https://www.famitsu.com/article/202405/5194 (translated by DeepL: there are probably translation errors)

Shadows is the next step forward for Assassin's Creed

Mr. KARL ONNÉE, Producer
--First of all, let me say "Thank you" from us Japanese, as "Assassin's Creed" is finally coming out, which is set in Japan!
KARL: Thank you for coming here today. I have been wanting to do this work for years, so my dream has come true.
--Why did you choose the Azuchi-Momoyama period as the setting for this work?
KARL: I chose it because it is a very rich period in history. It was a time of war and political maneuvering, a time of change from rural to urban areas, and also the birth of art. I also chose it because it was the start of the unification of Japan. It was a pivotal moment for Japan. Together, these elements provided an excellent canvas on which to tell the story.
--What kind of image do you have of the Azuchi-Momoyama period?
KARL: This was a time when the feudal lords of the warring states were fighting for power in the name of unifying the country, but it was also a struggle for control of trade. Portuguese missionaries and merchants came to Japan together. The Portuguese missionaries and merchants came to Japan together, and people who wanted a beautiful country and peace. This is the kind of image we have, but I think there was a mixture of various cultures and people's thoughts. And of course, there were the warring feudal lords. These are great canvases for the story.
--What do you think should be inherited from "Assassin's Creed" and what are the unique aspects of this game?
KARL: When people think of "Assassin's Creed," they think of stealth, but shinobi fantasy is not only a perfect fit for an "Assassin's Creed" game, it also fits the DNA of the "Assassin" brand.
What we wanted to do with "Assassin's Creed Shadows" was to push stealth even further. We started this effort with the previous game, "Assassin's Creed Mirage," but we wanted to take it further with new features. Systems such as light and shadow, grappling ropes, prone, and a variety of tools available in the game provide a new experience.
The gameplay is also enriched by two characters, Naoe, a shinobi, and Yasuke, a samurai. Players will explore and discover Japan through the eyes of Naoe, a local, and one non-Japanese outsider. The game is more dynamic than ever before, pushing the limits of technology and offering an experience exclusive to current-gen consoles.
--The "Assassin's Creed: Valhalla," released in 2020, is based on the theme of "Vikings" and has been a huge sales success. As a Japanese, I feel that from a global perspective, the Japanese "shinobi" theme is even more niche, but what is your current response?
KARL: I would like to talk about how it compares to "Viking" fantasy. Both shinobi and samurai are exciting and celebrated as fantasy with power, and are widely discussed in pop culture, and we are very much inspired by them.
Shinobi were on our radar from the beginning because we thought they fit well with the "Assassins" brand, but we felt that incorporating a powerful samurai would create two different gameplay experiences and give us the opportunity to tell the story from two different perspectives. We feel that this is a powerful motif that can compete with the "Viking" motif.
--How did you like the setting of Japan as a subject matter for the latest model?
KARL: I think it was perfect. For example, the "Global Illumination" technology allowed us to explore the response of light and shadow. Some consoles are still called "Baked GI", but by using dynamic lighting and the power of the new hardware, we were able to explore the creativity.
We are now able to express not only light and shadow, but also the dynamism of nature in greater detail. Naturally, since it is set in Japan, we have never dealt with so many trees, and thus so much data, in previous works in the series. We also needed more data to seamlessly move various things at the same time because of the seasonal changes. The latest models have allowed us to realize our vision, and our ambition for this film and for "Assassin's Creed" will continue.
--Assassin's Creed Mirage marks the 15th anniversary of the game. Can we consider this work as the next step forward for the next generation of "Assassin's Creed"?
KARL: You are absolutely right. Mirage" was a tribute to existing works, but this film is the first step into a new era. We are in the era of modern equipment. With the new generation of our engine "Anvil", plus the opportunity to create a new era by using the power of the latest consoles, we are able to do what we wanted to do with "Assassin's Creed Shadows".
With technologies such as global illumination and dynamism, we are now making the game we really wanted to make.
--What are the four pillars you are focusing on in the development of this game?
KARL: We are focusing on four pillars.

• The first is to create an authentic and dynamic world.
• Second is the story, introducing a new form of storytelling to "Assassin's Creed" by introducing two characters with different stories and perspectives.
• Third, there are two different action sequences. Samurai and Shinobi each have their own training elements and unique weapons. For example, in castles, each has a different positioning that they excel at, which makes a big difference in how they play.
• And finally, there is stealth. We are promoting the importance of stealth more than ever with new systems such as light and shadow, objects in the environment, depression, and grappling ropes.

-- The launch is scheduled for November 15, 2024. What is the current development status?
KARL: Development is going very well. We are proud to say that we have done a good job, but of course it is not finished and there are still glitches. This is the result of all the work we have done so far. We are very happy with how things are going right now, and we hope you will stay tuned for more news.
-- I understand that "Assassin's Creed Infinity" was announced at the previous Ubisoft Forward and that this title will be included in the game? Also, what is the development status of that game at ......?
KARL: "Assassin's Creed Infinity" is introduced as an Animus Hub (*a hub that will function in the future as an entry point for the series), which we will talk about at a later date.
--What is your message to your fans around the world and in Japan?
KARL: We are humbled that our dream of creating a game in this setting has come true. This is a setting that our fans have been anticipating for a long time, and for us it has been a wonderful experience to work on a game that we have always wanted to make.
This game is the result of our love. We hope you enjoy it. We look forward to talking more about it in the coming months.

The Shinobi Assassin and the Legendary Samurai. Experience the different fighting styles created by these two characters.

(left) Mr. JONATHAN DUMONT (Creative Director), (right) Mr. CHARLES BENOIT (Game Director)
--When did you start the development of this work?
JONATHAN: Development began about four years ago, and research into the time period in which the film is set began immediately. There were a number of cool subjects that brought us great characters and story plots. I had a gut feeling that this was going to be a very good game.
--Was the Azuchi-Momoyama period chosen as the period setting from the pre-development stage? Did you have an idea for a major point in Japanese history, such as the end of the Tokugawa Shogunate?
JONATHAN: I started from the beginning of my study of Japanese history, but I began reading with the feeling of a student. Following the Socratic principle, you took the attitude of knowing nothing. As I read on, I found some very interesting settings.
I focused on the Azuchi-Momoyama period because I felt it was an extremely important period for Japan. It was a time of warring states, the need to unify the country, and the need to defend itself against the growing influence of other countries.
It was a grand and complex period, and there are many stories that can be told from different angles. Among the heroes of the unification of Japan, Tokugawa Ieyasu, Toyotomi Hideyoshi, and Oda Nobunaga are best known among the outstanding characters in Japanese history.
Not only war, but also politics are involved, and they are moving toward the peace that will eventually come, with a good ending waiting somewhere in the middle. I strongly felt that this was a wonderful and interesting period that deserved to be featured.
It was also a time when the foundations of the arts were laid. Castle towns were built, the world changed, and people's relationships with each other and with art, as well as their inner lives, also changed. It was very interesting to explore this period, and I was strongly attracted to the characters who lived in this time.
-- Why did you choose the title "Shadows"?
CHARLES: From my point of view, there are two reasons. Shinobi hide in the shadows, so "Shadows" is of course inspired by that. In a way, this embraces the "Assassin" brand and shinobi.
There are other aspects to "Shadows" as well. There are "hidden things" in the game that must be discovered by the player, but they are hidden in the darkness in some way.
JONATHAN: Both characters are in a way connected to being shadowy heroes living in the underworld of this era. It's a cool title, if you can think of it this way.
--Why did you choose two main characters and two fighting styles? Also, what kind of combat action can the Shinobi and Samurai experience respectively?
JONATHAN: One of the reasons for the separation of the two styles is that from the beginning of development, we wanted to have two distinct and cool archetypes to play with: the samurai and the shinobi.
We also wanted to make sure that this fantasy was as close to reality and expectation as possible without being diluted. I also often felt the need to have two points of view in the development of the story, since history is rarely clearly black and white. The two protagonists provided interesting dynamics and perspectives on how to approach the game.
CHARLES: I think it is very interesting that in combat, both the samurai and the shinobi have special types of weapons. Therefore, the style of combat in this work is built on a more weapon-based approach.
There are weapons that only Samurai can use, and the same goes for Shinobi. The player can get a good feel for the two different fighting styles. And it is possible to switch between them.
--What weapons can Naoe and Yasuke use?
CHARLES: Both players have different types of weapons. For Naoe, we went for a more classic fantasy type shinobi. The chain scythe is a weapon that covers a wide area and can only be used by Naoe.
In addition, she also has a dagger used at close range, which can be combined with a hidden blade (Hidden Blade). Naoe can fight very quickly and efficiently with these.
On the other hand, Yasuke, who excels at overpowering with force, is given more types of weapons, some of which are firearms type weapons. They also have the typical samurai bow.
--Why did you choose to make the shinobi Naoe an original character and the samurai Yasuke a historical figure?
JONATHAN: Even though they are well known in Japan, at least in North America, not much is known about farmers, what happened to them, and where the Shinobi came from.
So we decided to introduce a figure from Iga who is shrouded in mystery. We considered historical figures from the region, but we preferred a sense of mystery, so we came up with Naoe as someone who may or may not have actually existed.
As for Yasuke, from the beginning we thought that a story about the arrival of the Portuguese would be a very good way to tell the story of the crisis in Japan. The team liked the character Yasuke, and we thought we could use him to show the promise of discovering Japan.
We thought that if we started with a samurai already in Japanese society, he would be a very interesting and intriguing character, with concepts that we don't necessarily know. And it would also be interesting to see what happened to him. He starts out as a character who is already rooted in history, and we are curious to find out what happens to him.
I thought they would make a cool team, complementing each other in terms of storytelling, physique, and family background.
--What did you keep in mind when creating the scenario where the two main characters switch? What were some of the challenges?
JONATHAN: I wanted the audience to feel that "both are the main characters," but this was more complicated than it seems. Their stories overlap in places, but I wanted to make sure that as the game progresses, you gradually discover more and more about both characters. They have similar goals and motivations, but they are not 100% the same, which made it complicated and difficult to maintain their individual personalities.
Naturally, the quest can be played by either character. If a quest needs to be started by one character and completed by the other, the settings must accommodate both play styles. Thus, although it can be complicated, there are many opportunities to tell the story from one of the two perspectives.
Having two different points of view is a lot of fun, but there were some complications, such as having to use new technology in the conversation tools. There were some cool things, however. It is interesting that in the conversational scenes, the player decides which of the two protagonists speaks and they ask for different things. This is cool in a way.
CHARLES: Both characters are attacking the castle and at some point the player is asked if they want to continue with Yasuke or Naoe, both are interesting. At various points the player must make these choices.
The stories are independent, so if you want to know more about Naoe's or Yasuke's past, you can play as one character and delve into that character's story.
--Are there areas of action that differ, such as places that only Naoe, a shinobi, is allowed to enter?
JONATHAN: There are areas where both Naoe and Yasuke have different areas of activity. I can't go into details because there are a few surprises, but since Naoe can use a hooked rope, there are places that are almost exclusively accessible to her.
The world is designed to be enjoyed by both characters, and players can switch between the two at will.
Of course, if you want to reach the final point of the world or reach the summit through the ruins, then perhaps Naoe is the better choice. However, if you want to break through the fort head-on alone and open the way, Yasuke seems like a better choice. Of course, you can play with either character.
CHARLES: Each character also has specific actions. Naoe can hook the hooked rope to a specific spot and move like a pendulum, or hook the hook to a high spot and climb the rope to get to where she wants to go faster than Yasuke. However, Yasuke can use a shoulder bash to break down reinforced doors.
Yasuke can also perform parkour very efficiently in a more daring way. What can be felt when Yasuke performs parkour is how the crowd reacts. Because Yasuke is a samurai and exudes dignity as a superior class, the crowd reacts accordingly. Naoe, on the other hand, gives the impression of being more integrated into the world.
--Can you both use the Hidden Blade, Hawk's Eye, and other Assassin abilities?
CHARLES: Without spoiling anything, the traditional skills of the Assassins are mainly for Naoe. However, there is another mechanism called "Kantori" (provisional name) that can be used when you want to find an enemy or target person, and this can be used by both of them.
You can use free aim to look around, but you cannot see through walls. Yasuke can also kill with stealth, but in a more direct and easier way. Even with stealth, there will be some sound, so it is a "stealth-like" approach.
JONATHAN: Kantori (provisional name) can be used to find many things in your current location. It is a very good guide for a certain area, but it does not take all the fun out of exploration. It is a good guide because you can learn a little more about where you want to go, but you are left with the surprise of discovering something.
-- Is there a skill tree that makes Naoe more combat-oriented or enhances Yasuke's stealth?
CHARLES: Both have skills that are more combat-oriented and stealth-oriented. Also, some equipment has effects such as increased resistance when attacked. We also offer perks that enhance your abilities in combat.
Naoe, enhanced to be more combat-oriented, has an advantage in melee combat compared to Naoe, enhanced to be more stealth-oriented. Both have a range, but cannot go in completely opposite directions. There is some overlap between the two, but we have made sure that the characteristics of each ability are properly felt.
--Please explain the skill system.
JONATHAN: Both characters share XP and level up together, but the rest of the system is a bit similar to that of "Assassin's Creed Odyssey".
XP and character abilities are available, weapons can be crafted to some degree, and various upgrades can be made as the game progresses. Weapons are not stand-alone, but for two, so each weapon has its own unique skill system. Players should not feel any discomfort, but this is a very different part of the game from the past.
CHARLES: There are two things that were very important to us in terms of skills.
First, we have to be very aware of archetypes. In Japan, there are distinct archetypes, such as the armor-clad samurai, the revolting monk, and the bandit, which are quite different. We try to make it clear to the player who is stronger, and we try to make that part of the leveling process as important as possible. Samurai are always stronger than bandits.
Secondly, player skill is added to the mix. The better you are at timing, reading attacks, understanding weapons, etc., the better you will be and the further ahead you will be.
--What is the volume of the map compared to past works? I would also like to know how you decided on the scale of this work.
JONATHAN: The biggest difference is the scale ratio. The mountains are not the actual size, but we wanted them to be true forests, consisting of trees of a certain size, so that you feel you are in a forest. To achieve this, we needed space.
We also decided to keep it close to a realistic scale, so we could feel the breath of many things. When we visited Japan and saw the castle, we were so glad we made this decision. Japanese castles are huge! Of course, we had seen pictures of castles before and thought they were big and magnificent, but when we saw them in person, they were astonishingly large.
And I wanted more space to explore the castle. Castles were built to be large battlegrounds, you know. You need space to build intricate walls for defense.
The overall scale of the map is similar to the size of the map in Origins. However, the scale ratio makes it feel more realistic. The open space leads to secluded areas throughout the game, which will be fun to explore. This sense of scale is a very interesting aspect of this film for us.
CHARLES: The story led us to choose which locations in Japan we would choose. The major events in Kyoto, around Osaka, and around Azuchi Castle took place in the same area, so we were able to focus on that.
JONATHAN: Of course, we had to choose a size that matched the game, but I think it was the perfect size for this story and type of game.
--Since the game is set in the Warring States period, is there a system that allows players to participate in battles?
JONATHAN: We see several battles in the story, and the battle at Iga is playable. There are other battles as well, but I can't talk about them right now. The game is set in the Warring States period, but it is not only about battles. It is a game that allows you to travel and discover that world.
--What challenges have you faced and what have you been able to achieve as a result?
JONATHAN: By making the big decision to go completely modern and demanding a very high level from the "Anvil" engine, we were able to increase the number of particles, create a more realistic atmosphere, and expand the graphical possibilities of the changing seasons.
This allowed us to work on a fresh new Assassin's Creed. This was a great opportunity for us to take a big leap forward in graphics.
CHARLES: Also, thanks to the new global illumination system, we were able to take advantage of light and shadow, which had a huge impact on the gameplay and stealth approach. For example, enemies became aware of our presence through our shadows, enemies gathered for warmth under a fire in the winter, or shadows through shoji screens depicted enemy presence, giving a new dimension to stealth.

By having two main characters, it is possible to show a wider range of angles and different perspectives.

(left) BROOKE DAVIES, Associate Narrative Director, (right) SACHI SCHMIDT-HORI, Narrative Consultant
--Did you choose the Azuchi-Momoyama period as the period setting from the pre-production stage?
BROOKE: I joined the project after the choice of period had been made, so the Azuchi-Momoyama period had already been chosen. This period offered so many wonderful opportunities from a narrative perspective. The complexity and duality of the period is well reflected in the characters of Naoe and Yasuke.
--What were you aware of and what were the challenges in creating a scenario where the two main characters switch?
BROOKE: From a storytelling perspective, I see it more as a wonderful opportunity than a challenge. When I write a story, I try to show rather than tell, and having two characters allows me to show what's going on from a wider range of angles and different perspectives. I hope this will encourage players to want to share their feelings with them.
--What do you think are the most important points in bringing original characters and historical figures into the game?
BROOKE: Both offer different and unique opportunities. With regard to Yasuke, I found him very interesting historically because we know some things about him, but there are many unknowns. So we needed to fill in the blanks in the story. It is important to note that Yasuke is a historical figure.
And in the case of Naoe, an original character, we were able to draw the story freely to some extent. The fact that she is a member of the Fujibayashi family and that her father is Masayasu Fujibayashi Nagato Mamoru allowed us to place her firmly within the setting. Because Yasuke is a real person but appears as a foreign-born samurai, the Japanese-born Naoe is on equal footing with Yasuke, although she has a different perspective.
--Will other historical figures appear besides Nobunaga Oda and Yasuke?
BROOKE: You will meet Luis Frois (a Jesuit missionary) at the meeting in Azuchi Castle. Also, Nene and Oichi will appear. The Japanese art renaissance that began in the Azuchi-Momoyama period blossomed in the Edo period, and you will also meet Sen no Rikyu, Kano Eitoku, and other important figures.
--Please tell us what year the story will be depicted.
BROOKE: I can't tell you what players will see, but I think it covers a part of the Azuchi-Momoyama period, from 1579 to 1584.
--I think the appeal of the series is to depict the struggle between the Assassin Order and the Templars while taking into account the history, but I would like to ask if there were any difficulties in putting the Azuchi-Momoyama period into it.
BROOKE: I don't want to mention the Knights Templar because I don't want to spoil anything, but the fascination and dynamics of this period are very interesting and provided wonderful opportunities for storytelling.
--How did you go about creating a world with a realistic feel of the Azuchi-Momoyama period?
BROOKE: We were very lucky to work with the Environment Team. The visuals they created for the game provided a great backdrop for the story.
The in-world experience added so much to the story. What we see from the stories and characters of this time period is complexity. I also believe that many of the people surrounding the World had their own struggles.
It was a very difficult time historically, and we see duality. Nothing is ever clear-cut and black and white. In warfare, two groups face each other and are confronted with different perspectives. But in the midst of it all, there are glimpses of hope for the future as we know it, which will later blossom.
--What advice did you actually give?
HORI: One scene that left a strong impression on me was the scene where Nobunaga's sister, Oichi, remarries Katsuie Shibata. In the original story we received, it was thought that the two families decided on their own without regard to Oichi's intentions, and Katsuie was portrayed negatively because he was more than 20 years older than Oichi.
So I spoke with BROOKE and the team and asked them to change it. Oichi had young children after the death of her husband Nagamasa Asai, so if her remarriage was to Katsuie, a trusted man who had served Nobunaga, she would have married him as a matter of course. When I explained that it was better to portray it in a positive light, it was a new discovery for the BROOKEs, and they were very moved by it. The rewritten version of the episode was very moving.
The other scene is the tea ceremony scene featuring Sen no Rikyu. Chanoyu is widely known to be translated as tea ceremony, but experts say it is a mistranslation. After researching the misunderstanding over here, I advised them, as far as I could understand, not to use a teapot or tea leaves, for example.
--Even we Japanese have a strong image of "ninja" as a fantasy. Did you encounter any difficulties with the theme of "ninja" in order to achieve a high level of fidelity to the historical reconstruction?
HORI: Ninja are certainly a fantasy, so I think it's a good thing that we can express ourselves creatively and without reservation. However, there are also dedicated ninja fans and communities around the world, and I am not sure to what extent they see the ninja as a real existence, or as an entity that existed in history.
Therefore, the extent to which ninja are represented in the game depends on the level of tolerance of the avid shinobi fans. I discussed this with the members of the development team. We did not have a specific policy on how much to express, but made decisions on a case-by-case basis. We would say, "This is an acceptable creative expression," or "This is stereotypical", so let's not do that.
--I'm sure there are many references, but which one left a particularly strong impression on you?
BROOKE: The first book I looked through was "Nobunaga no Kouki" by Ota Ushiichi (Azuchi-Momoyama period, military commander and military history author). I was impressed by his personal observations as he recounts the details. We can learn a lot of historical facts from reading history books, but this author incorporated his own views so that I felt I could understand even his character and what it was like to live in that era, and I was completely drawn in. I was thrilled to be able to portray this time period and the people in this book.
--The drama "Shogun" which is set in a similar time period, has been a hit, and I hope that this work will attract the same kind of attention from game fans. I understand that you have prepared a "Discovery Tour" that allows visitors to freely walk around the game world with historical explanations.
BROOKE: I can't answer about the Discovery Tour today, but I am glad to see that interest in the setting and time period of the game is growing. I look forward to the day when we can bring this to you.

Gathering a lot of information to recreate 16th century Japan and build a living world

(left) THIERRY DANSEREAU, Art Director, (right) STÉPHANIE-ANNE RUATTA, Historical Supervisor and World Director
--Please tell us what kind of materials you used as references to describe the field and the characters' costumes in the Azuchi-Momoyama period.
THIERRY: I have been working with experts and consultants for a long time, but for the characters, I referred to museum exhibits and books for their appearances and costumes. I visited several museums, did my research, and checked the materials with STÉPHANIE-ANNE.
Based on these, we created the characters. We also referred to descriptions in the books about the colors and the flags people carried. We used multiple sources, but we have checked them for historical accuracy.
STÉPHANIE-ANNE: For several years we had the help of experts, but we also did research with a Japanese studio and team. We used different kinds of sources to make sure the team got it right and had all the information they needed to reconstruct what Japan looked like in the 16th century.
We used museum databases, as THIERRY mentioned, but we also used inscriptions, scientific books, articles, and medieval depositions. For example, the Principles of Nobunaga has been translated into English, so we used that as a reference to describe 16th century Japan. I also referred to the documents of Luis Frois from the same period, which compare European and Japanese society.
--This period was also a time when there was a large influx of immigrants. Will you also depict the episodes, lifestyles, and culture of these people (missionaries, merchants, etc.) as well as Yasuke?
STÉPHANIE-ANNE: Yes, it is important to introduce the presence of Portuguese missionaries and merchants in the 16th century. They influenced the course of warfare during this period and the changing power of certain merchants in Japan.
--I am wondering what castles, shrines and temples that symbolize the Azuchi-Momoyama period will appear in the game. Although the game is set in the Kansai region, is the Osaka Castle built by Toyotomi Hideyoshi ......?
STÉPHANIE-ANNE: The era is represented by the construction of various castles and castle towns, so players will discover a wide variety of castle types and castles destroyed in battle. The Azuchi Castle, which is related to the name of the era, will also be featured.
THIERRY: Himeji Castle, Osaka Castle, and Takeda Castle are also available, and it is wonderful that players can visit and play in these castles. I think this is one of the strengths of the franchise, but all of the castles are based on actual historical blueprints, which I think is very unique, both as an experience and a learning opportunity.
The Koyasan Okunoin Cemetery is the oldest graveyard in Japan, which can also be seen in the game. There are too many to mention them all, but thanks to STÉPHANIE-ANNE and the experts, I think they are well described and it is wonderful that players will be able to travel to these places.
--The architectural style and decoration of the buildings is a different culture from the previous works in the series. What were you conscious of in recreating the culture and what were the challenges? I am also interested in the possibility of diving on the "Shachihoko".
STÉPHANIE-ANNE: The building team did a lot of research, and then we checked the results with experts and asked them to add the elements needed to build a great castle. We did research to recreate the decorations of not only the castle, but also the temples and shrines, and also to find out what materials were used to make them.
THIERRY: The colors also change over time, so we made adjustments to that as well. Of course, this is "Assassin's Creed," so you can climb anywhere and jump from almost anywhere. Exploring is fun.
--Japanese period games tend to be rather subdued, but were there any barriers to making it a worldwide production?
STÉPHANIE-ANNE: It's a game based on history, and we want players to have the opportunity to play with history. This period is so fascinating and celebrated, and has had such an impact on pop culture, that we were fortunate to have the help of renowned experts to make sure we had all the information we needed to faithfully recreate medieval Japan in the 16th century.
We maintained historical fidelity because it was a rich period with so much to talk about and we didn't feel the need to change it. There is an experience that goes into fantasy, but keeping it authentic was our primary goal.
--In the main storyline, can we experience famous episodes from the Azuchi-Momoyama period (such as the Battle of Nagashino, the Honnoji Incident, the Battle of Komaki and Nagakute, etc.)?
STÉPHANIE-ANNE: You will have to wait a little longer for that.
--In the recent series, "Origins," "Odyssey," and "Valhalla," you can enjoy the connection to mythology and fantasy elements based on mythological themes. Will this work also contain elements based on Japanese mythology, yokai, and other fictional creatures?
STÉPHANIE-ANNE: That is a very good question, but I will answer this one later.
--This game also reproduces the four seasons of Japan. Which season did you start first? And which seasons were particularly difficult to express?
THIERRY: I started with spring. We all know about cherry blossoms, and I think they are the most symbolic Japanese element for foreigners. And the big difference is winter. I wouldn't say that winter is more complicated because it has many different expressions, but it was very different from spring, summer, and fall, and the challenges were also different.
--What was particular about the representation of water, such as waterfalls, rivers, lakes, etc.?
THIERRY: All of the water topics were very important to us. We knew that there is a Shinto belief in waterfalls and rivers, and that they are important places in the Japanese eco-system. Even the blueprints of the suburbs are lined with irrigation canals, and they even go into the houses. Thus, we knew that water is a key component of Japanese culture, especially for agriculture.
This is why we installed drains everywhere in this work. The presence of water in the Japanese landscape was different, so we took it seriously and treated it as an inviolable part of the Japanese landscape and way of life.
--What are some of your favorite places, castles, or cultures that appear in your work?
STÉPHANIE-ANNE: That's difficult.
THIERRY: My favorite is Takeda Castle. It is on top of a high mountain and is called the castle in the sky, and I like this location. I can't say it's fair because we built it ourselves, but there are many other great places to visit.
It was a lot of work to create the forest, but I really enjoy looking at the landscape. I also like how all the ecosystems interact with each other, such as the clouds in the weather system. It's not a location, but I enjoy it because it encompasses the whole game.
STÉPHANIE-ANNE: I was impressed by the "Rakuchu Rakugaizu," Japanese folding screens from this period. I was fascinated by the fact that just by looking at them, one could come into contact with the vivid world of this period.
The artistic touch is something special. I have never seen anything so full of art. I truly admire the artists of this era.
THIERRY: I also think the most striking thing for me was the harmony of nature and architecture. I visited the site and found many places, and I could see how everything was deliberately composed.
I was told that trees were planted while the chedi was being built at the time, but everything looked perfect. Also, the culture loves the age and values it, so they cherish moss and things that have taken root there. Japan has maintained these places so they still exist and are still in use.
I realized that we are dealing with a subject that has a long history. It is also a culture that values space, living space. These were the most exciting discoveries during my travels in Japan.

There is a hill in my backyard that I haven’t finished landscaping (circled in picture). It is 55’ wide and 8-12’ long depending on the section. I put in a drip line with emitters every two feet with the intention to put in one row of simple shrubs and a few low-water plants next to the creek bed. Then I am thinking weed barrier and rocks that contrast with the creek bed. If I did this, what type of rocks would you recommend?
Oh, and I live in Northern Utah. Also open to other ideas.

This little side yard is the bane of my existence! It slopes down towards the fence, and is only about 12 feet across, too tight of a space to mow easily with our riding mower.
We had plans to build raised garden beds (hence the boards beside it), but realistically (four kids under the age of 7) we don’t have the time to get that done. Instead looking for a quicker, low maintenance solution to make this space tidier.
It currently has landscaping fabric and mulch from the flipper we bought it from, with a ton of weeds coming through.
Our house is midcentury modern, and we’ve been working on the front yard landscaping with lots of grasses, Russian sage, and Japanese maple trees. But now I’m all out of ideas!
North facing, full sun.

Afternoon all,
I thought it might be fun to try and take the last three weeks and have a recap of the data and news surrounding RILY. I just searched this sub and news outlets and such for the last 3 weeks and took notes then fed them into an AI software asking it to summarize everything. In no way is this Financial Advice just a fun task.
"The financial landscape for B. Riley Financial, Inc. showcases a dynamic narrative of operational resilience and strategic positioning. The company's recent activities reflect a strategic focus on managing debt obligations effectively while optimizing business segments for sustainable growth. The strategic review process for Great American Group retail liquidation and appraisal businesses is progressing, indicating a commitment to enhancing operational efficiency and value creation.
In the earnings summary, a net loss of $51 million was reported, primarily driven by investment-related losses and professional services expenses. Despite these challenges, the company's strategic initiatives and operational performance remain robust, as highlighted in the earnings call. Executives Bryant Riley and Tom Kelleher emphasized the company's operational excellence and strategic direction, underscoring a commitment to shareholder value and sustainable growth. The company's strategic reviews and commitment to shareholder value remain steadfast amidst market volatility caused by short manipulation.
Furthermore, the full redemption of $25,000,000 aggregate principal amount of 6.75% Senior Notes due 2024 signifies a proactive approach to managing debt and strengthening the company's financial position. This strategic move aligns with the company's focus on optimizing its capital structure and enhancing financial flexibility.
Overall, B. Riley Financial's narrative is one of resilience, strategic foresight, and operational excellence in navigating market dynamics and challenges. The company's commitment to financial prudence, strategic reviews, and operational performance positions it well for sustained growth and value creation in the evolving financial landscape."
Below is the data the AI used to create the summary. Just copy and pasted from a very quick and crude gathering of information into a word doc. I also enjoyed the earnings summary the AI did. The last line made me feel happy thoughts. - In summary, B. Riley Financial's first-quarter 2024 results underscore its strong operational foundation and strategic foresight, positioning it well for future growth and shareholder value creation.
1. Cohodes being loud and classless examples
https://preview.redd.it/xymj94vp5f1d1.png?width=637&format=png&auto=webp&s=3d9f18f4f877f7fb518039bc78198e77e3fcd190
https://preview.redd.it/bxacg0bp5f1d1.png?width=975&format=png&auto=webp&s=9a4eba6a4a39457cc47661be5836008976b37fc6
https://preview.redd.it/q5kdr5qo5f1d1.png?width=975&format=png&auto=webp&s=14dcb5473ed7dcac4646eaba2b983806f32bd875
https://preview.redd.it/ky1hlc1o5f1d1.png?width=789&format=png&auto=webp&s=4c603719820d06ea91d9181ad3c41734a603b795
https://preview.redd.it/soco7bjn5f1d1.png?width=969&format=png&auto=webp&s=dfbcf20f984e391c51afcc89e46597d1d9dff6ad
https://preview.redd.it/pwbnnwwr5f1d1.png?width=975&format=png&auto=webp&s=fe06146b727540c291825eda8db5f33b11e9e992
2. Discussion about FUD and shorts deception
I see the shorts (Marc Cohoded and Co.) are still at it, trying to l use a fake psychological twist to cause doubt. Let's stick to the facts and let the price go where it will in the long term. Short thesis was and is there was fraud, both proven wrong by independent investigation and a clean independent audit if the 10-K and now 10-Q. You can slap that one around anyway you want, but both came up clean. First, they have stated their intentions of a sale of a carried undervalued asset (Great American) by a third party for a massive realized gain. Good for the investors and bond holders as they said they would use funds to deleveverage the balance sheet and buy back stock which already has very little float. Second, I have never seen a company that is paying dividends go under whith out, completely eliminating the dividends first (RILY still pays a dividend and baby bonds are all current--none are in any default). Third, business has been good with lots of new hires, new capital makets raises and fees and their business seems to be thriving. Shorts will try to mislead all of us with their lies and deciept but if we hold strong I believe that the stock will go to at least 50 ish in the short term where they did their secondary. I believe at that point, RILY may run into a bit of resistance. However, a squeeze could easily send us through that to new highs. Patience is the key as they have stated all this in their press releases in the recent past. If we al on this sitel just buy 100 to 1000 shares on Monday and hld through the 29th to get the dividends. this will rocket to new heights. This is not a recommendation, simply my thoughts. Do your own due diligence.
3.Stop lending shares=pain for shorts = short squeeze
If all longs can stop lending shares at least I believe we can cause shorts to cover. There is no valid short narrative, both longs and shorts know this. Now it’s purely who can hold out longer. Shorts have been very active as of late trying to push share price lower and with many of us loaning shares out we are actually helping the shorts hurt us. I believe if we stopped lending out shares borrow rate skyrockets and that added cost combined with dividend and gradual upward movement will force shorts to cover. Granted news release can help but we don’t need news we just need to stop lending and wait and see.
4. Link to short sale volume post https://www.reddit.com/RILYStock/comments/1ctwe9q/smoking_gun_thursday_dropped_because_shorts/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
https://preview.redd.it/hopdxkbt5f1d1.png?width=975&format=png&auto=webp&s=3945adf69a00addb0c2da4ea0c26b2a4de2749b3
5. Article showing RILY coming back https://www.investmentnews.com/broker-dealers/news/b-riley-bouncing-back-after-tough-winter-253448
6. Rily - Day 3 of short attacks - There's a positive
Our favorite shorts cohodes&co is on overdrive releasing as much fake accusations as possible, they now have been adding a lot to their position at a higher price point with shares in the 30s, now the shorts cost basis has gotten worse for them. With more shares at a worst cost with dividends coming due as well as borrow fees , shorts have less wiggle room especially if stock goes to 40 again. Now at 40 I believe they will be losing money. With insiders hopefully buying soon and the company continuing their share buy back program , that can lead to upward movement in share price leading to the “squeeze “.
7. $RILY Earnings Summary
Not financial advice.
It was an interesting investor call, an almost boring call which was refreshing. The company had a net loss of $51m driven by non-cash items including $29m unrealized loss on investments and a $30m fair value adjustment on their loans.
Cash flows were pretty good, with operating cash flows of $135m and adjusted operating EBITDA of $66m.
Targus and American Freight contributed nothing this quarter, both companies are historically strong businesses but have been working through a business cycle post-COVID after many Americans bought the things they needed. Those companies should improve in the next year.
The company previously announced a potential sale of Great American Group. Q-1 earnings for that segment increased to $35m of EBITDA, so at 10-12x a potential sale is looking like $350-$420m. On the call they said that is expected by early Q3. They also mentioned possibly looking at a sale in their Brands division later this year with the goal of retiring their discounted debt, citing it as an opportunity.
The short thesis crumbled last month with a clean 10-K and two internal investigations which added an additional $7m in expense but presumably were quite thorough and completely debunked claims by bears.
There are no shares available to borrow per Fintel:
https://preview.redd.it/ukhk0tou5f1d1.png?width=975&format=png&auto=webp&s=0622973216e0293d7f2699c1b6eee3216824305e
And short interest remains at approximately 65% with 9 million shares short, though the retail float is thought to be much smaller, maybe 2m shares.
The company has $34m available at quarter end for buybacks from a previously approved program.
I see value here, and I liked what I heard on the call.
8. Misconceptions - Rily Share Structure
[THIS POST IS FOR EDUCATIONAL PURPOSES ONLY] mumen_rida
There seems to be a lot of confusion about the company’s share structure and I would like to use this post to help not only my own understanding but also help others. It’s a bit confusing but let’s tackle it together.
I got this information from marketwatch: Total Float = 30 million shares Public float = 16 million shares Shares sold short = 9 million shares % of public float sold short = 56.38%
According to fintel: Institutional ownership = 14.18 million shares
So let me get this straight, there is 16 million shares in the public float and institutions own 89% of that (14.18 million shares). So that would mean retail investors collectively only have about 1.82 million shares to trade around amongst ourselves. Let’s call that retail float.
So, retail float = 1.82 million shares.
Let’s wrap up all the most important information (imo) regarding the current share structure and please correct me if any of the information I presented here today is false:
Total float = 30m
Public float = 16m
Shares short = 9m
Retail float = 1.82m
Where I think it gets the most interesting is when you divide shares short by retail float. 9/1.82= 4.95 or 495% of retail float.
Hope this helps clear up any confusion regarding the share structure.
REPSONSE TO THIS BELOW
EnvironmentalBreak48
•3d ago
THIS RESPONSE IS FOR EDUCATIONAL PURPOSES ONLY. NFA. Do your own DD, make your own decisions.
Based on OP calculation.
1. Total Float: About 30 million shares.
2. Public Float: 16 million shares.
3. Shares Sold Short: 9 million shares.
4. % of Public Float Sold Short: 56.38%.
5. Institutional Ownership: 14.18 million shares.
6. Retail Float: 1.82 million shares (calculated as Public Float - Institutional Ownership).
Given this information:

Understanding Short Interest

· Shares Sold Short: About 9 million shares.
· Retail Float: 1.82 million shares.
· Short Interest as a Percentage of Retail Float: 9 million shares/1.82 million shares≈495%
This high percentage indicates that the short interest is nearly five times the available retail float, which could lead to a short squeeze if investors hold onto their shares and/or demand increases.

Days to Cover (Short Interest Ratio)

The Days to Cover metric gives an estimate of how many days it would take for short sellers to cover their positions based on the average daily trading volume. Here’s how to calculate it:
1. Determine the average daily trading volume (ADTV): This information is usually available on financial websites like MarketWatch or Yahoo Finance. Let’s assume the ADTV is 1,000,000 shares (this is an example, you should use the actual ADTV for a more precise calculation).
2. Days to Cover: Shares Sold Short/ADTV
Using our example ADTV: Days to Cover=9,000,000 (short shares)/1,000,000(Avg. Daily Volume)=9 days Days to Cover

Potential Implications

· High Short Interest Ratio: A high Days to Cover ratio suggests it would take a significant amount of time for shorts to cover their positions, which can lead to increased volatility.
· Potential for a Short Squeeze: With a high percentage of the retail float sold short, if retail investors decided to hold their shares and the stock price rises, short sellers may be forced to buy back shares at higher prices, leading to a potential short squeeze.
· Limited Retail Float: With only 1.82 million shares available for retail trading, any significant buying pressure from institutional investors and/or retail investors it could quickly drive up the stock price.
9. Why Even the Joker Thinks You’d Be a _____ For Not Taking A Look at RILY Stock
Batman here. You might know me as the Dark Knight, the Caped Crusader, or the guy who really, really, really wants to own a spaceship. Today, straight from the Batcave, lets talk about something as exciting as racing the Batmobile or the return of Roaring Kitty—RILY stock.
First off, let’s talk numbers, because even a superhero knows the importance of a strong financial foundation. RILY has been buying back shares like Alfred buys Bat-gadgets—strategically and frequently. This move isn’t just a nifty trick; IMO it’s a signal that RILY is confident in its value. When a company buys back its own shares, it’s like Batman investing in more Batarangs—it’s a smart play that shows belief in future performance.
But that’s not all, folks. The recent buzz around RILY isn’t just cat signals in the sky—it’s grounded in solid developments. RILY had to work hard to file their 10K after all the mudslinging from the shorts, but got it done. The first big catalyst domino to fall.
Now, let’s get to the juicy part—earnings and dividends. RILY’s about to drop their Q1 earnings tomorrow, and you know what that means? Dividends! That’s right, folks. RILY is likely to declare a dividend, that our short friends will be paying. Dividends are like the Batmobile’s turbo boost—an extra kick that gets you excited and propels you forward. Plus, once they file their Q, a few days later insiders should be able to start buying again. Form 4s anyone?
Here’s where it gets really interesting: meme stocks are back with a vengeance, wow talk about a left jab, and shorts are on their heels. The RILY squeeze might start very soon or it might not, but with shorts potentially facing margin calls due to price movements in various holdings, and especially if they’ve been shorting RILY all the way down it has not been a good week for the shorts so far. Just look how RILY stock popped this morning on about 200k in volume.
To add insult to injury, to date, NONE of the short thesis has come to fruition or has been confirmed by independent information. They’re in quicksand, and it’s time to gas up the rocket. There are still several catalysts that may come into play here:
Q1 Earnings Release: Scheduled to be filed tomorrow, providing insights into the company's recent performance. The deal flow on their website was up YoY.
Dividend Announcements: Anticipated dividends right around the corner.
Insider Buying: Once the Q1 earnings are filed, insiders should be able to buy stock again, expect to see some Form 4s in very short order.
Sale of Great America Division: If RILY sales Great American, they have said the proceeds from this sale are expected to be used to reduce debt and fund further stock buybacks, potentially enhancing shareholder value.
Low Float: With a limited number of shares available for trading, increased demand can lead to significant price movements.
Buybacks: Ongoing buybacks can continue to support the stock price.
Meme Stock Momentum: With meme stocks making a comeback, there's increased interest and activity in stocks that are short and that could drive up RILY’s stock price.
Short Squeeze Potential: Low public float, company buybacks, insider buying…mix that up and you have the recipe for a potential squeeze.
Roaring Kitty's Return: The return of Roaring Kitty, a key figure in the meme stock movement, brings renewed attention and excitement to the stock market in general.
And, guess who just chimed in on RILY earlier today? That's right—JeffAmazon from the GameStop meme trade and Netflix documentary! He made a little tweet tweet on $RILY
Additional Catalysts: What do you all think…..
Stay vigilant, stay smart, and just my thoughts—do your own due diligence and make your own decisions. NFA.
10. FAKE ARTICLE BULLSHIT FUD…………
Well, IMO even Stevie Wonder can see that the latest article on FRG is just another hatchet job. IMO the problem with creating a narrative is that the facts can’t keep up, and boy, did they fall behind here.
RILY conducted not one, but two independent investigations and found zilch issues with its FRG investment or loans made to Kahn. And guess what? No connection with Prophecy either. FRG did their own investigation and also found no connection with Prophecy. So, to call the relationship between RILY and FRG controversial is like calling a puppy dangerous—laughable.
In RILY's 10k, they marked up their FRG investment FMV $281 million to $286 million…
FRG's FY23 financials are public, and the attached table shows the maturities of their debt. In 2024, about $10.5 million in debt is maturing. Big deal. Looming debt? Hardly. The real kicker is in 2026 when about $1.5 billion of debt matures—not this year, not next. LOL.
The FRG financials clearly state they were in full compliance with their debt covenants in FY23 and fully expect to be in compliance in FY24. Yet, "the people" say FRG is down double digits in Q1. Funny timing with RILY's Q1 financials coming out on Wednesday, huh? And by the way, FRG's adjusted EBITDA for Q1 FY23 was $66 million, not the $62 million the article claims. Why not use the actual FRG public company number? Maybe because when you're rushing to write a hit piece, you just pick random numbers.
https://www.globenewswire.com/en/news-release/2023/05/10/2665414/0/en/Franchise-Group-Inc-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results.html
So, according to the article, FRG is down 63% in revenue ($66 million vs. the alleged $25 million).
Sure, FRG sold Badcock and Sylvan Learning, so they might be down YoY, but down 63%?
FRG sold in FY24 Q1 Sylvan for $185 Million cash….and they’re worried about paying $10.5 million in long term debt due this year. Got it.
https://www.franchisetimes.com/franchise_mergers_and_acquisitions/unleashed-brands-buys-sylvan-learning/article_a568813e-d4c7-11ee-bb32-1f85230cfdda.html
https://preview.redd.it/lry689p16f1d1.png?width=975&format=png&auto=webp&s=0714b3b378abb528f0abb470ade0deb3d34c2d39
11. Post talking about NT-10Q•
https://www.reddit.com/RILYStock/comments/1crb1gp/new_filings_nt10q_13fh?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
12. Friendly PSA: Manage your emotions
Great Post Below talking about managing emotions during this trade.
https://www.reddit.com/RILYStock/comments/1cqzskg/friendly_psa_manage_your_emotions/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
13. RILY RS Article 76 to 83
https://www.investors.com/ibd-data-stories/b-riley-financial-shows-rising-price-performance-with-jump-to-83-rs-rating/
B. Riley Financial (RILY) saw a welcome improvement to its Relative Strength (RS) Rating on Thursday, with an increase from 76 to 83.
IBD's proprietary rating tracks share price performance with a 1 (worst) to 99 (best) score. The score shows how a stock's price performance over the trailing 52 weeks stacks up against all the other stocks in our database.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains typically have an 80 or higher RS Rating as they begin their biggest climbs.
Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock manages to form a base and break out.
The company showed 0% EPS growth last quarter. Revenue rose -9%. The company is expected to report its latest earnings and sales numbers on or around May 15.
The company earns the No. 24 rank among its peers in the Finance-Investment Banking/Brokers industry group. Interactive Brokers (IBKR), Piper Sandler (PIPR) and Ameriprise Financial (AMP) are among the top 5 highly rated stocks within the group.

14. Announcement of 2024 Annual Meeting June 21st
https://www.sec.gov/ix?doc=/Archives/edgadata/0001464790/000121390024041725/ea0205510-01.htm
15. Repost: $RILY DD: The real price potential...when the stock is a solid/growing company (not just a squeeze).
https://www.reddit.com/RILYStock/comments/1cnzff7/repost_rily_dd_the_real_price_potentialwhen_the/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
16. $RILY- “They can win by doing nothing
12 days ago
Outrageous_Appeal_89 “
Whitebrook capital assessment addressing cohodes&co BS at the peak of their false accusations and in a polite way stating short funds were making things up (misinformation & manipulation ). It seems $RILY is executing on some of the recommendations Whitebrook capital had - share buy back and bond buy back has been executed and continues to be executed on. Whether you invest in $RILY for the long term prospects or the short squeeze that can be triggered any day as lie after lie is exposed. Bottom line is the fair value of $RILY is a lot higher then where it currently trades. We will get a better idea whether share prices deserves to be in the 50s or 60s as we get an update on GAG valuation. Seems many here forget that $RILY creates value by turning companies around and then monetize, this process takes time , they have been able to do this successfully, repeatedly over the years.
https://preview.redd.it/uiisruq36f1d1.png?width=792&format=png&auto=webp&s=e6c32c04877ae21b51cb8a99cee0aef17cdb32c4
17. 3 Videos from Value Don’t Lie on Youtube talking about Financials of RILY and overall company valuation
https://www.youtube.com/watch?v=kRenvff8duE&t=1s
https://www.youtube.com/watch?v=EoaCZw7AmpA&t
https://www.youtube.com/watch?v=7_Ayoox3fvM
18. Getting around the NBBO and Longing the Box
So let this sink in… the market opens and in 5 minutes we rally to $34.42, then over the next 15 minutes we drop to $28.80 at which point SSR was triggered and sell volume slows WAY the hell down. That drop was ALL short sellers and NO longs selling shares (otherwise the sell-off wouldnt have stopped literally minutes after SSR triggered). NOW, what the scumbag shorts are doing is going Long Against The Box.
19. Steve Cohen and Point 72 buy 24,917 shares long on May 15th
https://preview.redd.it/fhdhyco46f1d1.png?width=975&format=png&auto=webp&s=6600f6a9a3f0bc5bc8823cddb5f52defdf282063
20. Summarize this earnings call and keep pertinent quotes and data in the summary.
https://filecache.investorroom.com/mr5ir_briley2/925/RILY_1Q24_Earnings_Release_vFINAL.pdf
Chat GPT Summary of the full report below
B. Riley Financial, Inc. (NASDAQ: RILY) reported its first-quarter 2024 financial results, showcasing resilience and operational strength despite facing challenging market conditions and unique internal events. Here's a summary with a positive outlook:

First Quarter

2024 Highlights:

1. Quarterly Dividend Declaration:

• B. Riley declared a quarterly dividend of $0.50 per share, reflecting the company's commitment to returning value to shareholders. The dividend will be paid on or about June 11, 2024, to shareholders of record as of May 27, 2024.

2. Operational Performance:

• Despite reporting a net loss of $51 million, the company's core operating businesses demonstrated solid performance. This loss was primarily due to non-cash, unrealized investment losses.
• Total revenues for the quarter were $343 million. Operating revenues, excluding investment-related impacts, were $379 million, showcasing the underlying strength of the company's operations.

3. Strategic Debt Management:

• B. Riley successfully retired $115 million of its 6.75% 2024 Senior Notes and repaid $57 million of bank debt facilities and notes payable. This strategic move highlights the company's focus on strengthening its balance sheet and reducing interest expenses.

4. Cash and Investments:

• As of March 31, 2024, the company had total cash and cash equivalents of $191 million and total cash and investments of $1.61 billion, providing a robust liquidity position to support ongoing operations and future investments.

5. Segment Performance:

• B. Riley Advisory Services: Delivered its strongest first-quarter results in the firm's history, driven by increased demand for appraisals, bankruptcy restructuring, litigation consulting, and real estate services.
• B. Riley Securities: Benefited from a steady dealmaking environment, generating higher fee income despite a decrease in overall capital markets segment revenues.
• Wealth Management: Continued to improve operating margins and managed $25.8 billion in assets by quarter-end.
• Communications: Provided steady cash flow, contributing to the platform's stability.
• Consumer Products (Targus): While facing macro headwinds in the PC market, Targus remains a leader in its sector, poised for growth as the market stabilizes.

Leadership Insights:

• Bryant Riley, Chairman and Co-CEO, emphasized the company's operational stability and strategic focus amidst challenging conditions. The firm's resilience is attributed to the dedication of its employees and robust core business performance.
• Tom Kelleher, Co-CEO, highlighted the impressive performance of B. Riley Advisory Services and the steady contributions from B. Riley Securities and Wealth Management. He expressed optimism about Targus's potential recovery and the company's strategic investments.

Looking Ahead:

B. Riley's strategic initiatives, such as debt reduction and selective investments, position the company for continued success. The ongoing strategic review of its Great American Group retail liquidation and appraisal businesses indicates a proactive approach to optimizing its portfolio. The firm remains committed to delivering value to its shareholders through dividends and operational excellence.
In summary, B. Riley Financial's first-quarter 2024 results underscore its strong operational foundation and strategic foresight, positioning it well for future growth and shareholder value creation.
20. State of the Stock
15 days ago
UF_Secret_Account
Not financial advice, do your own research. Don't take advice from the internet, consult a professional financial advisor.
On April 19th, the stock closed at $19.99. Today, it is over 50% higher after a positive 10-K clearing the company of fraud allegations.
The stock touched $40 on April 26 and 29, a 100% gain from a week prior.
The short interest has remained relatively consistent during the move, with 10-11 million shares still short. However, given the time lapsed, I think it's safe to assume that most of those shares were covered and re-shorted in the last two weeks. For future research, we should assume they have an average $35 entry on their short positions.
1st quarter earnings are coming soon. Like many of you, I am a little curious that it hasn't been announced yet, but I have no concerns with everything the company has on its plate. 10-Q's are unaudited and it's very unlikely there is anything to be concerned about, in my opinion.
The company could be coming to the end of their strategic review for GAG. That will eventually result in some additional financial statement adjustments for presentation.
I would expect 1st quarter earnings to be good based on their deal flow and reported transactions.
In November 2023, the board approved $50m for stock buybacks. The company repurchased 728,330 shares at an average price of $21.85, but mainly bought shares in November. That's $16 million spent, and means the company had $34 million approved to buy back stock at year end. The program continues through October 2024. At our current price, that would be 1.1 million shares (3.3% of the outstanding stock).
That is significant for a stock with this many outstanding shares, but more significant for the number of freely traded shares which is far less. How many times have we seen huge price moves on small blocks of shares? If the company adds $10-15 million to that program, that's another 300,000-500,000 shares. Again, it doesn't sound like a huge number but it would add pressure to what will become a dire situation for the shorts.
The shorts may decide not to cover, or to continue the strategy of taking their losses and re-shorting, but their ability to influence the stock back to a level where they truly profit is nonexistent in my opinion, particularly when volume dies between market-moving events.
I am eyeing the $50-$55 range as my price target in the next move up.
21. NOTE on FRG Independent Auditor’s Report
One of the positive things I see IMO was for the billion dollar loan that matures in 2026. “On July 2, 2021, the Company repaid $182.1 million of principal of the First Lien Term Loan using cash proceeds from the sale of the Liberty Tax business. The prepayment also satisfied the requirements for the quarterly principal payments so no additional principal payments with respect to the First Lien Term Loans (excluding the Incremental First Lien Term Loan) are due until the First Lien Term Loan maturity date.” To me this gives them some flexibility for their cash as there isn’t much long term debt due in 2024 or 2025.
https://preview.redd.it/ib92t7e66f1d1.png?width=975&format=png&auto=webp&s=df286021b0653db92122e33df0ed37f1068a0c6c
22. on May 3rd Cohodes or someone else got media to report 4th quarter from last year as q1 earnings this year. Which was a lie and FUD
https://preview.redd.it/nlau48276f1d1.png?width=623&format=png&auto=webp&s=832695b6c331c3df6dbcb861dc90551ee42a036a
23. B. Riley Financial Announces Full Redemption of 6.75% SR Notes Due 2024
17 days ago Wolfiger
LOS ANGELES, May 1, 2024 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced that it has called for the full redemption equal to $25,000,000 aggregate principal amount of its 6.75% Senior Notes due 2024 (the "Notes") on May 31, 2024 (the "Redemption Date").
The redemption price is equal to 100% of the aggregate principal amount, plus any accrued and unpaid interest up to, but excluding, the Redemption Date, as set forth in each notice of redemption delivered to noteholders on May 1, 2024.
https://ir.brileyfin.com/2024-05-01-B-Riley-Financial-Announces-Full-Redemption-of-6-75-Senior-Notes-due-2024
24. 8k filed May 1st for Nasdaq Compliance
25. Found management bonus if above 136 by October. Did anybody else know that a part of managements comp was in the form of Performance-based Restricted Stocks Units with a vesting date of 10/27/24 AND A HURDLE PRICE OF $135?!?
https://preview.redd.it/wo2uh54k5f1d1.png?width=547&format=png&auto=webp&s=8b6dedf28ec845b2170647674f5b39b6eaac96a1

Doing some landscaping and found this wire. I was aware of the spliced wire and this appears to be the rest. Any idea what it’s for?