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Condensed Consolidated Statements of Operations (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Total revenues $ 225,302 $ 94,885 $ 411,365 $ 392,475
Operating expenses:        
Direct cost of services 33,216 58,679 75,916 118,349
Cost of goods sold 35,113 39,758 71,846 78,585
Selling, general and administrative expenses 142,369 178,014 309,757 356,954
Restructuring charge 321 20 321 809
Impairment of goodwill and tradenames 1,500 27,681 1,500 27,681
Interest expense - Securities lending and loan participations sold 1,968 23,313 2,687 58,696
Total operating expenses 214,487 327,465 462,027 641,074
Operating income (loss) 10,815 (232,580) (50,662) (248,599)
Other income (expense):        
Interest income 492 797 1,978 1,460
Dividend income 122 460 257 3,464
Realized and unrealized gains (losses) on investments 10,216 (155,241) (4,284) (190,165)
Change in fair value of financial instruments and other 11,884 0 12,806 0
Gain on sale and deconsolidation of businesses 5,372 0 86,213 [1] 314 [1]
Gain on senior note exchange 44,454 0 54,986 0
Income from equity investments 25,603 10 25,051 [1] 6 [1]
(Loss) gain on extinguishment of debt (10,266) 120 (20,693) [1] 120 [1]
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 [1] (481,735) [1]
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)
Net income (loss) available to common shareholders $ 137,456 $ (435,619) $ 125,466 $ (486,799)
Basic net income (loss) per common share:        
Continuing operations (in dollars per share) $ 2.23 $ (14.83) $ 1.73 $ (17.02)
Discontinued operations (in dollars per share) 2.27 0.48 2.38 0.89
Basic income (loss) per common share (in dollars per share) 4.50 (14.35) 4.11 (16.13)
Diluted net income (loss) per common share:        
Continuing operations (in dollars per share) 2.23 (14.83) 1.73 (17.02)
Discontinued operations (in dollars per share) 2.27 0.48 2.38 0.89
Diluted income (loss) per common share (in dollars per share) $ 4.50 $ (14.35) $ 4.11 $ (16.13)
Weighted average basic common shares outstanding (in shares) 30,527,835 30,352,054 30,512,757 30,170,819
Weighted average diluted common shares outstanding (in shares) 30,527,835 30,352,054 30,512,757 30,170,819
Services and fees        
Revenues:        
Total revenues $ 145,772 $ 202,909 $ 304,611 $ 416,990
Services and fees | Related Party        
Revenues:        
Total revenues 5,121 3,119 7,849 5,398
Trading gains (losses), net        
Revenues:        
Total revenues 27,680 (31,321) 11,509 (48,988)
Fair value adjustments on loans        
Revenues:        
Total revenues 800 (175,582) (7,296) (187,783)
Fair value adjustments on loans | Related Party        
Revenues:        
Total revenues (992) (177,618) (3,137) (196,743)
Interest income - loans        
Revenues:        
Total revenues 3,853 18,508 7,049 40,643
Interest income - loans | Related Party        
Revenues:        
Total revenues 475 13,439 1,171 27,403
Interest income - securities lending        
Revenues:        
Total revenues 2,124 24,798 2,964 62,607
Sale of goods        
Revenues:        
Total revenues $ 45,073 $ 55,573 $ 92,528 $ 109,006
[1] Amounts presented contain results from both continuing and discontinued operations. Refer to Note 4 – Discontinued Operations and Assets Held for Sale for additional information regarding cash flow associated with the results of discontinued operations.