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   "markdown": "<a id='5cd9ae3c-6284-4b28-97ad-582352d066b9'></a>\n\nBOOK EQUITY VALUE ROLL-FORWARD",
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   "markdown": "<a id='929220ec-1e21-4c7c-bf89-7f8ae21561e6'></a>\n\n## **Context**\n- Every occurrence of: `<::visual content::>` marks a placeholder for **visual elements** (e.g., photos, diagrams, charts, flowcharts, tables, or logos).\n\n## **Instructions**\n1. **Expand each `<::visual content::>` placeholder** by describing or transcribing the content inside the visual accurately.\n - Replace with:\n   ```\n   <::transcription of the content\n   : chart::>\n   ```\n   or\n   ```\n   <::transcription of the content\n   : flowchart::>\n   ```\n   or other descriptors as appropriate.\n2. **Faithfully regroup text**:\n - If surrounding text belongs logically to the visual (e.g., axis labels, captions, or legends), **move it into the placeholder block**.\n - Merge separate placeholders if they represent parts of a **single logical visual element**.\n3. Maintain the **reading order and document hierarchy** as closely as possible to the original layout.\n4. Ensure **balanced placeholders** for every expanded block (`<::` and `::>` must match).\n\n\n\u2705 **Output Requirements**\n- Return in a json format as shown in the following pydantic. No commentary, only valid JSON.\n```python\nfrom typing import Dict\nfrom pydantic import BaseModel\n\n# Figure schemas for structured figure output\nclass FigureSchemaStage2(BaseModel):\n    markdown: str\n    category: Literal[\"figure\", \"not_figure\"] = \"figure\"\n\n```\n\nWhere category is  `figure` only if the primary content of the image is a figure, chart, diagram, or other visual.\n\n## Normalization for downstream tasks:\n\n1. When a document contains any type of selectable options (e.g., checkboxes, radio buttons, toggles, multiple-choice answers, dropdown selections, highlighted choices, tick marks, or circled answers), they must be converted into a consistent normalized format to ensure reliable use in downstream tasks.\n  - ### General Rule\n    Represent each selectable item using the structure:\n    ```\n    option <LABEL>: [x] \u2192 if the option is selected/checked/active\n    option <LABEL>: [ ] \u2192 if the option is unselected/unchecked/inactive\n    ```\n    Example:\n      option Apples: [x]\n      option Bananas: [ ]\n      option Cherries: [x]\n\n2. Any **excessive repetition of characters** (e.g., dots `.....`, dashes `----`, underscores `______`, or similar filler) should be normalized to a maximum of **three characters**.  \n   Example:  \n   - `.....` \u2192 `...`  \n   - `------` \u2192 `---`  \n   - `_________` \u2192 `___`You are provided with:\n- The original image\n- The Stage 1 transcription containing placeholders for visual content.\n\n\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\n## **Inputs**\n- **Image**: The image from the document.\n- **Content**: \n<::\nSUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q4 2025\n\nLegend:\nBox with dashed border = Undepreciated Book Value\n\nWaterfall Chart:\n\n09/30/2025 Book Equity Value\u00b9\n  Dark blue bar value: $1,496\n  Light blue dashed box value: $1,745\n\nGAAP Net Income / (Loss): $16 (increase)\n\nDistributions & Dividends: ($29) (decrease)\n\nOther Comprehensive Income (Securities Portfolio Mark-to-Market): ($1) (decrease)\n\nEquity-Based Compensation: $3 (increase)\n\nStock Repurchases/Other: ($1) (decrease)\n\n12/31/2025 Book Equity Value\u00b2\n  Dark blue bar value: $1,484\n  Light blue dashed box value: $1,741\n\nBook Value per Share (Undepreciated / GAAP)\n\nLeft side (09/30/2025):\n  Box with values:\n    $13.71\u00b3\n    $11.75\n  Arrow pointing to: net of $0.41/share CECL allowance\n\nRight side (12/31/2025):\n  Box with values:\n    $13.69\u00b3\n    $11.66\n  Arrow pointing to: net of $0.37/share CECL allowance\n: chart::>\n\n\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500",
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   "markdown": "<a id='28dda1aa-727e-4a91-a221-3a76773f57cb'></a>\n\nNote: Dollars in millions\n1. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $52.1 million CECL allowance.\n2. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $47.1 million CECL allowance.\n3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22",
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   "markdown": "<a id='5cd9ae3c-6284-4b28-97ad-582352d066b9'></a>\n\nBOOK EQUITY VALUE ROLL-FORWARD\n\n<a id='929220ec-1e21-4c7c-bf89-7f8ae21561e6'></a>\n\n## **Context**\n- Every occurrence of: `<::visual content::>` marks a placeholder for **visual elements** (e.g., photos, diagrams, charts, flowcharts, tables, or logos).\n\n## **Instructions**\n1. **Expand each `<::visual content::>` placeholder** by describing or transcribing the content inside the visual accurately.\n - Replace with:\n   ```\n   <::transcription of the content\n   : chart::>\n   ```\n   or\n   ```\n   <::transcription of the content\n   : flowchart::>\n   ```\n   or other descriptors as appropriate.\n2. **Faithfully regroup text**:\n - If surrounding text belongs logically to the visual (e.g., axis labels, captions, or legends), **move it into the placeholder block**.\n - Merge separate placeholders if they represent parts of a **single logical visual element**.\n3. Maintain the **reading order and document hierarchy** as closely as possible to the original layout.\n4. Ensure **balanced placeholders** for every expanded block (`<::` and `::>` must match).\n\n\n\u2705 **Output Requirements**\n- Return in a json format as shown in the following pydantic. No commentary, only valid JSON.\n```python\nfrom typing import Dict\nfrom pydantic import BaseModel\n\n# Figure schemas for structured figure output\nclass FigureSchemaStage2(BaseModel):\n    markdown: str\n    category: Literal[\"figure\", \"not_figure\"] = \"figure\"\n\n```\n\nWhere category is  `figure` only if the primary content of the image is a figure, chart, diagram, or other visual.\n\n## Normalization for downstream tasks:\n\n1. When a document contains any type of selectable options (e.g., checkboxes, radio buttons, toggles, multiple-choice answers, dropdown selections, highlighted choices, tick marks, or circled answers), they must be converted into a consistent normalized format to ensure reliable use in downstream tasks.\n  - ### General Rule\n    Represent each selectable item using the structure:\n    ```\n    option <LABEL>: [x] \u2192 if the option is selected/checked/active\n    option <LABEL>: [ ] \u2192 if the option is unselected/unchecked/inactive\n    ```\n    Example:\n      option Apples: [x]\n      option Bananas: [ ]\n      option Cherries: [x]\n\n2. Any **excessive repetition of characters** (e.g., dots `.....`, dashes `----`, underscores `______`, or similar filler) should be normalized to a maximum of **three characters**.  \n   Example:  \n   - `.....` \u2192 `...`  \n   - `------` \u2192 `---`  \n   - `_________` \u2192 `___`You are provided with:\n- The original image\n- The Stage 1 transcription containing placeholders for visual content.\n\n\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\n## **Inputs**\n- **Image**: The image from the document.\n- **Content**: \n<::\nSUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q4 2025\n\nLegend:\nBox with dashed border = Undepreciated Book Value\n\nWaterfall Chart:\n\n09/30/2025 Book Equity Value\u00b9\n  Dark blue bar value: $1,496\n  Light blue dashed box value: $1,745\n\nGAAP Net Income / (Loss): $16 (increase)\n\nDistributions & Dividends: ($29) (decrease)\n\nOther Comprehensive Income (Securities Portfolio Mark-to-Market): ($1) (decrease)\n\nEquity-Based Compensation: $3 (increase)\n\nStock Repurchases/Other: ($1) (decrease)\n\n12/31/2025 Book Equity Value\u00b2\n  Dark blue bar value: $1,484\n  Light blue dashed box value: $1,741\n\nBook Value per Share (Undepreciated / GAAP)\n\nLeft side (09/30/2025):\n  Box with values:\n    $13.71\u00b3\n    $11.75\n  Arrow pointing to: net of $0.41/share CECL allowance\n\nRight side (12/31/2025):\n  Box with values:\n    $13.69\u00b3\n    $11.66\n  Arrow pointing to: net of $0.37/share CECL allowance\n: chart::>\n\n\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\u2500\n\n<a id='28dda1aa-727e-4a91-a221-3a76773f57cb'></a>\n\nNote: Dollars in millions\n1. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $52.1 million CECL allowance.\n2. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $47.1 million CECL allowance.\n3. For a description of this non-GAAP financial measure, see Selected Definitions on page S-22\n\n<a id='727ce165-52e0-4025-ba3e-b1bd7322f0c6'></a>\n\nS-16\n\n<a id='d7727089-e02b-4ee8-8fa3-0cd4954db133'></a>\n\nf\nhare\n-\nnce",
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