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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, 2023
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
6.75% Senior Notes due 2024RILYONasdaq Global Market
6.375% Senior Notes due 2025RILYMNasdaq Global Market
5.00% Senior Notes due 2026RILYGNasdaq Global Market
5.50% Senior Notes due 2026RILYKNasdaq Global Market
6.50% Senior Notes due 2026RILYNNasdaq Global Market
5.25% Senior Notes due 2028RILYZNasdaq Global Market
6.00% Senior Notes due 2028RILYTNasdaq 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 November 2, 2023, there were 30,582,871 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, 2023
Table of Contents
Page
 
Explanatory Note
As previously disclosed in the Explanatory Note of the 2022 Annual Report on Form 10-K, we restated our audited consolidated financial statements as of and for the years ended December 31, 2020 and 2021 and each of our unaudited condensed consolidated financial statements for the quarterly and year-to-date periods during 2021 and for the first three quarters of the year ending 2022. The restatement of these periods was effective with the filing of our Annual Report on Form 10-K for the year ended December 31, 2022. See Note 2 to the consolidated financial statements in our 2022 Annual Report on Form 10-K for additional information related to the restatement.
Additionally, as previously disclosed in our 2022 Annual Report on Form 10-K, we restated the relevant unaudited financial information for the three months ended March 31, 2022, three and six months ended June 30, 2022, and three and nine months ended September 30, 2022. Accordingly, the condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022 included in this Quarterly Report on Form 10-Q have been restated to reflect the restatement adjustments as described in the 2022 Form 10-K. See also Note 2 to our condensed consolidated


financial statements for further information on the impact of the restatement adjustments on the condensed consolidated financial statements as of and for the three and nine months ended September 30, 2022.


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollars in thousands, except par value)
September 30,
2023
December 31,
2022
(Unaudited)  
ASSETS
Assets:
Cash and cash equivalents$252,288 $268,618 
Restricted cash2,060 2,308 
Due from clearing brokers25,579 48,737 
Securities and other investments owned, at fair value1,197,587 1,129,268 
Securities borrowed2,782,000 2,343,327 
Accounts receivable, net127,418 149,110 
Due from related parties395 1,081 
Loans receivable, at fair value (includes $192,828 and $98,729 from related parties as of September 30, 2023 and December 31, 2022, respectively)
549,142 701,652 
Prepaid expenses and other assets265,531 460,696 
Operating lease right-of-use assets82,245 88,593 
Property and equipment, net24,774 27,141 
Goodwill497,388 512,595 
Other intangible assets, net333,641 374,098 
Deferred income taxes2,808 3,978 
Total assets$6,142,856 $6,111,202 
LIABILITIES AND EQUITY  
Liabilities:  
Accounts payable$54,030 $81,384 
Accrued expenses and other liabilities303,428 322,974 
Deferred revenue73,829 85,441 
Deferred income taxes6,677 29,548 
Due to related parties and partners289 2,210 
Due to clearing brokers 19,307 
Securities sold not yet purchased7,120 5,897 
Securities loaned2,772,790 2,334,031 
Operating lease liabilities93,027 99,124 
Notes payable21,300 25,263 
Revolving credit facility57,246 127,678 
Term loans, net618,301 572,079 
Senior notes payable, net1,667,088 1,721,751 
Total liabilities5,675,125 5,426,687 
Commitments and contingencies (Note 17)
Redeemable noncontrolling interests in equity of subsidiaries 178,622 
B. Riley Financial, Inc. equity:  
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,563 and 4,545 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively; and liquidation preference of $114,082 and $113,615 as of September 30, 2023 and December 31, 2022, respectively
  
Common stock, $0.0001 par value; 100,000,000 shares authorized; 30,582,729 and 28,523,764 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
3 3 
Additional paid-in capital576,947 494,201 
Accumulated deficit(157,693)(45,220)
Accumulated other comprehensive loss(5,476)(2,470)
Total B. Riley Financial, Inc. stockholders’ equity413,781 446,514 
Noncontrolling interests53,950 59,379 
Total equity467,731 505,893 
Total liabilities and equity$6,142,856 $6,111,202 
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,
2023202220232022
Revenues:As RestatedAs Restated
Services and fees$278,023 $257,310 $743,909 $651,786 
Trading (loss) income and fair value adjustments on loans(10,587)(6,917)83,346 (143,958)
Interest income - Loans and securities lending69,730 57,594 222,115 182,855 
Sale of goods125,146 4,130 251,310 7,895 
Total revenues462,312 312,117 1,300,680 698,578 
Operating expenses:
Direct cost of services67,850 44,523 178,188 73,959 
Cost of goods sold78,053 3,089 165,996 7,334 
Selling, general and administrative expenses221,688 163,727 623,200 506,062 
Restructuring charge228 8,016 949 8,016 
Impairment of goodwill and tradenames35,500  37,233  
Interest expense - Securities lending and loan participations sold38,368 17,447 106,572 43,757 
Total operating expenses441,687 236,802 1,112,138 639,128 
Operating income20,625 75,315 188,542 59,450 
Other income (expense):  
Interest income180 686 3,455 1,253 
Dividend income12,876 9,175 35,635 26,279 
Realized and unrealized (losses) gains on investments(75,361)19,071 (84,960)(136,205)
Change in fair value of financial instruments and other(4,170)(574)(3,998)9,728 
(Loss) income from equity investments(308)(91)(175)3,285 
Interest expense(45,229)(34,587)(140,122)(96,787)
(Loss) income before income taxes(91,387)68,995 (1,623)(132,997)
Benefit from (provision for) income taxes15,079 (16,350)(14,344)39,858 
Net (loss) income (76,308)52,645 (15,967)(93,139)
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(2,485)4,808 (5,680)9,245 
Net (loss) income attributable to B. Riley Financial, Inc.(73,823)47,837 (10,287)(102,384)
Preferred stock dividends2,015 2,002 6,042 6,006 
Net (loss) income available to common shareholders$(75,838)$45,835 $(16,329)$(108,390)
Basic (loss) income per common share$(2.53)$1.62 $(0.56)$(3.86)
Diluted (loss) income per common share$(2.53)$1.53 $(0.56)$(3.86)
Weighted average basic common shares outstanding29,961,068 28,293,064 28,933,546 28,068,160 
Weighted average diluted common shares outstanding29,961,068 29,968,417 28,933,546 28,068,160 
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,
2023202220232022
Net (loss) income $(76,308)$52,645 $(15,967)$(93,139)
Other comprehensive (loss) income:  
Change in cumulative translation adjustment(4,879)(2,842)(3,006)(5,646)
Other comprehensive loss, net of tax(4,879)(2,842)(3,006)(5,646)
Total comprehensive (loss) income(81,187)49,803 (18,973)(98,785)
Comprehensive (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests(2,485)6,187 (5,534)10,751 
Comprehensive (loss) income attributable to B. Riley Financial, Inc.$(78,702)$43,616 $(13,439)$(109,536)
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 data)
For the Three Months Ended September 30, 2023 and 2022
Preferred StockCommon StockAdditional
Paid-in
Capital
(Accumulated Deficit) Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
SharesAmountShares Amount
Balance, July 1, 20234,563 $ 28,480,870 $3 $452,254 $(49,140)$(597)$59,418 $461,938 
Common stock issued, net of offering costs— — 2,090,909 — 114,507 — — — 114,507 
Vesting of restricted stock and other, net of shares withheld for employer taxes— — 10,950 — (277)— — — (277)
Excise taxes— — — — 115 — — — 115 
Share based payments— — — — 10,561 — — — 10,561 
Share based payments in equity of subsidiary— — — — 32 — — — 32 
Vesting of shares in equity of subsidiary— — — — (245)— — 245  
Dividends on common stock ($1.00 per share)
— — — — — (32,715)— — (32,715)
Dividends on preferred stock— — — — — (2,015)— — (2,015)
Net loss— — — — — (73,823)— (2,485)(76,308)
Distributions to noncontrolling interests— — — — — — — (4,527)(4,527)
Contributions from noncontrolling interests— — — — — — — 699 699 
Acquisition of noncontrolling interests— — — — — — 600 600 
Other comprehensive loss— — — — — — (4,879)— (4,879)
Balance, September 30, 2023
4,563 $ 30,582,729 $3 $576,947 $(157,693)$(5,476)$53,950 $467,731 
        
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)
Common 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 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

For the Nine Months Ended September 30, 2023 and 2022
5

Preferred StockCommon StockAdditional
Paid-in
Capital
(Accumulated Deficit) Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
SharesAmountSharesAmount
Balance, January 1, 20234,545 $ 28,523,764 $3 $494,201 $(45,220)$(2,470)$59,379 $505,893 
Common stock issued, net of offering costs— — 2,090,909 — 114,507 — — — 114,507 
Preferred stock issued18 — — — 467 — — — 467 
ESPP shares issued and vesting of restricted stock and other, net of shares withheld for employer taxes— — 1,368,935 — (8,619)— — — (8,619)
Common stock repurchased and retired— — (1,452,831)— (53,688)— — — (53,688)
Shares issued for the acquisition of a business— — 51,952 — 2,111 — — — 2,111 
Remeasurement of Lingo redeemable minority interest— — — — (6,483)— — — (6,483)
Share based payments— — — — 34,528 — — — 34,528 
Share based payments in equity of subsidiary— — — — 168 — — — 168 
Vesting of shares in equity of subsidiary— — — — (245)— — 245  
Dividends on common stock ($3.00 per share)
— — — — — (94,150)— — (94,150)
Dividends on preferred stock— — — — — (6,042)— — (6,042)
Net loss— — — — — (10,287)— (5,534)(15,821)