Operator: Thank you, Steve. [Operator Instructions] Our next question comes from John from Nuveen Asset Management.
Unidentified Analyst: Hey, Bryant, it’s Jon Bosse. Obviously, the prospects of Bitcoin and Core Scientific have gotten a lot better. Can you provide a bit of an update on kind of the prospects, which seem to be looking much better, and they’ve obviously filed some plans as well?
Bryant Riley: Sure. And just I forgot on the previous call, we paid down $60 million of our Riley owes early. So we actually have $140 million outstanding, just to be clear. So on core, we have two assets. We have the debt and we have our sub debt. So the debt has been paid down. I think it started $35 million, $36 million that’s been paid down to $15 million. I would imagine, given where Bitcoin prices are the debt will be gone by the time they exit bankruptcy. The sub debt we have is obviously part of a filing and part of the negotiation between all of the constituents at core. And given the cash flows that core has estimated and are working through on the restructuring, we believe that, that sub debt will be money good, which certainly seems that way or the direction. So it’s obviously very positive from where we were before and part of that was short report that came out as well.
Unidentified Analyst: Thank you.
Operator: Thank you, John. [Operator Instructions]
Bryant Riley: Okay. Well operator I think we’re good. Thank you everybody for joining us on the call. We’re excited obviously about the macro. We think that our team has done a really good job through a difficult period in our more episodic businesses which both of them are starting to see a lot better environment. So we’re enthusiastic about that. We appreciate everybody’s support and we’ll keep working hard to deliver strong results. Thank you very much.
Operator: Thank you, Mr. Riley. Before we conclude today’s call, I will provide B. Riley Financial’s safe harbor statement which includes important cautions regarding forward-looking statements made during this call. Statements made during this call that are not descriptions of historical facts are forward-looking statements that are based on management’s current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today’s date.
Such forward-looking statements include, but are not limited to statements regarding our excitement and the expected growth of our business segments. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include without limitation, the risks described from time to time in B. Riley Financial Inc.’s, periodic filings with the SEC, including without limitation, the risks described in B. Riley Financial Inc.’s annual report on Form 10-K for the year ended December 31, 2022 under the captions Risk Factors and Management Discussion and Analysis of Financial Condition and Results of Operations as applicable. Additional information will be set forth in our quarterly report on Form 10-Q for the quarter ended June 30 2023.
These factors should be considered carefully and participants are cautioned not to place undue reliance on such forward-looking statements. All information is current as of today’s call and B. Riley Financial undertakes no duty to update this information. Thank you for joining us today for B. Riley Financial’s Second Quarter 2023 Earnings Conference Call. You may now disconnect.
