<SEC-DOCUMENT>0001213900-25-038023.txt : 20250815
<SEC-HEADER>0001213900-25-038023.hdr.sgml : 20250815
<ACCEPTANCE-DATETIME>20250501060527
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-25-038023
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250501

FILER:

	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:		CORRESP

	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
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>11100 Santa Monica Blvd., Suite 800</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Los Angeles, CA 90025</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Tel: ((310) 966-1444</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>www.brileyfin.com</B></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 30, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-3720</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Michael Volley, Amit Pande, Todd K. Schiffman and James
Lopez</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">Re:<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Riley Financial, Inc.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Response to Comments dated November 1, 2024
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>File No. 001-37503</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of B. Riley Financial, Inc. (&ldquo;we&rdquo; or the &ldquo;Company&rdquo;),
we submit this letter in response to comments from the staff (the &ldquo;Staff&rdquo;) of the Securities and Exchange Commission (the
&ldquo;Commission&rdquo;) received by letter dated March 24, 2025, relating to responses to comments dated November 1, 2024. In this letter,
we have recited the comments from the Staff in italicized type and have followed each comment with the Company&rsquo;s response.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Response dated November 1, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(h) Loans Receivable, page 12</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><I>1.</I></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><I>Noting you disclose that you elected the fair value option for all outstanding loans receivable, please
tell us how your disclosure that you defer loan origination fees and certain direct origination costs is consistent with the guidance
in ASC 825-10-25-3. Please revise future filings as needed.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Response to Comment 1:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectively acknowledges the Staff&rsquo;s
comment and advises the Staff that outstanding loans receivables for which the fair value option has been elected are recorded at fair
value at each reporting period in the balance sheet consistent with the guidance in ASC 825-10-25-3. The Company has not recorded an additional
asset for unamortized costs, origination fees, and premiums and discounts in the consolidated balance sheet. In our disclosure for loans
receivable on page 12 an immaterial amount of $292 of the $3,210 at September 30, 2024 relates to upfront fees that will be revised in
future filings to be recorded in earnings pursuant to the guidance in ASC 825-10-25-3. The remaining $2,918 relates to original issue
discount which is included in interest income utilizing the effective interest method. In reporting interest income separately from the
change in fair value of loans receivable, for the original issue discount the Company considered the following interpretive guidance from
section 12.4.1.1.1.2 of the <I>Deloitte Roadmap to Fair Value Measurements (Including the Fair Value Option)</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>If an entity elects, as an accounting
policy, to separately present interest income or interest expense on an interest-bearing financial instrument accounted for at fair value
through earnings, the entity should, with one exception, include amortization or accretion of any premium or discount on the instrument
as part of the separately reported interest income or interest expense. <B>If the fair value initially recognized for an interest-bearing
financial instrument (e.g., debt) differs from the principal amount due at maturity (&ldquo;par&rdquo;), this difference is a premium
or discount that should be amortized or accreted. An entity should recognize the amortization or accretion in interest income or interest
expense if it is separately presented</B>. Under ASC 320-10-35-4 and ASC 325-40-35-2, the method used to measure interest income or interest
expense on an interest-bearing financial instrument (including any amortization or accretion of a premium or discount) should be the same
regardless of the measurement attribute (e.g., amortized cost) used to measure the financial instrument. <B>Thus, the premium or discount
should be amortized by using the interest method that would have applied to the interest-bearing financial asset or financial liability
if it had not been recognized at fair value through earnings.</B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities &amp; Exchange Commission</B></FONT></TD><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April 30, 2025</B></FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note 4 - Discontinued Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brands Transaction, page 31</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><I>2.</I></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><I>We note your disclosures on page 31 and various transactions noted on page 76 related to the disposal
of the Brands. Please address the following: </I></TD></TR></TABLE>

<P STYLE="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Please tell us and revise future filings to
clarify if the Brookstone intellectual property was owned by a consolidated entity. If not, please clarify how it was accounted for before
the disposal.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Please tell us what the loss of $113 million
presented as &ldquo;Realized and unrealized losses on investments&rdquo; on page 34 represents and tell us how the $39 million as &ldquo;Loss
on disposal&rdquo; on page 34 was determined for the quarter ended September 30, 2024.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Please reconcile for us the losses noted in
the preceding bullet point disclosed on page 34 to the losses disclosed on page 76 described as (1) a subsequent fair value adjustment
for the sale of bebe at September 30, 2024 in the amount of approximately $20 million and (2) a deconsolidation loss at September 30,
2024 in the amount of approximately $133 million detailing how these losses were determined. Please revise future filings as needed to
ensure the losses related to the deconsolidation of the consolidated entities and the derecognition of equity interests measured at fair
value are appropriately presented in the notes to your financial statements and described throughout your filing.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Please tell us if there was any gain or loss
recognized related to the disposal of your equity interests measured at fair value related to the Hurley, Justice and Scotch &amp; Soda
brands. Please revise future filings as needed.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>We note your disclosure that the Company&rsquo;s
ownership in the Brand Interest will be reported as a non-controlling equity method investment. Please tell us in detail and revise future
filings to clearly disclose the key details of any retained interests and disclose information about any continuing involvement. Refer
to ASC 205-20-50-4A for guidance.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>We note your disclosure that the bebe transaction
was completed on October 25, 2024. Please tell us why you appear to have deconsolidated the entities as of September 30, 2024. Please
revise your disclosure as needed.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Noting that you appear to be accounting for
the transfer of brand interests to the securitization entity as a sale, please revise your disclosure describing the transaction to be
consistent with your accounting. For example, we note you describe the transactions as &ldquo;secured financing&rdquo; which implies the
transaction is simply a financing transaction and not a sale.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Response to Comment 2:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment, and informs the Staff as follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>First Bullet</I>: The intellectual property
of Brookstone was not owned by a consolidated entity of B. Riley. Rather, the intellectual property of Brookstone was owned by BKST Brand
Management, LLC. BKST Brand Management was an equity investment of bebe stores, inc., a majority owned subsidiary of B. Riley, accounted
for as an equity investment using the fair value option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities &amp; Exchange Commission</B></FONT></TD><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April 30, 2025</B></FONT></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Second, Third &amp; Fourth Bullets</I>: The
amounts recorded for the Brands Transaction included in Note 4 &ndash; Discontinued Operations starting on page 34 and page 76 is comprised
of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Equity Method Investments</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Six Brands Operating Business</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">bebe sale transaction for equity method investments completed subsequent to September 30, 2024, on October 25, 2024:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; width: 64%; text-align: left; padding-left: 0.125in">Fair value adjustments on equity method BB Brand Holdings, LLC and BKST (a)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(20,043</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(20,043</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; font-weight: bold; text-align: left; padding-left: 0.125in">Secured financing transaction completed subsequent to September 30, 2024, on October 25, 2024:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; text-align: left; padding-left: 0.125in">Fair value adjustments on equity method investments for Hurley, Justice and S&amp;S (b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(93,191</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;n/a </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(93,191</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Expected loss on disposal of Six Brands operating business (c)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;n/a </FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(39,500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(39,500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in">Subtotal - Secured financing transaction completed subsequent to September 30, 2024, on October 25, 2024</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(93,191</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(39,500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(132,691</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt; padding-left: 0.125in">Total loss reported from Brands Transaction</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(113,234</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(39,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(152,734</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">(a)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">bebe stores, inc. owned two equity method investments that were accounted for under the fair value option,
comprised of BB Brand Holdings, LLC and BKST Brand Management, LLC. During the quarter ended September 30, 2024, the Company recorded
fair value adjustments that resulted in a $20 million loss that was reported in the income statement in discontinued operations Note 4
&ndash; Discontinued Operations of the Brand Transaction under the caption realized and unrealized gains (losses) on investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">(b)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">B. Riley through its majority-owned subsidiary BR Brand Holdings, LLC owned three equity method investments
that were accounted for under the fair value option which were comprised of HRLY Brand Management LLC (&ldquo;Hurley&rdquo;), Justice
Brand Management LLC (&ldquo;Justice&rdquo;), and S&amp;S Brand Management LLC (&ldquo;S&amp;S&rdquo;) and during the quarter ended September
30, 2024, the Company recorded fair value adjustments that resulted in a $93 million loss that was reported in the income statement in
discontinued operations in Note 4 &ndash; Discontinued Operations of the Brand Transaction under the caption realized and unrealized gains
(losses) on investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total of these losses on equity method investments
in the amount of approximately $113 million comprises the $113.2 million loss that is included in Note 4 &ndash; Discontinued Operations
within the income statement of the Brands Transaction under the caption realized and unrealized gains (losses) on investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">(c)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">In addition to the equity method investments mentioned above, B. Riley&rsquo;s results of operations historically
included operating revenues and expenses generated from its majority owned subsidiary that licensed the trademarks and intellectual properties
of six other brands: Catherine Malandrino, English Laundry, Joan Vass, Kensie Girl, Limited Too and Nanette Lepore (collectively, the
&ldquo;Six Brands&rdquo;). As a result of the secured financing transaction accounted for as a sale in the fourth quarter, the net assets
sold were written down to their fair value less estimated costs of disposal at quarter ended September 30, 2024 which resulted in a loss
of $39.5 million that is included in Note 4 &ndash; Discontinued Operations within the income statement of the Brands Transaction under
the caption loss on disposal for the quarter ended September 30, 2024.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The combined total of the loss recorded from secured
financing transaction in the amount of $133 million on page 76 accounted for as a sale in the fourth quarter of 2024 is comprised of the
loss on the sale of the three equity method investments noted above (Hurley, Justice and S&amp;S) in the amount of $93 million and the
loss on disposal of $39.5 million related to the Six Brands noted above. In future filings, the Company will modify the disclosure to
make clear which losses are related to the fair value adjustments for equity method investments accounted for under the fair value option
and which are related to the loss on disposal from the Six Brands that were an operating business of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="border-top: black 1.5pt solid; text-align: justify; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: black 1.5pt solid; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 80%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Riley Financial, Inc.| &nbsp;www.brileyfin.com | NASDAQ: RILY</FONT></TD><TD STYLE="text-align: right; width: 20%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities &amp; Exchange Commission</B></FONT></TD><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April 30, 2025</B></FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Fifth Bullet</I>: After the disposal of the
three equity investments &ndash; HRLY Brand Management LLC, Justice Brand Management LLC, and S&amp;S Brand Management LLC &ndash; and
the Company&rsquo;s majority owned subsidiary BR Brand Holdings, LLC (collectively, the &ldquo;Brand Securitized Assets&rdquo;), B. Riley
retains a non-controlling equity investment in the ownership of BR Funding Holdings 2024-1, LLC, which is the ultimate parent company
of the Brand Securitized Assets. The retained non-controlling equity investment in the ownership of BR Funding Holdings 2024-1, LLC represents
a common interest that has only nominal value, if any, and is not expected to have any value in the future since there is no expectation
of any future distributions or participation in future cash flows by the common interest holders. B. Riley does not have any significant
continuing involvement after the disposal date since B. Riley does not have any representation on the Board, voting rights, protective
rights, policy making decisions or management of BR Funding Holdings 2024-1, LLC. In future filings, including the Company&rsquo;s Annual
Report on Form 10-K for the year ended December 31, 2024 (the &ldquo;2024 Form 10-K&rdquo;), we will provide additional disclosure about
our retained interest and continuing involvement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sixth Bullet</I>: bebe is a majority-owned
subsidiary of the Company and was not deconsolidated at September 30, 2024. At September 30, 2024, the bebe subsidiary continued to hold
the two equity investments &ndash; the equity investments in BB Brand Holdings, LLC and BKST Brand Management, LLC &ndash; which are included
in assets of discontinued operations in the consolidated balance sheet of B. Riley at September 30, 2024 and December 31, 2023 and the
remaining operating business of bebe outside of the assets of discontinued operations is comprised of the rent-to-own stores which is
still reported in the continuing operations of the Company within All Other in the segment reporting. More specifically, the two equity
investments are included in Note 4 &ndash; Discontinued operations in the class of assets labelled Securities and other investments owned,
at fair value and have not been deconsolidated as of September 30, 2024. In Note 4 &ndash; Discontinued Operations, we have disclosed
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;upon completion of the Secured
Financing of the Brand Interests, the Company will deconsolidate the ownership of the Brand Interests and the Company&rsquo;s ownership
in the Brand Interest will be reported as a non-controlling equity method investment that is estimated to have nominal value as a result
of the liquidation preferences and notes that were issued as part of the Secured Financing &hellip;.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Seventh Bullet</I>: In future filings, we will
revise the disclosure above that the transaction was accounted for as a sale during the fourth quarter of 2024 per the Staff&rsquo;s comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><I>3.</I></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><I>Please address the following related to the disposal of the Great American Group:</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Tell us how you measured the fair value of
the retained Class B Preferred Units and Common Units.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Tell us how you determined the gain on sale
of $235 million which will be recognized in the fourth quarter.</I></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Revise to disclose the information required
by ASC 810-10-50-1B.d and .e related to the retained Class B Preferred Units and Common Units.</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Response to Comment 3:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment, and informs the Staff that the fair value of the retained interest in the Class B Preferred Units of Great American Group was
valued using discounted cash flows expected from the Class B Preferred Units using an estimated discount rate that a market participant
would expect from a similar security with an estimated investment exit date of five years from the transaction date. The fair value of
the retained interest in the Common Units of Great American Group was valued using a market multiple approach utilizing and further supported
by the transaction price that was paid by the acquiring party pursuant to the equity purchase agreement dated November 15, 2024 for the
Class A Preferred Units and 53% of the Common Units by third party. The gain on the sale of the interests in Great American Group was
determined in accordance with ASC 840-10-40-5 and included the aggregate of (a) B. Riley&rsquo;s share of the cash consideration received
for the sale of B. Riley&rsquo;s interest in the Class A Preferred Units and Common Units in accordance with the equity purchase agreement,
(b) the fair value of B. Riley&rsquo;s retained interests, consisting of the Class B Preferred Units and Common Units of Great American
Group, and (c) the carrying amount of the noncontrolling interest on the date Great American Group was deconsolidated, less the carrying
value of the net assets of Great American Group. In future filings, the Company will include the disclosure required by ASC 810-10-50-1B
d. and e., including the 2024 Form 10-K, that includes the valuation techniques and the inputs that were used to value B. Riley&rsquo;s
retained interest in Great American Group on the deconsolidation date of November 15, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="border-top: black 1.5pt solid; text-align: justify; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: black 1.5pt solid; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 80%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Riley Financial, Inc.| &nbsp;www.brileyfin.com | NASDAQ: RILY</FONT></TD><TD STYLE="text-align: right; width: 20%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities &amp; Exchange Commission</B></FONT></TD><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April 30, 2025</B></FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MD&amp;A - Capital Markets, page 69</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><I>4.</I></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><I>We note your response to prior comment 30. Please tell us whether you sold the publicly traded common
stock in 2024. If not, please tell us where it is presented in the Securities and Other Investments Owned Portfolio table on page 73.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Response to Comment 4:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment, and informs the Staff that the Company sold all of the publicly traded common stock during the first quarter ended March 31,
2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MD&amp;A - Wealth Management, page 71</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><I>5.</I></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><I>Please refer to prior comment 3. We note your disclosure of total assets under management (AUM) of
$25.7 billion and that $8.1 billion was attributable to advisory AUM at September 30, 2024. Please tell us and revise future filings to
clarify what the non-advisory AUM relates to, how this AUM generates revenue and where the</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>revenue it is presented in the income
statement.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Response to Comment 5:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment, and informs the Staff that the non-advisory AUM represents brokerage assets of clients. Revenues from the brokerage assets is
primarily comprised of brokerage commission and fee revenue earned from the Company&rsquo;s brokerage platform and products offered by
the Company&rsquo;s wealth management advisors to their clients, which is included in Services and fees in our Consolidated Statement
of Operations. In future filings, including the 2024 Form 10-K, we will provide additional disclosure about the non-advisory AUM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 13 Certain Relationships, page 76</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><I>6.</I></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><I>We note your response to prior comment 13 regarding the entities identified under Note 22. Please advise
us of the details of their relationships to you, including quantification of indirect ownership interests.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Response to Comment 6:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment, and provides the following information concerning the entities identified in Note 22 that are not included in Item 13. Certain
Relationships and Related Transactions, and Director Independence on page 76 of our Form 10-K for the year ended December 31, 2023 and
why, for accounting purposes, they are treated as &ldquo;related parties&rdquo;. Except as noted below, no related person (as such term
is defined in Item 404 of Regulation S-K - i.e., any director, director nominee, executive officer, or, to the Company&rsquo;s knowledge,
five percent or greater stockholder of the Company, or any of their immediate family members) had an interest in any such entity during
the period January 1, 2023 through the filing of the 2024 proxy statement on May 10, 2024 with the SEC:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">1.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>Charah Solutions, Inc. (&ldquo;Charah&rdquo;)</U> &ndash; The Company respectfully advises the Staff
that this entity was included in its related party footnote due to the fact that <U>p</U>rior to 2023, one of the Company&rsquo;s executive
officers was a director of Charah, but resigned as a member of the board of directors of Charah on September 13, 2022 and accordingly
no disclosure is required by Item 13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="border-top: black 1.5pt solid; text-align: justify; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: black 1.5pt solid; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 80%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Riley Financial, Inc.| &nbsp;www.brileyfin.com | NASDAQ: RILY</FONT></TD><TD STYLE="text-align: right; width: 20%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities &amp; Exchange Commission</B></FONT></TD><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April 30, 2025</B></FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">2.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>Lingo</U> &ndash; The Company respectfully advises the Staff that prior to May 31, 2022, this entity
was included in its related party footnote due to the fact that the Company owned 40% of the equity interests of Lingo and thereby exercised
significant influence over Lingo. On May 31, 2022, the Company increased its ownership to 80% of the equity interests of Lingo (acquired
from a third party) and Lingo became a majority owned subsidiary of the Company. On February 23, 2023, the Company acquired the remaining&nbsp;equity
interests in Lingo from a third party, increasing the Company's ownership interest to&nbsp;100%. Accordingly, no disclosure is required
in Item 13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">3.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>Targus</U> - The Company respectfully advises the Staff that the Company acquired Targus on October
18, 2022 from third parties, including a former member of the Company&rsquo;s board of directors who resigned from the Company&rsquo;s
board of directors in connection with the transaction. Targus was a wholly-owned subsidiary of the Company during the year ended December
31, 2023. Accordingly, no disclosure is required in Item 13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">4.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>Applied Digital</U> (&ldquo;APLD&rdquo;) &ndash; The chief executive officer of APLD was a member of
management of a B. Riley subsidiary which created the related party relationship in 2023 and disclosure in Note 22. Such management member
was not an executive officer, director or significant stockholder of B. Riley during 2023. Executive officers and board members of B.
Riley own, directly or indirectly, approximately 3.1% of the outstanding equity interests in APLD at December 31, 2023. Accordingly, no
disclosure is required in Item 13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">5.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>California Natural Resources Group, LLC (CalNRG&rdquo;) </U>&ndash; The Company owned a 22.5% preferred
interest in CalNRG and thereby exercised significant influence over CalNRG. This created the related party relationship in 2023 and disclosure
in Note 22. No related person has any interest in CalNRG. Accordingly, no disclosure is required by Item 13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">6.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>Faze Clan</U> &ndash; The Company owns approximately 11.9% of the outstanding shares of Faze Clan&rsquo;s
common stock at December 31, 2023 and a member of B. Riley&rsquo;s management team was also a member of the board of directors of Faze
Clan for a portion of 2023 until his resignation from the Faze Clan board of directors in September 2023. This created the related party
relationship in 2023 and disclosure in Note 22. The member of B. Riley&rsquo;s management was not an executive officer, director or significant
stockholder of B. Riley during 2023. The Company did not provide any services to Faze Clan during 2023. At December 31, 2023, the Company
did not have any representation on the board of directors of Faze Clan. Accordingly, no disclosure is required by Item 13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">7.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>Torticity, LLC</U> (&ldquo;Torticity&rdquo;) <U>&ndash; </U>The Company owns a 4.7% interest in Torticity
and a member of B. Riley&rsquo;s management was also a member of the board of directors of Torticity during 2023. This created the related
party relationship in 2023 and disclosure in Note 22. The member of B. Riley&rsquo;s management was not an executive officer, director
or significant stockholder of B. Riley during 2023. Executive officers of B. Riley own approximately 0.4% of the equity interests in Torticity
at December 31, 2023. There were no transactions of the level of significance that would have required disclosure in Item 13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="border-top: black 1.5pt solid; text-align: justify; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: black 1.5pt solid; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 80%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Riley Financial, Inc.| &nbsp;www.brileyfin.com | NASDAQ: RILY</FONT></TD><TD STYLE="text-align: right; width: 20%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities &amp; Exchange Commission</B></FONT></TD><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April 30, 2025</B></FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">8.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>Kanaci Technologies, LLC</U> (&ldquo;Kanaci&rdquo;) <U>&ndash; </U>The Company owned approximately
12.2% of the equity interests in Kanaci and a member of B. Riley&rsquo;s management was also a member of the board of directors of Kanaci
during 2023. This created the related party relationship in 2023 and disclosure in Note 22. The member of B. Riley&rsquo;s management
was not an executive officer, director or significant stockholder of B. Riley during 2023. Accordingly, no disclosure is required by Item
13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">9.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>Freedom VCM Holdings, LLC </U>(&ldquo;Freedom VCM&rdquo;) <U>&ndash; </U>The Company owns approximately
31% of the equity interests in Freedom VCM. Additionally, the Company was the general partner of two funds, the fund documentation for
which allows the non-affiliated limited partners of the two funds to remove the general partner with a with a simple majority vote. These
two funds own approximately 28% of the equity interests in Freedom VCM. In addition, one of B. Riley&rsquo;s Co-CEO&rsquo;s became a member
of the board of directors of Freedom VCM on August 21, 2023. These matters created the related party relationship in 2023 and disclosure
in Note 22. Executive officers and board members of B. Riley owned indirectly through investments in the two funds approximately 1.2%
of the equity interests of Freedom VCM at December 31, 2023. Accordingly, no disclosure is required by Item 13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">10.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><U>Vintage Capital Management</U> - Brian Kahn (&ldquo;VCM&rdquo;) <U>&ndash; </U>The managing partner
and owner of VCM is Brian Kahn who was also the Chief Executive Office of Franchise Group, Inc. and became the Chief Executive Officer
of Freedom VCM upon closing of the take private transaction on August 21, 2023. The Company also has a promissory note from VCM that is
collateralized by equity interests of Freedom VCM owned by Mr. Kahn and his wife. In light of the Company&rsquo;s determination that the
repayment of the promissory note would be paid primarily from the cash distributions from the underlying collateral provided by Mr. Kahn
and his spouse (i.e. the Freedom VCM equity interests they owned) or foreclosure, the Company determined that both VCM and Mr. Kahn are
related parties at December 31, 2023. This created the related party relationship in 2023 and disclosure in Note 22. No related person
has any interest in VCM. Accordingly, no disclosure is required by Item 13.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MD&amp;A - Revenues, page 86</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><I>7.</I></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><I>Noting the materiality of the amounts recognized and the impact on financial results, please revise
to provide additional detail, including any underlying causes, related to the trading losses in your proprietary trading accounts recognized
in the Capital Markets segment in 2024. Your MD&amp;A disclosure should inform an investor about the quality of, and potential variability
of your revenue, earnings and cash flow, so an investor can ascertain the likelihood that past performance is indicative of future performance.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Response to Comment 7:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment, and informs the Staff that in future filings the Company will provide additional detail on these matters, including the 2024
Form 10-K, related to (a) trading losses in our proprietary trading accounts recognized in the Capital Markets segment in 2024 and (b)
disclosure and comments on the quality of, and potential variability of revenue, earnings and cash flows generated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><I>8.</I></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><I>We note your response to prior comment 1 and that the Senior Notes are discussed as a significant source
of funding. We also note the Form 10-Q for September 30, 2024 includes disclosure that you are considering a number of additional strategic
alternatives to satisfy obligations with respect to at least one series of the notes. Please revise future filings to provide the disclosure
requested in prior comment 1 with respect to their importance to your operations and liquidity.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Response to Comment 8:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company respectfully acknowledges the Staff&rsquo;s
comment, and informs the Staff that the Company will provide additional disclosure in future filings, including the 2024 Form 10-K, related
to the importance of our Senior Notes to our operations and liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>* * * * *</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="border-top: black 1.5pt solid; text-align: justify; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: black 1.5pt solid; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 80%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Riley Financial, Inc.| &nbsp;www.brileyfin.com | NASDAQ: RILY</FONT></TD><TD STYLE="text-align: right; width: 20%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities &amp; Exchange Commission</B></FONT></TD><TD STYLE="width: 50%; border-bottom: black 1.5pt solid; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>April 30, 2025</B></FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please direct your questions
or comments regarding the Company to me at (818) 746-9194. Thank you for your assistance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; width: 60%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; width: 4%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt; width: 36%">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Riley Financial, Inc.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; padding-right: 0pt; padding-left: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Phillip Ahn</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-right: 0pt; padding-left: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phillip Ahn</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in">cc:</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">Howard Weitzman</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alan N. Forman, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>B. Riley Financial, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Patrick S. Brown, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Sullivan &amp; Cromwell
LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Richard Cooke</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>CBIZ, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 8; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top"><TD STYLE="border-top: black 1.5pt solid; text-align: justify; font-size: 10pt">&nbsp;</TD><TD STYLE="border-top: black 1.5pt solid; font-size: 10pt">&nbsp;</TD></TR><TR STYLE="vertical-align: top"><TD STYLE="width: 80%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Riley Financial, Inc.| &nbsp;www.brileyfin.com | NASDAQ: RILY</FONT></TD><TD STYLE="text-align: right; width: 20%; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
