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Pay vs Performance Disclosure
pure in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table

Pay Versus Performance Table

The following table sets forth information concerning: (1) the compensation of our Principal Executive Officers (“PEOs”) (Mr. Riley — Chairman and Co-Chief Executive Officer and Mr. Kelleher — Co-Chief Executive Officer) and the average compensation for our other Named Executive Officers (“Non-PEO NEOs”), both as reported in the Summary Compensation Table and with certain adjustments to reflect the “compensation actually paid” to such individuals, as defined under SEC rules, for each of the fiscal years ended December 31, 2020, 2021, 2022 and 2023 and (2) our cumulative total shareholder return (“TSR”), the cumulative TSR of our selected peer group (“Russell 2000 Financials Industry TSR”), Net Income (Loss) and Operating Adjusted EBITDA over such years, in each case determined in accordance with SEC rules:

(a)

(b)

(b)

(c)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

Year

Summary 
Compensation 
Table Total for 
Mr. Riley 
($)

Summary 
Compensation 
Table Total for 
Mr. Kelleher 
($)

Compensation 
Actually Paid 
to Mr. Riley 
($)(2)

Compensation 
Actually Paid 
to Mr. Kelleher 
($)(2)

Average 
Summary 
Compensation 
Table Total 
for Non-PEO 
NEOs 
($)(1)

Average 
Compensation 
Actually Paid 
to Non-PEO 
NEOs 
($)(1)(2)

Value of Initial Fixed $100 
Investment Based on:

Net 
Income 
(Loss) 
(millions)
($)

Operating 
Adjusted 
EBITDA 
(millions) 
($)(4)

Total 
Shareholder 
Return
($)

Russell 2000 
Financials 
Industry
Total 
Shareholder 
Return
($)(3)

2023

$5,563,318

$5,563,318

$4,932,653

$4,932,653

$3,378,257

$3,178,327

$129.10

$118.08

($100)

$363

2022

$3,367,249

$6,167,249

($18,578,276)

($15,778,276)

$2,654,676

($6,818,381)

$186.36

$105.20

($160)

$394

2021

$20,006,437

$19,957,562

$36,817,324

$36,620,649

$8,493,314

$15,852,678

$448.30

$124.45

$445

$440

2020

$3,746,062

$3,720,868

$9,870,335

$9,815,272

$2,405,112

$5,133,907

$186.22

$95.77

$205

$324

(1)      The following individuals are our Named Executive Officers for each fiscal year:

Year

PEO(s)

Non-PEO NEOs

2023

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore and Alan N. Forman

2022

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore, and Alan N. Forman

2021

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore, and Alan N. Forman

2020

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore, and Alan N. Forman

(2)      Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows:

2023

Adjustments

Mr. Riley

Mr. Kelleher

Average
Non-PEO
NEOs

Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table for Applicable FY

($1,889,256)

($1,889,256)

($720,268)

Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End

$1,033,233

$1,033,233

$393,914

Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End

($1,238,704)

($1,238,704)

($518,855)

Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date

$1,464,062

$1,464,062

$645,279

Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End

$0

$0

$0

Increase based on Dividends or Other Earnings Paid during Applicable FY upon Vesting Date

$0

$0

$0

TOTAL ADJUSTMENTS

($630,664)

($630,664)

($199,929)

(3)      TSR is cumulative for the measurement periods beginning on December 31, 2019 and ending on December 31 of each of 2023, 2022, 2021 and 2020, respectively, calculated in accordance with Item 201(e) of Regulation S-K. The Russell 2000 Financials Industry Index is the same index we use in our performance graph in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2023.

(4)      Represents the most important financial performance measure not otherwise included in the above table that is used by the Company to link actual compensation paid during the most recent fiscal year to the Company’s performance, as required pursuant to Item 402(v) of Regulation S-K. We define Operating Adjusted EBITDA, which is a non-GAAP financial measure, as Adjusted EBITDA excluding (i) Trading Income (Loss) and Fair Value Adjustments on Loans, (ii) Realized and Unrealized Gains (Losses) on Investments, and (iii) other investment related expenses. During the fourth quarter of 2023, the Company recast its operating metrics to include revenues from fixed income trading. Operating Adjusted EBITDA has been adjusted to include fixed income trading revenue for the periods presented.

      
Named Executive Officers, Footnote The following individuals are our Named Executive Officers for each fiscal year:

Year

PEO(s)

Non-PEO NEOs

2023

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore and Alan N. Forman

2022

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore, and Alan N. Forman

2021

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore, and Alan N. Forman

2020

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore, and Alan N. Forman
     
Non-PEO NEO Average Total Compensation Amount [1] $ 3,378,257 $ 2,654,676 $ 8,493,314 $ 2,405,112
Non-PEO NEO Average Compensation Actually Paid Amount [1],[2] $ 3,178,327 (6,818,381) 15,852,678 5,133,907
Adjustment to Non-PEO NEO Compensation Footnote Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows:

2023

Adjustments

Mr. Riley

Mr. Kelleher

Average
Non-PEO
NEOs

Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table for Applicable FY

($1,889,256)

($1,889,256)

($720,268)

Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End

$1,033,233

$1,033,233

$393,914

Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End

($1,238,704)

($1,238,704)

($518,855)

Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date

$1,464,062

$1,464,062

$645,279

Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End

$0

$0

$0

Increase based on Dividends or Other Earnings Paid during Applicable FY upon Vesting Date

$0

$0

$0

TOTAL ADJUSTMENTS

($630,664)

($630,664)

($199,929)
     
Compensation Actually Paid vs. Total Shareholder Return

     
Compensation Actually Paid vs. Net Income

     
Compensation Actually Paid vs. Company Selected Measure

     
Tabular List, Table

Pay Versus Performance Tabular List

The following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs to performance for the fiscal year ended December 31, 2023:

•        Operating Adjusted EBITDA

•        Total Adjusted EBITDA

•        Total shareholder return

      
Total Shareholder Return Amount $ 129.1 186.36 448.3 186.22
Net Income (Loss) $ (100,000,000) $ (160,000,000) $ 445,000,000 $ 205,000,000
Company Selected Measure Amount [3] 363 394 440 324
Adjustment to Compensation, Amount $ (199,929)      
PEO Name Bryant R. Riley and Thomas J. Kelleher      
Measure:: 1        
Pay vs Performance Disclosure        
Name Operating Adjusted EBITDA      
Measure:: 2        
Pay vs Performance Disclosure        
Name Total Adjusted EBITDA      
Measure:: 3        
Pay vs Performance Disclosure        
Name Total shareholder return      
Mr. Riley [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 5,563,318 $ 3,367,249 $ 20,006,437 $ 3,746,062
PEO Actually Paid Compensation Amount [2] 4,932,653 (18,578,276) 36,817,324 9,870,335
Adjustment to Compensation, Amount (630,664)      
Mr. Kelleher [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount 5,563,318 6,167,249 19,957,562 3,720,868
PEO Actually Paid Compensation Amount [2] 4,932,653 (15,778,276) 36,620,649 9,815,272
Adjustment to Compensation, Amount (630,664)      
Russell 2000 Financials Industry [Member]        
Pay vs Performance Disclosure        
Total Shareholder Return Amount [4] 118.08 $ 105.2 $ 124.45 $ 95.77
PEO | Mr. Riley [Member] | Adjustment Type 1 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,889,256)      
PEO | Mr. Riley [Member] | Adjustment Type 2 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,033,233      
PEO | Mr. Riley [Member] | Adjustment Type 3 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,238,704)      
PEO | Mr. Riley [Member] | Adjustment Type 4 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,464,062      
PEO | Mr. Riley [Member] | Adjustment Type 5 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Mr. Riley [Member] | Adjustment Type 6 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Mr. Kelleher [Member] | Adjustment Type 1 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,889,256)      
PEO | Mr. Kelleher [Member] | Adjustment Type 2 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,033,233      
PEO | Mr. Kelleher [Member] | Adjustment Type 3 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,238,704)      
PEO | Mr. Kelleher [Member] | Adjustment Type 4 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,464,062      
PEO | Mr. Kelleher [Member] | Adjustment Type 5 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
PEO | Mr. Kelleher [Member] | Adjustment Type 6 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Average Non-PEO NEOs [Member] | Adjustment Type 1 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (720,268)      
Average Non-PEO NEOs [Member] | Adjustment Type 2 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 393,914      
Average Non-PEO NEOs [Member] | Adjustment Type 3 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (518,855)      
Average Non-PEO NEOs [Member] | Adjustment Type 4 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 645,279      
Average Non-PEO NEOs [Member] | Adjustment Type 5 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0      
Average Non-PEO NEOs [Member] | Adjustment Type 6 [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0      
[1] The following individuals are our Named Executive Officers for each fiscal year:

Year

PEO(s)

Non-PEO NEOs

2023

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore and Alan N. Forman

2022

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore, and Alan N. Forman

2021

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore, and Alan N. Forman

2020

Bryant R. Riley and Thomas J. Kelleher

Phillip J. Ahn, Kenneth Young, Andrew Moore, and Alan N. Forman
[2] Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows:

2023

Adjustments

Mr. Riley

Mr. Kelleher

Average
Non-PEO
NEOs

Deduction for Amounts Reported under the “Stock Awards” Column in the Summary Compensation Table for Applicable FY

($1,889,256)

($1,889,256)

($720,268)

Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End

$1,033,233

$1,033,233

$393,914

Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End

($1,238,704)

($1,238,704)

($518,855)

Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date

$1,464,062

$1,464,062

$645,279

Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End

$0

$0

$0

Increase based on Dividends or Other Earnings Paid during Applicable FY upon Vesting Date

$0

$0

$0

TOTAL ADJUSTMENTS

($630,664)

($630,664)

($199,929)
[3] Represents the most important financial performance measure not otherwise included in the above table that is used by the Company to link actual compensation paid during the most recent fiscal year to the Company’s performance, as required pursuant to Item 402(v) of Regulation S-K. We define Operating Adjusted EBITDA, which is a non-GAAP financial measure, as Adjusted EBITDA excluding (i) Trading Income (Loss) and Fair Value Adjustments on Loans, (ii) Realized and Unrealized Gains (Losses) on Investments, and (iii) other investment related expenses. During the fourth quarter of 2023, the Company recast its operating metrics to include revenues from fixed income trading. Operating Adjusted EBITDA has been adjusted to include fixed income trading revenue for the periods presented.
[4] TSR is cumulative for the measurement periods beginning on December 31, 2019 and ending on December 31 of each of 2023, 2022, 2021 and 2020, respectively, calculated in accordance with Item 201(e) of Regulation S-K. The Russell 2000 Financials Industry Index is the same index we use in our performance graph in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2023.