{
  "docId": "019dd923-622c-750b-8b9a-6cf89b81fe9e",
  "docSlug": "377026890e4d",
  "documentTitle": "B. Riley Financial, Inc. (RILY)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-08 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 10,
  "pageCount": 24,
  "prevPage": 9,
  "nextPage": 11,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "Includes a pie chart visualizing the risk profile of RILY's loan portfolio.",
  "elementsJson": [
    "paragraph",
    "donut_chart",
    "headline_text"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-6cf89b81fe9e/10",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-6cf89b81fe9e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-6cf89b81fe9e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-6cf89b81fe9e#slide-10",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "RILY’s Balance Sheet Will Take a $175 Million Hit in Q2 If Its SPAC Is Liquidated:",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-70f7-7334-b21f-9da0af83e6a3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.58,
        "x": 0.21,
        "y": 0.14
      },
      "kind": "chart",
      "text": "Wolfpack Analysis of RILY's Loan Portfolio",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f8404fef-d8be-4108-93f7-5a94a407be40",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Loan Portfolio Risk: 36.2%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-70f7-7334-b21f-a331c344a79d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.23,
        "w": 0.78,
        "x": 0.11,
        "y": 0.68
      },
      "kind": "paragraph",
      "text": "RILY jumped in on the SPAC craze in 2020 and 2021... at which point the SPAC will likely liquidate.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "340b58c8-a330-4e8a-a1ad-3183d42dbf5b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "In December 2022, RILY added a $142 million facility to Harrow Health Inc. (HROW)... Overall, we think RILY's loan book looks grim.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f80534f-e8e1-47d0-897a-fa6537360158",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.23,
        "w": 0.78,
        "x": 0.11,
        "y": 0.4
      },
      "kind": "paragraph",
      "text": "The problem with RILY isn't just that it made these terrible loans... We think this is foolish and that RILY would have better odds of winning back its money at a casino.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56699900-e94e-4787-8011-e489a21e0bad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.78,
        "x": 0.11,
        "y": 0.65
      },
      "kind": "title",
      "text": "RILY's Balance Sheet Will Take a $175 Million Hit in Q2 If Its SPAC Is Liquidated:",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5866fd87-221b-4d2d-8af1-6caefd16df1b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 10,
      "from": 5,
      "beatId": "c73dcf96-2bb7-4839-8a75-d4b379871407",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates these problems, detailing the losses from GREE, XELA, and BRIV, and highlighting the company's opaque loan book.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}