{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9a-73e1ac5d4632", "slug": "c376647f4b11", "title": "B. Riley Financial, Inc. (RILY)", "subtitle": "Wolfpack Research · 2024-03", "author": "Wolfpack Research", "date": "2024-03-01 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-73e1ac5d4632", "slug": "c376647f4b11", "title": "B. Riley Financial, Inc. (RILY)", "rawTitle": "b084d8 8c37d3efbfc54243a7769628f8a2f179", "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_8c37d3efbfc54243a7769628f8a2f179.pdf", "sourceUrl": null, "sourceDate": "2024-03-01 00:00:00", "presentationDate": "2024-03-01 00:00:00", "ingestedAt": "2026-04-22 22:48:49+00", "status": "ready", "pageCount": 11, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "B. Riley Financial, Inc.", "targetTicker": "RILY", "metadata": { "local_root": "/tmp/legacy-images/c376647f4b11", "activist_firm": "Wolfpack Research", "origin_corpus": "contrarian", "extraction_seconds": 582.7457799911499 } }, "coverage": { "pageCount": 11, "pagesIndexed": 11, "pagesWithImages": 11, "pagesWithMetadata": 11, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 33, "chartCount": 1, "metricSlides": 0, "toolMatches": 2, "documentToolMatches": 2, "frameworkMatches": 1, "arcMatches": 1, "beatMatches": 4, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "evidence": "The sequence of slides progresses from an overview to exposing contradictions and concluding with a call to action", "isPrimary": true, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:01:26.531747+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Situation & Context", "beatId": "c7a101ab-dcd3-440d-806b-e42ab426f881", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The executive summary and KPI overview provide context", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.7 }, { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Problem & Complication", "beatId": "115a7735-0371-49ba-8457-d876abe446be", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The sequence of slides with unclear titles suggest a build-up of concerns", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.7 }, { "to": 8, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 8, "name": "Evidence & Proof", "beatId": "fa1ee771-bea7-4c66-aad0-93a82742bebe", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The specific mention of Andy Moore's Margin Call provides evidence", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.7 }, { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 9, "name": "Impact & Next Steps", "beatId": "9f52d5f4-0073-418e-a44e-3358f3b7cef3", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The conclusion slide implies next steps or a call to action", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 9, "from": 8, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null, "categoryName": "Narrative", "categorySlug": "narrative" }, "matchId": "aa72d0f7-2c5f-4147-8a0f-b618621859af", "evidence": "The reveal of Andy Moore's Margin Call and the conclusion", "position": 0, "objective": "Expose contradictions and conclude with a critical perspective", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:01:26.697036+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. 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": "678d370a-b8ea-4c5f-bfa3-8e977ccae502", "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**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". 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": "b34a42e9-101b-48a5-9ace-ba587894b028", "evidence": "Bryant Riley (CEO), Brian Kahn (Vintage/FRG), Andy Moore (B. Riley Securities CEO), Wes Cummins (APLD)", "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**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "7f19a20f-80d9-480a-ac59-ca304e9cd03c", "evidence": "Exposing undisclosed margin loans and conflicts of interest", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:10:16.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Word-doc style research memo, not a deck. Structured as 'Top 10 absurdities of 2023' with highlighted screenshots of 10-Qs, Form 4s, and earnings-call transcripts. Strong use of verbatim CEO quote contradictions — Bryant Riley's 'money good' and 'good enough for me' defenses of Kahn are pulled directly from the Q3 2023 earnings call. Third Wolfpack report on RILY (WLF Bloomberg ID). No explicit price target; closing prediction is qualified audit → unfiled 10-K → fire sales → Chapter 7. No stake disclosed beyond boilerplate 'assume WPR has a position' in the financial disclaimer.", "kpisCited": [ { "detail": "55% of entire loan book secured by Brian Kahn personally (Vintage, via FRG shares) or FRG (via Badcock receivables)", "metric": "Loan book concentration to Vintage/Kahn" }, { "detail": "$201MM Vintage loan, 12% PIK interest, matures 2027, collateralized by FRG shares", "metric": "Vintage secured loan" }, { "detail": "35% Vintage / 20% Receivables Portfolio / 15% HY Bonds & Pref / 10% Exela / 10% Core Scientific / 5% Cadiz / 5% Other", "metric": "Credit portfolio composition" }, { "detail": "41.7% total delinquent at Q2 2023; 48.4% on 2021 originations; 50% on pre-2021 originations", "metric": "Badcock receivables delinquency" }, { "detail": "Marked at $390M EV on Dec 12, 2023, sold to Conn's notionally for $70M on Dec 16, 2023 — 82% markdown in 4 days", "metric": "Badcock EV markdown" }, { "detail": "$108M second-lien term loan from RILY, fully drawn Dec 18, 2023; 100% of Conn's market cap", "metric": "Conn's financing loan" }, { "detail": "$70M net loss / ($2.32) per share; $23M adjusted EBITDA loss; 50% dividend cut", "metric": "Q4 2023 headline results" }, { "detail": "$71M attributable to related-party FRG acquisition", "metric": "Impairment charges" }, { "detail": "$103.6M loan receivable maturing Dec 2023; AREN stock down ~80% YTD; bailed out at 70c on the dollar by 5-hour-energy founder", "metric": "AREN (Arena Group) loan" }, { "detail": "Bought 3.7M shares at $5 while bebe was trading ~$2 OTC; pushed ownership to 76.2%", "metric": "bebe stake repurchase" }, { "detail": "Originally ~$120M; latest 13-F carrying value less than $2", "metric": "FAZE investment mark" } ], "closingAsk": "Investors should remember, and ask serious questions about, the ten 2023 related-party transactions RILY management deliberately left out of the Q4 earnings release.", "extraction": { "at": "2026-04-22 22:48:49+00", "model": "unknown-legacy", "runId": null, "seconds": 582.7458, "promptVersion": null }, "scqaReward": "The short thesis pays off via equity destruction: Wolfpack predicts at best a qualified Marcum audit opinion, an unfiled 2023 10-K, asset fire sales insufficient to satisfy creditors, and ultimately Chapter 7 bankruptcy.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "55% of RILY's loan book is secured by Brian Kahn personally or FRG, an alleged Ponzi co-conspirator", "Badcock receivables were 41.7% delinquent while Bryant Riley called them 'money good'", "RILY marked Badcock at $390M EV then sold it at an 82% markdown just four days later" ], "scqaSituation": "B. Riley Financial is a diversified financial-services holding company whose loan book and principal investments are now dominated by counterparties tied to CEO Bryant Riley and to Brian Kahn, alleged unnamed co-conspirator in the $400M Prophecy Ponzi scheme.", "thesisSummary": "B. Riley Financial is an opaque financial-services conglomerate whose loan book and principal investments are dominated by counterparties tied to CEO Bryant Riley and alleged Prophecy Ponzi co-conspirator Brian Kahn. Wolfpack catalogs ten 2023 events management glossed over on the Q4 earnings call: 55% of RILY's loan book was secured by Kahn-linked collateral; RILY financed a $50M repurchase of toxic Badcock receivables days before the FRG go-private; it lent Conn's $108M to offload the rest at an 82% markdown in four days; it bought bebe shares at $5 while they traded OTC at $2; Arena Group was rescued by the 5-hour-energy founder; APLD repaid RILY early the day Wes Cummins resigned; and CEO Andy Moore's undisclosed pledged shares were liquidated in a margin call. Wolfpack predicts a qualified Marcum audit at best, an unfiled 10-K, asset fire sales, and Chapter 7 bankruptcy.", "primaryDemands": [ "Investors should demand serious answers on the ten undisclosed related-party transactions from 2023", "Scrutinize Bryant Riley's repeated public defenses of Brian Kahn despite the DOJ Prophecy indictment", "Question undisclosed executive margin-loan pledges (Andy Moore)" ], "scqaResolution": "Investors must remember and demand answers on the ten 2023 disclosures — Vintage loans, the Badcock repurchase, the Conn's financing, the bebe mark-up, the AREN bailout, the APLD early repayment, and Andy Moore's undisclosed margin loan.", "thesisOneLiner": "B. Riley is a web of self-dealing related-party loans to alleged Ponzi co-conspirator Brian Kahn; expect qualified audit, unfiled 10-K, fire sales, and Chapter 7 bankruptcy.", "precedentsCited": [], "scqaComplication": "Q4 2023 brought a delayed 10-K, Marcum refusing to confirm it will sign, a 50% dividend cut, a $70M net loss, $71M of related-party impairments, and ten undisclosed related-party transactions management refused to explain.", "narrativeInterest": 4, "notableSlidePages": [ 1, 2, 3, 4, 9 ], "peerCompaniesCited": [], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "tension", "title": "This is the first page of an 11-page research note by Wolfpack Research.", "function": "frame_problem", "imagePath": "https://imgproxy.kitesheet.com/oqmInoEDtwK0JBJELaPe6C2BXYBcAwh57w_KRbs3s6I/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMzc2NjQ3ZjRiMTEvcDAwMS5wbmc", "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": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 7, "textChars": 831, "nDataPoints": 7, "notes": "This is the first page of an 11-page research note by Wolfpack Research.", "elementsJson": [ "headline_text", "bullet_list", "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:16.038+00", "seconds": 2.757, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/1", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "It’s the things that happened at the company in 2023 that weren’t mentioned yesterday that investors need not forget about. That’s why they weren’t mentioned.", "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 02:34:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b4-70ad-b38f-b0998f7f47f1", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.78, "x": 0.11, "y": 0.27 }, "kind": "list", "text": "10-K delay, Marcum audit uncertainty, Ponzi scheme co-conspirator links, Moelis engagement, unaudited financials, dividend cut, $70M loss, $71M impairment.", "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 20:10:16.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7604563-031d-4f1a-8423-08ca93d3543b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.77 }, "kind": "list", "text": "1. 55% of RILY's Loan Book was a $201 million Loan to Vintage (aka Brian Kahn)", "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": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:16.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4875e17d-b5bb-4db6-9558-82d965296551", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "loan book exposure: 55%", "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 02:34:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b4-70ad-b38f-b69ccef25512", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.68 }, "kind": "paragraph", "text": "So, we decided to compile a list of 10 of most absurd things that happened at B. Riley in 2023 that we believe investors should not only remember, but ask serious questions about:", "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 20:10:16.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68eb3566-0df9-4b1f-a697-4941717f8a70", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "For most companies, any one of the announcements RILY had to make in its Q4 2023 earnings press release and investor call would have been disastrous in and of itself.", "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 20:10:16.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b602c6dd-bc5c-4dc4-a6f9-c203a012cdb6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.17 }, "kind": "title", "text": "4Q23 Earnings: Remembering Everything B. Riley Wants Investors to Forget", "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 20:10:16.038+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5709ce5a-3820-4fa0-b98c-3c954695e98c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "c7a101ab-dcd3-440d-806b-e42ab426f881", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The executive summary and KPI overview provide context", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/6RtDhcHmhLLGgw7hXcelLuT_PiST5dEHGcBdLbqbhDs/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMzc2NjQ3ZjRiMTEvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/Ulj4i0jJrX1LPtZcYHILuZ4OzKRkB5KIRs0x4XSub-M/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMzc2NjQ3ZjRiMTEvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/eSDyfjKt24najZsxJhXnAxvkqYBbqzM-EsM2arH-QKw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9jMzc2NjQ3ZjRiMTEvcDAwMS5qcGc" }, { "page": 2, "type": "analysis", "title": "The slide highlights the interconnectedness between Brian Kahn and the firm, specifically through Vintage and Badcock Receivables.", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 35, "componentCount": 6, "textChars": 637, "nDataPoints": 7, "notes": "The slide highlights the interconnectedness between Brian Kahn and the firm, specifically through Vintage and Badcock Receivables.", "elementsJson": [ "paragraph", "callout_box", "pie_chart" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:15.731+00", "seconds": 2.385, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/2", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The $201MM secured Vintage loan bears PIK interest of 12% and matures in 2027. The vast majority of the collateral are shares of FRG.", "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 02:34:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b4-70ad-b38f-cc9d48976d7d", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.5, "x": 0.25, "y": 0.39 }, "kind": "chart", "text": "Credit Portfolio Composition Pie Chart", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:15.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2360acc-0d42-4238-8059-2809eb305f05", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.74, "x": 0.13, "y": 0.155 }, "kind": "list", "text": "Vintage: Profitable relationship, $201MM secured loan, 12% PIK interest, matures 2027. Receivables: 3 transactions, 25%+ Gross IRRs, monetization in 18 months.", "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 20:10:15.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cb0d982-0384-416c-b8bd-650148dd0481", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Credit Portfolio Composition: 35%", "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 02:34:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b4-70ad-b38f-d33bd30a1464", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.09 }, "kind": "paragraph", "text": "This is in addition to having just made a $280 million equity investment in FRG itself. This came a month after the prophecy indictment, and seemed to be the turning point when investors realized just how interconnected Kahn and Riley really are:", "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 20:10:15.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89fd67f3-f3e4-42ed-8b90-c6b1216a27bd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.34, "x": 0.33, "y": 0.365 }, "kind": "title", "text": "Credit Portfolio Composition", "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 20:10:15.731+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7c9e2ebc-c823-43b2-89c4-72a9e3f4060e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "c7a101ab-dcd3-440d-806b-e42ab426f881", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The executive summary and KPI overview provide context", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/003.jpg; unable to inspect contents.", "block": null, "metadata": { "slideType": null, "slideTypeCanon": null, "function": null, "functionCanon": null, "density": "sparse", "densityScore": 0, "componentCount": null, "textChars": null, "nDataPoints": 0, "notes": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/003.jpg; unable to inspect contents.", "elementsJson": null, "confidence": 0, "extraction": { "model": "claude-cli", "runId": null, "at": "2026-05-03 03:35:22.823+00", "seconds": null, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/3", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "115a7735-0371-49ba-8457-d876abe446be", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The sequence of slides with unclear titles suggest a build-up of concerns", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/004.jpg; unable to inspect contents.", "block": null, "metadata": { "slideType": null, "slideTypeCanon": null, "function": null, "functionCanon": null, "density": "sparse", "densityScore": 0, "componentCount": null, "textChars": null, "nDataPoints": 0, "notes": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/004.jpg; unable to inspect contents.", "elementsJson": null, "confidence": 0, "extraction": { "model": "claude-cli", "runId": null, "at": "2026-05-03 03:35:23.029+00", "seconds": null, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/4", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "115a7735-0371-49ba-8457-d876abe446be", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The sequence of slides with unclear titles suggest a build-up of concerns", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/005.jpg; unable to inspect contents.", "block": null, "metadata": { "slideType": null, "slideTypeCanon": null, "function": null, "functionCanon": null, "density": "sparse", "densityScore": 0, "componentCount": null, "textChars": null, "nDataPoints": 0, "notes": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/005.jpg; unable to inspect contents.", "elementsJson": null, "confidence": 0, "extraction": { "model": "claude-cli", "runId": null, "at": "2026-05-03 03:35:23.07+00", "seconds": null, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/5", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "115a7735-0371-49ba-8457-d876abe446be", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The sequence of slides with unclear titles suggest a build-up of concerns", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/006.jpg; unable to inspect contents.", "block": null, "metadata": { "slideType": null, "slideTypeCanon": null, "function": null, "functionCanon": null, "density": "sparse", "densityScore": 0, "componentCount": null, "textChars": null, "nDataPoints": 0, "notes": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/006.jpg; unable to inspect contents.", "elementsJson": null, "confidence": 0, "extraction": { "model": "claude-cli", "runId": null, "at": "2026-05-03 03:35:23.111+00", "seconds": null, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/6", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "115a7735-0371-49ba-8457-d876abe446be", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The sequence of slides with unclear titles suggest a build-up of concerns", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true }, { "page": 7, "type": "setup", "title": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/007.jpg; unable to inspect contents.", "block": null, "metadata": { "slideType": null, "slideTypeCanon": null, "function": null, "functionCanon": null, "density": "sparse", "densityScore": 0, "componentCount": null, "textChars": null, "nDataPoints": 0, "notes": "Image file not found at /tmp/legacy-images/c376647f4b11/slides/007.jpg; unable to inspect contents.", "elementsJson": null, "confidence": 0, "extraction": { "model": "claude-cli", "runId": null, "at": "2026-05-03 03:35:23.153+00", "seconds": null, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/7", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Problem & Complication", "beatId": "115a7735-0371-49ba-8457-d876abe446be", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The sequence of slides with unclear titles suggest a build-up of concerns", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true }, { "page": 8, "type": "tension", "title": "Includes a screenshot of an SEC Form 4 filing as evidence of the margin call.", "function": "expose_contradiction", "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": "dense", "densityScore": 55, "componentCount": 8, "textChars": 851, "nDataPoints": 4, "notes": "Includes a screenshot of an SEC Form 4 filing as evidence of the margin call.", "elementsJson": [ "paragraph", "screenshot", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:16.827+00", "seconds": 3.332, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/8", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Can you imagine this happening at any reputable company? Andy Moore is still the CEO of B. Riley Securities, and this begs the question – how many more undisclosed margin loans do RILY’s executives have at risk?", "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 02:34:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b4-70ad-b390-14136504358a", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.76, "x": 0.118, "y": 0.28 }, "kind": "image", "text": "SEC Form 4 filing snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:16.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8c6e8b5-05a0-4e46-9b5a-820977f7f371", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.125 }, "kind": "paragraph", "text": "After the Kahn news broke and RILY’s stock tumbled, the shares B. Riley Securities CEO Andy Moore had pledged for a (previously undisclosed) personal loan were liquidated pursuant to a margin call.", "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 20:10:16.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "238b7d25-0d8c-4b7a-be7f-5813dcebea2d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.118, "y": 0.775 }, "kind": "paragraph", "text": "RILY really outsmarted itself with FAZE. It was conflicted up the wazoo on the transaction as it was the SPAC sponsor, PIPE lender, Bridge-loan lender, and underwriter for the deal.", "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 20:10:16.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf884a3f-273d-4762-b232-23fee5a1fe33", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "The sales reported in this Form 4 were made by a broker, without instruction by the Reporting Person, to satisfy a margin call. — SEC Form 4 Explanation of Responses", "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": "2026-04-23 02:34:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b4-70ad-b390-18ce0f51e33a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.118, "y": 0.875 }, "kind": "table", "text": "FAZE holdings table", "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": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:10:16.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d866491e-818d-4154-99ef-e4a23745deb4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.118, "y": 0.095 }, "kind": "title", "text": "9. Andy Moore’s Margin Call:", "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 20:10:16.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b8f2253-8cb7-4771-8657-f40ee9e89480", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.22, "x": 0.118, "y": 0.745 }, "kind": "title", "text": "10. The Collapse of FAZE:", "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 20:10:16.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "726a3c37-1434-4872-9a44-d7672881a831", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7f19a20f-80d9-480a-ac59-ca304e9cd03c", "evidence": "Exposing undisclosed margin loans and conflicts of interest", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:10:16.827+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 8, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 8, "name": "Evidence & Proof", "beatId": "fa1ee771-bea7-4c66-aad0-93a82742bebe", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The specific mention of Andy Moore's Margin Call provides evidence", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 9, "from": 8, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "aa72d0f7-2c5f-4147-8a0f-b618621859af", "evidence": "The reveal of Andy Moore's Margin Call and the conclusion", "position": 0, "objective": "Expose contradictions and conclude with a critical perspective", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:01:26.697036+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 9, "type": "setup", "title": "The tone is highly critical, using terms like 'dumpster fire'.", "function": "summarize", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 36, "componentCount": 6, "textChars": 941, "nDataPoints": 0, "notes": "The tone is highly critical, using terms like 'dumpster fire'.", "elementsJson": [ "headline_text", "paragraph", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:17.292+00", "seconds": 3.245, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/9", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We are not surprised that things have degenerated completely at RILY. No one can predict the future, but we think the most likely outcomes for RILY are the following:", "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 02:34:06+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-78b4-70ad-b390-00a56159fe80", "parentComponentId": null }, { "bbox": { "h": 0.108, "w": 0.735, "x": 0.147, "y": 0.229 }, "kind": "list", "text": "They receive a qualified audit opinion from Marcum on their 2023 10-K, at best.\nMarcum resigns and RILY’s 2023 10-K is never actually filed.\nFire sales of all possible assets to remain solvent – although this likely wouldn’t be enough to satisfy RILY’s creditors.\nChapter 7 bankruptcy.", "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 20:10:17.292+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b16ad5e1-0eaf-4494-a586-5a4dca80b69e", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.535, "x": 0.118, "y": 0.337 }, "kind": "paragraph", "text": "Only time will tell. We’ll continue to sit back and watch the show.", "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 20:10:17.292+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b66c48f-ba23-4529-9e6a-895374ddd0fc", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.121 }, "kind": "paragraph", "text": "As you can see, we have been watching this dumpster fire for quite some time. We have published three reports, two on RILY and another on APLD which you can review on our website, or on the Bloomberg Terminal under our research provider ID “WLF.”", "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 20:10:17.292+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5965ef46-1ec7-46c3-aef9-365b92b5521e", "parentComponentId": null }, { "bbox": { "h": 0.043, "w": 0.764, "x": 0.118, "y": 0.186 }, "kind": "paragraph", "text": "We are not surprised that things have degenerated completely at RILY. No one can predict the future, but we think the most likely outcomes for RILY are the following:", "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 20:10:17.292+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "698aef9d-f39e-4ca1-b3c0-f1e85ef5c46a", "parentComponentId": null }, { "bbox": { "h": 0.023, "w": 0.115, "x": 0.118, "y": 0.093 }, "kind": "title", "text": "Conclusion:", "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 20:10:17.292+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95534c15-879b-4042-a448-9457b3c74b5b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 9, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 9, "name": "Impact & Next Steps", "beatId": "9f52d5f4-0073-418e-a44e-3358f3b7cef3", "matchId": "a7a910cf-6653-4a81-8b14-129011b2cb70", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "The conclusion slide implies next steps or a call to action", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 9, "from": 8, "loop": { "name": "05_the_reveal", "slug": "05-the-reveal", "status": "active", "bestFor": "Product launches, strategic pivots, unexpected findings", "canonId": "019dd956-67e8-77bc-a867-02c2b36370bd", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Setup the Question -> Build Suspense -> The Big Reveal", "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion", "familyLabel": null }, "matchId": "aa72d0f7-2c5f-4147-8a0f-b618621859af", "evidence": "The reveal of Andy Moore's Margin Call and the conclusion", "position": 0, "objective": "Expose contradictions and conclude with a critical perspective", "confidence": 0.6, "extraction": { "at": "2026-07-16 22:01:26.697036+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 10, "type": "setup", "title": "Page 10 of 11", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 139, "nDataPoints": 0, "notes": "Page 10 of 11", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:16.188+00", "seconds": 2.039, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/10", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [ { "bbox": { "h": 0.785, "w": 0.764, "x": 0.118, "y": 0.125 }, "kind": "disclaimer", "text": "Please be advised that WPR, LLC, Wolfpack Research (WPR) is a research and publishing firm... [full text of disclaimer]", "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 20:10:16.188+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3c412df-cdda-4410-97f4-ffebd98b6500", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.205, "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 20:10:16.188+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a163c2e-86b8-4a77-b4ea-73a95d446747", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 11, "type": "setup", "title": "Page 11 of 11", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 782, "nDataPoints": 0, "notes": "Page 11 of 11", "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:10:18.352+00", "seconds": 3.978, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9a-73e1ac5d4632/11", "deck": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632", "deckAnchor": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b9a-73e1ac5d4632.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.766, "x": 0.117, "y": 0.39 }, "kind": "disclaimer", "text": "Unless 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.", "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 20:10:18.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bb4a6489-d078-4efe-afdd-9c16ad725485", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.766, "x": 0.117, "y": 0.093 }, "kind": "disclaimer", "text": "You acknowledge and agree that use of WPR Information is at your own risk. 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 20:10:18.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc262da0-140c-49f9-ac98-7aa32c59663b", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.766, "x": 0.117, "y": 0.293 }, "kind": "disclaimer", "text": "You 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.", "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 20:10:18.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe3780bd-d29a-42a4-9763-910f89fcbec5", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.78, "y": 0.925 }, "kind": "paragraph", "text": "Page 11 of 11", "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 20:10:18.352+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3667e49-2013-44e5-93d1-9db0b5937de8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 2, "label": "Situation & Context", "description": "The executive summary and KPI overview provide context" }, { "from": 3, "to": 7, "label": "Problem & Complication", "description": "The sequence of slides with unclear titles suggest a build-up of concerns" }, { "from": 8, "to": 8, "label": "Evidence & Proof", "description": "The specific mention of Andy Moore's Margin Call provides evidence" }, { "from": 9, "to": 9, "label": "Impact & Next Steps", "description": "The conclusion slide implies next steps or a call to action" } ], "loops": [ { "from": 8, "to": 9, "label": "The Reveal", "description": "Expose contradictions and conclude with a critical perspective" } ] }