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BUSINESS SEGMENTS
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENTS BUSINESS SEGMENTS
The Company reports segment information based on the various industries the Company operates and how the businesses are managed. These businesses are aggregated into operating segments in a manner that reflects how the Company views the business activities. The Company’s businesses are operated by separate local management and certain of the Company’s businesses are grouped together when they operate within a similar industry, comprising similarities in products and services, customers, and production processes, and when considered together, may be managed in accordance with one or more investment or operational strategies specific to those businesses. The Company’s five reportable segments reflect the way the Company is managed, and for which separate financial information is available and evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The individuals comprising the role of CODM are the Company’s two Co-Chief Executive Officer’s and the Company’s Chief Financial Officer, who collectively use segment operating income or loss as a measure of a segment’s profit or loss. The segment information the CODM regularly receives does not include asset information and does not use segment asset information to assess performance or allocate resources. Accordingly, asset information is not provided by reportable segment. The measure of assets is reported on the unaudited condensed consolidated balance sheets as total assets.

Revenues by segment represent amounts earned on the various services offered within each reportable segment. Our significant operating expenses regularly provided to the CODM and used to assess segment performance and determine the deployment of capital are classified as employee compensation and benefits expense, professional services, occupancy-related costs, other selling, general and administrative expenses, restructuring charge, depreciation and amortization, and impairment of goodwill and intangible assets. Employee compensation and benefits expense consists of salaries, payroll taxes, benefits, incentive compensation payable as commissions and cash bonus awards, and share based compensation for equity awards. Occupancy-related costs consists of office rent, technology and communication costs, and other office expenses. Professional services expense consists of legal, accounting, audit and other consulting expenses. Restructuring charges include expenses related to reorganization and consolidation activities which includes, among other, reductions in workforce and facility closures. Depreciation and amortization expense consists of depreciation expense for property and equipment and amortization of intangible assets. The balance of our operating expenses (other selling, general and administrative expenses) includes costs for travel, marketing and business development, and other operating expenses. Comparable prior year information has been recast to reflect the additional disclosure of employee compensation and benefits by segment, professional services by segment, occupancy-related costs by segment, and other selling, general and administrative expenses by segment, as well as to reflect discontinued operations presentation as described in Note 4 - Discontinued Operations and Assets Held for Sale.
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,
2025202420252024
Capital Markets segment:
Revenues - Services and fees$39,095 $50,242 $64,300 $110,589 
Trading gains (losses), net22,480 (32,612)5,697 (50,879)
Fair value adjustment on loans800 (175,582)(7,296)(187,783)
Interest income - loans3,853 18,508 7,049 40,643 
Interest income - securities lending2,124 24,798 2,964 62,607 
Total revenues68,352 (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 fees33,421 49,582 80,087 100,764 
Trading gains (losses), net5,200 1,291 5,812 1,891 
Total revenues38,621 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 fees60,732 77,744 123,905 158,814 
Revenues - Sale of goods1,471 1,465 2,772 2,761 
Total revenues62,203 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 income10,983 5,843 20,659 13,893 
Consumer Products segment:    
Revenues - Sale of goods43,284 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 segments25,518 (214,550)(12,531)(207,782)
All Other:
Revenues - Services and fees11,961 22,610 31,157 44,092 
Revenues - Sale of goods318 419 841 1,034 
Total revenues12,279 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 fees563 — 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 expenses4,530 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 income492 797 1,978 1,460 
Dividend income122 460 257 3,464 
Realized and unrealized (losses) gains on investments10,216 (155,241)(4,284)(190,165)
Change in fair value of financial instruments and other11,884 — 12,806 — 
Gain on sale and deconsolidation of businesses5,372 — 86,213 314 
Gain on senior note exchange44,454 — 54,986 — 
Income from equity investments25,603 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 taxes74,740 (419,968)51,736 (502,599)
Provision for income taxes(3,053)(29,183)(11)(7,853)
Income (loss) from continuing operations71,687 (449,151)51,725 (510,452)
Income from discontinued operations, net of income taxes69,312 15,370 72,707 28,717 
Net income (loss)140,999 (433,781)124,432 (481,735)
Net income (loss) attributable to noncontrolling interests1,528 (177)(5,064)1,034 
Net income (loss) attributable to B. Riley Financial, Inc.139,471 (433,604)129,496 (482,769)
Preferred stock dividends2,015 2,015 4,030 4,030 
Net income (loss) available to common shareholders$137,456 $(435,619)$125,466 $(486,799)
The following table presents revenues by geographical area:
Three Months Ended
June 30,
Six Months Ended
June 30,
2025202420252024
Services and fees
North America$145,772 $202,909 $304,611 $416,990 
   
Trading gains (losses), net   
North America27,680 (31,321)11,509 (48,988)
  
Fair value adjustments on loans
North America800 (175,582)(7,296)(187,783)
Interest income - loans  
North America3,853 18,508 7,049 40,643 
Interest income - securities lending
North America2,124 24,798 2,964 62,607 
Sale of goods
North America22,598 28,885 48,819 57,765 
Australia2,563 3,837 4,682 6,461 
Europe, Middle East, and Africa12,743 13,140 24,970 26,952 
Asia5,327 6,780 10,277 13,134 
Latin America1,842 2,931 3,780 4,694 
Total - Sale of goods45,073 55,573 92,528 109,006 
  
Total Revenues  
North America202,827 68,197 367,656 341,234 
Australia2,563 3,837 4,682 6,461 
Europe, Middle East, and Africa12,743 13,140 24,970 26,952 
Asia5,327 6,780 10,277 13,134 
Latin America1,842 2,931 3,780 4,694 
Total Revenues$225,302 $94,885 $411,365 $392,475 
The following table presents long-lived assets, which consists of property and equipment, net, by geographical area:
June 30, 2025December 31, 2024
Long-lived Assets - Property and Equipment, net:
North America$18,196 $18,327 
Europe148 217 
Asia Pacific58 81 
Australia50 54 
Total$18,452 $18,679 
Segment assets are not reported to, or used by, the Company’s Chief Operating Decision Maker to allocate resources to, or assess performance of the segments and therefore, total segment assets have not been disclosed.