RELATED PARTY TRANSACTIONS	3 Months Ended
Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company provides asset management and placement agent services to unconsolidated funds affiliated with the Company (the “Funds”). In connection with these services, the Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Funds. As of March 31, 2022, amounts due from related parties of $1,480 included $1,088 from the Funds for management fees and other operating expenses, and $442 due from CA Global Partners (“CA Global”) for operating expenses related to wholesale and industrial liquidation engagements managed by CA Global on behalf of GA Global Partners. As of December 31, 2021, amounts due from related parties of $2,306 included $621 from the Funds for management fees and other operating expenses, and $1,635 due from CA Global Partners (“CA Global”) for operating expenses related to wholesale and industrial liquidation engagements managed by CA Global on behalf of GA Global Partners. No interest expense was recorded related to loan participations sold to BRC Partners Opportunity Fund, LP (“BRCPOF”), a private equity fund managed by one of its subsidiaries, during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company recorded interest expense of $346 related to loan participations sold to BRCPOF. No commission income was recorded from introducing trades on behalf of BRCPOF during three months ended March 31, 2022. The Company recorded commission income of $330 from introducing trades on behalf of BRCPOF during the three months ended March 31, 2021. Our executive officers and members of our board of directors have a 49.1% financial interest, which includes a financial interest of Bryant Riley, our Co-Chief Executive Officer, of 29.1% in the BRCPOF as of March 31, 2022. In June 2020, the Company entered into an investment advisory services agreement with Whitehawk Capital Partners, L.P. (“Whitehawk”), a limited partnership controlled by Mr. J. Ahn, who is the brother of Phil Ahn, the Company’s Chief Financial Officer and Chief Operating Officer. Whitehawk has agreed to provide investment advisory services for two of the funds, GACP I, L.P. and GACP II, L.P. During the three months ended March 31, 2022 and 2021, management fees paid for investment advisory services by Whitehawk was $1,079 and $1,210, respectively. The Company periodically participates in loans and financing arrangements for which the Company has an equity ownership and representation on the board of directors (or similar governing body). The Company may also provide consulting services or investment banking services to raise capital for these companies. These transactions can be summarized as follows: Babcock and Wilcox During the three months ended March 31, 2022 and 2021, the Company earned $53 and $10,638, respectively, of underwriting and financial advisory and other fees from B&W in connection with B&W’s capital raising activities. One of the Company’s wholly owned subsidiaries entered into a services agreement with B&W that provided for the President of the Company to serve as the Chief Executive Officer of B&W until November 30, 2020 (the “Executive Consulting Agreement”), unless terminated by either party with thirty days written notice. The agreement was extended through December 31, 2023. Under this agreement, fees for services provided are $750 per annum, paid monthly. In addition, subject to the achievement of certain performance objectives as determined by B&W’s compensation committee of the board, a bonus or bonuses may also be earned and payable to the Company. In March 2022, a $1,000 performance fee was approved in accordance with the Executive Consulting Agreement. The Company is also a party to indemnification agreements for the benefit of B&W, and the B. Riley Guaranty, each as disclosed above in Note 15 – Commitments and Contingencies. The Arena Group Holdings, Inc. (fka the Maven, Inc.) The Company has loans receivable due from the Arena Group Holdings, Inc. (fka the Maven, Inc.) ("Arena") included in loans receivable, at fair value with a fair value of $67,988 and $69,835 as of March 31, 2022 and December 31, 2021, respectively. Interest on these loans is payable at 10% per annum with maturity dates through December 2023. During the three months ended March 31, 2022, the Company earned $2,021 underwriting and financial advisory and other fees from Arena in connection with Arena's capital raising activities. Lingo The Company has a loan receivable due from Lingo included in loans receivable, at fair value with a fair value of $71,842 and $58,565 as of March 31, 2022 and December 31, 2021, respectively. The term loan bears interest at 16.0% per annum with a maturity date of December 1, 2022. The term loan had a conversion feature under which $17,500 will convert to additional equity ownership upon receipt of certain regulatory approval. If those regulatory approvals are received, the conversion would increase the Company’s ownership interest in Lingo from 40% to 80%. On August 1, 2021, the credit agreement was amended to allow the borrower to elect that a portion of interest payable be payable in kind. On March 10, 2021, the Company also extended a promissory note to Lingo Communications, LLC in the amount of $1,100. The note bears interest at 6% per annum with a maturity date of June 30, 2022. California Natural Resources Group, LLC On November 1, 2021, the Company extended a $34,393 bridge promissory note bearing interest at up to 10.0% per annum to California Natural Resources Group, LLC (“CalNRG”). On January 3, 2022, CalNRG repaid the promissory note using proceeds from a new credit facility with a third party bank (the “CalNRG Credit Facility”). The Company has guaranteed CalNRG’s obligations, up to $10,375, under the CalNRG Credit Facility. Faze Clan On March 9, 2022, the Company extended $10,000 to Faze Clan, Inc. (“Faze”) pursuant to a bridge credit agreement (the “Bridge Agreement”). The terms of the Bridge Agreement allow Faze to borrow an additional $10,000 with all principal and accrued interest due upon closing of Faze’s merger with B. Riley Principal 150 Merger Corp. In the event the merger agreement is terminated, without completion of the merger, Faze will issue convertible secured promissory notes in an aggregate principal amount equal to the outstanding principal balance and the unpaid accrued interest of the loans on such date. As of March 31, 2022, the note is included in loans receivable, at fair value in the amount of $9,540. Notes issued pursuant to the Bridge Agreement bear interest at 7.0% per annum. Other As of March 31, 2022 and December 31, 2021, the Company had loans receivable due from other related parties in the amount of $4,417 and $4,201, respectively. The Company often provides consulting or investment banking services to raise capital for companies in which the Company has significant influence through equity ownership, representation on the board of directors (or similar governing body), or both. During the three months ended March 31, 2022, the Company earned $1,880 of fees related to these services.

The Company provides asset management and placement agent services to unconsolidated funds affiliated with the Company (the “Funds”). In connection with these services, the Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Funds.

As of March 31, 2022, amounts due from related parties of $1,480 included $1,088 from the Funds for management fees and other operating expenses, and $442 due from CA Global Partners (“CA Global”) for operating expenses related to

wholesale and industrial liquidation engagements managed by CA Global on behalf of GA Global Partners. As of December 31, 2021, amounts due from related parties of $2,306 included $621 from the Funds for management fees and other operating expenses, and $1,635 due from CA Global Partners (“CA Global”) for operating expenses related to wholesale and industrial liquidation engagements managed by CA Global on behalf of GA Global Partners.

No interest expense was recorded related to loan participations sold to BRC Partners Opportunity Fund, LP (“BRCPOF”), a private equity fund managed by one of its subsidiaries, during the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company recorded interest expense of $346 related to loan participations sold to BRCPOF. No commission income was recorded from introducing trades on behalf of BRCPOF during three months ended March 31, 2022. The Company recorded commission income of $330 from introducing trades on behalf of BRCPOF during the three months ended March 31, 2021. Our executive officers and members of our board of directors have a 49.1% financial interest, which includes a financial interest of Bryant Riley, our Co-Chief Executive Officer, of 29.1% in the BRCPOF as of March 31, 2022.

In June 2020, the Company entered into an investment advisory services agreement with Whitehawk Capital Partners, L.P. (“Whitehawk”), a limited partnership controlled by Mr. J. Ahn, who is the brother of Phil Ahn, the Company’s Chief Financial Officer and Chief Operating Officer. Whitehawk has agreed to provide investment advisory services for two of the funds, GACP I, L.P. and GACP II, L.P. During the three months ended March 31, 2022 and 2021, management fees paid for investment advisory services by Whitehawk was $1,079 and $1,210, respectively.

The Company periodically participates in loans and financing arrangements for which the Company has an equity ownership and representation on the board of directors (or similar governing body). The Company may also provide consulting services or investment banking services to raise capital for these companies. These transactions can be summarized as follows:

During the three months ended March 31, 2022 and 2021, the Company earned $53 and $10,638, respectively, of underwriting and financial advisory and other fees from B&W in connection with B&W’s capital raising activities.

One of the Company’s wholly owned subsidiaries entered into a services agreement with B&W that provided for the President of the Company to serve as the Chief Executive Officer of B&W until November 30, 2020 (the “Executive Consulting Agreement”), unless terminated by either party with thirty days written notice. The agreement was extended through December 31, 2023. Under this agreement, fees for services provided are $750 per annum, paid monthly. In addition, subject to the achievement of certain performance objectives as determined by B&W’s compensation committee of the board, a bonus or bonuses may also be earned and payable to the Company. In March 2022, a $1,000 performance fee was approved in accordance with the Executive Consulting Agreement.

The Company is also a party to indemnification agreements for the benefit of B&W, and the B. Riley Guaranty, each as disclosed above in Note 15 – Commitments and Contingencies.

The Company has loans receivable due from the Arena Group Holdings, Inc. (fka the Maven, Inc.) ("Arena") included in loans receivable, at fair value with a fair value of $67,988 and $69,835 as of March 31, 2022 and December 31, 2021, respectively. Interest on these loans is payable at 10% per annum with maturity dates through December 2023. During the three months ended March 31, 2022, the Company earned $2,021 underwriting and financial advisory and other fees from Arena in connection with Arena's capital raising activities.

The Company has a loan receivable due from Lingo included in loans receivable, at fair value with a fair value of $71,842 and $58,565 as of March 31, 2022 and December 31, 2021, respectively. The term loan bears interest at 16.0% per annum with a maturity date of December 1, 2022. The term loan had a conversion feature under which $17,500 will convert to additional equity ownership upon receipt of certain regulatory approval. If those regulatory approvals are received, the conversion would increase the Company’s ownership interest in Lingo from 40% to 80%. On August 1, 2021, the credit agreement was amended to allow the borrower to elect that a portion of interest payable be payable in kind. On

March 10, 2021, the Company also extended a promissory note to Lingo Communications, LLC in the amount of $1,100. The note bears interest at 6% per annum with a maturity date of June 30, 2022.

On November 1, 2021, the Company extended a $34,393 bridge promissory note bearing interest at up to 10.0% per annum to California Natural Resources Group, LLC (“CalNRG”). On January 3, 2022, CalNRG repaid the promissory note using proceeds from a new credit facility with a third party bank (the “CalNRG Credit Facility”). The Company has guaranteed CalNRG’s obligations, up to $10,375, under the CalNRG Credit Facility.

On March 9, 2022, the Company extended $10,000 to Faze Clan, Inc. (“Faze”) pursuant to a bridge credit agreement (the “Bridge Agreement”). The terms of the Bridge Agreement allow Faze to borrow an additional $10,000 with all principal and accrued interest due upon closing of Faze’s merger with B. Riley Principal 150 Merger Corp. In the event the merger agreement is terminated, without completion of the merger, Faze will issue convertible secured promissory notes in an aggregate principal amount equal to the outstanding principal balance and the unpaid accrued interest of the loans on such date. As of March 31, 2022, the note is included in loans receivable, at fair value in the amount of $9,540. Notes issued pursuant to the Bridge Agreement bear interest at 7.0% per annum.

The Company often provides consulting or investment banking services to raise capital for companies in which the Company has significant influence through equity ownership, representation on the board of directors (or similar governing body), or both. During the three months ended March 31, 2022, the Company earned $1,880 of fees related to these services.