Has RILY Tacitly Admitted to a Breach of Covenant? In its Q3 2022 10-Q, B. Riley Financial (Nasdaq: RILY) abruptly stopped assuring investors that it was in compliance with the covenants of two credit agreements – its $380 million Nomura credit agreement, as well as its $75 million BRPAC credit agreement.1 For both of these loans, Q3 2022 was the first time that they failed to assure investors that it was in full compliance with its covenants. RILY did not forget, or change policy, since it still reassured