FRG
Franchise Group, Inc.
stock NASDAQ

As always this is a high risk, high reward play. Invest at your own discretion. This is not financial advice.
What is B. Riley financial corp?
$RILY is a beaten down investment bank, they made some questionable decisions in the past and narrowly escaped delisting.
What got them into trouble was a big investment in FRG who defaulted on their loan.
https://www.latimes.com/business/story/2025-11-13/businessman-at-center-of-scandal-that-tarnished-b-riley-criminally-charged
This caused RILY to take a massive loss and cut their dividend.
Ever since RILY has been heavily shorted.
They tanked from $60 to $4.
To fend of bankruptcy they partnered with Oaktree capital.
They managed to restructure their debt through a series of favourable transactions, allowing them to keep most of their assets.
They achieved NASDAQ compliance this year and have enough cash on hand to pay any loans due until 2027.
https://www.bloomberg.com/news/articles/2025-12-15/b-riley-files-overdue-sec-report-in-step-toward-staying-listed
At sub $8 the market is still pricing RILY for imminent bankruptcy, in reality they have a wide variety of high performing assets across several sectors.
Their investment in B&W alone is up over 1000% last year and is now larger than their outstanding bonds.
They also own 96%of BRS wealth management, have 49% interest in GAG, some undisclosed oil fields, they also own steady income businesses such as Scotch&Soda.
Check out their holdings here:
https://fintel.io/i/b-riley-financial
Overall the upside here is very asymmetrical. The valuation is low as the market still perceives RILY as a shady, failing investment bank but they are well diversified with a healthy debt structure and an improving balance sheet.
The next SEC filing could send this to $15-20 near term, long term fair value should be at least $35-40 once sentiment changes and shorts get squeezed out.
On the other hand they are still on "probation" the next time they violate NASDAQ rules, they will be immediately delisted.
I am holding mostly calls and a few commons. Do your own research!

As always this is a high risk, high reward play. Invest at your own discretion. This is not financial advice.
What is B. Riley financial corp?
$RILY is a beaten down investment bank, they made some questionable decisions in the past and narrowly escaped delisting.
What got them into trouble was a big investment in FRG who defaulted on their loan.
https://www.latimes.com/business/story/2025-11-13/businessman-at-center-of-scandal-that-tarnished-b-riley-criminally-charged
This caused RILY to take a massive loss and cut their dividend.
Ever since RILY has been heavily shorted.
They tanked from $60 to $4.
To fend of bankruptcy they partnered with Oaktree capital.
They managed to restructure their debt through a series of favourable transactions, allowing them to keep most of their assets.
They achieved NASDAQ compliance this year and have enough cash on hand to pay any loans due until 2027.
https://www.bloomberg.com/news/articles/2025-12-15/b-riley-files-overdue-sec-report-in-step-toward-staying-listed
At sub $8 the market is still pricing RILY for imminent bankruptcy, in reality they have a wide variety of high performing assets across several sectors.
Their investment in B&W alone is up over 1000% last year and is now larger than their outstanding bonds.
They also own 96%of BRS wealth management, have 49% interest in GAG, some undisclosed oil fields, they also own steady income businesses such as Scotch&Soda.
Check out their holdings here:
https://fintel.io/i/b-riley-financial
Overall the upside here is very asymmetrical. The valuation is low as the market still perceives RILY as a shady, failing investment bank but they are well diversified with a healthy debt structure and an improving balance sheet.
The next SEC filing could send this to $15-20 near term, long term fair value should be at least $35-40 once sentiment changes and shorts get squeezed out.
On the other hand they are still on "probation" the next time they violate NASDAQ rules, they will be immediately delisted.
I am holding mostly calls and a few commons. Do your own research!