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RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables present the corrections by financial statement line item within statement of operations for all periods presented:


	Year Ended December 31, 2021
	As Previously Reported		Restatement Adjustments		Restatement Reference	As Restated
Statement of Operations
Revenues:
Services and fees	$	1,172,957	$	(19,732)	(a)	$	1,153,225
Trading (loss) income and fair value adjustments on loans	386,676		(166,131)		(b)	220,545
Interest income - Loans and securities lending	122,723		—			122,723
Sale of goods	58,205		—			58,205
Total revenues	1,740,561		(185,863)			1,554,698

Operating expenses:
Direct cost of services	54,390		—			54,390
Cost of goods sold	26,953		—			26,953
Selling, general and administrative expenses	906,196		—			906,196


Interest expense - Securities lending and loan participations sold	52,631		—			52,631
Total operating expenses	1,040,170		—			1,040,170
Operating income (loss)	700,391		(185,863)			514,528

Other income (expense):
Interest income	229		—			229
Dividend income	—		19,732		(a)	19,732
Realized and unrealized gains (losses) on investments	—		166,131		(b)	166,131
Change in fair value of financial instruments and other	3,796		—			3,796
Income from equity method investments	2,801		—			2,801
Interest expense	(92,455)		—			(92,455)
Income before income taxes	614,762		—			614,762
Provision for income taxes	(163,960)		—			(163,960)
Net income	450,802		—			450,802
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	5,748		—			5,748
Net income attributable to B. Riley Financial, Inc.	445,054		—			445,054
Preferred stock dividends	7,457		—			7,457
Net income available to common shareholders	$	437,597	$	—		$	437,597

Basic income per common share	$	15.99				$	15.99
Diluted income per common share	$	15.09				$	15.09

Weighted average basic common shares outstanding	27,366,292					27,366,292
Weighted average diluted common shares outstanding	29,005,602					29,005,602

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Year Ended December 31, 2020
	As Previously Reported		Restatement Adjustments		Restatement Reference	As Restated
Statement of Operations
Revenues:
Services and fees	$	667,069	$	(21,163)	(a)	$	645,906
Trading (loss) income and fair value adjustments on loans	104,018		(47,341)		(b)	56,677
Interest income - Loans and securities lending	102,499		—			102,499
Sale of goods	29,135		—			29,135
Total revenues	902,721		(68,504)			834,217

Operating expenses:
Direct cost of services	60,451		—			60,451
Cost of goods sold	12,460		—			12,460
Selling, general and administrative expenses	428,537		—			428,537
Restructuring charge	1,557		—			1,557
Impairment of tradenames	12,500		—			12,500
Interest expense - Securities lending and loan participations sold	42,451		—			42,451
Total operating expenses	557,956		—			557,956
Operating income (loss)	344,765		(68,504)			276,261

Other income (expense):
Interest income	564		—			564
Dividend income	—		21,163		(a)	21,163
Realized and unrealized gains (losses) on investments	—		47,341		(b)	47,341

Loss from equity method investments	(623)		—			(623)
Interest expense	(65,249)		—			(65,249)
(Loss) income before income taxes	279,457		—			279,457
Provision for income taxes	(75,440)		—			(75,440)
Net income	204,017		—			204,017
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(1,131)		—			(1,131)
Net income attributable to B. Riley Financial, Inc.	205,148		—			205,148
Preferred stock dividends	4,710		—			4,710
Net income available to common shareholders	$	200,438	$	—		$	200,438

Basic income per common share	$	7.83				$	7.83
Diluted income per common share	$	7.56				$	7.56

Weighted average basic common shares outstanding	25,607,278					25,607,278
Weighted average diluted common shares outstanding	26,508,397					26,508,397

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


			As Restated
	December 31, 2022		September 30, 2022				June 30, 2022				March 31, 2022
	Three Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Six Months Ended		Three Months Ended

Revenues:
Services and fees	$	243,837	$	257,310	$	651,786	$	191,662	$	394,476	$	202,814
Trading (loss) income and fair value adjustments on loans	(58,670)		(6,917)		(143,958)		(117,763)		(137,041)		(19,278)
Interest income - Loans and securities lending	62,545		57,594		182,855		63,835		125,261		61,426
Sale of goods	134,380		4,130		7,895		1,887		3,765		1,878
Total revenues	382,092		312,117		698,578		139,621		386,461		246,840

Operating expenses:
Direct cost of services	68,496		44,523		73,959		17,785		29,436		11,651
Cost of goods sold	71,313		3,089		7,334		1,994		4,245		2,251
Selling, general and administrative expenses	208,552		163,727		506,062		167,136		342,335		175,199
Restructuring charge	995		8,016		8,016		—		—		—


Interest expense - Securities lending and loan participations sold	22,738		17,447		43,757		14,544		26,310		11,766
Total operating expenses	372,094		236,802		639,128		201,459		402,326		200,867
Operating (loss) income	9,998		75,315		59,450		(61,838)		(15,865)		45,973

Other income (expense):
Interest income	1,482		686		1,253		500		567		67
Dividend income	9,595		9,175		26,279		9,243		17,104		7,861
Realized and unrealized gains (losses) on investments	(64,874)		19,071		(136,205)		(106,164)		(155,276)		(49,112)
Change in fair value of financial instruments and other	460		(574)		9,728		4,321		10,302		5,981
Income (loss) from equity method investments	285		(91)		3,285		(3,399)		3,376		6,775
Interest expense	(44,399)		(34,587)		(96,787)		(31,764)		(62,200)		(30,436)
(Loss) income before income taxes	(87,453)		68,995		(132,997)		(189,101)		(201,992)		(12,891)
Benefit from (provision for) income taxes	23,998		(16,350)		39,858		52,513		56,208		3,695
Net (loss) income	(63,455)		52,645		(93,139)		(136,588)		(145,784)		(9,196)
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests	(6,010)		4,808		9,245		3,571		4,437		866
Net (loss) income attributable to B. Riley Financial, Inc.	(57,445)		47,837		(102,384)		(140,159)		(150,221)		(10,062)
Preferred stock dividends	2,002		2,002		6,006		2,002		4,004		2,002
Net (loss) income available to common shareholders	$	(59,447)	$	45,835	$	(108,390)	$	(142,161)	$	(154,225)	$	(12,064)

Basic (loss) income per common share	$	(2.08)	$	1.62	$	(3.86)	$	(5.07)	$	(5.52)	$	(0.43)
Diluted (loss) income per common share	$	(2.08)	$	1.53	$	(3.86)	$	(5.07)	$	(5.52)	$	(0.43)


Weighted average basic common shares outstanding	28,545,714	28,293,064	28,068,160	28,051,570	27,953,845	27,855,033
Weighted average diluted common shares outstanding	28,545,714	29,968,417	28,068,160	28,051,570	27,953,845	27,855,033


	As Restated
	December 31, 2021		September 30, 2021				June 30, 2021				March 31, 2021
	Three Months Ended		Three Months Ended		Nine Months Ended		Three Months Ended		Six Months Ended		Three Months Ended

Revenues:
Services and fees	$	308,062	$	295,561	$	845,163	$	262,607	$	549,602	$	286,995
Trading income and fair value adjustments on loans	54,848		34,892		165,697		18,411		130,805		112,394
Interest income - Loans and securities lending	33,443		26,869		89,280		25,491		62,411		36,920
Sale of goods	3,961		34,959		54,244		12,457		19,285		6,828
Total revenues	400,314		392,281		1,154,384		318,966		762,103		443,137

Operating expenses:
Direct cost of services	12,955		18,019		41,435		12,094		23,416		11,322
Cost of goods sold	5,559		12,442		21,394		3,626		8,952		5,326
Selling, general and administrative expenses	270,712		244,218		635,484		199,922		391,266		191,344


Interest expense - Securities lending and loan participations sold	12,362		10,097		40,269		10,983		30,172		19,189
Total operating expenses	301,588		284,776		738,582		226,625		453,806		227,181
Operating income	98,726		107,505		415,802		92,341		308,297		215,956

Other income (expense):
Interest income	54		70		175		56		105		49
Dividend income	7,786		5,936		11,946		3,536		6,010		2,474
Realized and unrealized gains (losses) on investments	14,010		(16,695)		152,121		14,268		168,816		154,548


Change in fair value of financial instruments and other	(4,471)		1,758		8,267		6,509		6,509		—
Income (loss) from method equity investments	1,629		1,149		1,172		(852)		23		875
Interest expense	(26,441)		(25,372)		(66,014)		(20,856)		(40,642)		(19,786)
Income before income taxes	91,293		74,351		523,469		95,002		449,118		354,116
Provision for income taxes	(23,847)		(22,693)		(140,113)		(19,902)		(117,420)		(97,518)
Net income	67,446		51,658		383,356		75,100		331,698		256,598
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests	3,274		1,108		2,474		(576)		1,366		1,942
Net income attributable to B. Riley Financial, Inc.	64,172		50,550		380,882		75,676		330,332		254,656
Preferred stock dividends	1,990		1,929		5,467		1,789		3,538		1,749
Net income available to common shareholders	$	62,182	$	48,621	$	375,415	$	73,887	$	326,794	$	252,907

Basic income per common share	$	2.26	$	1.76	$	13.75	$	2.70	$	12.03	$	9.38
Diluted income per common share	$	2.08	$	1.69	$	13.07	$	2.58	$	11.39	$	8.81

Weighted average basic common shares outstanding	27,569,188		27,570,716		27,297,917		27,344,184		27,159,257		26,972,275
Weighted average diluted common shares outstanding	29,840,704		28,794,066		28,726,492		28,668,465		28,690,444		28,710,368


	Three Months Ended September 30, 2022
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	266,485	$	(9,175)	(a)	$	257,310
Trading (loss) income and fair value adjustments on loans	12,154		(19,071)		(b)	(6,917)
Interest income - Loans and securities lending	57,594		—			57,594
Sale of goods	4,130		—			4,130
Total revenues	340,363		(28,246)			312,117

Operating expenses:
Direct cost of services	44,523		—			44,523
Cost of goods sold	3,089		—			3,089
Selling, general and administrative expenses	163,727		—			163,727
Restructuring charge	8,016		—			8,016

Interest expense - Securities lending and loan participations sold	17,447		—			17,447
Total operating expenses	236,802		—			236,802
Operating income (loss)	103,561		(28,246)			75,315

Other income (expense):
Interest income	686		—			686
Dividend income	—		9,175		(a)	9,175
Realized and unrealized gains (losses) on investments	—		19,071		(b)	19,071
Change in fair value of financial instruments and other	(574)		—			(574)
Loss from equity method investments	(91)		—			(91)
Interest expense	(34,587)		—			(34,587)
Income before income taxes	68,995		—			68,995
Provision for income taxes	(16,350)		—			(16,350)
Net income	52,645		—			52,645
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	4,808		—			4,808
Net income attributable to B. Riley Financial, Inc.	47,837		—			47,837
Preferred stock dividends	2,002		—			2,002
Net income available to common shareholders	$	45,835	$	—		$	45,835

Basic income per common share	$	1.62				$	1.62
Diluted income per common share	$	1.53				$	1.53

Weighted average basic common shares outstanding	28,293,064					28,293,064
Weighted average diluted common shares outstanding	29,968,417					29,968,417

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Nine Months Ended September 30, 2022
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	678,065	$	(26,279)	(a)	$	651,786
Trading (loss) income and fair value adjustments on loans	(280,163)		136,205		(b)	(143,958)
Interest income - Loans and securities lending	182,855		—			182,855
Sale of goods	7,895		—			7,895
Total revenues	588,652		109,926			698,578

Operating expenses:
Direct cost of services	73,959		—			73,959
Cost of goods sold	7,334		—			7,334
Selling, general and administrative expenses	506,062		—			506,062
Restructuring charge	8,016		—			8,016

Interest expense - Securities lending and loan participations sold	43,757		—			43,757
Total operating expenses	639,128		—			639,128
Operating (loss) income	(50,476)		109,926			59,450

Other income (expense):
Interest income	1,253		—			1,253
Dividend income	—		26,279		(a)	26,279
Realized and unrealized gains (losses) on investments	—		(136,205)		(b)	(136,205)
Change in fair value of financial instruments and other	9,728		—			9,728
Income from equity method investments	3,285		—			3,285
Interest expense	(96,787)		—			(96,787)
Loss before income taxes	(132,997)		—			(132,997)
Benefit from income taxes	39,858		—			39,858
Net loss	(93,139)		—			(93,139)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	9,245		—			9,245
Net loss attributable to B. Riley Financial, Inc.	(102,384)		—			(102,384)
Preferred stock dividends	6,006		—			6,006
Net loss available to common shareholders	$	(108,390)	$	—		$	(108,390)

Basic loss per common share	$	(3.86)				$	(3.86)
Diluted loss per common share	$	(3.86)				$	(3.86)

Weighted average basic common shares outstanding	28,068,160					28,068,160
Weighted average diluted common shares outstanding	28,068,160					28,068,160

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Three Months Ended June 30, 2022
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	200,905	$	(9,243)	(a)	$	191,662
Trading (loss) income and fair value adjustments on loans	(223,927)		106,164		(b)	(117,763)
Interest income - Loans and securities lending	63,835		—			63,835
Sale of goods	1,887		—			1,887
Total revenues	42,700		96,921			139,621

Operating expenses:
Direct cost of services	17,785		—			17,785
Cost of goods sold	1,994		—			1,994
Selling, general and administrative expenses	167,136		—			167,136


Interest expense - Securities lending and loan participations sold	14,544		—			14,544
Total operating expenses	201,459		—			201,459
Operating (loss) income	(158,759)		96,921			(61,838)

Other income (expense):
Interest income	500		—			500
Dividend income	—		9,243		(a)	9,243
Realized and unrealized gains (losses) on investments	—		(106,164)		(b)	(106,164)
Change in fair value of financial instruments and other	4,321		—			4,321
Loss from equity method investments	(3,399)		—			(3,399)
Interest expense	(31,764)		—			(31,764)
Loss before income taxes	(189,101)		—			(189,101)
Benefit from income taxes	52,513		—			52,513
Net loss	(136,588)		—			(136,588)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	3,571		—			3,571
Net loss attributable to B. Riley Financial, Inc.	(140,159)		—			(140,159)
Preferred stock dividends	2,002		—			2,002
Net loss available to common shareholders	$	(142,161)	$	—		$	(142,161)

Basic loss per common share	$	(5.07)				$	(5.07)
Diluted loss per common share	$	(5.07)				$	(5.07)

Weighted average basic common shares outstanding	28,051,570					28,051,570
Weighted average diluted common shares outstanding	28,051,570					28,051,570

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Six Months Ended June 30, 2022
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	411,580	$	(17,104)	(a)	$	394,476
Trading (loss) income and fair value adjustments on loans	(292,317)		155,276		(b)	(137,041)
Interest income - Loans and securities lending	125,261		—			125,261
Sale of goods	3,765		—			3,765
Total revenues	248,289		138,172			386,461

Operating expenses:
Direct cost of services	29,436		—			29,436
Cost of goods sold	4,245		—			4,245
Selling, general and administrative expenses	342,335		—			342,335


Interest expense - Securities lending and loan participations sold	26,310		—			26,310
Total operating expenses	402,326		—			402,326
Operating (loss) income	(154,037)		138,172			(15,865)

Other income (expense):
Interest income	567		—			567
Dividend income	—		17,104		(a)	17,104
Realized and unrealized gains (losses) on investments	—		(155,276)		(b)	(155,276)
Change in fair value of financial instruments and other	10,302		—			10,302
Income from equity method investments	3,376		—			3,376
Interest expense	(62,200)		—			(62,200)
Loss before income taxes	(201,992)		—			(201,992)
Benefit from income taxes	56,208		—			56,208
Net loss	(145,784)		—			(145,784)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	4,437		—			4,437
Net loss attributable to B. Riley Financial, Inc.	(150,221)		—			(150,221)
Preferred stock dividends	4,004		—			4,004
Net loss available to common shareholders	$	(154,225)	$	—		$	(154,225)

Basic loss per common share	$	(5.52)				$	(5.52)
Diluted loss per common share	$	(5.52)				$	(5.52)

Weighted average basic common shares outstanding	27,953,845					27,953,845
Weighted average diluted common shares outstanding	27,953,845					27,953,845

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Three Months Ended March 31, 2022
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	210,675	$	(7,861)	(a)	$	202,814
Trading (loss) income and fair value adjustments on loans	(68,390)		49,112		(b)	(19,278)
Interest income - Loans and securities lending	61,426		—			61,426
Sale of goods	1,878		—			1,878
Total revenues	205,589		41,251			246,840

Operating expenses:
Direct cost of services	11,651		—			11,651
Cost of goods sold	2,251		—			2,251
Selling, general and administrative expenses	175,199		—			175,199


Interest expense - Securities lending and loan participations sold	11,766		—			11,766
Total operating expenses	200,867		—			200,867
Operating income	4,722		41,251			45,973

Other income (expense):
Interest income	67		—			67
Dividend income	—		7,861		(a)	7,861
Realized and unrealized gains (losses) on investments	—		(49,112)		(b)	(49,112)
Change in fair value of financial instruments and other	5,981		—			5,981
Income (loss) from equity method investments	6,775		—			6,775
Interest expense	(30,436)		—			(30,436)
Loss before income taxes	(12,891)		—			(12,891)
Benefit from income taxes	3,695		—			3,695
Net loss	(9,196)		—			(9,196)
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	866		—			866
Net loss attributable to B. Riley Financial, Inc.	(10,062)		—			(10,062)
Preferred stock dividends	2,002		—			2,002
Net loss available to common shareholders	$	(12,064)	$	—		$	(12,064)

Basic loss per common share	$	(0.43)				$	(0.43)
Diluted loss per common share	$	(0.43)				$	(0.43)

Weighted average basic common shares outstanding	27,855,033					27,855,033
Weighted average diluted common shares outstanding	27,855,033					27,855,033

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Three Months Ended December 31, 2021
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	315,848	$	(7,786)	(a)	$	308,062
Trading income (loss) and fair value adjustments on loans	68,858		(14,010)		(b)	54,848
Interest income - Loans and securities lending	33,443		—			33,443
Sale of goods	3,961		—			3,961
Total revenues	422,110		(21,796)			400,314

Operating expenses:
Direct cost of services	12,955		—			12,955
Cost of goods sold	5,559		—			5,559
Selling, general and administrative expenses	270,712		—			270,712


Interest expense - Securities lending and loan participations sold	12,362		—			12,362
Total operating expenses	301,588		—			301,588
Operating income (loss)	120,522		(21,796)			98,726

Other income (expense):
Interest income	54		—			54
Dividend income	—		7,786		(a)	7,786
Realized and unrealized gains (losses) on investments	—		14,010		(b)	14,010
Change in fair value of financial instruments and other	(4,471)		—			(4,471)
Income from equity method investments	1,629		—			1,629
Interest expense	(26,441)		—			(26,441)
Income before income taxes	91,293		—			91,293
Provision for income taxes	(23,847)		—			(23,847)
Net income	67,446		—			67,446
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	3,274		—			3,274
Net income attributable to B. Riley Financial, Inc.	64,172		—			64,172
Preferred stock dividends	1,990		—			1,990
Net income available to common shareholders	$	62,182	$	—		$	62,182

Basic income per common share	$	2.26				$	2.26
Diluted income per common share	$	2.08				$	2.08

Weighted average basic common shares outstanding	27,569,188					27,569,188
Weighted average diluted common shares outstanding	29,840,704					29,840,704

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Three Months Ended September 30, 2021
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	301,497	$	(5,936)	(a)	$	295,561
Trading income and fair value adjustments on loans	18,197		16,695		(b)	34,892
Interest income - Loans and securities lending	26,869		—			26,869
Sale of goods	34,959		—			34,959
Total revenues	381,522		10,759			392,281

Operating expenses:
Direct cost of services	18,019		—			18,019
Cost of goods sold	12,442		—			12,442
Selling, general and administrative expenses	244,218		—			244,218


Interest expense - Securities lending and loan participations sold	10,097		—			10,097
Total operating expenses	284,776		—			284,776
Operating income	96,746		10,759			107,505

Other income (expense):
Interest income	70		—			70
Dividend income	—		5,936		(a)	5,936
Realized and unrealized gains (losses) on investments	—		(16,695)		(b)	(16,695)
Change in fair value of financial instruments and other	1,758		—			1,758
Income from equity method investments	1,149		—			1,149
Interest expense	(25,372)		—			(25,372)
Income before income taxes	74,351		—			74,351
Provision for income taxes	(22,693)		—			(22,693)
Net income	51,658		—			51,658
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	1,108		—			1,108
Net income attributable to B. Riley Financial, Inc.	50,550		—			50,550
Preferred stock dividends	1,929		—			1,929
Net income available to common shareholders	$	48,621	$	—		$	48,621

Basic income per common share	$	1.76				$	1.76
Diluted income per common share	$	1.69				$	1.69

Weighted average basic common shares outstanding	27,570,716					27,570,716
Weighted average diluted common shares outstanding	28,794,066					28,794,066

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Nine Months Ended September 30, 2021
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	857,109	$	(11,946)	(a)	$	845,163
Trading income (loss) and fair value adjustments on loans	317,818		(152,121)		(b)	165,697
Interest income - Loans and securities lending	89,280		—			89,280
Sale of goods	54,244		—			54,244
Total revenues	1,318,451		(164,067)			1,154,384

Operating expenses:
Direct cost of services	41,435		—			41,435
Cost of goods sold	21,394		—			21,394
Selling, general and administrative expenses	635,484		—			635,484


Interest expense - Securities lending and loan participations sold	40,269		—			40,269
Total operating expenses	738,582		—			738,582
Operating income (loss)	579,869		(164,067)			415,802

Other income (expense):
Interest income	175		—			175
Dividend income	—		11,946		(a)	11,946
Realized and unrealized gains (losses) on investments	—		152,121		(b)	152,121
Change in fair value of financial instruments and other	8,267		—			8,267
Income from equity method investments	1,172		—			1,172
Interest expense	(66,014)		—			(66,014)
Income before income taxes	523,469		—			523,469
Provision for income taxes	(140,113)		—			(140,113)
Net income	383,356		—			383,356
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	2,474		—			2,474
Net income attributable to B. Riley Financial, Inc.	380,882		—			380,882
Preferred stock dividends	5,467		—			5,467
Net income available to common shareholders	$	375,415	$	—		$	375,415

Basic income per common share	$	13.75				$	13.75
Diluted income per common share	$	13.07				$	13.07

Weighted average basic common shares outstanding	27,297,917					27,297,917
Weighted average diluted common shares outstanding	28,726,492					28,726,492

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Three Months Ended June 30, 2021
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	266,143	$	(3,536)	(a)	$	262,607
Trading income (loss) and fair value adjustments on loans	32,679		(14,268)		(b)	18,411
Interest income - Loans and securities lending	25,491		—			25,491
Sale of goods	12,457		—			12,457
Total revenues	336,770		(17,804)			318,966

Operating expenses:
Direct cost of services	12,094		—			12,094
Cost of goods sold	3,626		—			3,626
Selling, general and administrative expenses	199,922		—			199,922


Interest expense - Securities lending and loan participations sold	10,983		—			10,983
Total operating expenses	226,625		—			226,625
Operating income (loss)	110,145		(17,804)			92,341

Other income (expense):
Interest income	56		—			56
Dividend income	—		3,536		(a)	3,536
Realized and unrealized gains (losses) on investments	—		14,268		(b)	14,268
Change in fair value of financial instruments and other	6,509		—			6,509
Loss from equity method investments	(852)		—			(852)
Interest expense	(20,856)		—			(20,856)
Income before income taxes	95,002		—			95,002
Provision for income taxes	(19,902)		—			(19,902)
Net income	75,100		—			75,100
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests	(576)		—			(576)
Net income attributable to B. Riley Financial, Inc.	75,676		—			75,676
Preferred stock dividends	1,789		—			1,789
Net income available to common shareholders	$	73,887	$	—		$	73,887

Basic income per common share	$	2.70				$	2.70
Diluted income per common share	$	2.58				$	2.58

Weighted average basic common shares outstanding	27,344,184					27,344,184
Weighted average diluted common shares outstanding	28,668,465					28,668,465

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Six Months Ended June 30, 2021
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	555,612	$	(6,010)	(a)	$	549,602
Trading income (loss) and fair value adjustments on loans	299,621		(168,816)		(b)	130,805
Interest income - Loans and securities lending	62,411		—			62,411
Sale of goods	19,285		—			19,285
Total revenues	936,929		(174,826)			762,103

Operating expenses:
Direct cost of services	23,416		—			23,416
Cost of goods sold	8,952		—			8,952
Selling, general and administrative expenses	391,266		—			391,266


Interest expense - Securities lending and loan participations sold	30,172		—			30,172
Total operating expenses	453,806		—			453,806
Operating income (loss)	483,123		(174,826)			308,297

Other income (expense):
Interest income	105		—			105
Dividend income	—		6,010		(a)	6,010
Realized and unrealized gains (losses) on investments	—		168,816		(b)	168,816
Change in fair value of financial instruments and other	6,509		—			6,509
Income from equity method investments	23		—			23
Interest expense	(40,642)		—			(40,642)
Income before income taxes	449,118		—			449,118
Provision for income taxes	(117,420)		—			(117,420)
Net income	331,698		—			331,698
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	1,366		—			1,366
Net income attributable to B. Riley Financial, Inc.	330,332		—			330,332
Preferred stock dividends	3,538		—			3,538
Net income available to common shareholders	$	326,794	$	—		$	326,794

Basic income per common share	$	12.03				$	12.03
Diluted income per common share	$	11.39				$	11.39

Weighted average basic common shares outstanding	27,159,257					27,159,257
Weighted average diluted common shares outstanding	28,690,444					28,690,444

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.


	Three Months Ended March 31, 2021
	As Reported		Restatement Adjustments		Restatement Reference	As Restated

Revenues:
Services and fees	$	289,469	$	(2,474)	(a)	$	286,995
Trading (loss) income and fair value adjustments on loans	266,942		(154,548)		(b)	112,394
Interest income - Loans and securities lending	36,920		—			36,920
Sale of goods	6,828		—			6,828
Total revenues	600,159		(157,022)			443,137

Operating expenses:
Direct cost of services	11,322		—			11,322
Cost of goods sold	5,326		—			5,326
Selling, general and administrative expenses	191,344		—			191,344


Interest expense - Securities lending and loan participations sold	19,189		—			19,189
Total operating expenses	227,181		—			227,181
Operating income (loss)	372,978		(157,022)			215,956

Other income (expense):
Interest income	49		—			49
Dividend income	—		2,474		(a)	2,474
Realized and unrealized gains (losses) on investments	—		154,548		(b)	154,548
Change in fair value of financial instruments and other	—		—			—
Income from equity method investments	875		—			875
Interest expense	(19,786)		—			(19,786)
Income before income taxes	354,116		—			354,116
Provision for income taxes	(97,518)		—			(97,518)
Net income	256,598		—			256,598
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	1,942		—			1,942
Net income attributable to B. Riley Financial, Inc.	254,656		—			254,656
Preferred stock dividends	1,749		—			1,749
Net income available to common shareholders	$	252,907	$	—		$	252,907

Basic income per common share	$	9.38				$	9.38
Diluted income per common share	$	8.81				$	8.81

Weighted average basic common shares outstanding	26,972,275					26,972,275
Weighted average diluted common shares outstanding	28,710,368					28,710,368

(a) To reclassify dividends received from investments from Services and fees to Dividend income.

(b) To reclassify realized and unrealized gains (losses) on investments from Trading income (loss) and fair value on loans to Realized and unrealized gains (losses) on investments.