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B Riley Financial (RILY) investor relations material
B Riley Financial Investor Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Audit and financial reporting status
2024 annual audit is in late stages, with 10-K filings expected shortly; 1Q and 2Q 10-Qs are documented and ready for auditor review after 10-K submission.
Audit delays were caused by complex divestitures, transition service agreements, and auditor transition, leading to significant documentation requirements.
A national accounting advisory firm was hired to augment staff and support technical accounting and internal controls, aiming to normalize future filings.
Third quarter filings are expected to return to a normal schedule.
Strategic realignment and business operations
Focus has shifted to financial services and capital markets, supported by strong cash flows from telecom and consumer products.
The carve-out of B. Riley Securities (BRS) in March 2025 exceeded expectations, with BRS showing operational autonomy, capital strength, and new talent additions.
Sale of GA Group to Oaktree funds provided strategic benefits, cash for debt reduction, and access to larger liquidation deals.
Divestitures included GlassRatner, Atlantic Coast Recycling, and W2 Wealth Management, generating significant cash proceeds.
Financial performance and capital structure
Net debt reduced to $839M as of June 30, 2025, through investment and asset sales, amended credit facility, and bond exchanges.
Cash balance at June 30, 2025, exceeds $260M, with additional operational flexibility from amended Oaktree facility.
Five bond exchanges since March 2025 reduced outstanding debt by $126M; February 2025 senior notes fully redeemed.
Estimated first half 2025 net income available to common shareholders is $125M–$145M, driven by gains on asset sales and bond retirements.
Investment portfolio estimated at $320M–$355M, down due to debt paydowns and investment sales.
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