The following is a summary of the B. Riley Financial, Inc. (RILY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• B. Riley reported Q1 2024 total revenues of $343 million, and operating adjusted EBITDA of $66 million, down from $88 million in Q1 2023.

• The firm reported a net loss of $51 million, primarily due to investment-related losses and extra costs.

• The Capital Markets segment saw an increase in fee income, even though overall revenues fell, and operating margins in Wealth Management continued to grow.

• Wealth Management assets totaled $25.8 billion at quarter-end.

Business Progress:

• The company made major investments, including in Nogin and liquidated some investments to settle outstanding debt and invest in new opportunities.

• Advisory Services achieved a record Q1 in terms of both revenue and operating income, with revenue growing from roughly $76 million three years ago to an annual rate of over $100 million.

• Significant transactions since FRG's take-private last year included the sales of Badcock Furniture and Sylvan Learning.

• B. Riley declared a dividend of $0.50 per share, demonstrating its focus on returning value to shareholders.

• The firm successfuly facilitated a transaction for the Conn franchise and recognized potential for securitization in the Pet Supplies Plus sphere.

• The company is considering the sale of the Great American Group, aimed at capital recycling, given the right price.

• Investment in businesses like American Freight and Targus is continuing, highlighting the company's positive outlook for growth in these sectors.

More details: B. Riley Financial IR

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