{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9a-6cf89b81fe9e", "slug": "377026890e4d", "title": "B. Riley Financial, Inc. (RILY)", "subtitle": "Wolfpack Research · 2023-02", "author": "Wolfpack Research", "date": "2023-02-08 00:00:00", "pageCount": 24, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "B. Riley Financial, Inc.", "targetTicker": "RILY", "document": { "id": "019dd923-622c-750b-8b9a-6cf89b81fe9e", "slug": "377026890e4d", "title": "B. Riley Financial, Inc. 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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": "93298049-14f1-4754-8f31-0a31ff1c22a2", "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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20:10:18.648+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" }, { "matchId": "87c4ae41-e10e-4e2f-8869-0db256a3825c", "evidence": "Argues that company is hiding asset impairment to inflate balance sheet value.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:10:19.115+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "8f302a7f-b227-48ae-9a23-d0c89ba7151e", "evidence": "The slide compares RILY's P/BV ratio against a peer group to establish overvaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:10:19.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "comparison_frame" }, { "matchId": "2a4cdcae-1867-4194-a6bc-0d5b4fb3c674", "evidence": "Critique of financial disclosures and budget assumptions in a bankruptcy context.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:10:19.059+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "fraud-exposure" }, { "matchId": "498a5c73-c45e-40e5-8495-bc1a939669a3", "evidence": "The slide explicitly labels management's chart as 'misleading' and provides a corrective analysis.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:10:18.675+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Wolfpack Research short thesis on RILY. Word-processor style research note (not a slide deck), heavy on Bloomberg screenshots and embedded tables. Core argument is 'extend and pretend' — RILY keeps lending to zombie borrowers rather than cutting losses. Notable rhetorical devices: CEO deflection quote on loan-book composition used against him, circular-transaction framing (RILY underwriting its own borrower GREE's ATM offering), and obfuscation claim about Primary Guarantor NAV. No named human author on cover; credited to Wolfpack Research / WPR, LLC. Disclaimer states WPR has a position in covered securities but does not quantify stake. Document purpose is fraud/over-valuation short, not activist change campaign — but fits corpus as contrarian thesis.", "kpisCited": [ { "detail": "Fell $950M from $606M (Q4 2021) to -$350M (Q4 2022)", "metric": "Total cash and investments, net of debt" }, { "detail": "-38.2%, roughly $400M in losses across B. Riley Financial and B. Riley Asset Management", "metric": "Equity portfolio performance 2022" }, { "detail": "Up to ~$700 million, putting dividend at risk", "metric": "Projected 2023 investment losses" }, { "detail": "$1.227 billion across 7 issues; 74.48% owned by retail investors", "metric": "Baby bonds outstanding" }, { "detail": "$1.1B minimum; Wolfpack estimates actual NAV fell to ~$400M in Q4 2022", "metric": "Nomura NAV covenant" }, { "detail": "~$577M disclosed; $554.8M reconstructed across 7 publicly traded borrowers", "metric": "Loan book size" }, { "detail": "12 of 31 operating companies (40%) in 13-F discussed going concerns in last year", "metric": "Portfolio going-concern exposure" }, { "detail": "Over $200M tied to dial-up rollup (magicJack, UOL); 108% of magicJack purchase price was goodwill/intangibles", "metric": "Telecom goodwill/intangibles at risk" }, { "detail": "$175M to come off if BRPM 250 liquidates May 11, 2023", "metric": "SPAC balance-sheet hit" }, { "detail": "RILY's 12M shares fell >90% from $10 to sub-$1, ~$110M loss", "metric": "FAZE investment loss" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 22:48:24+00", "model": "unknown-legacy", "runId": null, "seconds": 500.99963, "promptVersion": null }, "scqaReward": "Equity faces potential collapse from $44 stock price; RILY's $1.227B of baby bonds — 74% held by retail unaware of cov-lite subordination — face severe haircuts in default given $2.5B of debt and inflated, illiquid asset values unlikely to cover liabilities.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "RILY's net cash and investments collapsed $950M to -$350M in 2022 as speculative bets imploded", "Four of RILY's seven largest loan-book borrowers are in default or distressed (CORZQ, XELA, GREE, AREN)", "NAV has crashed below the $1.1B Nomura covenant, threatening dividend and firm-level collapse in 2023" ], "scqaSituation": "B. Riley Financial is a mid-market investment bank that aggressively expanded its balance sheet in 2020-2021, using leverage to fund speculative equity stakes, SPAC sponsorships, and loans to distressed operators across crypto mining, dial-up telecom, and cannabis-adjacent names.", "thesisSummary": "Wolfpack is short B. Riley Financial (RILY), a second-tier investment bank that overleveraged itself during 2020-2021 to buy speculative assets and lent aggressively to companies that have since degenerated into zombies. RILY's total cash and investments, net of debt, collapsed from $606 million in Q4 2021 to negative $350 million in Q4 2022, a $950 million deterioration in one year. Wolfpack reconstructed RILY's loan book via SEC EDGAR and found four of its seven largest publicly traded borrowers — including bankrupt Core Scientific ($42M), Exela ($75M), and Greenidge ($11M) — at high or already-realized risk of default. Wolfpack projects RILY will record up to $700 million in investment losses in 2023, breach its $1.1 billion Nomura NAV covenant, suspend its dividend, and potentially collapse — leaving retail baby-bond holders with severe haircuts.", "primaryDemands": [], "scqaResolution": "Short RILY: Wolfpack argues investment losses of up to ~$700M in 2023 will drive a breach of the Nomura $1.1B NAV covenant, force a dividend cut, and accelerate failure, with the Primary Guarantor structure deliberately obscuring how close covenants already are.", "thesisOneLiner": "RILY is a bottom-feeder investment bank whose loans to zombies and imploding equity book will drive ~$700M of 2023 losses, breach a Nomura NAV covenant, and threaten collapse.", "precedentsCited": [], "scqaComplication": "RILY's speculative strategy has imploded: the equity portfolio lost 38% ($400M) in 2022, the loan book is dominated by zombie borrowers (CORZQ bankrupt, XELA/GREE near-default), and rather than cutting losses, management extends more capital to pretend better days are coming.", "narrativeInterest": 4, "notableSlidePages": [ 1, 4, 5, 10, 11 ], "peerCompaniesCited": [ "Core Scientific", "Exela Technologies", "Greenidge Generation", "Sorrento Therapeutics", "Cadiz Inc", "The Arena Group Holdings", "Harrow Health", "FaZe Holdings", "Babcock & Wilcox", "magicJack", "United Online" ], "valuationFrameworks": [ "asset_value" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "analysis", "title": "This is a research note cover/summary page from Wolfpack Research.", "function": "diagnose_problem", "imagePath": "https://imgproxy.kitesheet.com/GG86YRIpL0lo3Zq9wczf9wINQTwLCrEVl0IlqLF61fQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zNzcwMjY4OTBlNGQvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 6, "textChars": 847, "nDataPoints": 7, "notes": "This is a research note cover/summary page from Wolfpack Research.", "elementsJson": [ "headline_text", "paragraph", "bullet_list", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:17.005+00", "seconds": 2.548, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-6cf89b81fe9e/1", "deck": "/decks/019dd923-622c-750b-8b9a-6cf89b81fe9e", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-6cf89b81fe9e#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9a-6cf89b81fe9e.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "RILY’s total cash and investments, net of debt, fell by $950 million to -$350 million during 2022.", "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": "2026-04-23 02:31:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21e-b263ac78fa31", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.75, "x": 0.14, "y": 0.62 }, "kind": "list", "text": "As of Q3 2022, XELA had $75 million in outstanding loans from RILY. XELA trades at $0.06 cents and has a delisting hearing on March 2. RILY has an $11 million loan with Greenidge Generation Holdings (GREE) that it restructured.", "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 20:10:17.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e3cd3e1-ce0e-4982-ac2b-db77c85ea2b9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "investment losses: ~$700 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 02:31:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-70f7-7334-b21e-b653db39fd40", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.19 }, "kind": "paragraph", "text": "We are short B. Riley Financial, Inc. (Nasdaq: RILY) because our research shows it 1) overleveraged to buy speculative assets during the financial mania of 2020-2021 and 2) lent money to companies that have degenerated into zombies.", "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 20:10:17.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e9907d8-ab5d-4b63-a7ec-66ebbd599456", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.88 }, "kind": "source-note", "text": "Citations are located in Appendix B as endnotes. Double-click on endnote to jump to note. Appendix A contains our discussion and analysis of CORZQ’s proposed budget for its DIP financing.", "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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The comps used are Jeffries, Goldman Sachs, Morgan Stanley, Cowen, Piper Sandler and Credit Suisse. See the table below:", "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 20:10:19.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48ba0855-67e4-443a-9638-0172a2292d38", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.764, "x": 0.118, "y": 0.442 }, "kind": "paragraph", "text": "We strongly believe that all of the comps used have higher quality assets making up their book value than RILY. Yet RILY still trades at an egregious 110.4% premium on a last filing price to book value basis against the average of its peers – why anyone would choose to buy this stock is beyond us. In order to trade at no premium to the average of its peers, RILY stock would need to fall to ~$19.00 per share. However, we are hesitant to even put a price target on RILY, as we are not confident that it will even survive 2023. We are short B. Riley Financial.", "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 20:10:19.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92819cc9-cece-4d57-b789-ec91b44dda58", "parentComponentId": null }, { "bbox": { "h": 0.012, "w": 0.26, "x": 0.196, "y": 0.405 }, "kind": "source-note", "text": "Source: Bloomberg LP, as of January 20, 2023", "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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Riley Financial to Jefferies, Goldman Sachs, Morgan Stanley, Cowen, Piper Sandler, and Credit Suisse.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:19.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b971a786-854f-4b75-9659-f13f4785f3a3", "parentComponentId": null }, { "bbox": { "h": 0.021, "w": 0.435, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "Conclusion: B. 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In no event will WPR or any affiliated party be liable for any direct or indirect trading losses caused by any Information featured by and through the WPR Offerings.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:18.682+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b97c11f-0c7d-4e14-b067-e75fb740b6a2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 4, "label": "Problem", "description": "The document identifies the problems facing B. 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