Notes & caveats:
(1) Company renamed B. Riley Financial → BRC Group Holdings Jan 1, 2026 (ticker still RILY).
(2) RILY does not carry warrant/option derivative liabilities on the balance sheet — the 913,692 exchange warrants ($10 strike) and 2.75M registered warrant shares are equity-classified. The closest analog is the preferreds (RILYP/RILYL), which I show in a separate "Equity-classified, cash-paying" block — treat them as debt-like if you wish.
(3) Holding share counts use the most recent 13F (12/31/2025) updated for known activity. BW is the dominant position and the only one with material price movement materiality.
(4) Operating segments are valued via editable revenue multiples — change them based on your view.
Live SOTP per share
Equity portfolio
$0
+ Operating segments
$0
+ Other investments
$0
+ Cash & loans
$0
– Deferred corp. cap-gains tax
$0
– Senior debt (effective)
$0
– Preferred (face)
$0
– Preferred arrears
$0
Implied equity value
$0
÷ Diluted shares
SOTP / share
Market price
$9.05
Premium / (discount)
—
1. Public equity holdings + RILY's cost basis & deferred corp tax
RILY pays corporate income tax (~21% fed + state) on realized gains. Deferred tax liability reduces NAV. Edit cost basis/sh and the corporate rate below:
Corporate tax rate: %
| Ticker | Company | Shares (M) | Price ($) | Mkt val ($M) | RILY's cost / sh ($) | Cost basis ($M) | Unrealized gain ($M) | Deferred tax ($M) | After-tax val ($M) | % port |
|---|---|---|---|---|---|---|---|---|---|---|
| Totals | — | — | — | — | — | |||||
Notes on positions & cost basis
BW is the dominant position — 27.45M sh = ~31% stake, board seat. Q1 2026 alone added $229M of unrealized gain. Year-end 2025 BW carrying value was $174M ($6.34 × 27.45M), so cost basis is likely $150–220M depending on lot-level treatment — I defaulted $7.50/sh as a midpoint, verify against the 10-K investment schedule. For other positions cost basis defaults to current price (zero gain); edit if you have actuals.
2. Operating segments — franchise revenue × multiple
| Segment | What it is | Q1'26 reported rev ($M) | Less: investment gain in rev ($M) | Core franchise Q1 rev ($M) | Annualized rev ($M) | Multiple (x rev) | Implied value ($M) |
|---|---|---|---|---|---|---|---|
| Total operating segments | — | ||||||
Why this matters for Capital Markets ⚠
Reported Q1 2026 Cap Markets revenue of $172M is heavily inflated by BW mark-to-market gains flowing through trading revenue (Q1 2026 alone added ~$229M of BW gain at the firm level; ~$130M of that lands in Cap Markets revenue). Multiplying that by anything double-counts BW (already in section 1). Default subtraction of $130M leaves ~$42M of core franchise revenue (IB fees + S&T commissions + direct lending NII), annualizing to ~$168M — in line with B. Riley Securities' standalone post-carve-out run rate ($211M adj. revenue in 2024, declining). Lower the multiple if you doubt the franchise value; raise the subtraction if you think more of reported revenue is principal investing.
3. Other investments & cash
| Line | Source | Carrying value ($M) | Haircut % | Marked value ($M) |
|---|---|---|---|---|
| Total other investments & cash | — | |||
4. Senior debt — sliding between face and market
Debt mark factor: 100% = subtract at face (worst-case for common), 0% = subtract at current market (best case, assumes buyback). Private debt (Oaktree, RILYM) always at face.
Market (0%)
Face (100%)
100%
→ Effective public-bond value: —
| Instrument | Coupon | Maturity | Face ($M) | Mkt price ($) | Mkt value ($M) | Discount to face |
|---|---|---|---|---|---|---|
| Total face value | — | — | — | |||
Buyback optionality
Public bonds trade at a discount; company has been opportunistically repurchasing and bond-for-equity exchanging. Difference between face and market is theoretical capital structure savings (not currently in NAV).
5. Equity-classified, cash-paying (treat as debt-like if you wish)
| Series | Coupon | Dep shares (M) | Face / DS ($) | Face ($M) | Mkt price ($) | Mkt value ($M) | Qtrly div / DS ($) | Qtrs in arrears | Arrears ($M) |
|---|---|---|---|---|---|---|---|---|---|
| Total preferred | — | — | Total arrears | — | |||||
Preferred dividends were suspended Jan 2025. Both series are cumulative — arrears accrue and must be cleared before any common dividend can resume. After 6 quarters in arrears, preferred holders gain the right to nominate 2 additional directors. Edit "Qtrs in arrears" to reflect current count or model future quarters.
Re warrants & stock options
Warrants outstanding: ~913,692 exchange warrants at $10.00 strike (issued during 2025 debt-for-equity exchanges) plus an S-1 registered 2.75M warrant shares for resale. All equity-classified — they dilute share count rather than appear as a balance-sheet liability. Already reflected in the 37.54M diluted share count below. Edit the share count cell to model further dilution.
6. Your cost basis & tax-on-exit estimator
| Lot / Position | Ticker | Shares | Cost / sh ($) | Total basis ($) | Current price ($) | Current value ($) | Gain / (loss) ($) | Type | Tax rate % | Tax owed ($) | Net proceeds ($) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Totals | — | — | — | — | — | ||||||
Type: LT = long-term (held > 1 yr, lower rate). ST = short-term (taxed as ordinary income). Edit rate per row for your bracket / state. Add rows by editing the JS array at top of file.
Share count & market price
| Basic shares outstanding | M | |
| + Warrants / exchange dilution | M | |
| Diluted shares (used in SOTP) | 37.54 M | |
| Current market price | $ | |
Cash & balance-sheet items
| Cash & equivalents (Q1'26) | $M | |
| Loans receivable (FV) | $M | |
| Other assets (net of liab.) | $M |
Sources: Q1 2026 10-Q debt & segment data; Yahoo Finance / Nasdaq pricing as of May 11, 2026; 13F filing 12/31/2025 (fintel.io). Not investment advice. Figures will drift — refresh prices weekly. All inputs in the blue boxes are live-editable; the SOTP recalculates on every keystroke.