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BUSINESS SEGMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2022
Capital Markets segment: |  |  |  |  |
Revenues - Services and fees | $ | 192,499 |  |  | $ | 249,036 |  |  | $ | 292,933 |
Trading (loss) income | (60,285) |  |  | 16,845 |  |  | (151,816) |
Fair value adjustments on loans | (325,498) |  |  | 20,225 |  |  | (54,334) |
Interest income - loans | 54,141 |  |  | 123,244 |  |  | 157,669 |
Interest income - securities lending | 70,862 |  |  | 161,652 |  |  | 83,144 |
Total revenues | (68,281) |  |  | 571,002 |  |  | 327,596 |
Employee compensation and benefits | (123,520) |  |  | (154,514) |  |  | (176,253) |
Professional services | (4,012) |  |  | (18,967) |  |  | 59,807 |
Occupancy-related costs | (8,189) |  |  | (9,242) |  |  | (9,226) |
Other selling, general and administrative expenses | (42,823) |  |  | (42,270) |  |  | (45,333) |
Interest expense - Securities lending and loan participations sold | (66,128) |  |  | (145,435) |  |  | (66,495) |
Depreciation and amortization | (3,155) |  |  | (3,998) |  |  | (8,493) |
Impairment of tradenames | — |  |  | (1,733) |  |  | — |
Segment (loss) income | (316,108) |  |  | 194,843 |  |  | 81,603 |
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Wealth Management segment: |  |  |  |  |
Revenues - Services and fees | 197,468 |  |  | 193,487 |  |  | 230,735 |
Trading income | 3,278 |  |  | 4,758 |  |  | 3,522 |
Total revenues | 200,746 |  |  | 198,245 |  |  | 234,257 |
Employee compensation and benefits | (156,715) |  |  | (152,309) |  |  | (191,238) |
Professional services | (2,814) |  |  | (3,127) |  |  | (7,550) |
Occupancy-related costs | (11,464) |  |  | (13,935) |  |  | (16,797) |
Other selling, general and administrative expenses | (19,146) |  |  | (21,408) |  |  | (42,549) |
Restructuring charge | — |  |  | (61) |  |  | (4,955) |
Depreciation and amortization | (4,177) |  |  | (4,308) |  |  | (5,488) |
Segment income (loss) | 6,430 |  |  | 3,097 |  |  | (34,320) |
Financial Consulting segment: |  |  |  |  |
Revenues - Services and fees | 92,176 |  |  | 77,283 |  |  | 50,357 |
Employee compensation and benefits | (54,986) |  |  | (48,158) |  |  | (34,724) |
Professional services | (1,251) |  |  | (1,067) |  |  | (1,167) |
Occupancy-related costs | (3,641) |  |  | (3,227) |  |  | (2,646) |
Other selling, general and administrative expenses | (14,321) |  |  | (11,596) |  |  | (8,053) |
Depreciation and amortization | (379) |  |  | (318) |  |  | (201) |
Segment income | 17,598 |  |  | 12,917 |  |  | 3,566 |
Communications segment: |  |  |  |  |
Revenues - Services and fees | 289,435 |  |  | 330,952 |  |  | 228,129 |
Revenues - Sale of goods | 5,589 |  |  | 6,737 |  |  | 7,526 |
Total revenues | 295,024 |  |  | 337,689 |  |  | 235,655 |
Direct cost of services | (165,302) |  |  | (183,993) |  |  | (108,686) |
Cost of goods sold | (6,088) |  |  | (7,848) |  |  | (8,592) |
Employee compensation and benefits | (33,351) |  |  | (43,090) |  |  | (32,012) |
Professional services | (5,022) |  |  | (3,743) |  |  | (4,706) |
Occupancy-related costs | (9,919) |  |  | (11,629) |  |  | (8,962) |
Other selling, general and administrative expenses | (24,244) |  |  | (25,180) |  |  | (19,156) |
Depreciation and amortization | (21,548) |  |  | (25,941) |  |  | (19,165) |
Restructuring charge | (379) |  |  | (1,540) |  |  | (4,056) |
Segment income | 29,171 |  |  | 34,725 |  |  | 30,320 |
Consumer Products segment: |  |  |  |  |
Revenues - Sale of goods | 202,597 |  |  | 233,202 |  |  | 77,821 |
Cost of goods sold | (152,625) |  |  | (164,635) |  |  | (52,162) |
Employee compensation and benefits | (39,650) |  |  | (41,065) |  |  | (9,645) |
Professional services | (8,544) |  |  | (10,020) |  |  | (3,043) |
Occupancy-related costs | (6,518) |  |  | (6,606) |  |  | (1,512) |
Other selling, general and administrative expenses | (6,812) |  |  | (9,538) |  |  | (1,103) |
Depreciation and amortization | (7,991) |  |  | (9,918) |  |  | (2,168) |
Impairment of goodwill and other intangible assets | (31,681) |  |  | (68,600) |  |  | — |
Restructuring charge | (1,143) |  |  | (530) |  |  | — |
Segment (loss) income | (52,367) |  |  | (77,710) |  |  | 8,188 |
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
E-Commerce segment: |  |  |  |  |
Revenues - Services and fees | 13,855 |  |  | — |  |  | — |
Revenues - Sale of goods | 10,646 |  |  | — |  |  | — |
Total revenues | 24,501 |  |  | — |  |  | — |
Direct cost of services | (6,449) |  |  | — |  |  | — |
Cost of goods sold | (6,959) |  |  | — |  |  | — |
Employee compensation and benefits | (10,732) |  |  | — |  |  | — |
Professional services | (3,681) |  |  | — |  |  | — |
Occupancy-related costs | (2,403) |  |  | — |  |  | — |
Other selling, general and administrative expenses | (7,025) |  |  | — |  |  | — |
Depreciation and amortization | (1,469) |  |  | — |  |  | — |
Impairment of goodwill and other intangible assets | (73,692) |  |  | — |  |  | — |
Segment loss | (87,909) |  |  | — |  |  | — |
Consolidated operating (loss) income from reportable segments | (403,185) |  |  | 167,872 |  |  | 89,357 |
All Other: |  |  |  |  |
Revenues - Services and fees | 89,449 |  |  | 47,992 |  |  | 13,797 |
Revenues - Sale of goods | 1,787 |  |  | 364 |  |  | — |
Total revenues | 91,236 |  |  | 48,356 |  |  | 13,797 |
Direct cost of services | (42,150) |  |  | (30,072) |  |  | (9,849) |
Cost of goods sold | (1,962) |  |  | (353) |  |  | — |
Employee compensation and benefits | (22,491) |  |  | (11,252) |  |  | (2,871) |
Professional services | (2,950) |  |  | (2,433) |  |  | (757) |
Occupancy-related costs | (10,085) |  |  | (3,723) |  |  | (334) |
Other selling, general and administrative expenses | (13,208) |  |  | (6,300) |  |  | (1,198) |
Depreciation and amortization | (5,989) |  |  | (3,971) |  |  | (1,438) |
Corporate: |  |  |  |  |
Revenues - Services and fees | 598 |  |  | — |  |  | — |
Employee compensation and benefits | (45,156) |  |  | (57,614) |  |  | (61,719) |
Professional services | (32,200) |  |  | (16,136) |  |  | (7,496) |
Occupancy-related costs | (8,036) |  |  | (7,659) |  |  | (6,368) |
Other selling, general and administrative expenses | 20,444 |  |  | 20,085 |  |  | 19,539 |
Depreciation and amortization | (604) |  |  | (749) |  |  | (801) |
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Operating (loss) income | (475,738) |  |  | 96,051 |  |  | 29,862 |
Interest income | 3,621 |  |  | 3,875 |  |  | 2,735 |
Dividend income | 4,462 |  |  | 12,747 |  |  | 7,851 |
Realized and unrealized losses on investments | (263,686) |  |  | (162,053) |  |  | (247,540) |
Change in fair value of financial instruments and other | 4,614 |  |  | (3,998) |  |  | 10,188 |
Gain on bargain purchase | — |  |  | 15,903 |  |  | — |
Income (loss) from equity method investments | 31 |  |  | (152) |  |  | 3,570 |
Loss on extinguishment of debt | (18,725) |  |  | (5,409) |  |  | — |
Interest expense: |  |  |  |  |
Capital Markets segment | (633) |  |  | (14,986) |  |  | (5,928) |
Communications segment | (9,288) |  |  | (11,573) |  |  | (5,099) |
Consumer Products segment | (4,261) |  |  | (7,924) |  |  | (1,318) |
E-Commerce segment | (1,056) |  |  | — |  |  | — |
Corporate and other | (118,070) |  |  | (121,757) |  |  | (128,658) |
Interest expense | (133,308) |  |  | (156,240) |  |  | (141,003) |
Loss from continuing operations before income taxes | (878,729) |  |  | (199,276) |  |  | (334,337) |
(Provision for) benefit from income taxes | (22,125) |  |  | 39,115 |  |  | 65,252 |
Loss from continuing operations | (900,854) |  |  | (160,161) |  |  | (269,085) |
Income from discontinued operations, net of income taxes | 125,915 |  |  | 54,530 |  |  | 112,491 |
Net loss | (774,939) |  |  | (105,631) |  |  | (156,594) |
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests | (10,665) |  |  | (5,721) |  |  | 3,235 |
Net loss attributable to B. Riley Financial, Inc. | (764,274) |  |  | (99,910) |  |  | (159,829) |
Preferred stock dividends | 8,060 |  |  | 8,057 |  |  | 8,008 |
Net loss available to common shareholders | $ | (772,334) |  |  | $ | (107,967) |  |  | $ | (167,837) |
Schedule of revenues by geographical area | The following table presents revenues by geographical area:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Revenues |  |  |  |  |
Services and fees |  |  |  |  |
North America | $ | 875,480 |  |  | $ | 898,750 |  |  | $ | 815,951 |
Trading loss (income) |  |  |  |  |
North America | (57,007) |  |  | 21,603 |  |  | (148,294) |
Fair value adjustments on loans |  |  |  |  |
North America | (325,498) |  |  | 20,225 |  |  | (54,334) |
Interest income - loans |  |  |  |  |
North America | 54,141 |  |  | 123,244 |  |  | 157,669 |
Interest income - securities lending |  |  |  |  |
North America | 70,862 |  |  | 161,652 |  |  | 83,144 |
Sale of goods |  |  |  |  |
North America | 118,676 |  |  | 126,297 |  |  | 51,899 |
Australia | 12,305 |  |  | 11,878 |  |  | 4,903 |
Europe, Middle East, and Africa | 55,517 |  |  | 65,596 |  |  | 18,485 |
Asia | 24,736 |  |  | 26,790 |  |  | 7,970 |
Latin America | 9,385 |  |  | 9,742 |  |  | 2,090 |
Total - Sale of goods | 220,619 |  |  | 240,303 |  |  | 85,347 |
Total Revenues |  |  |  |  |
North America | 736,654 |  |  | 1,351,771 |  |  | 906,035 |
Australia | 12,305 |  |  | 11,878 |  |  | 4,903 |
Europe, Middle East, and Africa | 55,517 |  |  | 65,596 |  |  | 18,485 |
Asia | 24,736 |  |  | 26,790 |  |  | 7,970 |
Latin America | 9,385 |  |  | 9,742 |  |  | 2,090 |
Total Revenues | $ | 838,597 |  |  | $ | 1,465,777 |  |  | $ | 939,483 |
Long-lived assets by geographic areas | The following table presents long-lived assets, which consist of property and equipment, net, by geographical area:
| December 31, 2024 |  | December 31, 2023
Long-lived Assets - Property and Equipment, net: |  |  |
North America | $ | 18,602 |  |  | $ | 24,594 |
Europe | 217 |  |  | 396 |
Asia Pacific | 81 |  |  | 133 |
Australia | 54 |  |  | 83 |
Total | $ | 18,954 |  |  | $ | 25,206 |

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