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DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
Assets Held For Sale
Wealth Management

On October 31, 2024, the Company signed a definitive agreement to sell a portion of the Company’s (W-2) Wealth Management business to Stifel for estimated net consideration based on the number of advisors that join Stifel at closing, among other things. Upon closing the transaction on April 4, 2025, the sale was completed for net cash consideration of $26,037, representing 36 financial advisors whose managed accounts represent approximately $4.0 billion, or 19.3%, of total assets under management ("AUM") as of December 31, 2024.
Atlantic Coast Recycling
On March 3, 2025, the Company and BR Financial, B. Riley Environmental Holdings, LLC, and other indirect subsidiaries of the Company which included the Atlantic Companies, entered into the MIPA, whereby the Interests owned by BR Financial and the minority holders were sold to a third party in accordance with the terms of the MIPA on March 3, 2025. The Interests were sold to the third party on March 3, 2025 for a purchase price of $102,478, subject to certain adjustments and a holdback amount pending receipt of a certain third party consent, resulting in cash proceeds of $68,638 to the Company after adjustments for amounts allocated to non-controlling interests, repayment of contingent consideration, transaction costs and other items directly attributable to the closing of the transaction. Of the $68,638 of cash proceeds received by the Company, approximately $22,610 was used to pay interest, fees, and principal on the Credit Facility entered into with Oaktree Capital Management, L.P. on February 26, 2025 as further discussed in Note 25 – Subsequent Events. A gain of $52,705 was recognized in the first quarter of 2025 from this sale.

The Company determined that the assets and liabilities associated with the Wealth Management and Atlantic Coast Recycling transactions met the criteria under ASC 360 Impairment and Disposal of Long-Lived Assets to be classified as held for sale as of December 31, 2024 and are properly presented in the Consolidated Balance Sheets. Operating results from the disposal groups comprising the Wealth Management business and Atlantic Coast Recycling contributed to Wealth Management and All Other segment categories, respectively, operating incomes for the year ended December 31, 2024.
Assets and liabilities held for sale consist of the following:

As of December 31, 2024
Atlantic
Wealth
Coast
Management
Recycling
Total
Assets Held for Sale
Cash and cash equivalents$— $1,324 $1,324 
Accounts receivable, net of allowance of $18
— 3,698 3,698 
Prepaid expenses and other assets3,704 2,427 6,131 
Operating lease right-of-use assets512 21,127 21,639 
Property and equipment, net71 22,799 22,870 
Goodwill13,861 3,280 17,141 
Other intangible assets, net2,678 9,242 11,920 
Total assets held for sale$20,826 $63,897 $84,723 
Liabilities Held for Sale
Accounts payable$— $1,410 $1,410 
Accrued expenses and other liabilities— 13,290 13,290 
Operating lease liabilities525 24,371 24,896 
Notes payable— 1,909 1,909 
Total liabilities held for sale$525 $40,980 $41,505 
Discontinued Operations
The Company presents a disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, that represents a strategic shift that has or will have a major effect on the Company’s operations and financial results as discontinued operations when the components meet the criteria to be classified as held for sale. The following operations have been presented as discontinued operations.
Brands Transaction
On October 25, 2024, the Company completed a transaction whereby the Company contributed and transferred its controlling equity interest in the assets and intellectual properties related to the licenses of Catherine Malandrino, English Laundry, Joan Vass, Kensie Girl, Limited Too and Nanette Lepore (or “Six Brands”), which were previously consolidated in the Company's financial statements, and the noncontrolling equity interests the Company owned in the assets and intellectual properties of Hurley, Justice, and Scotch & Soda (collectively with Six Brands the “Brands Interests”), which the Company had elected to account for the equity investments under the fair value option, into a securitization financing vehicle in exchange for $189,300 in net proceeds. As noted in Note 2(ae) - Transfer of Financial Assets, the Company accounted for this transfer of financial assets as a sale. During the year ended December 31, 2024, upon deconsolidation of the Six Brands, the Company recognized a loss on disposal of discontinued operations of $(40,782) and the Company recognized a write-down in the fair value of the equity investments in Hurley, Justice, and Scotch & Soda of $(87,810) that is reported in realized and unrealized (losses) gains on investments in discontinued operations below. In addition, the Company’s ownership interest in the Brand Interests will be reported as a non-controlling equity investment that is estimated to have a nominal value as a result of the liquidation preferences and notes that were issued as part of the secured financing.
Additionally, in connection with the Brands Interests contribution and transfer noted above, the Company entered into a membership interest purchase agreement dated October 25, 2024, whereby the Company’s subsidiary bebe sold its limited liability company equity interests in BB Brand Holdings and BKST Brand Management (the “bebe Brands”), which the Company had elected to account for the equity investments in the bebe Brands under the fair value option for $46,624 in net cash proceeds. During the year ended December 31, 2024, the Company recognized a write-down in fair value of
equity investment in the bebe Brands of $(21,386) that is reported in realized and unrealized (losses) gains on investments in discontinued operations below. Upon closing of the bebe Brands sale, proceeds of $22,188 was used to pay off the then outstanding balance of the bebe Credit Agreement in full (see Note 13 — Term Loans and Revolving Credit Facility) and $224 of loan-related pay off expenses. Collectively, the bebe Brands sale and the contribution and transfer of Brands Interest comprise the Brands Transaction.
The Brands Interests and bebe Brands were historically reported within All Other category - generating operating revenues from the Company's majority owned subsidiary that licenses the trademarks and intellectual properties from Six Brands. The bebe Brands equity investments also generated other income from dividends the Company received from the equity ownership of investments that range from 10% to 50% in companies that license the trademark and intellectual property of bebe and Brookstone brands (equity ownership of bebe stores, inc., our majority owned subsidiary).
The Company analyzed the quantitative and qualitative factors relevant to the divestiture of the brand assets, including the fair value adjustments and dividends received from the brand assets significance to the overall net income and earnings per share, and determined that those conditions for discontinued operations presentation had been met. As such, the financial position, results of operations and cash flows of that business are reported as discontinued operations in the accompanying consolidated financial statements. Prior period amounts have been adjusted to reflect discontinued operations presentation. The Company has no significant continuing involvement with operations and management of the Brands Interests and bebe Brands post-disposition.
Great American Group
On November 15, 2024, the Company entered into an equity purchase agreement, dated October 13, 2024 (the “Equity Purchase Agreement”), to sell 52.6% ownership stake in the Appraisal and Valuation Services, Real Estate, and Retail, Wholesale & Industrial Solutions businesses (collectively, the "Great American Group") to Oaktree and/or its affiliates (collectively, “Oaktree”), a global asset manager. Subject to the terms and conditions set forth in, the Equity Purchase Agreement, the Company conducted an internal reorganization and contributed all of the interests in the “Great American Group”, to Great American Holdings, LLC, a newly formed holding company ("Great American NewCo"). At the Closing, (i) Oaktree received (a) all of the outstanding class A preferred limited liability units of Great American NewCo (which will have a 7.5% cash coupon and a 7.5% payment-in-kind coupon) (the “Class A Preferred Units”) and (b) common limited liability units of Great American NewCo (the “Common Units”) representing 52.6% of the issued and outstanding common limited liability units in Great American NewCo for a purchase price of approximately $203,000 (with an initial liquidation preference of approximately $203,000). The Company retains (a) 93.2% of the issued and outstanding class B preferred limited liability company units of Great American NewCo (which will have a 2.3% payment-in-kind coupon and an initial aggregate liquidation preference of approximately $183,000) (the “Class B Preferred Units”) and (b) 44.2% of the issued and outstanding Common Units. The remaining 6.8% of issued and outstanding Class B Preferred Units and 3.2% of issued and outstanding Common Units will be held by certain minority investors. The Company will account for its non-controlling equity interest in Great American NewCo using the equity method of accounting (refer to Note 2(z) Equity Method Investments) with its carrying value included in the “Prepaid and other assets” line item in the consolidated balance sheets (refer to Note 8 — Prepaid Expenses and Other Assets).
The Great American Group, which was historically reported within the Auction and Liquidation segment—providing auction and liquidation services to help clients dispose of assets that include multi-location retail inventory, wholesale inventory, trade fixtures, machinery and equipment, intellectual property, and real property—and within the Financial Consulting segment—offering bankruptcy, financial advisory, forensic accounting, real estate consulting, and valuation and appraisal services—were divested. The Company recorded a net gain of $258,286 to the "Income from discontinued operations, net of taxes" line item in the Consolidated Statements of Operations. The net after-tax proceeds from this transaction were used to repay certain debt obligations and focus on the core operating subsidiaries.
The Company analyzed the quantitative and qualitative factors relevant to the sale of the Great American Group, including the significance of the operating income generated from the appraisal, real estate consulting and auction and liquidation operations to the overall net income (loss), net (loss) income per share, and net assets, and determined that those conditions for discontinued operations presentation had been met. As such, the financial position, results of operations and cash flows of that business are reported as discontinued operations in the accompanying consolidated financial statements. Prior period amounts have been adjusted to reflect discontinued operations presentation.
Continuing Involvement

In addition to retaining an equity interest accounted for under the equity method of accounting, at the closing of the transaction, the Company entered into a Transition Services Agreement, pursuant to which the Company will provide certain transition services to Great American NewCo relating for the Great American Group for a period of up to one year from the Closing. Additionally, the Company entered into a credit agreement, pursuant to which an affiliate of the Company, as lender, will provide to Great American NewCo, as borrower, a first lien secured revolving credit facility of up to $25,000 for general corporate purposes, subject to the terms and conditions set forth therein, which had an outstanding balance of $1,698 at closing, and entered into promissory notes which totaled $15,332 related to capital requirements for certain retail liquidation engagements that were ongoing as of closing.

On November 15, 2024, in connection with the GA Group Transaction as described above, the asset based credit facility with Wells Fargo Bank, National Association (the “Credit Agreement”) with a maximum borrowing limit of $200,000 and a maturity date of April 20, 2027, which provided for cash advances and the issuance of letters of credit on retail liquidation engagements under the credit facility, was terminated. There were no outstanding balances on this credit facility as of December 31, 2024 and 2023 or at the time of termination.
The major classes of assets and liabilities included in discontinued operations were as follows:
Brands TransactionGreat American GroupTotal
December 31, 2023
ASSETS
Assets:
Cash and cash equivalents$845 $8,429 $9,274 
Securities and other investments owned, at fair value283,057 — 283,057 
Accounts receivable, net3,232 11,228 14,460 
Prepaid expenses and other assets— 1,655 1,655 
Operating lease right-of-use assets— 438 438 
Goodwill— 5,688 5,688 
Other intangible assets, net123,769 — 123,769 
Total assets$410,903 $27,438 $438,341 
LIABILITIES
Liabilities:
Accounts payable$— $558 $558 
Accrued expenses and other liabilities1,193 25,350 26,543 
Due to related parties and partners— 251 251 
Deferred revenue724 205 929 
Operating lease liabilities— 475 475 
Total liabilities$1,917 $26,839 $28,756 
Revenues and income (loss) from discontinued operations were as follows (in thousands):
Brands TransactionGreat American GroupTotal
Year Ended
December 31,		Year Ended
December 31,		Year Ended
December 31,
202420232022202420232022202420232022
Revenues:
Services and fees$14,755 $18,136 $18,940 $80,612 $85,484 $60,732 $95,367 $103,620 $79,672 
Interest income - loans— — — — — 4,587 — — 4,587 
Sale of goods— — — 21,574 74,203 56,928 21,574 74,203 56,928 
Total revenues14,755 18,136 18,940 102,186 159,687 122,247 116,941 177,823 141,187 
Operating expenses:
Direct cost of services— — — 24,363 24,729 23,920 24,363 24,729 23,920 
Cost of goods sold— — — 17,992 40,515 17,893 17,992 40,515 17,893 
Selling, general and administrative expenses3,071 3,379 5,218 52,425 55,189 54,570 55,496 58,568 59,788 
Total operating expenses3,071 3,379 5,218 94,780 120,433 96,383 97,851 123,812 101,601 
Operating (loss) income11,684 14,757 13,722 7,406 39,254 25,864 19,090 54,011 39,586 
Other income (expense):
Interest income— — — 6 — — 6 — — 
Dividend income32,568 35,029 28,023 — — — 32,568 35,029 28,023 
Realized and unrealized (losses) gains on investments(109,196)(536)46,461 — — — (109,196)(536)46,461 
Losses on extinguishment of loans and other(434)— — — (750)— (434)(750)— 
Loss from equity method investments— — — — (29)— — (29)— 
(Loss) gain on disposal of discontinued operations
(40,782)— — 258,286 — — 217,504 — — 
Interest expense(2,274)(680)— (30,089)(30,093)(183)(32,363)(30,773)(183)
(Loss) income from discontinued operations before income taxes(108,434)48,570 88,206 235,609 8,382 25,681 127,175 56,952 113,887 
Provision for income taxes(1,212)— — (48)(2,422)(1,396)(1,260)(2,422)(1,396)
(Loss) income from discontinued operations, net of income taxes$(109,646)$48,570 $88,206 $235,561 $5,960 $24,285 $125,915 $54,530 $112,491 
Interest expense for discontinued operations is based upon the amount of debt that was required to be repaid as a result of the Brands Transaction and Great American Group transaction described above and amount to $32,363, $30,773 and $183 for the year ended December 31, 2024, 2023 and 2022, respectively.
Cash flows from discontinued operations were as follows (in thousands):
Year Ended December 31,
202420232022
Net cash from discontinued operations provided by (used in):
Operating activities$20,090 $41,057 $89,205 
Investing activities401,114 — — 
Financing activities(428,571)(79,138)(57,174)
Effect of foreign currency on cash(1,891)2,495 (807)
Net (decrease) increase in cash, cash equivalents and restricted cash $(9,258)$(35,586)$31,224 
Supplemental disclosures from cash flows were as follows (in thousands):
Year Ended December 31,
Supplemental disclosures from cash flows:202420232022
Interest paid - Continuing Operations$210,349 $285,288 $178,670 
Interest paid - Discontinued Operations29,949 30,021 14,717 
Interest paid - Total$240,298 $315,309 $193,387 
Taxes paid - Continuing Operations4,751 20,119 49,347 
Taxes paid - Discontinued Operations2,173 2 10 
Taxes paid - Total$6,924 $20,121 $49,357