{
 "chunks": [
  {
   "id": "f1c0b68e-7537-40c3-bd2b-2bab973f6e20",
   "grounding": {
    "box": {
     "bottom": 0.0866386741399765,
     "left": 0.004935115575790405,
     "right": 0.8395648002624512,
     "top": 0.015397008508443832
    },
    "page": 0
   },
   "markdown": "<a id='f1c0b68e-7537-40c3-bd2b-2bab973f6e20'></a>\n\nEMBEDDED VALUE IN CRE EQUITY",
   "type": "text"
  },
  {
   "id": "621fbc2c-e20e-4079-815c-7b3b170b70d4",
   "grounding": {
    "box": {
     "bottom": 0.2144452929496765,
     "left": 0.12830635905265808,
     "right": 0.8663201332092285,
     "top": 0.17086291313171387
    },
    "page": 0
   },
   "markdown": "<a id='621fbc2c-e20e-4079-815c-7b3b170b70d4'></a>\n\nHistory of realized gains selling above undepreciated carrying value",
   "type": "text"
  },
  {
   "id": "cc30d366-3ab9-4003-a1ed-26ee2804c932",
   "grounding": {
    "box": {
     "bottom": 0.8197472095489502,
     "left": 0.07790170609951019,
     "right": 0.4853687882423401,
     "top": 0.2508561313152313
    },
    "page": 0
   },
   "markdown": "<a id='cc30d366-3ab9-4003-a1ed-26ee2804c932'></a>\n\nEMBEDDED DEPRECIATION IN BOOK EQUITY \u00b9\n<::Stacked bar chart showing financial figures. The top section is labeled \"Accumulated Depreciation & Amortization: $276M\". Below it, the larger section is labeled \"GAAP Book Equity: $1,429M\". A bracket spans both sections, pointing to the right, with the text \"Undepreciated Book Value: $1,705M (total)\" and \"$13.44 (per share)\".\n: bar chart::>",
   "type": "figure"
  },
  {
   "id": "75db9449-6e80-43f8-97d0-9d52e10c2665",
   "grounding": {
    "box": {
     "bottom": 0.8196315765380859,
     "left": 0.5069568157196045,
     "right": 0.9657727479934692,
     "top": 0.24995288252830505
    },
    "page": 0
   },
   "markdown": "<a id='75db9449-6e80-43f8-97d0-9d52e10c2665'></a>\n\nCRE EQUITY ASSET SALES\n(since 2020, excl. REO)\n\n24\nAsset sales\n\n$76M\nAggregate gain vs. undepreciated carrying value\n\n14%\n% gain on undepreciated carrying value\n\n*Consistent gains above undepreciated carrying value*\n\n---\n\nREO ASSET SALES\n(since 2020)\n\n10\nAsset sales (resolutions)\n\n$4M\nAggregate gain vs. undepreciated carrying value\n\n2%\n% gain on undepreciated carrying value\n\n*Aggregate gain on REO sales validates lending bases*",
   "type": "text"
  },
  {
   "id": "fea4cf26-0156-41f6-90fb-13b8fef9625a",
   "grounding": {
    "box": {
     "bottom": 0.9586283564567566,
     "left": 0.03568682074546814,
     "right": 0.5779997110366821,
     "top": 0.9204640984535217
    },
    "page": 0
   },
   "markdown": "<a id='fea4cf26-0156-41f6-90fb-13b8fef9625a'></a>\n\nNote: As of 06/30/2026.\n1. Dollars in millions, except book values per share. Book equity values exclude ($2.6) million of noncontrolling interest.",
   "type": "marginalia"
  },
  {
   "id": "ab522045-bd70-47aa-a022-38167f0ec6bb",
   "grounding": {
    "box": {
     "bottom": 0.9835520386695862,
     "left": 0.49016350507736206,
     "right": 0.5102490782737732,
     "top": 0.9633384346961975
    },
    "page": 0
   },
   "markdown": "<a id='ab522045-bd70-47aa-a022-38167f0ec6bb'></a>\n\n21",
   "type": "marginalia"
  }
 ],
 "markdown": "<a id='f1c0b68e-7537-40c3-bd2b-2bab973f6e20'></a>\n\nEMBEDDED VALUE IN CRE EQUITY\n\n<a id='621fbc2c-e20e-4079-815c-7b3b170b70d4'></a>\n\nHistory of realized gains selling above undepreciated carrying value\n\n<a id='cc30d366-3ab9-4003-a1ed-26ee2804c932'></a>\n\nEMBEDDED DEPRECIATION IN BOOK EQUITY \u00b9\n<::Stacked bar chart showing financial figures. The top section is labeled \"Accumulated Depreciation & Amortization: $276M\". Below it, the larger section is labeled \"GAAP Book Equity: $1,429M\". A bracket spans both sections, pointing to the right, with the text \"Undepreciated Book Value: $1,705M (total)\" and \"$13.44 (per share)\".\n: bar chart::>\n\n<a id='75db9449-6e80-43f8-97d0-9d52e10c2665'></a>\n\nCRE EQUITY ASSET SALES\n(since 2020, excl. REO)\n\n24\nAsset sales\n\n$76M\nAggregate gain vs. undepreciated carrying value\n\n14%\n% gain on undepreciated carrying value\n\n*Consistent gains above undepreciated carrying value*\n\n---\n\nREO ASSET SALES\n(since 2020)\n\n10\nAsset sales (resolutions)\n\n$4M\nAggregate gain vs. undepreciated carrying value\n\n2%\n% gain on undepreciated carrying value\n\n*Aggregate gain on REO sales validates lending bases*\n\n<a id='fea4cf26-0156-41f6-90fb-13b8fef9625a'></a>\n\nNote: As of 06/30/2026.\n1. Dollars in millions, except book values per share. Book equity values exclude ($2.6) million of noncontrolling interest.\n\n<a id='ab522045-bd70-47aa-a022-38167f0ec6bb'></a>\n\n21",
 "metadata": {
  "credit_usage": 3.0,
  "duration_ms": 7305,
  "filename": "p21.pdf",
  "job_id": "cmsgx2vwi064afo019pjsxbgs",
  "org_id": "dlh8mka28ml4",
  "page_count": 1,
  "version": "dpt-2-20260410",
  "failed_pages": []
 },
 "splits": [
  {
   "chunks": [
    "f1c0b68e-7537-40c3-bd2b-2bab973f6e20",
    "621fbc2c-e20e-4079-815c-7b3b170b70d4",
    "cc30d366-3ab9-4003-a1ed-26ee2804c932",
    "75db9449-6e80-43f8-97d0-9d52e10c2665",
    "fea4cf26-0156-41f6-90fb-13b8fef9625a",
    "ab522045-bd70-47aa-a022-38167f0ec6bb"
   ],
   "class_": "full",
   "identifier": "full",
   "markdown": "<a id='f1c0b68e-7537-40c3-bd2b-2bab973f6e20'></a>\n\nEMBEDDED VALUE IN CRE EQUITY\n\n<a id='621fbc2c-e20e-4079-815c-7b3b170b70d4'></a>\n\nHistory of realized gains selling above undepreciated carrying value\n\n<a id='cc30d366-3ab9-4003-a1ed-26ee2804c932'></a>\n\nEMBEDDED DEPRECIATION IN BOOK EQUITY \u00b9\n<::Stacked bar chart showing financial figures. The top section is labeled \"Accumulated Depreciation & Amortization: $276M\". Below it, the larger section is labeled \"GAAP Book Equity: $1,429M\". A bracket spans both sections, pointing to the right, with the text \"Undepreciated Book Value: $1,705M (total)\" and \"$13.44 (per share)\".\n: bar chart::>\n\n<a id='75db9449-6e80-43f8-97d0-9d52e10c2665'></a>\n\nCRE EQUITY ASSET SALES\n(since 2020, excl. REO)\n\n24\nAsset sales\n\n$76M\nAggregate gain vs. undepreciated carrying value\n\n14%\n% gain on undepreciated carrying value\n\n*Consistent gains above undepreciated carrying value*\n\n---\n\nREO ASSET SALES\n(since 2020)\n\n10\nAsset sales (resolutions)\n\n$4M\nAggregate gain vs. undepreciated carrying value\n\n2%\n% gain on undepreciated carrying value\n\n*Aggregate gain on REO sales validates lending bases*\n\n<a id='fea4cf26-0156-41f6-90fb-13b8fef9625a'></a>\n\nNote: As of 06/30/2026.\n1. Dollars in millions, except book values per share. Book equity values exclude ($2.6) million of noncontrolling interest.\n\n<a id='ab522045-bd70-47aa-a022-38167f0ec6bb'></a>\n\n21",
   "pages": [
    0
   ]
  }
 ],
 "grounding": {
  "f1c0b68e-7537-40c3-bd2b-2bab973f6e20": {
   "box": {
    "bottom": 0.0866386741399765,
    "left": 0.004935115575790405,
    "right": 0.8395648002624512,
    "top": 0.015397008508443832
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 0.999,
   "low_confidence_spans": []
  },
  "621fbc2c-e20e-4079-815c-7b3b170b70d4": {
   "box": {
    "bottom": 0.2144452929496765,
    "left": 0.12830635905265808,
    "right": 0.8663201332092285,
    "top": 0.17086291313171387
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 1.0,
   "low_confidence_spans": []
  },
  "cc30d366-3ab9-4003-a1ed-26ee2804c932": {
   "box": {
    "bottom": 0.8197472095489502,
    "left": 0.07790170609951019,
    "right": 0.4853687882423401,
    "top": 0.2508561313152313
   },
   "page": 0,
   "type": "chunkFigure",
   "confidence": null,
   "low_confidence_spans": []
  },
  "75db9449-6e80-43f8-97d0-9d52e10c2665": {
   "box": {
    "bottom": 0.8196315765380859,
    "left": 0.5069568157196045,
    "right": 0.9657727479934692,
    "top": 0.24995288252830505
   },
   "page": 0,
   "type": "chunkText",
   "confidence": 0.976,
   "low_confidence_spans": []
  },
  "fea4cf26-0156-41f6-90fb-13b8fef9625a": {
   "box": {
    "bottom": 0.9586283564567566,
    "left": 0.03568682074546814,
    "right": 0.5779997110366821,
    "top": 0.9204640984535217
   },
   "page": 0,
   "type": "chunkMarginalia",
   "confidence": 0.963,
   "low_confidence_spans": []
  },
  "ab522045-bd70-47aa-a022-38167f0ec6bb": {
   "box": {
    "bottom": 0.9835520386695862,
    "left": 0.49016350507736206,
    "right": 0.5102490782737732,
    "top": 0.9633384346961975
   },
   "page": 0,
   "type": "chunkMarginalia",
   "confidence": 0.993,
   "low_confidence_spans": []
  }
 }
}