B. Riley Financial

What B. Riley Financial does

B. Riley Financial, now operating as BRC Group Holdings, Inc. (Nasdaq: RILY), is a diversified holding company founded in 1997 and headquartered in Los Angeles, with approximately 1,600 team members serving over 900,000 historical clients across more than 100 global markets. The company's core financial services platform targets small-cap and middle market companies, offering capital markets services, sales and trading, research, merchant banking, M&A advisory, and restructuring through B Riley Securities; wealth management, brokerage, investment management, insurance, and tax preparation through Briley Wealth; and direct lending through BRC Specialty Finance. B. Riley's banking business is differentiated by nearly three decades of small-cap C-suite access and a full-service offering spanning the enterprise life cycle, while its wealth management arm delivers recurring-revenue financial planning to individuals. Revenue streams span professional services fees, recurring wealth management and communications subscriptions, retail hardware sales, and opportunistic investment returns from equity, debt, and venture capital positions.

The company operates a platform-plus-subsidiary structure with operating businesses in communications (CREDO Mobile, United Online, magicJack, Lingo) and retail (Targus mobile computing accessories, GA Group home furnishings), each contributing diversified revenue beyond the financial services core. GTM motion is enterprise field sales targeting institutional clients, supported by direct B2B relationships and industry events such as B. Riley Securities healthcare summits. Pricing is not publicly disclosed and is quote-based for enterprise clients, with recurring subscription revenue in the wealth and communications businesses and transactional/hardware revenue in retail. The corporate technology stack is described as a diversified financial services technology platform supporting capital markets, trading, wealth management, and specialty finance operations, without disclosed proprietary technology differentiation.

In 2025, the company completed a strategic restructuring including $314 million of debt reduction, a $160 million capital injection from Oaktree Capital Management, completion of overdue financial filings to avoid Nasdaq delisting, and a return to profitability with Q2 2025 net income of $137.5 million. In 2026, B. Riley Financial rebranded to BRC Group Holdings, Inc. and launched BRC Specialty Finance as its direct lending arm, which has begun deploying senior secured term loans to borrowers including an AI-driven HPC data center infrastructure provider. Ongoing regulatory matters include securities fraud litigation, fiduciary duty investigations by Halper Sadeh and Rosen Law, and legacy scrutiny stemming from Brian Kahn's securities fraud guilty plea and the Franchise Group matter.

Name

B. Riley Financial

Legal name

BRC Group Holdings, Inc.

Website

https://brileyfin.com

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

BRC Group Holdings (formerly B. Riley Financial) is a diversified holding company providing investment banking, capital markets, wealth management, and specialty finance services to small-cap and middle market companies, with operating subsidiaries in communications (CREDO Mobile, magicJack, Lingo, United Online) and retail (Targus).

Ownership category

akta.pro rank

Product category

Investment Banking & Financial Advisory

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Equity Capital Markets Advisory (Equity Issuance Strategy & Readiness) (FSACAAAI), Asset-Based Lending (ABL) (FSANADAD)

Keywords

• Investment banking services
• Wealth management services
• Specialty finance lending
• Capital markets advisory
• Mergers and acquisitions

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Investment Banking & Capital Markets: Revenue from capital markets services including sales, trading, research, merchant banking, M&A advisory, and restructuring services provided to small-cap and middle market companies
2. Wealth Management: Revenue from wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation
3. Communications Services: Revenue from consumer and business communications services including traditional, mobile and cloud phone, internet and data, security, and email services
4. Retail: Revenue from retail businesses providing mobile computing accessories and home furnishings
5. Investment Returns: Returns from opportunistic investments in equity, debt and venture capital across the portfolio

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

BRC Group Holdings (formerly B. Riley Financial) is a diversified holding company whose core financial services platform delivers investment banking, capital markets, sales, trading, research, merchant banking, M&A advisory, restructuring, direct lending/specialty finance, and wealth management services to small-cap and middle market companies. Beyond financial services, the company also operates subsidiaries in consumer communications (CREDO Mobile, United Online, magicJack, Lingo) and retail (Targus mobile computing accessories, GA Group home furnishings), and deploys capital through opportunistic investments in equity, debt, and venture capital.

Product overview

B. Riley Financial, rebranded as BRC Group Holdings (Nasdaq: RILY), is a diversified financial services holding company operating a platform-plus-subsidiary model. The core financial services platform includes B Riley Securities (investment banking with capital markets, sales, trading, research, merchant banking, M&A, and restructuring services), BRC Specialty Finance (direct lending and specialty finance solutions), and Briley Wealth (wealth management and financial planning). The company also holds portfolio companies across communications (CREDO mobile, United Online, magicJack, Lingo) and retail (Targus, GA Group). The diversified structure combines investment banking and lending services with operating businesses in telecom and retail.

Differentiator

Problem solved

Functional benefit

Brands

• B Riley Securities: Investment banking and capital markets services including sales, trading, research, merchant banking, M&A, and restructuring
• Briley Wealth
• BRC Specialty Finance
• CREDO Mobile
• magicJack
• Lingo
• Targus
• United Online

Products and services

• B Riley Securities Full-service investment bank providing capital markets, sales, trading, research, merchant banking, M&A advisory, and restructuring services for small-cap and middle market companies.
• BRC Specialty Finance Direct lending platform providing structured capital solutions, including senior secured term loans, for middle market companies across sectors such as AI-driven data center infrastructure.
• Briley Wealth Wealth management and financial planning services including brokerage, investment management, insurance, and tax preparation delivered through licensed financial advisors and brokers.
• CREDO Mobile Mobile telecommunications services for consumers and businesses offered through the CREDO Mobile brand.
• United Online Online services and internet service provider offering internet, data, and email services to consumers and businesses.
• magicJack VoIP and mobile phone services providing internet-based calling solutions to consumers.
• Lingo Cloud communications and connectivity services for consumers and businesses.
• Targus Mobile computing accessories including laptop bags, docks, and peripherals sold through retail and e-commerce channels.
• GA Group Operating subsidiary within the diversified holdings portfolio focused on home furnishings retail.

Quantifiable outcome

• Q2 2025 net income of $137.5 million compared to net loss of $435.6 million in same period prior year
• +1 more outcomes

Segments2 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Interface Consulting InternationalcoreStrategic or Co-development Partner · 8 July 2024B. Riley Financial acquired Interface Consulting International, an engineering and construction consulting firm, as part of its expansion strategy in professional services.
• 272 Capital L.P.coreStrategic or Co-development Partner · 4 August 2021B. Riley Financial acquired the investment advisory business of 272 Capital L.P., adding over $270 million in assets under management and expanding its small-cap management capabilities.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Stifel Financial Corp. Diversified middle-market-focused investment bank, wealth manager, and institutional broker-dealer — closely comparable to B. Riley's mix of capital markets, M&A advisory, and wealth management for small-cap and middle-market clients.
• Jefferies Financial Group: Diversified financial services holding company combining investment banking, capital markets, asset management, and direct lending — analogous to B. Riley's platform-plus-subsidiary model with opportunistic investment returns.
• Raymond James Financial: Diversified financial services firm with strong investment banking and a large wealth management network — directly comparable to B. Riley Securities and Briley Wealth serving middle-market clients.
• Piper Sandler Companies: Middle-market-focused investment bank with advisory, equity capital markets, and fixed income services — direct overlap with B. Riley Securities' small-cap and middle-market investment banking franchise.
• Houlihan Lokey: Global investment bank with leading M&A advisory and restructuring practices — directly comparable to B. Riley's restructuring and M&A advisory offerings for middle-market companies.
• Canaccord Genuity Group: Independent investment bank focused on growth and mid-cap companies — comparable in target market and ECM/advisory services, particularly in small-cap equity capital markets.
• Moelis & Company: Global advisory-focused investment bank serving middle-market and large-cap clients — overlapping with B. Riley's M&A advisory and capital markets advisory offerings.
• Oppenheimer Holdings: Diversified investment bank and wealth manager combining capital markets, M&A, research, and wealth management — structurally similar to B. Riley's capital markets and Briley Wealth businesses.
• Cowen Inc. Middle-market investment bank with research, sales & trading, and investment management (now part of TD Securities) — historically a strong comparable in middle-market ECM and advisory.

Emerging players

• Ladenburg Thalmann Financial Services: Diversified financial services firm with investment banking and wealth management focus — overlaps with B. Riley Securities and Briley Wealth on a smaller scale.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/brileyfinancial
• Xx.com/BRileyFinancial

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries8 records

Funding overview

Funding rounds4 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments26 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about B. Riley Financial