B. Riley Financial Files 2022 Annual Report on Form 10-K

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Mar 16, 2023, 06:25 ET

LOS ANGELES, March 16, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services platform, today announced the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

Certain previously issued financial statements have been restated to correct the classification of dividends received and realized and unrealized gains (losses) on certain investments held by non-regulated entities from within "Revenue" to "Other Income" in the Company's consolidated statement of operations.

This reclassification had no impact on previously issued consolidated balance sheets, net income, earnings per share (EPS), adjusted EBITDA, or operating adjusted EBITDA.

Additional information related to operating and investment metrics can be found in the revised Fourth Quarter 2022 Financial Supplement which is available on the Company's investor relations website. Information about the Company's use of non-GAAP financial measures is provided under "Use of Non-GAAP Financial Measures."

These results have been recast in the corresponding tables for the periods presented.



	Year Ended						Year Ended						Year Ended
	December 31, 2022						December 31, 2021						December 31, 2020
(Dollars in thousands)	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated

Total Revenues	$	915,465	$	165,205	$	1,080,670	$	1,740,561	$	(185,863)	$	1,554,698	$	902,721	$	(68,504)	$	834,217
Total Operating Expenses		(1,011,222)		—		(1,011,222)		(1,040,170)		—		(1,040,170)		(557,956)		—		(557,956)
Other (Expenses) Income		(124,693)		(165,205)		(289,898)		(85,629)		185,863		100,234		(65,308)		68,504		3,196
(Loss) Income Before Income Taxes		(220,450)		—		(220,450)		614,762		—		614,762		279,457		—		279,457

Net (Loss) Income Available to Common Shareholders	$	(167,837)	$	—	$	(167,837)	$	437,597	$	—	$	437,597	$	200,438	$	—	$	200,438
Diluted (Loss) Income per Common Share	$	(5.95)	$	—	$	(5.95)	$	15.09	$	—	$	15.09	$	7.56	$	—	$	7.56




	Year Ended						Year Ended						Year Ended
	December 31, 2022						December 31, 2021						December 31, 2020
(Dollars in thousands)	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated

Operating Revenues ⁽²⁾	$	1,319,172	$	(35,874)	$	1,283,298	$	1,353,885	$	(19,732)	$	1,334,153	$	798,703	$	(21,163)	$	777,540
Investment (Loss) Gains ⁽⁴⁾		(403,707)		201,079		(202,628)		386,676		(166,131)		220,545		104,018		(47,341)		56,677
Total Revenues	$	915,465	$	165,205	$	1,080,670	$	1,740,561	$	(185,863)	$	1,554,698	$	902,721	$	(68,504)	$	834,217

Operating Adjusted EBITDA ⁽³⁾	$	366,458	$	—	$	366,458	$	422,029	$	—	$	422,029	$	311,673	$	—	$	311,673
Investment Adjusted EBITDA ⁽⁵⁾		(334,176)		—		(334,176)		340,465		—		340,465		95,145		—		95,145
Total Adjusted EBITDA ⁽¹⁾	$	32,282	$	—	$	32,282	$	762,494	$	—	$	762,494	$	406,818	$	—	$	406,818




	Three Months Ended						Three Months Ended
	December 31, 2022						December 31, 2021
(Dollars in thousands)	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		Restated

Total Revenues	$	326,813	$	55,279	$	382,092	$	422,110	$	(21,796)	$	400,314
Total Operating Expenses		(372,094)		—		(372,094)		(301,588)		—		(301,588)
Other (Expenses) Income		(42,172)		(55,279)		(97,451)		(29,229)		21,796		(7,433)
(Loss) Income Before Income Taxes		(87,453)		—		(87,453)		91,293		—		91,293

Net (Loss) Income Available to Common Shareholders	$	(59,447)	$	—	$	(59,447)	$	62,182	$	—	$	62,182
Diluted (Loss) Income per Common Share	$	(2.08)	$	—	$	(2.08)	$	2.08	$	—	$	2.08



	Three Months Ended						Three Months Ended
	December 31, 2022						December 31, 2021
(Dollars in thousands)	As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		Restated

Operating Revenues ⁽²⁾	$	450,357	$	(9,595)	$	440,762	$	353,252	$	(7,786)	$	345,466
Investment (Loss) Gains ⁽⁴⁾		(123,544)		64,874		(58,670)		68,858		(14,010)		54,848
Total Revenues	$	326,813	$	55,279	$	382,092	$	422,110	$	(21,796)	$	400,314

Operating Adjusted EBITDA ⁽³⁾	$	101,807	$	—	$	101,807	$	106,097	$	—	$	106,097
Investment Adjusted EBITDA ⁽⁵⁾		(115,847)		—		(115,847)		31,928		—		31,928
Total Adjusted EBITDA ⁽¹⁾	$	(14,040)	$	—	$	(14,040)	$	138,025	$	—	$	138,025

This reclassification had no impact on previously issued consolidated balance sheets, net income, earnings per share (EPS), adjusted EBITDA, or operating adjusted EBITDA.

The Company's Annual Report on Form 10-K is available in the Investor Relations section of the Company's website at ir.brileyfin.com under "SEC Filings," as well as on the SEC's website at www.sec.gov.

About B. Riley Financial
B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. B. Riley leverages cross-platform expertise to provide clients with full service, collaborative solutions at every stage of the business life cycle. Through its affiliated subsidiaries, B. Riley provides end-to-end financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services. B. Riley opportunistically invests to benefit its shareholders, and certain affiliates originate and underwrite senior secured loans for asset-rich companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.

Footnotes
(See "Note Regarding Use of Non-GAAP Financial Measures" for further discussion of these non-GAAP terms. For a reconciliation of Adjusted EBITDA, Operating Revenue, Operating Adjusted EBITDA, and Investment Adjusted EBITDA to the comparable GAAP financial measures, please see the Appendix hereto.)
(1)	Adjusted EBITDA includes earnings before interest, taxes, depreciation, amortization, restructuring charge, share-based payments, gain on extinguishment of loans, impairment of tradenames, and transaction related and other costs.
(2)	Operating Revenue is defined as the sum of revenues from (i) Service and Fees, (ii) Interest Income - Loans and Securities Lending and (iii) Sales of Goods.
(3)	Operating Adjusted EBITDA is defined as Adjusted EBITDA excluding (i) Trading Income (Loss) and Fair Value Adjustments on Loans, (ii) Realized and Unrealized Gains (Losses) on Investments, and (iii) other investment related expenses.
(4)	Investment Gains (Loss) is defined as Trading Income (Loss) and Fair Value Adjustments on Loans.
(5)	Investment Adjusted EBITDA is defined as the sum of (i) Trading Income (Loss) and Fair Value Adjustments on Loans and (ii) Realized and Unrealized Gains (Losses) on Investments, less other investment related expenses.

Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including operating revenues, adjusted EBITDA, operating adjusted EBITDA, and investment adjusted EBITDA may be considered non-GAAP financial measures. B. Riley Financial believes this information is useful to investors because it provides a basis for measuring the Company's available capital resources, the operating performance of its business and its revenues and cash flow, (i) excluding in the case of operating revenues, trading income (loss) and fair value adjustments on loans, (ii) excluding in the case of adjusted EBITDA, net interest expense, provisions for or benefit from income taxes, depreciation, amortization, fair value adjustment, restructuring charge, gain on extinguishment of loans, impairment of trade names, stock-based compensation and transaction and other expenses, (iii) excluding in the case of operating adjusted EBITDA, aforementioned adjustments for adjusted EBITDA, as well as trading income (loss) and fair value adjustments on loans, realized and unrealized gains (losses) on investments, and other investment related expenses, and (iv) in the case of investment adjusted EBITDA this includes trading income (loss) and fair value adjustments on loans and realized and unrealized gains (losses) on investments, net of other investment related expenses, that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the Company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company's operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies.

B. RILEY FINANCIAL, INC.
Consolidated Balance Sheets
(Dollars in thousands, except par value)

				December 31,
				2022		2021

Assets
Assets
	Cash and cash equivalents			$	268,618	$	278,933
	Restricted cash				2,308		927
	Due from clearing brokers				48,737		29,657
	Securities and other investments owned, at fair value				1,129,268		1,532,095
	Securities borrowed				2,343,327		2,090,966
	Accounts receivable, net				149,110		49,673
	Due from related parties				1,081		2,074
	Loans receivable, at fair value (includes $98,729 and $167,744 from related parties as of December 31, 2022 and December 31, 2021, respectively)				701,652		873,186
	Prepaid expenses and other assets				460,696		463,502
	Operating lease right-of-use assets				88,593		56,969
	Property and equipment, net				27,141		12,870
	Goodwill				512,595		250,568
	Other intangible assets, net				374,098		207,651
	Deferred income taxes				3,978		2,848
		Total assets		$	6,111,202	$	5,851,919
Liabilities and Equity
Liabilities
	Accounts payable			$	81,384	$	6,326
	Accrued expenses and other liabilities				322,974		343,750
	Deferred revenue				85,441		69,507
	Deferred income taxes				29,548		93,055
	Due to related parties and partners				2,210		—
	Due to clearing brokers				19,307		69,398
	Securities sold not yet purchased				5,897		28,623
	Securities loaned				2,334,031		2,088,685
	Operating lease liabilities				99,124		69,072
	Notes payable				25,263		357
	Loan participations sold				—		—
	Revolving credit facility				127,678		80,000
	Term loans, net				572,079		346,385
	Senior notes payable, net				1,721,751		1,606,560
		Total liabilities			5,426,687		4,801,718

Commitments and contingencies
Redeemable noncontrolling interests in equity of subsidiaries					178,622		345,000
B. Riley Financial, Inc. equity:
	Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 4,545 and 4,512 issued and
	outstanding as of December 31, 2022 and December 31, 2021, respectively; liquidation preference
	of $113,615 and $112,790 as of December 31, 2022 and December 31, 2021, respectively.				—		—
	Common stock, $0.0001 par value; 100,000,000 shares authorized; 28,523,764 and 27,591,028 issued and outstanding as of December 31, 2022 and December 31, 2021, respectively.				3		3
	Additional paid-in capital				494,201		413,486
	(Accumulated deficit) retained earnings				(45,220)		248,862
	Accumulated other comprehensive loss				(2,470)		(1,080)
		Total B. Riley Financial, Inc. stockholders' equity			446,514		661,271
Noncontrolling interests					59,379		43,930
		Total equity			505,893		705,201
			Total liabilities and equity	$	6,111,202	$	5,851,919

B. RILEY FINANCIAL, INC.
Consolidated Statements of Operations
(Dollars in thousands, except share data)


			Year Ended December 31,
			2022		2021		2020
				As Revised		As Restated		As Restated

Revenues:
	Services and fees		$	895,623	$	1,153,225	$	645,906
	Trading (loss) income and fair value adjustments on loans			(202,628)		220,545		56,677
	Interest income - Loans and securities lending			245,400		122,723		102,499
	Sale of goods			142,275		58,205		29,135
		Total revenues		1,080,670		1,554,698		834,217
Operating expenses:
	Direct cost of services			142,455		54,390		60,451
	Cost of goods sold			78,647		26,953		12,460
	Selling, general and administrative expenses			714,614		906,196		428,537
	Restructuring charge			9,011		—		1,557
	Impairment of tradenames			—		—		12,500
	Interest expense - Securities lending and loan participations sold			66,495		52,631		42,451
		Total operating expenses		1,011,222		1,040,170		557,956
		Operating income		69,448		514,528		276,261
Other income (expense):
	Interest income			2,735		229		564
	Dividend income			35,874		19,732		21,163
	Realized and unrealized (losses) gains on investments			(201,079)		166,131		47,341
	Change in fair value of financial instruments and other			10,188		3,796		—
	Income from equity method investments			3,570		2,801		(623)
	Interest expense			(141,186)		(92,455)		(65,249)
		(Loss) income before income taxes		(220,450)		614,762		279,457
Benefit from (provision for) income taxes				63,856		(163,960)		(75,440)
		Net (loss) income		(156,594)		450,802		204,017
Net (loss) income attributable to noncontrolling interests
and redeemable noncontrolling interests				3,235		5,748		(1,131)
		Net (loss) income attributable to B. Riley Financial, Inc.		(159,829)		445,054		205,148
Preferred stock dividends				8,008		7,457		4,710
		Net (loss) income available to common shareholders	$	(167,837)	$	437,597	$	200,438

Basic (loss) income per common share			$	(5.95)	$	15.99	$	7.83
Diluted (loss) income per common share			$	(5.95)	$	15.09	$	7.56

Weighted average basic common shares outstanding				28,188,530		27,366,292		25,607,278
Weighted average diluted common shares outstanding				28,188,530		29,005,602		26,508,397

B. RILEY FINANCIAL, INC.
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share data)


			Year Ended December 31,
			2022						2021						2020
			As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Revenues:
	Services and fees		$	931,497	$	(35,874)	$	895,623	$	1,172,957	$	(19,732)	$	1,153,225	$	667,069	$	(21,163)	$	645,906
	Trading (loss) income and fair value adjustments on loans			(403,707)		201,079		(202,628)		386,676		(166,131)		220,545		104,018		(47,341)		56,677
	Interest income - Loans and securities lending			245,400		—		245,400		122,723		—		122,723		102,499		—		102,499
	Sale of goods			142,275		—		142,275		58,205		—		58,205		29,135		—		29,135
		Total revenues		915,465		165,205		1,080,670		1,740,561		(185,863)		1,554,698		902,721		(68,504)		834,217
Operating expenses:
	Direct cost of services			142,455		—		142,455		54,390		—		54,390		60,451		—		60,451
	Cost of goods sold			78,647		—		78,647		26,953		—		26,953		12,460		—		12,460
	Selling, general and administrative expenses			714,614		—		714,614		906,196		—		906,196		428,537		—		428,537
	Restructuring charge			9,011		—		9,011		—		—		—		1,557		—		1,557
	Impairment of tradenames			—		—		—		—		—		—		12,500		—		12,500
	Interest expense - Securities lending and loan participations sold			66,495		—		66,495		52,631		—		52,631		42,451		—		42,451
		Total operating expenses		1,011,222		—		1,011,222		1,040,170		—		1,040,170		557,956		—		557,956
		Operating (loss) income		(95,757)		165,205		69,448		700,391		(185,863)		514,528		344,765		(68,504)		276,261
Other income (expense):
	Interest income			2,735		—		2,735		229		—		229		564		—		564
	Dividend income			—		35,874		35,874		—		19,732		19,732		—		21,163		21,163
	Realized and unrealized (losses) gains on investments			—		(201,079)		(201,079)		—		166,131		166,131		—		47,341		47,341
	Change in fair value of financial instruments and other			10,188		—		10,188		3,796		—		3,796		—		—		—
	Income from equity method investments			3,570		—		3,570		2,801		—		2,801		(623)		—		(623)
	Interest expense			(141,186)		—		(141,186)		(92,455)		—		(92,455)		(65,249)		—		(65,249)
		(Loss) income before income taxes		(220,450)		—		(220,450)		614,762		—		614,762		279,457		—		279,457
Benefit from (provision for) income taxes				63,856		—		63,856		(163,960)		—		(163,960)		(75,440)		—		(75,440)
		Net (loss) income		(156,594)		—		(156,594)		450,802		—		450,802		204,017		—		204,017
Net income attributable to noncontrolling interests and redeemable noncontrolling interests				3,235		—		3,235		5,748		—		5,748		(1,131)		—		(1,131)
		Net (loss) income attributable to B. Riley Financial, Inc.		(159,829)		—		(159,829)		445,054		—		445,054		205,148		—		205,148
Preferred stock dividends				8,008		—		8,008		7,457		—		7,457		4,710		—		4,710
		Net (loss) income available to common shareholders	$	(167,837)	$	—	$	(167,837)	$	437,597	$	—	$	437,597	$	200,438	$	—	$	200,438

Basic (loss) income per common share			$	(5.95)			$	(5.95)	$	15.99			$	15.99	$	7.83			$	7.83
Diluted (loss) income per common share			$	(5.95)			$	(5.95)	$	15.09			$	15.09	$	7.56			$	7.56

Weighted average basic common shares outstanding				28,188,530				28,188,530		27,366,292				27,366,292		25,607,278				25,607,278
Weighted average diluted common shares outstanding				28,188,530				28,188,530		29,005,602				29,005,602		26,508,397				26,508,397

B. RILEY FINANCIAL, INC.
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share data)

			Three Months Ended
			December 31,
			2022		2021
			As Revised		As Restated
Revenues:
	Services and fees		$	243,837	$	308,062
	Trading (loss) income and fair value adjustments on loans			(58,670)		54,848
	Interest income - Loans and securities lending			62,545		33,443
	Sale of goods			134,380		3,961
		Total revenues		382,092		400,314
Operating expenses:
	Direct cost of services			68,496		12,955
	Cost of goods sold			71,313		5,559
	Selling, general and administrative expenses			208,552		270,712
	Restructuring charge			995		—
	Interest expense - Securities lending and loan participations sold			22,738		12,362
		Total operating expenses		372,094		301,588
		Operating income		9,998		98,726
Other income (expense):
	Interest income			1,482		54
	Dividend income			9,595		7,786
	Realized and unrealized (losses) gains on investments			(64,874)		14,010
	Change in fair value of financial instruments and other			460		(4,471)
	Income from equity method investments			285		1,629
	Interest expense			(44,399)		(26,441)
		(Loss) income before income taxes		(87,453)		91,293
Benefit from (provision for) income taxes				23,998		(23,847)
		Net (loss) income		(63,455)		67,446
Net (loss) income attributable to noncontrolling interests
and redeemable noncontrolling interests				(6,010)		3,274
		Net (loss) income attributable to B. Riley Financial, Inc.		(57,445)		64,172
Preferred stock dividends				2,002		1,990
		Net (loss) income available to common shareholders	$	(59,447)	$	62,182

Basic (loss) income per common share			$	(2.08)	$	2.26
Diluted (loss) income per common share			$	(2.08)	$	2.08

Weighted average basic common shares outstanding				28,545,714		27,569,188
Weighted average diluted common shares outstanding				28,545,714		29,840,704

B. RILEY FINANCIAL, INC.
Consolidated Statements of Operations
(Unaudited)
(Dollars in thousands, except share data)


			Three Months Ended December 31,
			2022						2021
			As Previously Reported		Adjustments		As Revised		As Previously Reported		Adjustments		As Restated
Revenues:
	Services and fees		$	253,432	$	(9,595)	$	243,837	$	315,848	$	(7,786)	$	308,062
	Trading (loss) income and fair value adjustments on loans			(123,544)		64,874		(58,670)		68,858		(14,010)		54,848
	Interest income - Loans and securities lending			62,545		—		62,545		33,443		—		33,443
	Sale of goods			134,380		—		134,380		3,961		—		3,961
		Total revenues		326,813		55,279		382,092		422,110		(21,796)		400,314
Operating expenses:
	Direct cost of services			68,496		—		68,496		12,955		—		12,955
	Cost of goods sold			71,313		—		71,313		5,559		—		5,559
	Selling, general and administrative expenses			208,552		—		208,552		270,712		—		270,712
	Restructuring charge			995		—		995		—		—		—
	Interest expense - Securities lending and loan participations sold			22,738		—		22,738		12,362		—		12,362
		Total operating expenses		372,094		—		372,094		301,588		—		301,588
		Operating (loss) income		(45,281)		55,279		9,998		120,522		(21,796)		98,726
Other income (expense):
	Interest income			1,482		—		1,482		54		—		54
	Dividend income			—		9,595		9,595		—		7,786		7,786
	Realized and unrealized (losses) gains on investments			—		(64,874)		(64,874)		—		14,010		14,010
	Change in fair value of financial instruments and other			460		—		460		(4,471)		—		(4,471)
	Income from equity method investments			285		—		285		1,629		—		1,629
	Interest expense			(44,399)		—		(44,399)		(26,441)		—		(26,441)
		(Loss) income before income taxes		(87,453)		—		(87,453)		91,293		—		91,293
Benefit from (provision for) income taxes				23,998		—		23,998		(23,847)		—		(23,847)
		Net (loss) income		(63,455)		—		(63,455)		67,446		—		67,446
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interests				(6,010)		—		(6,010)		3,274		—		3,274
		Net (loss) income attributable to B. Riley Financial, Inc.		(57,445)		—		(57,445)		64,172		—		64,172
Preferred stock dividends				2,002		—		2,002		1,990		—		1,990
		Net (loss) income available to common shareholders	$	(59,447)	$	—	$	(59,447)	$	62,182	$	—	$	62,182

Basic (loss) income per common share			$	(2.08)			$	(2.08)	$	2.26			$	2.26
Diluted (loss) income per common share			$	(2.08)			$	(2.08)	$	2.08			$	2.08

Weighted average basic common shares outstanding				28,545,714				28,545,714		27,569,188				27,569,188
Weighted average diluted common shares outstanding				28,545,714				28,545,714		29,840,704				29,840,704

B. RILEY FINANCIAL, INC.
Adjusted EBITDA and Operating Adjusted EBITDA Reconciliation
(Unaudited)
(Dollars in thousands)

				Year Ended December 31,
				2022		2021		2020
Net (loss) income attributable to B. Riley Financial, Inc.				$	(159,829)	$	445,054	$	205,148
Adjustments:
	(Benefit from) provision for income taxes				(63,856)		163,960		75,440
	Interest expense				141,186		92,455		65,249
	Interest income				(2,735)		(229)		(564)
	Share based payments				61,140		36,011		18,588
	Depreciation and amortization				39,969		25,871		19,369
	Restructuring charge				9,011		—		1,557
	Gain on extinguishment of loans				(1,102)		(6,509)		—
	Impairment of tradenames				—		—		12,500
	Transactions related costs and other				8,498		5,881		9,531
		Total EBITDA Adjustments			192,111		317,440		201,670
			Adjusted EBITDA	$	32,282	$	762,494	$	406,818

Operating EBITDA Adjustments:
	Trading loss (income) and fair value adjustments on loans				202,628		(220,545)		(56,677)
	Realized and unrealized losses (gains) on investments				201,079		(166,131)		(47,341)
	Other investment related expenses				(69,531)		46,211		8,873
		Total Operating EBITDA Adjustments			334,176		(340,465)		(95,145)
Operating Adjusted EBITDA				$	366,458	$	422,029	$	311,673

B. RILEY FINANCIAL, INC.
Adjusted EBITDA and Operating Adjusted EBITDA Reconciliation
(Unaudited)
(Dollars in thousands)

				Three Months Ended
				December 31,
				2022		2021
Net (loss) income attributable to B. Riley Financial, Inc.				$	(57,445)	$	64,172
Adjustments:
	(Benefit from) provision for income taxes				(23,998)		23,847
	Interest expense				44,399		26,441
	Interest income				(1,482)		(54)
	Share based payments				15,312		12,503
	Depreciation and amortization				13,443		6,805
	Restructuring charge				995		—
	Gain on extinguishment of loans				—		—
	Transactions related costs and other				(5,264)		4,311
		Total EBITDA Adjustments			43,405		73,853
			Adjusted EBITDA	$	(14,040)	$	138,025

Operating EBITDA Adjustments:
	Trading loss (income) and fair value adjustments on loans				58,670		(54,848)
	Realized and unrealized losses (gains) on investments				64,874		(14,010)
	Other investment related expenses				(7,697)		36,930
		Total Operating EBITDA Adjustments			115,847		(31,928)
Operating Adjusted EBITDA				$	101,807	$	106,097