Company: RILYN
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0001628280-25-001398
Chunk: 394

Company: B. Riley Financial, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 8
Chunk 394
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The fair value adjustments on loans receivable were $9.2 million and $52.5 million during the three and six months ended June 30, 2023. The fair value adjustment to the loan receivable for Core Scientific, Inc. was $3.1 million and $35.5 million for the three and six months ended June 30, 2023. Core Scientific, Inc. provides digital infrastructure for bitcoin mining and high-performance computing. Core Scientific, Inc. filed Chapter 11 bankruptcy in 2022, leading to a significant mark down of the loan receivable in the fourth quarter of 2022. Subsequent to the Chapter 11 restructuring, and during the first quarter of 2023, there was an increase in bitcoin prices resulting in significant growth and value assumptions for the Core Scientific, Inc. loan receivable. As a result, the Core Scientific, Inc. loan receivable received a fair value adjustment of $35.5 million for the six months ended June 30, 2023.

Wealth Management – We provide retail brokerage, investment management, and insurance, and tax preparation services to individuals and families, small businesses, non-profits, trusts, foundations, endowments, and qualified retirement plans through a boutique private wealth and investment management firm to meet the individual financial needs and goals of our customers. Our experienced financial advisors provide investment management, retirement planning, education planning, wealth transfer and trust coordination, and lending and liquidity solutions. Our investment strategists provide strategies and real-time market views and commentary to help our clients make important and informed financial and investment decisions. Wealth management revenues are comprised of the following:

Three Months EndedJune 30,Six Months EndedJune 30,2024202320242023Brokerage revenues$22,824 $22,141 $46,493 $43,637 Advisory revenues20,216 18,388 39,566 36,284 Other6,542 6,714 14,705 15,864 Total$49,582 $47,243 $100,764 $95,785 

Total assets under management were approximately $25.6 billion, $25.4 billion, and $24.9 billion at June 30, 2024, December 31, 2023, and June 30, 2023, respectively. Of these amounts, advisory assets under management totaled approximately $8.0 billion at June 30, 202