B. Riley Financial, Inc. 6.875% Series A Cumulative Perpetual Preferred Stock (depositary shares) (RILYP)

RILYP is a preferred security, not a common stock. Each depositary share represents one-thousandth of a share of the 6.875% Series A Cumulative Perpetual Preferred Stock of B. Riley Financial, Inc., with a $25 liquidation preference per depositary share. Because the dividend is cumulative, any unpaid dividends accrue and must be paid before common shareholders can receive distributions. The preferred has no maturity date, but the issuer has the right to redeem it at par. It ranks above the common stock and below the company's debt.

B. Riley Financial grew out of B. Riley & Co., the brokerage Bryant Riley founded in Los Angeles in 1997. In 2014 it became public through a reverse merger with Great American Group, and over the next decade it added a long list of businesses. These included investment banking and research, wealth management, liquidation and appraisal services, consumer brands, and telecom holdings such as magicJack and United Online. To pay for that growth it issued a series of exchange-listed baby bonds and two series of exchange-listed preferred stock, Series A (RILYP) and Series B (RILYL).

Starting in 2024 the company was hurt by large losses tied to its investment in Franchise Group and other holdings. It sold assets, cut its debt, and fell behind on its SEC filings, which led to Nasdaq compliance notices. In early 2025 it suspended dividends on the common stock and both preferred series, and unpaid Series A dividends have accrued since then. The preferred shares stayed listed on Nasdaq throughout and still trade there.

In November 2025 the company announced it would change its corporate name to BRC Group Holdings, Inc., with the common stock continuing to trade on Nasdaq. The Series A preferred kept the RILYP symbol after the rebrand. The issuer's common stock trades under RILY.