RILY B. Riley Financial Inc

Wow, the $RILY $APLD Base Electron $BW trade just got a lot more interesting. Base Electron has confidentially filed for an IPO. Read the actual $APLD guarantee: once Base’s common stock is approved for trading on a national exchange, APLD can terminate its guarantee of Base’s obligations under BW’s $2.4B power project by delivering notice to BW. The release even covers liabilities that accrued before notice. That is a potential balance-sheet catalyst hiding in plain sight. APLD helped launch the project, received 10% of Base, and could end up owning a stake in a public power company while shedding a massive contingent obligation. For BW, the IPO could mean a better-capitalized customer, though APLD’s backstop would disappear. For $RILY, the read-through is its BW exposure. The filing alone does not trigger release. Watch the public S-1, the listing entity, exchange approval, and APLD’s notice. If those pieces fall into place, this is far more than another AI-power headline.

$RILY The lazy take is RILY paid a 47% premium for a shrinking telecom. Smart take: the “collapse” is mostly optical. Revenue fell from $237M to $200M, but $28M vanished because Sangoma sold VoIP Supply, a low-margin hardware reseller. The continuing business declined only 4% while service mix jumped from 82% to 92%. RILY is buying the cleaner recurring-revenue core after the junk drawer was emptied. Zoom out. BRC invested $303M across five telecom acquisitions and has already pulled out $411M in cash while still owning them. That’s not synergy fan fiction; that’s a receipts folder. Sangoma adds 100,000+ customers, 2.7M seats, 70% gross margins and a history of $30M+ annual FCF to that proven machine. FY26 was ugly for Sangoma, EBITDA fell to $28.7M, guidance was cut, the ERP botched revenue recognition and new debt adds risk. But RILY is buying after the stumble, not before it. Market sees falling knife. Riley sees sticky customers, cash flow and a chainsaw opportunity. Cut the fat.

$RILY Wow, back to back massive days. This stock will be back to $5.50 by mid November at this pace. Just unprecedented performance. Maybe Bryant should get a 20m bonus for Q3. Forget about the dividends and debt, just make sure that man gets paid.

$RILY I have faith in this company and I do see where it's going to go long term. But sooner or later, we as a community need to figure out how to get Bryant to recognize that he works for us.

$RILY I'm starting back in. Here and lower should have a return that's not too long away. It could go to $4.5, but could also flatten out here. Not sure at this point.

$RILY price was a dollar higher this date last year when RILY: 1. Had more debt. 2. Was not in compliance. 3. Considered potential bankruptcy risk 4. Bonds trading at distressed levels. 5. Higher short interest Market Cap is less than what they are paying to acquire Sangoma. Oversold on almost every short term timeframe.

$RILY Guys I am sure there is a valid reason for this 13% pull back over the last 2 days... Bryant has decided to buy Blockbuster for $4bn. He thinks he can give Netflix and other streaming services a run for their money. He will take over all the old Sears retail locations and have VHS and DVD's for rent. He is really banking on millennials nostalgia.

$RILY The question, do you sell at open tomorrow knowing they will get this to close just below $5 - or do they let this run up a little more and finish the week well above $5?

$RILY Getting a day like today is like getting anniversary head from your wife... Oh well, back to the dead bedroom for us for the next 6 months.

$RILY expecting a ~200M loss from trading/investment losses for Q3 due to BW primarily but not buoyed substantially by anything else. Gonna be a nasty 10Q in 2 months but the bigger story line is if they're able to address debt check points. still grossly undervalued IMO. $20/sh by Jan 2029 if not sooner

$RILY i thought the days of waking up to a shit storm was in the past. 40k dip with my morning coffee.....wtf

$RILY crazy, Mkt seems to be pushing this thing back to the BK Mkt Cap when had all that debt even as the Debt dramatically reduced from where it was > 1year ago & EV now Below where it was when the Shorts believed it was all but guaranteed to go BK

$RILY BRC Group Holdings Seeks to Repurchase Minority Shares of B. Riley Securities and Combine B. Riley Securities with B. Riley Wealth Soon.

$RILY I am hoping that being a financial firm, they hedged the downside on BW and other stocks they own out about a year when the stocks were high..... if they did that it would be great... We need consistant updates from them. I think that buying that company is smart and they already with the cash they gotten from the others paid for that... now address the cash flow from that alone moving forward. One good thing is they are getting rid of more debt.... let's see how they address it.

$RILY I have seen before where the Shorts/Algo’s push this stock way down just before some good news comes out to push it higher since the turnaround became evident 2Q25, but given that 3Q26 going to have a large unrealized loss from $BW alone, not sure anything can help this time… GL bulls, hopefully, this garbage CEO does someday let value accrue to shareholders & not all just to himself

$RILY Maaaan if they’ve got the ability to buy a ~200 million dollar company then they should true up the preferreds.

$RILY interesting move. Continuing to go on offense when market is expecting defense. Net debt goes up with the new secured term loan. Synergies must be signifcant given the premium they paid on an EBITDA-declining business. The whole story here is that the recurring cash generated by the comms business will support higher returns in the BRC speciality finance / BRS balance sheet lending segment. They wouldn’t do this acquisition if they didn’t have a strong belief in the growth of that segment. Not sure if the market will read it this way given the debt story, but think it’s aligned with their long term strategy

$RILY Honestly don't get the excessive shorting here. Its not a bad company.... Really odd imo.

$RILY I know that doesn’t yet reflect the likely 3Q26 unrealized losses from $BW holding, but P/E of 0.4, how much lower can it go when banks like $BAC trading at 12.43 & others higher

$RILY If true, could help reduce uncertainty around Rily’s biggest holding. These lawsuits are often completely baseless but they still cause some FUD. BW up over 5% so maybe better days finally coming for us.