<SEC-DOCUMENT>0001213900-25-031211.txt : 20250411
<SEC-HEADER>0001213900-25-031211.hdr.sgml : 20250411
<ACCEPTANCE-DATETIME>20250411190002
ACCESSION NUMBER:		0001213900-25-031211
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250411
DATE AS OF CHANGE:		20250411

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			B. Riley Financial, Inc.
		CENTRAL INDEX KEY:			0001464790
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		ORGANIZATION NAME:           	02 Finance
		EIN:				270223495
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-84964
		FILM NUMBER:		25833872

	BUSINESS ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD
		STREET 2:		SUITE 800
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025
		BUSINESS PHONE:		818-884-3737

	MAIL ADDRESS:	
		STREET 1:		11100 SANTA MONICA BLVD
		STREET 2:		SUITE 800
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Great American Group, Inc.
		DATE OF NAME CHANGE:	20090522

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RILEY BRYANT R
		CENTRAL INDEX KEY:			0001207269
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	MAIL ADDRESS:	
		STREET 1:		C/O B. RILEY FINANCIAL, INC.
		STREET 2:		21255 BURBANK BLVD, SUITE 400
		CITY:			WOODLAND HILLS
		STATE:			CA
		ZIP:			91367
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0001019687-14-002583</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: RILEY BRYANT R -->
          <cik>0001207269</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>4</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.0001</securitiesClassTitle>
      <dateOfEvent>03/27/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001464790</issuerCIK>
        <issuerCUSIP>05580M108</issuerCUSIP>
        <issuerName>B. Riley Financial, Inc.</issuerName>
        <address>
          <com:street1>11100 Santa Monica Blvd</com:street1>
          <com:street2>Suite 800</com:street2>
          <com:city>Los Angeles</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>90025</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Bryant R. Riley</personName>
          <personPhoneNum>818 884-3737</personPhoneNum>
          <personAddress>
            <com:street1>11100 Santa Monica Boulevard</com:street1>
            <com:street2>Suite 800</com:street2>
            <com:city>Los Angeles</com:city>
            <com:stateOrCountry>CA</com:stateOrCountry>
            <com:zipCode>90025</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001207269</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Bryant R. Riley</reportingPersonName>
        <fundType>PF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>6999886.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>6999886.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>6999886.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>23</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
        <commentContent>Percent of class is calculated based on a total of 30,497,066 Shares (as defined below) of the Issuer outstanding as of February 19, 2025, which is the total number of Shares outstanding as reported in the Issuer's quarterly report on Form 10-Q filed with the SEC on February 21, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.0001</securityTitle>
        <issuerName>B. Riley Financial, Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>11100 Santa Monica Blvd</com:street1>
          <com:street2>Suite 800</com:street2>
          <com:city>Los Angeles</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>90025</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 4 amends and supplements the Schedule 13D filed with the U.S. Securities and Exchange Commission (the "SEC") on June 30, 2014, as amended by the Amendment No. 1 filed with the SEC on August 16, 2024, the Amendment No. 2 filed with the SEC on October 30, 2024, and the Amendment No. 3 filed with the SEC on March 3, 2025 (as so amended, the "Schedule 13D"), relating to the Common Stock, par value $0.0001 per share (the "Common Stock" or "Shares"), of B. Riley Financial, Inc., a Delaware corporation (the "Issuer" or the "Company"). Except as set forth herein, the Schedule 13D is unmodified and remains in full force and effect. Each capitalized term used but not defined herein has the meaning ascribed to such term in the Schedule 13D.</commentText>
      </item1>
      <item5>
        <percentageOfClassSecurities>As of the date hereof, Bryant R. Riley beneficially owns 6,800,817 shares of Common Stock, representing 22.3% of the Issuer's Common Stock outstanding, based on a total of 30,497,066 Shares of the Issuer outstanding as of February 19, 2025, which is the total number of Shares outstanding as reported in the Issuer's quarterly report on Form 10-Q filed with the SEC on February 21, 2025. Bryant R. Riley may be deemed to indirectly beneficially own 199,069 shares of Common Stock representing 0.7% of the Issuer's Common Stock outstanding on February 19, 2025, of which (i) 17,538 are held as sole custodian for the benefit of Abigail Riley, (ii) 17,538 are held as sole custodian for the benefit of Charlie Riley, (iii) 17,537 are held as sole custodian for the benefit of Eloise Riley, (iv) 17,538 are held as sole custodian for the benefit of Susan Riley, and (v) 128,918 are held by B. Riley Financial, Inc. 401(k) Profit Sharing Plan FBO Bryant R. Riley.</percentageOfClassSecurities>
        <numberOfShares>The information in Item 5(a) is incorporated by reference herein.</numberOfShares>
        <transactionDesc>There were no transactions by the Reporting Person in shares of Common Stock during the period commencing sixty (60) days prior to the date hereof.</transactionDesc>
        <listOfShareholders>None.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>Item 6 of the Initial 13D is hereby amended and restated as follows:

As previously disclosed by the Company in its Schedule 14A filed with the SEC on May 10, 2024, Bryant R. Riley pledged as collateral a portion of his shares of Common Stock in favor of Axos Bank pursuant to the terms of a Credit Agreement, dated as of March 19, 2019, as amended from time to time and most recently on March 27, 2025, by and between Mr. Riley and Axos Bank (the "Credit Agreement') and a Pledge Agreement, dated as of the same date, executed and delivered by Mr. Riley in favor of Axos Bank (as amended from time to time, the "Pledge Agreement").

As previously disclosed by Mr. Riley in Amendment No. 2 to the Initial 13D, following the entry into the Credit Agreement and the Pledge Agreement, Mr. Riley and Axos Bank entered into multiple amendments to both of those agreements, and Mr. Riley pledged additional shares of Common Stock in favor of Axos Bank, including an initial 4,024,714 shares of Common Stock upon initially entering into the Credit Agreement and Pledge Agreement in March 2019 and additional shares in favor of Axos Bank on multiple occasions for a total of 5,804,124 shares of Common Stock as of the date of Amendment No. 2 to the Initial 13D and as of April 9, 2025. The shares of Common Stock pledged by Mr. Riley constitutes only a portion of the collateral security under the Credit Agreement.

The March 27, 2025 amendment to the Credit Agreement (the "Ninth Amendment") modifies the amount of credit available under the revolving credit line to $21,407,944 (the "Loan Amount") and extends the Maturity Date to April 1, 2026. As of April 9, 2025, the amount of principal and interest outstanding under the Credit Agreement was $21,407,944.

Interest on amounts advanced under the Credit Agreement is payable by Mr. Riley, at Mr. Riley's option, either monthly in arrears or such interest may be accrued and added to the amount of outstanding principal under the Credit Agreement subject to undrawn availability thereunder. Upon the occurrence of certain events that are customary for these types of loans, including satisfaction of loan-to-collateral value ratios, Axos Bank may exercise their rights to require Mr. Riley to pre-pay the loan proceeds or post additional collateral, and Axos Bank may exercise their rights to foreclose on, and dispose of, the pledged shares and other collateral, in each case, in accordance with the Credit Agreement and Pledge Agreement.

Neither the Company nor any of its subsidiaries is a party to the Credit Agreement, the Pledge Agreement or any other agreements between Mr. Riley and Axos Bank.

The Pledge Agreement allows Axos Bank under certain specified circumstances set forth in the Credit Agreement and Pledge Agreement (including upon the occurrence and during the continuance of an event of default pursuant to the Credit Agreement and Pledge Agreement) to cause a sale of Mr. Riley's Common Stock that has been pledged to Axos Bank. The pledge of Mr. Riley's Common Stock under the Pledge Agreement includes, among other things, a pledge of all management rights, voting rights and control rights, and all rights to grant or withhold consents and approvals in connection with such Common Stock.

The foregoing description of the Pledge Agreement does not purport to be complete and is qualified in its entirety by reference to the full copies of the Pledge Agreement and amendments thereto incorporated herein by reference  and filed as Exhibits 1, 2 and 3 to Amendment No. 2 to the Initial 13D.</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Bryant R. Riley</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Bryant R. Riley</signature>
          <title>Bryant R. Riley</title>
          <date>04/11/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
