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BUSINESS SEGMENTS
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
The Company’s business is classified into six reportable operating segments: the Capital Markets segment, Wealth Management segment, Auction and Liquidation segment, Financial Consulting segment, Communications segment, and Consumer Products segment. These reportable segments are all distinct businesses, each with a different marketing strategy and management structure, providing products and services primarily to customers that are end users within each segment and geographic region. During the fourth quarter of 2023, management reassessed the Company's previously reported Consumer segment due to organizational changes and financial information provided to the CODM. These changes resulted in Targus’ operations being reported on a stand alone basis in the Consumer Products segment and the operations related to brand licensing that was previously reported in the Consumer segment being reported in the All Other Category that is reported with Corporate and Other.
As a result of the changes discussed above in the Consumer segment, the Company has recast the financial data for the Consumer Products segment and reporting of the All Other Category for all periods presented. The following is a summary of certain financial data for each of the Company’s reportable segments:
 
Year Ended December 31,
 202320222021
Capital Markets segment:    
Revenues - Services and fees$249,036 $292,933 $555,585 
Trading income (loss) and fair value adjustments on loans37,070 (206,150)212,922 
Interest income - Loans and securities lending284,896 240,813 122,723 
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 fees193,487 230,735 374,361 
Trading income and fair value adjustments4,758 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,
 202320222021
Revenues - Services and fees29,062 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 income21,371 12,600 8,054 
Financial Consulting segment:   
Revenues - Services and fees133,705 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 fees330,952 228,129 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 goods233,202 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 segments206,746 114,702 559,048 
All Other:
Revenues - Services and fees66,128 32,737 20,308 
Revenues - Sale of goods364 — — 
Total revenues66,492 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 income47,776 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 purchase15,903 — — 
 
Year Ended December 31,
 202320222021
(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 
The following table presents revenues by geographical area:
Year Ended December 31,
202320222021
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 fees1,002,370 895,623 1,153,225 
 
Trading income (loss) and fair value adjustments on loans 
North America41,828 (202,628)220,545 
Revenues - Sale of goods
North America127,033 51,899 12,130 
Australia11,878 4,903 — 
Europe, Middle East, and Africa139,063 75,413 46,075 
Asia26,790 7,970 — 
Latin America9,742 2,090 — 
Total Revenues - Sale of Goods314,506 142,275 58,205 
 
Revenues - Interest income - Loans and securities lending: 
North America284,896 240,813 122,723 
Europe — 4,587 — 
284,896 245,400 122,723 
Total Revenues: 
North America1,454,445 978,763 1,504,149 
Australia11,878 4,903 — 
Europe, Middle East, and Africa140,745 86,944 50,549 
Asia26,790 7,970 — 
Latin America9,742 2,090 — 
Total Revenues$1,643,600 $1,080,670 $1,554,698 
The following table presents long-lived assets, which consists of property and equipment, net, by geographical area:
December 31, 2023December 31, 2022
Long-lived Assets - Property and Equipment, net:
North America$24,594 $26,276 
Europe396 577 
Asia Pacific133 162 
Australia83 126 
Total$25,206 $27,141 
Segment assets are not reported to, or used by, the Company’s CODM to allocate resources to, or assess performance of, the segments and therefore, total segment assets have not been disclosed.