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"markdown": "\n\n<::\nSUMMARY OF CHANGES TO BOOK EQUITY VALUE DURING Q2 2026\n\nChart showing the change in Book Equity Value from 03/31/2026 to 06/30/2026, with components of change:\n\n03/31/2026 Book Equity Value\u00b9:\n GAAP: $1,447\n Undepreciated: $1,714\n\nChanges:\n GAAP Net Income / (Loss): $14\n Distributions & Dividends: ($29)\n Other Comprehensive Income (Securities Portfolio Mark-to-Market): $1\n Equity-Based Compensation: $4\n Stock Repurchases / Other: ($8)\n\n06/30/2026 Book Equity Value\u00b2:\n GAAP: $1,429\n Undepreciated: $1,705\n\nBook Value / Share\n\n 03/31/2026 06/30/2026\nUndepreciated\u00b3: $13.42 $13.44\nGAAP: $11.33 $11.27\n\nNote (applies to both 03/31/2026 and 06/30/2026 values):\n net of $0.37/share CECL allowance\n: chart::>",
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"markdown": "\n\nNote: Dollars in millions\n1. Excludes ($2.6) million of noncontrolling interest in consolidated ventures. Net of $47.1 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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