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  "documentTitle": "B. Riley Financial, Inc. (RILY)",
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  "notes": "The slide highlights the interconnectedness between Brian Kahn and the firm, specifically through Vintage and Badcock Receivables.",
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      "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.",
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      "text": "Vintage: Profitable relationship, $201MM secured loan, 12% PIK interest, matures 2027. Receivables: 3 transactions, 25%+ Gross IRRs, monetization in 18 months.",
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      "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:",
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