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  "documentTitle": "B. Riley Financial, Inc. (RILY)",
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  "presentationDate": "2023-02-08 00:00:00",
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      "text": "Our research shows that RILY’s equity portfolios lost nearly $400 million in 2022 (-38.2%).",
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      "text": "RILY Total Cash and Investments, Net of Debt",
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      "text": "Total Cash and Investments, Net of Debt: -$350 million",
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      "text": "According to our analysis, 4 of RILY’s largest 7 corporate borrowers with outstanding loan balances of $295.3 million are at a high risk of default, or in the case of CORZQ, is already in default.",
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      "text": "RILY’s speculative investment strategy outperformed in 2020-2021, leading to additional special dividends and increased interest in the stock. In 2022, RILY’s speculative strategy has imploded, pushing its equity and loan portfolios into dire straits:",
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      "text": "Page 4 of 22",
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      "text": "Table 1 – RILY Identifiable Loans Outstanding",
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