B. Riley Financial Stock Earnings Reports

B. Riley reported a strong start to 2026 with first quarter net income available to common shareholders of $211.3 million and adjusted EBITDA of $262.2 million. Operating adjusted EBITDA improved ~40% sequentially. The firm materially strengthened its balance sheet, reducing total debt by $129 million in the quarter and net debt by ~$255 million to $372 million, including full redemption of the 5.5% senior notes due 2026. Capital markets activity was robust: B. Riley Securities executed nearly $10 billion of debt and equity raises, filed $8.7 billion of new ATMs, and initiated research coverage on 26 companies. Management emphasized continued redeployment of operating cash flows into core franchise opportunities (including the recently launched BRC Specialty Finance), operational discipline, and AI adoption to scale revenue-producing teams. They announced intent to repurchase the minority stake in B. Riley Securities and combine it with B. Riley Wealth to simplify structure and drive operational synergies. Segment detail: Capital Markets benefited from fair-value gains (notably Babcock & Wilcox) and increased investment banking; Wealth AUM was $11.9 billion; Communications revenues were roughly in line with expectations; Targus is stabilizing near breakeven. Management reiterated a flexible, opportunistic capital allocation approach — balancing asset monetizations, bond repurchases/exchanges, reinvestment in the business, and continued debt paydowns — and expects further operating expense improvements as one-time costs normalize.