B. Riley Securities Reports Fourth Quarter and Full Year 2025 Results

ARLINGTON, Va., April 29, 2026 /PRNewswire/ -- B. Riley Securities Holdings, Inc. ("B. Riley Securities," "BRS" or the "Company"), a leading full-service investment bank, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2025.

Strategic & Financial Highlights

• Executed over 200 client transactions raising $42 billion in debt and equity capital during FY25
• Recruited 10 senior producers to fortify core segments and diversify offerings during FY25
• Generated FY25 Revenues of $260.2 million and Net Income of $69.9 million
• Delivered 4Q25 Revenues of $92.1 million and Net Income of $41.8 million
• Generated strong cash flow and preserved a debt-free balance sheet with $223.0 million in cash and securities at YE25
• Declared dividend of $0.18 per share, an aggregate distribution of approximately $3.25 million, payable to BRS shareholders

Management Commentary

"2025 successfully demonstrated our platform's durability – a testament to our team's perseverance and clients valuing our proprietary product," said Andy Moore, Chief Executive Officer, B. Riley Securities. "Following the strategic initiatives announced by BRC Group Holdings to integrate our affiliated banking, capital markets, and B. Riley Wealth platforms, our mandate is clear: we are officially on offense, and I am energized to guide our next chapter."

"As traditional middle-market funding sources retreat, this proposed integration creates one of the few platforms uniting investment banking, broad distribution, and balance sheet capabilities – uniquely positioning us to step into the void to solve our clients' critical capital mandates and capture market share. We approach the current market from a fortified position, having executed over 200 transactions representing $42 billion in debt and equity raised for clients during 2025, while serving as one of the few banks to lead both a $180 million IPO and $170 million follow-on last year," said Joe Nardini, President and Head of Investment Banking, B. Riley Securities. "While 2026 brings renewed volatility and shifting financing timelines, our model has historically thrived in dislocation. Looking beyond near-term headwinds, our expanding cross-platform capabilities and an improving IPO market provide a constructive backdrop to drive anticipated second-half revenue diversification."

Mr. Moore continued, "Our differentiated focus on underserved markets continues to draw top-tier talent, and we are strategically expanding our platform to build on the 10 senior producers recruited last year. We compound this expansion with rigorous operational discipline, embedding enterprise-wide AI as a force multiplier to accelerate execution. As we advance to our previously announced proposed integration with B. Riley Wealth and return to full BRCGH ownership, we anticipate future financial results will be reported on a consolidated basis by BRCGH, transitioning away from standalone BRS earnings releases. We look forward to discussing our expanded vision with clients and partners at our 26th Annual Institutional Investor Conference next month."

Summary of Financial Results

Fourth Quarter 2025 
For the three-month period ended December 31, 2025, total revenues were $92.1 million. Net income attributable to BRS was $41.8 million for the quarter. Adjusted net revenue was $40.0 million and adjusted net income was $3.2 million, excluding legacy position gains and losses, share-based compensation, transaction costs, and related tax impacts.

Full Year 2025 
For the full year 2025, total revenues were $260.2 million. Net income attributable to BRS was $69.9 million for the year. Adjusted net revenue was $191.0 million, and adjusted net income was $24.2 million.

Revenue and net income may vary from period to period based on the number, size, and timing of completed transactions, among other factors. Accordingly, these results may not be indicative of broader business momentum or longer-term performance.

The adjusted results presented above, including Adjusted Net Revenue and Adjusted Net Income, are non-GAAP metrics that BRS believes offer a clearer view of the firm's underlying operating performance. See "Note Regarding Use of Non-GAAP Financial Measures" below and reconciliation provided in the Appendix of this press release.

Operational & Strategic Updates

Debt-Free Balance Sheet: As of December 31, 2025, cash and securities totaled $223.0 million. BRS continues to operate with zero outstanding debt, providing the financial flexibility to aggressively compete for mandates, drive new revenue opportunities, and opportunistically invest in our platform.

Capital Allocation: The BRS Board has approved the payment of a common stock dividend of $0.18 per common share, representing a distribution of approximately $3.25 million in the aggregate, payable to B. Riley Securities Holdings shareholders.

The financial results provided only relate to the performance, balance sheet, debt and operating results of B. Riley Securities Holdings, Inc. on a stand-alone basis and should not be considered to reflect the complete financial performance, balance sheet, debt or operating results of BRC Group Holdings, Inc. and its consolidated subsidiaries, of which B. Riley Securities Holdings, Inc. is only a part.

About B. Riley Securities
BRS provides a full suite of investment banking and capital markets services to corporations, financial sponsors, and institutional investors across all industry verticals. Services include initial and follow-on offerings, debt and equity-linked solutions, institutional private placements, merger and acquisition (M&A) advisory, corporate restructuring, and liability management. Widely recognized for its thematic proprietary equity research, clients benefit from BRS' extensive network, industry expertise, and proven execution capabilities through its end-to-end platform. For more information, visit www.brileysecurities.com and follow us on LinkedIn.

Note Regarding Use of Non-GAAP Financial Measures
Certain information set forth herein, including adjusted net revenue and adjusted net income (loss), may be considered non-GAAP financial measures. B. Riley Securities believes this information is useful to investors because it provides a basis for measuring the operating performance of the Company's business and its revenues and cash flow, (i) excluding in the case of adjusted net revenue, trading gains (losses) and fair value adjustments on loans on legacy investment positions (net of "regular way" fixed income trading revenue), and including Securities Lending interest expense and (ii) excluding in the case of adjusted net income, fair value adjustments, stock-based compensation, trading gains (losses) and fair value adjustments on loans on legacy investment positions (net of certain related non-controlling interest and investment-related expense adjustments and "regular way" fixed income trading revenue), and including the estimated related tax expense or benefit on the aforementioned adjustments, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the Company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, management compensation, capital resources, and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.

Forward-Looking Statements
Statements made in this press release that are not descriptions of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and BRCGH's stock price could be materially negatively affected. Our forward-looking statements include, without limitation, the anticipated merger between BRS and BRW, and the expectation that these actions will maximize revenue and opportunities for clients. The proposed merger of BRS and BRW is subject to approval by FINRA pursuant to Rule 1017 and other applicable regulatory requirements, and there can be no assurance that such approval will be obtained, that it will not be subject to conditions that materially affect the structure or timing of the proposed merger, or that the merger will be completed on the terms described herein or at all. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. BRC Group Holdings, Inc. and B. Riley Securities Holdings, Inc. assume no duty to update forward-looking statements, except as required by law. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's performance or achievements to be materially different from any expected future results, performance, or achievements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, some of which are beyond the control of the Company, including, but not limited to, the risk that the Company may not be able to expand its business and clients, regulatory delays, general economic conditions and the risks described from time to time in BRC Group Holdings, Inc.'s periodic filings with the SEC, including, without limitation, the risks described in the BRCGH 2025 Annual Report on Form 10-K/A under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements.

Contact:
Jo Anne McCusker
B. Riley Securities
[email protected]

SOURCE B. Riley Securities