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spk01: Good afternoon and welcome to B. Riley financials first quarter 2023 earnings call. My name is Harry and I will be your call coordinator. Earlier this afternoon B. Riley issued its first quarter earnings release and financial supplement. Copies can be found on B. Riley's investor relations website at IR.B. Riley fin.com or on the right side of your screen if you are joining us today via web. Today's call includes provider marks from the company to be followed by a question and answer session with company management. Joining us today from B. Riley are Brian Riley, chairman, co-founder and co-CEO, Tom Kelleher, co-founder and co-CEO, and Philip Anh, CFO and COO. After management's remarks, we will open the line for questions. If you would like to ask a question and you are doubting via phone, please press star one. If you have joined us via web, click on the raise hand icon on the right side of your deal roadshow screen. As a reminder, today's call is being recorded and an audio replay will be available on the company's investor relations website later today. Finally, before we conclude today's call, I will provide the necessary caution to writing forward looking statements. Now I will turn the call over to Mr. Brian Riley. Mr. Riley, you may proceed.
spk08: Thanks, operator, and welcome everyone. Our first quarter results again demonstrate the versatility and resiliency of our platform. During the first quarter, we generated total revenues of $432 million, including operating revenues of $380 million and $80 million of operating EBITDA. To deliver these results in a period with minimal contribution from our episodic businesses, which historically served as our largest profit drivers, only validates our strategy. This was not by accident. We appreciate the markets we serve are volatile. Over the past five years, we undertook several initiatives to further enhance and diversify our platform and generate an excessive amount of cash to fund our business model. We made a series of strategic acquisitions and expanded our sources of steady and recurring earnings to further insulate our business from any downturn in capital markets like the one we are seeing today. The benefits of this strategy were highlighted by our quarter and by the fact despite a lack of large banking and retail liquidation deals during the quarter, we continue to generate enough reoperating cash flow to cover our dividend, our overhead, our tax, and our interest requirements. This strategy allows us to play offense while others are contracting. For example, in Q4, we made a large push to expand our middle market health care service practice, which is already beginning to bear fruit. In February, we brought on a team of about 45 professionals from Farber to complement our advisory services. And we recently announced several senior-level hires and consumer and have also boosted our TMT business with multiple senior hires that will be announced shortly. Tom will expand on this a little bit more, but this is taking place across all our businesses and we continue to invest to grow our talent base in line with client demand. As we look at our strategic equity investments, the equity markets continue to prove challenging. In contrast, our loan book is benefiting from stressed environment for lenders and create a for us. As it relates to our balance sheet, over the last year and a half, we have shifted a meaningful amount of our investments into our loan book and we believe that this is not only opportunistic but also benefits our clients in a number of ways. A recent example of this strategy is Harrow Health. We provided Harrow with $60 million in debt financing in January to support an acquisition and previously helped the company raise $65 million as lead book lender on its equity notes in December. This fully backstopped commitment of $125 million helped the finance's acquisition and our loan was repaid in full in March. This is just one example of how we've utilized our balance sheet to partner with our clients and enable their continued success. As we mentioned last quarter, we were providing a little more detail in our loan portfolio, which you will see in our quarterly supplement. At the end of 2022, we had 12 companies in our Badcock Furniture Receivables portfolio and a few smaller loans at less than $1 million at fair value. Since year end, two of those 12 positions were closed out and repaid in full. We invested an additional $112 million across five new loans during the quarter, of which $65 million was repaid within the quarter. At quarter end, our loan portfolio was valued at approximately $448 million across 14 companies with an average loan size of approximately $34 million. Our combined Badcock Furniture Receivables portfolio was valued at approximately $320 million at year end, of which we expect 8% to be paid down every month. During the quarter, we made an additional investment in our Receivables portfolio. We continue to see performance in line with our underwriting with 25 plus rates of return. Regarding our unleveled purchase of the first portfolio, as of March, we have recouped our initial investment of $400 million and today an incremental $112 million of current receivables. We expect to generate unlevered IRR of greater than 25%. The second portfolio that we purchased in partnership with Path Lake Capital using leverage is performing in line with our expectations. The debt associated with that purchase stood at $176 million and will be paid down rapidly as receivables are collected. We expect to have a levered IRR of over 40% on this portfolio. As the general lending environment tightens and market volatility and distress continue to accelerate, we are well positioned to deliver value to our clients both in a capacity as a lender and as a strategic advisor to companies navigating a restructuring or distress situation. And while we are opportunistic, we remain diligent about our capital allocation and assessing the various opportunities being presented by the current dislocation of markets. For example, we participate in Blue Star Alliance's recent acquisition of Scotts & Soda, which is a men's clothing brand. This investment builds on the success of our long-standing relationship with Blue Star and enhances our existing brands business, which has generated meaningful returns for us since its inception on our platform in late 2019. Similar to our prior co-investments with Blue Star, which included the Holey brand, the Justice brand, and our Six Brands portfolio, Blue Star will continue to operate the Scotts & Soda brand while expanding its distribution strategy and introducing the brand in new consumer demographics. As we look ahead, we see many opportunities to capitalize on the dislocations being presented by the current market environment. We recognize and appreciate that our story becomes a little more complex as we further diversify our platform. However, we remain steadfast in our approach and our commitment to deliver for our colleagues, clients, partners, and shareholders. With that, I'll turn the call over to Phil on, our CFO and COO, to discuss key financial metrics for the quarter. Our co-CEO, Tom Kelleher, will discuss results from our business segments before we open for questions.
spk06: Phil? Thanks, Bryant. For the first quarter of 2023, B. Reilly reported net income available to common shareholders of $15 million or $0.51 per diluted share. Income before taxes was approximately $24 million. Total revenues were $432 million for the first quarter of 2023. This represented a 75% increase compared to total revenues of $247 million in the prior year period. Total adjusted EBITDA increased to $95 million, up from $41 million in the prior year period. Excluding investment gains and losses, operating revenues were $381 million, which represented an increase of 43%, up from $266 million in the prior year quarter. Operating adjusted EBITDA for the quarter was $80 million, down slightly from $84 million in the prior year quarter. Our quarterly results were enhanced by our recent acquisitions, including Lingo and Bullseye Telecom, which we acquired last May and August, respectively, and Targus, which we acquired in October of last year. These additions to our platform served as an offset to the slowdown in the investment banking and equity capital markets. As a reminder, adjusted EBITDA and our metrics for operating investment results may be considered non-GAAP financial measures. Investors can find additional details relating to these metrics, including a reconciliation to the nearest-GAAP measures in our earnings release and financial supplement for the first quarter. Now turning to highlights from our balance sheet, as of March 31st, we had $210 million in unrestricted cash and cash equivalents, $1.04 billion in net securities and other investments owned, and $772 million in loans at fair value. At quarter end, we had a total cash and investments balance of approximately $2 billion, which includes approximately $73 million in other investments reported in prepaid and other assets. Total debt as of March 31st was approximately $2.5 billion, and net of our cash and investments, our total net debt was approximately $427 million. During the quarter, we completed approximately $54 million in stock buybacks, and as of quarter end, we had approximately $30 million remaining under our current share repurchase program, which our board authorized this past March. And finally, our board of directors has approved our regular quarterly dividend of $1 per share, which will be paid on or about May 23rd to common stockholders of record as of May 16th. Now that completes my financial summary, and I'll turn the call over now to our co-CEO Tom Kelleher, who will provide highlights from our business dividends.
spk05: Tom? Thanks Bill. Following an active period of acquisitions, and notwithstanding the challenges created by a volatile market environment, B. Riley remains focused on enhancing our platform for the benefit of our colleagues, clients, and partners who continue to place their trust in us. In our capital market segment, revenue increased 80% to $185 million in the first quarter, up from $103 million in the prior year period. Segment income increased 56% to $86 million, up from $55 million in the prior year period. Excluding investment gains and losses, capital market segment operating revenues increased 10% to $135 million, up from $123 million in the prior year period. Amid the backdrop of challenging markets, B. Riley Securities has firmly established market leadership as a preferred partner for small and mid-cap companies seeking to opportunistically raise capital. We led several notable capital raises during the quarter, including a $55 million preferred stock private placement for ribbon communications, a $35 million underwritten common stock offering for Acustis Technologies, and a $40 million registered direct offering for Tadeez. Despite equity market headwinds and a soft M&A advisory environment, demand for our restructuring services continues to grow, and we were recently retained as financial advisor to the lender group in connection with David Bridal's Chapter 11 bankruptcy. Security lending once again served as a bright spot in lieu of large banking transactions and generated -over-year revenue gains of over 140% in the quarter. Our fixed income division also realized a revenue increase of approximately 65% compared to the prior year quarter. We recently completed a series of strategic hires focused on expanding our coverage across growth verticals within the consumer and technology sectors. Recent additions to our team include a senior investment banker and five senior research analysts. Our equity research team has underpinned B. Riley's platform for over 25 years, and we look forward to further strengthening our corporate and institutional relationships in these key industries and at our flagship institutional investor conference, which takes place later this month. In our asset management business, while 2023 is off to a slower start, overall performance momentum for 272 capital remains strong as we continue to onboard several new institutional clients. In our wealth management segment, revenues were $50 million in the first quarter of 2023, up from $46 million in the fourth quarter of 2022, with fee-based assets also trending up on a sequential basis. As previously noted, we undertook several strategic initiatives in 2022 to de-risk and realign this business after acquiring national holdings in 2021. The -over-year revenue decrease from $77 million in the first quarter of 2022 was largely attributed to our decision to exit certain businesses and a significant amount of registered reps previously affiliated with nationals. We returned to profitability in the first quarter, and at present, approximately 50% of our revenues are reoccurring. Our focus remains on growing this business organically and recruiting experienced advisors to our platform. At quarter end, B. Riley Wealth had over $24 billion of client assets under management and over 400 advisors. In financial consulting, segment revenues were $25 million for the first quarter, driven by an increase in asset-based lending appraisal activity and an uptick in corporate bankruptcy assignments. Demand for our forensic litigation practice and risk and compliance practice also remained strong during the quarter. Our advisory service business continues to perform as a steady source of revenue and income for our platform quarter to quarter. In February, we acquired the corporate division of Farber, a business advisory firm based in Toronto with approximately 45 professionals. This addition enhances our existing restructuring services and expands our reach in Canada while bringing new capabilities such as human capital consulting and executive search to our clients in the U.S. We continue to assess opportunities to further enhance and grow our talent base to meet growing client demand. In addition, our real estate division is currently engaged on several large sale leaseback transactions, many of which are existing clients of our platform. We recently closed a $48 million sale leaseback of iMedia Brands headquarters and distribution center and assisted LNG company, Kalorian, in securing an initial LOI for a sale leaseback of 800 acres of land. We were also recently retained as real estate advisor in the United Furniture Bankruptcy and are handling the sale of Lane Furniture's industrial real estate portfolio. In auction and liquidation, segment revenues increased to $5.7 million, up from $3.4 million in the first quarter of 2022. While early 2023 has been relatively soft, we recently commenced several new retail liquidation projects, including store closing assignments for Nordstrom Canada. We expect activity to increase over the coming year as declining consumer spend and rising interest rates continue to put pressure on retailers. In our communication segment, revenues increased to $87 million in the first quarter, up from $32 million in the prior year period. This increase was primarily driven by the acquisition of Lingo and Bullseye Telcom in 2022. On a combined basis, MagicJack, United Online, Marconi Wireless, Lingo, and Bullseye Telcom generated segment income of $10.8 million for the quarter. Our portfolio of communication businesses continues to serve as a significant source of steady cash flow for our platform. Lastly, in our consumer segment, revenues increased to $70 million for the first quarter, primarily driven by the $66 million of revenue from sale of goods attributable to our acquisition of Targus in the fourth quarter of 2022 and $4 million of revenues from service and fees, primarily related to the licensing of trademarks. Our investments in Hurling and Justice brands, which are recognized outside of our consumer segment and in other income, also continue to contribute meaningful dividend income, which we expect will be enhanced by our recent addition of Scotch and Soda. We intend to pursue additional opportunities to enhance this business in line with our stated strategy to expand and diversify our sources of steady and reoccurring earnings. Finally, we want to recognize the world-class team of professionals across the entire B. Riley platform. Our colleagues have been heads down over the past several months helping our clients navigate through a tough market environment. Our continued success is entirely due to their hard work and dedication. With that, we will now open the line for questions and then turn it back over to Brian for closing remarks. Operator.
spk01: Thank you. At this time, we will conduct a question and answer session. If you would like to ask a question, please press star one on your telephone keypad to enter the queue. If you have joined via web, please press the raise hand icon on the right side of your Dio Roadshow screen. Again, press star one on your telephone keypad to enter the queue. We will pause here briefly to allow any questions to generate. Our first question comes from Sean at Charles Lane Capital. Your line is open.
spk03: Hey guys, congrats on a strong quarter in a tough environment.
spk08: Thanks Sean.
spk03: I have a couple of broad questions. The first is on the dividend. You got roughly a yield four times that of the 10-year, which is great and we love to see it. Is there any consideration to cutting that and putting more capital to say buybacks, for example?
spk08: Well, look, I think that there's obviously buybacks, there's our bonds and there's return on capital to shareholders. I think from our perspective, to the extent that we are generating free cash flow to pay our dividend and all of our expenses, we feel really good about where our net leverage is and we will utilize other ways to maybe take advantage of some of those things. You saw that we purchased a lot of shares this quarter. That was from cash on hand. We had some debt, some equities we sold, but we'll manage it really carefully and we feel really good about what our net leverage is. It's a little bit more than one time during a time where we think our equities in our book are incredibly undervalued and our debt is, all the debt that we have is, excuse me, loans, our money good. So the answer to the question is, as long as we continue in this environment where we are able to continue to generate this kind of cash flow, we're going to dividend.
spk03: Got it. Okay. And then I guess just as a way to capital market, anything kind of into you to comment on just as far as the macro is concerned, whether the environment's gotten any better, any worse? Well,
spk08: I would say that it hasn't gotten any better, but we've seen this movie a million times over 27 years. We are better positioned to take advantage of it when it turns. It will turn and they don't ring a bell when it turns, but we're making sure that we have the right infrastructure. We're taking advantage of some firms that don't have our diversity to continue to hire talent and we will be a leader in small cap when it turns just like we were before I would argue we were better positioned than we were. So the answer is no, there's not a lot of, there's a lot of backlog. If we look at our engagements that we have, whether it's M&A and equity, it's close to an all time high. It's not an all time high, but there's just not a lot of closings because of the interest rate environment and there's not a lot of equity appetite by funds and that's understandable, but that will change and we'll be ready for it.
spk03: Yeah, okay, very great. All right, that's all I got. Thank you guys. All right, thanks a lot. Thank you.
spk01: Thank you. Once more, ladies and gentlemen, if you would like to ask a question, please press star one. If you are dialed in, apologies, if you have joined via web, please click on the raise hand icon on the right side of your Deal Roadshow screen. We'll pause here briefly to allow more questions to generate. Our next question comes from Barry.
spk02: All right. This is Barry. I own about 33,000 shares of Riley. I've been in the stock market about 50 years and I would like to compliment you on the great job you've done and Riley is my largest position and I very much appreciate the $4 a year dividend that we are presently paying. It is very important in scheduling my personal finances and secondly, I am also purchasing Riley bonds. In addition, when negative comments appear on Seeking Alpha about Riley, I try to correct it so that I do my best for Riley and I very much appreciate our share structure of about 28 million shares outstanding whereby every dollar that goes to the profit line goes back to shareholders pretty much and also in the form of dividends. So I thank you very much on what you've done.
spk08: Thank you. Thank you for those
spk03: comments. We appreciate them.
spk01: Thank you. Our next question comes from Paul at Punch and Associates. The line is open.
spk04: Hey guys. Hey Paul. How are you doing?
spk03: Good.
spk04: Great. Maybe to start, can you just update on how Targus is doing and just the integration there?
spk08: So there really wasn't a lot of integration. If you remember Paul, that business is run by Michael Williams. Michael was on our board for a lot of years. He had run two public companies, a great success, one of which I was on the board. There was an opportunity to buy that business from some debt holders that had bought it distressed many years ago. Michael had been CEO for I don't know five or six years and we took that as an opportunity with him to acquire that business. That business is facing the same issues as a lot of businesses that benefited from staying home. We recognize that when we bought it that that was, we recognize two things. We recognize that last year they had freight costs that were $20 million more than normal and we recognize that they benefited from the COVID effect. I think the downturn there is bigger than we would have expected but our confidence in that business is not deteriorated at all. I would double down on it. We are going to look for acquisitions in that space. It's not just us that are seeing those same effects and we've got a great brand, great distribution. We'll take advantage of that as we're looking to do in every one of our segments and that's the value of being diversified.
spk04: Okay, perfect. On liquidation, we saw the headlines at Bed Bath and Beyond. Can you maybe just talk about the opportunity there for liquidation and if you can just talk about how B. Riley monetizes the entire relationship with the company like that at the end.
spk08: There are really two different segments. There's the public company aspect and then there's the liquidation. Obviously, we worked with the company as an agent to help facilitate some institutional raises and some ATM sales that ended up not getting enough capital for them to succeed. The liquidation is a different group. We are one of the largest liquidators out there. We're one of four participating in this deal. It's a large liquidation. When there's a large liquidation, we often will have regions where one liquidator is running one region and another one is running another region. We've got really good partners in Hillco, Gordon Brothers, and Tiger. This is a fee deal. On a fee deal, it's really you're getting paid a fee based on that liquidation and then you're also getting a piece of the augment. I don't know if you remember how the liquidation is worked, but often what you will do and what you can often make outside returns is if you have a chain that is going to see a lot of traffic, you can go out to some of consumers or vendors and buy incremental inventory, run it through the stores and participate in that augment. Bed Bath & Beyond will be a very profitable transaction with no risk. The converse to that is an equity deal where we buy the inventory that lends itself to a lot more possible gains and also losses. You'll remember Barney's four or five years ago where we lost a lot of money on that deal. One of the only deals we lost. That was an equity deal. This will be a nice profit as we liquidate because we're really good at that and should end sometime. Most of it will be in this quarter and a little bit next quarter.
spk04: Okay. You talked about North from Canada and this one. Generally, how is the liquidation pipeline looking?
spk08: Europe, we had a record year in Europe last year. There's a lot of activity in Europe. Domestically, we're seeing things pop up here and there. I wouldn't say, I think you're starting to see the beginnings. The thing about liquidation is you don't know until you know. We have a list of tons of retailers. Many of them we do appraisals on. We know them very well. It's when an ABL or a lender decides that they don't think that it makes sense to lend to them and they tighten them. That's a one-day event. It's not that they haven't spent a year working through it, but it happens and then that manifests itself in either a liquidation or just not right fee. I would say that on a scale of one to 10, it's probably a five. But if you ask me next quarter, I think by that time, it'll probably be closer to a seven or eight.
spk04: Got it. Okay. Thank you again for the additional update on the loans or stableables book. That's if you can call it the exact company or just a little more color on this fair value markup of 43 million in the book.
spk08: Sure. The vast majority of that, we get outside marks. The vast majority of that is marking up the sub debt of Core Scientific, which we marked down when it went into bankruptcy meaningfully, back to closer to 90%. As a side note, we were actually paid down roughly $6 million from our dip loan because of excess cash. We have an excess cash leap in the dip loan. That just happened the last couple days. They are, as you imagine, generating a lot more cash than expected with Bitcoin prices here. My view is we will be money good on that sub debt. Now, obviously, the volatility of Bitcoin prices needs to be recognized, but if you were to say to me now, we will be money good, how that will come back to us, we'll see when the restructuring, when they get out of bankruptcy and that process is ongoing.
spk04: Yep. Okay. Great. That's great to hear. All right. Just last for me is on the wealth management side. Congrats on moving back into profitability. Just curious where you think you are in terms of getting that business to where you want it to be.
spk08: Yeah. Let me give a shout out to that team, Mike and Chuck, who run that business. The mandate in that business is to run it as run it profitably when there is not a cap market environment and be positioned to benefit when there is a cap market environment. They're there. Now, I will say that the tax business is a seasonal benefit. We'll get a little bit of that in Q2. We did get a benefit from Q1. I think there's still more negotiations with vendors and others that will continue to lower the break even. Our job now is to make the wealth managers that we have and we continue to have, and I don't know if you remember, we did cut a lot. I don't know what the number was. 250, 300 wealth managers that we didn't think made sense to partner with. The ones that we have to be our partners, to show them product that we want to own, to make sure that we're protecting the retail investors and to utilize that asset base as a beneficial distribution leverage. That's how we think. I think they've done a great job in a really difficult environment of getting there. One other thing to keep in mind that I would say is that we have been a beneficiary of higher rates. There's that, but barring that, I still think we've really done a good job of right-sizing business. The way that I look at this is if we're doing 80 million at a time where there's absolutely nothing going on in cap markets, nothing going on, and very little going on in liquidation in the quarter, if you start to see a better environment, I think we will far exceed the previous operating EBITDA that we did in the last cycle. I can't tell you when it's going to be, but if you cannot lose money during these down times, you're going to be really well positioned, and I think that's where we are.
spk04: I obviously agree. Okay, that's it for me. Thank you very much.
spk08: All right. Thank you.
spk01: Thank you. Our next question comes from Thompson at Malden Economics. Your line is open.
spk07: Hey, guys. Thanks for the questions. Hey, Brian. Follow the company for a long time. When was the last time you guys did a buyback of this magnitude? Love to see it. Just curious. I don't think you guys have done that very often.
spk08: Yeah, we did a large buyback. Phil, maybe I remember we bought back a couple of strategic or early investors in 2019, maybe, something like that. And we bought a lot. I think we bought a couple of many shares. Phil can fact me. But look, we look at all of those things and utilize our capital wherever we think it makes the most sense. Also understanding that we don't have unlimited capital, so we have to be thoughtful about it. But yeah, obviously we thought that buying back stock was attractive for buying our enterprise value. A market cap of a billion dollars and an enterprise value of net data 1.4 based on where we think we are was a really smart thing to do. Great.
spk07: Great. And the second question for me is maybe more of an accounting one for Phil. For the SPAC you guys recently, you're 250, whichever SPAC it was that was liquidated. The cash that's on the balance sheet, but there's an offsetting liability, so there's no hit to equity, right? Or am I getting that wrong?
spk06: Yeah, no, that's correct. That's correct. The cash held in trust is held now pre-paid now there, right? But correspondingly, you'll see there's a line right after our liabilities, right before our equity, which is the default non-controlling interest in equity of subsidiaries, roughly 175. That's the offset.
spk08: And Thompson, I don't mean to, because I know you, it's kind of accounting 101 and not to you, but to things we've seen out there that's shocking to me that that's not understood.
spk07: Yep. Yep. That's exactly my thought as well. Okay, great. You talked about Core Scientific, you talked about Harrow, that was paid off. I'm trying to think of anything, again, that was ridiculous in some of the short reports, but I think you really addressed it all. So I've got nothing else to add. Thanks guys. Great quarter. Yep. Keep it up.
spk08: We appreciate it. Thank you.
spk01: Thank you. This concludes our question and answer session. I'd now like to turn the call back over to Mr. Riley for his closing remarks.
spk08: Well, thanks everybody. I really want to speak to you know, our fellow partners at the firm. I will say that I think we have the best people on the street. We have had some, you know, we had a change in our audit that surprised us and the team, Phil's team jumped on this like, you know, nothing I've ever seen before. And I've seen that in every group we have. And you know, look, we understand that it's tough right now. We appreciate it. But you know, we, TK, myself, every part of funding and leadership is head down. And I am, I could not feel more confident of how we're going to come out of this because I've seen it so many times. So let's keep grinding. We appreciate all of our shareholders for, you know, trying to get to the, you know, focus on the facts and not the noise. And you know, our commitment is to keep working as hard as we can to create as much value as we can for our owners. So thank you everyone. And we'll look forward to talking next quarter.
spk01: Thank you. Before we conclude today's call, I will provide B. Radley Financial's Safe Harbor statement, which includes important cautions regarding forward-looking statements made during this call. Statements made during this call are not descriptions of historical facts, that are not descriptions of historical facts, are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. Such forward-looking statements include, but are not limited to, statements regarding our excitement and the expected growth of our business segments. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks described from time to time in B. Radley Financial Inc.'s periodic filings with the SEC, including, without limitation, the risks described in B. Radley Financial Inc.'s annual report on Form 10-K for the year ended December 31, 2022, under the captions, risk factors, and management's discussion and analysis of financial condition results of operations. Additional information will be set forth in our quarterly report on Form 10-Q for the quarter ended March 31, 2023. These factors should be considered carefully, and participants are cautioned not to place undue reliance on such forward-looking statements. All information is current as of today's call, and B. Radley Financial undertakes no duty to update this information. Thank you for joining us for B. Radley Financial's first quarter of 2023 earnings conference call.
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