B. Riley Financial Business Summary

B. Riley Financial, Inc. (RILY), which began transitioning its corporate identity to BRC Group Holdings in early 2026, operates as a diversified financial services platform generating revenue through investment banking fees, asset management charges, liquidation commissions, and principal investment income. The company’s operations are divided into six primary segments: Capital Markets, providing underwriting and institutional brokerage; Wealth Management, offering advisory services to high-net-worth clients; Auction and Liquidation (via Great American Group), specializing in retail and industrial asset disposition; Financial Consulting, focused on restructuring and appraisal; and non-core Communications and Consumer Products divisions. B. Riley distinguishes itself through a balance-sheet-intensive strategy, frequently deploying its own capital to facilitate middle-market "special situations" and rescue financings. The firm competes directly with middle-market peers such as Stifel Financial, Raymond James, Houlihan Lokey, and Jefferies Financial Group, occupying a specialized niche as a leading provider of counter-cyclical liquidation services and distressed-market advisory. The company was founded in 1997 by Bryant Riley, who serves as Chairman and Co-Chief Executive Officer, and is co-led by Co-CEO Tom Kelleher, a veteran executive who has held various management roles since the firm's inception. The current leadership team includes Chief Financial Officer Scott Yessner, who manages the firm's complex debt and capital structure, and Executive Vice President Alan Neil Forman, who serves as General Counsel. The board of directors features notable figures including Robert Antin, the co-founder and former CEO of VCA Inc., and Tammy Brandt. As of March 2026, the firm maintains high insider alignment, with Bryant Riley remaining the most significant individual shareholder and the primary architect of the company’s recent strategic pivot toward reducing contingent liabilities and credit exposure following a period of aggressive balance sheet deleveraging.