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BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following is a summary of certain financial data for each of the Company’s reportable segments:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Capital Markets segment: |  |  |  |  |
Revenues - Services and fees | $ | 249,036 |  |  | $ | 292,933 |  |  | $ | 555,585 |
Trading income (loss) and fair value adjustments on loans | 37,070 |  |  | (206,150) |  |  | 212,922 |
Interest income - Loans and securities lending | 284,896 |  |  | 240,813 |  |  | 122,723 |
Total revenues | 571,002 |  |  | 327,596 |  |  | 891,230 |
Selling, general and administrative expenses | (224,993) |  |  | (171,006) |  |  | (345,455) |
Interest expense - Securities lending and loan participations sold | (145,435) |  |  | (66,495) |  |  | (52,631) |
Depreciation and amortization | (3,998) |  |  | (8,493) |  |  | (2,136) |
Impairment of tradenames | (1,733) |  |  | — |  |  | — |
Segment income | 194,843 |  |  | 81,602 |  |  | 491,008 |
Wealth Management segment: |  |  |  |  |
Revenues - Services and fees | 193,487 |  |  | 230,735 |  |  | 374,361 |
Trading income and fair value adjustments | 4,758 |  |  | 3,522 |  |  | 7,623 |
Total revenues | 198,245 |  |  | 234,257 |  |  | 381,984 |
Selling, general and administrative expenses | (190,779) |  |  | (258,134) |  |  | (357,130) |
Restructuring charge | (61) |  |  | (4,955) |  |  | — |
Depreciation and amortization | (4,308) |  |  | (5,488) |  |  | (8,920) |
Segment income (loss) | 3,097 |  |  | (34,320) |  |  | 15,934 |
Auction and Liquidation segment: |  |  |  |  |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenues - Services and fees | 29,062 |  |  | 12,581 |  |  | 20,169 |
Revenues - Sale of goods | 74,203 |  |  | 56,928 |  |  | 53,348 |
Interest income - Loan | — |  |  | 4,587 |  |  | — |
Total revenues | 103,265 |  |  | 74,096 |  |  | 73,517 |
Direct cost of services | (24,729) |  |  | (23,920) |  |  | (30,719) |
Cost of goods sold | (40,515) |  |  | (17,893) |  |  | (20,675) |
Selling, general and administrative expenses | (16,650) |  |  | (19,683) |  |  | (14,069) |
Segment income | 21,371 |  |  | 12,600 |  |  | 8,054 |
Financial Consulting segment: |  |  |  |  |
Revenues - Services and fees | 133,705 |  |  | 98,508 |  |  | 94,312 |
Selling, general and administrative expenses | (102,930) |  |  | (81,891) |  |  | (77,062) |
Depreciation and amortization | (355) |  |  | (305) |  |  | (356) |
Segment income | 30,420 |  |  | 16,312 |  |  | 16,894 |
Communications segment: |  |  |  |  |
Revenues - Services and fees | 330,952 |  |  | 228,129 |  |  | 88,490 |
Revenues - Sale of goods | 6,737 |  |  | 7,526 |  |  | 4,857 |
Total revenues | 337,689 |  |  | 235,655 |  |  | 93,347 |
Direct cost of services | (183,993) |  |  | (108,686) |  |  | (23,671) |
Cost of goods sold | (7,848) |  |  | (8,592) |  |  | (6,278) |
Selling, general and administrative expenses | (83,642) |  |  | (64,836) |  |  | (25,493) |
Depreciation and amortization | (25,941) |  |  | (19,165) |  |  | (10,747) |
Restructuring charge | (1,540) |  |  | (4,056) |  |  | — |
Segment income | 34,725 |  |  | 30,320 |  |  | 27,158 |
Consumer Products segment: |  |  |  |  |
Revenues - Sale of goods | 233,202 |  |  | 77,821 |  |  | — |
Cost of goods sold | (164,635) |  |  | (52,162) |  |  | — |
Selling, general and administrative expenses | (67,229) |  |  | (15,303) |  |  | — |
Depreciation and amortization | (9,918) |  |  | (2,168) |  |  | — |
Impairment of goodwill and tradenames | (68,600) |  |  | — |  |  | — |
Restructuring charge | (530) |  |  | — |  |  | — |
Segment (loss) income | (77,710) |  |  | 8,188 |  |  | — |
Consolidated operating income from reportable segments | 206,746 |  |  | 114,702 |  |  | 559,048 |
All Other: |  |  |  |  |
Revenues - Services and fees | 66,128 |  |  | 32,737 |  |  | 20,308 |
Revenues - Sale of goods | 364 |  |  | — |  |  | — |
Total revenues | 66,492 |  |  | 32,737 |  |  | 20,308 |
Direct cost of services | (30,072) |  |  | (9,849) |  |  | — |
Cost of goods sold | (353) |  |  | — |  |  | — |
Corporate and other expenses | (98,160) |  |  | (68,142) |  |  | (64,828) |
Interest income | 3,875 |  |  | 2,735 |  |  | 229 |
Dividend income | 47,776 |  |  | 35,874 |  |  | 19,732 |
Realized and unrealized (losses) gains on investments | (162,589) |  |  | (201,079) |  |  | 166,131 |
Change in fair value of financial instruments and other | (4,748) |  |  | 10,188 |  |  | 3,796 |
Gain on bargain purchase | 15,903 |  |  | — |  |  | — |
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
(Loss) income from equity method investments | (181) |  |  | 3,570 |  |  | 2,801 |
Interest expense | (187,013) |  |  | (141,186) |  |  | (92,455) |
(Loss) income before income taxes | (142,324) |  |  | (220,450) |  |  | 614,762 |
Benefit from (provision for) income taxes | 36,693 |  |  | 63,856 |  |  | (163,960) |
Net (loss) income | (105,631) |  |  | (156,594) |  |  | 450,802 |
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests | (5,721) |  |  | 3,235 |  |  | 5,748 |
Net (loss) income attributable to B. Riley Financial, Inc. | (99,910) |  |  | (159,829) |  |  | 445,054 |
Preferred stock dividends | 8,057 |  |  | 8,008 |  |  | 7,457 |
Net (loss) income available to common shareholders | $ | (107,967) |  |  | $ | (167,837) |  |  | $ | 437,597 |
Schedule of revenues by geographical area | The following table presents revenues by geographical area:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenues: |  |  |  |  |
Revenues - Services and fees: |  |  |  |  |
North America | $ | 1,000,688 |  |  | $ | 888,679 |  |  | $ | 1,148,751 |
Europe | 1,682 |  |  | 6,944 |  |  | 4,474 |
Total Revenues - Services and fees | 1,002,370 |  |  | 895,623 |  |  | 1,153,225 |
Trading income (loss) and fair value adjustments on loans |  |  |  |  |
North America | 41,828 |  |  | (202,628) |  |  | 220,545 |
Revenues - Sale of goods |  |  |  |  |
North America | 127,033 |  |  | 51,899 |  |  | 12,130 |
Australia | 11,878 |  |  | 4,903 |  |  | — |
Europe, Middle East, and Africa | 139,063 |  |  | 75,413 |  |  | 46,075 |
Asia | 26,790 |  |  | 7,970 |  |  | — |
Latin America | 9,742 |  |  | 2,090 |  |  | — |
Total Revenues - Sale of Goods | 314,506 |  |  | 142,275 |  |  | 58,205 |
Revenues - Interest income - Loans and securities lending: |  |  |  |  |
North America | 284,896 |  |  | 240,813 |  |  | 122,723 |
Europe | — |  |  | 4,587 |  |  | — |
| 284,896 |  |  | 245,400 |  |  | 122,723 |
Total Revenues: |  |  |  |  |
North America | 1,454,445 |  |  | 978,763 |  |  | 1,504,149 |
Australia | 11,878 |  |  | 4,903 |  |  | — |
Europe, Middle East, and Africa | 140,745 |  |  | 86,944 |  |  | 50,549 |
Asia | 26,790 |  |  | 7,970 |  |  | — |
Latin America | 9,742 |  |  | 2,090 |  |  | — |
Total Revenues | $ | 1,643,600 |  |  | $ | 1,080,670 |  |  | $ | 1,554,698 |
Long-Lived Assets by Geographic Areas | The following table presents long-lived assets, which consists of property and equipment, net, by geographical area:
| December 31, 2023 |  | December 31, 2022
Long-lived Assets - Property and Equipment, net: |  |  |
North America | $ | 24,594 |  |  | $ | 26,276 |
Europe | 396 |  |  | 577 |
Asia Pacific | 133 |  |  | 162 |
Australia | 83 |  |  | 126 |
Total | $ | 25,206 |  |  | $ | 27,141 |

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