Finance
B. Riley Suspends Preferred Payouts Ahead of Note Redemption
- Dividends costing $2 million a quarter will still accrue
- Amid losses, the firm has put a priority on paying down debt
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B. Riley Financial Inc. suspended dividends on a pair of its preferred shares, holding off on cash payments to some investors while it prepares to pay off another set of notes coming due next month.
The deferral affects B. Riley’s 6.875% Series A and 7.375% Series B preferred stock, according to a statement Monday. Dividends on those preferreds cost the company $2 million in the second quarter last year, a recent filing shows. The unpaid dividends will continue accruing until they’re paid in full.