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BUSINESS SEGMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following is a summary of certain financial data for each of the Company’s reportable segments:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Capital Markets segment: |  |  |  |  |  |  |
Revenues - Services and fees | $ | 39,095 |  |  | $ | 50,242 |  |  | $ | 64,300 |  |  | $ | 110,589 |
Trading gains (losses), net | 22,480 |  |  | (32,612) |  |  | 5,697 |  |  | (50,879) |
Fair value adjustment on loans | 800 |  |  | (175,582) |  |  | (7,296) |  |  | (187,783) |
Interest income - loans | 3,853 |  |  | 18,508 |  |  | 7,049 |  |  | 40,643 |
Interest income - securities lending | 2,124 |  |  | 24,798 |  |  | 2,964 |  |  | 62,607 |
Total revenues | 68,352 |  |  | (114,646) |  |  | 72,714 |  |  | (24,823) |
Employee compensation and benefits | (29,815) |  |  | (34,679) |  |  | (52,046) |  |  | (73,737) |
Professional services | (1,655) |  |  | (1,060) |  |  | (3,908) |  |  | (2,055) |
Occupancy-related costs | (1,699) |  |  | (1,988) |  |  | (3,791) |  |  | (4,040) |
Other selling, general and administrative expenses | (10,765) |  |  | (12,079) |  |  | (25,335) |  |  | (23,198) |
Interest expense - Securities lending and loan participations sold | (1,968) |  |  | (23,313) |  |  | (2,687) |  |  | (58,696) |
Depreciation and amortization | (692) |  |  | (745) |  |  | (1,383) |  |  | (1,516) |
Segment income (loss) | 21,758 |  |  | (188,510) |  |  | (16,436) |  |  | (188,065) |
Wealth Management segment: |  |  |  |  |  |  |
Revenues - Services and fees | 33,421 |  |  | 49,582 |  |  | 80,087 |  |  | 100,764 |
Trading gains (losses), net | 5,200 |  |  | 1,291 |  |  | 5,812 |  |  | 1,891 |
Total revenues | 38,621 |  |  | 50,873 |  |  | 85,899 |  |  | 102,655 |
Employee compensation and benefits | (29,499) |  |  | (39,303) |  |  | (63,169) |  |  | (79,723) |
Professional services | (582) |  |  | (472) |  |  | (991) |  |  | (944) |
Occupancy-related costs | (4,513) |  |  | (2,877) |  |  | (7,995) |  |  | (6,132) |
Other selling, general and administrative expenses | (4,935) |  |  | (5,505) |  |  | (11,922) |  |  | (10,406) |
Depreciation and amortization | (411) |  |  | (1,048) |  |  | (1,417) |  |  | (2,103) |
Segment (loss) income | (1,319) |  |  | 1,668 |  |  | 405 |  |  | 3,347 |
Communications segment: |  |  |  |  |  |  |
Revenues - Services and fees | 60,732 |  |  | 77,744 |  |  | 123,905 |  |  | 158,814 |
Revenues - Sale of goods | 1,471 |  |  | 1,465 |  |  | 2,772 |  |  | 2,761 |
Total revenues | 62,203 |  |  | 79,209 |  |  | 126,677 |  |  | 161,575 |
Direct cost of services | (29,574) |  |  | (46,274) |  |  | (62,198) |  |  | (95,093) |
Cost of goods sold | (1,717) |  |  | (1,614) |  |  | (3,234) |  |  | (2,973) |
Employee compensation and benefits | (6,956) |  |  | (8,708) |  |  | (14,100) |  |  | (17,839) |
Professional services | (638) |  |  | (1,636) |  |  | (1,587) |  |  | (2,601) |
Occupancy-related costs | (1,947) |  |  | (2,741) |  |  | (3,972) |  |  | (5,332) |
Other selling, general and administrative expenses | (5,595) |  |  | (6,468) |  |  | (11,344) |  |  | (11,699) |
Restructuring charge | — |  |  | — |  |  | — |  |  | (263) |
Depreciation and amortization | (4,793) |  |  | (5,925) |  |  | (9,583) |  |  | (11,882) |
Segment income | 10,983 |  |  | 5,843 |  |  | 20,659 |  |  | 13,893 |
Consumer Products segment: |  |  |  |  |  |  |
Revenues - Sale of goods | 43,284 |  |  | 51,424 |  |  | 85,387 |  |  | 102,946 |
Cost of goods sold | (33,031) |  |  | (35,984) |  |  | (64,660) |  |  | (72,864) |
Employee compensation and benefits | (9,158) |  |  | (9,973) |  |  | (19,061) |  |  | (20,416) |
Professional services | (800) |  |  | (2,223) |  |  | (1,975) |  |  | (4,016) |
Occupancy-related costs | (1,483) |  |  | (1,594) |  |  | (2,933) |  |  | (3,178) |
Other selling, general and administrative expenses | (1,228) |  |  | (1,328) |  |  | (2,403) |  |  | (3,033) |
Depreciation and amortization | (1,952) |  |  | (1,931) |  |  | (3,864) |  |  | (3,928) |
Restructuring charge | (36) |  |  | (20) |  |  | (36) |  |  | (546) |
Impairment of goodwill and tradenames | (1,500) |  |  | (27,681) |  |  | (1,500) |  |  | (27,681) |
Segment loss | (5,904) |  |  | (29,310) |  |  | (11,045) |  |  | (32,716) |
E-Commerce segment: |  |  |  |  |  |  |
Revenues - Services and fees | — |  |  | 2,731 |  |  | 3,469 |  |  | 2,731 |
Revenues - Sale of goods | — |  |  | 2,265 |  |  | 3,528 |  |  | 2,265 |
Total revenues | — |  |  | 4,996 |  |  | 6,997 |  |  | 4,996 |
Direct cost of services | — |  |  | (1,590) |  |  | (1,552) |  |  | (1,590) |
Cost of goods sold | — |  |  | (1,610) |  |  | (3,131) |  |  | (1,610) |
Employee compensation and benefits | — |  |  | (2,553) |  |  | (3,153) |  |  | (2,553) |
Professional services | — |  |  | (1,007) |  |  | (2,141) |  |  | (1,007) |
Occupancy-related costs | — |  |  | (1,036) |  |  | (642) |  |  | (1,036) |
Other selling, general and administrative expenses | — |  |  | (1,071) |  |  | (2,454) |  |  | (1,071) |
Depreciation and amortization | — |  |  | (370) |  |  | (38) |  |  | (370) |
Segment loss | — |  |  | (4,241) |  |  | (6,114) |  |  | (4,241) |
Consolidated operating income (loss) from reportable segments | 25,518 |  |  | (214,550) |  |  | (12,531) |  |  | (207,782) |
All Other: |  |  |  |  |  |  |
Revenues - Services and fees | 11,961 |  |  | 22,610 |  |  | 31,157 |  |  | 44,092 |
Revenues - Sale of goods | 318 |  |  | 419 |  |  | 841 |  |  | 1,034 |
Total revenues | 12,279 |  |  | 23,029 |  |  | 31,998 |  |  | 45,126 |
Direct cost of services | (3,642) |  |  | (10,815) |  |  | (12,166) |  |  | (21,666) |
Cost of goods sold | (365) |  |  | (550) |  |  | (821) |  |  | (1,138) |
Employee compensation and benefits | (4,073) |  |  | (5,454) |  |  | (9,320) |  |  | (11,508) |
Professional services | (573) |  |  | (821) |  |  | (1,230) |  |  | (1,418) |
Occupancy-related costs | (2,930) |  |  | (2,485) |  |  | (3,935) |  |  | (5,165) |
Other selling, general and administrative expenses | (650) |  |  | (2,954) |  |  | (6,732) |  |  | (5,838) |
Depreciation and amortization | (618) |  |  | (1,508) |  |  | (2,028) |  |  | (2,591) |
Corporate: |  |  |  |  |  |  |
Revenues - Services and fees | 563 |  |  | — |  |  | 1,693 |  |  | — |
Employee compensation and benefits | (9,642) |  |  | (11,096) |  |  | (20,280) |  |  | (24,548) |
Professional services | (7,408) |  |  | (5,286) |  |  | (18,047) |  |  | (16,572) |
Occupancy-related costs | (1,708) |  |  | (1,970) |  |  | (3,335) |  |  | (3,935) |
Other selling, general and administrative expenses | 4,530 |  |  | 2,032 |  |  | 6,690 |  |  | 8,739 |
Depreciation and amortization | (181) |  |  | (152) |  |  | (333) |  |  | (303) |
Restructuring charge | (285) |  |  | — |  |  | (285) |  |  | — |
Operating income (loss) | 10,815 |  |  | (232,580) |  |  | (50,662) |  |  | (248,599) |
Interest income | 492 |  |  | 797 |  |  | 1,978 |  |  | 1,460 |
Dividend income | 122 |  |  | 460 |  |  | 257 |  |  | 3,464 |
Realized and unrealized (losses) gains on investments | 10,216 |  |  | (155,241) |  |  | (4,284) |  |  | (190,165) |
Change in fair value of financial instruments and other | 11,884 |  |  | — |  |  | 12,806 |  |  | — |
Gain on sale and deconsolidation of businesses | 5,372 |  |  | — |  |  | 86,213 |  |  | 314 |
Gain on senior note exchange | 44,454 |  |  | — |  |  | 54,986 |  |  | — |
Income from equity investments | 25,603 |  |  | 10 |  |  | 25,051 |  |  | 6 |
(Loss) gain on extinguishment of debt | (10,266) |  |  | 120 |  |  | (20,693) |  |  | 120 |
Interest expense: |  |  |  |  |  |  |
Capital Markets segment | — |  |  | (156) |  |  | (49) |  |  | (312) |
Communications segment | (1,560) |  |  | (2,407) |  |  | (3,213) |  |  | (5,017) |
Consumer Products segment | (443) |  |  | (1,014) |  |  | (860) |  |  | (2,445) |
E-Commerce segment | — |  |  | (257) |  |  | (396) |  |  | (257) |
Corporate and other | (21,949) |  |  | (29,700) |  |  | (49,398) |  |  | (61,168) |
Interest expense | (23,952) |  |  | (33,534) |  |  | (53,916) |  |  | (69,199) |
Income (loss) from continuing operations before income taxes | 74,740 |  |  | (419,968) |  |  | 51,736 |  |  | (502,599) |
Provision for income taxes | (3,053) |  |  | (29,183) |  |  | (11) |  |  | (7,853) |
Income (loss) from continuing operations | 71,687 |  |  | (449,151) |  |  | 51,725 |  |  | (510,452) |
Income from discontinued operations, net of income taxes | 69,312 |  |  | 15,370 |  |  | 72,707 |  |  | 28,717 |
Net income (loss) | 140,999 |  |  | (433,781) |  |  | 124,432 |  |  | (481,735) |
Net income (loss) attributable to noncontrolling interests | 1,528 |  |  | (177) |  |  | (5,064) |  |  | 1,034 |
Net income (loss) attributable to B. Riley Financial, Inc. | 139,471 |  |  | (433,604) |  |  | 129,496 |  |  | (482,769) |
Preferred stock dividends | 2,015 |  |  | 2,015 |  |  | 4,030 |  |  | 4,030 |
Net income (loss) available to common shareholders | $ | 137,456 |  |  | $ | (435,619) |  |  | $ | 125,466 |  |  | $ | (486,799) |
Schedule of Revenues by Geographical Area | The following table presents revenues by geographical area:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Services and fees |  |  |  |  |  |  |
North America | $ | 145,772 |  |  | $ | 202,909 |  |  | $ | 304,611 |  |  | $ | 416,990 |
Trading gains (losses), net |  |  |  |  |  |  |
North America | 27,680 |  |  | (31,321) |  |  | 11,509 |  |  | (48,988) |
Fair value adjustments on loans |  |  |  |  |  |  |
North America | 800 |  |  | (175,582) |  |  | (7,296) |  |  | (187,783) |
Interest income - loans |  |  |  |  |  |  |
North America | 3,853 |  |  | 18,508 |  |  | 7,049 |  |  | 40,643 |
Interest income - securities lending |  |  |  |  |  |  |
North America | 2,124 |  |  | 24,798 |  |  | 2,964 |  |  | 62,607 |
Sale of goods |  |  |  |  |  |  |
North America | 22,598 |  |  | 28,885 |  |  | 48,819 |  |  | 57,765 |
Australia | 2,563 |  |  | 3,837 |  |  | 4,682 |  |  | 6,461 |
Europe, Middle East, and Africa | 12,743 |  |  | 13,140 |  |  | 24,970 |  |  | 26,952 |
Asia | 5,327 |  |  | 6,780 |  |  | 10,277 |  |  | 13,134 |
Latin America | 1,842 |  |  | 2,931 |  |  | 3,780 |  |  | 4,694 |
Total - Sale of goods | 45,073 |  |  | 55,573 |  |  | 92,528 |  |  | 109,006 |
Total Revenues |  |  |  |  |  |  |
North America | 202,827 |  |  | 68,197 |  |  | 367,656 |  |  | 341,234 |
Australia | 2,563 |  |  | 3,837 |  |  | 4,682 |  |  | 6,461 |
Europe, Middle East, and Africa | 12,743 |  |  | 13,140 |  |  | 24,970 |  |  | 26,952 |
Asia | 5,327 |  |  | 6,780 |  |  | 10,277 |  |  | 13,134 |
Latin America | 1,842 |  |  | 2,931 |  |  | 3,780 |  |  | 4,694 |
Total Revenues | $ | 225,302 |  |  | $ | 94,885 |  |  | $ | 411,365 |  |  | $ | 392,475 |
Long-Lived Assets by Geographic Areas | The following table presents long-lived assets, which consists of property and equipment, net, by geographical area:
| June 30, 2025 |  | December 31, 2024
Long-lived Assets - Property and Equipment, net: |  |  |
North America | $ | 18,196 |  |  | $ | 18,327 |
Europe | 148 |  |  | 217 |
Asia Pacific | 58 |  |  | 81 |
Australia | 50 |  |  | 54 |
Total | $ | 18,452 |  |  | $ | 18,679 |

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