--- title: "B Riley Financial Pref Share RILYP 6.875 Perp 10/07/24 | 10-K: FY2025 Revenue: USD 967.6 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/281239209.md" datetime: "2026-03-31T20:27:58.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/281239209.md) - [en](https://longbridge.com/en/news/281239209.md) - [zh-HK](https://longbridge.com/zh-HK/news/281239209.md) generator: "portal-rs" --- # B Riley Financial Pref Share RILYP 6.875 Perp 10/07/24 | 10-K: FY2025 Revenue: USD 967.6 M Revenue: As of FY2025, the actual value is USD 967.6 M. EBIT: As of FY2025, the actual value is USD 164.61 M. #### Consolidated Financial Performance - **Total Revenues**: Increased by $221.2 million, from $746.4 million in 2024 to $967.6 million in 2025, marking a 29.6% increase. This was primarily driven by increases in fair value adjustments on loans and trading gains, partially offset by decreases in services and fees, interest income from securities lending and loans, and sales of goods. - **Operating Income (Loss)**: Improved from a loss of - $497.5 million in 2024 to an income of $75.6 million in 2025. - **Net Income (Loss) Attributable to BRC Group Holdings, Inc.**: Showed a substantial recovery from a loss of - $764.3 million in 2024 to an income of $307.4 million in 2025. #### Segmented Revenue and Operational Metrics ##### Services and Fees - **Capital Markets Segment**: Revenues decreased by $32.3 million (-17.3%), from $186.8 million in 2024 to $154.4 million in 2025, due to declines in corporate finance, consulting, and investment banking fees (- $22.9 million), interest income (- $3.7 million), commission fees (- $3.6 million), and other income (- $0.3 million), partially offset by increased private placement fees (+ $13.1 million). - **Wealth Management Segment**: Revenues decreased by $39.4 million (-20.0%), from $197.5 million in 2024 to $158.1 million in 2025, mainly due to reductions in brokerage revenues (- $22.2 million) and advisory revenues (- $26.8 million) following the sale of a portion of the W-2 Wealth Management business in April 2025. Other revenues increased by $9.6 million. - **Assets Under Management (AUM)**: Total AUM were approximately $13.0 billion as of December 31, 2025, down from $20.7 billion as of December 31, 2024. Advisory AUM totaled approximately $4.3 billion and $6.9 billion for the same periods, respectively. - **Lingo Segment**: Revenues decreased by $31.7 million (-16.2%), from $195.9 million in 2024 to $164.1 million in 2025, primarily due to a $24.8 million reduction in subscription revenue from the divestiture of Lingo’s wholesale carrier business and a $6.9 million decrease from Plain Old Telephone services and Broadband customers opting for lower-priced circuits. - **magicJack Segment**: Revenues decreased by $4.5 million (-11.0%), from $41.2 million in 2024 to $36.7 million in 2025, mainly due to fewer active subscription customers and APP users, and decreased sales of devices. - **Marconi Wireless Segment**: Revenues decreased by $5.8 million (-15.6%), from $37.2 million in 2024 to $31.4 million in 2025, primarily due to a decline in active subscription customers. - **UOL Segment**: Revenues decreased by $2.0 million (-13.1%), from $15.1 million in 2024 to $13.1 million in 2025, mainly due to reduced subscription revenue from ISPs and DSL services, and lower advertising revenues. - **Corporate and All Other**: Revenues decreased by $33.6 million (-30.7%), from $109.6 million in 2024 to $76.0 million in 2025, due to the sale of Atlantic Coast Recycling (- $31.2 million), deconsolidation of Nogin (- $10.4 million), and decreased merchandise rental fees from bebe (- $4.9 million), partially offset by increased carried interest (+ $9.3 million), asset management fees (+ $2.3 million), and other revenue (+ $1.2 million). ##### Other Key Metrics - **Trading Gains (Losses), Net**: Improved significantly from a net loss of - $57.0 million in 2024 to a net gain of $125.5 million in 2025, an $182.5 million improvement. Key contributors in 2025 included gains of $73.2 million from Babcock & Wilcox Enterprises, Inc. common stock, $37.4 million from equity offerings, and $9.9 million from U.S. Treasuries. - **Fair Value Adjustments on Loans**: Showed a favorable variance of $325.1 million, moving from - $325.5 million in 2024 to - $0.4 million in 2025. - **Interest Income - Loans**: Decreased by $43.6 million (-80.5%), from $54.1 million in 2024 to $10.6 million in 2025, due to non-accrual of interest on adjusted loans and a reduction in loan receivable balances. - **Interest Income - Securities Lending**: Decreased by $63.9 million (-90.1%), from $70.9 million in 2024 to $7.0 million in 2025, reflecting a strategic shift to decrease securities lending activities. Average securities lending balances declined from $1.1 billion in 2024 to $82.9 million in 2025. - **Sale of Goods**: Decreased by $29.5 million (-13.4%), from $220.6 million in 2024 to $191.1 million in 2025, primarily due to declines in the Consumer Products segment (- $21.1 million) and Corporate and All Other (- $7.5 million). - **Direct Cost of Services**: Decreased by $74.5 million (-34.8%), from $213.9 million in 2024 to $139.4 million in 2025, largely due to decreases in the Lingo segment (- $37.1 million), Marconi Wireless (- $5.2 million), magicJack (- $4.1 million), and Corporate and All Other (- $28.1 million). - **Cost of Goods Sold**: Decreased by $22.3 million (-13.3%), from $167.6 million in 2024 to $145.4 million in 2025, mainly due to lower sales in the Consumer Products segment. - **Selling, General and Administrative Expenses (SG&A)**: Decreased by $89.7 million (-13.0%), from $689.4 million in 2024 to $599.7 million in 2025, with major decreases in Corporate and All Other (- $36.2 million), Wealth Management (- $34.0 million), and Consumer Products (- $8.7 million). - **Impairment of Goodwill and Tradenames**: Decreased significantly to $1.5 million in 2025 from $105.4 million in 2024. - **Interest Expense - Securities Lending and Loan Participations Sold**: Decreased by $60.3 million (-91.2%), from $66.1 million in 2024 to $5.8 million in 2025, aligning with decreased securities lending activities. - **Other Income (Expense)**: Showed a favorable variance of $556.8 million, moving from a net expense of - $402.8 million in 2024 to a net income of $154.0 million in 2025, driven by favorable variances in realized and unrealized gains on investments (+ $326.4 million), gain on sale and deconsolidation of businesses (+ $85.9 million), gains on senior notes exchanges (+ $67.2 million), and income from equity investments (+ $35.0 million). - **Discontinued Operations**: Income from discontinued operations, net of income taxes, was $70.8 million in 2025, compared to $147.5 million in 2024. #### Cash Flow - **Operating Activities**: Cash used in operating activities was - $59.7 million in 2025, a decrease from $263.6 million provided by operating activities in 2024, primarily due to $865.0 million less cash generated from securities and other investments owned, partially offset by a $600.7 million increase in net income. - **Investing Activities**: Cash provided by investing activities was $311.5 million in 2025, down from $440.5 million in 2024, mainly due to a $192.1 million reduction in proceeds from business sales, partially offset by distributions from equity investment Joann Retail and a decrease in cash paid for acquisitions. - **Financing Activities**: Cash used in financing activities was - $279.4 million in 2025, a decrease from - $671.9 million in 2024, primarily due to a net increase in debt-related proceeds of $334.2 million and the suspension of dividends. #### Outlook / Guidance BRC Group Holdings, Inc. has prioritized reducing its indebtedness, decreasing total outstanding indebtedness from $1.8 billion at December 31, 2024, to $1.4 billion at December 31, 2025. The company anticipates this reduction, potentially through additional asset disposition or monetization transactions, will remain a key priority for the foreseeable future. The company believes it has sufficient excess liquidity for short-term obligations and plans to pursue capital market options to reduce long-term debt, extend maturities, or remix its capital structure when advantageous. ### Related Stocks - [RILYP.US](https://longbridge.com/en/quote/RILYP.US.md) ## Related News & Research - [BRC Group Holdings Secures Board Representation at Biomerica with 10.03% Stake](https://longbridge.com/en/news/297371163.md) - [Biomerica prices 1,393,705-share private placement at $1.6 per share, raising $2.23 million](https://longbridge.com/en/news/297087942.md) - [Berkshire Hathaway Just Sold 3 Bank Stocks. 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