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  "docId": "019dd923-622c-750b-8b9a-6cf89b81fe9e",
  "docSlug": "377026890e4d",
  "documentTitle": "B. Riley Financial, Inc. (RILY)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-02-08 00:00:00",
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  "notes": "The slide uses Bloomberg's proprietary default risk model to categorize companies into IG, HY, and DS grades, then maps specific RILY debtors against industry distributions.",
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      "text": "As you can see below, RILY's debtors almost uniformly live in the right tail (distressed) end of their industry default distributions.",
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      "text": "Industry default risk distribution histograms for XELA, GREE, SRNE, and AREN",
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      "text": "Default Probability: 35.90%",
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      "text": "While a 35.9% risk of default within the next year may not seem too alarming to some investors and an 8.27% estimated risk of default within one year likely seems low to most investors, in Bloomberg’s Default Risk Model, these are extremely alarming numbers.",
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      "text": "Table 2 - RILY Corporate Loans: Bloomberg Default Risk Grade",
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      "text": "Bloomberg Default Risk Grade Scale (IG, HY, DS categories with probability ranges)",
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      "evidence": "The document agitates these problems, detailing the losses from GREE, XELA, and BRIV, and highlighting the company's opaque loan book.",
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