) was $66.0 million for the second quarter 2026, up from $43.3 million in the second quarter 2025. For the six months 2026, Operating Adjusted EBITDA(4) was $100.4 million, up from $38.3 million for the six months 2025. Net Debt(5) decreased to $285.2 million at June 30, 2026 from $627.0 million at December 31, 2025, a decrease of approximately $341.7 million, with Total Debt of $1.28 billion, down from $1.43 billion. The reduction in Net Debt was primarily due to investment appreciation. Cash, cash equivalents, and restricted cash totaled $155.6 million at June 30, 2026, compared to $229.3 million at December 31, 2025. Total Investments(6) increased to $804.5 million at June 30, 2026, up from $520.5 million at December 31, 2025, with securities and other investments owned of $723.7 million, up from $446.8 million. Segment Operations Second Quarter and Six Months Ended June 30, 2026 Financial Results Summary Capital Markets: Segment revenues were $53.7 million for the second quarter 2026, compared to $61.3 million in the second quarter 2025, and segment income was $13.1 million compared to $17.2 million for the same year ago period. For the six months, segment revenues increased to $225.8 million from $63.4 million for the prior year six month period, and segment income increased to $150.4 million, up from a loss of $(18.5) million, driven primarily by investment gains and increases in underwriting and advisory activity. Wealth Management: Segment revenues increased to $58.0 million in the second quarter 2026, up from $38.6 million in the second quarter 2025, and segment income increased to $17.5 million, up from a loss of $(1.3) million. For the six months, segment revenues rose to $110.1 million from $85.9 million, and segment income increased to $33.5 million from $0.4 million. The improvement in segment revenue and segment income for the quarter and year-to-date periods was driven primarily by strong contributions from high-margin structured financing and carried-interest activity. B. Riley Wealth had approximately $12.1 billion of client assets under management at June 30, 2026. Communications Business Group ("CBG") (Lingo, magicJack, Marconi Wireless, and UOL Reportable Segments): On a combined basis, CBG revenues were $57.6 million in the second quarter 2026 compared to $62.2 million in the second quarter 2025, while CBG income increased to $14.0 million for the second quarter 2026, up from $11.4 million in the second quarter 2025. For the six months, CBG revenues, on a combined basis, were $117.5 million, compared to $126.7 million, and CBG income rose to $26.5 million, up from $22.0 million. CBG income improved primarily due to successful cost reduction initiatives, which more than offset a revenue decline driven by expected customer attrition. Consumer Products: Segment revenues increased to $43.5 million in the second quarter 2026, up from $43.3 million in the second quarter 2025, and segment loss narrowed to $(5.7) million from $(5.9) million. For the six months, segment revenues increased to $87.7 million, up from $85.4 million, and segment loss narrowed to $(8.3) million, from $(11.0) million, driven by improvements across distribution and e-commerce channel sales. Change in Non-GAAP Measures PresentationThe Company has updated its Operating Adjusted EBITDA calculation with adjustments that management believes better bifurcate investments from operating businesses and reflect true core operational performance. The updated calculation, applied consistently across all comparable periods, now excludes income and loss related to the Company's equity investment in Great American Holdings, LLC, as well as the non-controlling interest associated with investment gains and losses attributable to B. Riley Securities Holdings, Inc. and its subsidiaries. Earnings CallManagement will discuss the Company's financial performance and operational highlights, followed by a question-and-answer session with analysts and investors. Date: Thursday, August 6, 2026Time: 4:30 p.m. ET (1:30 p.m. PT)Link: https://ir.brcgh.com/events-and-presentations Investors may access the call via the Company's website at ir.brcgh.com under "Events and Presentations." A replay of the call will be available at the same location until Thursday, August 20, 2026. About BRC Group Holdings, Inc.BRC Group Holdings, Inc. (Nasdaq: RILY) is a diversified holding company, including financial services, communications, and retail, and investments in equity, debt and venture capital. Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. Our banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Our wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Our communications businesses provide consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Our retail businesses provide mobile computing accessories and home furnishings. BRCGH deploys its capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. For more information, please visit www.brcgh.com. Note Regarding Use of Non-GAAP Financial MeasuresCertain of the information set forth herein, including Operating Revenue, Investment Gains (Losses), Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt, may be considered non-GAAP financial measures. BRC Group Holdings, Inc. believes this information is useful to investors because it provides a basis for measuring the Company's available capital resources, the operating performance of its business and its revenues and cash flow, (i) including in the case of Operating Revenue, services and fees, interest income – loans, interest income - securities lending, fixed income spread, trading gains attributable to variable rate transaction spread, and sales of goods; (ii) including in the case of Investment Gains (Losses), trading gains (losses), net and fair value adjustments on loans, less fixed income spread and trading gains attributable to variable rate transaction spread; (iii) excluding in the case of Adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, restructuring charge, gain or loss on extinguishment of debt, gain on bargain purchase, gain on sale and deconsolidation of businesses, gain on senior note exchange, impairment of goodwill and tradenames, share-based compensation and transaction related and other costs; (iv) excluding in the case of Operating Adjusted EBITDA, the aforementioned adjustments for adjusted EBITDA as well as trading gains (losses), net, net of fixed income and variable rate transaction spread, fair value adjustments on loans, realized and unrealized gains (losses) on investments net of variable rate transaction spread, gains (losses) on investments attributable to non-controlling interest, and income (loss) related to the Company's equity investment in Great American Holdings, LLC; (v) including in the case of Total Investments, securities and other investments owned net of (a) securities sold not yet purchased, at fair value and (b) noncontrolling interest related to investments from continuing operations, loans receivable, at fair value net of loan participations sold, equity investments, and other investments reported in prepaid and other assets; and (vi) including in the case of Net Debt, term loans, net, senior notes payable, net, revolving credit facility, and notes payable net of (a) cash and cash equivalents, (b) restricted cash, (c) due from clearing brokers net of due to clearing brokers, and (d) aforementioned included items of Total Investments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the Company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies. Footnotes See "Note Regarding Use of Non-GAAP Financial Measures" for further discussion of these non-GAAP terms. A reconciliation of Operating Revenues, Investment Gains (Losses), Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt to the comparable GAAP financial measures is included in the financial statements portion of this press release. Forward-Looking StatementsStatements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our expected future financial and operational results; our expectations regarding the continued strength, deal execution, and operating leverage of our core businesses; and our ability to execute on disciplined capital allocation and further debt reduction. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties, many beyond the Company's control, that could cause the Company's performance and actual results to differ materially. Such risks include, but are not limited to: macroeconomic conditions, including interest rate fluctuations and inflation; market volatility and its direct impact on our Capital Markets and Wealth Management segments; the episodic nature of our capital markets business and the unpredictable timing of transaction closings; our ability to maintain disciplined operating leverage and reliable cash conversion across our operating segments; our ability to successfully execute our merchant banking strategies and the impact of market conditions on our investment portfolio; changes in regulatory and legal environments affecting our operating units; and the risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's 2025 Annual Report on Form 10-K, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update them, except as required by law. Contacts InvestorsMike [email protected] MediaJo Anne [email protected] View original content:https://www.prnewswire.com/news-releases/brc-group-holdings-inc-reports-second-quarter-2026-financial-results-302845260.html

Interested in B. Riley Financial, Inc.? Here are five stocks we like better. B. Riley Financial posted a sharp turnaround in Q1, with net income of $211.3 million and adjusted EBITDA of $262.2 million, helped by gains in its investment holdings and lower interest expense. The company made significant progress on its balance sheet, cutting net debt to $372 million and fully redeeming its 2026 senior notes while also retiring additional debt through exchanges and buybacks. Management said capital markets activity rebounded strongly, with B. Riley Securities logging its most active fundraising quarter in five years and the firm planning to recombine its securities and wealth businesses to simplify operations and improve efficiency. Marvell's New AI Chip Deals Capture Wall Street’s Attention B. Riley Financial (NASDAQ:RILY) reported a sharp first-quarter profit and lower debt, with executives saying the firm has regained operating momentum after steps to strengthen its balance sheet and bring its financial reporting back to a normal cadence. Co-CEO Bryant Riley said the company generated net income available to common shareholders of $211.3 million and adjusted EBITDA of $262.2 million for the first quarter of 2026. Operating adjusted EBITDA was $34.6 million, which he said was up close to 40% sequentially. Net debt stood at $372 million, down about $255 million from year-end. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Is indie Semi Taking the Driver’s Seat in Autonomous Vehicles? Riley said the company executed on two priorities during the quarter: strengthening the balance sheet and delivering for clients. He said the company fully redeemed its 5.5% senior notes due 2026 in March and retired $40.4 million of debt through bond-for-equity exchanges and open-market repurchases through the end of March. Total debt declined by $129 million during the quarter, he said. Riley said B. Riley Securities had its most active capital-raising quarter in five years, executing nearly $10 billion in total debt and equity raises for clients. He cited work as joint lead bookrunner on WhiteFiber’s $230 million convertible offering, participation in a DSBC $1.3 million follow-on, and advisory work on the TrueCar take-private transaction. → Light Speed Returns: Corning Cashes In on NVIDIA Growth The firm also saw $8.7 billion in new at-the-market offerings in the quarter, including a $6 billion facility for Highland and a $1 billion facility for SMR, Riley said. He added that B. Riley Securities initiated research coverage on 26 companies during the quarter. “We see a deep expanding opportunity set for our team in the quarters ahead and expect momentum to continue,” Riley said, according to the call transcript. He said the company’s broader strategy remains to reinvest operating cash flows into its businesses and market opportunities, with its core franchise serving as the primary engine. → Years in the Making, AMD’s Upside Movement Has Just Begun Co-CEO Tom Kelleher discussed the company’s April announcement that it intends to repurchase the outstanding minority stake of B. Riley Securities and combine B. Riley Securities with B. Riley Wealth. He said the proposed transaction would streamline the corporate structure and align investment banking, retail and institutional distribution, and equity research. Kelleher said the company’s platform is continuing to normalize after the activity of the past two years. He said Targus continues to stabilize and is operating at roughly breakeven, with recent improvements in distribution channel sales as tariff concerns begin to ease. He also said the communications group continues to produce high-margin cash flow, supported by the company’s team in India. Kelleher said B. Riley is using artificial intelligence as both an efficiency tool and a “force multiplier” across revenue-generating teams, including bankers, sales staff and research teams. He said the firm remains focused on efficiency while emphasizing that the business is fundamentally relationship-driven. Chief Financial Officer Scott Yessner said first-quarter total revenue was $352 million, up from $186 million in the prior-year period. The increase was driven by $161 million of higher trading gains on investments, primarily Babcock & Wilcox common stock. Yessner said $130 million of that amount related to value appreciation in the first quarter of 2026. Service and fee income was $152 million, down $6.7 million year over year. Investment banking and brokerage revenue rose $12 million, offset by lower revenue from exited businesses, B. Riley Wealth Management and the Communications Business Group. Total operating expenses were $199 million, down from $247.5 million a year earlier. Yessner said the reduction reflected eliminated costs from exited businesses and subscriber declines in the Communications Business Group, along with lower costs across a range of expense lines. Legal fees declined by $3.7 million, while accounting fees were $4 million higher than in 2025. Yessner said other income excluding interest expense was $106 million, primarily due to a $99 million increase in fair value appreciation related to Babcock & Wilcox. Across trading income and unrealized income, the company recorded a $229 million increase in its Babcock & Wilcox investment in the quarter. Interest expense was $20 million, down $10 million from the prior year due to lower average borrowing balances. Net income attributable to common shareholders was $211 million, or diluted income per share of $6.57, compared with a net loss of $12 million, or a diluted loss of $0.39 per share, in the first quarter of 2025. Adjusted EBITDA was $262 million, compared with a loss of $45 million a year earlier. Yessner said the capital markets segment, consisting of B. Riley Securities, reported revenue of $172 million, compared with $2 million a year earlier. Segment income was $137 million, compared with a segment loss of $36 million. He said the increase was primarily driven by fair value gains in Babcock & Wilcox, while core investment banking revenue increased $9.7 million year over year. The wealth segment reported revenue of $52 million, up from $47 million, and segment income of $16 million, up from $2 million. Yessner said the increase reflected an $8.9 million rise in the market value of carried interest in a fund that owns SpaceX. Wealth ended the quarter with $11.9 billion in assets under management and 190 registered representatives. The Communications Business Group reported aggregate revenue of $60 million, down from $64.5 million, while aggregate income rose to $12.6 million from $10.6 million. The consumer products segment, which includes Targus, reported revenue of $44 million, up from $42 million, and narrowed its operating loss to $2.6 million from $5.1 million. As of March 31, securities and other investments were $640 million, up $194 million from Dec. 31. Yessner said the increase was primarily driven by the $229 million increase in Babcock & Wilcox value and a $12.6 million increase tied to carried interest in funds that own SpaceX, partly offset by a $41 million sale of private stock holdings. The company owned about 27.4 million shares of Babcock & Wilcox, valued at $14.69 per share at quarter-end, and marked SpaceX at $526 per share. During the question-and-answer session, executives said the company is maintaining flexibility in capital allocation, including bond buybacks, bond exchanges, asset sales and reinvestment in the business. Riley said there is “no playbook” and that decisions are being made based on the interests of shareholders and bondholders. Asked about expected synergies from combining B. Riley Securities and B. Riley Wealth, executives said they had not provided quantitative targets. Yessner said synergies are expected across revenue and cost lines, with early focus on client connectivity between wealth, retail and institutional operations. He also said the return to a normal reporting calendar should help the company evaluate and reduce elevated operating costs, including audit-related expenses. Executives also discussed the rationale for buying back the minority stake in B. Riley Securities. Riley said the carve-out occurred during a “very unique situation” and created optionality at the time, but that recombining the business now should improve cost of capital and operating efficiency. Kelleher added that the separated structure had become operationally challenging and that the company is simplifying the organization. When asked whether the company has the in-house solutions necessary to address 2026 maturities without a sale of B. Riley Securities, Riley answered, “Yes.” Yessner said the company has $167 million of RILYN senior notes due Sept. 30 and $170 million of RILYG senior notes due Dec. 31, with those amounts reduced since quarter-end through bond exchanges. Riley said some capital-raising activity has not yet translated into larger economics for B. Riley because the company had been operating with “one hand behind our back” while its financials were not current. He said the recovery in client activity after resolving delinquent filing issues has been strong, with account onboarding rising over the last quarter. B. Riley Financial, Inc, headquartered in Los Angeles, California, is a diversified financial services company offering a broad range of advisory and investment solutions to individual, corporate and institutional clients. Since its founding in 1997 by Bryant E. Riley, the firm has expanded its capabilities across two primary segments: financial solutions and operations solutions. Its financial solutions segment provides investment banking services, equity research, merger and acquisition advisory, corporate finance, restructuring advisory and private capital solutions. In addition to traditional investment banking, B. The article "B. Riley Financial Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Image source: The Motley Fool. Thursday, May 7, 2026 at 4:30 p.m. ET Chairman and Co-Chief Executive Officer — Bryant Riley Co-Chief Executive Officer — Thomas Kelleher Chief Financial Officer — Scott Yessner Need a quote from a Motley Fool analyst? Email [email protected] Bryant Riley: Thank you, and good afternoon. We appreciate everyone joining us. To start, we are pleased to report that our 10-K was filed on time. It's an important milestone for our counterparties, shareholders and the organization as a whole. With that, for nearly 30 years, BRC Group Holdings has been defined by a key principle, our willingness to be opportunistic. In the deals we took on, the capital we deployed, the companies we backed and the businesses we built. Over the years, our team has grown adept at rising to the challenges associated with capitalizing on those opportunities. The last 2 years required the firm to apply those same skills to itself, rebuilding our balance sheet, shifting operations, refocusing parts of the platform and positioning BRC GH for what comes next. We made some hard decisions along the way, but we made them deliberately and we made them so that we could get back to doing what we do best. The bedrock of success of BRC GH's platform is our ability to bring together diverse companies, aligning them to partner creatively for our clients and building a collaborative ecosystem, advisory, capital markets, wealth management, principal investments and businesses that generate recurring steady cash flow. That combination creates real value for clients and shareholders alike. Over the past 2 years, we made the difficult decision to sell some of those businesses to strengthen our balance sheet. As we sit here today, the model is intact as exemplified by our recent results. Our Communications Business Group continues to generate consistent predictable cash flow. Our broker-dealer executes complex transactions, raise significant capital for our clients and continues to grow and add talent. In our investment portfolio, anchored by our position in Babcock & Wilcox delivered results that reflect the hands-on work our team put into our portfolio over many years. In 2025, we reported net income available to common shareholders of $299.4 million and earnings per share of $9.80. We reduced net debt significantly and continue to invest in the businesses and people that drive the platform. We welcomed the new CFO, Scott Yessner, enhanced our finance staff and transitioned to BDO as our auditing partner. Looking at the opportunity in the market for BRC GH, the small and mid-cap market we've always served is at an inflection point. Traditional lenders have pulled back, generalist firms can't cover the complexity, companies in the space need experienced partners will understand the capital structure, know the equity story and can move with speed uncertainty. That's our lane, and it's been our lane for 30 years, and the demand for what we do is growing. To that end, yesterday, we announced BRC Specialty Finance, a dedicated platform that addresses this exact issue, which is very exciting for us. Also yesterday, the Delaware Court of Chancery dismissed, in full, the Marstons versus Riley derivative action, finding that the planet failed to adequately plead demand futility. BRC GH believes this outcome reflects the integrity of its Board and the governance processes. We will not be commenting further on pending litigation. We're proud of what we accomplished in 2025, and we're committed to building upon these results. We are laser focused on continued growth and maximizing profitable outcomes. The world is changing fast, AI included, and we will continue to make the shifts necessary to stay relevant and competitive. Finally, we need to take a moment to acknowledge our team. These past few years have been a demanding period for the firm. Our people leaned in, stayed focused on clients and kept us moving forward, showing exactly what the platform is built on. There are a competitive advantage, the continuity, experience, institutional knowledge, we cannot be more proud of what this team has accomplished. I will now turn the call over to Co-CEO, Tom Kelleher, for a few additional comments. Thomas Kelleher: Thanks, Bryant. As mentioned in our earnings release, we completed a number of strategic and operational objectives throughout the year. In March 2025, we closed the sale of Atlantic Coast recycling for a purchase price of approximately $102 million with net cash proceeds to BRC GH of approximately $69 million after adjustments. In April 2025, we sold a portion of our W2 Wealth Management business representing 36 financial advisers and approximately $4 billion in assets under management for a net consideration of $26 million. In June 2025, we completed the sale of GlassRatner Advisory and Capital Group and B. Riley Farber advisory, generating cash consideration of approximately $118 million. While every one of these divestitures was a challenging decision to make, they fit with our strategy to deleverage the platform and focus the business going forward. With the GlassRatner sale, we executed a Transition Services Agreement, or TSA, whereby we operationally supported that business through the end of 2025. Similarly, we also executed a TSA with our 2024 partial sale of Great American and that TSA was also completed at the end of 2025. In 2025, we also completed a multiyear project to consolidate the clearing arrangement for our Wealth Management business, which streamlines back-office operations and will materially lower costs. Effective January 1, 2026, we rebranded as BRC Group Holdings, reflecting our evolution from a financial services platform into a diversified portfolio of distinct businesses, spanning financial services, communications, retail and investments across equity, debt and venture capital. Like many other firms, BRC GH has begun deploying artificial intelligence tools. We standardized around Claude a year ago and are well positioned to capitalize on the opportunities presented by this emerging technology. More than half our corporate staff is using AI tools. Across our operating companies, AI adoption has accelerated guided by a centralized team focused on developing and expanding these capabilities throughout the enterprise. The story heading into 2026 is straightforward, a stronger balance sheet, a growing business and a market that needs exactly what we offer. Our CFO, Scott Yessner, will now walk through the financials in detail. Scott, Over to you. Scott Yessner: Thank you. I'm pleased to share an update on our 2025 financial performance, investment holdings and liquidity. To start, I'd like to walk through our financial performance for the fourth quarter and full year 2025. Year-over-year, fourth quarter revenues were $279 million compared to $179 million and full year revenues were $968 million compared to $746 million. The increase in fourth quarter year-over-year revenue was driven by $68 million on higher trading gains on investments, primarily in Babcock & Wilcox common stock and by a loss of $72 million in fair value adjustments on loans receivable in 2024, which were offset by lower service and fee income of $33 million, which was comprised of $15 million in lower investment banking revenue and $20 million in revenues related to exited businesses. These fee declines were partially offset by higher net investment advisory fees related to a fund that holds SpaceX. The full year 2025 revenue increase was driven by $183 million in higher trading gains due to $126 million in investment appreciation, primarily in Babcock & Wilcox and a loss of $325 million on fair value adjustments on loans in 2024. The year-over-year revenue increase was offset by $150 million of lower service and fee revenues and $64 million in lower interest income from securities lending. The components of lower service and fee revenue decline were $66 million lower revenue from exited businesses of Revel, Noggin and the Stifel Wealth sale, partially offset by higher net investment advisory fees related to a fund that holds SpaceX. Further, $44 million lower Communication Business Group subscription revenue, driven by subscriber attrition and a divestiture of a Lingo wholesale business, and finally, $22 million of lower investment banking revenue. Fourth quarter operating expenses were $218 million compared to $345 million in 2024 and full year operating expenses in 2025 were $892 million compared to $1.24 billion in 2024. The $128 million fourth quarter year-over-year reduction of operating expenses was primarily due to costs from exited businesses and a $78 million goodwill impairment in 2024. The $352 million full year reduction of operating expenses was due to $186 million from exited businesses and lower cost of sales linked to revenue declines. $61 million lower interest expense from securities lending and a $104 million goodwill impairment in 2024. Our administrative costs have been elevated in the past 2 years, particularly on professional fees. As we return to a normalized operating cadence, we expect to reduce these costs and will update in the future calls. Continuing down the income statement. Fourth quarter other income, excluding interest expense, was $38 million compared to a loss of $59 million in 2024. And full year other income excluding interest expense was $247 million compared to a loss of $270 million. The $98 million fourth quarter year-over-year increase was primarily driven by fair value total markups of $66 million on Babcock & Wilcox stock and double down Interactive Holdings. The $516 million full year-over-year increase was due to gains of $86 million on gain on sale of deconsolidation businesses, $76 million in Babcock & Wilcox stock value increase $67 million on senior note exchanges, $34 million in equity gains on the JOANN's GA Group liquidation deal and $273 million in investment markdowns in 2024. Fourth quarter interest expense was $20 million compared to $31 million in 2024 and interest expense for the full year of 2025 was $93 million compared to $133 million in 2024, which was driven by debt reduction of $347 million during 2025. These details culminate with fourth quarter net income attributable to common shareholders in 2025 of $85 million compared to $900,000 in 2024 and full year net income attributable to common shareholders in 2025 of $299 million compared to a net loss of $772 million in 2024. Fourth quarter adjusted EBITDA in 2025 was $104 million compared to a loss of $114 million in 2024 and full year adjusted EBITDA in 2025 was $231 million compared to a loss of $568 million in 2024. Please refer to the reconciliation tables in our earnings press release for the adjusted EBITDA calculations. Next, I'll review our segment operating performance. Our segment presentation has been revised with the following changes. Our former Communications segment has been separated into 4 reportable segments, which we aggregate and described as the Communications Business Group. The Capital Markets segment had a few investment entities reclassified as nonreportable segments. These NAs are now captured in Corporate and Other. The Capital Markets segment, which is comprised solely of B. Riley Securities, had fourth quarter and full year revenues of $93 million and $265 million and segment income of $53 million and $89 million. The revenue and segment income increases are primarily due to a fair value increase in Babcock & Wilcox in trading gains. Core Investment Banking revenues were lower by approximately $222 million in 2025, which was a result of lower banker headcount, reduced client engagement from among things, late SEC filings at the corporate parent. The Wealth segment had fourth quarter and full year revenues of $47 million and $176 million and operating segment income of $8 million and $15 million. After completing the sale of $4 billion in assets under management in April 2025, the wealth segment completed a back-office integration and cost reduction program. Wealth ended 2025 with $13 billion in assets under management and 197 registered representatives. The Communications Business Group is the aggregate results of Lingo, MagicJack, Marconi and United Online Reportable segments. The Communications Business Group had fourth quarter and full year aggregate revenues of $63 million and $250 million and aggregate income for the fourth quarter and full year of $13 million and $47 million. The results exceeded our expectations in 2025. While the Communication Services have a declining customer base, we have a strong team who does a very good job of servicing our customers and offering a very profitable and strong cash flow business. We will continue to evaluate opportunities to leverage this business model. The Targus business, which comprises the Consumer Products segment had fourth quarter and full year revenues of $49 million and $182 million and operating segment loss of $4 million and $16 million. Lower revenues, inventory write-downs, goodwill impairments and tariff costs led to the 2025 operating loss. Tariff costs were approximately $4 million, which have been submitted for reimbursement. We'll update if the reimbursement is realized. Tariffs, complex, chip shortages remain risk to the business in 2026. After several years of declining sales from the consumer product surge around the time of COVID, sales revenues have stabilized year-over-year in the fourth quarter of 2025 and into the first quarter of 2026. We are evaluating options to refine our pricing model and cost structure as key opportunities in 2026. Next, I would like to provide an update on the company's Investment Holdings portfolio. which are reported in our balance sheet in Securities and Other investments, Loans Receivable at fair value and Equity Investments. Investments are held across the consolidated entities where valuation changes are booked as revenue and either trading gains or realized and unrealized gains, depending on the entity. Securities and other investments increased by $165 million to $447 million at year-end 2025. The increase was primarily driven by a $129 million value increase in Babcock & Wilcox and a $28 million increase in partnership interest and other related to our carried interest in funds that own SpaceX. At 12/31 2025, the Babcock & Wilcox stock price used in the valuation was $6.34. The company owned approximately 27.5 million shares at December 31, 2025, and at March 31, 2026. The SpaceX carried value was marked at $421 per share at 12/31 2025. Securities and other investments are reported in the 10-K table with subtotals, including public equities, private equities, corporate bonds and other fixed income securities, along with partnership interest and other. In the public equities in addition to the Babcock & Wilcox valuation change, DoubleDown Interactive and Synchronoss were lower primarily from selling a portion of the holdings with small changes in price. The private equities subtotal amount, which has over 60 investments, including the Venture Capital portfolio, had $34 million in new investments, $10 million in liquidations and the balance of the year-over-year change due to valuation updates. The venture capital portfolio has a few maturing investments that may be realized in the next 12 to 24 months. Corporate bonds increased $2.7 million, primarily due to an increase in value, partnerships and other investments increased primarily due to the SpaceX security interest value increase identified earlier. We operate the securities and investment portfolio to maximize shareholder returns and to support operational funding and liquidity requirements. Continuing with investment holdings loans receivable at fair value declined $64 million in 2025 to an ending balance of $26 million at 12/31 2025. Loan lending activity included approximately $110 million of fundings and $170 million of repayments, primarily driving the balance decline. Exela Technologies represents $21 million of the remaining balance, of which approximately $15 million is due in 2026. We expect to continue to fund loan and credit structures for our clients in 2026. For the last balance sheet line item in our investment holdings, equity method investments were $90 million at 12/31 2025, increasing $5 million from December 31, 2024, increase was primarily due to $4 million of investments transferred from partnerships. The GA Group investment formerly Great American, comprises $83 million of the 12/31/25 balance. In 2025, the GA Group had good financial performance and hired new executives to support their expansion, including a new CEO. Due to the GA Group capital structure, we've recorded the investment using the hypothetical liquidation at book value method. Well, we don't anticipate this booking method will result in a significant movement in our balance sheet valuation periodically, we believe the value will grow over the next few years. Having grown GA Group since 2014, we know this business well. We'll continue to update business performance periodically and seek to participate in equity and debt deals as partners to GA Group, as we did in 2025 with a $34 million equity gain in the JOANN's liquidation equity earnings and the lending we provided to GA Group in 2025. Next, I'll provide an update and remarks on our liquidity and capital. At year-end December 31, 2025, cash, restricted cash and cash equivalents balance was $229 million compared to $247 million at December 31, 2024. In 2025, BRC Group produced total debt by $347 million, which included a $147 million RILYN bond redemption on February 28, 2025, $127 million in bond exchanges and $98 million in pay downs of term loans offset by $23 million of other increases in debt borrowings. Net debt declined $437 million in 2025 to $627 million at December 31, 2025. As we enter 2026, we have 3 senior note series maturing in 2026 for a total principal amount of $457 million with an additional $16 million in scheduled paydowns on a subsidiary lending facility. On March 30, 2026. The Riley K senior notes were fully redeemed for approximately $96 million, inclusive of accrued interest. Remaining in 2026 and based on the balances at 12/31 2025 we have $178 million in principal amount of RILYN in senior notes due September 30 and $177 million in principal amount of Riley G notes due December 31, maturing. On March 12, we announced $30 million in senior note reductions through Section 39 exchanges and buybacks, which are across the senior note series, including all 3 series in 2026. We will continue to use capital actions and also use cash generated from operations and investment liquidations to fund the scheduled senior note paydowns and support our operations. Continuing interest expense in 2025 totaled $93 million. In 2026, interest expense based on scheduled paydowns is estimated to be approximately $81 million expected to be lower due to the debt exchanges already announced in our anticipation of continuing these capital actions. To conclude, our capital and liquidity plan in 2026 is to fund our emerging credit market opportunities, support our clients with capital and advisory services, support holding investments to their optimal assets, while funding the remaining senior note redemptions in 2026. Thank you for the opportunity to share this update today. We look forward to answering your questions. I'll turn the call back to the operator for a Q&A session. Operator: [Operator Instructions] Our first question comes from Amer with Imperial Capital. Amer Tiwana: Guys, first of all, congratulations on filing the 10-K. Am I reading this correctly that the remaining $350 million you'll potentially use the investment portfolio as the primary source and some cash flow from operations? Or there are other levers that you intend to pull as well? Bryant Riley: So thanks for the questions. And Scott, feel free to join in. I think the way that we've looked over the last 2 years, if you try to put in a playbook you would have changed directions 15x. So our portfolio is opportunistic. You don't know it's going to pop up in different ways. I think the year ago, it wasn't known that we had -- and we hadn't counted as much of a SpaceX partnership, ownership that we had. And -- and so there's just -- it's a pretty big book. And we've got a fair amount of assets, and we're going to be opportunistic. So I wouldn't point to one thing or another. I would point to a combination of opportunities, whether it's SPAN Swaps, which we've done a lot of, whether it's buying bonds in the market or selling some investments, all of those things will be considered. Scott or Tom, do you want to add anything to that? Thomas Kelleher: Yes. Thanks, Bryant. Really appreciate the question. And I think Bryant had summarized it very well. The way we look at it is we have investments and assets to the company that we want to maximize the value to. And we also have opportunities to supply capital to our clients. And so we balance all those different factors against our liquidity requirements for those bond redemptions. And so we have some high cash flow generating businesses and other opportunities, and then the capital actions that Bryant had levered on. So we'll be opportunistic and make the best decision for the shareholder, but we have many different levers in which to pay down the redemptions this year. And I'd also just note that the redemptions because we have had these capital actions so far this year. The principal balance on the RILYN's due in September 30 is $167 million. And then the Riley G's are -- which are due on December 31, 2026, they're down to $170 million. So those have already reduced from our reported in our 10-K. Amer Tiwana: My next question is, when you guys look at BRF, I know you guys have talked about a SPAC transaction. Is there any sense of the timing for that? Bryant Riley: Well, if anyone talked about a SPAC transaction, maybe it was -- yes, we have not talked about a stock transaction. We have carved it out so that it is an entity that you can -- there is some equity ownership by the management team, some of the partners there, and it's an asset of BRC and we're always evaluating our assets to maximize value. But it's very much an integrated part of our business as well and it does feed off -- we still do feed off of each other in terms of creating opportunities, whether it's myself being involved on the BRF side or some of the BRF helping on the wealth management side. And so we're really -- when we did have a carve-out to identify that asset a little more clearly. I would view those as still pretty integrated. Amer Tiwana: Congratulations you guys have accomplished an incredible amount over the last year or so. So it's been pretty frenetic in terms of things that have happened. But seems like you guys have found yourself in a very good spot at this point in time. So congratulations. Operator: Our next question comes from Sean Haydon of Charles Lane Capital. Sean Haydon: Thanks for all the information and congrats on the recent developments. Bryant, in your prepared remarks, you spoke of a, I believe, the word Specialty Finance Platform within the boundaries, could you kind of expand on that? And is that going to be something that's going to be on balance sheet or shared with investors? How should we kind of think about that going forward? Bryant Riley: Sure. So Thanks, Sean. This is not incredibly different from what we've done for a long time, helping facilitate transactions. And as we mentioned in our in our press release, there is a gap in the market for more short-term loans, especially around public companies when you're willing to also underwrite not only the business, but the equity and all the assets of the estate. And so we will -- we did a loan -- we completed a loan. I think it's done maybe was done today, but it was for a public company, a $10 million loan against receivables and those receivables go directly a lot, so we take a fee off of those and they'll pay us back in 4 months, but they had a direct use for that. There's not a lot of places you can go for that type of transaction. We certainly have a lot of relationships, just like anyone does that has a loan business like that, where we will consider syndicating. We have a dedicated family office that is -- partnership is a wrong word. It's not formalized, but we have a high degree of confidence that, that family office will be a participant to the extent we want to do some things bigger. So on balance sheet, depending on timing, depending on size, syndicated depending on timing, depending on size. I think the most proprietary thing and the reason that we wanted to make sure that we were in this business is, one, it's serving clients that are long-term clients, and we think we can put that in perspective. Two, we don't think it's a hugely competitive market because most lenders need a duration of their capital and a defined MOIC and have very kind of strict mandates within the lending portfolio. So we think we can be opportunistic and also be really good partners. And so we're really excited about formalizing it. And we think we're already seeing just from that press release, we're seeing opportunities. So that's how that will work. Does that answer your question? Sean Haydon: Yes. Yes. No, that was helpful. And then kind of piggybacking on the first question from the previous person where are you guys comfortable bringing the balance sheet in terms of net debt? I mean should we expect it to be lower? And how should we kind of think about it getting there? Bryant Riley: So that's -- it's a question every day based on your cash flows and realize this year, our expenses -- our cash flows were hit quite a bit because of these expenses associated with the financials and changing orders and all the legal things. And so we expect to get some tailwinds there. We think that from operations, obviously, there's going to be meaningful cash flows. And we look at it all the time. If you were to take to market our portfolio now, the debt-to-EBITDA on a trailing basis would not be hugely uncomfortable, but that's net debt, right? So we have to constantly hit these things. I don't think there's -- I don't think there's a number of mine. We just want to make sure that we can, one way or another, be on the offense and helping our clients and being able to utilize capital to do that. And so that will always be mindful of that, and we'll balance that against whether we need to utilize other methods, selling an asset or doing bond swaps. So I can give you a target. I could tell you that we feel pretty good about where we are right now, obviously, relative to where we were 18 months ago, and we're just going to keep grinding away. Sean Haydon: Yes. I guess obviously, we don't have to get any specifics here, but directionally, when those maturities come up in the latter half of the year, should we expect replenishment from that? Or is that going to be the level we should expect going forward once they've matured. Thomas Kelleher: I kind of answered the same way I answered the prior call or if -- in this business, 6 months and 9 months is like equivalent to 5 years in a legit business, if things changed 18 different ways. And I just -- I would I couldn't tell you exactly what the next steps are going to be other than we feel really comfortable about our -- about 2026 and going forward. So I would love to give you an exact linear description on the next steps, but we're just going to continue to think through what is best for the overall business and where we are in markets and how markets are. And if we're seeing a ton of opportunities, as Scott said, to put money to work at really good rates are really good opportunities that we'll be thoughtful of that. But it's similar to how we got to March. I mean, by the time we got to March, there was $96 million of maturities, and we had tipped away at them from a couple of different ways. And that's how I would think about September and December. Sean Haydon: Congrats. It's been a ride. Bryant Riley: Well, I know you've been on the ride, and we appreciate it, going forward and accomplished a lot and just are charging forward. Operator: [Operator Instructions] Our next question is a follow-up from Amer of Imperial Capital. Amer Tiwana: I just wanted to dig into the Great American business. Can we talk a little bit about what -- how do you guys value the business on your balance sheet? And secondly, you guys had invested some additional capital for the JOANN liquidation. Can you talk about what kind of returns you got are expecting on those investments? Scott Yessner: Yes. I was going to just touch on the accounting and the booking and that part of it, and then turn to you, Bryant. Yes. So there's -- the nature of the capital structure at GA Group after we did sold a portion and now have roughly 43% to 45% of that business. Because of that structure, we had to use an accounting treatment hypothetical liquidation and book value method. And it just sort of gives you a book value of that company. And when you think about the value of a firm like the GA Group, the balance sheet is not primarily the element to it. It's a fantastic business, which you know, we've honed for well over a decade. And so the part of the reason for my remarks on the call was just to identify that the -- well, we will communicate its performance as we are required to the 10-K of the actual business, the valuation on the balance sheet won't move much, and we think that's helpful to communicate to our shareholders and analysts to understand that the performance of the business may not necessarily be reflective of a hypothetical liquidation, but value, which I know everyone is very good at understanding book value versus market value. And so that's how -- sort of how to think about it is that we want to communicate the performance in its P&L sense and earnings sense, but may not be able to reflect the actual valuation change in the balance sheet. And with respect to the equity. The equity returns that we earned on the JOANN's deal, that was -- those are very, very high. We -- that was a very, very successful deal for us, something that we were very comfortable in being with as part of our means of organizing that partnership with Oaktree, the majority owner now. And those are equity participations in transactions or something that we want to supply capital for and continue to. And we also provided some lending last year to that business operation. And so we want to outside of our ownership through that equity investment, provide additional capital to support the business. So Bryant, I'd like to pick it up from there. Bryant Riley: No, that was perfect. Yes, I wouldn't add anything more. Operator: Our next question comes from Jonathan of JH Lane Partners. Unknown Analyst: I had a couple of quick ones for you guys. Number one is -- what is your ability to sell any of your shares in Babcock for liquidity purposes? Are there any restrictions associated with that given your significant ownership stake of the company. I have 2 other follow-ups. Maybe if you just want to answer that one first, and then I'm happy to get to the other questions. Bryant Riley: We are -- we've been very involved in BW in a number of ways and advisory roles, et cetera. But in terms of restrictions outside of being restricted because we would have information. Our shares are subject to 144A requirements, which means that because we own a fair amount of shares, we would have to measure the volume per month of those shares, but the volume of that company is far more than the shares that we own. So we do have a requirement to follow some volume restrictions based on our ownership, but they are not -- they don't come into play with volumes here. Thomas Kelleher: Okay. Great. And then just on the -- I've been following the story for a little bit. You guys have made obviously, a lot of progress. Is there any general comment you could comment you could provide to the broader market about changes maybe at the governance level given, obviously, it's obviously great that you got the positive litigation rule today or yesterday. But for someone new to the story and perhaps for people to just understand, there's a lot that went on here in the last couple of years. Have you had changes to the Board, other than changing your auditor is the law firm that you had worked with closely over the last couple of years, still kind of involved in your company at all? Like how can we understand kind of OldCo and NewCo, just understanding that is this kind of a new company, a new stage, obviously, some of the management have been the same, but is there any kind of fresh moves on the board and just a sense how we're going into the... Bryant Riley: There hasn't been any new member to the board. I think you can tell by -- as you may know we had a lot of governance around investigations and things like that. I think that center newer to the story, and I certainly appreciate the dynamics around FRG. But BW which you spoke of was not a dissimilar situation. That's a 20-year relationship with the management team and that company, obviously, with our help and with the number that the management team has really ended up having great returns for us. And so you're balancing things that you've done in the past and things -- and the way you're going to look in the future and what is best for the business. And I think that certainly, we have -- Scott Yessner is here, and we've implemented I think the proper amount of procedures, and I think our Board is incredibly additive and we have a new auditor, which we're very thankful for. And so I wouldn't -- I think that's how I'd answer it. I think I feel good about the procedures we have in place and balancing the opportunities with creating the right environment for everyone. And I think the disclosures we're providing, that Scott is providing is more and more, and we're trying to walk the right line between thinking about the dynamic of an FRG, but also realizing that a lot of the opportunities we have in front of us are going to be -- we need to take advantage of. So Tom or Scott... Thomas Kelleher: Yes, that's very helpful. And I appreciate it. I just would note that obviously, like a situation like Babcock is just now such a meaningful part of the situation where in the past, like obviously, FRG ended up being a very significant part of the story, obviously, not comparing the 2, but just in terms of like as a percentage of your value and assets is something cognizant from the ex markets in terms of people that invest with you, obviously, that's the more diversified you could be, I think, the better. And then the last question I had would be, is there any update on liquidity or maybe your cash position or something you could provide to us as of 3/31 or post those transactions we did in post the bond pay down that was -- that took place at the end March, I guess now. Bryant Riley: Yes. So I mean, we're going to be back on the phone, hopefully, in 5 weeks, right? I think maybe my [ otters ] are listening. So that's absolutely a hope or 4 or 5 weeks. So we'll get back to -- we're not providing guidance right now. So hopefully, we... Operator: [Operator Instructions] Bryant Riley: I think, operator, I think we're good. Thank You. Just before we go, I'll just speak personally as we've gone through this last couple of years and where we are and the momentum we have, and I'm just humbled by the team that we work with every day, and the new team members, it's been just an amazing experience to be able to be in a situation where you watch arms and you go and you battle and we're seeing the rewards of that. And I think that the people that have been fighting through it are seeing the rewards of that. So very thankful for this team, very thankful for TK and Scott and everybody else from our team on the call, and we're excited to be able to have a quarterly earnings call that will be normal and normalized and have a regular cadence. So thank you very much, and we really appreciate everyone for joining. Operator: This concludes today's Evercall. A replay will be made available shortly after today's call. Thank you, and have a great day. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. BRC Group (RILY) Q4 2025 Earnings Transcript was originally published by The Motley Fool

First Quarter 2026 Net Income Available to Common Shareholders of $211.3 Million; First Quarter 2026 Adjusted EBITDA of $262.2 Million; Operating Adjusted EBITDA of $34.6 Million LOS ANGELES, May 7, 2026 /PRNewswire/ --BRC Group Holdings, Inc. (Nasdaq: RILY) ("BRCGH" or the "Company"), a diversified holding company, today announced the filing of its Quarterly Report on Form 10-Q for the three month period ended March 31, 2026. First Quarter 2026 Highlights Strong first quarter 2026 financial performance was driven by trading gains and operating segment performance. Total debt reduced by $128.9 million to $1.30 billion, and Net Debt(5) declined substantially by $254.6 million in the first quarter 2026, to $372.4 million. Announced plan for BRCGH to repurchase minority shares of B. Riley Securities ("BRS") and merge BRS with B. Riley Wealth ("BRW"), estimated by year-end. Bryant Riley, Chairman and Co-Chief Executive Officer of BRCGH, commented: "For the first quarter, we generated $211.3 million in net income and $34.6 million in Operating Adjusted EBITDA. We made progress on the balance sheet, retiring $129 million in debt while continuing to deliver for our clients. B. Riley Securities had its most active quarter for capital raising in five years, executing on nearly $10 billion in total debt and equity raised. "Our team was active across the entire capital structure. During the quarter, we acted as joint lead bookrunner on a $230 million convert, participated in a $1.3 billion follow-on, led key M&A advisory and restructuring mandates and filed $8.7 billion in new ATMs. We also expanded our research footprint, initiating coverage on 26 companies in the first quarter. "As we look ahead, our strategy is built on our 30-year heritage and an expanding opportunity set for our team. Over the last three decades, we have built this platform to serve as an active advisory partner and liquidity provider to companies in the historically underserved small- and mid-cap market. Our first-quarter also reflects the significant value generated by our principal investments. While the timing of these returns naturally varies, this merchant banking capability is a deliberate feature of our model designed to capture significant upside alongside our clients. The planned combination of our institutional banking and capital markets business and B. Riley Wealth aligns us to better serve this core client base and put proprietary capital to work to back our partners. Our focus has proven to be a major differentiator for recruiting, and we continue to add top-tier producers who recognize the value of our franchise. "With a strengthened balance sheet, steady contributions of our non-correlated Communications and Consumer businesses, an expanding pipeline, and operational discipline, we remain focused on executing for our team, our clients, and our shareholders. We look forward to discussing with our clients and partners at our 26th Annual Institutional Investor Conference later this month." BRC First Quarter 2026 and 2025 Financial Results Summary Net income available to common shareholders was $211.3 million in the first quarter 2026, up from $(12.0) million in the first quarter 2025, primarily due to trading gains and lower operating expenses. Revenues were $352.1 million in the first quarter 2026, up from $186.1 million in the first quarter 2025. The increase for the first quarter 2026, compared to the same period last year, was primarily driven by trading gains. Adjusted EBITDA(3) was $262.2 million in the first quarter 2026, up from $(45.3) million in the first quarter 2025. Operating Adjusted EBITDA(4) was $34.6 million in the first quarter 2026, up from $(5.6) million in the first quarter 2025. Total debt was $1.30 billion, with Net Debt(5) of $372.4 million, at March 31, 2026, down from $1.43 billion and $627.0 million, respectively, at December 31, 2025. The reduction in Net Debt was primarily due to investment appreciation and bond-for-equity senior note exchanges. Cash, cash equivalents, and restricted cash was $178.0 million at March 31, 2026, down from $229.3 million at December 31, 2025. Securities and other investments owned were $639.7 million and Total Investments(6) were $705.1 million at March 31, 2026, up from $446.8 million and $520.5 million at December 31, 2025, respectively. The increase was primarily attributable to investment appreciation in Babcock & Wilcox. Basic and diluted earnings per common share (EPS) were $6.62 and $6.57 in the first quarter 2026, respectively, compared to $(0.39) in the first quarter 2025. Segment Operations First Quarter 2026 and 2025 Financial Results Summary Capital Markets segment revenues increased to $172.1 million in the first quarter 2026, up from $2.1 million in the first quarter 2025. Segment income increased to $137.2 million in the first quarter 2026, up from $(35.7) million in the first quarter 2025. Revenues and segment income increased year-over-year, driven by higher trading gains and advisory revenues. Wealth Management segment revenues increased to $52.2 million in the first quarter 2026, up from $47.3 million in the first quarter 2025. Segment income increased to $16.0 million in the first quarter 2026, up from $1.7 million in the first quarter 2025. B. Riley Wealth had approximately $11.9 billion of client assets under management at March 31, 2026. Revenues and segment income increased year-over-year, driven by increased carried interest appreciation and lower operating expenses. Communications Business Group ("CBG") (Lingo, magicJack, Marconi Wireless, and UOL Reportable Segments) revenues, on a combined basis, decreased to $59.9 million in the first quarter 2026, down from $64.5 million in the first quarter 2025. On a combined basis, CBG generated income of $12.6 million for the first quarter 2026, up from $10.6 million in the first quarter 2025. The revenue decline was in line with customer attrition expectations. Consumer Products segment revenues increased to $44.1 million in the first quarter 2026, up from $42.1 million in the first quarter 2025. Segment loss decreased to $(2.6) million in the first quarter 2026, down from $(5.1) million in the first quarter 2025. Marginal increases in revenue and segment income were driven by improvements in distribution channel sales. First Quarter 2026 Earnings Call Management will provide a detailed review of the Company's financial performance and operational highlights, followed by a question-and-answer session with analysts and investors. Date: Thursday, May 7, 2026 Time: 4:30 p.m. ET (1:30 p.m. PT) Register for the call at https://evercall.co/oacc/14524 or on the Company's website at ir.brcgh.com under Events and Presentations. An audio recording will be made available for replay until May 21, 2026. About BRC Group Holdings, Inc. BRC Group Holdings, Inc. (Nasdaq: RILY) is a diversified holding company, including financial services, communications, and retail, and investments in equity, debt and venture capital. Our core financial services platform provides small cap and middle market companies customized end-to-end solutions at every stage of the enterprise life cycle. Our banking business offers comprehensive services in capital markets, sales, trading, research, merchant banking, M&A, and restructuring. Our wealth management business offers wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation. Our communications businesses provide consumer and business services including traditional, mobile and cloud phone, internet and data, security, and email. Our retail businesses provide mobile computing accessories and home furnishings. BRCGH deploys its capital inside and outside its core financial services platform to generate shareholder value through opportunistic investments. For more information, please visit www.brcgh.com. Note Regarding Use of Non-GAAP Financial Measures Certain of the information set forth herein, including Operating Revenue, Investment Gains (Losses), Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt, may be considered non-GAAP financial measures. BRC Group Holdings, Inc. believes this information is useful to investors because it provides a basis for measuring the Company's available capital resources, the operating performance of its business and its revenues and cash flow, (i) including in the case of Operating Revenue, services and fees, interest income – loans, interest income - securities lending, fixed income spread, trading gains attributable to variable rate transaction spread, and sales of goods. (ii) including in the case of Investment Gains (Losses), trading gains (losses), net and fair value adjustments on loans, less fixed income spread and trading gains attributable to variable rate transaction spread (iii) excluding in the case of Adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, restructuring charge, gain or loss on extinguishment of debt, gain on bargain purchase, gain on sale and deconsolidation of businesses, gain on senior note exchange, impairment of goodwill and tradenames, share-based compensation and transaction related and other costs, (iv) excluding in the case of Operating Adjusted EBITDA, the aforementioned adjustments for adjusted EBITDA as well as trading gains (losses), net, net of fixed income and variable rate transaction spread, fair value adjustments on loans, realized and unrealized gains (losses) on investments net of variable rate transaction spread, and gains (losses) on investments attributable to non-controlling interest, (v) including in the case of Total Investments, securities and other investments owned net of (a) securities sold not yet purchased, at fair value and (b) noncontrolling interest related to investments from continuing operations, loans receivable, at fair value net of loan participations sold, equity investments, and other investments reported in prepaid and other assets, (vi) including in the case of Net Debt, term loans, net, senior notes payable, net, revolving credit facility, and notes payable net of (a) cash and cash equivalents, (b) restricted cash, (c) due from clearing brokers net of due to clearing brokers, and (d) aforementioned included items of Total Investments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the Company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies. Footnotes See "Note Regarding Use of Non-GAAP Financial Measures" for further discussion of these non-GAAP terms. A reconciliation of Operating Revenues, Investment Gains (Losses), Adjusted EBITDA, Operating Adjusted EBITDA, Total Investments, and Net Debt to the comparable GAAP financial measures is included in the financial statements portion of this press release. Forward-Looking Statements Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. Our forward-looking statements include, without limitation, statements regarding our expectations regarding our future business and expected revenue growth and the appreciation of our investment portfolio, our ability and intent to repurchase minority shares of BRS, the anticipated merger of BRS and BRW and the timing of the anticipated transactions. The proposed merger of BRS and BRW is subject to approval by FINRA and other applicable regulatory requirements, and there can be no assurance that such approval will be obtained, or that it will not be subject to conditions that materially affect the structuring or timing of the proposed merger. 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 today's date. The Company assumes no duty to update forward-looking statements, except as required by law. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, failure to negotiate a purchase price for the minority shares of BRS, regulatory delays, general economic conditions and the risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's 2025 Annual Report on Form 10-K under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Contacts Investors [email protected] Media [email protected] View original content:https://www.prnewswire.com/news-releases/brc-group-holdings-inc-reports-first-quarter-2026-financial-results-302766148.html

ARLINGTON, Va., April 29, 2026 /PRNewswire/ -- B. Riley Securities Holdings, Inc. ("B. Riley Securities," "BRS" or the "Company"), a leading full-service investment bank, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2025. Strategic & Financial Highlights Executed over 200 client transactions raising $42 billion in debt and equity capital during FY25 Recruited 10 senior producers to fortify core segments and diversify offerings during FY25 Generated FY25 Revenues of $260.2 million and Net Income of $69.9 million Delivered 4Q25 Revenues of $92.1 million and Net Income of $41.8 million Generated strong cash flow and preserved a debt-free balance sheet with $223.0 million in cash and securities at YE25 Declared dividend of $0.18 per share, an aggregate distribution of approximately $3.25 million, payable to BRS shareholders Management Commentary "2025 successfully demonstrated our platform's durability – a testament to our team's perseverance and clients valuing our proprietary product," said Andy Moore, Chief Executive Officer, B. Riley Securities. "Following the strategic initiatives announced by BRC Group Holdings to integrate our affiliated banking, capital markets, and B. Riley Wealth platforms, our mandate is clear: we are officially on offense, and I am energized to guide our next chapter." "As traditional middle-market funding sources retreat, this proposed integration creates one of the few platforms uniting investment banking, broad distribution, and balance sheet capabilities – uniquely positioning us to step into the void to solve our clients' critical capital mandates and capture market share. We approach the current market from a fortified position, having executed over 200 transactions representing $42 billion in debt and equity raised for clients during 2025, while serving as one of the few banks to lead both a $180 million IPO and $170 million follow-on last year," said Joe Nardini, President and Head of Investment Banking, B. Riley Securities. "While 2026 brings renewed volatility and shifting financing timelines, our model has historically thrived in dislocation. Looking beyond near-term headwinds, our expanding cross-platform capabilities and an improving IPO market provide a constructive backdrop to drive anticipated second-half revenue diversification." Mr. Moore continued, "Our differentiated focus on underserved markets continues to draw top-tier talent, and we are strategically expanding our platform to build on the 10 senior producers recruited last year. We compound this expansion with rigorous operational discipline, embedding enterprise-wide AI as a force multiplier to accelerate execution. As we advance to our previously announced proposed integration with B. Riley Wealth and return to full BRCGH ownership, we anticipate future financial results will be reported on a consolidated basis by BRCGH, transitioning away from standalone BRS earnings releases. We look forward to discussing our expanded vision with clients and partners at our 26th Annual Institutional Investor Conference next month." Summary of Financial Results Fourth Quarter 2025 For the three-month period ended December 31, 2025, total revenues were $92.1 million. Net income attributable to BRS was $41.8 million for the quarter. Adjusted net revenue was $40.0 million and adjusted net income was $3.2 million, excluding legacy position gains and losses, share-based compensation, transaction costs, and related tax impacts. Full Year 2025 For the full year 2025, total revenues were $260.2 million. Net income attributable to BRS was $69.9 million for the year. Adjusted net revenue was $191.0 million, and adjusted net income was $24.2 million. Revenue and net income may vary from period to period based on the number, size, and timing of completed transactions, among other factors. Accordingly, these results may not be indicative of broader business momentum or longer-term performance. The adjusted results presented above, including Adjusted Net Revenue and Adjusted Net Income, are non-GAAP metrics that BRS believes offer a clearer view of the firm's underlying operating performance. See "Note Regarding Use of Non-GAAP Financial Measures" below and reconciliation provided in the Appendix of this press release. Operational & Strategic Updates Debt-Free Balance Sheet: As of December 31, 2025, cash and securities totaled $223.0 million. BRS continues to operate with zero outstanding debt, providing the financial flexibility to aggressively compete for mandates, drive new revenue opportunities, and opportunistically invest in our platform. Capital Allocation: The BRS Board has approved the payment of a common stock dividend of $0.18 per common share, representing a distribution of approximately $3.25 million in the aggregate, payable to B. Riley Securities Holdings shareholders. The financial results provided only relate to the performance, balance sheet, debt and operating results of B. Riley Securities Holdings, Inc. on a stand-alone basis and should not be considered to reflect the complete financial performance, balance sheet, debt or operating results of BRC Group Holdings, Inc. and its consolidated subsidiaries, of which B. Riley Securities Holdings, Inc. is only a part. About B. Riley Securities BRS provides a full suite of investment banking and capital markets services to corporations, financial sponsors, and institutional investors across all industry verticals. Services include initial and follow-on offerings, debt and equity-linked solutions, institutional private placements, merger and acquisition (M&A) advisory, corporate restructuring, and liability management. Widely recognized for its thematic proprietary equity research, clients benefit from BRS' extensive network, industry expertise, and proven execution capabilities through its end-to-end platform. For more information, visit www.brileysecurities.com and follow us on LinkedIn. Note Regarding Use of Non-GAAP Financial Measures Certain information set forth herein, including adjusted net revenue and adjusted net income (loss), may be considered non-GAAP financial measures. B. Riley Securities believes this information is useful to investors because it provides a basis for measuring the operating performance of the Company's business and its revenues and cash flow, (i) excluding in the case of adjusted net revenue, trading gains (losses) and fair value adjustments on loans on legacy investment positions (net of "regular way" fixed income trading revenue), and including Securities Lending interest expense and (ii) excluding in the case of adjusted net income, fair value adjustments, stock-based compensation, trading gains (losses) and fair value adjustments on loans on legacy investment positions (net of certain related non-controlling interest and investment-related expense adjustments and "regular way" fixed income trading revenue), and including the estimated related tax expense or benefit on the aforementioned adjustments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the Company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies. Forward-Looking Statements Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and BRCGH's stock price could be materially negatively affected. Our forward-looking statements include, without limitation, the anticipated merger between BRS and BRW, and the expectation that these actions will maximize revenue and opportunities for clients. The proposed merger of BRS and BRW is subject to approval by FINRA pursuant to Rule 1017 and other applicable regulatory requirements, and there can be no assurance that such approval will be obtained, that it will not be subject to conditions that materially affect the structure or timing of the proposed merger, or that the merger will be completed on the terms described herein or at all. 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 today's date. BRC Group Holdings, Inc. and B. Riley Securities Holdings, Inc. assume no duty to update forward-looking statements, except as required by law. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risk that the Company may not be able to expand its business and clients, regulatory delays, general economic conditions and the risks described from time to time in BRC Group Holdings, Inc.'s periodic filings with the SEC, including, without limitation, the risks described in the BRCGH 2025 Annual Report on Form 10-K/A under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Contact: Jo Anne McCusker B. Riley Securities [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/b-riley-securities-reports-fourth-quarter-and-full-year-2025-results-302757155.html