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BUSINESS SEGMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of segment reporting information, by segment |
| Three Months Ended March 31, |  |  |  |
| 2024 |  | 2023 |  |  |  |  |  |  |  |
Capital Markets segment: |  |  |  |  |  |  |  |  |  |  |
Revenues - Services and fees | $ | 60,347 |  |  | $ | 57,929 |  |  |  |  |  |  |  |  |
Trading (loss) income and fair value adjustments on loans | (30,468) |  |  | 50,296 |  |  |  |  |  |  |  |  |
Interest income - Loans and securities lending | 59,944 |  |  | 77,186 |  |  |  |  |  |  |  |  |
Total revenues | 89,823 |  |  | 185,411 |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (53,224) |  |  | (65,711) |  |  |  |  |  |  |  |  |
Interest expense - Securities lending and loan participations sold | (35,383) |  |  | (32,424) |  |  |  |  |  |  |  |  |
Depreciation and amortization | (771) |  |  | (1,256) |  |  |  |  |  |  |  |  |
Segment income | 445 |  |  | 86,020 |  |  |  |  |  |  |  |  |
Wealth Management segment: |  |  |  |  |  |  |  |  |  |  |
Revenues - Services and fees | 51,182 |  |  | 48,542 |  |  |  |  |  |  |  |  |
Trading income and fair value adjustments on loans | 600 |  |  | 1,272 |  |  |  |  |  |  |  |  |
Total revenues | 51,782 |  |  | 49,814 |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (49,048) |  |  | (47,322) |  |  |  |  |  |  |  |  |
Restructuring charge | — |  |  | (33) |  |  |  |  |  |  |  |  |
Depreciation and amortization | (1,055) |  |  | (1,086) |  |  |  |  |  |  |  |  |
Segment income | 1,679 |  |  | 1,373 |  |  |  |  |  |  |  |  |
Auction and Liquidation segment: |  |  |  |  |  |  |  |  |  |  |
Revenues - Services and fees | 3,560 |  |  | 5,444 |  |  |  |  |  |  |  |  |
Revenues - Sale of goods | 2,220 |  |  | 216 |  |  |  |  |  |  |  |  |
Total revenues | 5,780 |  |  | 5,660 |  |  |  |  |  |  |  |  |
Direct cost of services | (1,456) |  |  | (3,128) |  |  |  |  |  |  |  |  |
Cost of goods sold | (788) |  |  | (52) |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (1,508) |  |  | (2,280) |  |  |  |  |  |  |  |  |
Segment income | 2,028 |  |  | 200 |  |  |  |  |  |  |  |  |
Financial Consulting segment: |  |  |  |  |  |  |  |  |  |  |
Revenues - Services and fees | 35,085 |  |  | 25,010 |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (28,860) |  |  | (21,149) |  |  |  |  |  |  |  |  |
Depreciation and amortization | (85) |  |  | (78) |  |  |  |  |  |  |  |  |
Segment income | 6,140 |  |  | 3,783 |  |  |  |  |  |  |  |  |
Communications segment: |  |  |  |  |  |  |  |  |  |  |
Revenues - Services and fees | 81,070 |  |  | 85,052 |  |  |  |  |  |  |  |  |
Revenues - Sale of goods | 1,296 |  |  | 1,867 |  |  |  |  |  |  |  |  |
Total revenues | 82,366 |  |  | 86,919 |  |  |  |  |  |  |  |  |
Direct cost of services | (48,819) |  |  | (44,733) |  |  |  |  |  |  |  |  |
Cost of goods sold | (1,359) |  |  | (2,168) |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (17,918) |  |  | (22,544) |  |  |  |  |  |  |  |  |
Restructuring charge | (263) |  |  | (60) |  |  |  |  |  |  |  |  |
Depreciation and amortization | (5,957) |  |  | (6,631) |  |  |  |  |  |  |  |  |
Segment income | 8,050 |  |  | 10,783 |  |  |  |  |  |  |  |  |
Consumer Products segment: |  |  |  |  |  |  |  |  |  |  |
Revenues - Sale of goods | 51,522 |  |  | 65,694 |  |  |  |  |  |  |  |  |
Cost of goods sold | (36,880) |  |  | (45,406) |  |  |  |  |  |  |  |  |
Selling, general and administrative expenses | (15,525) |  |  | (19,294) |  |  |  |  |  |  |  |  |
Depreciation and amortization | (1,997) |  |  | (2,608) |  |  |  |  |  |  |  |  |
Restructuring charge | (526) |  |  | — |  |  |  |  |  |  |  |  |
Segment loss | (3,406) |  |  | (1,614) |  |  |  |  |  |  |  |  |
Consolidated operating income from reportable segments | 14,936 |  |  | 100,545 |  |  |  |  |  |  |  |  |
All Other: |  |  |  |  |  |  |  |  |  |  |
Revenues - Services and fees | 26,059 |  |  | 13,582 |  |  |  |  |  |  |  |  |
Revenues - Sale of goods | 615 |  |  | — |  |  |  |  |  |  |  |  |
Total revenues | 26,674 |  |  | 13,582 |  |  |  |  |  |  |  |  |
Direct cost of services | (10,851) |  |  | (6,536) |  |  |  |  |  |  |  |  |
Cost of goods sold | (588) |  |  | — |  |  |  |  |  |  |  |  |
Corporate and other expenses | (33,600) |  |  | (22,668) |  |  |  |  |  |  |  |  |
Interest income | 669 |  |  | 2,574 |  |  |  |  |  |  |  |  |
Dividend income | 11,815 |  |  | 13,204 |  |  |  |  |  |  |  |  |
Realized and unrealized losses on investments | (29,545) |  |  | (28,442) |  |  |  |  |  |  |  |  |
Change in fair value of financial instruments and other | 314 |  |  | (209) |  |  |  |  |  |  |  |  |
Loss on equity investments | (4) |  |  | (10) |  |  |  |  |  |  |  |  |
Interest expense | (44,864) |  |  | (47,561) |  |  |  |  |  |  |  |  |
(Loss) income before income taxes | (65,044) |  |  | 24,479 |  |  |  |  |  |  |  |  |
Benefit from (provision for) income taxes | 17,090 |  |  | (7,919) |  |  |  |  |  |  |  |  |
Net (loss) income | (47,954) |  |  | 16,560 |  |  |  |  |  |  |  |  |
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests | 1,211 |  |  | (595) |  |  |  |  |  |  |  |  |
Net (loss) income attributable to B. Riley Financial, Inc. | (49,165) |  |  | 17,155 |  |  |  |  |  |  |  |  |
Preferred stock dividends | 2,015 |  |  | 2,012 |  |  |  |  |  |  |  |  |
Net (loss) income available to common shareholders | $ | (51,180) |  |  | $ | 15,143 |  |  |  |  |  |  |  |  |
Schedule of revenues by geographical area | The following table presents revenues by geographical area:
| Three Months Ended March 31, |  |  |  |
| 2024 |  | 2023 |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |
Revenues - Services and fees |  |  |  |  |  |  |  |  |  |  |
North America | $ | 256,730 |  |  | $ | 234,930 |  |  |  |  |  |  |  |  |
Europe | 573 |  |  | 629 |  |  |  |  |  |  |  |  |
Total Revenues - Services and fees | 257,303 |  |  | 235,559 |  |  |  |  |  |  |  |  |
Trading income and fair value adjustments on loans |  |  |  |  |  |  |  |  |  |  |
North America | (29,868) |  |  | 51,568 |  |  |  |  |  |  |  |  |
Revenues - Sale of goods |  |  |  |  |  |  |  |  |  |  |
North America | 28,894 |  |  | 37,947 |  |  |  |  |  |  |  |  |
Australia | 2,624 |  |  | 3,459 |  |  |  |  |  |  |  |  |
Europe, Middle East, and Africa | 16,017 |  |  | 17,428 |  |  |  |  |  |  |  |  |
Asia | 6,354 |  |  | 6,224 |  |  |  |  |  |  |  |  |
Latin America | 1,764 |  |  | 2,719 |  |  |  |  |  |  |  |  |
Total Revenues - Sale of goods | 55,653 |  |  | 67,777 |  |  |  |  |  |  |  |  |
Revenues - Interest income - Loans and securities lending |  |  |  |  |  |  |  |  |  |  |
North America | 59,944 |  |  | 77,186 |  |  |  |  |  |  |  |  |
Total Revenues |  |  |  |  |  |  |  |  |  |  |
North America | 315,700 |  |  | 401,631 |  |  |  |  |  |  |  |  |
Australia | 2,624 |  |  | 3,459 |  |  |  |  |  |  |  |  |
Europe, Middle East, and Africa | 16,590 |  |  | 18,057 |  |  |  |  |  |  |  |  |
Asia | 6,354 |  |  | 6,224 |  |  |  |  |  |  |  |  |
Latin America | 1,764 |  |  | 2,719 |  |  |  |  |  |  |  |  |
Total Revenues | $ | 343,032 |  |  | $ | 432,090 |  |  |  |  |  |  |  |  |
Long-Lived Assets by Geographic Areas | The following table presents long-lived assets, which consists of property and equipment, net, by geographical area:
| March 31, 2024 |  | December 31, 2023
Long-lived Assets - Property and Equipment, net: |  |  |
North America | $ | 23,596 |  |  | $ | 24,594 |
Europe | 352 |  |  | 396 |
Asia Pacific | 125 |  |  | 133 |
Australia | 73 |  |  | 83 |
Total | $ | 24,146 |  |  | $ | 25,206 |

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