RILY - Earnings call transcript Q3 2021 | B. Riley Financial, Inc.

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Operator

Good afternoon and welcome to B. Riley Financial's Third Quarter 2021 Earnings Call. Earlier today, B. Riley issued a press release and presentation detailing its financial results for the third quarter. Copies are available in the Investor section of the Company's website at ir.brileyfin.com.

call recorded. today's reminder, a is being As An Company's Investor will also on the be available Relation audio replay website later today.

proceed. from Co-CEO; and line today and management's remarks, CFO us B. open Bryant After are Joining the cautions call will Riley, and before I please Co-Founder will COO. and statements. And call, over questions. Mr. forward-looking Mr. and conclude for Tom Riley. Co-CEO; Co-Founder I will we turn Kelleher, the regarding Phillip today's we provide to Ahn, Riley Chairman Bryant the necessary now Riley,

Bryant Riley

operator, Thanks and welcome everyone.

and increase XX% increase that report we respectively. We recurring $X.X both million in are and adjusted to generated and top operating pleased XX, This $XXX.X B. adjusted solid XXX% year-over-year operating the basis. on same to $X the EBITDA. revenues in million. our and EBITDA total in our of first calls, grow another revenues businesses previous and year-over-year Financial. as a we've strategy strategy discussed totaled of line Riley September period, on operating with bottom $XXX.X total EBITDA. reflects billion On we This state for represents revenue our EBITDA months XX% a operating In for a adjusted of XXX% Year-to-date, of billion and nine continue and steady revenues quarter a of deliver to adjusted increase increase

and billion and bracket more equity partner are in establishing of Riley companies. small than banks cap last firms, as has the capacity. and Over raised that B. B. banking bulge Securities to transactions $XXX the has in $X capabilities few of strides Riley nearly year, for there the million lead with Outside itself major year-to-date, participate Securities a preferred taken in mid

can be Our that underwriting, analyze. spec difficult and on business banking We our debt related acknowledge transactions. gain IPO market on follow continues share raises, diversified division to investment offerings, ATMs to

our measuring acquisitions return utilize enhance is $X quarterly of share total $X to a quarter in to dividends recurring Upon dividend confidence for shareholders for continued to and dividend well our the we per in shareholders. of regular and have our share businesses. share. cash Our ultimate a cash make share increase stock flows per for with line increasing in reflects of our to end, to special declared we our to continue capital believe to our flows goal per dividend that payment our third first accretive regular our total our dividend we as business, growth increased of common a quarter common will is recurring our shareholders. three have The stick quarters. $X dividend, the per in third our episodic stated returned $X an important In as commitment, dividend To

is rated rate bond basis expense meaningful while sheet increase issuing redeeming two a we very series the our at be strong progress to continued strong capital by growing of At and our Our our higher have made has balance same approximately and flows reflecting recently continues the fundamentals lower. also debt business. time, that reducing cash our debt of points base to XXX

our will overall coming capital continue seek to ways to reduce quarters. the We cost in of

shareholders and and gratifying XXXX, to list ranked -- ranks our confident We revenue, based fastest continued opportunities Financials Riley more for their especially Earlier today, we Taken Riley It's clients of partnership humbling ending growing on our accomplishments and the the grateful June dedication. B. ahead. period the to team been external the of recognition and and XXXX. extremely trust traded have appreciate world-class and continued two three-year the in on see over platform never for are returns on total extent top together, performing which publicly and momentum. of we companies the capitalize of power Fortune companies earn ability our our number and combined profits XX, Magazine's B.

on As of for focus our remain always, all delivering stakeholders. will our

to that I turn call -- I LaBran to Renee Board Phil, on new welcome moment to want to been a before and member governance Finally, the committees. access to call by Phil will Ahn, and Kelleher, initiatives. over provide across has discuss accomplishments is more Renee currently around over Phil. venture serves network, With which terrific Among co-founded operating more then stage our who experience for our a She our involved context audit early Renee take Riley. some providing to and metrics women's advising over to and her dedicated B. pleased raising who quarterly her COO, that, will highlights you, companies capital capital units. is to years Over our CFO growth to the on Tom I'll be industry Co-CEO, not extensive and many the capital. the has and in founders XX turn M&A supporting welcome we our female mentorship, could visibility addition now and entrepreneurs Board our to our

Phillip Ahn

Bryant. Thanks,

from we or the or results Net Total to year-over-year. compares was XX. EBITDA for $XXX.X quarter available ending which prior third This $XX.X noted, was to share of diluted our strong On per reported a total income shareholders prior year Riley $X.XX million of net consolidated period. year period. million, million, share. up B. September per $XXX.X diluted Bryant for $XX.X revenues the reported up adjusted XX% $X.XX basis, income was common XX% million As

operating of up million, million, year-over-year. which a quarter was of increase XX% third $XXX Our results XX% included revenues of operating and adjusted EBITDA $XXX.X year-over-year

our enhanced brands and in businesses. saw our companies we gains which cash and million, on momentum management we recently flow investment both a strategic quarter, hold. approximately investment from our also includes $XX gains principal by and realized unrealized contributions division division. our wealth was that the strong modest largely banking driven of was from expanded During our This investments quarter certain by investments continued Overall, generation

reportable includes our results capital and investment markets, which and operating Starting from segments. fund to banking, investments with brokerage institutional our Turning management.

increase totaled operating which revenues income up Markets million of Capital gains, was million, an Segment represented $XXX.X which operating XXX% $XX.X was year-over-year. year-over-year. investment segment XX% Excluding

to increase segment. respectively. Now management and $X.X primarily segment acquired million related to which Segment was in This million increased our addition and National $XXX.X revenues wealth we February. income to turning Holdings, the of

and million Our Auction segment totaled revenues $X.X segment and Liquidation million $XX.X and respectively. income

due GlassRatner our division were calls, Consulting from Appraisal million overall by respectively. million totaled to Financial and prior segment be Consulting on $XX.X of ABL results lending episodic impacted markets. segment segment conditions noted our restructuring retail the the in tend liquidation income division As large and $X.X and to nature in revenues variable this legacy the Results and from engagements. market

to Online lastly, revenues of income $X.X United our and and million. licensing magicJack to Brands companies related to Investment of $XX.X overall platform, our continues having generated brand These of segment $X.X companies continue platform. contributions Principal flow make of of $X.X segment the to Riley segment cash million revenues segment and contributed million trademarks. steady And the B. to income Our million provide

nearest Investors supplement terms are and and these find the on measures. As Please our results a for of related release reconciliations the financial and for these our a non-GAAP Relations for operating Investor our can to metrics earnings measures. metrics details a also additional website. GAAP adjusted reconciliation in and to reminder, relating financial definition EBITDA refer investment to

loans billion, highlights of turning At $X.X our and end, total million balance debt, net cash other totaled owned assets. was investments Now includes B. in $XXX and B. $XXX approximately of net which sheet. receivable. in investments prepaid some quarter we balance to $X.X billion. approximately a Financial unrestricted Riley cash at million other of and and Riley from our Financial's and of million investments XX. million million $XXX had end, XX, our had and approximately reported balance investments September in September total At $XX cash other $XXX And quarter equivalents, securities At cash debt

Bryant as quarterly per quarter third from share. declared total an we share. increase This common $X includes Finally, our mentioned, to in of dividend $X.XX regular per dividend a $X

to of completes dividend summary. common The we on of per November $X payments November financial paid $X as XX share. be shareholders record That Additionally, in special will or common about QX total a declared my dividend X. onetime of

call over our to Tom Co-CEO, Tom? the Kelleher. turn I'll Now

Tom Kelleher

Thanks, Phil.

in quality talent. attract known capabilities, continue group and security we our diversify services quarter businesses to to and division, expand continuing the to while core cyber superior complementary sponsors for. advisory, like become to execution new of provide as ability both practices, terms estate deliver our opportunities, has This Adding us in our we've as financial enabled on real our well

and Capital. our net $X.X our new from of our see consultants management the debt banks, we division our and activity are experience corporate ultra more Fixed capabilities, clients a collaboration expanded we firm's more of greater billion obvious offerings B. there offering to location in funds benefited. wealth be three investment the our Every advisors who stakeholders, President York, opened the and While will and led of Sullivan, differentiator. private has in franchise our market Tim's serving is of our our referral B. our of than our welcomed our across from also And groups financial to several management, of advisory seasoned Riley in established us build growth Management managers over operating recruit and is platform Warrenton, have to our This funds. continue focused colleagues. structuring Truist. division, highly and by complements 'Year-to-date, We no joined New also beneficiary own. day, our sophisticated Since with recently our serves out and has Riley's income. his a and notes n of senior philosophy Cummins fixed closely And corporate In Head to leading and to issuances. Tim enabled the asset at us stated with research from amid including B. market fundamental Capital, oversee worth for stock preferred experienced team the Virginia, He quarter, talent. on Wes products, specialization and fixed-income Securities. BB&T named individuals. small Last across our competitive divisions strategy debt accomplished colleague successfully recently branch employ we've Income who this leadership wealth to then and intent professionals we cap which Wes in Asset addition and UBS in we welcomed team his aligns as rooted team back continue high validation internal advisor we key XXX led believe strategy support diverse platform XXX Riley former

talented under attract one this caliber roof. a offer of of the of to professionals array to unique speaks able ability value Our being services to

We our markets to growing business focus on investment continue particular M&A business to lines with actively all our recruit capital practice. and banking across support

of in the debt RideNow, Tellurian's was and August include, also and $XXX driven lead transactions a served -- raise buy-side combination our RumbleOn's several we top involving sole the Charah and DoubleDown buy-side As million the on capital significant we banking which Solutions' Noteworthy as offering $X Bryant which at call, strong as Interactive's and which in as serve $XXX offering, follow from secondary markets business bookrunner; with Support.com which senior common we noticed banking, IPO. and billion including divisions. in Generation's -- other advisor; bookrunner; noted contributions deals by we $XXX $XXX notes million million if both served served lead million advisor; quarter in merger investment with quarter Riley B. just Greenidge we from

our to group partners. has cap mid of corporate also Research Spec quarter's in offering our proprietary helped unique continued our small events department, results. and us contributing access meaningfully clients approach differentiate investment bringing Our market to Equity momentum A its our to and the ideas key

quarter, featured the led as as an LA, in-person XX we exclusive companies XX in institutional virtual During which XX and well events conference investors.

steadily recently in December Digital Wealth are bank business the In our established acquired Securities public bring emerging year-over-year domestic Mining's New sequential with Riley Perhaps projects in-person managed as this businesses. and an first we and this Wealth legacy Riley revenue, the is both fee-based Europe. IPO. with dedication Holdings B. combining cryptocurrency ahead, is has despite are a toward skill has what displaying group with up however, work and retail in leadership a hosting National arena, a Stronghold recent on active being we to continue liquidation, these in EBITDA position B. quickly our our to In headwinds, Conference the to Crypto keep perform Looking assets and Management, more basis. minor York. coworkers crypto gratifying,

chain We for division, As businesses holiday includes fruit the Financial store clients potential from has we and enter Advisory issues. preparation Consulting season, to and generating B. in risk Great lender with bear for in team cyber supply legacy hires added of valuation the environment referrals the which markets. legacy working have coordination group been ongoing American our community fallout for contributors practice. challenging shopping senior compliance into both And Appraisal Despite returning the the and in division, both focus recently legal busy services, our found continues to legacy and closings be compliance group's practice meaningful model corporate our the GlassRatner This platform. its across retail the these our to services overall they remains restructuring ways enterprise. businesses, a Riley on

while above Investment to Principal continue magicJack companies, our and platform. cash our expectations, perform Our to United Online providing flow

should enhance regulatory necessary to results complete obtain tranche our the future which investment in of second approval to quarters. Lingo our working still are We

the investment this following how pandemic, increased. about remain growth to and And XXXX. dramatically we in incredibly business work beginning the have proud that We is period cannot point be difficult our a after alongside colleagues. business within of are finally, a our in brand overstated, volumes optimistic Lastly, represent

continue in by ongoing the the rights coworkers up challenges pandemic. step created Our occasion, the despite to of

any Our field, programs. of course the in off normal people both the number shown business, as by as sponsored in on Riley and well of playing B. dedication participating

everyday will We eye the sentiment the with. shared on stakeholders. now keep we Echoing goal that, Thanks our commitment at be a Bryant's the the inspired Bryant continue will delivering to and turn of the questions, our our With on by to top employees for continue common is line we for the then purpose ball call, to open to work call back and closing focused and remarks. and with our people for

Operator

first Keith Rosenbloom comes with Our proceed. Instructions] question [Operator Capital. Cruiser from Please

Keith Rosenbloom

just Thank of what I quarter you. to... here. great the reflection a Guys, what great business and a wanted

Bryant Riley

you. Thank

Keith Rosenbloom

just seems try sure wanted and and You're at the on right and it welcome. the level at I business page. X. I'm right. to looking make trade a of PE All here set I'm to

now initiated You looks X%. XX% much of But specials a got guess you yield it's the the you demonstrably higher. like raised all Bryant, I Company, of dividend buyback. your with so yield, just stated a -- obviously it's own it

-- You look pay much at have other all seem investment banks and higher they dividend lower they yields. multiples

some perhaps who doing, And terms of research you are You blatant is coverage. wonder of and is have better business describe no better coverage so confuses description you. There I people? no are? might the research that sell-side in to these there Or you're unwarranted your Bryant, of that so that what discounts comps just

Bryant Riley

that to simplistic recurring annual can to we've opportunities at steady Yes, that -- and around implementing if sheet and of have number get and liquidation look to take Keith, pretty ourselves is that And And going then $XXX is that bank We're $XXX a and income, right. and EBITDA bucket the investment that million. fees, said I mind, you don't bank/merchant we have have be fooling book, that a go utilizes business state to and we'll the always and aggressive our into more a broker-dealer the make we're you if us would in part take we because way be my loan been down and interest internally, The of somewhere a shareholders. of for meaningful describe we're million I the create clients a lot to up to up we about why business, you have our of that always we've -- number are cash investment talked into you we include balance now that think money create about this dividend. confusing. would a confusing returns way I it's and the

we So it, EBITDA. last the $XX way broker has we're monthly that we dealer over especially at our -- looking the at of done as way looked $XX million, we dividend three million the our years said, roughly

centered done closer it's $X the $X few million to last our years $XX month. the And per million. last in Over year million to about retail

to And last million. to dividends. is $XX year, -- over that not the dividend our $X to we broker $X.X the averaged month, last $X so deal million and in three the XX years of million the it's break-even we About underwriting look our a the pay and what the said, at underwriting we've liquidation

have we of lots so cautious pay lots And room a to dividend, cycles. because sometimes of be markets to do room in run

and to our been and a trailing number yield say would expect level a meantime, cash has going our $XXX And more The free flows with XX that of the low $XXX and so we're because million very about good security, that in you has flow been EBITDA to I EBITDA last dividend that months free to that total has can provides coverage. than think we're make take we operating underwriting take our excess sure if cash we that, our been felt dividend million and much that investment.

a I say, don't versus is, what to think business, the mandate look -- liquidation So lot able also and of acquisitions, and our and brands, secret added play a businessed But I sauce and surprised, cash. and like is invest money things. to broker-dealer that are think want up public doing of going also you I what why creates to made pure magicJack dealer. are to I It's think don't able really a know I funds it important. philosophy discount. own may going that when a a We've that a That's broker want dial -- in we talk answer to adding and think, want to want so a be been a we I yours practice. of We adamant that's have our a you we fix lot the broker-dealer, I mandate. we that of at. sure a do And be are don't that's to mandates. -- the don't pretty you business, we're you lot broad those that, of the know. pure take there people, income competitors broadband making about about company fixed are been But I what going broad mess we've our seen we've we're of side, have I research our know to necessarily be have think all But to and and really returned to they how with lot that? we've

I keep think grinding itself. we and money lot make just a and of of rest keep will take the care

Keith Rosenbloom

I get two Can just in? follow-ups quick

Bryant Riley

Sure.

Keith Rosenbloom

about building speak what those talked crypto in into mean of asset And business? Can contribution year in that contribution, guys you on side management asset terms your just might you to on trading. crypto that business. management a the from put effort also think the management I where to of just of cryptocurrency -- the trading little Tom So, terms in perspective have you could business now, Maybe a give then know could fees you in like the you from look side?

Bryant Riley

me is participate been to in know, -- active we I maybe, don't of have you trading those. me, are I very raising Tom know start I as going know you some Tom Let We're [indiscernible] because let miners, think we not side, management for in the capital about -- crypto,

Keith Rosenbloom

Yes.

Bryant Riley

effort. that those capital But of one that lot made specifically to the that of business. big lot is conference their money lot become of vertical. meaningfully part And of and having deals for build one done important -- we're a of is, we've higher, miners that's we've every a most a So a created for people the and of

time. -- our that retail wealth long a we've we we management, Cummins As it business. at an who meaningful that component look over and Wes you group have have a only not if competitors, asset really we are run does asset by management for known And management asset relates with the to management business $XX and billion think a

institutions. our very confident numbers great give going and managers, really to to good We are products but up to also in-house put going to wealth other he's we're

can here So making is recognize has be a that we go and us sure institutionalized after. really very his is much we depends over in I'd million that that we income. we're of but for of infrastructure. managing But I $XX returns $X that we it on meaningful Wes -- billion. kind that guess that greenfield own disappointed spot how And are, be $XX if could can million, weren't if your be

Keith Rosenbloom

you. Thank

Bryant Riley

Thanks, Keith. right. All

Operator

with [Operator ahead. Boston Instructions] Our go Partners. next question comes from Rohman Please Brian

Brian Rohman

of, banking don't type to dividend. yield a -- volatile. dividend. Keith's do and positioning stocks want dealers yield the heck and I quarter. What broker And be how associate core is associate don't that think you're the sort because have to as be bad I of of yet reason you I Your over the that's Investment of broker-dealers dividend question be a business about the scenario repeat comment time, things for could I how new can compromised? sort very to have this.

Bryant Riley

So because... the I'm I going again to do did that math before

Brian Rohman

job for you to like that hear I'd yes. great again. a Yes, did going over And that.

Bryant Riley

Okay.

if So we're just get or to million. some have a from a in you our magicJack, think United of we're that not a we careful more by we -- competitors Online, Whether like we business it's and brands buy EBITDA number I annual a and operating business -- of we're having in. that's $XXX -- kind million own the around -- those $XXX things bucket business, or and typical we our different of the not recurring

If I our to interest have of mean we're a take Okay? book. one you the... always because going income, loan

Brian Rohman

businesses? million, interrupt I'm disturb $XXX you together? $XXX All The you. just I'm said, -- million number which sorry, Bryant, is sorry you that the everything to

Bryant Riley

the except together everything for broker is dealer. That

Brian Rohman

Okay.

Bryant Riley

businesses. you volatile said, they're as Because

dealer, liquidation is inventory really And now lot was liquidation a of we then helps buy Our will EBITDA -- when Right? -- doing business, ago years The volatile it's right low. this closer company business is and broker take this and obviously $XX the goes are two to a the because are businesses our strong is to bank $XX liquidation. in which two the and These very the doing which business tell volatile $XX million shareholders. over will bank that million million now.

And include episodic business of But we and slower. businesses, Everything as can we're those now so OK? a business is at you GlassRatner going very is look recurring we much appraisals. we call else $XX business million do of more do We a to to That business. That there. economy is bucket as which that imagine could million in EBITDA. that business recurring, right the bought $XX advisory our like million do $XX we is hourly we an million $XX to

So that if $XXX bucket, EBITDA. million to $XXX up whole add get you you roughly in million

you balance has billion Okay? sheet, which capital. investable Then $X.X our If about of got take

If opportunities, a proprietary interesting about billion lot to get that's to $X.X we loans you that, of in of take clients, books.

interest around Just income. that more million for that's might roughly of somewhere that generating might $XX of the in -- this conversation, be be number it assume but purposes less,

have those you million you pieces two and take of So $XXX EBITDA.

we'll the go Okay? first The dealer broker -- dealer. broker with so

the last dealer broker Over approximately $XX the for year, million month. been has a monthly EBITDA

looking Over it's growing and been three obviously back -- when the years, a lot. last

We it? $X month. you a what three we and to last at underwrote we in have a been broker a go monthly exactly month So Right? $XX call broker said dealer and be-where month. deal so monthly million EBITDA looked million to be would nervous it the excuse where dividend a me, about our it $X million the -- When the for annual. million, $XXX $XXX would did, EBITDA about has Over more years, us

generating match $X if right to So about of went a it month, the dividends. we the to would amount million equally be cash

the we million. now, $X years, $XX over three million $XX So million underwrote

same that year. analysis. million years million million $X month, On We the it about to $XX last did was three that $X at month. some was liquidation year a a business, the we Last a underwrote

strong. have the So pure got been we're -- don't has these debt. don't term capital we investment we've to are the XX at do to investment able of don't the a and $X.X put -- have majority I returns from in XX. and think but in billion -- to very two a fill operating have numbers. believe vast book. our have we -- point debt those nearest to majority month-to-month -- Those think with The just work we of that so any in anything then the that's that us, our But money vast we we view, wiggle are I We

$X So a we we world, know of end We're just we'll have we'll not -- good it's by missed have catch million let's say and -- -- the the a up. month. we not business we

where that's math. if a a job what think that's share this So we I dividend. our with seeing And our is and we that will part mean, of -- the that what we've adjust. to really -- one rough like of our the that was in you're get we spot -- are have to number feel philosophies returns we I make we with that shareholders, philosophy is and that's $XXX, we

Brian Rohman

a shares for about paying share have all now, the outstanding. let paying producing a dividends. that special dividend. these the ask special little Bloomberg you've times cash of going at door out recurring episodic dividends you looking the goes businesses million question -- been So, shares time? ostensibly flow Are over and $X million, the bit you and a forward $XXX more dividends me about large covering right Are businesses looking as million looking the investment, you absent at I'm the is differently. XX XX

Bryant Riley

close. You're

You're yet. not quite there

Brian Rohman

Yes.

Bryant Riley

it to that think of close enough you're way. But

Brian Rohman

that's Thank good, you. That's fine. Okay, helpful.

Bryant Riley

welcome. You're

Operator

comes go question Charles with Sean next Lane The Please ahead. from Capital. Haydon

Sean Haydon

the on to the wealth you Hey, refer guys. think -- I National? far would in dividends. we thanks like the as income Question however And to say are along And you far the congratulations should management as process on as operating of unit. there margin margin, the about well. for quarter what the How integration it.

digits. now, see you right about margin Do longer and being state any lift there for integrated? once mid-single that you're forward in So, going no is steady everything

Bryant Riley

long understated. say you've to -- time, place I worked would a I business taken leaders for say that somewhat on would the I we're XX, the ten. would with that -- a of way on just me has way say and a would say have known the comment transaction. scale X I So we is and other, let integration think each us

think million you in rate. doing thinking to of the months, put so, in we're just run that $X And EBITDA, $XX million -- perspective, two

had they've is them in. wealth I a buy-in but think with think We've total amazing. lot deals. participated we And products, introducing of lot in our a a of from I that lot of us managers. total, spent we've time for Not our the to buy

that National able the from two target of you've as revenue operating shape. business you've there you will that can you've the got to But leases, -- in profitable got is out because our different couldn't a perspective that mean very that's you've things to you -- got -- expense realize more got they business. as at carve so to we think negotiations independent merge, do target management on have to just good to lot you all really are managers businesses. have I an -- wealth a we with momentum, be of savings. I times. tell Yes, is be I EBITDA we're The to done And work when more side. going vendors, Is we're

XXX% structure different for WX you're employees that Now, all and product wealth still of and and part with insurance are They make paying them, stuff. to you're manager. the team, but them you're payout a all distributing the working them that's than still a you

little different. a So they're bit

obviously independent wealth less doing. margin they're lot management is you're to get risk than a paying going we're for business there So based to of on things is going the WX, because be but a a less

long-winded of million. answer that saying I'm a did that's $X we So thrilled

think we're the of I it. at that start just

of think lot a going recruits. to I we're get

to I that think that. a of I the me but leadership we've we're year? challenge business $XX looking I the are, where putting at not the is and numbers of we air market is, think could I mean finger could. a recruiting, in million, a be and kind this to, see my the EBITDA that this over, Can got really business a exciting place come $XX million time. out to all in great are there

Sean Haydon

Yes, any that's Do trying looks I mind, to you helpful, to there. when or guys really the taking And brands Okay. it mean thanks. are it be portfolio? like you on opportunistic in that's just shape targets then comes have brands.

Bryant Riley

Yes. Yes, sorry.

that you how over time great partner action maybe have a is, really leverage with this I people business and time, seen you've that's your in business. if found meet in think, the valuable you a long one can, of things of So lot that or I you can you've short known people

and became that we've Brian or our deals don't period Kenny we I see say over BlueStar the is partnering brand because CEO founders of Young, And of we've have do a we've and a have to and list will the side, you committed. company Franchise are we we so We would And we Kahn but Vintage on of people President, with amazing forever. long got done that what another on, to committed to, the time. of goes opportunities. them see and group, they think they're who known know And if are Group, -- at with ton they

opportunities provider would them capital are to brand a you good we going more I to find for there in so, a partner, economy. and it's that up distress than of and you are say as really in them. periods And really would

-- example an went business with the to often mortar XXXX in So when for and Justice brand. Justice, unbelievable in the lead right, of Walmart Walmart. The now lot like bankrupt. -- it's is going of be a brick It apparel It's commercials brand. companies

So, of we some that. That's XX percent partners. own our

have to, a we to be going desire really a is to just don't more. get don't we So have buy -- to want opportunistic. five number there We're we

Sean Haydon

on again, the Well quarter. congrats great. Alright,

Bryant Riley

Sean, Thanks. your appreciate support. Thanks, all

Operator

our call I'd question-and-answer the to over Bryant Riley session. now concludes like closing This his back turn Mr. remarks. for to

Bryant Riley

Well, two at and firm. are have thank you, us Super exciting Really growing a humbled kind day there. to everyone our and all partners firm shareholders participating. for helped number being by and of that thankful people capital recognized to return able the being the Fortune our and really operator, for we as get thanks our

call. to forward everyone quarter's look you, next So Thank

Operator

you. Thank

factors revise Act as and and of ongoing statements aware more here about filings Company's meaning Before risk statements. unpredictable future All as prospects, the important looking B. materially Securities forward-looking to Financial's a each other because conference statements statements discussed within those detail obligation for the regarding forward-looking as subject Statements third the and during be The differ the of we facts to and B. of call could Reform XXXX. uncertainties call. to made today statements update explained made the risk any the Private otherwise. of and Harbor expectations, are looking earnings I Company forward statements, with today, are events Exchange Riley and this should in constitute Riley Thank made future the new that or of statements uncertainties any pandemic, impact required in Investors not may which of Riley are include Litigation today. for to and during Financial's, Commission. XXXX discussion except statements undertakes that from B. joining that whether Please various by actual forward-looking of law. risks conclude today's These detailed cautions the publicly factors for risks as historical includes these cause call. statement, results information, this refer us results any forward Securities call, filings forward-looking no well or the COVID-XX plans, you Financial's quarter of provide will regarding other Safe matters

disconnect. now may You

B. Riley Financial (RILY) 29 Oct 212021 Q3 Earnings call transcript