Company: RILYN
Filing Date: 2025-05-01
Form Type: CORRESP
Source: 0001213900-25-038023
Chunk: 7

Company: B. Riley Financial, Inc.
Filing Date: 2025-05-01
Form: CORRESP
Chunk 7
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 Class B Preferred Units and Common Units of Great American
Group, and (c) the carrying amount of the noncontrolling interest on the date Great American Group was deconsolidated, less the carrying
value of the net assets of Great American Group. In future filings, the Company will include the disclosure required by ASC 810-10-50-1B
d. and e., including the 2024 Form 10-K, that includes the valuation techniques and the inputs that were used to value B. Riley’s
retained interest in Great American Group on the deconsolidation date of November 15, 2024.

| B. Riley Financial, Inc.|  www.brileyfin.com | NASDAQ: RILY | 4 |

MD&A - Capital Markets, page 69

| 4. | We note your response to prior comment 30. Please tell us whether you sold the publicly traded common                                 
 stock in 2024. If not, please tell us where it is presented in the Securities and Other Investments Owned Portfolio table on page 73. |

Response to Comment 4:

The Company respectfully acknowledges the Staff’s
comment, and informs the Staff that the Company sold all of the publicly traded common stock during the first quarter ended March 31,
2024.

MD&A - Wealth Management, page 71

| 5. | Please refer to prior comment 3. We note your disclosure of total assets under management (AUM) of                                      
 $25.7 billion and that $8.1 billion was attributable to advisory AUM at September 30, 2024. Please tell us and revise future filings to 
 clarify what the non-advisory AUM relates to, how this AUM generates revenue and where the                                              |

revenue it is presented in the income statement.

Response to Comment 5:

The Company respectfully acknowledges the Staff’s
comment, and informs the Staff that the non-advisory AUM represents brokerage assets of clients. Revenues from the brokerage assets is
primarily comprised of brokerage commission and fee revenue earned from the Company’s brokerage platform and products offered by
the Company’s wealth management advisors to their clients, which is included in Services and fees in our Consolidated Statement
of Operations. In future filings, including the 2024 Form 10-K, we will provide additional disclosure about the non-advisory AUM.

Item 13 Certain Relationships, page 76

| 6. | We note your response to