{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-b5edc1dad033", "slug": "66f3a5764229", "title": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "subtitle": "Marcato Capital Management · 2012-10", "author": "Marcato Capital Management", "date": "2012-10-01 00:00:00", "pageCount": 69, "kind": "conference-presentation", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "document": { "id": "019dd923-622b-71dc-a6db-b5edc1dad033", "slug": "66f3a5764229", "title": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "rawTitle": "Real Estate Presentation Oct 2012", "authorId": "07_Marcato", "authorName": "Marcato Capital Management", "authorDisplay": "Marcato Capital Management", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2012-10-Marcato-Real-Estate-Presentation-Oct-2012.pdf", "sourceUrl": "https://www.10xebitda.com/wp-content/uploads/2016/11/Marcato-Real-Estate-Presentation-Oct-2012.pdf", "sourceDate": "2012-10-15 00:00:00", "presentationDate": "2012-10-01 00:00:00", "ingestedAt": "2026-04-22 17:03:48+00", "status": "ready", "pageCount": 69, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Alexander & Baldwin (ALEX); GenCorp (GY); Brookfield Residential Properties (BRP)", "targetTicker": null, "metadata": { "local_root": "/tmp/legacy-images/66f3a5764229", "activist_firm": "Marcato Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 218.3335041999817 } }, "coverage": { "pageCount": 69, "pagesIndexed": 69, "pagesWithImages": 69, "pagesWithMetadata": 69, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 368, "chartCount": 15, "metricSlides": 0, "toolMatches": 23, "documentToolMatches": 2, "frameworkMatches": 11, "arcMatches": 0, "beatMatches": 0, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [], "beats": [], "loops": [], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "d594caa8-8001-4b7c-9c2c-324d4c1a5cbd", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2a37c859-eccf-469d-8b7f-246dc43a19f5", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.936794+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "c57fc926-ef5d-4847-9b66-984484c7e275", "evidence": "Perspectives on Book Value: Finding Hidden Value on the Balance Sheet", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:00.034316+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "934dc033-0479-4252-b806-acf2312fb623", "evidence": "I. Alexander & Baldwin (ALEX)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:00.241062+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e86af0e8-425b-424a-b040-169b8828848e", "evidence": "Alexander & Baldwin, Inc.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:00.320663+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "6d4c9139-6403-42d6-a250-53741cc3fc7d", "evidence": "The slide provides an overview of A&B Properties, Inc., indicating that the audience is likely investors or stakeholders interested in the company's properties and financials.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:59.893733+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d9185be4-4815-4b26-92a6-77fa92c6cdce", "evidence": "The slide presents a brief summary of A&B Properties, Inc.'s key points, serving as an executive summary for the presentation.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:59.928036+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "59eb0c0e-abbd-4dd9-8ecc-f0380f7d3247", "evidence": "We note that in 2006, Goldman Sachs performed a DCF of Kukui'ula, valuing the project at $288m, before ALEX increased its project ownership from 60% to 77%.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:52:49.524654+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4be3ddcf-72dc-4a3b-a188-6c0aabcee934", "evidence": "Table showing JV Development projects with multiple data points", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:49.600637+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b0427004-d82c-4d74-a709-21f79558cfa7", "evidence": "Table showing ALEX Ag Land Sales Transactions - Last 5 Years", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:49.749896+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "2224e0df-c18a-423c-a027-760654cac36b", "evidence": "Tables showing Kauai Ag Land Sale Comps - Last 5 Years and Maui Ag Land Sale Comps - Last 5 Years", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:52:49.825481+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "4f49d7e0-a8e4-4ef4-a6fb-21de3760944c", "evidence": "Table showing Maui Land & Pineapple Precedent Land Sales", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:52:49.899713+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4c491d61-d221-41ee-b0d1-621fcd355779", "evidence": "Table showing Value of Ag Land, Plus: Value of Agricultural Operations, Total Land Value summary box", "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:52:50.013482+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6f2939b6-a94d-4b1c-a4c9-1895198488e6", "evidence": "Title: II. Gencorp (GY)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:52:50.126632+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "cf75552c-b398-4617-83f7-e6392dfc12db", "evidence": "This slide is labeled as an 'executive_summary' and contains a summary of GenCorp's key statistics.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:52:54.401391+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "7853e130-250e-42ad-a4e7-24eda1fe3a9e", "evidence": "The slide presents information in a list/numbered format, with four separate reasons for GY's Free Cash Flow exceeding its reported GAAP Net Income.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:02.354923+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "51ac3a3f-7b30-475d-aef7-e4224b8cfac6", "evidence": "The slide mentions a 'Highly Accretive Transaction' implying a call to action for the acquisition.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:53:02.466936+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8f8a7490-95c7-4167-94e7-3ca2823e1960", "evidence": "The slide is labeled as 'Company Overview' and provides a summary of Brookfield Residential Properties.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:02.618851+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Process flow", "slug": "process-flow", "status": "active", "bestFor": null, "canonId": "019dd9e1-4dca-76bc-8135-401836a1c4c0", "version": 1, "bodyDocId": null, "description": "Workflow, steps, sequential diagram.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6d6cbd7b-dac5-4a2c-9c08-39c4c7a92ad7", "evidence": "The slide illustrates the Residential Development Process with a diagram/process flow.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:53:02.735164+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d8dece25-1195-4e25-ac8b-3550ae5fe2d0", "evidence": "table/valuation: Illustrative Valuation Range table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:53:08.56399+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "97af1e5a-4b2f-4748-8e5b-20c4fcadc756", "evidence": "Bulge Bracket Research Coverage table showing Y/blank coverage for BZH, DHI, HOV, KBH, LEN, MTH, PHM, SPF, TOL, and BRP.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:53:08.67671+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "129d7e04-9bb3-4aed-b5e9-8f5b937ce23f", "evidence": "Bulge Bracket Research Coverage table showing Y/blank coverage for BZH, DHI, HOV, KBH, LEN, MTH, PHM, SPF, TOL, and BRP.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:53:08.639716+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "4da6d1b7-ca15-41b0-bdfb-2f5157b8a3bc", "evidence": "Perspectives on Book Value: Finding Hidden Value on the Balance Sheet", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:08.753077+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "a5cafd11-7463-4e04-84c8-f1a08ebcc7db", "evidence": "Vertical axis ranking assets from easy to hard to value", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:03:13.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "valuation-difficulty-spectrum" }, { "matchId": "35a86db5-c724-4a49-a628-bddea35e147b", "evidence": "Use of geographic maps to locate business assets.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:03:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "map-spatial" }, { "matchId": "bd195e26-8953-49ea-9cb4-1b0f88a280d7", "evidence": "Uses historical company documents to validate valuation assumptions.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:03:13.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "authority-citation" }, { "matchId": "f7059ddf-0dc9-4942-80ee-ac5ade806ece", "evidence": "Sum-of-the-parts valuation methodology", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "valuation-bridge" }, { "matchId": "a7bd15fb-3c65-4a0f-92a5-e298d5ad98a0", "evidence": "Uses a specific market transaction to establish a valuation baseline for the subject property.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:14.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "comparison-frame" }, { "matchId": "716aab4e-82f3-4c72-bac8-b866e993f8fc", "evidence": "The slide visualizes program lifecycles over a 40-year period.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:03:17.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "timeline" }, { "matchId": "b56fd52e-dcba-446c-8435-d12c6618165f", "evidence": "Reconciliation of GAAP to Pro-Forma earnings to derive a valuation multiple.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:17.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "valuation-bridge" }, { "matchId": "8732213d-0381-487c-b69e-fec5cdde448c", "evidence": "The slide maps out the sequential stages of residential development.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:03:15.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "frameworkName": "process" }, { "matchId": "1a9de189-28ba-4b1d-a956-54f68a2c33f1", "evidence": "Direct comparison table between subject and peers", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:03:17.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "comparison-frame" }, { "matchId": "be76d801-e7d3-4750-a51e-c933a6748730", "evidence": "Direct comparison of BRP metrics against a peer group of homebuilders.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:18.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "comparison_frame" }, { "matchId": "119c5412-abd0-4c85-90fc-1fe65a36d1a8", "evidence": "The slide explicitly compares BRP's valuation multiples against a peer group of U.S. homebuilders to demonstrate a discount.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:18.021+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "comparison_frame" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Value Investing Congress presentation by Marcato Capital (Mick McGuire's firm) framed as an educational piece on finding hidden land value under GAAP Section 360 (lower of cost or fair value). Three separate long ideas bundled: ALEX (Hawaii legacy land), GY (Sacramento Aerojet land + Pratt-Whitney Rocketdyne deal), BRP (Canadian homebuilder with aged land carried at cost). Not an activist campaign — no named villain, no board demands, no stake disclosed. Author is Marcato (likely Mick McGuire given founder role), but cover attributes firm only. Standard Marcato blue/grey template; functional institutional design, not a craft standout.", "kpisCited": [ { "detail": "~88,000 acres carried at ~$150/acre (~$13m book value), acquired circa 1870", "metric": "ALEX Hawaii landholdings" }, { "detail": "7.9m sq ft leased portfolio (92% occupied) valued at ~$917m vs. $819m book", "metric": "ALEX commercial GLA" }, { "detail": "$43.70-$47.30 sum-of-parts vs. $30 stock price (46-58% premium)", "metric": "ALEX NAV per share" }, { "detail": "12,000 contiguous raw acres at ~$64m book, valued at ~$302m at $50k/acre comps", "metric": "GY Sacramento land" }, { "detail": "~$368m ($5.99/share) = 61% of market cap", "metric": "GY excess real estate value" }, { "detail": "Trading at 8.2x recurring cash earnings vs. 142.8x GAAP", "metric": "GY pro-forma P/E" }, { "detail": "$23.96 vs. $9.75 current (145.8% premium) post Rocketdyne deal", "metric": "GY implied share price" }, { "detail": "30.1x years vs. 8.7x homebuilder peer average", "metric": "BRP land/housing inventory runway" }, { "detail": "$2.19bn vs. $995m reported book (+119.7%)", "metric": "BRP market tangible book" }, { "detail": "1.3x reported (0.7x market) vs. 2.0x peer median", "metric": "BRP P/TBV" }, { "detail": "$44.63-$55.48 vs. $14.39 (210-286% premium)", "metric": "BRP implied share price" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 17:03:48+00", "model": "unknown-legacy", "runId": null, "seconds": 218.33351, "promptVersion": null }, "scqaReward": "ALEX fair value $43.70-$47.30 (46-58% upside), GY $23.96 (146% upside), BRP $44.63-$55.48 (210-286% upside) — all three offer material re-rating once the hidden land value is recognized by the market.", "thesisTypes": [ "undervaluation", "multiple_rerating", "breakup_spinoff" ], "top3Reasons": [ "ALEX: 88,000 Hawaii acres at 1870s cost support 46-58% upside to $44-$47", "GY: Sacramento land plus Pratt-Whitney deal imply $24/share vs $9.75 (146% upside)", "BRP: $2.2bn market tangible book implies $45-$55/share vs $14.39 (210-286% upside)" ], "scqaSituation": "Three companies (ALEX, GY, BRP) own legacy land parcels, some purchased decades or more than a century ago, now carried on their balance sheets at the lower of original cost or fair value under GAAP Section 360.", "thesisSummary": "Marcato's Value Investing Congress presentation argues that GAAP Section 360 — which carries land at the lower of cost or fair value — systematically understates asset values when properties are very old, creating three contrarian long opportunities. Alexander & Baldwin (ALEX) owns roughly 88,000 Hawaii acres acquired circa 1870 at $150/acre book value; Marcato's bottoms-up NAV of $43.70-$47.30/share implies 46-58% upside to a $30 stock. GenCorp (GY) sits on 12,000 contiguous Sacramento acres ($64m book) being entitled as the Easton master-planned community, worth roughly $370m or 61% of market cap — and combined with the Pratt & Whitney Rocketdyne acquisition points to $23.96/share vs. $9.75 (146% upside). Brookfield Residential's market tangible book is $2.2bn vs. $995m reported, and peer multiples imply $45-$55/share vs. $14.39 (210-286% upside).", "primaryDemands": [], "scqaResolution": "Apply bottoms-up NAV and sum-of-parts valuations to each name using recent land comps, precedent transactions, cap rates on lease income, and peer tangible-book multiples to surface the true market value of the balance sheet.", "thesisOneLiner": "Three stocks — ALEX, GenCorp, Brookfield Residential — hide land assets on their balance sheets at decades-old cost, offering 46-286% upside once marked to market.", "precedentsCited": [ "Maui Land & Pineapple precedent Upcountry Maui land sales (~$23,000/acre avg)", "AKT 2010 Sacramento land purchase ($49,000/acre for 17,000 acres)", "Goldman Sachs 2006 DCFs of Wailea, Haiimaile, and Kukui'ula projects" ], "scqaComplication": "Because the cost bases are minimal or pre-inflation, reported book value grossly understates fair market value — making each stock look more expensive than its underlying asset base justifies and leaving the hidden value off most analysts' models.", "narrativeInterest": 3, "notableSlidePages": [ 3, 28, 38, 45, 64, 66 ], "peerCompaniesCited": [ "Maui Land & Pineapple", "DR Horton", "Lennar", "PulteGroup", "Toll Brothers", "Beazer Homes", "Hovnanian Enterprises", "KB Home", "Meritage Homes", "Standard Pacific", "Pratt & Whitney Rocketdyne" ], "valuationFrameworks": [ "sum_of_parts", "dcf", "asset_value", "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/hXzbRq6xHxrLdaRBxHwlSvJwoWbHf6s38Rk_4XsGkCg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82NmYzYTU3NjQyMjkvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 4, "textChars": 131, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:10.043+00", "seconds": 2.587, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/1", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.11, "x": 0.79, "y": 0.15 }, "kind": "image", "text": "Value Investing Congress", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:10.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a6bae82-0dfc-4d1e-9595-957c2760fad4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.27, "x": 0.1, "y": 0.16 }, "kind": "image", "text": "Marcato Capital Management", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:10.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5ecb7f8-e191-4150-ac28-65c4c5f63a9b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.22, "x": 0.39, "y": 0.575 }, "kind": "paragraph", "text": "October 2012", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:10.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f1670ec-b259-4722-9980-15ebf64b7e27", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.64, "x": 0.18, "y": 0.42 }, "kind": "title", "text": "Perspectives on Book Value: Finding Hidden Value on the Balance Sheet", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:10.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b872766-e246-4177-a495-7fbb4b254e8d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "c57fc926-ef5d-4847-9b66-984484c7e275", "evidence": "Perspectives on Book Value: Finding Hidden Value on the Balance Sheet", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:00.034316+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/Uw4L__BlmLXFgDDADdEigLO7m01dMARVTu6V3LkcbpQ/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82NmYzYTU3NjQyMjkvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/nO-QRG5XUSYlb48fm9qQ1AG-gvHjBNz-QqdesTduH4g/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82NmYzYTU3NjQyMjkvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/xzHTkakhvg99wuP6hWYWwl3kB9nxgwkUiHd0br7fawM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82NmYzYTU3NjQyMjkvcDAwMS5wbmc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 6, "textChars": 1477, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:12.114+00", "seconds": 4.488, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/2", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.86, "x": 0.07, "y": 0.37 }, "kind": "disclaimer", "text": "This document does not constitute either an offer to sell or a solicitation of an offer to buy any interest in any fund associated with Marcato. Any such offer would only be made at the time a qualified offeree receives the fund's confidential offering memorandum and related subscription documentation (together, the \"Offering Documents\"). To the extent, therefore, there is any inconsistency between this document and the Offering Documents, the Offering Documents govern in all respects.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1bd4c908-cb1e-41b5-8e12-9e7f30d36b63", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.28 }, "kind": "disclaimer", "text": "This document is confidential and intended solely for the addressee and may not be published or distributed without the express written consent of Marcato Capital Management, LLC (\"Marcato\"). This document is not intended for public use or distribution.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34bbeaa4-4a1e-4ded-89ab-937147ff2976", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.5 }, "kind": "disclaimer", "text": "Figures provided herein are rounded as applicable. Information contained herein is believed to be accurate and/or derived from sources which Marcato believes to be reliable; however Marcato disclaims any and all liability as to the completeness or accuracy of the information contained herein and for any omissions of material facts.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "364ffd78-85d9-4481-bc3a-38d6bdb52edc", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.86, "x": 0.07, "y": 0.59 }, "kind": "disclaimer", "text": "Securities or investment ideas are presented to illustrate Marcato's typical research process and not to suggest or show profitability of any or all transactions. There should be no assumption that any specific portfolio securities identified and described herein were or will be profitable. Marcato may, at any time, reevaluate its holdings in any such positions.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb235c19-1471-4301-aa66-c7360a1af6e6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.15, "x": 0.07, "y": 0.865 }, "kind": "image", "text": "MARCATO CAPITAL MANAGEMENT", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dc393b1-bdee-4d07-8390-3b7de34ecabc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.15, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Disclosures", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.114+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cb9a8ce-c10d-43a6-9111-a9d8e2a77f19", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "The slide highlights a specific accounting mechanism (GAAP Codification Section 360) that creates a discrepancy between book value and market value.", "function": "frame_situation", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_situation", "functionCanon": { "name": "Frame situation", "slug": "frame_situation", "status": "active", "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 5, "textChars": 642, "nDataPoints": 0, "notes": "The slide highlights a specific accounting mechanism (GAAP Codification Section 360) that creates a discrepancy between book value and market value.", "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:10.978+00", "seconds": 3.201, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/3", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This can lead to major understatements when the market value of a property is well above its original cost, and often occurs when the property in question is very old.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:12+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dac-d6ef30db9c2c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.88, "x": 0.06, "y": 0.52 }, "kind": "list", "text": "This can lead to major understatements when the market value of a property is well above its original cost, and often occurs when the property in question is very old.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:10.978+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "232e6c35-995c-4231-b6f2-f28cdebdc41c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.25 }, "kind": "list", "text": "Under GAAP Codification Section 360, land is recorded at cost and is then subject to an ongoing recoverability/impairment test. In most all cases, the carrying value of the land at any point in time is the lower of cost or fair value.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:10.978+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34a12593-b249-44e1-a940-baabf812ba18", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.05, "x": 0.26, "y": 0.895 }, "kind": "source-note", "text": "Source: FASB.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:10.978+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d09f687-3076-41e5-a2c6-d09513192813", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Conservative Accounting Rules For Property Create Opportunity", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:10.978+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61bfc61e-2173-4054-9442-8523dd9d656d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "setup", "function": "transition", "rawType": "agenda", "block": null, "metadata": { "slideType": "agenda", "slideTypeCanon": { "name": "Agenda", "slug": "agenda", "status": "active", "canonId": "019de52d-061b-7470-b138-3ffa5e612cce", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 2, "textChars": 128, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "numbered_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:11.627+00", "seconds": 3.789, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/4", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.55, "x": 0.07, "y": 0.3 }, "kind": "list", "text": "I. Alexander & Baldwin (ALEX)\nII. Gencorp (GY)\nIII. Brookfield Residential Properties (BRP)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.627+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "edc2ed92-b313-4b3b-ae86-f2eef491a6f1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.58, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Undervalued Land On The Balance Sheet", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.627+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93566234-d8fd-4521-8e6d-a023bb2f41b3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 2, "componentCount": 1, "textChars": 29, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:09.909+00", "seconds": 2.025, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/5", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.45, "x": 0.07, "y": 0.39 }, "kind": "title", "text": "I. Alexander & Baldwin (ALEX)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:09.909+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf13dedb-fc42-4456-84d8-8e5ea0f2cb56", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "934dc033-0479-4252-b806-acf2312fb623", "evidence": "I. Alexander & Baldwin (ALEX)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:00.241062+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "Slide provides a high-level company profile for an investment presentation.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 8, "textChars": 752, "nDataPoints": 6, "notes": "Slide provides a high-level company profile for an investment presentation.", "elementsJson": [ "logo_grid", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:11.348+00", "seconds": 3.395, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/6", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.25, "x": 0.07, "y": 0.265 }, "kind": "image", "text": "Alexander & Baldwin, Inc. logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.348+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c1b68c4-a5eb-4637-a6cc-ccf378f90bbc", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.355, "y": 0.515 }, "kind": "list", "text": "Capitalization: Equity Market Value: $1.3 billion. Total Enterprise Value: $1.5 billion.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.348+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77ac4882-9d81-405b-9430-270fc33d1232", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.58, "x": 0.355, "y": 0.235 }, "kind": "list", "text": "Alexander & Baldwin is one of the most important companies in Hawaii's history and present-day economy. Founded as a sugar plantation in 1870 in Hawaii, Alexander & Baldwin owns real estate businesses. 7.9 million square feet of developed GLA on Hawaii and the U.S. mainland. Real estate development pipeline on Hawaii comprising ~88,000 acres.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.348+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c69b99e6-e73b-4e4a-a742-42a264cf248d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.355, "y": 0.655 }, "kind": "list", "text": "Operating Statistics: 2011 Revenue: $272 million. 2011 EBITDA: $86 million.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.348+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7fdc514-ca2d-4ba6-84e8-2ed939358b30", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA: $86 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dad-37e2687bc33e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.5, "x": 0.28, "y": 0.835 }, "kind": "source-note", "text": "Source: Company documents. (1) All financials in this presentation assume a stock price of $30. (2) Excludes discontinued operations.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.348+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56efdf70-1474-4761-8e7e-6b10ecdd5217", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.33, "x": 0.06, "y": 0.388 }, "kind": "table", "text": "Ticker: \"ALEX\" Recent Stock Price: $30", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.348+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "126b8612-3718-4293-bd90-5fc1b1c3a0f3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.38, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Alexander & Baldwin, Inc.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.348+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "288a3514-984d-4084-b8f2-3b337bdc0f2f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "e86af0e8-425b-424a-b040-169b8828848e", "evidence": "Alexander & Baldwin, Inc.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:00.320663+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 7, "type": "setup", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 6, "textChars": 758, "nDataPoints": 5, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:11.482+00", "seconds": 3.207, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/7", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-7", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.27, "x": 0.06, "y": 0.31 }, "kind": "image", "text": "A&B PROPERTIES, INC.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.482+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a34625ca-0a8a-4849-87f3-d058e43b3780", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.6, "x": 0.34, "y": 0.22 }, "kind": "list", "text": "7.9m of commercial GLA on Hawaii and the U.S. mainland; Acquired by reinvesting proceeds of property sales over time through tax-deferred 1031 exchanges; Diversified across office, retail, industrial; Currently 92% leased and generating income", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.482+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64c461bb-31bc-4623-b2bf-235c64ed23ef", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.6, "x": 0.34, "y": 0.66 }, "kind": "list", "text": "Ownership of additional \"hidden\" land assets; >75,000 additional acres on Maui and Kauai for potential future development; Extremely low basis given acquisition circa ~1870; Currently being farmed as a holding strategy", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.482+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87416e77-8f9f-4d23-a698-bd91f9cbe7bf", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.6, "x": 0.34, "y": 0.44 }, "kind": "list", "text": "Development pipeline in Hawaii; Resort and residential properties in different stages of development; Fully owned projects comprising ~620 entitled acres; JV projects requiring minimal cash contributions, comprising over 1,000 acres", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.482+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa16d9ad-6193-4a14-826e-6688492a3213", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.482+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0085ab97-78d3-436e-b52b-2946957d34f3", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.3, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "A&B Properties, Inc.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.482+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88cb51c6-0e7d-402d-9280-02d7955c9d98", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "6d4c9139-6403-42d6-a250-53741cc3fc7d", "evidence": "The slide provides an overview of A&B Properties, Inc., indicating that the audience is likely investors or stakeholders interested in the company's properties and financials.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:59.893733+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d9185be4-4815-4b26-92a6-77fa92c6cdce", "evidence": "The slide presents a brief summary of A&B Properties, Inc.'s key points, serving as an executive summary for the presentation.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:59.928036+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 8, "type": "analysis", "title": "The slide uses arrows to map accounting line items (Inventories, Investments in Affiliates, Real Estate Developments, Property - net) to descriptive business ca", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 5, "textChars": 509, "nDataPoints": 12, "notes": "The slide uses arrows to map accounting line items (Inventories, Investments in Affiliates, Real Estate Developments, Property - net) to descriptive business categories.", "elementsJson": [ "headline_text", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:11.001+00", "seconds": 2.566, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/8", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-8", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.3, "w": 0.25, "x": 0.64, "y": 0.36 }, "kind": "list", "text": "Completed development properties for sale; JV development projects; Fully owned development projects; Retained investment properties (ie, leased CRE)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f7a07f7-aa35-4f25-a241-65dbd311496c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total assets: $1,424.9", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-5e76f5f5f884", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b37fe91a-71a1-4baf-a8bd-6cccf6c15bc1", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.4, "x": 0.175, "y": 0.23 }, "kind": "table", "text": "Condensed Consolidated Balance Sheets (In millions) (Unaudited) June 30, 2012. Current Assets: Cash 2.5, AR 7.3, Inventories 60.0, Real estate held for sale 1.5, Deferred taxes 4.0, Prepaid 8.5, Total 83.8. Investments 290.5, Real Estate 158.6, Property 832.1, Other 59.9, Total 1424.9", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16514a41-5f50-437a-97eb-3ef48ec3862d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "ALEX: Balance Sheet Snapshot", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0aad3d42-9614-455d-b656-932a84d125a8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 9, "type": "analysis", "title": "The slide uses a vertical axis to represent valuation difficulty, ranging from 'Easy to Value' to 'Harder to Value'.", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 66, "componentCount": 6, "textChars": 431, "nDataPoints": 2, "notes": "The slide uses a vertical axis to represent valuation difficulty, ranging from 'Easy to Value' to 'Harder to Value'.", "elementsJson": [ "headline_text", "bullet_list", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:13.949+00", "seconds": 5.471, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/9", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-9", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "A bottoms-up analysis requires an assessment of three different categories of assets", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dad-bf606da0bfa0", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.15, "x": 0.76, "y": 0.25 }, "kind": "diagram", "text": "Vertical axis showing valuation difficulty from Easy to Hard", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": "other", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b8e28c1-0e4b-4548-899a-f2f60d755168", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.5, "x": 0.28, "y": 0.24 }, "kind": "list", "text": "Leased, income-generating commercial real estate portfolio; Development pipeline in Hawaii; Additional land assets", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6adc7b29-9480-44c4-9ecd-7b8069e2be11", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.25, "x": 0.06, "y": 0.245 }, "kind": "paragraph", "text": "A bottoms-up analysis requires an assessment of three different categories of assets", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3e32d8f-3ac0-4b51-b0c5-d0b1e93cc2d3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db261284-1314-4c44-9fa2-c010f0eeb9ad", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "An NAV Calculation Will Include All of ALEX's Real Estate Assets", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af32d2ff-0fc6-492c-92e0-73f081f3c128", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a5cafd11-7463-4e04-84c8-f1a08ebcc7db", "evidence": "Vertical axis ranking assets from easy to hard to value", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:03:13.949+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "valuation-difficulty-spectrum" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "Includes a red circle highlighting the final valuation range of $408m-$442m.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 7, "textChars": 485, "nDataPoints": 25, "notes": "Includes a red circle highlighting the final valuation range of $408m-$442m.", "elementsJson": [ "headline_text", "data_table", "photo", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.474+00", "seconds": 5.895, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/10", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-10", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.65, "x": 0.07, "y": 0.23 }, "kind": "callout", "text": "We believe ALEX's leased commercial real estate on Hawaii is worth over $400m", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6e4d5b65-1b08-4c78-89bd-a74c8f1838be", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.26, "x": 0.67, "y": 0.31 }, "kind": "image", "text": "Photos of commercial properties in Hawaii.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbc5915f-90e0-4a32-88b6-8032c793088b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Value: $408-$442m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dad-d4604e7707ab", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.26, "y": 0.79 }, "kind": "source-note", "text": "Source: Company documents, Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afd19bc7-2d47-4c3e-a9f0-284d7e43cae1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.26, "y": 0.83 }, "kind": "subtitle", "text": "(1) Represents land leased to third parties and included in reported NOI. Numbers represent acres and $ / acre", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3a83b1c-f032-4b4f-8f3a-4142c072b8d5", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.57, "x": 0.08, "y": 0.31 }, "kind": "table", "text": "Table showing occupancy, square footage, market price, and value for Industrial, Office, Retail, and Unimproved Land, plus NOI and cap rate calculations.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b490b27-958c-4e04-af0d-2841f36ece5f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Leased Commercial Properties: Hawaii", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.474+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d37e0f1-affc-41da-baeb-3a4c8587b743", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 11, "type": "setup", "title": "Includes a red oval highlight around the $457m and $528m valuation figures.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 83, "componentCount": 7, "textChars": 698, "nDataPoints": 24, "notes": "Includes a red oval highlight around the $457m and $528m valuation figures.", "elementsJson": [ "headline_text", "paragraph", "data_table", "photo" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:11.651+00", "seconds": 3.025, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/11", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-11", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe ALEX's leased commercial real estate on the mainland is worth close to $500m today, and could be worth more as rents and occupancy improve from cyclically depressed levels", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dad-74d24e9d96b9", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.22, "x": 0.069, "y": 0.033 }, "kind": "image", "text": "Two photos of commercial properties.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e3b2cc7-1d2c-4ae7-9f9b-7c82e8e79873", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Market Value: $541m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dad-78e46a85bf9c", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.07, "y": 0.22 }, "kind": "paragraph", "text": "We believe ALEX's leased commercial real estate on the mainland is worth close to $500m today, and could be worth more as rents and occupancy improve from cyclically depressed levels", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "811eb93c-b53b-49ca-b4fd-fd88a87bbe28", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.16, "y": 0.78 }, "kind": "source-note", "text": "Source: Company documents, Marcato estimates (1) Numbers represent acres and $ / acre", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a4d968d-83ae-495d-8f1d-f46ef9a2d1df", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.55, "x": 0.08, "y": 0.032 }, "kind": "table", "text": "Table showing occupancy, square footage, price per sq ft, and value for Industrial, Office, Retail, and Unimproved Land, plus NOI and cap rate calculations.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7df17dc7-59fd-40d8-90ae-1496e665e436", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Leased Commercial Properties: Mainland", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.651+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61e3fde7-1a43-4847-8d2d-1fcca32fe299", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 12, "type": "setup", "title": "The table shows a significant discount (54.9%) of the current stock price relative to the estimated market value per share.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 5, "textChars": 354, "nDataPoints": 18, "notes": "The table shows a significant discount (54.9%) of the current stock price relative to the estimated market value per share.", "elementsJson": [ "headline_text", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:11.698+00", "seconds": 3.053, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/12", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-12", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Equity Value: $13.52", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dad-93a6cbf410a9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.31, "x": 0.34, "y": 0.86 }, "kind": "source-note", "text": "Source: Company documents, Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e966ed5b-c559-4164-b77a-fa1cb6157b99", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.34, "y": 0.9 }, "kind": "source-note", "text": "(1) Estimated at $15m of pre-tax expenses per year, capitalized at 8x", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc02c6d4-b34b-401f-b5dd-5dc40f517023", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.74, "x": 0.13, "y": 0.218 }, "kind": "table", "text": "Commercial RE Portfolio, Hawaii, Mainland, Total, Property Under Development, Wholly Owned, JV, Total, Land, Less: Corporate, Less: Debt, Equity Value, Current Stock Price, % Premium / (Discount) to Current", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ffb0df3-6223-4556-ab91-b305ff1bbf5c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.26, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "ALEX: Valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.698+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0ee0743-197b-49d4-8291-4a88f5235715", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 13, "type": "setup", "function": "establish_context", "rawType": "geographic_map", "block": null, "metadata": { "slideType": "geographic_map", "slideTypeCanon": { "name": "Geographic map", "slug": "geographic_map", "status": "active", "canonId": "019de52d-09de-7153-8845-584c1a9d0c83", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 4, "textChars": 149, "nDataPoints": 4, "notes": null, "elementsJson": [ "headline_text", "map", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:11.527+00", "seconds": 2.586, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/13", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-13", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.43, "x": 0.09, "y": 0.325 }, "kind": "image", "text": "Maui map with highlighted project locations", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83c9a819-c4ba-4c17-b748-f1a78e73d291", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.33, "x": 0.59, "y": 0.375 }, "kind": "image", "text": "Kaua'i map with highlighted project location", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7c34a74-6410-43d7-9cb2-def76fce0723", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.19, "x": 0.34, "y": 0.86 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57fc3fca-916d-48a9-a1c0-317a442f07e1", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.56, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Map of Important Development Projects", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b14dc0a0-03d5-4cfa-a7e3-d80e1750f178", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "35a86db5-c724-4a49-a628-bddea35e147b", "evidence": "Use of geographic maps to locate business assets.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:03:11.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "map-spatial" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 14, "type": "appendix", "title": "The slide uses a bulleted list with custom triangle icons to detail the timeline and land usage of the Wailea development.", "function": "illustrate_case", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 5, "textChars": 455, "nDataPoints": 5, "notes": "The slide uses a bulleted list with custom triangle icons to detail the timeline and land usage of the Wailea development.", "elementsJson": [ "headline_text", "photo", "bullet_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:11.702+00", "seconds": 2.646, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/14", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-14", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.235, "w": 0.277, "x": 0.057, "y": 0.53 }, "kind": "image", "text": "Aerial view of Wailea coastline", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.702+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e7054c3-a845-4a31-98e1-4254d7f99900", "parentComponentId": null }, { "bbox": { "h": 0.235, "w": 0.277, "x": 0.057, "y": 0.234 }, "kind": "image", "text": "Aerial view of Wailea resort", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.702+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d00a08c1-6ff4-4ab3-85e1-324b7189cf95", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.6, "x": 0.34, "y": 0.27 }, "kind": "list", "text": "Wailea resort originally developed by ALEX and sold to Shinwa Golf Group in 1989\n270 fully zoned, undeveloped acres at Wailea reacquired in 2003 for $67m\nSubsequently sold 70 acres in 2004 for $70m\nContributed 25 acres to Kai Malu JV with Armstrong Builders\nRemaining acreage in various stages of development\nPlanned for ~800 homes", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.702+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5aab05b-89b9-47d6-9c89-6c1e7b667234", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.702+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8a7cd21-0915-47d6-a972-4a2bbda8484a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Fully Owned Development Projects: Wailea", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.702+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "892d67b2-11bc-46a4-b853-3ca5b60eb453", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 15, "type": "appendix", "function": "illustrate_case", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 6, "textChars": 514, "nDataPoints": 5, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "photo" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:11.693+00", "seconds": 2.599, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/15", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-15", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "4-acre anchor parcel sold to Costco in January 2012 at ~$1.5m / acre", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dad-a4e581def868", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.28, "x": 0.05, "y": 0.273 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8e22153-9ca1-461c-ac44-f121e601630f", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.6, "x": 0.34, "y": 0.27 }, "kind": "list", "text": "Phase II of ALEX's Maui Business Park comprises 179 acres of industrial zoned lands in central Kahului, close to the airport and harbor\nFinal zoning approval received in 2008 and infrastructure work completed in 2011\nPlanned for 160, 1/2-acre lots\nSales and leasing have begun\n4-acre anchor parcel sold to Costco in January 2012 at ~$1.5m / acre", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a0f34c10-bd8e-4941-978e-193f5c1907e5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "price per acre: $1.5m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:13+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dad-ab6713c08286", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90a78377-9e28-47fd-a1fe-114859e8e2bd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Fully Owned Development Projects: Maui Business Park II", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:11.693+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77e54758-25bb-4934-986f-e08a46a5f9df", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 16, "type": "appendix", "function": "illustrate_case", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 6, "textChars": 663, "nDataPoints": 4, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "photo" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:12.103+00", "seconds": 3.001, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/16", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-16", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "257 units sold as of August 2012 (236 binding sales averaging >$700 / sq. ft.)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-096eefb007cb", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.33, "x": 0.05, "y": 0.248 }, "kind": "image", "text": "Aerial view of site and renderings of building", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.103+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16f7dd99-8d1e-497c-9f22-4a4f6bc461b9", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.6, "x": 0.34, "y": 0.26 }, "kind": "list", "text": "2-acre urban Honolulu parcel acquired by ALEX in 2Q10 for highrise condominium development. Extremely well located in the Ala Moana corridor near shopping, restaurants, and beaches. Successfully navigated complex permitting process. Limited new product in supply-constrained market.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.103+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "467ae5c7-3a5e-419b-a19e-e3a67492ee9d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.6, "x": 0.34, "y": 0.55 }, "kind": "list", "text": "341 units planned on 43 floors. One-, two-, and three-bedroom residences averaging 1,000 square feet. 257 units sold as of August 2012 (236 binding sales averaging >$700 / sq. ft.)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.103+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bb371f3-1ea2-45c6-9896-ab3ecf38306b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.103+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "592eadca-3e60-4141-a8e2-4db7eaf88b8a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Fully Owned Development Projects: Waihonua at Kewalo", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.103+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dd0adb0-e80d-4ceb-863c-fe06c47039b0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 17, "type": "analysis", "title": "The table includes a footnote referencing a 2006 Goldman Sachs report for historical context.", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 7, "textChars": 645, "nDataPoints": 180, "notes": "The table includes a footnote referencing a 2006 Goldman Sachs report for historical context.", "elementsJson": [ "headline_text", "data_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:12.39+00", "seconds": 3.154, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/17", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-17", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.68, "x": 0.16, "y": 0.7 }, "kind": "callout", "text": "We note that in 2006, Goldman Sachs performed DCFs of Wailea and Haliimaile, valuing the projects at $144m and $186m, respectively. (1)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "420217c7-1d57-4d42-b92d-2ab64fc3168f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We note that in 2006, Goldman Sachs performed DCFs of Wailea and Haliimaile, valuing the projects at $144m and $186m, respectively.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-71000c31c8b4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "NPV: $294", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-765773e45eab", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "(1) Goldman Sachs Initiation Report, January 11, 2006", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ec752d1-36e4-43c2-be74-5d1201628f5e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.28, "y": 0.865 }, "kind": "source-note", "text": "Source: ALEX Real Estate Supplements, Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb005627-74b0-4cf4-b9df-e3f20584a1f9", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.235 }, "kind": "table", "text": "Table of development properties with columns for Entitled Acres, Value per Acre, Units/Sq Ft, Avg Sale Price, Sales Proceeds, Costs to Complete, Net Proceeds, Tax Basis, Tax Rate, Years to Complete, Discount Rate, and NPV.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b01b9e77-c04f-49e8-add5-459f7aeb1a7d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Fully Owned Development Properties: DCFs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.39+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a070f25-56a9-417f-9644-831779299694", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "setup", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 6, "textChars": 498, "nDataPoints": 18, "notes": null, "elementsJson": [ "headline_text", "paragraph", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:15.654+00", "seconds": 6.142, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/18", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-18", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe ALEX's fully owned development projects are worth roughly ~$294 million", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-d130161c92d1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Asset Value: $294 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-d420e97c8a75", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.233, "x": 0.066, "y": 0.238 }, "kind": "paragraph", "text": "We believe ALEX's fully owned development projects are worth roughly ~$294 million", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca32245d-16a6-4615-8c7d-5efca1081223", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.315, "x": 0.281, "y": 0.901 }, "kind": "source-note", "text": "Source: Company documents, Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fdc344a-6d48-4394-8ae8-2ac926c0c0dd", "parentComponentId": null }, { "bbox": { "h": 0.364, "w": 0.556, "x": 0.319, "y": 0.223 }, "kind": "table", "text": "Wailea 167 $142; Maui Business Park II 179 45; Waihonua - Honolulu 2 32; Kahului Town Center 19 17; Haliimaile 63 15; Brydeswood 14; Kane Street 4 12; Port Allen Residential 4 11; Keola Lai 3 6; Total Fully Owned Development 441 $294", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a018a5b-c85e-41d1-8832-7c90a95891d1", "parentComponentId": null }, { "bbox": { "h": 0.048, "w": 0.498, "x": 0.068, "y": 0.115 }, "kind": "title", "text": "Fully Owned Development Projects", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18eab9c3-68cc-48e1-bd2e-a55a3a0b2693", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 19, "type": "appendix", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 6, "textChars": 554, "nDataPoints": 7, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "photo" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:12.065+00", "seconds": 2.549, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/19", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-19", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.26, "x": 0.06, "y": 0.409 }, "kind": "image", "text": "Resort amenities view", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "411b38ca-2534-4e62-9961-2925655b97a7", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.26, "x": 0.07, "y": 0.629 }, "kind": "image", "text": "Golf course view", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46f253ab-2fb8-4e67-aafa-ecb9c12e1fee", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.26, "x": 0.06, "y": 0.255 }, "kind": "image", "text": "Aerial view of Kukui'ula", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79028127-ff4d-4216-ac2f-0aee5cc894aa", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.6, "x": 0.33, "y": 0.265 }, "kind": "list", "text": "77% interest in JV with DMB Associates\n1,000 acre master planned community on Kauai\nUp to 1,500 units planned\nHigh end resort / residential with price points $1 - $4 million / lot\nAmenities include golf course, spa, country club, water access, trails, parks\n79,000 sq. ft. commercial retail center opened for business in August 2009 and construction is complete on 178 lots\nConstruction of all amenities completed\n88 lots sold to date", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97847d67-9e4d-4521-a330-de5a764a23dc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d7cadb0-2919-4f82-9b42-a0890cbbc03c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "JV Development Projects: Kukui'ula", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.065+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cad62765-b17f-4027-83e0-3169170d2955", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 20, "type": "analysis", "title": "Includes a specific callout regarding a 2006 Goldman Sachs valuation of the Kukui'ula project.", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 7, "textChars": 554, "nDataPoints": 70, "notes": "Includes a specific callout regarding a 2006 Goldman Sachs valuation of the Kukui'ula project.", "elementsJson": [ "headline_text", "data_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:12.669+00", "seconds": 3.091, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/20", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-20", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.68, "x": 0.16, "y": 0.57 }, "kind": "callout", "text": "We note that in 2006, Goldman Sachs performed a DCF of Kukui'ula, valuing the project at $288m, before ALEX increased its project ownership from 60% to 77%. (1)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "730d22ab-a2e5-4e65-ab21-7660368f18b6", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We note that in 2006, Goldman Sachs performed a DCF of Kukui'ula, valuing the project at $288m, before ALEX increased its project ownership from 60% to 77%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-35dcd701aaeb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "NPV: $404", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-39e51b20335d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.28, "y": 0.86 }, "kind": "source-note", "text": "Source: ALEX Real Estate Supplements, Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30a87560-029a-4ccc-a964-e5494df2e79e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "(1) Goldman Sachs Initiation Report, January 11, 2006", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d76f8ed5-fe2b-491e-8eda-f0f7f1e6dbf0", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.91, "x": 0.045, "y": 0.325 }, "kind": "table", "text": "Table showing JV properties, locations, acreage, units, pricing, costs, tax data, and NPV.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14f90e4d-ed5a-45b4-b3af-114450881f6a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.38, "x": 0.045, "y": 0.12 }, "kind": "title", "text": "JV Development Properties: DCFs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.669+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d17c715-9221-4953-b469-3e436c693ef4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: DCF", "slug": "dcf", "status": "active", "bestFor": null, "canonId": "019df269-2031-7273-9014-0c70beb91e11", "version": 1, "bodyDocId": "019df269-200e-76ea-8883-6ee35d39c836", "description": "You project free cash flows over an explicit forecast period (typically", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "59eb0c0e-abbd-4dd9-8ecc-f0380f7d3247", "evidence": "We note that in 2006, Goldman Sachs performed a DCF of Kukui'ula, valuing the project at $288m, before ALEX increased its project ownership from 60% to 77%.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:52:49.524654+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 21, "type": "analysis", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 6, "textChars": 408, "nDataPoints": 10, "notes": null, "elementsJson": [ "headline_text", "paragraph", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:12.757+00", "seconds": 2.828, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/21", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-21", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe ALEX's JV development projects are conservatively worth roughly ~$404 million", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-1f746a8199cf", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "JV Development Value: $404 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:14+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-20857a9bdfb5", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.24, "x": 0.06, "y": 0.235 }, "kind": "paragraph", "text": "We believe ALEX's JV development projects are conservatively worth roughly ~$404 million", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.757+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4fd9296-656b-4f68-9e78-0af7985bcc20", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "Source: Company documents, Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.757+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b68c696a-c1c5-4ad3-aadf-9ea9b1008e19", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.6, "x": 0.3, "y": 0.25 }, "kind": "table", "text": "Kukui'ula 1,000 $344; Kukui'ula Village 10 40; Kai Malu at Wailea (mostly sold) 25 7; Other 135 14; Total JV Development 1,170 $404", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.757+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eae104e4-d1d5-420e-976b-0776f215291a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.38, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "JV Development Projects", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.757+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "310ff01f-d2c8-4b66-97a6-70e71acd4b94", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Waterfall chart", "slug": "waterfall-chart", "status": "active", "bestFor": null, "canonId": "e2799da3-725f-44a9-a093-570f1f388e64", "version": 1, "bodyDocId": null, "description": null, "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4be3ddcf-72dc-4a3b-a188-6c0aabcee934", "evidence": "Table showing JV Development projects with multiple data points", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:49.600637+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 22, "type": "setup", "title": "The slide highlights that the calculated equity value per share ($29.99) is essentially at parity with the current stock price ($30.00).", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 4, "textChars": 292, "nDataPoints": 24, "notes": "The slide highlights that the calculated equity value per share ($29.99) is essentially at parity with the current stock price ($30.00).", "elementsJson": [ "headline_text", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:15.689+00", "seconds": 5.667, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/22", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-22", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Equity Value: $29.99", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-9ae201dabb48", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.524, "x": 0.347, "y": 0.865 }, "kind": "source-note", "text": "Source: Company documents, Marcato estimates (1) Estimated at $15m of pre-tax expenses per year, capitalized at 8x", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.689+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13552de0-a36c-42f9-b6a2-a23f54b5116c", "parentComponentId": null }, { "bbox": { "h": 0.535, "w": 0.742, "x": 0.129, "y": 0.223 }, "kind": "table", "text": "Commercial RE Portfolio, Property Under Development, Land, Less: Corporate, Less: Debt, Equity Value, Current Stock Price, % Premium to Current", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.689+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28b24fff-a85c-490c-85aa-251c330e5274", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.26, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "ALEX: Valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.689+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f25bd5f-bb3d-4219-82c6-25ab7063be3e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 23, "type": "setup", "title": "The slide uses maps to visualize land distribution by type (Conservation, Ag/Pasture, Urban) for two islands.", "function": "quantify_opportunity", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 7, "textChars": 426, "nDataPoints": 8, "notes": "The slide uses maps to visualize land distribution by type (Conservation, Ag/Pasture, Urban) for two islands.", "elementsJson": [ "headline_text", "bullet_list", "map" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.743+00", "seconds": 4.676, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/23", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-23", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This land was acquired circa 1870 and is carried on ALEX's books at $150 / acre (~$13m)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-14140aa5d2b0", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.35, "x": 0.55, "y": 0.43 }, "kind": "image", "text": "Kauai Landholdings map", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16faf86a-141b-48d4-b084-b04d6e2bb25c", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.35, "x": 0.14, "y": 0.43 }, "kind": "image", "text": "Maui Landholdings map", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "740cf0b9-2ca9-44ad-b35b-357e324e7c09", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.09, "y": 0.21 }, "kind": "list", "text": "ALEX owns 20% of the island of Maui and 15% of the island of Kauai, and a higher proportion of “usable” land\nThis land was acquired circa 1870 and is carried on ALEX’s books at $150 / acre (~$13m)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40438e3c-63f7-450b-9a7f-8f2d1af7b914", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "book value per acre: $150", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-189004f5ffef", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.2, "x": 0.28, "y": 0.9 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "88dd551c-0858-4966-b335-214a9340d917", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Additional Legacy Land Assets Provide Hidden Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.743+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "597fe091-60e9-479f-84ae-b6bdc492d82b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 24, "type": "analysis", "function": "analyze_data", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 4, "textChars": 143, "nDataPoints": 20, "notes": null, "elementsJson": [ "headline_text", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:12.079+00", "seconds": 1.991, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/24", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-24", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Avg Price Per Acre: $27,100", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-add53d4b2a34", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.29, "y": 0.865 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.079+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "385e0ea5-cc96-4f17-854c-aed159cb922d", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.8, "x": 0.1, "y": 0.26 }, "kind": "table", "text": "ALEX Ag Land Sales Transactions - Last 5 Years", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.079+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a914a09b-cbbc-4d82-af7d-d2994c06cba0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Recent ALEX Land Sales Average $27,000 / Acre", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.079+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7b965d7-78c1-46ab-87a2-33810ec82e5e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b0427004-d82c-4d74-a709-21f79558cfa7", "evidence": "Table showing ALEX Ag Land Sales Transactions - Last 5 Years", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:52:49.749896+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 25, "type": "evidence", "title": "The slide presents two distinct tables for Maui and Kauai land sales over the last 5 years.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 5, "textChars": 193, "nDataPoints": 48, "notes": "The slide presents two distinct tables for Maui and Kauai land sales over the last 5 years.", "elementsJson": [ "headline_text", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:12.508+00", "seconds": 2.263, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/25", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-25", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Avg Price Per Acre: $30,700", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-bf518e2cb26b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.29, "y": 0.865 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "823b0fd5-ed0c-49be-8cfa-fe0ba499626b", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.78, "x": 0.11, "y": 0.255 }, "kind": "table", "text": "Maui Ag Land Sale Comps - Last 5 Years table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3f1d602-5951-41ef-b1bb-2b9ef13cb901", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.78, "x": 0.11, "y": 0.515 }, "kind": "table", "text": "Kauai Ag Land Sale Comps - Last 5 Years table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1c5f80f-7709-4db8-9c0a-e53876c1fdc8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Recent Comparable Land Sales Average >$30,000 / Acre", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "616e3cd1-5de8-4228-829b-d5a59a0df869", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "2224e0df-c18a-423c-a027-760654cac36b", "evidence": "Tables showing Kauai Ag Land Sale Comps - Last 5 Years and Maui Ag Land Sale Comps - Last 5 Years", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:52:49.825481+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 26, "type": "evidence", "title": "The table includes footnotes explaining specific transaction contexts (forced sales, specific valuation inclusions).", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 6, "textChars": 992, "nDataPoints": 21, "notes": "The table includes footnotes explaining specific transaction contexts (forced sales, specific valuation inclusions).", "elementsJson": [ "headline_text", "bullet_list", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:13.872+00", "seconds": 3.569, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/26", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-26", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "MLP's precedent land sales provide additional data points for valuing ALEX's excess land.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-eab7ac1ae79f", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.885, "x": 0.068, "y": 0.205 }, "kind": "list", "text": "In recent years, Maui Land & Pineapple Company (NYSE: MLP), formed in the 1960s from ALEX landholdings in west Maui, has sold agricultural land at an average of over $20,000 / acre\nMLP's precedent land sales provide additional data points for valuing ALEX's excess land:", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3738da41-39e6-4da9-86a2-a5dba690c0bc", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "$ / Acre: $23,267", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8dae-ecc0b8e2119e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.415, "x": 0.29, "y": 0.868 }, "kind": "source-note", "text": "Source: Maui Land & Pineapple Company documents\n(1) We believe these were \"forced\" sales, as MLP is in financial distress\n(2) Consideration included 1 acre in west Maui valued at $350k", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a8056ad-e4fa-448e-b2f8-1921dbb0fd9a", "parentComponentId": null }, { "bbox": { "h": 0.225, "w": 0.622, "x": 0.177, "y": 0.368 }, "kind": "table", "text": "Maui Land & Pineapple Precedent Land Sales\nDate | Acres | $/Acre | Description\nJan-12 | 89 | $16,854 | Upcountry Maui (1)\nMar-10 | 128 | 13,281 | Upcountry Maui (1)\n2008 | 111 | 39,460 | Upcountry Maui\n2007 | 683 | 29,136 | Upcountry Maui\n2006 | 2,200 | 15,227 | Upcountry Maui\n2005 | 640 | 44,063 | Upcountry Maui (2)\nQ1-2002 | 9 | 70,112 | Upcountry Maui\nTotal | 3,860 | $23,267", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e972bfdd-08f9-4c0e-9867-d8e0caf31d12", "parentComponentId": null }, { "bbox": { "h": 0.048, "w": 0.796, "x": 0.068, "y": 0.118 }, "kind": "title", "text": "Comparable Land Sales: Maui Land & Pineapple Company", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9185b465-7ec2-4ebb-aafd-da01feb71f88", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Valuation: Precedent transactions", "slug": "precedent-transactions", "status": "active", "bestFor": null, "canonId": "019df269-22b0-70fc-b5b7-8d6ee69c15dd", "version": 1, "bodyDocId": "019df22a-9e2b-7165-a5f9-f94a9758ce38", "description": "You apply multiples derived from comparable historical M&A transactions", "familyLabel": "valuation-move", "categoryName": "Analysis", "categorySlug": "analysis" }, "agent": "architect", "layer": "slide", "agents": [ "architect" ], "matchId": "4f49d7e0-a8e4-4ef4-a6fb-21de3760944c", "evidence": "Table showing Maui Land & Pineapple Precedent Land Sales", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:52:49.899713+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "bd195e26-8953-49ea-9cb4-1b0f88a280d7", "evidence": "Uses historical company documents to validate valuation assumptions.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:03:13.872+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 27, "type": "setup", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 83, "componentCount": 7, "textChars": 715, "nDataPoints": 20, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:13.684+00", "seconds": 3.007, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/27", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-27", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Valuing this acreage on a cap rate basis supports a valuation of ~$6,700 per acre for ALEX's agricultural landholdings", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-ce19fbd815ae", "parentComponentId": null }, { "bbox": { "h": 0.048, "w": 0.875, "x": 0.068, "y": 0.288 }, "kind": "list", "text": "Valuing this acreage on a cap rate basis supports a valuation of ~$6,700 per acre for ALEX's agricultural landholdings", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "451e2816-9ff7-463d-99a3-3de1a364cf0f", "parentComponentId": null }, { "bbox": { "h": 0.058, "w": 0.896, "x": 0.068, "y": 0.205 }, "kind": "list", "text": "We note that, in recent years, ALEX has leased some of its agricultural land to third parties, and earned $333 - $584 of NOI per acre", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfaa0ef1-da29-4799-9206-98c75e39bb5c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Implied Value / Acre of Ag Land: $6,690", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-d2d81f03cebc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.29, "y": 0.865 }, "kind": "source-note", "text": "Source: ALEX Real Estate Supplements, Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38c2a75b-99be-4c1a-bb16-75a00582115a", "parentComponentId": null }, { "bbox": { "h": 0.205, "w": 0.858, "x": 0.075, "y": 0.388 }, "kind": "table", "text": "NOI from leasing unimproved land in Hawaii; Unimproved land leased to third parties in Hawaii; Market rent / avg leased acres of ag land; Assumed \"Normalized\" Market Rent / Acre; Cap Rate; Implied Value / Acre of Ag Land", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "559f4f2d-10ea-4b38-bb2d-c77febe3a1e8", "parentComponentId": null }, { "bbox": { "h": 0.048, "w": 0.499, "x": 0.068, "y": 0.115 }, "kind": "title", "text": "Lease Income: Cap Rate Valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.684+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2d16252-4059-41c7-bad5-b6d8444c730d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 28, "type": "setup", "title": "The slide uses a sum-of-the-parts approach to value different land categories and agribusiness EBITDA.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 274, "nDataPoints": 30, "notes": "The slide uses a sum-of-the-parts approach to value different land categories and agribusiness EBITDA.", "elementsJson": [ "headline_text", "data_table", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:13.948+00", "seconds": 2.976, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/28", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-28", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Total Land Value: $734", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-2d803d7ba65e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.65, "x": 0.27, "y": 0.75 }, "kind": "source-note", "text": "Source: Company documents, Marcato estimates. Footnotes (1), (2), (3) provided.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "626a6157-f90e-431d-80c4-ddb334b20419", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.58, "x": 0.07, "y": 0.225 }, "kind": "table", "text": "Value of Ag Land table with methodologies and calculations", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "408aceab-89ac-4d6a-8815-90067e1a0108", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.58, "x": 0.07, "y": 0.45 }, "kind": "table", "text": "Plus: Other Land table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1dcccdb-c5e1-43df-93fd-3ac94be9fa6f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.58, "x": 0.07, "y": 0.6 }, "kind": "table", "text": "Plus: Value of Agricultural Operations table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cdd99f2d-914e-4f6d-bc2e-438fae5dba51", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.245, "x": 0.685, "y": 0.375 }, "kind": "table", "text": "Total Land Value summary box", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df3726fd-4e15-4ea7-8475-60a4b18a3ad8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Additional Land Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "261af5e9-2361-4575-a561-c78fd7663940", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "4c491d61-d221-41ee-b0d1-621fcd355779", "evidence": "Table showing Value of Ag Land, Plus: Value of Agricultural Operations, Total Land Value summary box", "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:52:50.013482+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "whyItWorks": "- It forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "f7059ddf-0dc9-4942-80ee-ac5ade806ece", "evidence": "Sum-of-the-parts valuation methodology", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "valuation-bridge" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 29, "type": "setup", "title": "Includes a red circle highlighting the final equity value per share and premium to current stock price.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 4, "textChars": 390, "nDataPoints": 36, "notes": "Includes a red circle highlighting the final equity value per share and premium to current stock price.", "elementsJson": [ "headline_text", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:13.665+00", "seconds": 2.476, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/29", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-29", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Equity Value: $47.30", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-694707173239", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.348, "y": 0.85 }, "kind": "source-note", "text": "Source: Company documents, Marcato estimates (1) Balance sheet value of land estimated based on Company comments of $150 / acre carrying value (2) Estimated at $15m of pre-tax expenses per year, capitalized at 8x", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "444bfb4e-c0fd-4e01-8fea-66ef99ebdab8", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.76, "x": 0.118, "y": 0.2 }, "kind": "table", "text": "Commercial RE Portfolio, Property Under Development, Land, Less: Corporate, Less: Debt, Equity Value, Current Stock Price, % Premium to Current", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44d11c1f-505a-4c5d-b377-02bb1f0b5bc7", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.26, "x": 0.068, "y": 0.118 }, "kind": "title", "text": "ALEX: Valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:13.665+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6b06775-a5da-4044-96d6-2586dbd5fe50", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 30, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 16, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:12.745+00", "seconds": 1.514, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/30", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-30", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.32, "x": 0.07, "y": 0.39 }, "kind": "title", "text": "II. Gencorp (GY)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:12.745+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0f8ce940-2412-4304-8daf-d5b688e212b8", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6f2939b6-a94d-4b1c-a4c9-1895198488e6", "evidence": "Title: II. Gencorp (GY)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:52:50.126632+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 31, "type": "setup", "title": "Investor presentation slide by Marcato Capital Management.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 87, "componentCount": 8, "textChars": 812, "nDataPoints": 11, "notes": "Investor presentation slide by Marcato Capital Management.", "elementsJson": [ "bullet_list", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:18.179+00", "seconds": 6.888, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/31", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-31", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.25, "x": 0.078, "y": 0.276 }, "kind": "image", "text": "GENCORP", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5c6582f-94ff-43bd-82c1-5d232146d185", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.36, "y": 0.6 }, "kind": "list", "text": "Operating Statistics: LTM Revenue: $930 million. LTM EBITDAP: $113 million. LTM CapEx: $27 million. LTM Free Cash Flow: $69 million.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4aa223f4-09e0-4fac-aa2d-66f9dda4716d", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.36, "y": 0.2 }, "kind": "list", "text": "GenCorp is a supplier of propulsion technologies to the aerospace and defense industries. Longstanding reputation as a highly regarded supplier. Founded in the 1950s by Cal Tech scientists. Technologies used on NASA missions since inception of U.S. space program.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66b99ab0-7ff7-4a02-b20b-98cceda5fd86", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.67, "y": 0.6 }, "kind": "list", "text": "Valuation Multiples: EV / EBITDAP: 6.2x. EV / EBITDAP - CapEx: 8.2x. FCF Yield: 11.5%.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ee4e31e-d017-4285-ab0d-371b19bb0fdb", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.36, "y": 0.46 }, "kind": "list", "text": "Capitalization: Equity market value: $600 million. Enterprise Value: $700 million.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1f08a03-259a-408c-95c2-f96400559f35", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / EBITDAP: 6.2x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-4658368fc0da", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.29, "y": 0.83 }, "kind": "source-note", "text": "Source: Company and other public documents. (1) All financials in this presentation assume a stock price of $9.75. (2) Earnings before interest, taxes, depreciation & amortization, and non-cash pension expenses.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec9b3fff-206b-4763-974e-b1655209b883", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "GenCorp, Inc.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.179+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "13ad423f-3320-4900-afa5-3ce644caa096", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "cf75552c-b398-4617-83f7-e6392dfc12db", "evidence": "This slide is labeled as an 'executive_summary' and contains a summary of GenCorp's key statistics.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:52:54.401391+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 32, "type": "analysis", "title": "The slide uses a red oval annotation to draw attention to the 'Real estate held for entitlement and leasing' line item.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 5, "textChars": 281, "nDataPoints": 16, "notes": "The slide uses a red oval annotation to draw attention to the 'Real estate held for entitlement and leasing' line item.", "elementsJson": [ "headline_text", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.389+00", "seconds": 2.602, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/32", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-32", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.72, "x": 0.12, "y": 0.495 }, "kind": "legend", "text": "Red oval highlighting Real estate held for entitlement and leasing", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.389+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41e7db73-4a4d-4ace-b85d-163077ecb181", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Real estate held for entitlement and leasing: 64.4", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:15+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-7ebf58a83cea", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.295, "y": 0.91 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.389+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51b431e7-86d1-4445-acf0-ecf42677c012", "parentComponentId": null }, { "bbox": { "h": 0.47, "w": 0.632, "x": 0.168, "y": 0.225 }, "kind": "table", "text": "Assets table showing current and noncurrent assets with values in millions as of May 31, 2012.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.389+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "751588da-b74d-4c2d-b726-940fddef44fe", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Balance Sheet Snapshot of GY Real Estate Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.389+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70f70e13-28cf-4f54-a51a-20720ff37e43", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 33, "type": "appendix", "function": "quantify_opportunity", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 7, "textChars": 485, "nDataPoints": 4, "notes": null, "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.481+00", "seconds": 2.679, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/33", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-33", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "1950s acquisition led to low book value (~$64m)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-ebb1f373213e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.3, "x": 0.1, "y": 0.75 }, "kind": "list", "text": "580 acres in Chino Hills, CA", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a325f09-9fa8-4908-9a0a-50816c48405b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.85, "x": 0.1, "y": 0.22 }, "kind": "list", "text": "12,000 acres of contiguous, developable raw land adjacent to a major highway in Sacramento; GY originally acquired this land in the 1950s; 1950s acquisition led to low book value (~$64m); GY plans to turn 6,000 clean acres into a Master-Planned Community", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "559f887a-3b79-4139-91f5-27d4e12755c9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.1, "y": 0.69 }, "kind": "list", "text": "310k square feet of excess Sacramento office space leased to third parties", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f43976a7-6c75-4997-a75a-b1b170a472e6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "book value: $64m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-eff55c6dbc9a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.29, "y": 0.91 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9627f82b-8495-4fd5-9a6c-4948f0bb2b8e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.58, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "GY Owns Several Excess Real Estate Assets", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.481+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d84f3174-9416-4f35-ba40-6b31d7103547", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 34, "type": "appendix", "title": "The slide uses a map to visually demonstrate the strategic location of the land asset.", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 4, "textChars": 617, "nDataPoints": 0, "notes": "The slide uses a map to visually demonstrate the strategic location of the land asset.", "elementsJson": [ "headline_text", "paragraph", "map" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:16.58+00", "seconds": 4.746, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/34", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-34", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In the 55 years since Aerojet acquired the land, civilization has encroached such that it is now in a very desirable location, adjacent to a main highway, adjacent to public transportation, and close to schools and retail and commercial districts", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-8ed308b1e9d5", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.66, "x": 0.17, "y": 0.33 }, "kind": "image", "text": "Map of Sacramento area with a red circle highlighting the land location", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b974e87-5340-48a6-9855-17fc24a52e58", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.88, "x": 0.06, "y": 0.18 }, "kind": "paragraph", "text": "In the 55 years since Aerojet acquired the land, civilization has encroached such that it is now in a very desirable location, adjacent to a main highway, adjacent to public transportation, and close to schools and retail and commercial districts", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e855fb0-7889-47fb-9b11-f14df6be63de", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Civilization Has Encroached on the Sacramento Raw Land", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.58+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d911fc6-8f76-43ef-900d-fc20298a1057", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 35, "type": "setup", "function": "establish_context", "rawType": "geographic_map", "block": null, "metadata": { "slideType": "geographic_map", "slideTypeCanon": { "name": "Geographic map", "slug": "geographic_map", "status": "active", "canonId": "019de52d-09de-7153-8845-584c1a9d0c83", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 6, "textChars": 478, "nDataPoints": 2, "notes": null, "elementsJson": [ "headline_text", "paragraph", "map" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.621+00", "seconds": 2.781, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/35", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-35", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "GY has extensive plans to turn the 6,000 clean acres into a master planned community called Easton, in five separate phases", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-bad9d16bcade", "parentComponentId": null }, { "bbox": { "h": 0.64, "w": 0.56, "x": 0.32, "y": 0.2 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "568fa511-5eef-48bc-8887-446fb15179cf", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.24, "x": 0.06, "y": 0.235 }, "kind": "paragraph", "text": "GY has extensive plans to turn the 6,000 clean acres into a master planned community called Easton, in five separate phases", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bf10f24-2efc-4e74-b2b1-43635673a6db", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.24, "x": 0.06, "y": 0.495 }, "kind": "paragraph", "text": "Entitlement and zoning are in place for the first 1,400 acres (Glenborough and Easton Place), with detailed plans for residential, commercial, and office property development", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7d818a4-3695-4fd5-82d1-9a45b5d8021c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.28, "y": 0.905 }, "kind": "source-note", "text": "Source: http://easton-ca.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9326af1c-9c39-467c-90de-32659f1f6cc5", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Easton Development in Progress", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.621+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85042447-dd8d-4147-89e8-64e2d28ee7bb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 36, "type": "evidence", "title": "The slide uses a map to visually contrast the location of the comparable land sale against the subject 'GY Land'.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "dense", "densityScore": 66, "componentCount": 6, "textChars": 432, "nDataPoints": 2, "notes": "The slide uses a map to visually contrast the location of the comparable land sale against the subject 'GY Land'.", "elementsJson": [ "headline_text", "paragraph", "map" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.165+00", "seconds": 2.284, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/36", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-36", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "In late 2010, prominent Sacramento developer AKT paid $49,000 / acre for 17,000 acres of comparable raw land, in a less desirable location", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-a3a11dbb0b84", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.72, "x": 0.26, "y": 0.2 }, "kind": "image", "text": "Map of Sacramento area with red circles highlighting land locations", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "291d43ae-2526-4869-8c3d-0742273e27df", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "price per acre: $49,000", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-a49c217c08e1", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.24, "x": 0.06, "y": 0.23 }, "kind": "paragraph", "text": "In late 2010, prominent Sacramento developer AKT paid $49,000 / acre for 17,000 acres of comparable raw land, in a less desirable location", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e4d137a-514e-4ab7-aa76-68028ffd9974", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.26, "y": 0.91 }, "kind": "source-note", "text": "Source: Sacramento Business Journal", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d53abc0f-d70c-410c-a8fd-93e0ae2a85e1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Recent Land Sale Comp Available", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acb08908-4004-409f-a978-c0d3c7d40744", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a7bd15fb-3c65-4a0f-92a5-e298d5ad98a0", "evidence": "Uses a specific market transaction to establish a valuation baseline for the subject property.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:14.165+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 37, "type": "evidence", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 6, "textChars": 757, "nDataPoints": 24, "notes": null, "elementsJson": [ "headline_text", "paragraph", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:15.058+00", "seconds": 3.121, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/37", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-37", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Current listings of unfinished, un-entitled land parcels in the Sacramento area confirm the range of $50,000 - $60,000 / acre", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8daf-fd71e81460a7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "$ / Acre: $56,967", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-02d3a8b23a2f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.75, "x": 0.09, "y": 0.21 }, "kind": "paragraph", "text": "Current listings of unfinished, un-titled land parcels in the Sacramento area confirm the range of $50,000 - $60,000 / acre", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "811e064f-f7b2-4290-bd96-b5a15b6d9271", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.22, "x": 0.29, "y": 0.91 }, "kind": "source-note", "text": "Source: Public documents, www.loopnet.com", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8aaa8083-71ab-4697-b581-eda080c39781", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.68, "x": 0.16, "y": 0.335 }, "kind": "table", "text": "Land Parcel, Acres, Price, $/Acre. Gerber Rd, 60, $3,000,000, $50,000. Rogers Rd and Bradshaw Rd, 20, 650,000, 32,500. Rio Linda Blvd and Marysville Blvd, 20, 1,000,000, 50,000. Raley Blvd, Santa Ana, 19, 1,620,432, 87,120. Admiral Lane and Gerber Rd, 14, 925,000, 67,766. Centro Rd, 10, 600,000, 60,484. 24th St at Florin Rd, 4, 195,000, 53,867. Strawberry Ln and Hwy 99, 3, 135,000, 54,000. Average, , , $56,967", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb4058e1-b084-4f86-b5ae-345ec75e1b1d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Other Recent Land Sale Comps Available", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.058+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "354f7544-b2df-4936-a91f-5cc66a74f9fb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 38, "type": "analysis", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 7, "textChars": 565, "nDataPoints": 5, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "kpi_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.796+00", "seconds": 2.629, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/38", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-38", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This leasing activity generated $5m of operating income in the LTM (and has generated as much as $10m before the financial crisis)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-146f317d955a", "parentComponentId": null }, { "bbox": { "h": 0.088, "w": 0.858, "x": 0.093, "y": 0.332 }, "kind": "list", "text": "This leasing activity generated $5m of operating income in the LTM (and has generated as much as $10m before the financial crisis)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c5bd7e5-1671-482b-8a5c-f3dd3d140d12", "parentComponentId": null }, { "bbox": { "h": 0.088, "w": 0.863, "x": 0.093, "y": 0.218 }, "kind": "list", "text": "In addition to the Sacramento raw land, GY also owns 310,000 square feet of excess Sacramento office space that it leases to third parties", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b5ba8f30-9836-4762-a045-e51f0730d70a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "NOI: $5.3m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:16+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-1bcf273e3f15", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.153, "x": 0.295, "y": 0.912 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a981f3e9-722c-41e7-a7eb-0c39eb2d4442", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.814, "x": 0.093, "y": 0.454 }, "kind": "table", "text": "Sacramento Office Space NOI 2008: $10.3, 2009: $4.4, 2010: $5.3, 2011: $5.6, LTM: $5.3", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "875c989c-6e9c-4ab8-a143-859dba789973", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.698, "x": 0.068, "y": 0.118 }, "kind": "title", "text": "Sacramento Office Space Generating >$5m of NOI", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7774fb17-349f-4d62-8a9c-b939745f1224", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 39, "type": "setup", "title": "The valuation methodology uses specific cap rates and per-acre estimates for different assets.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 83, "componentCount": 7, "textChars": 770, "nDataPoints": 8, "notes": "The valuation methodology uses specific cap rates and per-acre estimates for different assets.", "elementsJson": [ "headline_text", "paragraph", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:15.228+00", "seconds": 3.041, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/39", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-39", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe GY's excess real estate is worth ~ $370m today, and potentially much more as real estate markets recover and the Company makes progress on its development plans", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-2e981c7a6131", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Excess Real Estate Value: $368m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-33cbf920dedc", "parentComponentId": null }, { "bbox": { "h": 0.23, "w": 0.24, "x": 0.06, "y": 0.23 }, "kind": "paragraph", "text": "We believe GY's excess real estate is worth ~$370m today, and potentially much more as real estate markets recover and the Company makes progress on its development plans", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.228+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb270d5e-c6ec-4cc5-92b4-f228ca6a1028", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.29, "y": 0.9 }, "kind": "source-note", "text": "(1) This site is in the process of environmental remediation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.228+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f6616de-f8d6-43f8-8f8b-862913fd27ca", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.13, "x": 0.29, "y": 0.85 }, "kind": "source-note", "text": "Source: Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.228+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "284d3b7b-e5d3-4560-bc85-59226d7fdbfc", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.65, "x": 0.285, "y": 0.265 }, "kind": "table", "text": "Asset: Sacramento Land, Value: $302, Methodology: 6,044 acres @ $50k / acre; Asset: Sacramento Office Space, Value: 66, Methodology: LTM NOI @ 8% cap rate; Asset: Chino Hills Land, Value: 0, Methodology: Conservatism (1); Total: $368, Value / Share: $5.99, % of Current Market Cap: 61%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.228+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9749f48-a53a-40bc-b4ae-18ca66c7c5fd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.41, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Excess Real Estate Valuation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.228+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16bdbcd4-7863-4310-93f6-02cfdf886836", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 40, "type": "setup", "title": "The slide uses a timeline framework to demonstrate the longevity and stability of the company's product portfolio.", "function": "present_framework", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "present_framework", "functionCanon": { "name": "Present framework", "slug": "present_framework", "status": "active", "canonId": "019de52d-1403-7667-9100-d2ac6709f750", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 5, "textChars": 208, "nDataPoints": 25, "notes": "The slide uses a timeline framework to demonstrate the longevity and stability of the company's product portfolio.", "elementsJson": [ "headline_text", "timeline_visual", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:17.796+00", "seconds": 5.591, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/40", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-40", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.0078 }, "kind": "callout", "text": "Revenue Sustainability and Stable Financial Base", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "122ef21f-9b46-416a-972b-bc2c4b473020", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.7, "x": 0.15, "y": 0.0027 }, "kind": "chart", "text": "Timeline of defense programs from 1980 to 2020", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": null, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb49006b-b089-4340-bd60-72b659f5de77", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.29, "y": 0.0091 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "832cf858-b5f3-44df-b90b-05a6d4fe0d8f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.0019 }, "kind": "title", "text": "...With Enduring Program Life Cycles", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0faa0fc1-2198-499d-b8bb-bbd4ae6687c6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Large, Diversified, Well-Positioned Program Portfolio", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f01d7286-b099-4dc4-8cc5-0620d4391d21", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "716aab4e-82f3-4c72-bac8-b866e993f8fc", "evidence": "The slide visualizes program lifecycles over a 40-year period.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:03:17.796+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "timeline" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 41, "type": "analysis", "title": "The table highlights consistent EBIT margins between 9.8% and 11.7% despite revenue growth.", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 6, "textChars": 456, "nDataPoints": 34, "notes": "The table highlights consistent EBIT margins between 9.8% and 11.7% despite revenue growth.", "elementsJson": [ "headline_text", "paragraph", "kpi_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.908+00", "seconds": 2.673, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/41", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-41", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "With half of revenue from cost-plus contracts, pre-corporate EBIT margins in GY's aerospace segment have consistently been between 9.8% and 11.7% for the past 8 years", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-60dbbdd14f0d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBIT margin: 11.0%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-671f11bb7c93", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.8, "x": 0.07, "y": 0.26 }, "kind": "paragraph", "text": "With half of revenue from cost-plus contracts, pre-corporate EBIT margins in GY's aerospace segment have consistently been between 9.8% and 11.7% for the past 8 years", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3e8f0293-eb99-42fc-a7bb-aa715e506fd1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.29, "y": 0.91 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caaa0707-ff84-41c8-abaf-486f13485995", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.07, "y": 0.368 }, "kind": "table", "text": "Aerospace financial performance table 2004-2011", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9170b3c7-1be9-4036-9daa-7de8d3198ba9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Growing Revenue and Stable Margins", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.908+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "058ba2aa-8991-4212-ade6-c1c3e1310a1b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 42, "type": "analysis", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 6, "textChars": 245, "nDataPoints": 9, "notes": null, "elementsJson": [ "headline_text", "bar_chart_stacked", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.688+00", "seconds": 2.365, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/42", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-42", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.65, "x": 0.15, "y": 0.26 }, "kind": "chart", "text": "Stacked bar chart showing funded vs unfunded backlog from 2009-2011", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b01a29e3-aad6-4537-8afb-fb6da0d2417b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Company Backlog: $1,422", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-0a604afcde43", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.29, "y": 0.91 }, "kind": "source-note", "text": "Source: Company documents", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c8c04a5-793a-4355-9a99-d0ebffb7f16c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.15, "y": 0.66 }, "kind": "table", "text": "% Growth row showing 15.7% for 2010 and 3.2% for 2011", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49b5925f-0daf-49fe-af16-e2fbd0aee57b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.25, "y": 0.22 }, "kind": "title", "text": "Company Backlog Provides Revenue Visibility", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9fbd5ad0-c8e3-45af-a676-b237a4491b01", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "GenCorp's Core Business is Growing", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5855a50-573e-422b-a553-5efdfc94350a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 43, "type": "resolution", "function": "summarize", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 5, "textChars": 398, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "paragraph", "numbered_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.715+00", "seconds": 2.321, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/43", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-43", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "GY's Free Cash Flow significantly exceeds its reported GAAP Net Income, for four separate reasons", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-484a531c235a", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.5, "x": 0.29, "y": 0.24 }, "kind": "list", "text": "1) Minimal cash taxes\n2) Substantial non-cash GAAP pension charges\n3) D&A > Ongoing cash Capital Expenditures\n4) Non-cash interest expense", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33dd74d6-bb7b-4c8f-ba1c-b188234172ef", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Free Cash Flow", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-4fb41aeb4be6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.25, "x": 0.06, "y": 0.235 }, "kind": "paragraph", "text": "GY's Free Cash Flow significantly exceeds its reported GAAP Net Income, for four separate reasons", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83a48063-5b9c-4788-90a2-bb0892907f2b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Free Cash Flow Significantly Exceeds GAAP Net Income", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82445f3f-c03c-4acf-a925-a38b667b756f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "7853e130-250e-42ad-a4e7-24eda1fe3a9e", "evidence": "The slide presents information in a list/numbered format, with four separate reasons for GY's Free Cash Flow exceeding its reported GAAP Net Income.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:02.354923+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 44, "type": "setup", "title": "The slide uses a bridge table to justify a valuation multiple adjustment.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 6, "textChars": 496, "nDataPoints": 22, "notes": "The slide uses a bridge table to justify a valuation multiple adjustment.", "elementsJson": [ "headline_text", "paragraph", "valuation_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:17.792+00", "seconds": 5.342, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/44", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-44", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Adjusting for the combined effects of all of these dynamics, it becomes clear that GY is trading at 8.2x the recurring cash earnings power of its aerospace and defense business", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-b8bbe3551d7d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "P/E Multiple: 8.2x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-bdb8e416bb8b", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.06, "y": 0.235 }, "kind": "paragraph", "text": "Adjusting for the combined effects of all of these dynamics, it becomes clear that GY is trading at 8.2x the recurring cash earnings power of its aerospace and defense business", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ea920da6-f7c1-4f23-bde0-e209d05dd5b4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.29, "y": 0.91 }, "kind": "source-note", "text": "Source: Company documents, Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b22dd6ad-fd9a-479a-bbf9-79bdea9ba38c", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.65, "x": 0.27, "y": 0.235 }, "kind": "table", "text": "GAAP to Pro-Forma bridge table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6777145f-8770-4a38-aace-c886590efd6e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Free Cash Flow Significantly Exceeds GAAP Net Income", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f194b6ad-a1af-4a66-b366-18981a7240b2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b56fd52e-dcba-446c-8435-d12c6618165f", "evidence": "Reconciliation of GAAP to Pro-Forma earnings to derive a valuation multiple.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:17.792+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "valuation-bridge" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 45, "type": "appendix", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 3, "textChars": 367, "nDataPoints": 1, "notes": null, "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.258+00", "seconds": 1.792, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/45", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-45", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Financing with cash on hand and new borrowings -> Highly Accretive Transaction", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-d0c4cf2f904e", "parentComponentId": null }, { "bbox": { "h": 0.205, "w": 0.824, "x": 0.088, "y": 0.298 }, "kind": "list", "text": "In July, GY announced the acquisition of Pratt & Whitney Rocketdyne from United Technologies Corporation for $550m\nDeal expected to close 1Q 2013\nSignificant Revenue and Cost Synergies\nFinancing with cash on hand and new borrowings -> Highly Accretive Transaction", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4ae3322-1d86-44f5-8b88-15686024cfcd", "parentComponentId": null }, { "bbox": { "h": 0.048, "w": 0.388, "x": 0.068, "y": 0.118 }, "kind": "title", "text": "Transformative Acquisition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.258+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b93516c3-6848-4c42-9ca7-824409566445", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "51ac3a3f-7b30-475d-aef7-e4224b8cfac6", "evidence": "The slide mentions a 'Highly Accretive Transaction' implying a call to action for the acquisition.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:53:02.466936+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 46, "type": "setup", "title": "Includes a red circle highlight around the final implied share price and premium.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 5, "textChars": 202, "nDataPoints": 35, "notes": "Includes a red circle highlight around the final implied share price and premium.", "elementsJson": [ "headline_text", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:18.384+00", "seconds": 5.677, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/46", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-46", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Implied Share Price: $23.96", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-338fdbb06004", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.13, "x": 0.3, "y": 0.91 }, "kind": "source-note", "text": "Source: Marcato estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a623acf9-05c2-486a-bc77-0dfb15258f72", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.7, "y": 0.27 }, "kind": "subtitle", "text": "Footnotes explaining EBITDA definitions, dilution, tax assumptions, and real estate valuation.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "950bd334-d76f-4e61-994c-8ee089c1652f", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.56, "x": 0.12, "y": 0.19 }, "kind": "table", "text": "GY-Rocketdyne Pro Forma financial table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1fe824c-25d4-41b2-a10e-a616967ea76f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.27, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "What is it Worth?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.384+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ec41bfd-76ed-46c8-9123-8090f10aa641", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 47, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 1, "textChars": 44, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:14.688+00", "seconds": 1.909, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/47", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-47", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.55, "x": 0.07, "y": 0.43 }, "kind": "title", "text": "III. Brookfield Residential Properties (BRP)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:14.688+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ed3b2f9-7520-43db-8914-212470062730", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 48, "type": "setup", "title": "Includes ticker, price, market cap, TEV, 2011 revenue, 2011 FCF, and valuation multiples.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 7, "textChars": 703, "nDataPoints": 6, "notes": "Includes ticker, price, market cap, TEV, 2011 revenue, 2011 FCF, and valuation multiples.", "elementsJson": [ "headline_text", "logo_grid", "bullet_list", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:15.774+00", "seconds": 2.868, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/48", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-48", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.065, "w": 0.238, "x": 0.058, "y": 0.23 }, "kind": "image", "text": "Brookfield Residential", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.774+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef2b4eff-dfb0-4dcd-8ab5-16a2e9d4a5eb", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.68, "x": 0.278, "y": 0.215 }, "kind": "list", "text": "Brookfield Residential Properties is a hybrid land developer and homebuilder. Primarily acquires and develops land for residential use. Occasionally designs and constructs homes and commercial properties. Operates both in Canada and the United States.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.774+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15861566-ac75-4531-b7b9-5db47d59a570", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Market Capitalization: $1.5B", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-e09a9231841e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.265, "y": 0.875 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information. (1) Represents share price of NYSE: BRP... (2) Excludes non-recurring lot sales in 2011. (3) Excludes land acquisition capex.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.774+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b85b455e-6616-425b-a16b-059d39454238", "parentComponentId": null }, { "bbox": { "h": 0.285, "w": 0.238, "x": 0.058, "y": 0.348 }, "kind": "table", "text": "Ticker: BRP, Price: $14.39, Mkt Cap: $1.5B, TEV: $2.8B", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.774+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e4ab3f9-bb07-45c9-b7fb-547b31e1d186", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.68, "x": 0.278, "y": 0.585 }, "kind": "table", "text": "Financials: 2011 Revenue $819M, 2011 Free Cash Flow $163M. Valuation Multiples: P/Q2 2012 TBV 1.5x, P/2011 FCF 9.0x", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "KPI table", "slug": "kpi", "status": "active", "canonId": "019de52d-0324-7799-a84e-d0885a8ad400", "version": 1, "description": null }, "framework": null }, "subkind": "kpi", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.774+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86561a2b-a0f1-4f68-b5cf-e7630d58c956", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.318, "x": 0.068, "y": 0.115 }, "kind": "title", "text": "Company Overview", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.774+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9155e7e8-2ac2-4302-989b-d974be03bef4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8f8a7490-95c7-4167-94e7-3ca2823e1960", "evidence": "The slide is labeled as 'Company Overview' and provides a summary of Brookfield Residential Properties.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:02.618851+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 49, "type": "analysis", "title": "The slide uses a callout to link the 'Land and housing inventory' line item in the balance sheet to the pie chart breakdown.", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 7, "textChars": 407, "nDataPoints": 12, "notes": "The slide uses a callout to link the 'Land and housing inventory' line item in the balance sheet to the pie chart breakdown.", "elementsJson": [ "headline_text", "data_table", "pie_chart", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:18.527+00", "seconds": 5.536, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/49", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-49", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.065, "w": 0.45, "x": 0.47, "y": 0.227 }, "kind": "callout", "text": "Vast majority of the Company's $2.2B in property inventory consists of long-lived land investments", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a294504-40d6-4067-8e39-1543399dce98", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Vast majority of the Company’s $2.2B in property inventory consists of long-lived land investments", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-7a129bfd93af", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.45, "x": 0.47, "y": 0.38 }, "kind": "chart", "text": "Q2 2012 Property Inventory by Type", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51bd406f-87af-4d1d-9073-e95b7ee84db3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "property inventory: $2.2B", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:17+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db0-7eed3f986e01", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.26, "y": 0.95 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecc6f20e-47f2-4ee4-a5cd-c13f5d5d27b6", "parentComponentId": null }, { "bbox": { "h": 0.8, "w": 0.415, "x": 0.06, "y": 0.18 }, "kind": "table", "text": "Q2 2012 Balance Sheet", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb18709d-28a8-4a7a-8f1e-cbea3bfbf5ea", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Land Holdings Dominate The Balance Sheet", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c444ef63-01fa-4b2e-ae25-d2ad47bf04aa", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 50, "type": "appendix", "title": "The slide uses a process flow diagram to explain the business model.", "function": "present_framework", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "present_framework", "functionCanon": { "name": "Present framework", "slug": "present_framework", "status": "active", "canonId": "019de52d-1403-7667-9100-d2ac6709f750", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 299, "nDataPoints": 1, "notes": "The slide uses a process flow diagram to explain the business model.", "elementsJson": [ "headline_text", "process_diagram", "photo", "callout_box" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:15.674+00", "seconds": 2.655, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/50", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-50", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.25, "x": 0.08, "y": 0.22 }, "kind": "callout", "text": "BRP principally participates here", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19ddccc8-bb30-4f37-ba7a-32bb43f81124", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.22 }, "kind": "diagram", "text": "Land Development and Homebuilding process flow", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5865f8ef-4561-49fc-b064-b70ca2d5749a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.61, "y": 0.47 }, "kind": "image", "text": "Master planned community rendering", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d7e0f84-9f27-42e6-9f62-6dcaf4545875", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.25, "x": 0.08, "y": 0.47 }, "kind": "image", "text": "Land development site photo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8216556-4963-4a53-bc10-3e93d1f3115a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.78 }, "kind": "other", "text": "Average ~10 Year Investment Cycle", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ac85f57-5cb4-42a5-a445-0bfa9e3bdc7b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.26, "y": 0.895 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be161fb5-3992-4bd7-ae17-c360fa0f1749", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "The Residential Development Process", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:15.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "060a8c61-b4ed-408a-9455-b12c7c92b31f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Process flow", "slug": "process-flow", "status": "active", "bestFor": null, "canonId": "019dd9e1-4dca-76bc-8135-401836a1c4c0", "version": 1, "bodyDocId": null, "description": "Workflow, steps, sequential diagram.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6d6cbd7b-dac5-4a2c-9c08-39c4c7a92ad7", "evidence": "The slide illustrates the Residential Development Process with a diagram/process flow.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:53:02.735164+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "8732213d-0381-487c-b69e-fec5cdde448c", "evidence": "The slide maps out the sequential stages of residential development.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:03:15.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "frameworkName": "process" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 51, "type": "setup", "function": "establish_context", "rawType": "geographic_map", "block": null, "metadata": { "slideType": "geographic_map", "slideTypeCanon": { "name": "Geographic map", "slug": "geographic_map", "status": "active", "canonId": "019de52d-09de-7153-8845-584c1a9d0c83", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 132, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "map" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:16.283+00", "seconds": 2.359, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/51", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-51", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.7, "x": 0.15, "y": 0.19 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Map", "slug": "map", "status": "active", "canonId": "019de52c-fe4d-77bd-b0a4-d72d58b9e5a4", "version": 1, "description": null }, "framework": null }, "subkind": "map", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5b63ed8-6cc6-4e92-b25d-56a7dc7b6166", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.26, "y": 0.89 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc93ea84-b762-4e2c-b861-7b77b61730d8", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Diversified North American Land Portfolio", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e6accc48-5e43-4fd9-bd92-4ea2e9b1bd5f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 52, "type": "analysis", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 3, "textChars": 171, "nDataPoints": 9, "notes": null, "elementsJson": [ "headline_text", "pie_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:16.233+00", "seconds": 2.284, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/52", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-52", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.545, "w": 0.639, "x": 0.18, "y": 0.224 }, "kind": "chart", "text": "Q2 2012 Total Lots by Geography", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.233+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc8e9447-69ae-409e-9f09-b949cf9c38a8", "parentComponentId": null }, { "bbox": { "h": 0.012, "w": 0.615, "x": 0.264, "y": 0.898 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.233+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd22dde3-8eb7-43fc-9211-953a36467b8b", "parentComponentId": null }, { "bbox": { "h": 0.048, "w": 0.658, "x": 0.068, "y": 0.118 }, "kind": "title", "text": "Diversified North American Land Portfolio (cont.)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.233+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac2730be-25f7-46a1-8b66-73d8a89e2373", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 53, "type": "resolution", "title": "Dual-axis chart comparing U.S. (left axis) and Canada (right axis) housing starts.", "function": "analyze_data", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 5, "textChars": 279, "nDataPoints": 2, "notes": "Dual-axis chart comparing U.S. (left axis) and Canada (right axis) housing starts.", "elementsJson": [ "headline_text", "bullet_list", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:19.167+00", "seconds": 4.945, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/53", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-53", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.55, "x": 0.225, "y": 0.355 }, "kind": "chart", "text": "Historical Housing Starts by Country", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.167+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bf07f01-a247-4664-b4ee-2edd8cd93ad1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.068, "y": 0.215 }, "kind": "list", "text": "Canadian home starts are within long-term averages and have recovered since the downturn\nU.S. home starts are still 50% below long-term averages but have begun to rise", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.167+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c0181583-e01f-4379-b3de-e4add00aa4b7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "housing starts", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-7228acc5730e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.265, "y": 0.895 }, "kind": "source-note", "text": "Source: U.S. Census and CMHC.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.167+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcff801b-7671-48d7-9322-d089be42909e", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.43, "x": 0.068, "y": 0.118 }, "kind": "title", "text": "Home Start Trends are Encouraging", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.167+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eced5606-c45e-4543-81d2-ca3342aa2699", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 54, "type": "resolution", "title": "The chart shows U.S. prices peaking around 2006 and declining, while Canadian prices show consistent growth over the decade.", "function": "analyze_data", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 5, "textChars": 333, "nDataPoints": 2, "notes": "The chart shows U.S. prices peaking around 2006 and declining, while Canadian prices show consistent growth over the decade.", "elementsJson": [ "headline_text", "bullet_list", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:19.483+00", "seconds": 5.173, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/54", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-54", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.43, "w": 0.564, "x": 0.225, "y": 0.355 }, "kind": "chart", "text": "Historical Indexed Housing Prices", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b1dccf9-de66-4643-9bf1-8500fb52b58a", "parentComponentId": null }, { "bbox": { "h": 0.095, "w": 0.775, "x": 0.068, "y": 0.215 }, "kind": "list", "text": "Canadian home prices have grown substantially this past decade, up over 100%\nU.S. home prices are still ~30% below peak but have begun to stabilize", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5852a753-bbf4-4d88-a2be-f3cc65219b13", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "housing price index: 100%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-46e9983640a3", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.4, "x": 0.264, "y": 0.898 }, "kind": "source-note", "text": "Source: Teranet Composite 6 and S&P Case-Shiller Composite 10. (1) January 2000 indexed to 100.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e92437d1-cf3f-4c44-8a2c-1ea79c991035", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.435, "x": 0.068, "y": 0.118 }, "kind": "title", "text": "Home Price Trends are Encouraging", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.483+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f25e1c12-9cd8-4cad-b9bd-9282d84711ab", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 55, "type": "analysis", "title": "The table uses a standard financial reporting format to compare profitability across regions.", "function": "analyze_data", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 4, "textChars": 353, "nDataPoints": 36, "notes": "The table uses a standard financial reporting format to compare profitability across regions.", "elementsJson": [ "headline_text", "kpi_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:17.074+00", "seconds": 2.643, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/55", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-55", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Gross Margin %: 97.2%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-8be5ebe7111d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.265, "y": 0.895 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information. [1] Excludes non-recurring lot sales in 2011.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.074+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58980e0e-3969-4726-b188-e80ed70ddc4d", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.55, "x": 0.225, "y": 0.24 }, "kind": "table", "text": "2011 Gross Margin Breakdown table showing Revenue, Expenses, Gross Margin $, and Gross Margin % for Lots, Homes, and Total across Canada, U.S., and Total.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.074+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69f13434-a2a5-42d0-8640-154286563ad9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Canada Delivering Nearly All Gross Profit", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.074+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35c7fc08-0742-45bb-be1a-e59aa4d2b673", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 56, "type": "setup", "title": "The slide uses a line chart for historical price trends and a bar chart for affordability ratios to contrast Alberta markets with major Canadian cities.", "function": "analyze_data", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 7, "textChars": 819, "nDataPoints": 24, "notes": "The slide uses a line chart for historical price trends and a bar chart for affordability ratios to contrast Alberta markets with major Canadian cities.", "elementsJson": [ "headline_text", "bullet_list", "line_chart", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:17.765+00", "seconds": 3.299, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/56", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-56", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Despite stronger economic trends and better affordability ratios, Alberta's housing prices have underperformed Toronto and Vancouver since peaking in 2007", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-f7a114ef78e1", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.485, "x": 0.515, "y": 0.465 }, "kind": "chart", "text": "Housing Price to Median Family Income", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.765+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce8eed2e-b00a-448d-9754-c176fa993295", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.485, "x": 0.07, "y": 0.465 }, "kind": "chart", "text": "Historical Indexed Housing Prices", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.765+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7cdcc30-541f-4a74-be64-7f6a2702964d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.07, "y": 0.21 }, "kind": "list", "text": "BRP's Canadian land investments are >80% concentrated in oil sands-rich Alberta. Alberta's GDP grew 5.2% in 2011, highest in Canada. Despite stronger economic trends and better affordability ratios, Alberta's housing prices have underperformed Toronto and Vancouver since peaking in 2007", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.765+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acd64b60-4876-42fe-a95a-c5288534e926", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Housing Price to Median Family Income: 8.9x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-f9d55f961c6c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.35, "x": 0.26, "y": 0.88 }, "kind": "source-note", "text": "Source: Teranet, Statistics Canada, CMHC and regional real estate boards. [1] September 2007 indexed to 100. Alberta home prices peaked in September 2007. [2] Avg. home price / estimated median family income as of July 2012.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.765+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "335a5c5f-1cf7-4fd5-84ec-ad0e93402d87", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Concentrated in the Best Canadian Markets", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.765+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "282a81e7-d2d8-42ee-ba69-0770acbad3ae", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 57, "type": "analysis", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 5, "textChars": 192, "nDataPoints": 4, "notes": null, "elementsJson": [ "headline_text", "bar_chart_vertical", "bar_chart_vertical", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:16.815+00", "seconds": 2.319, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/57", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-57", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.42, "x": 0.51, "y": 0.32 }, "kind": "chart", "text": "Net New Orders (Units)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ea26a82-6c44-40ed-aaed-2d59306b5314", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.42, "x": 0.06, "y": 0.32 }, "kind": "chart", "text": "Home Sales Backlog ($M)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff40219a-f799-4025-974c-ba879869e231", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Home Sales Backlog: 39%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-b200e373a487", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.26, "y": 0.89 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ae34d5e-7efb-45a7-abdd-482bae5457a0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "BRP's Canadian Markets Are Strong", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:16.815+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31c0e5d3-802e-4012-9904-a0983e3f29da", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 58, "type": "evidence", "function": "analyze_data", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 5, "textChars": 191, "nDataPoints": 8, "notes": null, "elementsJson": [ "headline_text", "bar_chart_stacked", "bar_chart_stacked" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:19.353+00", "seconds": 4.721, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/58", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-58", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.43, "x": 0.51, "y": 0.32 }, "kind": "chart", "text": "Net New Orders (Units)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.353+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32231af3-4f04-4f6f-9ab8-67be8a1995ad", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.43, "x": 0.06, "y": 0.32 }, "kind": "chart", "text": "Home Sales Backlog ($Ms)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.353+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c157a773-91ad-4153-a8d5-a18e688f5fe9", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net New Orders: 37%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-5c6f62218350", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.26, "y": 0.9 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.353+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5be4f71-2d89-4fb7-8be0-28e00732938e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "U.S. Looks to be Recovering Rapidly", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.353+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "276c2dab-0a6d-4c21-8640-d290dcb9f28b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 59, "type": "resolution", "function": "analyze_data", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 4, "textChars": 134, "nDataPoints": 7, "notes": null, "elementsJson": [ "headline_text", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:19.107+00", "seconds": 4.295, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/59", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-59", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.65, "x": 0.17, "y": 0.32 }, "kind": "chart", "text": "July 2012 YTD U.S. Housing Price Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.107+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19eda271-086e-4856-8de0-ae56f05a19d1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "housing price growth: 6.7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-9e20174e6306", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.26, "y": 0.89 }, "kind": "source-note", "text": "Source: S&P Case-Shiller.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.107+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a492b56e-cb9a-4489-be20-b6d21bec7df9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "U.S. Looks to be Recovering Rapidly (cont'd)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:19.107+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2cb4298-28bb-4536-9e09-4fedf9c5c786", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 60, "type": "analysis", "title": "The slide highlights a discrepancy between management's guidance and the analyst's conservative assumptions regarding U.S. land sales.", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 6, "textChars": 712, "nDataPoints": 24, "notes": "The slide highlights a discrepancy between management's guidance and the analyst's conservative assumptions regarding U.S. land sales.", "elementsJson": [ "headline_text", "bullet_list", "kpi_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:17.762+00", "seconds": 2.922, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/60", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-60", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.2, "x": 0.77, "y": 0.66 }, "kind": "callout", "text": "Strong growth despite management not providing guidance on U.S. land sales", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd94ebff-6372-44bc-a54e-4008da53ceaa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.07, "y": 0.21 }, "kind": "list", "text": "Management began to provide FY2012 guidance commentary in Q1 2012\nManagement's top-line guidance implies strong fundamental growth for FY2012\nWe conservatively assume flat pricing, margins and no U.S. land sales", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69c496ef-39d5-4bd1-82e1-b798fe409076", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Revenue: 10.8%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db1-d1ae6acb3ab2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.26, "y": 0.9 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information. (1) Management provided home and lot closings figure only. Pricing and margin assumptions are assumed to be flat from 2011.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9edfb469-df9c-4afb-b004-514b8b323f08", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.645, "x": 0.108, "y": 0.403 }, "kind": "table", "text": "FY2012 Management Guidance table showing Home Closings, Lot Closings, Total Revenue, and Gross Margin for 2011 Actual, 2011 Pro Forma, and 2012 Guidance.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29a58879-8849-4791-bf0e-090f1e39a783", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.58, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Management is Forecasting Strong Growth", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.762+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "815674ee-c9c2-4454-8e65-542b25776dc8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 61, "type": "setup", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 12, "componentCount": 2, "textChars": 166, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:17.26+00", "seconds": 2.391, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/61", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-61", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.55, "w": 0.88, "x": 0.06, "y": 0.258 }, "kind": "table", "text": "Comparison table of BRP vs Other Homebuilders across Inventory Runway, Portfolio Composition, and Carrying Value of Property.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c53c07c9-25e2-426f-8d91-02789fe9d493", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.58, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Why is BRP Unique vs. Other Homebuilders?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "247b35d6-3f6b-4fa6-b1b8-b87dde44b1d4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1a9de189-28ba-4b1d-a956-54f68a2c33f1", "evidence": "Direct comparison table between subject and peers", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:03:17.26+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 62, "type": "setup", "title": "The slide uses a peer benchmark table to demonstrate a competitive advantage in capital efficiency.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 7, "textChars": 752, "nDataPoints": 30, "notes": "The slide uses a peer benchmark table to demonstrate a competitive advantage in capital efficiency.", "elementsJson": [ "headline_text", "bullet_list", "comparison_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:18.393+00", "seconds": 3.472, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/62", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-62", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.21, "x": 0.725, "y": 0.59 }, "kind": "callout", "text": "BRP's portfolio consists of mostly mature land investments vs. more recent housing inventory for other homebuilders", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5759cb62-ef7a-4e9b-93db-9cb8904026fb", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Years Inventory: 30.1x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db2-1b9d7415f5ac", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.06, "y": 0.21 }, "kind": "paragraph", "text": "BRP's substantial land and housing portfolio provides it with ~30 years of runway at current volumes, allowing BRP to generate significant free cash flow while requiring minimal land capex", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b3f9be1-d756-434c-984a-f14690cd5a72", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.88, "x": 0.06, "y": 0.3 }, "kind": "paragraph", "text": "This is over 3x the inventory of other homebuilders at 2011's run-rate, despite BRP's Canadian operations running at full speed vs. other homebuilders' currently depressed sales volumes", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c34e7172-89e2-4e2b-8f03-4da7e38d921f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.26, "y": 0.87 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9f8a063-69ca-4811-9198-812a04f48993", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.67, "x": 0.16, "y": 0.41 }, "kind": "table", "text": "Land and Housing Inventory table comparing BRP to peers across 2010/2011 years of inventory and homes as % of inventory", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d89485a-1b13-4e8c-81a1-cf8e5eb43b8f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Long Runway Minimizes Cash Needs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31acf51f-3448-430b-af76-58e2609ea3ff", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "be76d801-e7d3-4750-a51e-c933a6748730", "evidence": "Direct comparison of BRP metrics against a peer group of homebuilders.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:18.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 63, "type": "analysis", "function": "analyze_data", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 86, "componentCount": 8, "textChars": 834, "nDataPoints": 4, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:21.616+00", "seconds": 6.646, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/63", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-63", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe the aged nature of the Company's land assets causes them to be understated on the Company's balance sheet", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db2-3c120a56f626", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.912, "x": 0.068, "y": 0.215 }, "kind": "list", "text": "BRP's land and housing investments are recorded on its balance sheet at lower of carrying value (cost) or fair value", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:21.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6090d0f1-1b06-4c1a-9326-438d3316f97d", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.892, "x": 0.088, "y": 0.405 }, "kind": "list", "text": "Canadian land has an average age of ~8 years in Edmonton and Toronto and up to 15 years in Calgary\nU.S. land has an average age of ~7-8 years", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:21.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "763ae9d6-5401-49fb-9a8d-7cfb9e7b4140", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.912, "x": 0.068, "y": 0.625 }, "kind": "list", "text": "BRP has also taken impairments of ~30% of cost for its U.S. land assets, in-line with other homebuilders (1)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:21.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be2fae0c-21c2-4211-b5cb-2ceb702d537e", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.912, "x": 0.068, "y": 0.565 }, "kind": "list", "text": "During this timeframe, Canadian real estate has seen a historic appreciation in value", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:21.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db55a48e-db97-4ac8-a19c-d757a5cefa85", "parentComponentId": null }, { "bbox": { "h": 0.055, "w": 0.912, "x": 0.068, "y": 0.315 }, "kind": "list", "text": "We believe the aged nature of the Company's land assets causes them to be understated on the Company's balance sheet", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:21.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe2453ff-5e81-4bd1-861f-46a7ed0d484d", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.35, "x": 0.265, "y": 0.898 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information. (1) Management commentary.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:21.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc10206e-35a1-4d60-85ec-e15528a50764", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.502, "x": 0.068, "y": 0.118 }, "kind": "title", "text": "Long-Lived Assets Understate Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:21.616+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16f798ad-4e05-4dfc-8033-c43d896af703", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 64, "type": "setup", "title": "The slide uses historical impairment data to argue that competitors have already adjusted their balance sheets to reflect market reality.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 7, "textChars": 620, "nDataPoints": 20, "notes": "The slide uses historical impairment data to argue that competitors have already adjusted their balance sheets to reflect market reality.", "elementsJson": [ "headline_text", "paragraph", "bar_chart_grouped", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:23.443+00", "seconds": 8.457, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/64", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-64", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Due to their U.S. focus and inventory write-downs taken during the recent recession, BRP's homebuilding peers' assets are likely marked near market value", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db2-b70a55374649", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.45, "x": 0.06, "y": 0.4 }, "kind": "chart", "text": "Impairments as % of Beginning Inventory", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:23.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c407b83-3740-4553-9b31-bc788da8f349", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.4, "x": 0.53, "y": 0.4 }, "kind": "chart", "text": "U.S. Home Prices Since 2006", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:23.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9949b42-87af-4963-8d1a-cc4da90d6892", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Impairments as % of Beginning Inventory", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db2-bb9f828831f6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.06, "y": 0.21 }, "kind": "paragraph", "text": "Due to their U.S. focus and inventory write-downs taken during the recent recession, BRP's homebuilding peers' assets are likely marked near market value", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:23.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45149e63-9f9c-43a8-912c-b6db986f3380", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.26, "y": 0.9 }, "kind": "source-note", "text": "Source: S&P Case-Shiller Composite 10, Company filings, research, Bloomberg, CapitalIQ, public commentary and information. (1) January 2006 indexed to 100.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:23.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04aa2649-bfe8-46a4-aa9c-cb4c8d405a5f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Other Homebuilders' Inventories are \"Marked-to-Market\"", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:23.443+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3038e26-1977-4522-86c3-5e46d4522f3d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 65, "type": "setup", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 60, "componentCount": 4, "textChars": 809, "nDataPoints": 18, "notes": null, "elementsJson": [ "headline_text", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:17.746+00", "seconds": 2.697, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/65", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-65", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Tangible Book Value: 119.7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db2-9425ba3a3255", "parentComponentId": null }, { "bbox": { "h": 0.012, "w": 0.472, "x": 0.264, "y": 0.898 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.746+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "098954bd-f2d0-4695-b6f0-824523442c62", "parentComponentId": null }, { "bbox": { "h": 0.595, "w": 0.512, "x": 0.244, "y": 0.225 }, "kind": "table", "text": "Estimated Market Value of BRP's Assets ($ Ms) Land and Housing Inventory: Value of Homes $467 Value of Land - Single $783 Value of Land - Multi & Other $233 Value of Raw Land $2,244 Land and Housing Inventory $3,727 Homes Cost to Complete ($124) Land Cost to Complete ($289) \"Market\" Land and Housing Inventory $3,314 \"Book\" Land and Housing Inventory $2,212 % Increase (Decrease) 49.8% Tangible Book Value: \"Market\" Land and Housing Inventory $3,314 Plus: All Other Assets $499 Less: All Liabilities & Minority Interest ($1,626) \"Market\" Tangible Book Value $2,187 \"Book\" Tangible Book Value $995 % Increase (Decrease) 119.7%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.746+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6311a53c-924b-48b1-b748-4698afe9b471", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.06, "y": 0.11 }, "kind": "title", "text": "Market Value of BRP's Assets is Significantly Above Carried Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.746+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ce7cc2b-a4bd-428a-9f22-ef759d1394bb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 66, "type": "setup", "title": "The slide uses a standard financial 'comps' table format to support an investment thesis regarding valuation arbitrage.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 80, "componentCount": 7, "textChars": 509, "nDataPoints": 150, "notes": "The slide uses a standard financial 'comps' table format to support an investment thesis regarding valuation arbitrage.", "elementsJson": [ "headline_text", "subtitle_text", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:18.021+00", "seconds": 2.957, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/66", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-66", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Despite its portfolio of attractive land development and profitable Canadian operations, BRP trades at a substantial discount to U.S. peers", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db2-676e3d84457e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.14, "x": 0.06, "y": 0.87 }, "kind": "image", "text": "Marcato Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.021+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f33f49af-98d8-46ff-b463-a94a0732d772", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "P/TBV: 0.6x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db2-6a8fa5bb43d8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.07, "y": 0.82 }, "kind": "source-note", "text": "Source: CapIQ, company filings and research. Note: As of September 24, 2012", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.021+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3bf7a87-affa-4ee4-849c-316652c68936", "parentComponentId": null }, { "bbox": { "h": 0.51, "w": 0.86, "x": 0.07, "y": 0.31 }, "kind": "table", "text": "Table containing financial metrics for Large-Cap and Smaller-Cap homebuilders compared to BRP.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.021+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd69085b-cb74-4b9b-8533-ab1181fe2675", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.86, "x": 0.07, "y": 0.21 }, "kind": "title", "text": "Despite its portfolio of attractive land development and profitable Canadian operations, BRP trades at a substantial discount to U.S. peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.021+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a4af0b7-895f-4e2b-aa16-d5336d4cde84", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.33, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "Public Trading Comps", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.021+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f2e8944-04e1-42cc-851a-abef5ca4eab7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "119c5412-abd0-4c85-90fc-1fe65a36d1a8", "evidence": "The slide explicitly compares BRP's valuation multiples against a peer group of U.S. homebuilders to demonstrate a discount.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:03:18.021+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 66, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 67, "type": "setup", "title": "The table calculates implied share price using median multiples from comparable companies.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 4, "textChars": 321, "nDataPoints": 14, "notes": "The table calculates implied share price using median multiples from comparable companies.", "elementsJson": [ "headline_text", "valuation_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:17.568+00", "seconds": 2.379, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/67", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-67", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Implied Share Price: $55.48", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db2-5051baa0434b", "parentComponentId": null }, { "bbox": { "h": 0.022, "w": 0.415, "x": 0.264, "y": 0.898 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information. (1) Adjusted for off balance sheet DTAs.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a81dd7fe-89bc-4d1a-a35d-7b20ab86c6ec", "parentComponentId": null }, { "bbox": { "h": 0.292, "w": 0.746, "x": 0.127, "y": 0.318 }, "kind": "table", "text": "Illustrative Valuation Range table showing Adj. TBV and TBV multiples, equity value, share count, implied share price, and % increase to current.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d64135f7-33fe-43ae-9d4c-b375a5334ff2", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.29, "x": 0.07, "y": 0.11 }, "kind": "title", "text": "What's BRP Worth?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46e0c6bf-5edf-4a4b-8efb-2905f8640d86", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "d8dece25-1195-4e25-ac8b-3550ae5fe2d0", "evidence": "table/valuation: Illustrative Valuation Range table", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:53:08.56399+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 68, "type": "analysis", "title": "The slide highlights a lack of analyst coverage for BRP compared to other companies in the sector.", "function": "expose_gap", "rawType": "peer_gap", "block": null, "metadata": { "slideType": "peer_gap", "slideTypeCanon": { "name": "Peer gap", "slug": "peer_gap", "status": "active", "canonId": "019de52d-10e5-74bd-8325-9f49c945a0aa", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 4, "textChars": 250, "nDataPoints": 10, "notes": "The slide highlights a lack of analyst coverage for BRP compared to other companies in the sector.", "elementsJson": [ "headline_text", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:18.082+00", "seconds": 2.763, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/68", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-68", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "research coverage: 0", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:10:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0935-737e-8db2-815ce98b7939", "parentComponentId": null }, { "bbox": { "h": 0.012, "w": 0.415, "x": 0.264, "y": 0.898 }, "kind": "source-note", "text": "Source: Company filings, research, Bloomberg, CapitalIQ, public commentary and information.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79380b10-3ec9-46b4-a889-9ee1352e3562", "parentComponentId": null }, { "bbox": { "h": 0.415, "w": 0.867, "x": 0.066, "y": 0.363 }, "kind": "table", "text": "Bulge Bracket Research Coverage table showing Y/blank coverage for BZH, DHI, HOV, KBH, LEN, MTH, PHM, SPF, TOL, and BRP.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ee95366-6fb1-4e2d-ae68-080e0823e2da", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.308, "x": 0.068, "y": 0.115 }, "kind": "title", "text": "Ignored by Analysts", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:18.082+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "98ebd7ab-91be-442b-a79f-f5c8d813baff", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "97af1e5a-4b2f-4748-8e5b-20c4fcadc756", "evidence": "Bulge Bracket Research Coverage table showing Y/blank coverage for BZH, DHI, HOV, KBH, LEN, MTH, PHM, SPF, TOL, and BRP.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.8, "extraction": { "at": "2026-07-16 22:53:08.67671+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "129d7e04-9bb3-4aed-b5e9-8f5b937ce23f", "evidence": "Bulge Bracket Research Coverage table showing Y/blank coverage for BZH, DHI, HOV, KBH, LEN, MTH, PHM, SPF, TOL, and BRP.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:53:08.639716+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 69, "type": "setup", "function": "front_matter", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 4, "textChars": 131, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:17.353+00", "seconds": 1.923, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-b5edc1dad033/69", "deck": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033#slide-69", "deckJson": "/decks/019dd923-622b-71dc-a6db-b5edc1dad033.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.11, "x": 0.79, "y": 0.15 }, "kind": "image", "text": "Value Investing Congress", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.353+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58afdf00-b63a-4dbe-8088-b02d019b87cb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.27, "x": 0.1, "y": 0.16 }, "kind": "image", "text": "Marcato Capital Management", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.353+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e4a10f0-c661-42fb-bbcd-bf2874c22964", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.22, "x": 0.39, "y": 0.575 }, "kind": "paragraph", "text": "October 2012", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.353+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1fed99cf-d6b1-4b7d-bd7f-ebd43e05b50f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.64, "x": 0.18, "y": 0.42 }, "kind": "title", "text": "Perspectives on Book Value: Finding Hidden Value on the Balance Sheet", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:17.353+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80fcb25f-c632-42cc-8d7a-d33caffbad38", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "4da6d1b7-ca15-41b0-bdfb-2f5157b8a3bc", "evidence": "Perspectives on Book Value: Finding Hidden Value on the Balance Sheet", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:53:08.753077+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [], "loops": [] }