{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9a-55ccdd3343a8", "slug": "ec769c379ffd", "title": "B. Riley Financial, Inc. (RILY)", "subtitle": "Wolfpack Research · 2023-02", "author": "Wolfpack Research", "date": "2023-02-14 00:00:00", "pageCount": 11, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "B. Riley Financial, Inc.", "targetTicker": "RILY", "document": { "id": "019dd923-622c-750b-8b9a-55ccdd3343a8", "slug": "ec769c379ffd", "title": "B. Riley Financial, Inc. (RILY)", "rawTitle": "b084d8 31e90074b7a14ef6a77e268c1eefdf5d", "authorId": "60_Wolfpack_Research", "authorName": "Wolfpack Research", "authorDisplay": "Wolfpack Research", "kind": { "slug": "research-note", "label": "Research note" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "b084d8_31e90074b7a14ef6a77e268c1eefdf5d.pdf", "sourceUrl": null, "sourceDate": "2023-02-14 00:00:00", "presentationDate": "2023-02-14 00:00:00", "ingestedAt": "2026-04-22 22:37:13+00", "status": "ready", "pageCount": 11, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "B. 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The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "02612407-7583-4c63-b208-a79c3c6e6db7", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. 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A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f88dd383-4ab2-4609-b577-1501c583bee1", "evidence": "Bryant Riley (CEO) and Daniel Asher (undisclosed insider)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. 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Word-doc / Times Roman body style with annotated screenshots of 10-Q diff, Bloomberg ownership screen, FINRA BrokerCheck and SEC filings as evidence — distinctive forensic-evidence layout but not a designed deck. The CFO quote (Phillip Ahn, p.8) about wealth-management churn is used as a contradiction. The 'Net Issuance of Senior Notes' chart on p.8 is an event-anchored before/after but not the activist's own counterfactual, so uses_before_after_framing kept false. No price target or formal valuation framework — argument is qualitative/forensic rather than quantitative. Wolfpack discloses it may be long, short or neutral in the financial disclaimer (boilerplate). RILY collapsed in 2024; this report aged well.", "kpisCited": [ { "detail": "$380 million; covenant-compliance language dropped in Q3 2022 10-Q", "metric": "Nomura credit agreement size" }, { "detail": "$75 million; covenant-compliance language dropped in Q3 2022 10-Q", "metric": "BRPAC credit agreement size" }, { "detail": "$527.2 million across 8 borrowers (Table 1)", "metric": "RILY loan book — total outstanding" }, { "detail": "$41.67M bridge loan, 7.00% one-year default risk per BBG; SRNE filed Ch.11 on Feb 13, 2023", "metric": "Sorrento Therapeutics (SRNE) loan" }, { "detail": "$75.8M outstanding; 35.9% one-year default risk; XELA TTM losses of $125M, stock at $0.06", "metric": "Exela Technologies (XELA) loan" }, { "detail": "Down ~$350M since Q3 2022 due to FAZE collapse", "metric": "Net cash & investments decline" }, { "detail": "20% of RILY shares outstanding", "metric": "Bryant Riley insider stake" }, { "detail": "8.65% of RILY as of Feb 9 2023; held via three entities under 'informal, unwritten' agreement", "metric": "Daniel Asher undisclosed stake" }, { "detail": "Fell from $30B to $25B post-National acquisition due to broker churn", "metric": "Wealth-management AUM decline" }, { "detail": "~$25 million", "metric": "Bryant Riley 2022 dividends received" }, { "detail": "$250M EV for ~$400M annual-revenue business; 5.2x adj. EBITDA", "metric": "Targus acquisition price vs revenue" } ], "closingAsk": "Answer the seven open questions on covenant compliance, loan-book exposure, dividend funding and Targus deal disclosures — or accept that RILY is exploiting retail investors.", "extraction": { "at": "2026-04-22 22:37:13+00", "model": "unknown-legacy", "runId": null, "seconds": 130.1233, "promptVersion": null }, "scqaReward": "If management cannot answer, Baby Bond holders likely face a steep haircut without cross-default protections, the dividend is unsustainable, and the equity is materially overvalued at $43.76 / $1.25B market cap.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "RILY quietly dropped covenant-compliance language for $380M Nomura and $75M BRPAC loans in Q3 2022 10-Q", "Loan book deteriorating — Sorrento ($41M) just filed Ch.11; Exela ($75M), Core Scientific, Greenridge in distress", "Undisclosed 8.65% holder Daniel Asher tied to Bryant Riley via handshake deal and helped force National deal" ], "scqaSituation": "B. Riley Financial is a small-cap financial-services holding company whose investment-bank, wealth-management and proprietary-loan-book arms are funded by Baby Bonds sold to retail and supported by a 20%-owner CEO Bryant Riley.", "thesisSummary": "Wolfpack's follow-up report argues that B. Riley Financial (RILY) tacitly admitted breaching the covenants of its $380M Nomura and $75M BRPAC credit agreements by silently dropping the standard compliance assurance from its Q3 2022 10-Q. The firm's $527M loan book is deteriorating fast: borrower Sorrento Therapeutics just filed Chapter 11 on a $41M loan, Exela Technologies ($75M, ~36% one-year default risk) is on the brink, and Core Scientific and Greenridge are in distress. Wolfpack also alleges Bryant Riley's 20% stake is reinforced by a third-largest, undisclosed shareholder — Daniel Asher (8.65%) — who controls his stake through an 'informal, unwritten' handshake agreement and has 13 FINRA regulatory actions. Asher's well-timed share purchases helped break a logjam in the National Holdings acquisition that RILY then used to push its proprietary Baby Bonds onto retail wealth-management clients.", "primaryDemands": [ "Disclose whether RILY is in full compliance with its Nomura and BRPAC credit agreements", "Disclose details of the loan book and recovery prospects on the SRNE and XELA loans", "Clarify how the Q1 2023 dividend will be funded given covenant and loan-book stress", "Explain the inconsistent press-release vs. 8-K descriptions of the Targus deal financing" ], "scqaResolution": "Wolfpack demands that RILY disclose covenant status, loan-book detail, the funding source of the Q1 2023 dividend, recovery expectations on the SRNE and XELA loans, and the true description of the Targus consideration.", "thesisOneLiner": "RILY tacitly admitted it breached covenants on $455M of credit lines while a deteriorating loan book and an undisclosed insider — Daniel Asher — quietly props up its share register and dividend.", "precedentsCited": [], "scqaComplication": "Q3 2022 10-Q quietly dropped the covenant-compliance assurance for $455M of credit lines, the loan book is collapsing (Sorrento Ch.11, Exela near default), and an undisclosed 8.65% insider — Daniel Asher — is tied to Bryant Riley by a handshake agreement.", "narrativeInterest": 4, "notableSlidePages": [ 1, 2, 3, 8 ], "peerCompaniesCited": [ "Sorrento Therapeutics (SRNE)", "Exela Technologies (XELA)", "Core Scientific (CORZQ)", "Greenridge Generation (GREE)", "Harrow Health (HROW)", "Cadiz (CDZI)", "Arena Group (AREN)", "National Holdings (NHLD)", "Targus" ], "valuationFrameworks": [ "not_shown" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "The slide uses a side-by-side comparison of 10-Q excerpts to point out the removal of compliance language.", "function": "expose_contradiction", "imagePath": "https://imgproxy.kitesheet.com/3I3O-w9tRrjIROA5oVv8qVsx3MR3W_E1MMC4qx2ECTk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9lYzc2OWMzNzlmZmQvcDAwMS5wbmc", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 7, "textChars": 829, "nDataPoints": 12, "notes": "The slide uses a side-by-side comparison of 10-Q excerpts to point out the removal of compliance language.", "elementsJson": [ "logo_grid", "headline_text", "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:25:22.605+00", "seconds": 6.875, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-55ccdd3343a8/1", "deck": "/decks/019dd923-622c-750b-8b9a-55ccdd3343a8", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-55ccdd3343a8#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9a-55ccdd3343a8.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In its Q3 2022 10-Q, B. Riley Financial (Nasdaq: RILY) abruptly stopped assuring investors that it was in compliance with the covenants of two credit agreements – its $380 million Nomura credit agreement, as well as its $75 million BRPAC credit agreement.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9eda-8e4beb2661ee", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.76, "x": 0.12, "y": 0.21 }, "kind": "paragraph", "text": "In its Q3 2022 10-Q, B. Riley Financial (Nasdaq: RILY) abruptly stopped assuring investors that it was in compliance with the covenants of two credit agreements...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.605+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d98f981-298b-4495-8303-16a5825d8686", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.81 }, "kind": "paragraph", "text": "RILY's position has worsened significantly since Q3 2022, as our analysis indicates its total cash and investments, net of debt, have fallen by another $350 million due to the collapse of FAZE.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.605+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa2afdbc-f310-4ba0-98d1-bfb297e7ce4d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.12, "y": 0.89 }, "kind": "source-note", "text": "Document Comparison: RILY 2Q22 10-Q vs. RILY 3Q22 10-Q", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Our analysis, in which we searched all EDGAR 13D filings over the last ten years for a combination of “informal” and “unwritten” resulted in no similar cases.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.087+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3116c45b-d62f-4a4e-b476-a8613ca572ad", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "holds shared investment and voting power over the [shares], pursuant to an informal, unwritten agreement — DJ Fund Investments LLC.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9eda-dfbf70f0cc85", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.764, "x": 0.118, "y": 0.857 }, "kind": "source-note", "text": "Footnotes 3-6 referencing SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We note the various references to Mr. Asher in the disclosure. Please confirm in your response letter that no agreement existed or exists between BRF and Mr. Asher with respect to the Offer or the negotiations leading up to it, or, if such an agreement did exist or does exist, please disclose that in the filing. 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Purchase of Common Stock, 20,769, 2.6905, 11/17/2020. Purchase of Common Stock, 119,541, 2.6233, 12/08/2020. 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We took -- we made some I think bold decisions to get the right people in place and managers that we didn't think aligned with our philosophy or were -- it didn't make sense for us.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:20.067+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5faabd7c-0f06-40de-b325-db258c9d0e4b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.118, "y": 0.78 }, "kind": "paragraph", "text": "RILY acquired Targus in Q3 paying $250 million for a business that reportedly does over $400 million in annual revenue.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:20.067+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbe29131-5463-4731-a115-7767f85344ae", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.118, "y": 0.75 }, "kind": "title", "text": "The Targus and Deal Raises Additional Questions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:20.067+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a779fdd-9d44-4dd2-8c43-501ae69efd38", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.32, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "A - Phillip Ahn {BIO 7098490 }", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:20.067+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6d2edea-3367-4eef-a8fe-af298faf5b14", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 11, "from": 1, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... 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Riley has acquired Targus in a transaction valued at approximately $250 million on an enterprise value basis, which represents a multiple of approximately 5.2x Adjusted EBITDA for the trailing twelve-month period ending June 2022. Targus generated revenues of approximately $415 million for the same trailing twelve-month period. Financing for the transaction included approximately $85.5 million of bank financing, and $114 million of seller financing and B. Riley bonds.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87dcc207-2485-4ec2-843a-ab89d0aa3d38", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.764, "x": 0.118, "y": 0.256 }, "kind": "callout", "text": "Item 7.01. Regulation FD Disclosure. On October 18, 2022, the Company entered into a Securities Purchase Agreement (the \"Purchase Agreement\") with Targus Cayman Holdco Limited (\"Targus\"), the sellers identified therein (the \"Sellers\"), and the other parties thereto, pursuant to which the Company acquired from the Sellers on October 18, 2022 all of the issued and outstanding shares of Targus in a transaction with an enterprise value of approximately $250 million for consideration consisting of a combination of cash, 6.75% senior notes due 2024 and shares of common stock of the Company. On October 19, 2022, the Company and Targus jointly issued a press release announcing the transaction. A copy of that press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a4ee794-a3ba-4806-9829-9679214274bc", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "How will this transaction be described in the 10-K? We don’t know, but we are interested to see which version of events is disclosed as they are entirely different, not simple differences in verbiage.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9edb-f34387f14c0e", "parentComponentId": null }, { "bbox": { "h": 0.38, "w": 0.764, "x": 0.118, "y": 0.42 }, "kind": "list", "text": "RILY's (Non) Response to Our Report... If RILY would like to respond to our report, we and other investors have a few questions management can answer: Is RILY in full compliance with its Nomura and BRPAC credit agreements? Does RILY still have an outstanding $41 million loan to SRNE? Does XELA still owe $75 million, and does RILY believe it will be repaid the full outstanding amount? Why won't RILY disclose the details of its loan book to investors now that we have drawn attention to it? What does RILY have to hide? If RILY has violated the covenants of its Nomura and BRPAC Credit Agreements, what kind of recovery rate can Baby Bond holders expect? Is the dividend safe? If so, how exactly will the Q1 2023 dividend be funded?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05bda212-1343-403b-bd82-0c50b8e61ef4", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.213 }, "kind": "paragraph", "text": "In its 8-K filing with the SEC, the company said its consideration consisted of \"a combination of cash, 6.75% senior notes due 2024 (i.e., Baby Bonds), and shares of common stock of the company.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7309688f-e3d1-4011-a19c-bd1dab16fc63", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.825 }, "kind": "paragraph", "text": "Conclusion: This is a firm that is constantly taking advantage of retail investors. Whether that means selling their wealth management clients their own toxic bonds, or by backing the dilutive issuance of something like a billion shares for a dying microcap like XELA after having sold shares of its stock to the public at highly inflated prices.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa7f95b7-e8f4-45ce-b1e7-3c9f38ce25ed", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.093 }, "kind": "paragraph", "text": "In its press release, it said the transaction included \"$85.5 million of bank financing, $114 million of seller financing, and B. Riley Bonds.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3c42fe3-d393-4598-942e-4381ca8bb084", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.377 }, "kind": "paragraph", "text": "How will this transaction be described in the 10-K? We don't know, but we are interested to see which version of events is disclosed as they are entirely different, not simple differences in verbiage.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:22.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dce971b0-6d6e-4e2c-a016-80421f04c5c6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "B. Riley has acquired Targus in a transaction valued at approximately $250 million on an enterprise value basis, which represents a multiple of approximately 5.2x Adjusted EBITDA for the trailing twelve-month period ending June 2022. Targus generated revenues of approximately $415 million for the same trailing twelve-month period. Financing for the transaction included approximately $85.5 million of bank financing, and $114 million of seller financing and B. Riley bonds. — B. Riley Press Release", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:47:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-5376-7749-9edb-f54e5236b3c1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "710d70d2-8aed-4f00-a294-9507d530e15a", "evidence": "The slide explicitly contrasts conflicting financial disclosures to suggest potential deception.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:25:22.14+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [ { "to": 11, "from": 1, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... 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Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:20.092+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84fc596c-a4b4-46cb-b29b-cb8bb863ab91", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.175, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Financial Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:25:20.092+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c8b2841-4290-44a5-b9a9-9e0d5165f4d0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 11, "from": 1, "loop": { "name": "01_logic_chain", "slug": "01-logic-chain", "status": "active", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "canonId": "019dd956-6638-7457-8650-9b0b42e59fb3", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... 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We also may not directly discuss personal trading or investing ideas with you. The Information made available by and through the WPR Offerings is not a substitute for professional financial advice. You should always check with your professional financial, legal and tax advisors to be sure that any Securities, investments, advice, products and/or services featured by and through the WPR Offerings, as well as any associated risks, are appropriate for you.\n\nYou further agree that you will not distribute, share or otherwise communicate any Information to any third-party unless that party has agreed to be bound by the terms and conditions set forth in the Agreement including, without limitation, all disclaimers associated therewith. If you obtain Information as an agent for any third-party, you agree that you are binding that third-party to the terms and conditions set forth in the Agreement.\n\nUnless otherwise noted and/or explicitly disclosed, you should assume that as of the publication date of the applicable Information, WPR (along with or by and through any WPR Party(ies)), together with its clients and/or investors, has an investment position in all Securities featured by and through the WPR Offerings, and therefore stands to realize significant gains in the event that the price of such Securities change in connection with the Information. 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