Summary B. Riley's stock has fallen by 71% since I wrote a bearish opinion in 2021, as its income has declined while its balance sheet risks have grown. The company's future seems uncertain as short interest reaches 30%, making it among the most short-sold stocks today. Fundamentally, the company is operating too many segments, failing to develop a competitive edge in most, leading to low margins. B. Riley's securities lending business stands out compared to peers but could result in notable risks due to the potential undercollateralization of these loans in the event of a large market decline. Although B. Riley's risk exposure appears high, its performance may recover depending on macroeconomic circumstances. Further, its short interest is high enough that it has high short-squeeze potent