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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended
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Mar. 31, 2025
Accounting Policies [Abstract] |
Principles of Consolidation and Basis of Presentation | (a) Principles of Consolidation and Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of B. Riley Financial, Inc. and its wholly owned and majority-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated upon consolidation. Certain prior-year amounts have also been reclassified to conform to the current-year’s presentation as a result of discontinued operations; see Note 1 - Organization and Nature of Business Operations and Note 3 - Discontinued Operations and Assets Held for Sale. The Company consolidates all entities that it controls through a majority voting interest. In addition, the Company performs an analysis to determine whether its variable interest or interests give it a controlling financial interest in a variable interest entity (“VIE”) including ongoing reassessments of whether it is the primary beneficiary of a VIE. See Note 2(o) - Variable Interest Entities. The unaudited condensed consolidated financial statements have been prepared by the Company, pursuant to interim financial reporting guidelines and the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet at December 31, 2024 was derived from our audited annual consolidated financial statements. Certain information and footnote disclosures normally included in annual audited consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company’s management, all adjustments, consisting of only normal and recurring adjustments, necessary for a fair statement of the financial position and the results of operations for the periods presented have been included. The disclosures presented in our notes to the unaudited condensed consolidated financial statements are presented on a continuing operations basis. These unaudited condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The unaudited results of operations for the three months ended March 31, 2025 and 2024 are not necessarily indicative of the operating results to be expected for the full fiscal year or any future periods.
Risks and Uncertainties | (b) Risks and Uncertainties In 2025, the United States introduced trade policy actions that have increased import tariffs across a wide range of countries at various rates, with certain exemptions. To the extent that trade tariffs and other restrictions imposed by the United States or other countries increase the price of, or limit the amount of, our products or components or materials used in our products imported into the United States or other countries, or create adverse tax consequences, the sales, cost, or gross margin of our products that are sold in our Consumer Products segment may be adversely affected and the demand from our customers for products may be diminished. Uncertainty surrounding international trade policy and regulations as well as disputes and protectionist measures could also have an adverse effect on consumer confidence and spending and may impact the Company’s results of operations.
Use of Estimates | (c) Use of Estimates The preparation of the unaudited condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited condensed consolidated financial statements and reported amounts of revenue and expense during the reporting periods. Estimates are used when accounting for certain items such as valuation of securities, allowance for credit losses, the fair value of loans receivables, intangible assets and goodwill, share based arrangements, contingent consideration, embedded derivatives, warrant liabilities, accounting for income tax valuation allowances, and sales returns and allowances. Estimates are based on historical experience, where applicable, and assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may significantly differ.
Concentration of Risk | (d) Concentration of Risk Revenues in the Capital Markets, Wealth Management, Communications, and E-Commerce segments are primarily generated in the United States. Revenues in the Consumer Products segment are primarily generated in the United States, Canada, and Europe. The Company maintains cash in various federally insured banking institutions. The account balances at each institution periodically exceed the Federal Deposit Insurance Corporation’s (“FDIC”) insurance coverage, and as a result, there is a concentration of credit risk related to amounts in excess of FDIC insurance coverage. The Company has not experienced any losses in such accounts and mitigates this risk by utilizing financial institutions of high credit quality.
Cash and Cash Equivalents | (e) Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
Restricted Cash | The Company also has restricted cash primarily consisting of cash collateral for leases and at December 31, 2024 restricted cash was used for the repayment of the 6.375% Senior Notes due on February 28, 2025. Cash, cash equivalents and restricted cash consist of the following:
| March 31, 2025 |  | December 31, 2024
Cash and cash equivalents | $ | 138,303 |  |  | $ | 146,852 |
Restricted cash | 1,375 |  |  | 100,475 |
Total cash, cash equivalents and restricted cash | $ | 139,678 |  |  | $ | 247,327 |
Supplemental Non-cash Disclosures | (f) Supplemental Non-cash Disclosures During the three months ended March 31, 2025, there was non-cash investing activity of $5,302 related to loans transferred to loans held for sale from loans receivable at fair value. During the three months ended March 31, 2025, there was non-cash financing activity related to the Company's exchange of its 5.50% Senior Notes due March 2026 in the aggregate principal amount of $86,309 and its 5.00% Senior Notes due December 2026 in the aggregate principal amount of $36,745 for its New Notes in the aggregate principal amount of $107,156 for a net gain on exchange of senior notes of $10,532. There was also non-cash financing activity related to the recognition of capital from a noncontrolling interest of $12,494 upon the Company's initial consolidation of a VIE, issuance of common stock in equity of subsidiary in the amount of $1,575 and the disposition of noncontrolling interests through the sale and deconsolidation of businesses of $2,918, the reclassification of restricted stock awards from equity-classified awards in the amount of $2,138, the issuance of warrants for a term loan of $7,860, a derivative liability for a mandatory repayment feature in the term loan of $11,244, a remaining accrued exit fee of $224, and warrants issued for senior notes of $863. During the three months ended March 31, 2024, there was non-cash investing activity related to the receipt of a note receivable in the amount of $2,000 related to the sale of certain assets and $42,077 related to a loan receivable, at fair value that converted into equity securities. There was also non-cash investing activity of $22,576 related to loans transferred to loans held for sale from loans receivable at fair value.
Accounts Receivable | (g) Accounts Receivable Accounts receivable represents amounts due from the Company’s Capital Markets, Wealth Management, Communications, Consumer Products, and E-Commerce customers. The Company maintains an allowance for credit losses for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management utilizes the expected loss model, which includes the pooling of receivables using the aging method, historical losses, current market conditions, and reasonable supportable forecasts of expected losses. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance sheet credit exposure related to its customers. The Company’s bad debt expense and changes in the allowance for credit losses are included in Note 6 - Accounts Receivable.
Inventories | (h) Inventories Inventories are substantially all finished goods from the Consumer Products and Communications segments and are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. The Company maintains an allowance for excess and obsolete inventories to reflect its estimate of realizable value of the inventory based on historical sales and recoveries. Inventories are included in the "Prepaid expenses and other assets" line item in the unaudited condensed consolidated balance sheets.
Rental Merchandise | (i) Rental Merchandise Rental merchandise is carried at cost, net of accumulated depreciation. When initially purchased, merchandise is not depreciated until it is leased to its rent-to-own customers. Leased merchandise is depreciated over the lease term of the rental agreement and recorded as cost of sales. Rental merchandise that is returned is depreciated from the net book value on the day of the return on a straight-line basis for 24 months until the item is leased again or reaches a zero-dollar salvage value. Damaged or lost merchandise is written off monthly.
Loans Receivable | (j) Loans Receivable Under the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC") 825, Financial Instruments, the Company elected the fair value option for all outstanding loans receivable. Management evaluates the performance of the loan portfolio on a fair value basis. Under the fair value option, loans receivable are measured at each reporting period based upon their exit value in an orderly transaction, and unrealized gains or losses are included in "Fair value adjustments on loans" line item in the unaudited condensed consolidated statements of operations. At the time of origination, the Company's loans receivable are collateralized by the assets of borrowers and other pledged collateral and may have guarantees to provide for protection of the payments due on loans receivable. The fair value of loans receivable was $98,596 and $90,103 as of March 31, 2025 and December 31, 2024, respectively. The loans have various maturities through February 2029. As of March 31, 2025 and December 31, 2024, the principal balances net of discounts of loans receivable accounted for under the fair value option was $428,062 and $446,004, respectively. The net principal balances of loans receivable exceeded the fair value of loans by $329,466 and $355,901 as of March 31, 2025 and December 31, 2024, respectively. During the three months ended March 31, 2025 and 2024, the Company recorded net realized and unrealized losses of $8,096 and $12,130, respectively, on loans receivable, at fair value, which is included in the "Fair value adjustments on loans" line item on the accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024. Loans receivable, at fair value on non-accrual and 90 days or greater past due was $17,334, which represented approximately 17.6% of total loans receivable, at fair value as of March 31, 2025. The principal balance of loans receivable on non-accrual and 90 days or greater past due was $328,016 as of March 31, 2025. Loans receivable, at fair value on non-accrual was $21,122, which represents approximately 23.4% of total loans receivable, at fair value as of December 31, 2024. The principal balance of loans receivable on non-accrual was $321,544 as of December 31, 2024. Interest income for loans on non-accrual and/or 90 days or greater past due is recognized separately from fair value adjustments on loans in the accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024. The amount of gains or (losses) included in earnings attributable to changes in instrument-specific credit risk was $(8,096) and $(11,339) during the three months ended March 31, 2025 and 2024, respectively. The gains or losses attributable to changes in instrument-specific risk were determined by management based on an estimate of the fair value change during the period specific to each loan receivable. Interest income on loans receivable is recognized based on the stated interest rate of the loan on the unpaid principal balance and is included in the "Interest income - loans" line item in the unaudited condensed consolidated statements of operations. The Company may periodically provide limited guarantees to third parties for loans that are made to investment banking and lending clients. As of March 31, 2025, the Company has outstanding limited guarantee arrangements with respect to Babcock & Wilcox Enterprises, Inc. (“B&W”) as further described in Note 16(b) - Babcock & Wilcox Commitments and Guarantees. In accordance with the credit loss standard, the Company evaluates the need to record an allowance for credit losses for these loan guarantees since they have off-balance sheet credit exposures. As of March 31, 2025, the Company has not recorded any provision for credit losses on the B&W guarantees since the Company believes that there is sufficient collateral to protect the Company from any credit loss exposure. Vintage Capital Management, LLC Loan Receivable On August 21, 2023, one of the Company’s subsidiaries and Vintage Capital Management, LLC (“VCM”), an affiliate of Brian Kahn ("Mr. Kahn"), amended and restated a promissory note (the “Amended and Restated Note”), pursuant to which VCM owes the Company's subsidiary the aggregate principal amount of $200,506 bears interest at the rate of 12.00% per annum payable-in-kind with a maturity date of December 31, 2027. The Amended and Restated Note requires repayments prior to the maturity date from certain proceeds received by VCM, Mr. Kahn or his affiliates from, among other proceeds, distributions or dividends paid by the Freedom VCM, Inc. ("Freedom VCM") in an amount equal to the greater of (i) 80% of the net after-tax proceeds, and (ii) 50% of gross proceeds. Amounts owing under the Amended and Restated Note may be repaid at any time without penalty. The obligations under the Amended and Restated Note are primarily secured by a first priority perfected security interest in Freedom VCM's equity interests owned by Mr. Kahn, the chief executive officer ("CEO") and a member of the board of directors of Freedom VCM as of December 31, 2023, and his spouse with a value, based on the transaction price of the take private transaction that included the acquisition of the Franchise Group Inc. ("FRG") by a buyer group that included members of senior management of FRG, led by Mr. Kahn, FRG’s then CEO (the “FRG take-private transaction”), of $227,296 as of August 21, 2023. On January 22, 2024, Mr. Kahn resigned as CEO and a member of the board of directors of Freedom VCM. In light of Mr. Kahn’s alleged involvement with the alleged misconduct concerning Prophecy Asset Management LP (“Prophecy”). On November 3, 2024, Freedom VCM filed voluntary petitions for relief under Chapter 11 ("Chapter 11 Cases") of Title 11 of the United States Bankruptcy Code ("Bankruptcy Code"), which impacted the collateral for this loan receivable. To the extent the loan balance and accrued interest exceed the underlying collateral value of the loan an unrealized loss will be recorded in the unaudited condensed consolidated statements of operations. On a quarterly basis, the Company will continue to obtain third party appraisals to evaluate the value of the collateral of the loan since the repayment of the loan and accrued interest will be paid primarily from the cash distributions from Freedom VCM or foreclosure on the underlying collateral. The fair value of the VCM loan receivable was $2,334 and $2,057 as of March 31, 2025 and December 31, 2024, respectively. The remaining principal balance was $224,968 as of March 31, 2025 and December 31, 2024, and exceeded the fair value of the loan receivable by $222,634 and $222,911, respectively. On September 29, 2025, the SEC filed a complaint in the U.S. District Court for the District of New Jersey against Prophecy, its CEO and Kahn alleging violations of certain of the antifraud provisions of federal securities laws. On November 10, 2025, news reports and a court filing by the U.S. Attorney’s Office for the District of New Jersey indicated that the U.S. Attorney’s Office has charged Kahn with securities fraud in connection with his activities as a Prophecy sub-adviser. The charging document is not yet public, and no other information is available to the Company at this time but an initial appearance, bond hearing, and plea agreement hearing has been scheduled for December 10, 2025 before the New Jersey District Court. W.S. Badcock Corporation and Freedom VCM Receivables, Inc. Loans Receivable On December 20, 2021, the Company entered into a Master Receivables Purchase Agreement (“Badcock Receivables I”) with W.S. Badcock Corporation, a Florida corporation (“WSBC”), which at the time was an indirect wholly owned subsidiary of FRG, which became a subsidiary of Freedom VCM as a result of the transaction on August 21, 2023. The Company paid $400,000 in cash to WSBC for the purchase of certain consumer credit receivables which are small consumer loans issued by WSBC to consumers for the purchase of merchandise sold at WSBC's stores. On September 23, 2022, the Company's then majority-owned subsidiary, B Riley Receivables II, LLC (“BRRII”), a Delaware limited liability company, entered into a Master Receivables Purchase Agreement (“Badcock Receivables II”) with WSBC. This purchase of $168,363 consumer credit receivables of WSBC was partially financed by a $148,200 term loan. During the three months ended March 31, 2023, BRRII entered into Amendment No. 2 and No. 3 to Badcock Receivables II with WSBC for a total of $145,278 in additional consumer credit receivables. The accounting for these transactions resulted in the Company recording a loan receivable from WSBC with the recognition of interest income at an imputed rate based on the cash flows expected to be received from the collection of the consumer receivables that serve as collateral for the loan. The collateral for these loans receivable are the individual consumer credit receivables that were originally issued to WSBC consumers for merchandise sold in WSBC stores and the total amount of collections on these loans receivable is dependent upon their credit performance. These loans receivable are measured at fair value. On August 21, 2023, all of the equity interests of BRRII were sold to Freedom VCM Receivables, Inc. (“Freedom VCM Receivables”), a subsidiary of Freedom VCM, which resulted in a loss of $78. In connection with the sale, Freedom VCM Receivables entered into the Freedom Receivables Note in the amount of $58,872, with a stated interest rate of 19.74% per annum and a maturity date of August 21, 2033 with payments of principal and interest on the note limited solely to the performance of certain consumer receivables held by BRRII. This loan receivable is measured at fair value. In connection with these loans, the Company entered into a Servicing Agreement with WSBC pursuant to which WSBC provided to the Company certain customary servicing and account management services in respect of the receivables purchased by the Company under the Receivables Purchase Agreement. In addition, subject to certain terms and conditions, FRG has agreed to guarantee the performance by WSBC of its obligations under the Master Receivables Purchase Agreements and the Servicing Agreement. On February 7, 2025, the Company sold the two loans and recorded net realized losses of $38,100 which is included in the "Fair value adjustments on loans" line item in the unaudited condensed consolidated statements of operations for the three months ended March 31, 2025. As such, the Company no longer owned the two loans as of March 31, 2025. The fair value and remaining principal balances of the two loans in aggregate were $6,082 and $45,826, respectively, as of December 31, 2024. The principal balances of the two loans exceeded their fair value by $39,744 in aggregate as of December 31, 2024. Conn’s, Inc. Loan Receivable On December 18, 2023, WSBC was sold by Freedom VCM to Conn’s, Inc. (“Conn’s”) whereby the Company loaned Conn’s $108,000 pursuant to the “Conn’s Term Loan” which bears interest at an aggregate rate per annum equal to the Term Secured Overnight Financing Rate ("SOFR") Rate (as defined in the Conn’s Term Loan), subject to a 4.80% floor, plus a margin of 8.00% and matures on February 20, 2027. Future collection of the Conn’s loan receivable is expected to be paid from the sale of assets and servicing of a pool consumer receivables that serve as collateral for the loan where the Company has a second lien on these assets. On July 23, 2024, Conn’s and certain of its subsidiaries filed voluntary positions for relief under Chapter 11 Cases of Title 11 of the Bankruptcy Code in the Southern District of Texas. The commencement of the Chapter 11 Cases constitutes an event of default that accelerates the repayment obligations of the loan receivable issued to Conn’s. Any efforts to enforce repayment obligations under the Conn’s loan are automatically stayed as a result of the Chapter 11 Cases and the Company’s rights of enforcement in respect of this loan are subject to the applicable provisions of the Bankruptcy Code. As a result of the Chapter 11 Cases, the Conn’s loan receivable was placed on non-accrual status. On December 17, 2024, the Company entered into an agreement with the first-lien holder banks of the Conn’s loan receivable to assign the first-lien loan receivable to the Company for consideration of $27,738. The fair value and principal balance of the loan receivable was $19,761 as of December 31, 2024. The loan receivable was paid in full on January 24, 2025. The fair value of the Conn’s Term Loan was $15,000 and $19,065 as of March 31, 2025 and December 31, 2024, respectively. The remaining principal balance was $93,000 as of March 31, 2025 and December 31, 2024 with unamortized discounts of $2,705 as of March 31, 2025 and December 31, 2024. The principal balances, net of discounts, exceeded the fair value of the loans receivable by $75,295 and $71,230 as of March 31, 2025 and December 31, 2024, respectively. Torticity, LLC Loan Receivable On November 2, 2023, B. Riley Principal Investments, LLC (or "BRPI"), a wholly owned subsidiary of the Company, along with other lenders entered into a loan receivable with Torticity, LLC for an aggregate principal amount of $25,000, of which $15,000 was BRPI's total principal commitment. On November 20, 2023, BRPI transferred the promissory note to B. Riley Commercial Capital, LLC (or "BRCC"), another wholly owned subsidiary of the Company. The loan receivable bears interest at 15.00% per annum paid quarterly at 7.50% per annum in cash and 7.50% per annum payment-in-kind to be capitalized and added to the outstanding principal balance. The principal balance of the loan receivable was $16,333 at March 31, 2025 and December 31, 2024, with a maturity date of November 2, 2026. The fair value of the entire loan receivable was zero at December 31, 2024. Subsequent to December 31, 2024, there were amendments to the loan; however, the entire loan remained impaired with no fair value at March 31, 2025 and there has been no interest income on the loan receivable during 2025. Great American Holdings, LLC Loan Receivable On November 15, 2024, BRCC entered into a senior secured revolving credit and guaranty agreement with Great American Holdings, LLC. On February 26, 2025, the senior secured revolving credit and guaranty agreement was transferred to BRF Finance Co., LLC (or "BRF"), a wholly owned subsidiary of the Company. BRF Finance Co. LLC's initial revolving commitment was $25,000 with a maturity date of November 15, 2025. As subsequently amended, the revolving commitment was revised to $40,000 for the period March 10, 2025 to June 30, 2025 and reduced back to $25,000 from July 1, 2025 until the maturity date. The senior secured revolving credit bears interest at the Term SOFR rate, as defined in the agreement, plus an applicable rate of 4.75% per annum. The carrying value and outstanding principal balances of the Great American Holdings, LLC loan receivable was $27,898 and $1,698 as of March 31, 2025 and December 31, 2024, respectively. On October 16, 2025, all outstanding amounts due and owing under this facility were repaid in full to BRF and the facility was terminated. GA Joann Retail Partnership, LLC Loan Receivable On February 27, 2025, BRF, along with other lenders, entered into a credit agreement with GA Joann Retail Partnership, LLC for an aggregate commitment of $52,000, of which BRF is committed to $24,653. The credit agreement bears interest at 10.00% to be paid monthly as payment-in-kind and capitalized into the outstanding principal balance and has a maturity date of November 26, 2025. The carrying value and outstanding principal balance of the GA Joann Retail Partnership, LLC loan receivable was $14,184 as of March 31, 2025. This loan receivable was paid in full on April 7, 2025.
Securities and Other Investments Owned and Securities Sold Not Yet Purchased | (k) Securities and Other Investments Owned and Securities Sold Not Yet Purchased The Company’s securities and other investments owned and securities sold not yet purchased consisted of the following as of March 31, 2025 and December 31, 2024:
| March 31, 2025 |  | December 31, 2024
Securities and other investments owned: |  |  |
Securities and other investments owned at fair value: |  |  |
Equity securities | $ | 107,200 |  |  | $ | 165,408 |
Corporate bonds | 30,808 |  |  | 29,027 |
Other fixed income securities | 2,390 |  |  | 4,923 |
Partnership interests and other | 21,145 |  |  | 15,867 |
Total securities and other investments owned at fair value: | 161,543 |  |  | 215,225 |
Equity securities valued under the measurement alternative | 70,217 |  |  | 67,100 |
Total securities and other investments owned | $ | 231,760 |  |  | $ | 282,325 |
Securities sold not yet purchased: |  |  |
Equity securities | $ | 548 |  |  | $ | — |
Corporate bonds | 840 |  |  | 1,891 |
Other fixed income securities | 752 |  |  | 3,784 |
Total securities sold not yet purchased | $ | 2,140 |  |  | $ | 5,675 |
Securities and other investments owned consist of equity securities including, common and preferred stocks, warrants, and options; corporate bonds; other fixed income securities including, government and agency bonds, and investments in partnerships that are accounted for at fair value in accordance with ASC 820, Fair Value Measurements (see Note 2(l)). Equity securities also include investments in public and private companies that are accounted for under the fair value option where the Company would otherwise use the equity method of accounting. Investments become subject to the equity method of accounting when the Company possesses the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when the Company possesses more than 20% of the voting interests of the investee. However, the Company may have the ability to exercise significant influence over the investee when the Company owns less than 20% of the voting interests of the investee depending on the facts and circumstances that demonstrate that the ability to exercise influence is present, such as when the Company has representation on the board of directors of such investee. In accordance with ASC 321, Investments - Equity Securities, unrealized gains (losses) on equity securities held at March 31, 2025, includes unrealized losses of $16,209 and $31,808 for the three months ended March 31, 2025 and 2024, respectively, which is included in the "Realized and unrealized losses on investments" line item on the accompanying unaudited condensed consolidated statements of operations. Securities and other investments owned also includes equity investments in nonpublic entities that do not have a readily determinable fair value. For these investments the Company has elected to apply the measurement alternative under which they are measured at cost and adjusted for observable price changes and impairments. Observable price changes result from, among other things, equity transactions for the same issuer executed during the reporting period, including subsequent equity offerings or other reported equity transactions related to the same issuer. For these transactions to be considered observable price changes of the same issuer, the Company evaluates whether these transactions have similar rights and obligations, including voting rights, distribution preferences, conversion rights, and other factors, to the investments we hold. The following table presents, as of March 31, 2025 and December 31, 2024, the carrying value of equity securities measured under the measurement alternative investments and the related adjustments recorded during the periods presented for those securities with observable price changes:
| March 31, 2025 |  | December 31, 2024
Securities and other investments owned, carrying value | $ | 70,217 |  |  | $ | 67,100 |
Upward carrying value changes | 1,732 |  |  | 1,848 |
Downward carrying value changes/impairment | (592) |  |  | (2) |
The following table presents information on equity securities valued under the measurement alternative on a nonrecurring basis by level within the fair value hierarchy which were measured due to an observable price change or impairment during the periods below.
| Total |  | Quoted prices in active markets for identical assets (Level 1) |  | Other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
As of March 31, 2025 |  |  |  |  |  |  |
Equity securities valued under the measurement alternative | $ | 12,101 |  |  | $ | — |  |  | $ | 10,843 |  |  | $ | 1,258 |
As of December 31, 2024 |  |  |  |  |  |  |
Equity securities valued under the measurement alternative | $ | 7,294 |  |  | $ | — |  |  | $ | 7,294 |  |  | $ | — |
Securities sold, but not yet purchased represent obligations of the Company to deliver the specified security at the contracted price and thereby create a liability to purchase the security in the market at prevailing prices. Changes in the value of these securities are reflected currently in the results of operations. As of March 31, 2025 and December 31, 2024, equity securities includes $17,006 and $29,562, respectively, of investments in public and private companies that are accounted for under the fair value option where the Company would otherwise use the equity method of accounting as follows: Freedom VCM Holdings, LLC Equity Interest and Take-Private Transaction On August 21, 2023, the Company acquired an equity interest in Freedom VCM for $216,500 in cash in connection with the FRG take-private transaction. In connection with the closing of the FRG take-private transaction, the Company terminated an investment advisory agreement (the “Advisory Agreement”) with Mr. Kahn. Pursuant to the Advisory Agreement, Mr. Kahn, as financial advisor, had the sole power to vote or dispose of $64,644 of shares of FRG common stock (based on the value of FRG shares as of the closing date of the FRG take-private transaction) held of record by B. Riley Securities, Inc. (“BRS”). Upon the termination of the Advisory Agreement, (i) Mr. Kahn’s right to vote or dispose of such FRG shares terminated, (ii) such FRG shares owned by BRS were rolled over into additional equity interests in Freedom VCM in connection with the FRG take-private transaction, and (iii) Mr. Kahn owed a total of $20,911 to the Company under the Advisory Agreement which amount was added to, and included in, the Amended and Restated Note. Following these transactions, the Company owned an equity interest of $281,144 (based on the FRG take-private transaction price) or 31% of the outstanding equity interests in Freedom VCM. Also in connection with the FRG take-private transaction, on August 21, 2023 all of the equity interests of BRRII were sold to a Freedom VCM affiliate, which resulted in a loss of $78. In connection with the sale, the Freedom VCM affiliate assumed the obligations with respect to the Pathlight Credit Agreement, and the Company entered into a non-recourse promissory note with another Freedom VCM affiliate in the amount of $58,872, with a stated interest rate of 19.74% and a maturity date of August 21, 2033 (the “Freedom Receivables Note”) with payments of principal and interest on the note limited solely to performance of certain receivables held by BRRII. On December 18, 2023, a wholly owned subsidiary of Freedom VCM entered into a transaction that resulted in the sale of all of the operations of WS Badcock to Conn’s in exchange for the issuance by Conn’s of 1,000,000 shares of Conn’s preferred stock (the “Preferred Shares”). The Preferred Shares issued by Conn’s to Freedom VCM, subject to the terms set forth in the Certificate of Designation, are nonvoting and are convertible into an aggregate of approximately 24,540,295 shares of non-voting common stock of Conn’s, which represented 49.99% of the issued and outstanding shares of common stock of Conn’s which resulted in consideration received by Freedom VCM of approximately $69,900. As a result of the convertible preferred stock having a conversion feature into 49.99% of the common stock of Conn’s, Freedom VCM is considered to have significant influence over Conn’s in accordance with ASC 323, Investments – Equity Method and Joint Ventures. On July 23, 2024, Conn’s filed a Chapter 11 Case under the Bankruptcy Code in the Bankruptcy Court. The original $69,900 of consideration that Freedom VCM received from the sale of WS Badcock to Conn's that is still held by Freedom VCM at March 31, 2025 is impaired and was written off by Freedom VCM as there is expected to be no recovery of any value by Freedom VCM as a result of Conn’s bankruptcy filing. On November 3, 2024, Freedom VCM filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code. As a result of the bankruptcy filing, the Company no longer had significant influence over Freedom VCM, and the equity investment was written off with a zero balance as of December 31, 2024. On June 1, 2025, the United States Bankruptcy Court for the District of Delaware entered an Order Confirming the Ninth Amended Joint Chapter 11 Plan of Franchise Group, Inc. and its affiliated debtors pursuant to the FRG Plan. Under the FRG Plan, all equity interests and claims related thereto were cancelled and such equity interest holders, including Freedom VCM as an equity holder of Franchise Group, Inc. will not receive any property or distributions under the FRG Plan. As a result, of the FRG Plan, the Company does not expect to receive any proceeds or distributions from the equity investment in Freedom VCM. The bankruptcy filing resulted in the write-off of the equity investment. The change in fair value of $42,405 is included in the "Realized and unrealized losses on investments" line item in the accompanying unaudited condensed consolidated statements of operations for the three months ended March 31, 2024. The following tables contain summarized financial information with respect to Freedom VCM, included below for purposes of the disclosure a quarter in arrears (consolidated balance sheet amounts as of September 30, 2024 correspond to amounts as of December 31, 2024 of the Company; income statement amounts during the three months ended December 31, 2023 correspond to amounts for the three months ended March 31, 2024 of the Company), which is the period in which the most recent financial information was available.
|  | September 30, 2024
Current assets |  | $ | 871,102 |
Noncurrent assets |  | $ | 2,889,334 |
Current liabilities |  | $ | 569,281 |
Noncurrent liabilities |  | $ | 2,680,178 |
Equity attributable to investee |  | $ | 510,977 |
|  | Three Months Ended December 31, 2023
Revenues |  | $ | 806,229 |
Cost of revenues |  | $ | 499,679 |
Loss from continuing operations |  | $ | (1,175) |
Net loss attributable to investees |  | $ | (169,583) |
Babcock and Wilcox Enterprises, Inc, Equity Investment The Company owns a 28% voting interest in B&W whereby the Company has elected to account for this investment under the fair value option. The following tables contain summarized financial information with respect to B&W included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of December 31, 2024 and September 30, 2024 correspond to amounts as of March 31, 2025 and December 31, 2024, respectively, of the Company; income statement amounts during the three months ended December 31, 2024 and 2023 correspond to amounts during the three months ended March 31, 2025 and 2024, respectively, of the Company), which is the period in which the most recent financial information is available:
| December 31, 2024 |  | September 30, 2024
Current assets | $ | 490,185 |  |  | $ | 530,223 |
Noncurrent assets | $ | 236,802 |  |  | $ | 274,410 |
Current liabilities | $ | 388,493 |  |  | $ | 297,928 |
Noncurrent liabilities | $ | 621,666 |  |  | $ | 709,823 |
Deficit attributable to investee | $ | (283,763) |  |  | $ | (203,694) |
Noncontrolling interest | $ | 591 |  |  | $ | 576 |
|  |  | For the Three Months Ended December 31,
|  |  |  |  | 2024 |  | 2023
Revenues |  |  |  |  | $ | 66,276 |  |  | $ | 227,167 |
Cost of revenues |  |  |  |  | $ | 42,043 |  |  | $ | 171,552 |
Loss from continuing operations |  |  |  |  | $ | (71,318) |  |  | $ | (54,266) |
Net loss |  |  |  |  | $ | (63,021) |  |  | $ | (62,724) |
Net loss attributable to investees |  |  |  |  | $ | (63,065) |  |  | $ | (66,454) |
As of March 31, 2025 and December 31, 2024, the fair value of the investment in B&W totaled $18,455 and $45,012, respectively, and is included in the "Securities and other investments owned, at fair value" line item in the accompanying unaudited condensed consolidated balance sheets. Other Public Company Equity Investments In March 2024, the Company no longer had board representation in Synchronoss Technologies, Inc., and as a result, the Company no longer retained significant influence over the equity investment. As of March 31, 2025, the Company had a voting interest of 3% in Synchronoss Technologies, Inc. The Company has elected to account for this equity investment under the fair value option. The following summarized income statement for Synchronoss Technologies, Inc. is included below for purposes of disclosure a quarter in arrears whereas the three months ended December 31, 2023 correspond to amounts during the three months ended March 31, 2024 of the Company, which was the period in which the most recent financial information was available:
|  | Three Months Ended December 31, 2023
Revenues |  | $ | 41,402 |
Cost of revenues |  | $ | 10,292 |
Net loss attributable to investees |  | $ | (35,001) |
As of March 31, 2025 and December 31, 2024, the fair value of the equity investment in Synchronoss Technologies, Inc. was $3,337 and $7,200, respectively. These amounts are included in "Securities and other investments owned, at fair value" line item in the accompanying unaudited condensed consolidated balance sheets. Other Equity Investments As of March 31, 2025, the Company had other equity investments where the Company is considered to have the ability to exercise influence since the Company has representation on the board of directors or the Company is presumed to have the ability to exercise significant influence since the investment is more than minor, and the limited liability company is required to maintain specific ownership accounts for each member. The Company has elected to account for these equity investments under the fair value option. These equity investments are comprised of equity investments in three and five private companies as of March 31, 2025 and December 31, 2024, respectively. The following table contains summarized financial information for these companies, included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of December 31, 2024 and September 30, 2024 correspond to amounts as of March 31, 2025 and December 31, 2024, respectively, of the Company; income statement amounts during the three months ended December 31, 2024 and 2023 correspond to amounts during the three months ended March 31, 2025 and 2024, respectively, of the Company), which is the period in which the most recent financial information is available:
| December 31, 2024 |  | September 30, 2024
Current assets | $ | 20,552 |  |  | $ | 215,927 |
Noncurrent assets | $ | 119,695 |  |  | $ | 572,628 |
Current liabilities | $ | 9,827 |  |  | $ | 86,672 |
Noncurrent liabilities | $ | 69,309 |  |  | $ | 105,711 |
Equity attributable to investee | $ | 61,111 |  |  | $ | 596,172 |
|  |  | For the Three Months Ended December 31,
|  |  |  |  | 2024 |  | 2023
Revenues |  |  |  |  | $ | 11,723 |  |  | $ | 145,974 |
Cost of revenues |  |  |  |  | $ | 2,794 |  |  | $ | 127,348 |
Net loss attributable to investees |  |  |  |  | $ | (2,314) |  |  | $ | (10,505) |
Fair Value Measurements | (l) Fair Value Measurements The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) for identical instruments that are highly liquid, observable, and actively traded in over-the-counter markets. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations whose inputs are observable and can be corroborated by market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company’s securities and other investments owned and securities sold and not yet purchased are comprised of common and preferred stocks and warrants, corporate bonds, and investments in partnerships. Investments in common stocks that are based on quoted prices in active markets are included in Level 1 of the fair value hierarchy. The Company also holds loans receivable valued at fair value, nonpublic common and preferred stocks and warrants for which there is little or no public market and fair value is determined by management on a consistent basis. For investments where little or no public market exists, management’s determination of fair value is based on the best available information which may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration various factors including earnings history, financial condition, recent sales prices of the issuer’s securities and liquidity risks. These investments are included in Level 3 of the fair value hierarchy. Investments in partnership interests include investments in private equity partnerships that primarily invest in equity securities, bonds, and direct lending funds. The Company also invests in priority investment funds, and the underlying securities held by these funds are primarily corporate and asset-backed fixed income securities and restrictions exist on the redemption of amounts invested by the Company. The Company’s partnership and investment fund interests are valued based on the Company’s proportionate share of the net assets of the partnerships and funds; the value for these investments is derived from the most recent statements received from the general partner or fund administrator. These partnership and investment fund interests are valued at net asset value (“NAV”) and are excluded from the fair value hierarchy in the table below in accordance with ASC 820, Fair Value Measurements. As of March 31, 2025 and December 31, 2024, partnership and investment fund interests valued at NAV of $21,145 and $15,867, respectively, are included in the "Securities and other investments owned, at fair value" line item in the accompanying unaudited condensed consolidated balance sheets. The Company measures certain assets at fair value on a nonrecurring basis. These assets include equity method investments for which the measurement alternative has been elected, adjusted to fair value based on observable price changes or impairment, assets acquired and liabilities assumed in an acquisition or in a nonmonetary exchange, and property, plant and equipment and intangible assets that are written down to fair value when they are held for sale or determined to be impaired. The following tables present information on the financial assets and liabilities measured and recorded at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.
| Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2025 Using
| Fair value as of March 31, 2025 |  | Quoted prices in active markets for identical assets (Level 1) |  | Other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
Assets: |  |  |  |  |  |  |
Securities and other investments owned: |  |  |  |  |  |  |
Equity securities | $ | 107,200 |  |  | $ | 79,670 |  |  | $ | — |  |  | $ | 27,530 |
Corporate bonds | 30,808 |  |  | 536 |  |  | 30,272 |  |  | — |
Other fixed income securities | 2,390 |  |  | — |  |  | 2,390 |  |  | — |
Total securities and other investments owned | 140,398 |  |  | 80,206 |  |  | 32,662 |  |  | 27,530 |
Loans receivable, at fair value | 98,596 |  |  | — |  |  | — |  |  | 98,596 |
Total assets measured at fair value | $ | 238,994 |  |  | $ | 80,206 |  |  | $ | 32,662 |  |  | $ | 126,126 |
Liabilities: |  |  |  |  |  |  |
Securities sold not yet purchased: |  |  |  |  |  |  |
Equity securities | $ | 548 |  |  | $ | 548 |  |  | $ | — |  |  | $ | — |
Corporate bonds | 840 |  |  | 1 |  |  | 839 |  |  | — |
Other fixed income securities | 752 |  |  | — |  |  | 752 |  |  | — |
Total securities sold not yet purchased | 2,140 |  |  | 549 |  |  | 1,591 |  |  | — |
Contingent consideration | 4,593 |  |  | — |  |  | — |  |  | 4,593 |
Liability-classified warrants | 5,160 |  |  | — |  |  | — |  |  | 5,160 |
Embedded derivative | 14,593 |  |  | — |  |  | — |  |  | 14,593 |
Total liabilities measured at fair value | $ | 26,486 |  |  | $ | 549 |  |  | $ | 1,591 |  |  | $ | 24,346 |
| Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2024 Using
| Fair value at December 31, 2024 |  | Quoted prices in active markets for identical assets (Level 1) |  | Other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
Assets: |  |  |  |  |  |  |
Securities and other investments owned: |  |  |  |  |  |  |
Equity securities | $ | 165,408 |  |  | $ | 124,892 |  |  | $ | — |  |  | $ | 40,516 |
Corporate bonds | 29,027 |  |  | 25,461 |  |  | 3,566 |  |  | — |
Other fixed income securities | 4,923 |  |  | — |  |  | 4,923 |  |  | — |
Total securities and other investments owned | 199,358 |  |  | 150,353 |  |  | 8,489 |  |  | 40,516 |
Loans receivable, at fair value | 90,103 |  |  | — |  |  | — |  |  | 90,103 |
Total assets measured at fair value | $ | 289,461 |  |  | $ | 150,353 |  |  | $ | 8,489 |  |  | $ | 130,619 |
Liabilities: |  |  |  |  |  |  |
Securities sold not yet purchased: |  |  |  |  |  |  |
Corporate bonds | $ | 1,891 |  |  | $ | — |  |  | $ | 1,891 |  |  | $ | — |
Other fixed income securities | 3,784 |  |  | — |  |  | 3,784 |  |  | — |
Total securities sold not yet purchased | 5,675 |  |  | — |  |  | 5,675 |  |  | — |
Contingent consideration | 4,538 |  |  | — |  |  | — |  |  | 4,538 |
Total liabilities measured at fair value | $ | 10,213 |  |  | $ | — |  |  | $ | 5,675 |  |  | $ | 4,538 |
As of March 31, 2025 and December 31, 2024, financial assets measured and reported at fair value on a recurring basis and classified within Level 3 were $126,126 and $130,619, respectively, or 8.3% and 7.3%, respectively, of the Company’s total assets. In determining the fair value for these Level 3 financial assets, the Company analyzes various financial, performance and market factors to estimate the value, including where applicable, over-the-counter market trading activity. The fair value for individual Level 3 financial assets and liabilities have various financial inputs which include multiple of sales, the market price of related securities, annualized volatility, discount rates, recovery rates and expected term inputs that may change at each reporting period and result in an increase or decrease in the valuation of Level 3 financial assets and liabilities. The following table summarizes the significant unobservable inputs in the fair value measurement of Level 3 financial assets and liabilities by category of investment and valuation technique as of March 31, 2025 and December 31, 2024:
| Fair value at March 31, 2025 |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average(1)
Assets: |  |  |  |  |  |  |  |  |
Equity securities | $ | 22,656 |  |  | Market approach |  | Multiple of EBITDA(2) |  | 5.5x |  | 5.5x
|  |  |  |  | Multiple of Sales |  | 1.9x - 6.0x |  | 2.7x
|  |  |  |  | Market price of related security |  | $10.22 - $11.72 |  | $11.21
| 4,874 |  |  | Option pricing model |  | Annualized volatility |  | 47.0% - 175.0% |  | 64.0%
Loans receivable at fair value | 77,687 |  |  | Discounted cash flow |  | Discount rate |  | 7.7% - 22.8% |  | 19.8%
| 15,000 |  |  | Liquidation approach |  | Cash recovery rate |  | 16.1% |  | 16.1%
| 5,909 |  |  | Market approach |  | Market price of related security |  | $10.89 |  | $10.89
Total level 3 assets measured at fair value | $ | 126,126 |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration | $ | 4,593 |  |  | Discounted cash flow |  | Discount rate |  | 5.0% - 7.5% |  | 5.1%
Liability-classified warrants | 5,160 |  |  | Monte Carlo simulation and Black-Scholes option pricing model |  | Annualized volatility |  | 75.0% |  | 75.0%
|  |  |  |  | Discount for lack of marketability |  | 13.7% |  | 13.7%
Embedded derivative | 14,593 |  |  | Discounted cash flow |  | Discount rate |  | 24.3% |  | 24.3%
|  |  | Monte Carlo simulation model |  | Annualized volatility |  | 105.0% |  | 105.0%
|  |  |  |  | Expected term |  | 2.9 years |  | 2.9 years
Total level 3 liabilities measured at fair value | $ | 24,346 |  |  |  |  |  |  |  |  |
(1) Unobservable inputs were weighted by the relative fair value of the financial instruments. (2) Multiple of earnings before interest, taxes, depreciation, and amortization ("EBITDA").
| Fair value at December 31, 2024 |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average(1)
Assets: |  |  |  |  |  |  |  |  |
Equity securities | $ | 34,654 |  |  | Market approach |  | Multiple of EBITDA |  | 6.3x |  | 6.3x
|  |  |  |  | Multiple of Sales |  | 2.1x - 8.0x |  | 3.1x
|  |  |  |  | Market price of related security |  | $9.97 - $11.10 |  | $10.76
| 5,862 |  |  | Option pricing model |  | Annualized volatility |  | 47.0% - 171.0% |  | 87.0%
Loans receivable at fair value | 86,150 |  |  | Discounted cash flow |  | Discount rate |  | 7.3% - 69.1% |  | 19.7%
| 3,953 |  |  | Market approach |  | Market price of related security |  | $9.60 - $16.48 |  | $12.90
Total level 3 assets measured at fair value | $ | 130,619 |  |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |
Contingent consideration | 4,538 |  |  | Discounted cash flow |  | Discount rate |  | 5.0% - 7.5% |  | 5.1%
Total level 3 liabilities measured at fair value | $ | 4,538 |  |  |  |  |  |  |  |  |
(1) Unobservable inputs were weighted by the relative fair value of the financial instruments. The changes in Level 3 fair value hierarchy during the three months ended March 31, 2025 and 2024 were as follows:
| Level 3 Balance at Beginning of Year |  | Level 3 Changes During the Period |  |  |  | Level 3 Balance at End of Period |  | Change in unrealized gains (losses) (2)
| Fair Value Adjustments (1) |  | Relating to Undistributed Earnings |  | Purchases/ Originations |  | Sales |  | Settlements/ Repayments |  | Transfer in and/or out of Level 3 |  |
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 40,516 |  |  | $ | (3,844) |  |  | $ | — |  |  | $ | 869 |  |  | $ | (10,000) |  |  | $ | (11) |  |  | $ | — |  |  | $ | 27,530 |  |  | $ | (3,844) |
Loans receivable at fair value | 90,103 |  |  | (8,096) |  |  | — |  |  | 58,008 |  |  | (6,840) |  |  | (34,579) |  |  | — |  |  | 98,596 |  |  | (9,738) |
Contingent consideration | 4,538 |  |  | 103 |  |  | — |  |  | — |  |  | — |  |  | (48) |  |  | — |  |  | 4,593 |  |  | (103) |
Liability-classified warrants | — |  |  | (2,700) |  |  | — |  |  | 7,860 |  |  | — |  |  | — |  |  | — |  |  | 5,160 |  |  | 2,700 |
Embedded derivative | — |  |  | 3,349 |  |  | — |  |  | 11,244 |  |  | — |  |  | — |  |  | — |  |  | 14,593 |  |  | (3,349) |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 452,581 |  |  | $ | (56,388) |  |  | $ | 12 |  |  | $ | 435 |  |  | $ | (9,322) |  |  | $ | — |  |  | $ | (1,074) |  |  | $ | 386,244 |  |  | $ | (57,197) |
Loans receivable at fair value | 532,419 |  |  | (12,130) |  |  | 3,089 |  |  | 30,976 |  |  | (22,785) |  |  | (79,073) |  |  | — |  |  | 452,496 |  |  | (20,812) |
Contingent consideration | 25,194 |  |  | (148) |  |  | — |  |  | — |  |  | — |  |  | (70) |  |  | — |  |  | 24,976 |  |  | 148 |
(1) Fair value adjustments during the three months ended March 31, 2025 includes the following: $(3,844) of realized and unrealized gains (losses) on equity securities comprised of $(1,082) included in "Trading gains (losses), net" and $(2,762) included in "Realized and unrealized losses on investments", $(8,096) of fair value adjustments on loans included in "Fair value adjustments on loans", $(103) of realized and unrealized losses related to contingent consideration included in "Selling, general and administrative expenses", $2,700 of unrealized gains related to liability-classified warrants included in "Change in fair value of financial instruments and other", and $(3,349) of unrealized losses related to embedded derivatives included in "Change in fair value of financial instruments and other" line items in the unaudited condensed consolidated statements of operations. Fair value adjustments during the three months ended March 31, 2024 includes the following: $(56,388) of realized and unrealized gains (losses) on equity securities is comprised of $(10,390) relating to equity securities included in "Trading gains (losses), net" and $(45,998) of realized and unrealized gains (losses) included in "Realized and unrealized losses on investments", $(12,130) of fair value adjustments on loans included in "Fair value adjustments on loans", and $(148) related to contingent consideration included in "Selling, general and administrative expenses" line items in the unaudited condensed consolidated statements of operations. (2) For the three months ended March 31, 2025 and 2024, the change in unrealized gains (losses) is related to financial instruments held at the end of each respective reporting period. The carrying amounts reported in the unaudited condensed consolidated financial statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses and other liabilities approximate fair value based on the short-term maturity of these instruments. As of March 31, 2025 and December 31, 2024, the senior notes payable had a carrying amount of $1,370,769 and $1,530,561, respectively, and fair value of $520,846 and $769,476, respectively. The aggregate carrying amount of the Company's notes payable, revolving credit facility, and term loans of $197,888 and $243,779 as of March 31, 2025 and December 31, 2024, respectively, approximates fair value because the effective yield of such instrument is consistent with current market rates of interest for instruments of comparable credit risk.
Equity Method Investment | (m) Equity Method Investment As of March 31, 2025 and December 31, 2024, equity investments that are accounted for under the equity method of accounting had an aggregate carrying value of $95,440 and $85,487, respectively, which is included in "Prepaid expenses and other assets" line item in the accompanying unaudited condensed consolidated balance sheets (refer to Note 7 - Prepaid Expenses and Other Assets). The Company’s share of earnings or losses from equity method investees included in "Loss from equity investments" was $(552) and $(4) during the three months ended March 31, 2025 and 2024, respectively, in the accompanying unaudited condensed consolidated statements of operations. Great American Holdings, LLC On November 15, 2024, the Company completed the sale of a majority interest in Great American Holdings, LLC (“GA Holdings”) to Oaktree. Upon completion of the sale, the Company retained a minority ownership interest of approximately 44.2% of the Class A common units of GA Holdings. GA Holdings operations include appraisal and valuation services, real estate, and retail, wholesale & industrial 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. GA Holdings has three classes of equity interests which include common interests, Class A preferred interests and Class B preferred interests. The Company accounts for its investment in GA Holdings under the equity method of accounting in accordance with ASC 323, Investments – Equity Method and Joint Ventures, with a three-month lag. Under the equity method of accounting, the Company records its proportionate share of earnings or losses; however, given the capital structure of GA Holdings the Company applies the Hypothetical Liquidation at Book Value ("HLBV") method on a three-month lag to determine the allocation of profits and losses since the liquidation rights and priorities, as defined by the limited liability agreement of GA Holdings, differ from the Company’s underlying ownership interest. The HLBV method calculates the proceeds that would be attributable to each partner based on the liquidation provisions of the limited liability agreement as if GA Holdings was to be liquidated at book value as of the balance sheet date. Each partner’s allocation of income or loss in the period is equal to the change in the amount of net equity they are legally able to claim based on a hypothetical liquidation of the entity at the end of a reporting period compared to the beginning of that period, adjusted for any capital transactions. As of March 31, 2025 and December 31, 2024, our net investment in GA Holdings was $82,013 and $82,462, respectively, and is included in the "Prepaid expenses and other assets" line item in the unaudited condensed consolidated balance sheets. Based on the terms of the limited liability agreement, we recorded equity in net losses attributable to GA Holdings using the HLBV method of $(449) for the three months ended March 31, 2025 which is included in the "Loss from equity investments" line item in the accompanying unaudited condensed consolidated statements of operations. The following tables contain summarized financial information with respect to GA Holdings, included below for purposes of the disclosure a quarter in arrears (balance sheet amounts as of December 31, 2024 correspond to amounts as of March 31, 2025 and income statement amounts during the period from November 15, 2024 to December 31, 2024 correspond to amounts for the quarter ended March 31, 2025):
|  | December 31, 2024
Current assets |  | $ | 34,922 |
Noncurrent assets |  | $ | 291,362 |
Current liabilities |  | $ | 34,735 |
Mezzanine equity - preferred units |  | $ | 279,096 |
Equity attributable to investee |  | $ | 12,453 |
|  | Period From
|  | November 15, 2024 to
|  | December 31, 2024
Revenue |  | $ | 21,675 |
Cost of revenue and expenses |  | $ | 18,184 |
Net income attributable to investee |  | $ | 3,490 |
GA Joann Retail Partnership, LLC On February 27, 2025, the Company contributed capital and certain financial support in the form of cash and subordinated debt in exchange for minority ownership interest of approximately 47.4% in GA Joann Retail Partnership, LLC (“Joann Retail”). Joann Retail’s operations include the acquisition and liquidation of Joann Inc’s (and its subsidiaries) retail assets. Joann Retail has two classes of equity interest which include voting Class A and nonvoting Class B interests. The Company accounts for its investment in Joann Retail under the equity method of accounting in accordance with ASC 323, Investments – Equity Method and Joint Ventures, under which the Company accounts for its investment on a three-month lag to determine the allocation of profits and losses. As of March 31, 2025, our net investment in Joann Retail was $6,163, and is included in the "Prepaid expenses and other assets" line item in the unaudited condensed consolidated balance sheets. In accordance with the accounting for an equity method on a lag basis, the Company did not recognize any equity method earnings or losses for its investment in Joann Retail for the three months ended March 31, 2025 as the Company’s earnings or losses for the period are reflected in the cost of the investment and the initial measurement on February 27, 2025. SW-B. Riley Retail Opportunity Fund ("SW-B. Riley Retail") The Company accounts for its investments in SW-B. Retail under the equity method of accounting in accordance with ASC 323, Investments – Equity Method and Joint Ventures, under which the Company accounts for its share of SW-B. Retail’s earnings or losses on the basis of the percentage of the equity interest the Company owns. At December 31, 2024, the Company's ownership percentage was approximately 10.7% and increased to 22.6% with the consolidation of BRC Partners Opportunity Trust (the “BRC Trust”) as discussed below in Note 2(n) - Noncontrolling Interests. The carrying value of the Company’s equity method investments in SW-B. Retail included in the "Prepaid expenses and other assets" line item in the unaudited condensed consolidated balance sheets was $7,264 and $3,025 as of March 31, 2025 and December 31, 2024, respectively
Noncontrolling Interests | (n) Noncontrolling Interests Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to the Company. The Company’s non-redeemable noncontrolling interest relates to the equity ownership interest of consolidated subsidiaries that it does not own. The initial fair value of the noncontrolling interest is a nonrecurring Level 3 measurement determined by a weighing of the discounted cash flow method and market approach. The discounted cash flow method utilized five-year discrete projections of the operating results, working capital and depreciation and capital expenditures, along with a residual value subsequent to the discrete period. The five-year projections were based upon historical and anticipated future results, general economic and market conditions, and considered the impact of planned business and operational strategies. The discount rates for the calculations represented the estimated required return on equity for market participants at the time of the analysis. The market approach included significant estimates using guideline public company data to identify an appropriate market multiple of earnings before income taxes in estimating the fair value of the noncontrolling interest. B. Riley Securities Holdings, Inc. ("BRSH") On March 10, 2025, a merger subsidiary of the Company's wholly-owned subsidiary B. Riley Securities Holdings, Inc. ("BRSH"), which is primarily comprised of the broker dealer operations within the Capital Markets segment, merged with a shell corporation and issued 0.6% of the equity in BRSH to certain investors in the shell corporation. Upon completion of the transaction, the investors in the shell corporation became minority stockholders of BRSH. The Company also issued restricted stock awards as more fully described in Note 17(c) - BRSH Stock Incentive Plan and assuming the full issuance of the restricted stock awards are vested, the Company continues to own 89.4% majority-interest in BRSH. The shell corporation that merged with BRSH on March 10, 2025 did not meet the definition of a business, since it did not have any assets, liabilities, or operations. The consideration paid in connection with the merger consisted of $1,575 of common stock of BRSH, which represented the fair value of the 0.6% of outstanding common stock of BRSH. The Company recognized a loss of $1,575 which represented the fair value of the noncontrolling interest in BRSH that was issued to the investors in the shell corporation on March 10, 2025. The table below summarizes the significant unobservable inputs in determining the fair value measurement on a nonrecurring basis of the noncontrolling interest issued on March 10, 2025 as described above. In determining the fair value below the valuation utilized a weighting of 75% for the discounted cash flow method and 25% for the market approach.
| Fair Value at Measurement Date |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Nonrecurring |  |  |  |  |  |  |  |  |
Noncontrolling interest | $ | 1,575 |  |  | Discounted cash flow and market approach |  | Market interest rate and multiple of EBIT |  | Discount rate 21% and multiple of EBIT 5.75x-10.00x |  | Discount rate 21% and multiple of EBIT 7.3x(1)
(1) Unobservable inputs were weighted by the relative equity value of BRSH. BRC Partners Opportunity Trust (the "BRC Trust") BRC Trust was formed on January 6, 2025, and is a variable interest entity, as more fully described in Note 2(o) - Variable Interest Entities. The noncontrolling interest of BRC Trust that is not owned by the Company includes 86.6% of the equity interests in the BRC Trust. Of the 86.6% equity interests not owned by the Company, 58.2% is owned by related parties as more fully described in Note 20 - Related Party Transactions.
Variable Interest Entities | (o) Variable Interest Entities The Company holds interests in various entities that meet the characteristics of a VIE. Interests in these entities are generally in the form of equity interests, loans receivable, or fee arrangements. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its economic interests in the entity held either directly by the Company or indirectly through related parties. The party with a controlling financial interest in a VIE is known as the primary beneficiary and consolidates the VIE. The Company determines whether it is the primary beneficiary of a VIE by performing an analysis that principally considers: (a) which variable interest holder has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; (b) which variable interest holder has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE; (c) the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders; (d) the terms between the VIE and its variable interest holders and other parties involved with the VIE; and (e) related-party relationships with other parties that may also have a variable interest in the VIE. See Note 2(n) - Noncontrolling Interests for a variable interest entity consolidated during the period. On August 21, 2023, in connection with the FRG take-private transaction, one of the Company's subsidiaries (the “Lender”) and an affiliate of Mr. Kahn (the “Borrower”) entered into an amended and restated a promissory note as discussed further in above Note 2(j) - Loans Receivable and Note 2(k) - Securities and Other Investments Owned and Securities Sold Not Yet Purchased. The Company was not involved in the design of the Borrower, has no equity financial interest, and has no rights to make decisions or participate in the management of the Borrower that significantly impact the economics of the Borrower. Since the Company does not have the power to direct the activities of the Borrower, the Company is not the primary beneficiary and therefore does not consolidate the Borrower. The promissory note is included in the "Loans receivable, at fair value" line item in the Company’s unaudited condensed consolidated financial statements and is a variable interest in accordance with the accounting guidance. As of March 31, 2025 and December 31, 2024, the maximum amount of loss exposure to the VIE on a fair value basis was $2,334 and $2,057, respectively. The Company has entered into agreements to provide investment banking and advisory services to numerous investment funds (the “Funds”) that are considered variable interest entities under the accounting guidance. The Company earns fees from the Funds in the form of placement agent fees and carried interest. For placement agent fees, the Company receives a cash fee of generally 7% to 10% of the amount of raised capital for the Funds and the fee is recognized at the time the placement services occurred. The Company receives carried interest as a percentage allocation (8% to 15%) of the profits of the Funds as compensation for asset management services provided to the Funds and it is recognized under the ownership model of ASC 323, Investments – Equity Method and Joint Ventures, as an equity method investment with changes in allocation recorded currently in the results of operations. As the fee arrangements under such agreements are arm’s length and contain customary terms and conditions and represent compensation that is considered fair value for the services provided, the fee arrangements are not considered variable interests, and accordingly, the Company does not consolidate such VIEs. Placement agent fees attributable to such arrangements were zero and $372 during the three months ended March 31, 2025 and 2024, respectively, and were included in the "Services and fees" line item in the unaudited condensed consolidated statements of operations. The carrying amounts included in the Company’s unaudited condensed consolidated balance sheets related to variable interests in VIEs that were not consolidated is shown below.
| March 31, 2025 |  | December 31, 2024
Securities and other investments owned, at fair value | $ | 6,163 |  |  | $ | — |
Loans receivable, at fair value | 34,094 |  |  | 28,193 |
Other assets | 3,801 |  |  | 3,359 |
Maximum exposure to loss | $ | 44,058 |  |  | $ | 31,552 |
Bicoastal Alliance, LLC (“Bicoastal”) On May 3, 2024, as part of the acquisition of Nogin Inc. ("Nogin"), the Company acquired a 50% equity interest in Bicoastal Alliance, LLC (“Bicoastal”) through a wholly owned subsidiary of Nogin. Bicoastal is a holding company designed to manage the investments, including strategy and operations, for two brand apparel operating companies. The Company determined Bicoastal is a variable interest entity as it does not have sufficient resources to carry out its management activities without additional financial support. The Company determined that it has the power to direct the activities that most significantly impact Bicoastal’s economic performance, has more equity capital at risk, and is expected to continue to fund operations. Therefore, the Company determined that it is the primary beneficiary of Bicoastal and has reported its investment in the assets and liabilities in the accompanying unaudited condensed consolidated balance sheets and consolidated its operating results in the Company's unaudited condensed consolidated statements of operations. On August 14, 2024, Bicoastal entered into an agreement to acquire the remaining 50% equity interest upon paydown of a $700 note payable to the noncontrolling interest noteholder with a final repayment date and equity ownership interest transfer date of June 30, 2025. On March 31, 2025, the Company signed a Deed of Assignment for the Benefit of Creditors ("ABC"), (i) pursuant to which all of the assets of Nogin were transferred to an assignee for the benefit of Nogin’s creditors, and (ii) which provides the assignee the right to, among other things, sell or dispose of such assets and settle all claims against Nogin. The Company will no longer control or own the assets of Nogin and the results of operations were deconsolidated on March 31, 2025 and are no longer reported in the Company’s financial statements after March 31, 2025. Management does not expect any recovery of the Company's investment in Nogin. Subsequent to March 31, 2025, certain of Nogin’s creditors filed an involuntary petition for relief under chapter 7 of title 11 of the United States Code in the United States Bankruptcy Court for the District of New York and an order for relief was entered to move the ABC to a liquidation. A gain of $28,411 was recognized during the three months ended March 31, 2025 from deconsolidation of Nogin, which is included in "Gain on sale and deconsolidation of businesses" line item on the accompanying unaudited condensed consolidated statements of operations. BRC Partners Opportunity Trust (the "BRC Trust") BRC Trust was formed on January 6, 2025, for the purpose of transferring the assets and liabilities of BRC Partners Opportunity Fund, L.P., a Delaware limited partnership (“BRCPOF”), and liquidating the transferred net assets. BRCPOF transferred its assets and liabilities upon formation of the BRC Trust. The Company determined that the BRC Trust is a variable interest entity as the investors in the BRC Trust do not have voting rights and substantially all of the activities are conducted on behalf of the Company and its related parties which own 13.4% and 58.2% (see Note 20 - Related Party Transactions), respectively, of the equity interest in the BRC Trust. As the Company has the power to direct all of the activities of the BRC Trust, the Company is the primary beneficiary of the Trust and, therefore, consolidates the BRC Trust upon formation on January 6, 2025. Additionally, the BRC Trust does not meet the definition of a business, and the initial consolidation of the BRC Trust did not result in a gain or loss upon initial consolidation. The carrying amounts and classification of the assets, liabilities and noncontrolling interest of the BRC Trust as of March 31, 2025 and formation on January 6, 2025, are as follows:
| March 31, 2025 |  | January 6, 2025
Assets |  |  |
Cash and cash equivalents | $ | 744 |  |  | $ | 359 |
Securities and other investments owned, at fair value | 577 |  |  | 577 |
Loans receivable, at fair value | 3,575 |  |  | 10,276 |
Prepaid expenses and other assets | 3,824 |  |  | 3,497 |
Total assets | $ | 8,720 |  |  | $ | 14,709 |
Liabilities |  |  |
Accrued expenses and other liabilities | $ | 528 |  |  | $ | 290 |
Total liabilities | $ | 528 |  |  | $ | 290 |
Noncontrolling interest | $ | 7,099 |  |  | $ | 12,494 |
Derivatives | (p) Derivatives Certain contracts may contain explicit terms that affect some or all of the cash flows or the value of other exchanges required by the contract. When these embedded features in a contract act in a manner similar to a derivative financial instrument and are not clearly and closely related to the economic characteristics of the host contract, the Company bifurcates the embedded feature and accounts for it as an embedded derivative asset or liability in accordance with guidance under ASC 815-15, Derivatives and Hedging – Embedded Derivatives. Embedded derivatives are measured at fair value with changes in fair value reported in the "Other income (expense)" section in our unaudited condensed consolidated statements of operations. Refer to Note 10 - Term Loans and Revolving Credit Facility.
Warrant Liabilities | (q) Warrant Liabilities The Company accounts for its warrant liabilities in accordance with guidance under ASC 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, under which warrants that do not meet the criteria for equity classification must be recorded as liabilities. Warrant liabilities are included in the "Accrued expenses and other liabilities" line item in the unaudited condensed consolidated balance sheets. Changes in fair value of the warrant liabilities are reported in the "Other income (expense)" section in our unaudited condensed consolidated statements of operations. Refer to Note 10 - Term Loans and Revolving Credit Facility and Note 18(b) - Common Stock Warrants.
Reclassifications | (r) Reclassifications Certain prior period amounts have been reclassified to conform with the current period presentation. Certain prior-year amounts have also been reclassified to conform to the current-year’s presentation as a result of discontinued operations and held for sale; see Note 3 - Discontinued Operations and Assets Held for Sale. These reclassifications had no effect on previously reported net income (loss), total assets, total liabilities, or stockholders' equity (deficit).
Recent Accounting Standards | (s) Recent Accounting Standards Not yet adopted In September 2025, the FASB issued Accounting Standards Update ("ASU") 2025-06, Intangibles - Goodwill and Other Internal Use Software. This ASU was issued to modernize the accounting for software costs by removing references to prescriptive and sequential software development stages and providing an updated framework for capitalizing internal software costs. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company has not yet adopted this update and is currently evaluating the effect this new standard will have on its financial position and results of operations. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses. This ASU requires additional expense disclosures by public entities in the notes to the financial statements. The ASU outlines the specific costs that are required to be disclosed which include such costs as: purchases of inventory, employee compensation, depreciation, intangible asset amortization, selling costs, and depreciation, depletion, and amortization related to oil and gas production. It also requires qualitative descriptions of the amounts remaining in the relevant expense income statement captions that are not separately disaggregated quantitatively in the notes to the financial statements and the entity's definition of selling expenses. The disclosures are required for each interim and annual reporting period. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Claiming the Effective Date, which clarified the effective date for entities that do not have an annual reporting period that ends on December 31 st. The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company has not yet adopted this update and is currently evaluating the effect this new standard will have on its financial position and results of operations. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires disclosure of additional categories of information about federal, state and foreign income taxes in the rate reconciliation table and requires companies to provide more information about the reconciling items in some categories if a quantitative threshold is met. ASU 2023-09 became effective for the Company on January 1, 2025. The Company will provide the required disclosures in its Annual Report on Form 10-K for the year ended December 31, 2025, and the adoption of ASU 2023-09 is not expected to have a material impact on the Company’s consolidated financial statements.

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