Company: RILYN
Filing Date: 2025-05-01
Form Type: CORRESP
Source: 0001213900-25-038023
Chunk: 8

Company: B. Riley Financial, Inc.
Filing Date: 2025-05-01
Form: CORRESP
Chunk 8
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 prior comment 13 regarding the entities identified under Note 22. Please advise   
 us of the details of their relationships to you, including quantification of indirect ownership interests. |

Response to Comment 6:

The Company respectfully acknowledges the Staff’s
comment, and provides the following information concerning the entities identified in Note 22 that are not included in Item 13. Certain
Relationships and Related Transactions, and Director Independence on page 76 of our Form 10-K for the year ended December 31, 2023 and
why, for accounting purposes, they are treated as “related parties”. Except as noted below, no related person (as such term
is defined in Item 404 of Regulation S-K - i.e., any director, director nominee, executive officer, or, to the Company’s knowledge,
five percent or greater stockholder of the Company, or any of their immediate family members) had an interest in any such entity during
the period January 1, 2023 through the filing of the 2024 proxy statement on May 10, 2024 with the SEC:

| B. Riley Financial, Inc.|  www.brileyfin.com | NASDAQ: RILY | 5 |

| 5. | California Natural Resources Group, LLC (CalNRG”) – The Company owned a 22.5% preferred                                                        
 interest in CalNRG and thereby exercised significant influence over CalNRG. This created the related party relationship in 2023 and disclosure 
 in Note 22. No related person has any interest in CalNRG. Accordingly, no disclosure is required by Item 13.                                   |

| B. Riley Financial, Inc.|  www.brileyfin.com | NASDAQ: RILY | 6 |

| 8. | Kanaci Technologies, LLC (“Kanaci”) – The Company owned approximately                                                                     
 12.2% of the equity interests in Kanaci and a member of B. Riley’s management was also a member of the board of directors of Kanaci       
 during 2023. This created the related party relationship in 2023 and disclosure in Note 22. The member of B. Riley’s management           
 was not an executive officer, director or significant stockholder of B. Riley during 2023. Accordingly, no disclosure is required by Item 
 13.                                                                                                                                       |

MD&A - Revenues, page 86

| 7. | Noting the materiality of the amounts recognized and the impact on financial results,