Author performs a balance-sheet deep dive on B. Riley Financial arguing its liquid and hidden assets can cover debt and stave off bankruptcy.
Unpriced research observations (excluded from Calls and Returns):
RILY — LONG Author argues B. Riley Financial is not facing bankruptcy because it holds roughly $873M of liquid assets plus hidden assets such as Targus, the Great American stake, owned brands, and the wealth management division that can be sold to deleverage. The turnaround mechanism is using asset sales and operational earnings/FCF to cover interest on remaining debt, with potential preferred dividend catch-up or preferred issuance instead of common dilution. The stated risk is that common shareholders could face $100M-$300M of dilution after paying off the 2026 debt wall. resolved_entity_name_mismatch
TLDR — this does not look like a company that is facing bankruptcy. They have assets to deleverage.