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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Brands Transaction On October 25, 2024, our wholly-owned subsidiary, B. Riley Brand Management, entered into a Transfer and Contribution Agreement and Secured Financing, dated October 25, 2024, by and between B. Riley Brand Management (“Holdings”) and BR Funding Holdings 2024-1, LLC, a Delaware limited liability company and, prior to the consummation of the transactions described herein, a wholly-owned subsidiary of Holdings, pursuant to which, among other things, B. Riley Brand Management transferred and contributed its limited liability company interests in (i) BR Brand Holdings LLC, a New York limited liability company, (ii) HRLY Brand Management LLC, a Delaware limited liability company, (iii) Justice Brand Management LLC, a New York limited liability company, and (iv) S&S Brand Management LLC, a New York limited liability company, to BR Funding Holdings 2024-1, LLC. Additionally, in connection with the Transfer and Contribution Agreement, bebe entered into a membership interest purchase agreement, dated October 25, 2024, by and among bebe, HBN 120, LLC, a Delaware limited liability company (“Buyer”), BB Brand Holdings, and BKST Brand Management, pursuant to which, among other things, bebe sold its limited liability company interests in the bebe Brands to Buyer. The assets and liabilities related to the brand assets that are a party to the Secured Financing transaction and sale transaction by bebe are included in assets held for sale and liabilities held for sale and the operations of these businesses are included in income (loss) from discontinued operations as more fully described in Note 4. Great American Group Transaction On November 15, 2024 the Company and BR Financial, consummated the transactions contemplated by an equity purchase agreement involving the Company’s Appraisal and Valuation Services, Retail, Wholesale & Industrial Solutions and Real Estate businesses, dated October 13, 2024, by and among Investor 1, Investor 2, and Investor 3, Great American NewCo, and certain other parties identified therein, with respect to the ownership of Great American NewCo by the Investors and the Company. The Investors are affiliates of Oaktree Capital Management, L.P. At the Closing, (i) the Investors received (a) all of the outstanding Class A Preferred Units A and (b) Common Units of Great American NewCo representing 52.6% of the issued and outstanding common limited liability units in Great American NewCo. Upon closing the Equity Purchase Agreement on November 15, 2024, B. Riley will record a gain of approximately $235,000 and the operations of Great American NewCo will be deconsolidated since B. Riley will no longer have control and will a non-controlling equity investment ownership interest of 44.2% of the common units along with the Preferred B units described in Note 4. The assets and liabilities of the Company’s Appraisal and Valuation Services, Retail, Wholesale & Industrial Solutions and Real Estate businesses are included in assets held for sale and liabilities held for sale and the operations of these businesses are included in income (loss) from discontinued operations as more fully described in Note 4. Wealth Management On October 31, 2024, the Company signed a definitive agreement to sell a portion of the Company’s traditional (W-2) Wealth Management business to Stifel Financial Corp. ("Stifel") for estimated net consideration of $27,000 to $35,000 in cash. Subject to the terms of the agreement, the final consideration will be based on the number of advisors that join Stifel at closing, among other things. The transaction is expected to include up to 15% of the wealth management advisors, along with the associated customer accounts. The accounts managed by these advisors represents up to $4.5 billion total assets under management (AUM) as of September 30, 2024. The transaction has been approved by the Board of Directors of the Company and is subject to the receipt of required regulatory approvals and other customary closing conditions. It is expected to close early in the second quarter of 2025.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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