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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 June 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 July 22, 2022, there were 28,290,458 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 June 30, 2022
Table of Contents
Page
 
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollars in thousands, except par value)
June 30,
2022
December 31,
2021
(Unaudited)  
ASSETS
Assets:
Cash and cash equivalents$216,098 $278,933 
Restricted cash928 927 
Due from clearing brokers50,597 29,657 
Securities and other investments owned, at fair value1,144,896 1,532,095 
Securities borrowed2,414,074 2,090,966 
Accounts receivable, net52,935 49,673 
Due from related parties645 2,074 
Loans receivable, at fair value (includes $88,893 and $167,744 from related parties as of June 30, 2022 and December 31, 2021, respectively)
770,840 873,186 
Prepaid expenses and other assets480,276 463,502 
Operating lease right-of-use assets59,806 56,969 
Property and equipment, net14,182 12,870 
Goodwill394,331 250,568 
Other intangible assets, net270,322 207,651 
Deferred tax assets, net5,287 2,848 
Total assets$5,875,217 $5,851,919 
LIABILITIES AND EQUITY  
Liabilities:  
Accounts payable$22,428 $6,326 
Accrued expenses and other liabilities245,773 343,750 
Deferred revenue79,226 69,507 
Deferred tax liabilities, net 93,055 
Due to related parties and partners470  
Due to clearing brokers24,695 69,398 
Securities sold not yet purchased5,403 28,623 
Securities loaned2,414,201 2,088,685 
Operating lease liabilities70,972 69,072 
Notes payable23,186 357 
Revolving credit facility80,000 80,000 
Term loans, net367,815 346,385 
Senior notes payable, net1,644,778 1,606,560 
Total liabilities4,978,947 4,801,718 
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests in equity of subsidiaries352,894 345,000 
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 June 30, 2022 and December 31, 2021, respectively; and liquidation preference of $113,380 and $112,790 as of June 30, 2022 and December 31, 2021, respectively
  
Common stock, $0.0001 par value; 100,000,000 shares authorized; 28,290,458 and 27,591,028 issued and outstanding as of June 30, 2022 and December 31, 2021, respectively
3 3 
Additional paid-in capital459,220 413,486 
Retained earnings32,570 248,862 
Accumulated other comprehensive loss(3,884)(1,080)
Total B. Riley Financial, Inc. stockholders’ equity487,909 661,271 
Noncontrolling interests55,467 43,930 
Total equity543,376 705,201 
Total liabilities and equity$5,875,217 $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
June 30,
Six Months Ended
June 30,
2022202120222021
Revenues:
Services and fees$200,905 $266,143 $411,580 $555,612 
Trading (losses) income and fair value adjustments on loans(223,927)32,679 (292,317)299,621 
Interest income - Loans and securities lending63,835 25,491 125,261 62,411 
Sale of goods1,887 12,457 3,765 19,285 
Total revenues42,700 336,770 248,289 936,929 
Operating expenses:
Direct cost of services17,785 12,094 29,436 23,416 
Cost of goods sold1,994 3,626 4,245 8,952 
Selling, general and administrative expenses167,136 199,922 342,335 391,266 
Interest expense - Securities lending and loan participations sold14,544 10,983 26,310 30,172 
Total operating expenses201,459 226,625 402,326 453,806 
Operating (loss) income(158,759)110,145 (154,037)483,123 
Other income (expense):    
Interest income500 56 567 105 
Change in fair value of financial instruments and other4,321 6,509 10,302 6,509 
(Loss) income from equity investments(3,399)(852)3,376 23 
Interest expense(31,764)(20,856)(62,200)(40,642)
(Loss) income before income taxes(189,101)95,002 (201,992)449,118 
Benefit from (provision for) income taxes52,513 (19,902)56,208 (117,420)
Net (loss) income(136,588)75,100 (145,784)331,698 
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests3,571 (576)4,437 1,366 
Net (loss) income attributable to B. Riley Financial, Inc.$(140,159)$75,676 $(150,221)$330,332 
Preferred stock dividends2,002 1,789 4,004 3,538 
Net (loss) income available to common shareholders$(142,161)$73,887 $(154,225)$326,794 
Basic (loss) income per common share$(5.07)$2.70 $(5.52)$12.03 
Diluted (loss) income per common share$(5.07)$2.58 $(5.52)$11.39 
Weighted average basic common shares outstanding28,051,570 27,344,184 27,953,845 27,159,257 
Weighted average diluted common shares outstanding28,051,570 28,668,465 27,953,845 28,690,444 
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
June 30,
Six Months Ended
June 30,
2022202120222021
Net (loss) income$(136,588)$75,100 $(145,784)$331,698 
Other comprehensive income (loss):    
Change in cumulative translation adjustment(2,316)281 (2,804)(355)
Other comprehensive (loss) income, net of tax(2,316)281 (2,804)(355)
Total comprehensive (loss) income(138,904)75,381 (148,588)331,343 
Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests3,698 (576)4,564 1,366 
Comprehensive (loss) income attributable to B. Riley Financial, Inc.$(142,602)$75,957 $(153,152)$329,977 
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 June 30, 2022 and 2021
Preferred StockCommon StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Noncontrolling
Interests
Total
Equity
SharesAmountShares Amount
Balance, April 1, 20224,535 $ 27,928,234 $3 $450,164 $205,765 $(1,568)$45,813 $700,177 
ESPP shares issued and vesting of restricted stock and other, net of shares withheld for employer taxes— — 362,224 — (5,146)— — — (5,146)
Share based payments— — — — 14,202 — — — 14,202 
Dividends on common stock ($1.00 per share)
— — — — — (31,034)— — (31,034)
Dividends on preferred stock— — — — — (2,002)— — (2,002)
Net loss— — — — — (140,159)— 3,698 (136,461)
Distributions to noncontrolling interests— — — — — — — (801)(801)
Contributions from noncontrolling interests— — — — — — — 6,757 6,757 
Other comprehensive loss— — — — — — (2,316)— (2,316)
Balance, June 30, 2022
4,535 $ 28,290,458 $3 $459,220 $32,570 $(3,884)$55,467 $543,376 
        
Balance, April 1, 20213,971 $ 27,194,909 $3 $380,543 $352,910 $(1,459)$33,823 $765,820 
Preferred stock issued304 — — — 8,281 — — — 8,281 
ESPP shares issued and vesting of restricted stock and other, net of shares withheld for employer taxes— — 385,391 — (10,348)— — — (10,348)
Share based payments— — — — 8,608 — — — 8,608 
Dividends on common stock ($3.00 per share)
— — — — — (88,537)— — (88,537)
Dividends on preferred stock— — — — — (1,789)— — (1,789)
Net income— — — — — 75,676 — (576)75,100 
Distributions to noncontrolling interests— — — — — — — (2,597)(2,597)
Contributions from noncontrolling interests— — — — — — — 6,928 6,928 
Other comprehensive loss— — — — — — 281 — 281 
Balance, June 30, 2021
4,275 $ 27,580,300 $3 $387,084 $338,260 $(1,178)$37,578 $761,747 
The accompanying notes are an integral part of these condensed consolidated financial statements.

4

For the Six Months Ended June 30, 2022 and 2021
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— — 394,552 — (6,440)— — — (6,440)
Shares issued for the acquisition of FocalPoint— — 304,878 — 20,320 — — — 20,320 
Share based payments— — — — 31,215 — — — 31,215 
Dividends on common stock ($2.00 per share)
— — — — — (62,067)— — (62,067)
Dividends on preferred stock— — — — — (4,004)— — (4,004)
Net loss— — — — — (150,221)— 4,564 (145,657)
Distributions to noncontrolling interests— — — — — — — (1,736)(1,736)
Contributions from noncontrolling interests— — — — — — — 8,527 8,527 
Acquisition of noncontrolling interests— — — — — — — 182 182 
Other comprehensive loss— — — — — — (2,804)— (2,804)
Balance, June 30, 2022
4,535 $ 28,290,458 $3 $459,220 $32,570 $(3,884)$55,467 $543,376 
        
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 issued304 — — — 8,281 — — — 8,281 
ESPP shares issued and vesting of restricted stock and other, net of shares withheld for employer taxes— — 389,459 — (10,370)— — — (10,370)
Share based payments— — — — 14,134 — — — 14,134 
Dividends on common stock ($6.50 per share)
— — — — — (191,614)— — (191,614)
Dividends on preferred stock— — — — — (3,538)— — (3,538)
Net income— — — — — 330,332 — 1,366 331,698 
Distributions to noncontrolling interests— — — — — — — (13,854)(13,854)
Contributions from noncontrolling interests— — — — — — — 10,650 10,650 
Acquisition of noncontrolling interests— — — — — — — 13,042 13,042 
Other comprehensive loss— — — — — — (355)— (355)
Balance, June 30, 2021
4,275 $ 27,580,300 $3 $387,084 $