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Wolfpack Research · research-note

B. Riley Financial, Inc. (RILY)

24 pages · 3 arc beats · 2 loops

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B. Riley Financial, Inc. (RILY)

Wolfpack Research · 2023-02
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 1
— No image bound to this slide. Wire up imgproxy to display the rendered slide JPEG.
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Deck intelligence map

3
coverage by narrative range · generated from this deck JSON
Narrative range 15 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Problem 4 slides 100% 4/4 slides 100% 4/4 slides · 28 hits
— 0/4 slides
50% 2/4 slides 25% 1/4 slides 100% 4/4 slides
— 0/4 slides
Agitate 6 slides 100% 6/6 slides 100% 6/6 slides · 42 hits
— 0/6 slides
— 0/6 slides
50% 3/6 slides 100% 6/6 slides 83.3% 5/6 slides Solution 5 slides 100% 5/5 slides 100% 5/5 slides · 39 hits
— 0/5 slides
— 0/5 slides
60% 3/5 slides 100% 5/5 slides 80% 4/5 slides

Slide inventory

24
every slide · same image gating as the playbook
01
Slide 1
This is a research note cover/summary page from Wolfpack Research.diagnose_problem
Open slide detailBeat · Problem
02
This page is a continuation of a research note, focusing on specific financial liabilities and asset quality issues.diagnose_problem
Open slide detailBeat · Problem
03
The slide argues that retail investors are being sold risky, unsecured debt by the company's own financial advisers.expose_contradiction
Open slide detailBeat · Problem
04
The slide uses a combination of a bar chart to show cash depletion and a table to detail specific high-risk loan exposures.diagnose_problem
Open slide detailBeat · Problem
05
The slide uses Bloomberg's proprietary default risk model to categorize companies into IG, HY, and DS grades, then maps specific RILY debtors against industry dpreempt_rebuttal
Open slide detailBeat · AgitateLoop · Aha Moment
06
The slide uses a narrative structure to build a case for financial distress, citing specific debt covenants and asset value declines.diagnose_problem
Open slide detailBeat · AgitateLoop · Aha Moment
07
Includes a Bloomberg stock chart for XELA showing a 99.59% decline.name_villain
Open slide detailBeat · AgitateLoop · Aha Moment
08
The slide uses Bloomberg stock charts to illustrate the decline of two companies involved in complex financial arrangements with B. Riley (RILY).expose_contradiction
Open slide detailBeat · AgitateLoop · Aha Moment
09
The slide uses a short-seller research report style to critique RILY's capital allocation and loan portfolio quality.expose_contradiction
Open slide detailBeat · AgitateLoop · Aha Moment
10
Includes a pie chart visualizing the risk profile of RILY's loan portfolio.expose_contradiction
Open slide detailBeat · Agitate
11
The slide uses a narrative of 'self-harm' to describe RILY's investment strategy, framing the transaction as a circular fee-generating mechanism.expose_contradiction
Open slide detailBeat · SolutionLoop · Iceberg
12
Includes a specific table analyzing the purchase price allocation for magicJack.diagnose_problem
Open slide detailBeat · SolutionLoop · Iceberg
13
Includes a table of goodwill/intangibles and a line chart showing declining operating margins.expose_contradiction
Open slide detailBeat · SolutionLoop · Iceberg
14
Includes a screenshot of a Badcock advertisement and a line chart showing the rapid increase in FRG's provision for doubtful accounts.expose_contradiction
Open slide detailBeat · SolutionLoop · Iceberg
15
The slide uses a peer valuation table to argue that RILY is overvalued and should trade significantly lower.compare_peers
Open slide detailBeat · Solution
16
The slide uses a short-seller research style to critique the financial viability of the company's bankruptcy plan.expose_contradiction
Open slide detail
17
The slide uses a 'before-after' style comparison to expose management's misleading projections.expose_contradiction
Open slide detail
18
Highlights the sensitivity of the ending cash balance to hosting payment assumptions.analyze_data
Open slide detail
19
Document 378-1, Case 22-90341, TXSB. Page 120 of 219.analyze_data
Open slide detail
20
Includes operating cash flows, non-operating cash flows, and liquidity balances.analyze_data
Open slide detail
21
The slide contains a list of citations and references, including SEC filings, press releases, and Bloomberg data.appendix
Open slide detail
22
This is page 22 of 22, containing citations 33 through 67.appendix
Open slide detail
23
other
Open slide detail
24
other
Open slide detail