Company: RILY
Filing Date: 2025-12-15
Form Type: 10-Q
Source: 0001464790-25-000029
Chunk: 187

Company: B. Riley Financial, Inc.
Filing Date: 2025-12-15
Form: 10-Q
Item: Part I, Item 2
Chunk 187
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 (“B&W”) and $4.0 million on Channell Commercial Corporation (“Channell”).

In our Capital Markets segment we have a portfolio of loans receivable that are measured at fair value with changes in fair value reported in our results of operations. The loan portfolio and fair value adjustments on loans consisted of the following:

Fair Value Adjustments on LoansLoans Receivable, at Fair ValueThree Months EndedJune 30,Industry or Type of LoanJune 30, 2025December 31, 202420252024Related Party Loans:Vintage Capital Management, LLCRetail / consumer$1,468 $2,057 $(866)$(151,147)Freedom VCM Receivables, Inc.Consumer receivable portfolio— 3,913 — (12,039)Conn’s, Inc.Retail / consumer11,000 38,826 — (7,230)W.S. Badcock CorporationConsumer receivable portfolio— 2,169 — (7,396)Great American Holdings, LLCProfessional Services4,700 — — — Other related party loansProfessional Services, Industrials, Oil & Gas2,202 4,937 (126)194 Total related party19,370 51,902 (992)(177,618)Exela Technologies, Inc.Technology29,610 32,136 2,049 55 Core Scientific, Inc.Technology— — — — Norlin EV LimitedReal Estate— 6,065 (257)21 Other loansVarious— — — 1,960 Total$48,980 $90,103 $800 $(175,582)

The fair value adjustments on loans receivable for the three months ended June 30, 2025 and 2024, were $0.8 million and $(175.6) million, respectively. During the three months ended June 30, 2025 and 2024, fair value adjustments for other loans receivable totaled $1.8 million and $2.0 million, respectively. 

The $176.4 million favorable variance in fair value adjustment related to our loans receivable during the three months ended June 30, 2025 was primarily driven by $150.3 million related to the VCM, $12.0 million related to Freedom VCM, $7.4 million related to Badcock and $7.2 million related