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CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Only Information
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
CONDENSED FINANCIAL INFORMATION OF REGISTRANT Parent Company Only Information CONDENSED FINANCIAL INFORMATION OF REGISTRANT
B. Riley Financial, Inc.
(Parent Company Only)
Condensed Balance Sheets
(Dollars in thousands)
December 31,
2024		December 31,
2023
Assets
Assets:
Cash and cash equivalents$1,033 $1,147 
Investment in consolidated subsidiaries1,095,523 2,002,325 
Other assets19,903 52,153 
Total assets$1,116,459 $2,055,625 
Liabilities and Stockholders' Equity (Deficit)
Liabilities:
Accounts payable, accrued expenses and other liabilities$71,539 $77,558 
Dividends payable2,534 18,929 
Senior notes payable, net1,530,561 1,668,021 
Total liabilities1,604,634 1,764,508 
Total stockholders' equity (deficit)(488,175)291,117 
Total liabilities and stockholders' equity (deficit)$1,116,459 $2,055,625 
See Notes to Condensed Financial Statements
B. Riley Financial, Inc.
(Parent Company Only)
Condensed Statements of Operations
(Dollars in thousands, except per share data)
Year Ended December 31,
202420232022
Revenues$3,642 $17,066 $805 
Operating expenses:
Selling, general and administrative expenses48,896 40,053 39,146 
Total operating expenses48,896 40,053 39,146 
Operating loss(45,254)(22,987)(38,341)
Other income (expense):
Interest and dividend income7 201 272 
Interest expense(92,657)(103,212)(100,087)
Gain on sale of discontinued operations2,277 — — 
Gain on extinguishment of debt120 — — 
Loss before income taxes(135,507)(125,998)(138,156)
(Provision for) benefit from income taxes(54,636)32,192 34,788 
Loss before income in equity investees(190,143)(93,806)(103,368)
Equity in loss of subsidiaries(574,131)(6,104)(56,461)
Net loss(764,274)(99,910)(159,829)
Other comprehensive (loss) income(6,798)2,699 (1,390)
Comprehensive loss$(771,072)$(97,211)$(161,219)
See Notes to Condensed Financial Statements
B. Riley Financial, Inc.
(Parent Company Only)
Condensed Statements of Cash Flows
(Dollars in thousands)
Year Ended December 31,
202420232022
Cash flows from operating activities:
Net loss$(764,274)$(99,910)$(159,829)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in net loss of subsidiaries574,131 6,104 56,461 
Share-based compensation7,746 16,241 21,743 
Non-cash interest and other4,162 5,228 4,631 
Depreciation and amortization382 606 646 
Gain on extinguishment of debt(120)— — 
Change in operating assets and liabilities:
Other assets102,225 7,994 32,006 
Accounts payable, accrued expenses and other liabilities(3,486)22,562 1,721 
Other liabilities(2,533)(2,268)(42,411)
Net cash used in operating activities(81,767)(43,443)(85,032)
Cash flows from investing activities:
Contributions to subsidiaries(7,500)(392,984)(342,031)
Distributions from subsidiaries274,000 580,000 519,213 
Net cash provided by investing activities266,500 187,016 177,182 
Cash flows from financing activities:
Proceeds from issuance of senior notes— 185 51,601 
Redemption of senior notes(140,491)(58,924)— 
Payment of debt issuance and offering costs— (714)(1,041)
ESPP and payment of employment taxes on vesting of restricted stock(3,218)(7,591)(10,286)
Common dividends paid(33,731)(141,099)(119,454)
Preferred dividends paid(8,060)(8,057)(8,008)
Repurchase of common stock— (69,479)(6,516)
Proceeds from issuance of common stock— 115,000 — 
Proceeds from issuance of preferred stock— 467 874 
Proceeds from exercise of warrants653 — — 
Net cash used in financing activities(184,847)(170,212)(92,830)
Decrease in cash, cash equivalents and restricted cash(114)(26,639)(680)
Cash, cash equivalents and restricted cash, beginning of year1,147 27,786 28,466 
Cash, cash equivalents and restricted cash, end of year$1,033 $1,147 $27,786 
   
See Notes to Condensed Financial Statements
NOTES TO CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY)
NOTE 1 — BASIS OF PRESENTATION
The accompanying condensed financial statements for B. Riley Financial, Inc. (the “Parent Company”) summarize the results of operations and cash flows of the Parent Company for the years ended December 31, 2024, 2023, and 2022 and the financial position as of December 31, 2024 and 2023.
The condensed financial statements of the Parent Company have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of the Parent Company (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the consolidated net assets of the Company. The ability of the Parent Company's operating subsidiaries to pay dividends may be restricted due to the terms of the Nomura Credit Agreement.
In these statements, the Parent Company's investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date the Parent Company began consolidating them. The Parent Company's share of net income of its unconsolidated subsidiaries is included in consolidated income using the equity method. The Parent Company financial statements should be read in conjunction with the consolidated financial statements of B. Riley Financial and subsidiaries for the corresponding years.
NOTE 2 — TRANSACTIONS WITH SUBSIDIARIES
During the years ended December 31, 2024, 2023, and 2022, distributions from subsidiaries to the Parent Company were $274,000, $580,000, and $519,213, respectively, and contributions from the Parent Company to its subsidiaries were $7,500, $392,984, and $342,031, respectively. The Parent Company maintains most of its cash and cash equivalents at its wholly owned subsidiaries to maximize returns on investments. Distributions from subsidiaries to the Parent Company are primarily to fund periodic investments that are made at the Parent Company or to fund debt service and interest costs on the senior notes, common stock and preferred stock dividends, and repurchases of common stock or other Parent Company securities. Contributions from the Parent Company to its subsidiaries are primarily made to fund acquisitions and investments that are made at the subsidiary level.