RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of condensed consolidated statement of cash flows

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

	Three Months Ended June 30, 2022
	As Previously Reported		Restatement Adjustments		Restatement Reference	As Restated
Statement of Operations
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
Income from equity method investments	(3,399)		—			(3,399)
Interest expense	(31,764)		—			(31,764)
Loss before income taxes	(189,101)		—			(189,101)
Provision for 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 Previously Reported		Restatement Adjustments		Restatement Reference	As Restated
Statement of Operations
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)
Provision for 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.