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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
Or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-37503
B. RILEY FINANCIAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware27-0223495
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
 Identification No.)
11100 Santa Monica Blvd., Suite 800
Los Angeles, CA
90025
(Address of Principal Executive Offices)(Zip Code)
(310) 966-1444
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per shareRILYNasdaq Global Market
Depositary Shares, each representing a 1/1000th
 fractional interest in a 6.875% share of Series A
 Cumulative Perpetual Preferred Stock
RILYPNasdaq Global Market
Depositary Shares, each representing a 1/1000th
 fractional interest in a 7.375% share of Series B
 Cumulative Perpetual Preferred Stock
RILYLNasdaq Global Market
6.50% Senior Notes due 2026RILYNNasdaq Global Market
6.375% Senior Notes due 2025RILYMNasdaq Global Market
6.75% Senior Notes due 2024RILYONasdaq Global Market
6.00% Senior Notes due 2028RILYTNasdaq Global Market
5.50% Senior Notes due 2026RILYKNasdaq Global Market
5.25% Senior Notes due 2028RILYZNasdaq Global Market
5.00% Senior Notes due 2026RILYGNasdaq Global Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer o
Non-accelerated filer oSmaller reporting company o
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of October 28, 2022, there were 28,582,004 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.


B. Riley Financial, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2022
Table of Contents
Page
 
i

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share and per share data)
September 30,
2022
December 31,
2021
(Unaudited)  
ASSETS
Assets:
Cash and cash equivalents$231,805 $278,933 
Restricted cash1,578 927 
Due from clearing brokers53,472 29,657 
Securities and other investments owned, at fair value1,238,613 1,532,095 
Securities borrowed2,243,306 2,090,966 
Accounts receivable, net64,707 49,673 
Due from related parties814 2,074 
Loans receivable, at fair value (includes $68,575 and $167,744 from related parties as of September 30, 2022 and December 31, 2021, respectively)
814,715 873,186 
Prepaid expenses and other assets355,875 463,502 
Operating lease right-of-use assets84,550 56,969 
Property and equipment, net16,174 12,870 
Goodwill429,187 250,568 
Other intangible assets, net296,346 207,651 
Deferred tax assets, net2,845 2,848 
Total assets$5,833,987 $5,851,919 
LIABILITIES AND EQUITY  
Liabilities:  
Accounts payable$22,167 $6,326 
Accrued expenses and other liabilities278,889 343,750 
Deferred revenue89,157 69,507 
Deferred tax liabilities, net10,932 93,055 
Due to related parties and partners396  
Due to clearing brokers3,942 69,398 
Securities sold not yet purchased17,751 28,623 
Securities loaned2,239,250 2,088,685 
Operating lease liabilities96,049 69,072 
Notes payable25,075 357 
Revolving credit facility74,700 80,000 
Term loans, net558,035 346,385 
Senior notes payable, net1,661,191 1,606,560 
Total liabilities5,077,534 4,801,718 
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests in equity of subsidiaries178,759 345,000 
B. Riley Financial, Inc. equity:  
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,535 and 4,512 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively; and liquidation preference of $113,380 and $112,790 as of September 30, 2022 and December 31, 2021, respectively
  
Common stock, $0.0001 par value; 100,000,000 shares authorized; 28,300,003 and 27,591,028 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
3 3 
Additional paid-in capital473,420 413,486 
Retained earnings46,916 248,862 
Accumulated other comprehensive loss(6,726)(1,080)
Total B. Riley Financial, Inc. stockholders’ equity513,613 661,271 
Noncontrolling interests64,081 43,930 
Total equity577,694 705,201 
Total liabilities and equity$5,833,987 $5,851,919 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Revenues:
Services and fees$266,485 $301,497 $678,065 $857,109 
Trading income (losses) and fair value adjustments on loans12,154 18,197 (280,163)317,818 
Interest income - Loans and securities lending57,594 26,869 182,855 89,280 
Sale of goods4,130 34,959 7,895 54,244 
Total revenues340,363 381,522 588,652 1,318,451 
Operating expenses:
Direct cost of services44,523 18,019 73,959 41,435 
Cost of goods sold3,089 12,442 7,334 21,394 
Selling, general and administrative expenses163,727 244,218 506,062 635,484 
Restructuring charge8,016  8,016  
Interest expense - Securities lending and loan participations sold17,447 10,097 43,757 40,269 
Total operating expenses236,802 284,776 639,128 738,582 
Operating income (loss)103,561 96,746 (50,476)579,869 
Other income (expense):    
Interest income686 70 1,253 175 
Change in fair value of financial instruments and other(574)1,758 9,728 8,267 
(Loss) income from equity investments(91)1,149 3,285 1,172 
Interest expense(34,587)(25,372)(96,787)(66,014)
Income (loss) before income taxes68,995 74,351 (132,997)523,469 
(Provision for) benefit from income taxes(16,350)(22,693)39,858 (140,113)
Net income (loss) 52,645 51,658 (93,139)383,356 
Net income attributable to noncontrolling interests and redeemable noncontrolling interests4,808 1,108 9,245 2,474 
Net income (loss) attributable to B. Riley Financial, Inc.47,837 50,550 (102,384)380,882 
Preferred stock dividends2,002 1,929 6,006 5,467 
Net income (loss) available to common shareholders$45,835 $48,621 $(108,390)$375,415 
Basic income (loss) per common share$1.62 $1.76 $(3.86)$13.75 
Diluted income (loss) per common share$1.53 $1.69 $(3.86)$13.07 
Weighted average basic common shares outstanding28,293,064 27,570,716 28,068,160 27,297,917 
Weighted average diluted common shares outstanding29,968,417 28,794,066 28,068,160 28,726,492 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(Dollars in thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income (loss)$52,645 $51,658 $(93,139)$383,356 
Other comprehensive income (loss):    
Change in cumulative translation adjustment(2,842)(1,029)(5,646)(1,384)
Other comprehensive loss, net of tax(2,842)(1,029)(5,646)(1,384)
Total comprehensive income (loss) 49,803 50,629 (98,785)381,972 
Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interests6,187 1,108 10,751 2,474 
Comprehensive income (loss) attributable to B. Riley Financial, Inc.$43,616 $49,521 $(109,536)$379,498 
The accompanying notes are an integral part of these condensed consolidated financial statements.
3

B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
(Unaudited)
(Dollars in thousands, except share and per share data)
For the Three Months Ended September 30, 2022 and 2021
Preferred StockCommon StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
SharesAmountShares Amount
Balance, July 1, 20224,535 $ 28,290,458 $3 $459,220 $32,570 $(3,884)$55,467 $543,376 
Vesting of restricted stock and other, net of shares withheld for employer taxes— — 10,116 — (293)— — — (293)
Stock repurchased and retired— — (571)— (27)— — — (27)
Share based payments— — — — 14,498 — — — 14,498 
Share based payments in equity of subsidiary— — — — 57 — — — 57 
Vesting of shares in equity of subsidiary— — — — (35)— — 35  
Dividends on common stock ($1.00 per share)
— — — — — (31,061)— — (31,061)
Dividends on preferred stock— — — — — (2,002)— — (2,002)
Net income— — — — — 47,837 — 6,187 54,024 
Remeasurement of B. Riley Principal 150 and 250 Merger Corporations subsidiary temporary equity— — — — — (428)— — (428)
Distributions to noncontrolling interests— — — — — — — (431)(431)
Contributions from noncontrolling interests— — — — — — — 2,823 2,823 
Other comprehensive loss— — — — — — (2,842)— (2,842)
Balance, September 30, 2022
4,535 $ 28,300,003 $3 $473,420 $46,916 $(6,726)$64,081 $577,694 
        
Balance, July 1, 20214,275 $ 27,580,300 $3 $387,084 $320,078 $(1,178)$37,578 $743,565 
Preferred stock issued210 — — — 5,716 — — — 5,716 
Vesting of restricted stock and other, net of shares withheld for employer taxes— — 7,359 — (169)— — — (169)
Common stock repurchased and retired— — (44,650)— (2,656)— — — (2,656)
Warrants exercised— — 11,655 — — — — — 
Share based payments— — — — 9,374 — — — 9,374 
Dividends on common stock ($2.00 per share)
— — — — — (59,149)— — (59,149)
Dividends on preferred stock— — — — — (1,929)— — (1,929)
Net income— — — — — 50,550 — 1,108 51,658 
Distributions to noncontrolling interests— — — — — — — (841)(841)
Contributions from noncontrolling interests— — — — — — — 2,084 2,084 
Acquisition of noncontrolling interests— — — — — — — 583 583 
Other comprehensive loss— — — — — — (1,029)— (1,029)
Balance, September 30, 2021
4,485 $ 27,554,664 $3 $399,349 $309,550 $(2,207)$40,512 $747,207 
4

The accompanying notes are an integral part of these condensed consolidated financial statements.
For the Nine Months Ended September 30, 2022 and 2021
5

Preferred StockCommon StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
SharesAmountShares Amount
Balance, January 1, 20224,512 $ 27,591,028 $3 $413,486 $248,862 $(1,080)$43,930 $705,201 
Preferred stock issued23 — — — 639 — — — 639 
ESPP shares issued and vesting of restricted stock and other, net of shares withheld for employer taxes— — 404,668 — (6,733)— — — (6,733)
Common stock repurchased and retired— — (571)— (27)— — — (27)
Shares issued for the acquisition of FocalPoint— — 304,878 — 20,320 — — — 20,320 
Share based payments— — — — 45,713 — — — 45,713 
Share based payments in equity of subsidiary— — — — 57 — — — 57 
Vesting of shares in equity of subsidiary— — — — (35)— — 35  
Dividends on common stock ($3.00 per share)
— — — — — (93,128)— — (93,128)
Dividends on preferred stock— — — — — (6,006)— — (6,006)
Net income— — — — — (102,384)— 10,751 (91,633)
Remeasurement of B. Riley Principal 150 and 250 Merger Corporations subsidiary temporary equity— — — — — (428)— — (428)
Distributions to noncontrolling interests— — — — — — — (2,167)(2,167)
Contributions from noncontrolling interests— — — — — — — 11,350 11,350 
Acquisition of noncontrolling interests— — — — — — — 182 182 
Other comprehensive loss— — — — — — (5,646)— (5,646)
Balance, September 30, 2022
4,535 $ 28,300,003 $3 $473,420 $46,916 $(6,726)$64,081 $577,694 
        
Balance, January 1, 20213,971 $ 25,777,796 $3 $310,326 $203,080 $(823)$26,374 $538,960 
Common stock issued, net of offering costs— — 1,413,045 — 64,713 — — — 64,713 
Preferred stock issued