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

Strategic & Financial Highlights

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

Management Commentary

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

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

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

Summary of Financial Results

Fourth Quarter 2025

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

Full Year 2025

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

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

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

Operational & Strategic Updates

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

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

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

About B. Riley Securities

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

Note Regarding Use of Non-GAAP Financial Measures

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

Forward-Looking Statements

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


B. RILEY SECURITIES HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheet Statement
(in thousands)


	Year Ended December 31,
	2025	2024

Assets
Cash and cash equivalents	$ 89,600	$ 41,218
Accounts receivable, net of allowance	6,496	9,940
Securities borrowed	114,937	43,022
Financial instruments owned, at fair value	133,432	77,983
Due from clearing brokers	13,788	22,073
Operating lease right-of-use assets	5,001	8,606
Goodwill and intangibles	160,720	162,262
Property and equipment, net	1,087	2,049
Deferred income taxes	2,090	-
Prepaid expenses and other assets	6,787	2,386
Total assets	$ 533,938	$ 369,539


Liabilities
Securities loaned	$ 97,320	$ 27,941
Financial instruments sold not yet purchased, at fair value	9,767	5,675
Due to related parties and partners, net	11,327	-
Accrued compensation and benefits	28,739	26,822
Accounts payable and accrued expenses	14,947	11,642
Note payable	-	12,379
Income taxes payable	31,945	-
Operating lease liabilities	6,327	10,581
Total liabilities	$ 200,372	$ 95,040

Equity	$ 333,566	$ 274,499

Total liabilities & equity	$ 533,938	$ 369,539

The financial information presented for the year ended December 31, 2024, as well as the pre-carve-out statements of income and cash flows for the 2025

period prior to the March 10, 2025 carve-out date, reflects the historical operations of the firm. These pre-carve-out results exclude the financial impact of

B. Riley Principal Capital I and B. Riley Principal Capital II (under which our Committed Equity Facilities operate) and the BR Events subsidiary. Following

the completion of the carve-out, the financial results for these entities are fully consolidated and included within the post-carve-out 2025 financial statements.


B. RILEY SECURITIES HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
(in thousands)


	Quarter Ended December 31,		Year Ended December 31,
	2025	2024	2025	2024

Revenues
Investment banking	$ 27,446	$ 41,596	$ 130,679	$ 146,887
Institutional brokerage	4,983	3,879	18,940	22,394
Principal transactions	57,487	(1,881)	103,140	(41,773)
Interest income, net - securities lending	492	339	1,833	4,923
Interest	583	964	1,971	7,380
Other income	1,078	1,485	3,588	4,247
Total revenues	92,069	46,382	260,151	144,058

Expenses
Compensation and benefits	25,694	30,726	115,453	117,745
Other operating expenses	12,983	12,706	55,246	50,214
Total expenses	38,677	43,432	170,699	167,959

Operating net income (loss)	53,392	2,950	89,452	(23,901)
Other (income) expense	(577)	-	(544)	-
Net income (loss) before income taxes and non-controlling interest	53,969	2,950	89,996	(23,901)

Income tax (benefit) expense	11,889	797	25,164	(6,453)
Net income (loss)	42,080	2,153	64,832	(17,448)

Net income (loss) attributable to non-controlling interest	315	-	(5,053)	-
Net income (loss) attributable to BRS Holdings, Inc	$ 41,765	$ 2,153	$ 69,885	$ (17,448)

B. RILEY SECURITIES HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of GAAP to Adjusted Results
(in thousands)


	Quarter Ended December 31,		Year Ended December 31,
	2025	2024	2025	2024

GAAP revenue	$ 92,069	$ 46,382	$ 260,151	$ 144,058

Adjustments:
Legacy positions losses (gains)	(52,474)	5,449	(69,476)	59,801
Committed equity facility gains	402	-	374	-
Total adjustments	(52,071)	5,449	(69,102)	59,801
Adjusted net revenue	$ 39,998	$ 51,831	$ 191,049	$ 203,859

Net income	$ 41,765	$ 2,153	$ 69,885	$ (17,448)

Adjustments:
Legacy positions losses (gains)	(52,342)	5,449	(71,281)	59,801
Transaction costs	1,038	-	2,613	-
Share based compensation	1,742	839	6,499	5,757
FV Change - Contingent Consideration	-	-	-	(379)
Income tax-effect of above non-GAAP adjustments and certain discrete tax items	10,983	(1,698)	16,459	(17,598)
Adjusted net income	$ 3,186	$ 6,743	$ 24,175	$ 30,133

Contact:

Jo Anne McCusker

B. Riley Securities

press@brileysecurities.com

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SOURCE B. Riley Securities

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