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Campaigns / Wolfpack Research → B. Riley Financial, Inc.
Wolfpack Research vs. B. Riley Financial, Inc.

B. Riley Financial, Inc. · RILY

3 decks published between 2023-02-08 and 2024-03-01 — 46 pages, 41 analysed slides total.

initial thesis follow up

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2023-02-08 initial thesis

    b084d8_9377c471d40243059031dc49c202f5e6

    24pp · research_note

    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.

    N 4 V 2 C 2
    ” ⚑
  2. 2023-02-14 follow up

    b084d8_31e90074b7a14ef6a77e268c1eefdf5d

    11pp · research_note

    RILY tacitly admitted it breached covenants on $455M of credit lines while a deteriorating loan book and an undisclosed insider — Daniel Asher — quietly props up its share register and dividend.

    N 4 V 2 C 2
    ” ⚑
  3. 2024-03-01 follow up

    b084d8_8c37d3efbfc54243a7769628f8a2f179

    11pp · research_note

    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.