{
  "schemaVersion": "deck-intelligence.v1",
  "id": "019dd923-622c-750b-8b9c-0d3bacbcba4d",
  "slug": "dd661d7cb833",
  "title": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
  "subtitle": "William Ackman · 2025-01",
  "author": "William Ackman",
  "date": "2025-01-16 00:00:00",
  "pageCount": 104,
  "kind": "activist-deck",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "targetCompany": "Fannie Mae & Freddie Mac",
  "targetTicker": "FNMA/FMCC",
  "document": {
    "id": "019dd923-622c-750b-8b9c-0d3bacbcba4d",
    "slug": "dd661d7cb833",
    "title": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
    "rawTitle": "Fannie Mae Freddie Mac 01 16 2025 Presentation",
    "authorId": "01_Pershing_Square",
    "authorName": "William Ackman",
    "authorDisplay": "William Ackman",
    "kind": {
      "slug": "activist-deck",
      "label": "Activist deck"
    },
    "sourceType": {
      "slug": "activist_investor",
      "label": "Activist investor"
    },
    "fileName": "2025-01-Fannie-Mae-Freddie-Mac-01-16-2025-Presentation.pdf",
    "sourceUrl": null,
    "sourceDate": "2025-01-16 00:00:00",
    "presentationDate": "2025-01-16 00:00:00",
    "ingestedAt": "2026-04-23 00:48:14+00",
    "status": "ready",
    "pageCount": 104,
    "orientation": "landscape",
    "aspectRatio": 1.2941177,
    "targetCompany": "Fannie Mae & Freddie Mac",
    "targetTicker": "FNMA/FMCC",
    "metadata": {
      "local_root": "/tmp/legacy-images/dd661d7cb833",
      "activist_firm": "Pershing Square Capital Management",
      "origin_corpus": "contrarian",
      "extraction_seconds": 205.974867105484
    }
  },
  "coverage": {
    "pageCount": 104,
    "pagesIndexed": 104,
    "pagesWithImages": 104,
    "pagesWithMetadata": 104,
    "imageCoveragePct": 100,
    "metadataCoveragePct": 100,
    "componentCount": 575,
    "chartCount": 35,
    "metricSlides": 0,
    "toolMatches": 48,
    "documentToolMatches": 2,
    "frameworkMatches": 52,
    "arcMatches": 1,
    "beatMatches": 3,
    "loopMatches": 2,
    "patternMatches": 0,
    "storymakersMatch": false,
    "scoreAvailable": false,
    "reviewAvailable": false,
    "activistThesisAvailable": true,
    "pitchdeckMetadataAvailable": false,
    "pitchdeckProfileAvailable": false
  },
  "blocks": [],
  "matches": {
    "arcs": [
      {
        "arc": {
          "name": "The Consultant's Gambit",
          "slug": "consultants-gambit",
          "status": "active",
          "bestFor": "Business cases, project proposals, strategic recommendations",
          "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
        "evidence": "The presentation follows a structured approach, starting with background information, analyzing the problem, and proposing solutions.",
        "isPrimary": true,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 22:03:15.990291+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "beats": [
      {
        "to": 9,
        "arc": {
          "name": "The Consultant's Gambit",
          "slug": "consultants-gambit",
          "status": "active",
          "bestFor": "Business cases, project proposals, strategic recommendations",
          "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 4,
        "name": "Situation & Context",
        "beatId": "4013e23c-bcf7-4196-b86e-f1feb0eef919",
        "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
        "beatType": {
          "name": "Situation & Context",
          "slug": "consultants-gambit-situation-context",
          "status": "active",
          "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation provides background information on Fannie Mae and Freddie Mac, including their history and evolution.",
        "position": 0,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Setup",
          "slug": "setup",
          "status": "active",
          "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
          "version": 1,
          "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 32,
        "arc": {
          "name": "The Consultant's Gambit",
          "slug": "consultants-gambit",
          "status": "active",
          "bestFor": "Business cases, project proposals, strategic recommendations",
          "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 17,
        "name": "Problem & Complication",
        "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
        "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
        "beatType": {
          "name": "Problem & Complication",
          "slug": "consultants-gambit-problem-complication",
          "status": "active",
          "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
        "position": 1,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Complication",
          "slug": "complication",
          "status": "active",
          "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
          "version": 1,
          "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      },
      {
        "to": 83,
        "arc": {
          "name": "The Consultant's Gambit",
          "slug": "consultants-gambit",
          "status": "active",
          "bestFor": "Business cases, project proposals, strategic recommendations",
          "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
          "version": 1,
          "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
          "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
          "description": null,
          "familyLabel": null,
          "categoryName": "Strategy & Business",
          "categorySlug": "strategy-business"
        },
        "from": 50,
        "name": "Solution & Approach",
        "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
        "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
        "beatType": {
          "name": "Solution & Approach",
          "slug": "consultants-gambit-solution-approach",
          "status": "active",
          "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
          "version": 1,
          "description": null
        },
        "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
        "position": 2,
        "isPrimaryArc": true,
        "parentBeatType": {
          "name": "Turn",
          "slug": "turn",
          "status": "active",
          "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
          "version": 1,
          "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
        },
        "alignedBlockIds": null,
        "matchConfidence": 0.8
      }
    ],
    "loops": [
      {
        "to": 29,
        "from": 26,
        "loop": {
          "name": "03_aha_moment",
          "slug": "03-aha-moment",
          "status": "active",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "description": "Establish a tension, present data, then deliver the insight that changes everything",
          "familyLabel": null,
          "categoryName": "Narrative",
          "categorySlug": "narrative"
        },
        "matchId": "3cac45c5-b1ae-4b9e-98d3-a08a800452d1",
        "evidence": "The presentation uses data and charts to illustrate the GSEs' guarantee business model and its performance.",
        "position": 0,
        "objective": "Highlighting the GSEs' guarantee business model and its low-risk profile",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 22:03:16.148164+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      },
      {
        "to": 43,
        "from": 41,
        "loop": {
          "name": "10_iceberg",
          "slug": "10-iceberg",
          "status": "active",
          "bestFor": "Consulting, complex problem solving, organizational change",
          "canonId": "019dd956-69f4-738c-852a-643798da0899",
          "version": 1,
          "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
          "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
          "description": "Reveal that the visible problem is merely a symptom of a deeper root cause",
          "familyLabel": null,
          "categoryName": "Analysis",
          "categorySlug": "analysis"
        },
        "matchId": "972212c1-b407-453c-8b76-acb9e1cd4488",
        "evidence": "The presentation highlights the Treasury's profit from the GSEs and its implications.",
        "position": 1,
        "objective": "Exposing the contradiction in the Treasury's profit from the GSEs",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 22:03:16.1885+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": "doc-narrative-v1"
        }
      }
    ],
    "tools": [
      {
        "tool": {
          "name": "Before/after framing",
          "slug": "before-after-framing",
          "status": "active",
          "bestFor": "For turnaround / reform proposals",
          "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67",
          "version": 1,
          "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488",
          "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "document",
        "agents": null,
        "matchId": "58387bd3-ebdc-485f-bc9c-7c9f4afa1814",
        "evidence": null,
        "pageRefs": null,
        "priority": null,
        "whenToUse": "For turnaround / reform proposals",
        "confidence": null,
        "extraction": {
          "at": "2026-04-29 12:07:50.209813+00",
          "model": "unknown-legacy",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": null,
        "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n  becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n  it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n  have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n  (emotional delta between two futures).",
        "antipattern": null,
        "cardinality": null,
        "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": "document",
        "agents": null,
        "matchId": "35aca9c0-dc7c-406d-9d5c-68e35289eb93",
        "evidence": null,
        "pageRefs": null,
        "priority": null,
        "whenToUse": "When relative underperformance is the core argument",
        "confidence": null,
        "extraction": {
          "at": "2026-04-29 12:07:50.209813+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": "Data Story Arc",
          "slug": "data-story-arc",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a",
          "version": 1,
          "bodyDocId": null,
          "description": "Context → Conflict → Insight → Implication structure for data narratives",
          "familyLabel": null,
          "categoryName": "Loop",
          "categorySlug": "loop"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "de0ee85e-a550-444a-a3dc-aa273528df23",
        "evidence": "Stacked area chart showing mortgage market composition from 1980 to 2024",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:15:56.789607+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 9,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Storytelling: audience calibration",
          "slug": "audience",
          "status": "active",
          "bestFor": null,
          "canonId": "019df269-23ea-723a-87c0-af1d78d702d2",
          "version": 1,
          "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656",
          "description": "The same thesis, written for four different audiences, produces four",
          "familyLabel": "narrative-block",
          "categoryName": "Narrative & Transformation",
          "categorySlug": "narrative-transformation"
        },
        "agent": "storyteller",
        "layer": "slide",
        "agents": [
          "storyteller"
        ],
        "matchId": "e1f2ebfc-af09-413b-8f4a-8e8d53ac7ef8",
        "evidence": "The Rise of the GSEs",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:56.756367+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 9,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Thesis archetype",
          "slug": "thesis-archetype",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb",
          "version": 1,
          "bodyDocId": null,
          "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "24414fee-363d-49aa-9189-c66ce66e8d4d",
        "evidence": "Fannie and Freddie’s role has increased significantly since the financial crisis",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:15:56.853444+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 10,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "optional",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Data Story Arc",
          "slug": "data-story-arc",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a",
          "version": 1,
          "bodyDocId": null,
          "description": "Context → Conflict → Insight → Implication structure for data narratives",
          "familyLabel": null,
          "categoryName": "Loop",
          "categorySlug": "loop"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "1f61b825-a206-4fe1-8ac0-a20858b64827",
        "evidence": "Average Housing Wealth as a % of Household Net Worth By Income Percentile",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:15:56.919067+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 11,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Comparison frame",
          "slug": "comparison-frame",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
          "version": 1,
          "bodyDocId": null,
          "description": "Two or more states/subjects placed side by side to expose a gap.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "23b563e2-e735-42fe-bf86-f21d63dec7c5",
        "evidence": "Term Length and Interest Rate Type as % of Outstanding Mortgages",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:56.986341+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 12,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Problem-Agitate-Solve (PAS)",
          "slug": "problem-agitate-solve-pas",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-869f-7564-8d42-de54ed29ab90",
          "version": 1,
          "bodyDocId": null,
          "description": "Identify problem, agitate the pain, present the solution",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "f92b7727-b0c1-4a22-81e7-e5eb8fbc99dd",
        "evidence": "The 30-year, prepayable, fixed-rate mortgage has a variety of attributes that make it an affordable and borrower-friendly financing option for the average American",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:15:57.051105+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 13,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "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": "af05aabd-3355-49d2-8226-ea20bfcfa02a",
        "evidence": "Mortgage Funding as % of Outstanding Mortgages",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "When relative underperformance is the core argument",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:57.115319+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 14,
        "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": "Core Message Extraction",
          "slug": "core-message-extraction",
          "status": "active",
          "bestFor": "Any slide that carries an argument or finding. The diagnostic: if the slide has a chart on it, it needs a core message. Run extraction whenever the current title is a topic (Q3 performance, Customer satisfaction) rather than a claim, or when a reader could reasonably draw more than one conclusion from the visible evidence.",
          "canonId": "019dd956-bc71-707d-8867-1b2e810175cf",
          "version": 1,
          "bodyDocId": "f85613cb-4b77-462f-bfe6-3b862516e1a6",
          "description": "The discipline of distilling raw analysis, data, or content into a single declarative sentence — the slide's core message — that the audience would walk away with if they remembered nothing else. Process, not artefact: extraction questions run on the raw content until one sentence falls out.",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Architect",
        "layer": "slide",
        "agents": [
          "Architect"
        ],
        "matchId": "83ef7ebc-3de8-4669-b01f-1692969535e4",
        "evidence": "Convert long-term, illiquid mortgages into highly-liquid mortgage backed securities (MBS)",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "Any slide that carries an argument or finding. The diagnostic: if the slide has a chart on it, it needs a core message. Run extraction whenever the current title is a topic (Q3 performance, Customer satisfaction) rather than a claim, or when a reader could reasonably draw more than one conclusion from the visible evidence.",
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:15:57.185058+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 15,
        "whyItWorks": "Solves the two failure modes of slide writing simultaneously: the topic title (which outsources interpretation to the audience and produces three different conclusions in three different heads) and the multi-thesis stapler (which exceeds working memory and gets remembered as fragments). Aligns with how readers actually consume decks — Heath & Heath's Find the Core, the journalist's nut graf, and Minto's governing thought all converge on the same cognitive economics.",
        "antipattern": "Topic titles disguised as core messages (Customer satisfaction, no verb, no stake); multi-thesis sentences stapled with and; hedged sentences (may show signs of possible softening); chart-caption titles (Revenue fell 4%) that restate what the chart already shows instead of naming the so-what; meta-commentary (this slide explores...) that describes the slide rather than concluding it.",
        "cardinality": null,
        "narrativePurpose": "Forces the slide author to do the interpretive work before the slide ships, so the audience does not have to do it during the meeting. Wins the WYSIATI battle on purpose — the loudest fragment on the page becomes the author's chosen sentence rather than whichever chart label happens to be largest."
      },
      {
        "tool": {
          "name": "Problem Statement Canvas",
          "slug": "problem-statement-canvas",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18",
          "version": 1,
          "bodyDocId": null,
          "description": "Structured definition of the problem: What? Who? Where? When? Scale?",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Architect",
        "layer": "slide",
        "agents": [
          "Architect"
        ],
        "matchId": "e15bbf5b-6e01-477d-a695-9d78ed2a750b",
        "evidence": "Fannie and Freddie’s failure during the GFC was exacerbated by two initiatives not core to their original charter – the FIA business, and their guarantee of subprime and Alt-A loans",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:15:57.280938+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "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": "585c8e3b-04ad-4463-93f0-aa7cc51775e0",
        "evidence": "The GSEs guarantee the timely payment of interest and principal on a ~$7.6 trillion portfolio of mortgage-backed securities",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:15:57.384282+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 19,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Logical chain",
          "slug": "logical-chain",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-5104-702f-8953-85757af6553d",
          "version": 1,
          "bodyDocId": null,
          "description": "If-then, premise-conclusion, deductive chain.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "01b1809e-459b-4efc-8e82-adb308fbfcc1",
        "evidence": "Low liquidity risk because defaults do not immediately accelerate payments to MBS holders – the GSEs can pay scheduled interest and principal for up to two years before repurchasing delinquent loans",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.6,
        "extraction": {
          "at": "2026-07-16 23:15:57.448431+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 20,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "e8a7101a-a09f-4773-99b3-1b2e6f4ee670",
        "evidence": "The borrower's equity increases and the GSEs' credit guarantee become even lower risk",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:57.352572+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": "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": "ca25cdf1-0229-456a-835f-dedf28da72ab",
        "evidence": "list/bullet: Economic downturns usually result in a decline in housing prices and a decrease in interest rates",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:15:57.464696+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 23,
        "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": "96c183a9-8446-4e96-a508-befd8d8c1cf2",
        "evidence": "The 2008 financial crisis demonstrated the resilience and attractiveness of the GSEs' multifamily guarantee business",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-16 23:15:57.542239+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 24,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chart Selection Guide",
          "slug": "chart-selection-guide",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
          "version": 1,
          "bodyDocId": null,
          "description": "Choosing the right chart type for your data and message",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "3bfd81a7-79d6-456b-99d0-2a0ab48f999c",
        "evidence": "chart/bar-grouped: Average G-fee on Single-Family Guarantee Portfolio from 1990 to 2023 (bps)",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:57.619461+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": "Before/after framing",
          "slug": "before-after-framing",
          "status": "active",
          "bestFor": "For turnaround / reform proposals",
          "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67",
          "version": 1,
          "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488",
          "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "d9f33d4e-67e7-492e-b279-b97a00a9eec9",
        "evidence": "The GSEs generated consistent profits and high ROEs at historical g-fee levels because of limited credit losses and limited capital",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "For turnaround / reform proposals",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:57.701743+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 26,
        "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n  becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n  it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n  have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n  (emotional delta between two futures).",
        "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": "5f2cc817-c45d-48c8-b254-40008bd412d2",
        "evidence": "chart/bar-grouped: Grouped bar chart showing Fannie Mae and Freddie Mac credit losses from 1990-2023",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:57.739826+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": "Before/after framing",
          "slug": "before-after-framing",
          "status": "active",
          "bestFor": "For turnaround / reform proposals",
          "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67",
          "version": 1,
          "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488",
          "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "b04b8f96-ad7e-4c1f-a11e-8f9f852ddaa2",
        "evidence": "The GSEs' guarantee business experienced extraordinary losses during the financial crisis, but returned to profitability in 2013",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "For turnaround / reform proposals",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:57.818634+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 27,
        "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n  becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n  it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n  have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n  (emotional delta between two futures).",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Comparison frame",
          "slug": "comparison-frame",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
          "version": 1,
          "bodyDocId": null,
          "description": "Two or more states/subjects placed side by side to expose a gap.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "90835b83-3216-424b-862a-0bf734a08490",
        "evidence": "We estimate that the GSEs' minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:58.015897+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": "Problem Statement Canvas",
          "slug": "problem-statement-canvas",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18",
          "version": 1,
          "bodyDocId": null,
          "description": "Structured definition of the problem: What? Who? Where? When? Scale?",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Architect",
        "layer": "slide",
        "agents": [
          "Architect"
        ],
        "matchId": "61fbaf2f-acdb-41e4-b43f-ed123995b963",
        "evidence": "Prior to the Great Financial Crisis, the GSEs Had Two Distinct Lines of Business",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-16 23:15:58.092773+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 32,
        "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": "cdedf29e-dbb0-463f-8a57-426c68ac1ea9",
        "evidence": "chart/bar-vertical: Illustrative Fixed-Income Arbitrage Business ($ in Billions)",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:07.051102+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 33,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "c0b585de-094e-49d8-9e1b-18e486fc1d6d",
        "evidence": "The GSEs' fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:07.209951+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 37,
        "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": "18f94b24-41ca-44a0-b302-d15b3f17031f",
        "evidence": "title/headline: Conservatorship and the Net Worth Sweep",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:16:07.274375+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 38,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "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": "26c1991c-2d55-4ec2-b840-b907eed29109",
        "evidence": "The slide is titled 'A Framework for Ending Conservatorship', serving as a clear divider between sections.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 03:29:31.140111+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 46,
        "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": "a033f3e9-f680-4917-a039-d9a7e08c6855",
        "evidence": "The slide provides a concise overview of the situation, including key points and metrics.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 03:29:31.258902+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": "Comparison frame",
          "slug": "comparison-frame",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
          "version": 1,
          "bodyDocId": null,
          "description": "Two or more states/subjects placed side by side to expose a gap.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "bfe8e399-6d2f-4fe1-9441-8af149c8d962",
        "evidence": "Comparison table with Traditional Mortgages, Credit Risk, High LTV, etc.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 03:29:24.229163+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 54,
        "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": "7ff2b08f-6708-4ea2-96df-b87ab4f67ba4",
        "evidence": "List with two bullet points comparing PMIs and GSEs",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-17 03:29:24.309077+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 55,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Comparison frame",
          "slug": "comparison-frame",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
          "version": 1,
          "bodyDocId": null,
          "description": "Two or more states/subjects placed side by side to expose a gap.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "910c503c-c87d-4b7f-94f3-0f05970f4524",
        "evidence": "Comparison table with PMIs and GSEs",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 03:29:24.348054+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 55,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Authority citation",
          "slug": "authority-citation",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
          "version": 1,
          "bodyDocId": null,
          "description": "Quoting an authority figure, study, or precedent to lend weight.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "dbd9c8ea-627e-497f-89ab-1db6b94b7e4f",
        "evidence": "Quote from Mortgage Bankers Association white paper",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 03:29:24.42672+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 56,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Chart Selection Guide",
          "slug": "chart-selection-guide",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
          "version": 1,
          "bodyDocId": null,
          "description": "Choosing the right chart type for your data and message",
          "familyLabel": null,
          "categoryName": "Slide",
          "categorySlug": "slide"
        },
        "agent": "Designer",
        "layer": "slide",
        "agents": [
          "Designer"
        ],
        "matchId": "f6094451-44e3-4f9f-9789-24f9955559f0",
        "evidence": "Bar chart with Equity Requirement for Single-Family Guarantee Business",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-17 03:29:24.628224+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 60,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "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": "9a5b565b-eae1-479c-9b8a-0ac4e425d393",
        "evidence": "The slide contains a list of bullet points discussing benefits that should be preserved.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 03:29:25.05936+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 66,
        "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": "89952894-d8e0-4d63-8fc8-cd1f3cc75d59",
        "evidence": "The existing PSPAs should be modified to act as a government backstop, providing the same benefits as an explicit guarantee without the negative consequences",
        "pageRefs": null,
        "priority": "Core",
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:59.414263+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 69,
        "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": "3f2d242b-282f-43ab-9e05-8bce0e45be63",
        "evidence": "chart/bar-vertical: Financial Crisis Losses vs. Potential New Capital Framework ($ in Billions)",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:15:59.491177+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 70,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Authority citation",
          "slug": "authority-citation",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
          "version": 1,
          "bodyDocId": null,
          "description": "Quoting an authority figure, study, or precedent to lend weight.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "e0ef37f9-af8d-4c19-aec4-f411c866ec26",
        "evidence": "quote: \"Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:15:59.565239+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 71,
        "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": "5882de9a-fe06-4e7c-a107-f6a7255f5fe4",
        "evidence": "table/data: Revolver Undrawn Fees(1) Credit Rating Undrawn Fee >=AA- or Aa3 0.04% A+ or A1 0.05% A or A2 0.07% A- or A3 0.09% BBB+ or Baa1 0.11% BBB or Baa2 0.12% BBB- or Baa3 0.15%",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-16 23:15:59.641222+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 72,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "06d172b6-492e-4763-8d88-2ee088a16ed7",
        "evidence": "chart/bar-stacked: Comparison of Draws vs Total Dividend Payments for Fannie, Freddie, and Total GSEs",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-07-16 23:15:59.793123+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 75,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "CEO quote contradiction",
          "slug": "ceo-quote-contradiction",
          "status": "active",
          "bestFor": "When management credibility is the lever",
          "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6",
          "version": 1,
          "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415",
          "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "7b50efdc-d6ba-4785-8441-d6df40bd45e5",
        "evidence": "quote: \"So it's an 11.5% moment [the IRR on the Senior Preferred]. And it just shows that, you know, that there is an opportunity here also to protect the taxpayer.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "When management credibility is the lever",
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:15:59.871211+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 76,
        "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n  target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n  you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n  which means it lands in WSJ/FT/Bloomberg coverage.",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall / value bridge",
          "slug": "waterfall-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019de52d-19c5-727e-8889-b0b361655fca",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "52f98999-2e1c-4294-bdf0-7d09134083ad",
        "evidence": "chart/waterfall-bridge: Common Equity Bridge - Fannie Mae ($bn)",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:16:00.025456+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 79,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Waterfall / value bridge",
          "slug": "waterfall-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019de52d-19c5-727e-8889-b0b361655fca",
          "version": 1,
          "bodyDocId": null,
          "description": null,
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "6d378c76-cfc9-4ea8-aff3-41be8744bfe3",
        "evidence": "chart/waterfall-bridge: Common Equity Bridge - Freddie Mac ($bn)",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:16:04.04027+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 81,
        "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": "0a418919-e12a-46dd-a4cc-512078a0501c",
        "evidence": "chart/bar-grouped: Total Capital Held at Fannie and Freddie ($bn)",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-16 23:16:04.161029+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 83,
        "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": "58d65e05-554b-4103-8e18-768d68c01617",
        "evidence": "table/data: Comparison of global IPO proceeds, year of IPO, and year founded for major companies vs Fannie and Freddie.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:04.285853+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 85,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Before-After-Bridge",
          "slug": "before-after-bridge",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-8604-7188-883f-42370288ad05",
          "version": 1,
          "bodyDocId": null,
          "description": "Narrative structure: Paint the before, show the after, explain the bridge",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "1f1cc7e0-3e32-400e-b80b-7e44add0bb76",
        "evidence": "chart/area-stacked: GGP share price and stock distributions from 12/31/2008 to 12/31/2010",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-16 23:16:04.607401+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 92,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "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": "b751129c-9353-4064-8ae0-fa3ecbc370d2",
        "evidence": "The slide contains a comparison matrix of business and financial attributes across three sectors.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.5,
        "extraction": {
          "at": "2026-07-17 03:29:25.295162+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 94,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "Comparison frame",
          "slug": "comparison-frame",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
          "version": 1,
          "bodyDocId": null,
          "description": "Two or more states/subjects placed side by side to expose a gap.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "a85750c6-b02f-48d6-ad0a-1daa52f5a734",
        "evidence": "The slide compares Fannie and Freddie's valuation to P&C insurance companies and regulated utilities.",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 03:29:25.25619+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 94,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": "common",
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "CEO quote contradiction",
          "slug": "ceo-quote-contradiction",
          "status": "active",
          "bestFor": "When management credibility is the lever",
          "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6",
          "version": 1,
          "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415",
          "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.",
          "familyLabel": null,
          "categoryName": null,
          "categorySlug": null
        },
        "agent": null,
        "layer": "slide",
        "agents": null,
        "matchId": "2a69bb0b-260d-4fdb-b491-51e64930cf5e",
        "evidence": "CEO quote 'Had we stopped the sweep of capital day one, by the time we got to the fourth year of the Trump administration, we easily could have done a secondary offering or two and fully capitalize the companies, or get ver'",
        "pageRefs": null,
        "priority": null,
        "whenToUse": "When management credibility is the lever",
        "confidence": 0.9,
        "extraction": {
          "at": "2026-07-17 03:29:27.607902+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 102,
        "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n  target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n  you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n  which means it lands in WSJ/FT/Bloomberg coverage.",
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      },
      {
        "tool": {
          "name": "AIDA Model",
          "slug": "aida-model",
          "status": "active",
          "bestFor": null,
          "canonId": "019dd956-86fc-773c-813f-d416714b8413",
          "version": 1,
          "bodyDocId": null,
          "description": "Attention, Interest, Desire, Action - classic persuasion sequence",
          "familyLabel": null,
          "categoryName": "Block",
          "categorySlug": "block"
        },
        "agent": "Storyteller",
        "layer": "slide",
        "agents": [
          "Storyteller"
        ],
        "matchId": "1c09274d-cc2e-44a8-85ae-fd601eadaa8d",
        "evidence": "List of bullet points highlighting current robust economic and financial market conditions, logical time for Treasury to monetize the rest of its investment, and a four-year runway with a pro-business administration",
        "pageRefs": null,
        "priority": null,
        "whenToUse": null,
        "confidence": 0.7,
        "extraction": {
          "at": "2026-07-17 03:29:27.678058+00",
          "model": "or:meta-llama/llama-4-scout",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 103,
        "whyItWorks": null,
        "antipattern": null,
        "cardinality": null,
        "narrativePurpose": null
      }
    ],
    "frameworks": [
      {
        "matchId": "8529ed33-55aa-4afd-80a6-2c021acb0c06",
        "evidence": "Uses historical precedent of the Great Depression to frame current market conditions.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:33.952+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 6,
        "frameworkName": "argument-from-analogy"
      },
      {
        "matchId": "418a9d84-bea1-43d9-8833-e995abac3f2e",
        "evidence": "Chronological list of events",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:59:34.824+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 8,
        "frameworkName": "timeline"
      },
      {
        "matchId": "b36767b4-f732-4bba-b734-2bdbe78c6a25",
        "evidence": "Comparing mortgage market structures across countries to highlight U.S. uniqueness.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:59:35.794+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 12,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "7ca02228-9e37-4b59-9aef-9677817d1a59",
        "evidence": "Comparing U.S. mortgage funding structure against European peers.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:34.552+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 14,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "58dcc7a3-0b92-4e46-af99-433d599d7e1a",
        "evidence": "The diagram shows a central entity (Fannie and Freddie) branching into two distinct business lines.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:35.387+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 17,
        "frameworkName": "hub-spoke"
      },
      {
        "matchId": "62cb7ded-9338-46f5-86af-17ed8ff49284",
        "evidence": "Contrasting two business lines with distinct risk profiles and purposes.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:35.73+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 18,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "f8fcd340-7387-446e-8d29-cb96e80c1f7c",
        "evidence": "Illustrates seniority of credit guarantee over equity",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:59:35.912+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 21,
        "frameworkName": "capital-allocation-framework"
      },
      {
        "matchId": "8c74458f-ac47-4a44-834b-d9b441e78c36",
        "evidence": "The slide maps the causal relationship between economic downturns, market conditions, and portfolio risk reduction.",
        "framework": null,
        "confidence": 0.85,
        "extraction": {
          "at": "2026-05-02 19:59:39.204+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 23,
        "frameworkName": "causal-chain"
      },
      {
        "matchId": "13468780-aad6-49be-a405-2bbdaedb7fab",
        "evidence": "Direct visual comparison of losses vs capital requirements",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:41.047+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 28,
        "frameworkName": "comparison-frame"
      },
      {
        "matchId": "e7f00cb2-f661-41f2-a1f0-67bf5ddde705",
        "evidence": "The slide explicitly counters the narrative of high losses by adjusting accounting metrics.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:39.717+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 29,
        "frameworkName": "preempt_rebuttal"
      },
      {
        "matchId": "b7cb0913-6c10-4eca-81e1-e78a3487f4b9",
        "evidence": "Comparing small portfolio share to large loss share to highlight risk.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:38.117+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 30,
        "frameworkName": "contrast-principle"
      },
      {
        "matchId": "ec0790c3-fcdb-40ec-9247-bcb49e9dc7cc",
        "evidence": "Contrasts the two business lines using parallel attributes (quality, risk, purpose).",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:38.418+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 32,
        "frameworkName": "contrast-pairs"
      },
      {
        "matchId": "54ecce4a-e229-40c5-9115-24a3e6054876",
        "evidence": "The slide explicitly frames the business model as taking advantage of implicit backing to enter high-risk business inconsistent with mission.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:59:37.915+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 33,
        "frameworkName": "fraud-exposure"
      },
      {
        "matchId": "ebaebd3f-686d-4d69-ab78-62db6dc49982",
        "evidence": "Uses a quote from Alan Greenspan to bolster the argument.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:41.454+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 34,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "22b093ec-e034-4a86-be0e-25b12a9a1e91",
        "evidence": "Uses a high-profile investor quote to validate the thesis.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:37.872+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 35,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "f704d804-c6fd-4523-9dc2-f3faf29d6598",
        "evidence": "Visual comparison of 2013 assets vs 2024 holdings vs cap",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:40.326+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 37,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "b443165a-f588-43c5-88f6-b5dd2eec38cb",
        "evidence": "Uses a direct quote from a government official to establish the legal and historical intent of the conservatorship.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:38.269+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 39,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "c6694f36-3680-4cdd-b97a-656737881c9d",
        "evidence": "The slide highlights the timing of the policy change to suggest it was predatory or opportunistic.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:38.503+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 41,
        "frameworkName": "expose_contradiction"
      },
      {
        "matchId": "52446675-634d-45d4-ab1f-c9592a03ffb4",
        "evidence": "Direct comparison of financial performance between GSEs and other bailout recipients.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:38.959+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 43,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "5ef03bab-c9a7-43ec-9555-0e0c7d1ab84a",
        "evidence": "Uses a direct quote from a political figure to frame a policy critique and establish a narrative of unfinished business.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:42.216+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 47,
        "frameworkName": "ceo-quote-contradiction"
      },
      {
        "matchId": "6cb1bf1b-6d58-4c18-a9c6-3175340c8f28",
        "evidence": "Four-step numbered list outlining a strategic framework",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:40.575+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 50,
        "frameworkName": "list-presentation"
      },
      {
        "matchId": "c3eacec6-2ae4-4c25-a677-9055417a56c8",
        "evidence": "The slide frames a regulatory change as an 'impractical' and 'overly conservative' burden, implying a critique of the regulator's decision-making.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:59:39.747+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 51,
        "frameworkName": "fraud-exposure"
      },
      {
        "matchId": "15e1d994-44ad-444c-a015-61d80930be72",
        "evidence": "The slide explicitly compares Banks and Reformed GSEs across risk categories to justify a policy position.",
        "framework": null,
        "confidence": 0.95,
        "extraction": {
          "at": "2026-05-02 19:59:40.339+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 52,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "99ea3565-e839-47c3-902d-51edfbb81b52",
        "evidence": "Citing Mortgage Bankers Association to support regulatory argument",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:40.852+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 53,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "8993da75-d184-4688-a2d2-07331c753732",
        "evidence": "The slide uses a table to contrast risk profiles between two entities to argue for different capital requirements.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:41.611+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 54,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "13a62212-cdf7-4d41-b2ee-db6278b07d0d",
        "evidence": "Direct comparison of GSEs vs PMIs across three key metrics.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:41.151+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 55,
        "frameworkName": "comparison-frame"
      },
      {
        "matchId": "4203c9e2-321a-4092-82b5-8485d1539bc8",
        "evidence": "Uses a quote from the Mortgage Bankers Association to support the argument.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:44.59+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 56,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "4d8b886c-e330-4700-b5cd-17d93cd7a1c0",
        "evidence": "The slide compares risk factors and capital requirements across three entities to justify a specific target.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:41.814+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 59,
        "frameworkName": "comparison-frame"
      },
      {
        "matchId": "abbeaa55-e155-4c12-8ca0-91b76763d03d",
        "evidence": "Citing Keefe, Bruyette & Woods to validate the 2.5% capital requirement recommendation.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:59:41.759+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 61,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "19c89dbf-4f4c-4f69-af23-c44294a0d520",
        "evidence": "The slide explicitly proposes governance reforms including an independent board and compensation structures.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:42.648+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 67,
        "frameworkName": "governance"
      },
      {
        "matchId": "b6c406d0-f226-4f0b-8210-4e2d017af672",
        "evidence": "The slide contrasts the complications of an explicit guarantee against the objectives of a proposed administrative solution.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:42.148+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 68,
        "frameworkName": "contrast-pairs"
      },
      {
        "matchId": "d9685975-35d3-4c19-9546-eda241be7673",
        "evidence": "Compares historical loss data against a proposed capital buffer to preempt concerns about government exposure.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:47.326+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 70,
        "frameworkName": "comparison-frame"
      },
      {
        "matchId": "4d44dcf1-e516-4940-82f9-559ac0672f76",
        "evidence": "Uses a quote from a major ratings agency (Fitch) to validate the thesis.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:59:43.344+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 71,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "54b438e0-234c-4b4d-8681-dcba80e81d0b",
        "evidence": "Uses market benchmarks (revolver fees and CDS pricing) to justify a proposed fee.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:44.173+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 72,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "408ac634-4f3c-4889-8cfc-ba9c2cfc480c",
        "evidence": "The slide outlines a three-phase sequential process for restructuring.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:47.099+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 74,
        "frameworkName": "timeline"
      },
      {
        "matchId": "0102f512-bff5-44a0-93bd-23ff97f3169b",
        "evidence": "Compares initial investment (draws) to final outcome (total payments) to demonstrate value realization.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:43.213+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 75,
        "frameworkName": "before-after-framing"
      },
      {
        "matchId": "66d04d72-08f2-4c9e-901d-d63dd23b0153",
        "evidence": "Citing a former Treasury official to validate the claim of repayment.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:47.277+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 76,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "eae45c7e-9436-4d26-ab8c-c106c01675b9",
        "evidence": "The slide uses a waterfall chart to bridge equity values.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:59:43.991+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 79,
        "frameworkName": "waterfall-bridge"
      },
      {
        "matchId": "0a713e2d-3d27-46bb-b85b-e8d4ac538ca3",
        "evidence": "The slide outlines a specific capital raise requirement and its impact on the capital ratio.",
        "framework": null,
        "confidence": 0.8,
        "extraction": {
          "at": "2026-05-02 19:59:44.967+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 80,
        "frameworkName": "capital-allocation-framework"
      },
      {
        "matchId": "a0f567ce-7385-42eb-b117-fcf18366ac61",
        "evidence": "Visual representation of additive and subtractive components to reach a final pro-forma value.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:59:44.57+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 81,
        "frameworkName": "waterfall-bridge"
      },
      {
        "matchId": "0d76ca96-91fe-4fa6-b217-8ed34f9b8abe",
        "evidence": "Uses historical IPO data to establish feasibility of future IPOs.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:59:45.032+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 85,
        "frameworkName": "precedent_table"
      },
      {
        "matchId": "8288f41a-d627-4fa2-b5fd-a984b8dba923",
        "evidence": "The table explicitly bridges from long-term dividend assumptions to a 2026 target price.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:44.674+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 89,
        "frameworkName": "valuation-bridge"
      },
      {
        "matchId": "c75fa8f2-bffa-481c-b006-c5e5c562818e",
        "evidence": "The slide explicitly raises a common counter-argument to the investment thesis to address it head-on.",
        "framework": null,
        "confidence": 1,
        "extraction": {
          "at": "2026-05-02 19:59:44.39+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 91,
        "frameworkName": "preempt_rebuttal"
      },
      {
        "matchId": "060e189d-8395-46ba-9a4d-5eb210e399cd",
        "evidence": "The slide maps a sequence of events leading from bankruptcy to a successful re-IPO.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:45.465+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 92,
        "frameworkName": "before-after-bridge"
      },
      {
        "matchId": "82d86612-3964-44b9-b898-424fa79c5010",
        "evidence": "Table comparing two entities against a set of criteria",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:49.555+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 93,
        "frameworkName": "comparison-frame"
      },
      {
        "matchId": "08825446-72c4-422f-868c-64de8d38ff0f",
        "evidence": "The slide uses a side-by-side comparison of attributes to frame the valuation thesis.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:46.115+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 94,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "823834a4-70cd-443c-9da6-6ce16992200b",
        "evidence": "Benchmarking target companies against industry peers to justify valuation.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:46.799+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 95,
        "frameworkName": "comparison_frame"
      },
      {
        "matchId": "c2284844-956d-49de-a50a-02573884300c",
        "evidence": "The slide presents a sensitivity analysis of equity value based on varying cost of equity and P/E multiples.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:50.363+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 99,
        "frameworkName": "scenario_table"
      },
      {
        "matchId": "7a261715-becb-49e6-ae74-704830f48f49",
        "evidence": "Uses legal expert testimony to support the core argument.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:51.695+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 100,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "e9d84f11-9785-4867-8adc-998d1414c711",
        "evidence": "Citing Cato Institute working paper to support legal/financial argument",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:47.333+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 101,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "80b6a114-6d1b-4089-9bdb-ca24cc94e0a5",
        "evidence": "Uses a quote from a former Treasury official to validate the thesis.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:50.595+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 102,
        "frameworkName": "authority-citation"
      },
      {
        "matchId": "31724164-e7a5-4359-a295-75189aea0173",
        "evidence": "The slide uses a structured bulleted list to present a logical argument for action.",
        "framework": null,
        "confidence": 0.9,
        "extraction": {
          "at": "2026-05-02 19:59:48.366+00",
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "seconds": null,
          "promptVersion": null
        },
        "pageNumber": 103,
        "frameworkName": "list-presentation"
      }
    ],
    "patterns": []
  },
  "storymakers": null,
  "score": null,
  "review": null,
  "activistThesis": {
    "tone": "analytical",
    "notes": "Not a typical activist campaign — this is a public-policy advocacy deck aimed at the incoming Trump/Bessent Treasury rather than a corporate board. Framing is built around Trump ('The Art of the Deal' title; closing Trump quote on p.103; Trump's 2021 letter on p.46 endorsing privatization). Pershing has argued this thesis since ~2014; this is a major follow-up catalyzed by Trump's election. Strong SCQA structure: Situation = GSEs in indefinite conservatorship; Complication = Treasury already repaid but stuck; Question = how to exit; Answer = 4-step framework + IPO plan. Uses Greenspan and Buffett as authority quotes against the old FIA business model rather than against current management. GGP case study is Ackman's own successful precedent. Pershing discloses only 'funds...own shares, predominantly common stock' — no specific stake percentage. Junior preferred handling described as negotiable (convert to common at IPO price assumed for modeling). Bookends: 'Art of the Deal' cover (p1) and Trump's 'deals are my art form' closing quote (p103).",
    "kpisCited": [
      {
        "detail": "2.5% vs current FHFA rule of 4%; pre-GFC was 0.45%",
        "metric": "Proposed capital ratio"
      },
      {
        "detail": "~$7.6tn combined guarantees, 88% single-family",
        "metric": "Single-family guarantee book"
      },
      {
        "detail": "11.6% cash IRR; $301bn dividends vs $191bn disbursements; ~$25bn excess",
        "metric": "Treasury IRR on Senior Preferred"
      },
      {
        "detail": "$110bn (57%) on GSEs — more than AIG, GM, Citi, BAC, JPM, WFC, Chrysler combined",
        "metric": "Government net profit vs bailouts"
      },
      {
        "detail": "Treasury holds warrants for 79.9% of common stock of each GSE",
        "metric": "Warrant ownership"
      },
      {
        "detail": "$34.99 per share at 12/31/26 vs current $6.21 (15.9x 2027E EPS)",
        "metric": "FNMA illustrative share value"
      },
      {
        "detail": "$38.84 per share at 12/31/27 vs current $5.66 (14.6x 2028E EPS)",
        "metric": "FMCC illustrative share value"
      },
      {
        "detail": "Fannie ~$5bn IPO (2026); Freddie ~$15bn IPO (2027)",
        "metric": "Required capital raises"
      },
      {
        "detail": "FNMA ~11.9-12.5%; FMCC ~10.4-10.6% — low-double-digit utility-like returns",
        "metric": "Run-rate ROE"
      },
      {
        "detail": "FICO ~754-758, LTV ~78% on 2024 YTD acquisitions — prime borrowers",
        "metric": "Single-family underwriting"
      },
      {
        "detail": "~30bps long-term average 1990-2023, rising to ~55bps post-crisis",
        "metric": "Historical g-fee"
      },
      {
        "detail": "$131bn today (Fannie $83bn, Freddie $54bn at 12/31/24E) vs effectively zero pre-Trump",
        "metric": "GSE retained capital"
      }
    ],
    "closingAsk": "Treasury and FHFA should act now — during Trump's four-year runway — to release Fannie and Freddie from conservatorship and monetize the ~$300bn of warrant value for taxpayers.",
    "extraction": {
      "at": "2026-04-23 00:48:14+00",
      "model": "unknown-legacy",
      "runId": null,
      "seconds": 205.97487,
      "promptVersion": null
    },
    "scqaReward": "Taxpayers realize over $300bn by monetizing Treasury's 79.9% warrants. Fannie shares could reach ~$35 by YE2026 (vs. $6.21 today, ~5.6x); Freddie ~$39 by YE2027 (vs. $5.66, ~6.9x).",
    "thesisTypes": [
      "undervaluation",
      "capital_return",
      "multiple_rerating",
      "strategic_pivot"
    ],
    "top3Reasons": [
      "Treasury's warrants and residual stake could generate ~$300bn for taxpayers over time",
      "Senior Preferred already repaid: Treasury has earned 11.6% IRR, $25bn above contractual 10%",
      "Ending conservatorship needs no Congress — only Treasury and FHFA approval"
    ],
    "scqaSituation": "Fannie Mae and Freddie Mac guarantee ~$7.6tn of US mortgages and enable the 30-year fixed-rate mortgage for middle-class borrowers. Placed in conservatorship after the 2008 crisis, they have operated under government control for sixteen years.",
    "thesisSummary": "Fannie Mae and Freddie Mac, placed into conservatorship in 2008 and effectively seized via the 2012 Net Worth Sweep, have already repaid Treasury's $191bn bailout with $301bn of dividends — an 11.6% IRR and ~$25bn above the contractual 10% rate. Pershing Square argues the conservatorship was always intended to be temporary and can now be ended without Congressional action. With $131bn of retained capital already on their balance sheets, Fannie needs only a ~$5bn IPO by YE2026 and Freddie a ~$15bn IPO by YE2027 to reach a 2.5% capital ratio appropriate for low-risk mortgage guarantors. Treasury's 79.9% warrants, left intact, could generate over $300bn in proceeds for taxpayers. The deck warns against converting the Senior Preferred to common — it would trigger litigation, prevent the capital raise, and slash Treasury stake value by 12-60%. Trump's first-term unfinished business now has a four-year runway and a consummate dealmaker.",
    "primaryDemands": [
      "Release Fannie Mae and Freddie Mac from conservatorship within two years (Fannie IPO YE2026, Freddie IPO YE2027)",
      "Set post-conservatorship minimum capital requirement at 2.5% rather than the current 4% FHFA rule",
      "Deem Treasury's Senior Preferred Stock already repaid (11.6% IRR earned) rather than convert to common",
      "Exercise Treasury's 79.9% warrants and monetize over time (~$300bn estimated value)",
      "Limit government-granted benefits (SEC exemption, UST line of credit, Volcker exemption) and clarify ongoing backstop",
      "Execute re-IPO at NYSE listings; leave junior preferred outstanding or convert to common on negotiated basis"
    ],
    "scqaResolution": "End conservatorship without Congress: set a 2.5% capital rule, deem the Senior Preferred repaid, let GSEs retain earnings, then execute a ~$5bn Fannie IPO by YE2026 and a ~$15bn Freddie IPO by YE2027.",
    "thesisOneLiner": "Fannie and Freddie have already repaid Treasury at an 11.6% IRR; releasing them from conservatorship via modest IPOs unlocks ~$300bn of warrant value for taxpayers within two years.",
    "precedentsCited": [
      "AIG bailout exit — 12% government profit, exited 2012",
      "Citi, Bank of America, JPMorgan, Wells Fargo TARP bailouts",
      "GM and Chrysler government bailouts",
      "Large global IPOs as comps (Saudi Aramco $29bn, Alibaba $25bn, Visa $20bn, Facebook $16bn, GM $18bn)",
      "Mnuchin's first-term suspension of the Net Worth Sweep (January 2021)",
      "Mortgage Bankers Association 2017 GSE reform white paper",
      "GGP restructuring (Pershing Square's own precedent)",
      "4,000+ prior FDIC/FSLIC/RTC conservatorships cited by Cato/Vartanian briefs"
    ],
    "scqaComplication": "The 2012 Net Worth Sweep required the GSEs to remit 100% of earnings to Treasury. They have since repaid the $191bn bailout with $301bn of dividends (11.6% IRR), yet remain stranded under a statute meant to be temporary.",
    "narrativeInterest": 5,
    "notableSlidePages": [
      1,
      42,
      47,
      49,
      96,
      103
    ],
    "peerCompaniesCited": [
      "Progressive",
      "Chubb",
      "Travelers",
      "Allstate",
      "Southern Co.",
      "Duke Energy",
      "American Electric Power",
      "PSEG",
      "Xcel Energy",
      "Consolidated Edison",
      "AIG",
      "General Motors",
      "Citi",
      "Bank of America",
      "JPMorgan",
      "Wells Fargo",
      "Chrysler",
      "Saudi Aramco",
      "Alibaba",
      "SoftBank",
      "Visa",
      "NTT DoCoMo",
      "Enel",
      "ICBC",
      "Facebook",
      "GGP (General Growth Properties)"
    ],
    "valuationFrameworks": [
      "dcf",
      "multiple_comparison",
      "asset_value"
    ],
    "visualCraftInterest": 4
  },
  "pitchdeck": {
    "metadata": null,
    "profile": null
  },
  "slides": [
    {
      "page": 1,
      "type": "setup",
      "function": "front_matter",
      "imagePath": "https://imgproxy.kitesheet.com/7EztMNeB0AHqgcGq6LPYt0yzLL9bJJzCYz6KluTMG2Q/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kZDY2MWQ3Y2I4MzMvcDAwMS5wbmc",
      "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": "sparse",
        "densityScore": 5,
        "componentCount": 3,
        "textChars": 50,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "subtitle_text",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:34.474+00",
          "seconds": 4.251,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/1",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-1",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.111,
            "w": 0.244,
            "x": 0.062,
            "y": 0.822
          },
          "kind": "image",
          "text": "Pershing Square",
          "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 19:59:34.474+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b503e581-5218-404c-9807-dc88ccce3ebb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.035,
            "w": 0.272,
            "x": 0.364,
            "y": 0.508
          },
          "kind": "paragraph",
          "text": "January 16, 2025",
          "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 19:59:34.474+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7ad590a6-f7cf-43b8-9a2c-58bb21e106b6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.058,
            "w": 0.448,
            "x": 0.276,
            "y": 0.408
          },
          "kind": "title",
          "text": "The Art of the Deal",
          "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 19:59:34.474+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "826c15c2-3c6d-489c-ab6c-295d75467dd9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "thumbSrc": "https://imgproxy.kitesheet.com/O0MhOkmHHdjrrdostCbQqZsyL05CpXClGaYtLgu2HP8/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kZDY2MWQ3Y2I4MzMvcDAwMS5wbmc",
      "imagePathAlt": "https://imgproxy.kitesheet.com/Pj4P8fTEbnGYgJVV9qnEKDAJy-_Q7oZFwuSPLIq1M4o/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kZDY2MWQ3Y2I4MzMvcDAwMS5qcGc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/n0QoL35fJVQIS3Jqrw7u5Xvax_Zre3faByT0OzHm4mw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kZDY2MWQ3Y2I4MzMvcDAwMS5qcGc"
    },
    {
      "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": 52,
        "componentCount": 5,
        "textChars": 3887,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:34.341+00",
          "seconds": 4.045,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/2",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-2",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.914,
            "x": 0.043,
            "y": 0.565
          },
          "kind": "disclaimer",
          "text": "Funds managed by Pershing Square and its affiliates own shares, predominantly common stock, of Federal National Mortgage Association (\"Fannie Mae\") and Federal Home Loan Mortgage Corporation (\"Freddie Mac\"). Pershing Square manages funds that are in the business of trading – buying and selling – securities and financial instruments. It is possible that there will be developments in the future that cause Pershing Square to change its position regarding Fannie Mae and Freddie Mac. Pershing Square may buy, sell, cover or otherwise change the form of its investment in Fannie Mae and Freddie Mac for any or no reason. This presentation speaks only as of the date it is made. The information presented or contained herein is subject to change without notice. Pershing Square hereby disclaims any duty to provide any updates or changes to the analyses contained here including, without limitation, the manner or type of any Pershing Square investment.",
          "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 19:59:34.341+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "02c6997f-c8dd-4c6c-86d1-77b01a38c939",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.914,
            "x": 0.043,
            "y": 0.32
          },
          "kind": "disclaimer",
          "text": "The analyses provided may include certain forward-looking statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies discussed in this presentation, access to capital markets, market conditions and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, legal, regulatory, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein and Pershing Square disclaims any liability with respect thereto. Any forward-looking statement contained in this presentation is subject to various risks and uncertainties. Actual results may vary materially from the estimates and projected results contained herein. The information contained in this presentation may not contain all of the information required in order to evaluate Fannie Mae or Freddie Mac and the proposal described in the presentation. The opinions, analyses, conclusions and proposals presented herein represent the views of Pershing Square and not those of any third party.",
          "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 19:59:34.341+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a2dd7c9-3886-4f54-aa31-639dfd0b7e55",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.914,
            "x": 0.043,
            "y": 0.74
          },
          "kind": "disclaimer",
          "text": "This presentation contains a high-level overview that reflects our subjective beliefs, assumptions, and assessments regarding Fannie Mae and Freddie Mac. There can be no assurance that Fannie Mae and Freddie Mac will be able to implement a particular strategy or achieve particular results. The \"Framework for Ending Conservatorship\" and \"Illustrative GSE Restructuring\" sections of this presentation contain frameworks, projections, and models for illustrative purposes only. They are calculated based on certain inputs and underlying assumptions, which may not prove to be correct, which may not reflect all considerations, and are subject to various risks and inherent limitations. Although Pershing Square believes the calculations and models described herein are based on reasonable assumptions, the use of different assumptions would produce different results.",
          "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 19:59:34.341+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "48263724-c9a3-469d-aba9-9da4fbce4ee3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.914,
            "x": 0.043,
            "y": 0.188
          },
          "kind": "disclaimer",
          "text": "The analyses and conclusions of Pershing Square Capital Management, L.P. (\"Pershing Square\") contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential or otherwise nonpublic information in the possession of the companies discussed in this presentation that could lead these companies and others to disagree with Pershing Square's analyses, conclusions and opinions. This presentation and the information contained herein is not investment advice or a recommendation or solicitation to buy or sell any securities. All investments involve risk, including the loss of principal.",
          "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 19:59:34.341+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f107d54e-ddf8-4650-8341-57410904f6b6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.045,
            "w": 0.175,
            "x": 0.043,
            "y": 0.095
          },
          "kind": "title",
          "text": "Disclaimer",
          "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 19:59:34.341+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8f924f6d-e343-4be3-985f-8f716831dead",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 3,
      "type": "setup",
      "function": "front_matter",
      "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": "front_matter",
        "functionCanon": {
          "name": "Front matter",
          "slug": "front_matter",
          "status": "active",
          "canonId": "019de52d-133d-73f0-9e26-201eda96b098",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 5,
        "componentCount": 2,
        "textChars": 148,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:32.556+00",
          "seconds": 2.245,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/3",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-3",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.585,
            "w": 0.812,
            "x": 0.094,
            "y": 0.211
          },
          "kind": "list",
          "text": "Background on Fannie and Freddie\nConservatorship and the Net Worth Sweep\nA Framework for Ending Conservatorship\nIllustrative GSE Restructuring",
          "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 19:59:32.556+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3ae80163-88d2-4037-a9ef-6d22799b70fd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.048,
            "w": 0.179,
            "x": 0.041,
            "y": 0.103
          },
          "kind": "title",
          "text": "Agenda",
          "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 19:59:32.556+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c5418b5b-844f-40ab-9f1a-6bf1d05183a5",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 4,
      "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": 32,
        "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 19:59:35.396+00",
          "seconds": 4.91,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/4",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-4",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.13,
            "w": 0.671,
            "x": 0.286,
            "y": 0.363
          },
          "kind": "title",
          "text": "Background on Fannie and Freddie",
          "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 19:59:35.396+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "66539ea1-eba5-4a0b-81c5-8f8542216dd1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Situation & Context",
          "beatId": "4013e23c-bcf7-4196-b86e-f1feb0eef919",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Situation & Context",
            "slug": "consultants-gambit-situation-context",
            "status": "active",
            "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides background information on Fannie Mae and Freddie Mac, including their history and evolution.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 5,
      "type": "evidence",
      "function": "cite_precedent",
      "rawType": "cite_precedent",
      "block": null,
      "metadata": {
        "slideType": "cite_precedent",
        "slideTypeCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-12ec-72be-8881-51b438fa76c7",
          "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": 7,
        "textChars": 570,
        "nDataPoints": 3,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:33.292+00",
          "seconds": 2.609,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/5",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-5",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.09,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019
          },
          "kind": "callout",
          "text": "Mortgage availability was limited, with 5-to-10 year terms, floating interest rates, and ~50% loan-to-value ratios",
          "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 19:59:33.292+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f1e754b7-cae4-451a-9889-b28e1ada7b52",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.8,
            "x": 0.09,
            "y": 0.0047
          },
          "kind": "list",
          "text": "Banks would lend at floating interest rates for a short term to match the structure of their deposit funding sources",
          "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 19:59:33.292+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "253a1698-3ddb-4ca1-ae57-2c15c31df6c0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.8,
            "x": 0.09,
            "y": 0.0036
          },
          "kind": "list",
          "text": "Mortgages were primarily originated and retained by local thrifts, commercial banks, and insurance companies",
          "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 19:59:33.292+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4c63d14e-79d6-4b1f-8217-b10ccd3575af",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.8,
            "x": 0.09,
            "y": 0.0058
          },
          "kind": "list",
          "text": "Supply of mortgage credit was limited and required large initial down payments",
          "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 19:59:33.292+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8f40dd74-4a21-412d-bbb0-4956d6b9db21",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.09,
            "y": 0.008
          },
          "kind": "list",
          "text": "Homeownership rate was ~45%",
          "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 19:59:33.292+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9f256989-344d-42b2-8ac4-574a0068fe2b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.8,
            "x": 0.09,
            "y": 0.006900000000000001
          },
          "kind": "list",
          "text": "Availability and pricing of mortgage credit varied widely across the U.S. due to localized funding",
          "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 19:59:33.292+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ec196a68-335b-444b-8eee-d58f49ab708d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.58,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Prior to the Great Depression",
          "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 19:59:33.292+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9ff1b8e6-b1c4-4bb4-a4de-65781957a7fb",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Situation & Context",
          "beatId": "4013e23c-bcf7-4196-b86e-f1feb0eef919",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Situation & Context",
            "slug": "consultants-gambit-situation-context",
            "status": "active",
            "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides background information on Fannie Mae and Freddie Mac, including their history and evolution.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 6,
      "type": "evidence",
      "function": "cite_precedent",
      "rawType": "cite_precedent",
      "block": null,
      "metadata": {
        "slideType": "cite_precedent",
        "slideTypeCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-12ec-72be-8881-51b438fa76c7",
          "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": "sparse",
        "densityScore": 23,
        "componentCount": 3,
        "textChars": 535,
        "nDataPoints": 4,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:33.952+00",
          "seconds": 3.218,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/6",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-6",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "During the Great Depression, the U.S. mortgage market was paralyzed and required significant government involvement to eventually recover",
          "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 19:59:33.952+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6f120df2-9012-4c8f-b65e-4bb4b041458a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.85,
            "x": 0.09,
            "y": 0.38
          },
          "kind": "list",
          "text": "The unemployment rate was nearly 25%\nHousing prices declined as much as 50%\n~25% of mortgages were in default and ~10% of homes were in foreclosure\nHomeowners were unable to satisfy their principal payments and were unable to refinance their short-term mortgages\nThe banking system was near collapse and was unable and unwilling to provide a meaningful amount of mortgage credit",
          "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 19:59:33.952+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3c740942-32af-4c1c-b799-a29c69009ec8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.35,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "The Great Depression",
          "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 19:59:33.952+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1a0461d0-10ff-49be-8935-9a4e536609a7",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "8529ed33-55aa-4afd-80a6-2c021acb0c06",
          "evidence": "Uses historical precedent of the Great Depression to frame current market conditions.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:33.952+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 6,
          "frameworkName": "argument-from-analogy"
        }
      ],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Situation & Context",
          "beatId": "4013e23c-bcf7-4196-b86e-f1feb0eef919",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Situation & Context",
            "slug": "consultants-gambit-situation-context",
            "status": "active",
            "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides background information on Fannie Mae and Freddie Mac, including their history and evolution.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 7,
      "type": "setup",
      "function": "establish_context",
      "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": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 74,
        "componentCount": 10,
        "textChars": 804,
        "nDataPoints": 3,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:34.049+00",
          "seconds": 3.079,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/7",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-7",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.0086
          },
          "kind": "callout",
          "text": "Fannie Mae was chartered to support liquidity, stability, and affordability in the secondary mortgage market",
          "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 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "183b5fde-1b8b-4122-a7f0-26228513278d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.1,
            "y": 0.0064
          },
          "kind": "list",
          "text": "Provided credit insurance on long-term, fixed-rate mortgages made by approved lenders",
          "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 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "209e6692-626c-4b89-98b4-61247efb011b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.1,
            "y": 0.004900000000000001
          },
          "kind": "list",
          "text": "Converted short-term, variable rate mortgages into long-term, fixed-rate mortgages",
          "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 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3ce8f235-67af-4d46-a4c3-b7a1e59bf099",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.1,
            "y": 0.0040999999999999995
          },
          "kind": "list",
          "text": "Issued government-backed bonds to fund the purchase of defaulted mortgages from financial institutions",
          "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 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "86821af0-e092-4a7b-ab4e-2ac6dbb9fdf4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.1,
            "y": 0.008
          },
          "kind": "list",
          "text": "Purchased FHA-insured loans to provide liquidity for mortgage lenders",
          "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 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c5ef403e-60a9-4daf-b4c1-3c4f110b083e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.0056
          },
          "kind": "list",
          "text": "1934: Enacted National Housing Act, which established the Federal Housing Administration",
          "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": "Timeline item",
              "slug": "timeline-item",
              "status": "active",
              "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "timeline-item",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "686b76de-3a75-4f65-825d-d11485355d65",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.0036
          },
          "kind": "list",
          "text": "1933: Created Home Owners' Loan Corp",
          "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": "Timeline item",
              "slug": "timeline-item",
              "status": "active",
              "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "timeline-item",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6e6349a8-4f0e-46ef-9841-35dfab98b463",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.0075
          },
          "kind": "list",
          "text": "1938: Created Fannie Mae as a government agency",
          "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": "Timeline item",
              "slug": "timeline-item",
              "status": "active",
              "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "timeline-item",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e2b5190d-9d5d-4462-9ff9-8d67dc6ac55d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.0019
          },
          "kind": "paragraph",
          "text": "During the Great Depression, the government undertook a series of mortgage-related initiatives that culminated with the creation of Fannie Mae",
          "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 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7d0d35ec-12bd-4d03-be8d-6df2b2ef25c5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Government's Response to the Great Depression",
          "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 19:59:34.049+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b2a5ae69-e4be-4583-a3bc-bcb5081f8b10",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Situation & Context",
          "beatId": "4013e23c-bcf7-4196-b86e-f1feb0eef919",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Situation & Context",
            "slug": "consultants-gambit-situation-context",
            "status": "active",
            "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides background information on Fannie Mae and Freddie Mac, including their history and evolution.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 8,
      "type": "setup",
      "function": "establish_context",
      "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": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 57,
        "componentCount": 8,
        "textChars": 724,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:34.824+00",
          "seconds": 3.652,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/8",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-8",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019
          },
          "kind": "callout",
          "text": "Fannie and Freddie (collectively, the “GSEs”) have evolved significantly since the creation of Fannie Mae in 1938",
          "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 19:59:34.824+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b5efd95a-385e-4d01-9b01-f5bc26380a12",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.88,
            "x": 0.08,
            "y": 0.0032
          },
          "kind": "list",
          "text": "1948: Fannie allowed to purchase loans insured by the Veterans Administration. Provided liquidity to long-term, low-down-payment mortgages issued to veterans returning from WWII",
          "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": "Timeline item",
              "slug": "timeline-item",
              "status": "active",
              "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "timeline-item",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.824+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0a566b7d-3d03-45ee-98e6-bade1c4b1ab1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.88,
            "x": 0.08,
            "y": 0.0081
          },
          "kind": "list",
          "text": "1971: Freddie issued the first conventional loan MBS",
          "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": "Timeline item",
              "slug": "timeline-item",
              "status": "active",
              "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "timeline-item",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.824+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4e6a3306-bc7b-4f74-a0e4-db3c76a0f5d5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.88,
            "x": 0.08,
            "y": 0.0058
          },
          "kind": "list",
          "text": "1968: Fannie converted into a for-profit, shareholder-owned enterprise. Fannie allowed to buy non-government backed mortgages",
          "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": "Timeline item",
              "slug": "timeline-item",
              "status": "active",
              "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "timeline-item",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.824+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cb57368a-80eb-4169-bbee-f56ce9994def",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.88,
            "x": 0.08,
            "y": 0.007
          },
          "kind": "list",
          "text": "1970: Freddie Mac created to securitize mortgages issued by the savings and loans institutions",
          "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": "Timeline item",
              "slug": "timeline-item",
              "status": "active",
              "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "timeline-item",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.824+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cd60c6d6-5d1d-4095-bc6a-302f57ddfb48",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.88,
            "x": 0.08,
            "y": 0.0088
          },
          "kind": "list",
          "text": "1989: Freddie converted into a for-profit, shareholder-owned enterprise",
          "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": "Timeline item",
              "slug": "timeline-item",
              "status": "active",
              "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "timeline-item",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.824+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d7a4702d-6892-4fd5-8ea7-528c1e5488dd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.88,
            "x": 0.08,
            "y": 0.0050999999999999995
          },
          "kind": "list",
          "text": "1954: Fannie converted into a “public-private, mixed-ownership” company",
          "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": "Timeline item",
              "slug": "timeline-item",
              "status": "active",
              "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "timeline-item",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.824+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f5aea0f9-a207-40da-aaba-00141965a042",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Evolution of the GSEs",
          "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 19:59:34.824+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5ff7481b-0a16-4c12-be0c-0415b576d3d9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "418a9d84-bea1-43d9-8833-e995abac3f2e",
          "evidence": "Chronological list of events",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:59:34.824+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 8,
          "frameworkName": "timeline"
        }
      ],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Situation & Context",
          "beatId": "4013e23c-bcf7-4196-b86e-f1feb0eef919",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Situation & Context",
            "slug": "consultants-gambit-situation-context",
            "status": "active",
            "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides background information on Fannie Mae and Freddie Mac, including their history and evolution.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 9,
      "type": "resolution",
      "title": "The chart highlights the dominance of GSEs in the mortgage market, particularly post-2008.",
      "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": 39,
        "componentCount": 6,
        "textChars": 392,
        "nDataPoints": 45,
        "notes": "The chart highlights the dominance of GSEs in the mortgage market, particularly post-2008.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "area_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:37.531+00",
          "seconds": 6.31,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/9",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-9",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Since the 1980s, Fannie and Freddie have played an increasingly vital role in providing borrowers with access to an ample supply of credit",
          "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 19:59:37.531+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "98d29a2b-1960-472e-8e0a-628a6d5c0821",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.06,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Stacked area chart showing mortgage market composition from 1980 to 2024",
          "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 area chart",
              "slug": "area-stacked",
              "status": "active",
              "canonId": "019de52c-ffb1-75fa-a614-76782f418cf1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "area-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:37.531+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3fd53b33-1aea-4554-a840-8273279e6134",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Outstanding Residential Mortgages: $20,000,000",
          "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 23:43:46+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbe-43304cc9f125",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.04,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "Source: Federal Reserve. Note: GSEs includes Ginnie Mae.",
          "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 19:59:37.531+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d610bcbe-0cac-4abd-88eb-653c43663dff",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.4,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "The Rise of the GSEs",
          "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 19:59:37.531+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b63e0510-300c-4ed1-a03d-c3ad94cf7fa6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.5,
            "x": 0.06,
            "y": 0.31
          },
          "kind": "title",
          "text": "Outstanding Residential Mortgages Since 1980 ($ in Billions)",
          "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": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:37.531+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca77d664-ec47-4146-b3e2-1a52a695c565",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Data Story Arc",
            "slug": "data-story-arc",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a",
            "version": 1,
            "bodyDocId": null,
            "description": "Context → Conflict → Insight → Implication structure for data narratives",
            "familyLabel": null,
            "categoryName": "Loop",
            "categorySlug": "loop"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "de0ee85e-a550-444a-a3dc-aa273528df23",
          "evidence": "Stacked area chart showing mortgage market composition from 1980 to 2024",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:15:56.789607+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 9,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Storytelling: audience calibration",
            "slug": "audience",
            "status": "active",
            "bestFor": null,
            "canonId": "019df269-23ea-723a-87c0-af1d78d702d2",
            "version": 1,
            "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656",
            "description": "The same thesis, written for four different audiences, produces four",
            "familyLabel": "narrative-block",
            "categoryName": "Narrative & Transformation",
            "categorySlug": "narrative-transformation"
          },
          "agent": "storyteller",
          "layer": "slide",
          "agents": [
            "storyteller"
          ],
          "matchId": "e1f2ebfc-af09-413b-8f4a-8e8d53ac7ef8",
          "evidence": "The Rise of the GSEs",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:56.756367+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 9,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 9,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 4,
          "name": "Situation & Context",
          "beatId": "4013e23c-bcf7-4196-b86e-f1feb0eef919",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Situation & Context",
            "slug": "consultants-gambit-situation-context",
            "status": "active",
            "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation provides background information on Fannie Mae and Freddie Mac, including their history and evolution.",
          "position": 0,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Setup",
            "slug": "setup",
            "status": "active",
            "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc",
            "version": 1,
            "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 10,
      "type": "analysis",
      "title": "The chart illustrates the displacement of private-label MBS by GSEs following the 2008 financial crisis.",
      "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": "balanced",
        "densityScore": 37,
        "componentCount": 6,
        "textChars": 341,
        "nDataPoints": 25,
        "notes": "The chart illustrates the displacement of private-label MBS by GSEs following the 2008 financial crisis.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "area_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:38.135+00",
          "seconds": 6.829,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/10",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-10",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Fannie and Freddie’s role has increased significantly since 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 23:43:46+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbe-5510d2bcfc93",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.56,
            "w": 0.91,
            "x": 0.04,
            "y": 0.31
          },
          "kind": "chart",
          "text": "Share of Outstanding Residential Mortgages Held or Guaranteed Since 2000",
          "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 area chart",
              "slug": "area-stacked",
              "status": "active",
              "canonId": "019de52c-ffb1-75fa-a614-76782f418cf1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "area-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:38.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8ee7a2e2-7561-42e0-a6bf-bcbd17f4d65d",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "market share",
          "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 23:43:46+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbe-5856aa6089e6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.22,
            "x": 0.04,
            "y": 0.93
          },
          "kind": "source-note",
          "text": "Source: Inside Mortgage Finance. Note: GSEs includes Ginnie Mae.",
          "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 19:59:38.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "58ef98dc-af1e-4ba0-aebb-647cca4a2d5a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.91,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "title",
          "text": "Fannie and Freddie’s role has increased significantly since the financial crisis",
          "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 19:59:38.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fbb49f41-f453-4261-be72-e3ef8dd44d06",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.67,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "The GSEs' Presence is Vital Today",
          "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 19:59:38.135+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "63bd39de-0b16-404e-b9f2-5dd4d4bc7c9c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Thesis archetype",
            "slug": "thesis-archetype",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb",
            "version": 1,
            "bodyDocId": null,
            "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "24414fee-363d-49aa-9189-c66ce66e8d4d",
          "evidence": "Fannie and Freddie’s role has increased significantly since the financial crisis",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:15:56.853444+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 10,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "optional",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 11,
      "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": 27,
        "componentCount": 5,
        "textChars": 382,
        "nDataPoints": 4,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:34.054+00",
          "seconds": 2.742,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/11",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-11",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00195
          },
          "kind": "callout",
          "text": "Average household net worth consists primarily of equity in the home. This equity, as a proportion of household net worth, increases as household income decreases",
          "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 19:59:34.054+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "63724fa9-c427-41b6-84b2-d01f982e51bf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.7,
            "x": 0.15,
            "y": 0.004
          },
          "kind": "chart",
          "text": "Average Housing Wealth as a % of Household Net Worth By Income Percentile",
          "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 19:59:34.054+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ba64d86b-b52e-47a1-888e-737f61fd926e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Housing wealth as % of net worth: 70%",
          "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 23:43:47+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbe-706a2873efb3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.35,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: 2021 Census Survey of Income and Program Participation.",
          "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 19:59:34.054+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4e98d9f7-ac2b-444a-87d5-2b6ae080fc32",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Housing is a Key Asset for the Average American",
          "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 19:59:34.054+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b95a4b0a-3cb2-41ff-a9aa-e44e023bb9d1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Data Story Arc",
            "slug": "data-story-arc",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-9c30-728e-b974-d3fb123dcf5a",
            "version": 1,
            "bodyDocId": null,
            "description": "Context → Conflict → Insight → Implication structure for data narratives",
            "familyLabel": null,
            "categoryName": "Loop",
            "categorySlug": "loop"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "1f61b825-a206-4fe1-8ac0-a20858b64827",
          "evidence": "Average Housing Wealth as a % of Household Net Worth By Income Percentile",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:15:56.919067+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 11,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 12,
      "type": "setup",
      "title": "The U.S. column is highlighted with a dashed oval to emphasize its outlier status.",
      "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": "balanced",
        "densityScore": 30,
        "componentCount": 5,
        "textChars": 361,
        "nDataPoints": 36,
        "notes": "The U.S. column is highlighted with a dashed oval to emphasize its outlier status.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:35.794+00",
          "seconds": 4.282,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/12",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-12",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "The widespread use of the 30-year fixed-rate mortgage differentiates the U.S. from other large mortgage markets",
          "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 19:59:35.794+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f4b07a99-a9f3-4bc7-ae3b-4fe60e9cafef",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.92,
            "x": 0.04,
            "y": 0.33
          },
          "kind": "chart",
          "text": "Term Length and Interest Rate Type as % of Outstanding Mortgages",
          "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 19:59:35.794+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4e446333-90b3-4a4c-94fe-4a4e782c9d9f",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Long-Term Fixed (>10 years)",
          "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 23:43:48+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbe-8b74b8978845",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.6,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Federal Reserve, European Mortgage Federation Q2 2024 Quarterly Review of European Mortgage Markets.",
          "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 19:59:35.794+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "43c2917c-97a5-4491-94dc-85d4e9302b02",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "U.S. Mortgages are Predominantly 30-Year Fixed-Rate",
          "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 19:59:35.794+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "41a0ce0e-31ed-407c-9f90-54b7cb31eccc",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Comparison frame",
            "slug": "comparison-frame",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
            "version": 1,
            "bodyDocId": null,
            "description": "Two or more states/subjects placed side by side to expose a gap.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "23b563e2-e735-42fe-bf86-f21d63dec7c5",
          "evidence": "Term Length and Interest Rate Type as % of Outstanding Mortgages",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:56.986341+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 12,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "b36767b4-f732-4bba-b734-2bdbe78c6a25",
          "evidence": "Comparing mortgage market structures across countries to highlight U.S. uniqueness.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:59:35.794+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 12,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 13,
      "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": "balanced",
        "densityScore": 42,
        "componentCount": 6,
        "textChars": 780,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:34.248+00",
          "seconds": 2.73,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/13",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-13",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "The 30-year, prepayable, fixed-rate mortgage has a variety of attributes that make it an affordable and borrower-friendly financing option for the average American",
          "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 23:43:49+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbe-b6b2e0460557",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.9,
            "x": 0.05,
            "y": 0.38
          },
          "kind": "list",
          "text": "30-year amortization term: Long-term nature allows for smaller monthly mortgage payments; Removes the refinancing risk inherent in balloon payment loans",
          "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 19:59:34.248+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "37fab626-1a45-452f-b1a9-5cc98b2b3982",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.9,
            "x": 0.05,
            "y": 0.74
          },
          "kind": "list",
          "text": "Prepayment option without penalty: When interest rates decline, borrowers have the ability to refinance at a more attractive rate",
          "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 19:59:34.248+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "66784049-0683-43a7-9e79-6a08e1d65d5d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.9,
            "x": 0.05,
            "y": 0.56
          },
          "kind": "list",
          "text": "Fixed interest rate: Provides certainty of recurring monthly mortgage payments; Protects against rising interest rates",
          "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 19:59:34.248+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c029bd47-7c24-4707-b8ac-fd6c5a729ce4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.9,
            "x": 0.05,
            "y": 0.19
          },
          "kind": "paragraph",
          "text": "The 30-year, prepayable, fixed-rate mortgage has a variety of attributes that make it an affordable and borrower-friendly financing option for the average American",
          "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 19:59:34.248+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "80346d7c-91b6-486a-ac40-5f5efa152b24",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Preserving the 30-Year Fixed-Rate Mortgage is Essential",
          "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 19:59:34.248+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "373b531f-7300-4685-aa55-94c75cf5ea3d",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Problem-Agitate-Solve (PAS)",
            "slug": "problem-agitate-solve-pas",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-869f-7564-8d42-de54ed29ab90",
            "version": 1,
            "bodyDocId": null,
            "description": "Identify problem, agitate the pain, present the solution",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "f92b7727-b0c1-4a22-81e7-e5eb8fbc99dd",
          "evidence": "The 30-year, prepayable, fixed-rate mortgage has a variety of attributes that make it an affordable and borrower-friendly financing option for the average American",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:15:57.051105+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 13,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 14,
      "type": "setup",
      "title": "The U.S. bar is highlighted with a dashed oval to emphasize its outlier status.",
      "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": "balanced",
        "densityScore": 40,
        "componentCount": 6,
        "textChars": 442,
        "nDataPoints": 27,
        "notes": "The U.S. bar is highlighted with a dashed oval to emphasize its outlier status.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:34.552+00",
          "seconds": 2.678,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/14",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-14",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "The large degree of MBS funding differentiates the U.S. from other large mortgage markets",
          "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 19:59:34.552+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "84e5170e-2743-4bce-987d-5f5e2ea41b93",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.9,
            "x": 0.05,
            "y": 0.4
          },
          "kind": "chart",
          "text": "Stacked bar chart showing funding sources (Deposits & Other, Mortgage Bonds, MBS) for 9 countries.",
          "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 (100%)",
              "slug": "bar-stacked-100pct",
              "status": "active",
              "canonId": "019de52c-ff14-71b8-8d88-860f8d7da84b",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "bar-stacked-100pct",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.552+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "27041879-4bcf-4005-af69-e59547be6f80",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "MBS funding",
          "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 23:43:48+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbe-a1011b9508ce",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.9,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: The Urban Institute Housing Finance at a Glance, European Mortgage Federation HYPOSTAT 2024 – A Review of Europe's Mortgage and Housing Markets.",
          "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 19:59:34.552+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a04afe15-d141-4b91-ab10-9471ea23fc99",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "U.S. Mortgages are Predominantly Funded by MBS",
          "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 19:59:34.552+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f724c76f-d0d1-42dc-9580-7908a6873f27",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.4,
            "x": 0.05,
            "y": 0.365
          },
          "kind": "title",
          "text": "Mortgage Funding as % of Outstanding Mortgages",
          "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": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:34.552+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "546fd96e-3412-4dce-a19e-d74bde770c14",
          "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": "af05aabd-3355-49d2-8226-ea20bfcfa02a",
          "evidence": "Mortgage Funding as % of Outstanding Mortgages",
          "pageRefs": null,
          "priority": null,
          "whenToUse": "When relative underperformance is the core argument",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:57.115319+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 14,
          "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
        }
      ],
      "frameworks": [
        {
          "matchId": "7ca02228-9e37-4b59-9aef-9677817d1a59",
          "evidence": "Comparing U.S. mortgage funding structure against European peers.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:34.552+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 14,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 15,
      "type": "setup",
      "function": "establish_context",
      "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": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 40,
        "componentCount": 6,
        "textChars": 714,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list",
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.626+00",
          "seconds": 12.741,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/15",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-15",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "The GSEs were chartered by Congress to support liquidity, stability, and affordability in the secondary mortgage market",
          "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 19:59:44.626+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "93685eed-1dc6-4cb0-80ef-e2b38551f516",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "By creating a highly liquid investment security that is insured against credit risk, the GSEs allow borrowers to access the global capital markets",
          "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 23:43:49+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbe-c6cfbcc95cf9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.85,
            "x": 0.07,
            "y": 0.42
          },
          "kind": "list",
          "text": "Convert long-term, illiquid mortgages into highly-liquid mortgage backed securities (MBS)\nProvide insurance on the credit risk of the underlying mortgages of the MBS\nFacilitate the sale of MBS to the global capital markets",
          "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 19:59:44.626+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3c93c5a2-3fdd-493d-a848-4951a55c6477",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.78
          },
          "kind": "paragraph",
          "text": "By creating a highly liquid investment security that is insured against credit risk, the GSEs allow borrowers to access the global capital markets",
          "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 19:59:44.626+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e099e0cc-44ef-4a80-affb-6c08f67e31a5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "The GSEs' Role in the Marketplace",
          "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 19:59:44.626+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4673310e-a014-41cf-9f1a-b1bc0bd4a7c7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.5,
            "x": 0.07,
            "y": 0.34
          },
          "kind": "title",
          "text": "Fannie and Freddie's role in the mortgage 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": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:44.626+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ab5625f7-2603-4bad-a697-0627ec88ddf0",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Core Message Extraction",
            "slug": "core-message-extraction",
            "status": "active",
            "bestFor": "Any slide that carries an argument or finding. The diagnostic: if the slide has a chart on it, it needs a core message. Run extraction whenever the current title is a topic (Q3 performance, Customer satisfaction) rather than a claim, or when a reader could reasonably draw more than one conclusion from the visible evidence.",
            "canonId": "019dd956-bc71-707d-8867-1b2e810175cf",
            "version": 1,
            "bodyDocId": "f85613cb-4b77-462f-bfe6-3b862516e1a6",
            "description": "The discipline of distilling raw analysis, data, or content into a single declarative sentence — the slide's core message — that the audience would walk away with if they remembered nothing else. Process, not artefact: extraction questions run on the raw content until one sentence falls out.",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Architect",
          "layer": "slide",
          "agents": [
            "Architect"
          ],
          "matchId": "83ef7ebc-3de8-4669-b01f-1692969535e4",
          "evidence": "Convert long-term, illiquid mortgages into highly-liquid mortgage backed securities (MBS)",
          "pageRefs": null,
          "priority": null,
          "whenToUse": "Any slide that carries an argument or finding. The diagnostic: if the slide has a chart on it, it needs a core message. Run extraction whenever the current title is a topic (Q3 performance, Customer satisfaction) rather than a claim, or when a reader could reasonably draw more than one conclusion from the visible evidence.",
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:15:57.185058+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 15,
          "whyItWorks": "Solves the two failure modes of slide writing simultaneously: the topic title (which outsources interpretation to the audience and produces three different conclusions in three different heads) and the multi-thesis stapler (which exceeds working memory and gets remembered as fragments). Aligns with how readers actually consume decks — Heath & Heath's Find the Core, the journalist's nut graf, and Minto's governing thought all converge on the same cognitive economics.",
          "antipattern": "Topic titles disguised as core messages (Customer satisfaction, no verb, no stake); multi-thesis sentences stapled with and; hedged sentences (may show signs of possible softening); chart-caption titles (Revenue fell 4%) that restate what the chart already shows instead of naming the so-what; meta-commentary (this slide explores...) that describes the slide rather than concluding it.",
          "cardinality": null,
          "narrativePurpose": "Forces the slide author to do the interpretive work before the slide ships, so the audience does not have to do it during the meeting. Wins the WYSIATI battle on purpose — the loudest fragment on the page becomes the author's chosen sentence rather than whichever chart label happens to be largest."
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 16,
      "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": "balanced",
        "densityScore": 40,
        "componentCount": 6,
        "textChars": 716,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:40.373+00",
          "seconds": 8.398,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/16",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-16",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Fannie and Freddie facilitate widespread access to the 30-year, prepayable, fixed-rate mortgage at a low cost",
          "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 19:59:40.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a451b8ee-b47f-44c3-b49e-a604d6a5d8eb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.85,
            "x": 0.07,
            "y": 0.35
          },
          "kind": "list",
          "text": "Widespread access to credit: The global capital markets provide a much larger and more stable source of credit than local lending institutions",
          "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 19:59:40.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cc383f3e-97f3-406f-8467-53234a0b4bb2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.85,
            "x": 0.07,
            "y": 0.71
          },
          "kind": "list",
          "text": "Low-cost financing: When interest rates decline, borrowers can refinance, lowering their monthly payments",
          "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 19:59:40.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d4530d22-ca81-4115-8131-26b0c0c6331e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.85,
            "x": 0.07,
            "y": 0.51
          },
          "kind": "list",
          "text": "Long-term, fixed-rate financing: Lenders are willing to originate a high proportion of long-term, fixed-rate mortgages because Fannie and Freddie can convert the mortgages into highly liquid MBS, which the lender can then retain or sell",
          "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 19:59:40.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "eb8aecaa-5648-4215-b7a7-cda227993794",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.07,
            "y": 0.84
          },
          "kind": "paragraph",
          "text": "The high level of liquidity for GSE MBS lowers mortgage interest rates",
          "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 19:59:40.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4690836a-1374-4801-bc54-d5379fcdd0eb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "The GSEs Enable Low-Cost 30-Year Mortgage Availability",
          "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 19:59:40.373+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e6d76d60-a2d1-418f-b07b-d27d5e1bae59",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 17,
      "type": "tension",
      "title": "The slide uses a hub-and-spoke diagram to contrast two business lines, highlighting the risk profile of each.",
      "function": "diagnose_problem",
      "rawType": "problem_statement",
      "block": null,
      "metadata": {
        "slideType": "problem_statement",
        "slideTypeCanon": {
          "name": "Problem statement",
          "slug": "problem_statement",
          "status": "active",
          "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4",
          "version": 1,
          "description": null
        },
        "function": "diagnose_problem",
        "functionCanon": {
          "name": "Diagnose problem",
          "slug": "diagnose_problem",
          "status": "active",
          "canonId": "019de52d-176d-761f-b608-cf52262d2ab2",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 46,
        "componentCount": 6,
        "textChars": 730,
        "nDataPoints": 4,
        "notes": "The slide uses a hub-and-spoke diagram to contrast two business lines, highlighting the risk profile of each.",
        "elementsJson": [
          "headline_text",
          "process_diagram",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:35.387+00",
          "seconds": 2.982,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/17",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-17",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.78
          },
          "kind": "callout",
          "text": "Fannie and Freddie’s failure during the GFC was exacerbated by two initiatives not core to their original charter – the FIA business, and their guarantee of subprime and Alt-A loans",
          "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 19:59:35.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6f03e074-8f83-497a-8da6-facf60419a9d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.9,
            "x": 0.05,
            "y": 0.2
          },
          "kind": "diagram",
          "text": "Fannie and Freddie structure",
          "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": "Hub and spoke",
              "slug": "hub-spoke",
              "status": "active",
              "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "hub-spoke",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:35.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "826a50ef-bb25-40c9-b405-886e37a0d0e4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.43,
            "x": 0.51,
            "y": 0.6
          },
          "kind": "list",
          "text": "Fixed-Income Arbitrage (FIA): Low-quality, high-risk; Did not serve a credible purpose for the mortgage 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 19:59:35.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3c93395f-4dc1-44f4-8a94-43344e0ffe54",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.43,
            "x": 0.06,
            "y": 0.6
          },
          "kind": "list",
          "text": "Guarantees: High-quality, low-risk; Serves a vital purpose for the mortgage 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 19:59:35.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "91331efa-d57d-4b77-ad73-a3c175cd048e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "(1) Fannie and Freddie today hold ~$180 billion of investment assets on balance sheet, a large portion of which is related to warehousing of mortgage loans for future MBS issuances, as well as workouts of non-performing loans in prior MBS issuances.",
          "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 19:59:35.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "33ac49e2-0416-4500-907d-492e5ca8654b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Prior to the Great Financial Crisis, the GSEs Had Two Distinct Lines of Business",
          "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 19:59:35.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e0a02650-9da9-4058-a538-525f351b6dbc",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Problem Statement Canvas",
            "slug": "problem-statement-canvas",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18",
            "version": 1,
            "bodyDocId": null,
            "description": "Structured definition of the problem: What? Who? Where? When? Scale?",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Architect",
          "layer": "slide",
          "agents": [
            "Architect"
          ],
          "matchId": "e15bbf5b-6e01-477d-a695-9d78ed2a750b",
          "evidence": "Fannie and Freddie’s failure during the GFC was exacerbated by two initiatives not core to their original charter – the FIA business, and their guarantee of subprime and Alt-A loans",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:15:57.280938+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "58dcc7a3-0b92-4e46-af99-433d599d7e1a",
          "evidence": "The diagram shows a central entity (Fannie and Freddie) branching into two distinct business lines.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:35.387+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 17,
          "frameworkName": "hub-spoke"
        }
      ],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 18,
      "type": "setup",
      "title": "The slide uses a hub-and-spoke diagram to contrast the two business lines.",
      "function": "frame_situation",
      "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": "frame_situation",
        "functionCanon": {
          "name": "Frame situation",
          "slug": "frame_situation",
          "status": "active",
          "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 33,
        "componentCount": 5,
        "textChars": 586,
        "nDataPoints": 4,
        "notes": "The slide uses a hub-and-spoke diagram to contrast the two business lines.",
        "elementsJson": [
          "headline_text",
          "process_diagram",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:35.73+00",
          "seconds": 3.252,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/18",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-18",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.05,
            "y": 0.22
          },
          "kind": "diagram",
          "text": "Fannie and Freddie branching into Guarantees and Fixed-Income Arbitrage",
          "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": "Hub and spoke",
              "slug": "hub-spoke",
              "status": "active",
              "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "hub-spoke",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:35.73+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "daf78d79-9033-4599-9fa4-ca7f555cc355",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.4,
            "x": 0.52,
            "y": 0.47
          },
          "kind": "list",
          "text": "Fixed-Income Arbitrage: Low-quality, high-risk; Did not serve a credible purpose for the mortgage 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 19:59:35.73+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "795ad8ac-2ef3-4d7e-b1aa-81fdb43fd8dc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.4,
            "x": 0.06,
            "y": 0.47
          },
          "kind": "list",
          "text": "Guarantees: High-quality, low-risk; Serves a vital purpose for the mortgage 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 19:59:35.73+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ecfba293-d913-4248-8ff9-2d2be94250df",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.93
          },
          "kind": "source-note",
          "text": "(1) Fannie and Freddie today hold ~$180 billion of investment assets on balance sheet, a large portion of which is related to warehousing of mortgage loans for future MBS issuances, as well as workouts of non-performing loans in prior MBS issuances.",
          "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 19:59:35.73+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fb7b3e24-8a0d-4957-bd2e-d324973d2bad",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.9,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Prior to the Great Financial Crisis, the GSEs Had Two Distinct Lines of Business",
          "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 19:59:35.73+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "53e30a43-8c28-4ac3-b065-0e8789d47f96",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "62cb7ded-9338-46f5-86af-17ed8ff49284",
          "evidence": "Contrasting two business lines with distinct risk profiles and purposes.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:35.73+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 18,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 19,
      "type": "setup",
      "function": "establish_context",
      "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": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 30,
        "componentCount": 4,
        "textChars": 701,
        "nDataPoints": 1,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:34.907+00",
          "seconds": 2.41,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/19",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-19",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019
          },
          "kind": "callout",
          "text": "The GSEs guarantee the timely payment of interest and principal on a ~$7.6 trillion portfolio of mortgage-backed securities",
          "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 19:59:34.907+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "881f042e-379a-4b69-9543-4c02b48edfe3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.85,
            "x": 0.04,
            "y": 0.0031
          },
          "kind": "list",
          "text": "Inherently simple insurance business model\nInsure mortgage-backed securities (\"MBS\") in exchange for premiums called guarantee fees (\"g-fees\")\nPayment is received upfront in exchange for the promise to pay potential losses incurred in the future\nLeveraged to positive long-term trends in the housing markets\nEnormous scale allows the GSEs to be the low-cost provider\nAsset-light, high-return-on-equity business model\nDoes not rely on funding from the capital markets\nDoes not require the use of derivatives",
          "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 19:59:34.907+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7e1d7175-74a2-4fb0-99e1-cd8cb826c5bc",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "portfolio size: $7.6 trillion",
          "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 23:43:50+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-10ee2a2cce86",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Core Guarantee Business Model: High-Quality",
          "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 19:59:34.907+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9cb500e9-93b1-4d2f-8b6a-be72fc825e41",
          "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": "585c8e3b-04ad-4463-93f0-aa7cc51775e0",
          "evidence": "The GSEs guarantee the timely payment of interest and principal on a ~$7.6 trillion portfolio of mortgage-backed securities",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:15:57.384282+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 19,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 20,
      "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": "dense",
        "densityScore": 57,
        "componentCount": 8,
        "textChars": 720,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:36.106+00",
          "seconds": 3.387,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/20",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-20",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00188
          },
          "kind": "callout",
          "text": "Guaranteeing the monthly payment of interest and principal on a 30-year, fixed-rate, prepayable mortgage is a low-risk business",
          "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 19:59:36.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3018df87-dde1-43e7-8923-858cac315513",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.88,
            "x": 0.08,
            "y": 0.00545
          },
          "kind": "list",
          "text": "Geographically diverse portfolio mitigates the impact of regional economic fluctuations",
          "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 19:59:36.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0b34a8c2-f7b8-4e8b-be8c-aec035262011",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.88,
            "x": 0.08,
            "y": 0.00835
          },
          "kind": "list",
          "text": "Borrower’s equity decreases the likelihood of a default",
          "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 19:59:36.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1437342c-7c7d-4b47-93c0-6963a6b0b65e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.88,
            "x": 0.08,
            "y": 0.00725
          },
          "kind": "list",
          "text": "A borrower’s equity in their home mitigates loss severity by serving as first-loss protection for credit guarantee",
          "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 19:59:36.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "23be6835-36c5-4575-a16a-5ac7603fff54",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.88,
            "x": 0.08,
            "y": 0.00325
          },
          "kind": "list",
          "text": "Low liquidity risk because defaults do not immediately accelerate payments to MBS holders – the GSEs can pay scheduled interest and principal for up to two years before repurchasing delinquent loans",
          "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 19:59:36.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "289ca0a2-3ac1-44ab-9729-337c9560a999",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.88,
            "x": 0.08,
            "y": 0.00475
          },
          "kind": "list",
          "text": "Large number of loans in portfolio limits concentration risk",
          "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 19:59:36.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9dd3c09a-064e-44c5-9ab8-6337fcbc0be7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.88,
            "x": 0.08,
            "y": 0.006549999999999999
          },
          "kind": "list",
          "text": "A nationwide housing downturn is rare",
          "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 19:59:36.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ecb91bbd-28de-43c3-a124-6a5f2da3ee12",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Single-Family Guarantee Business: Low-Risk",
          "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 19:59:36.106+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "910e4cb3-6770-4695-a4a7-8151743862bc",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Logical chain",
            "slug": "logical-chain",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-5104-702f-8953-85757af6553d",
            "version": 1,
            "bodyDocId": null,
            "description": "If-then, premise-conclusion, deductive chain.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "01b1809e-459b-4efc-8e82-adb308fbfcc1",
          "evidence": "Low liquidity risk because defaults do not immediately accelerate payments to MBS holders – the GSEs can pay scheduled interest and principal for up to two years before repurchasing delinquent loans",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.6,
          "extraction": {
            "at": "2026-07-16 23:15:57.448431+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 20,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 21,
      "type": "setup",
      "title": "Uses a stacked bar chart to illustrate capital structure seniority.",
      "function": "preempt_rebuttal",
      "rawType": "preempt_rebuttal",
      "block": null,
      "metadata": {
        "slideType": "preempt_rebuttal",
        "slideTypeCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-1225-7368-af32-6381fddabdb3",
          "version": 1,
          "description": null
        },
        "function": "preempt_rebuttal",
        "functionCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 40,
        "componentCount": 6,
        "textChars": 576,
        "nDataPoints": 3,
        "notes": "Uses a stacked bar chart to illustrate capital structure seniority.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:35.912+00",
          "seconds": 3.124,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/21",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-21",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.83
          },
          "kind": "callout",
          "text": "As home values increase over time and mortgages amortize, the borrower's equity increases and the GSEs' credit guarantee become even lower risk",
          "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 19:59:35.912+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c0f70043-bad6-4545-8f57-3a9b3a711758",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "callout",
          "text": "The GSEs' credit guarantee is structurally senior to a borrower's equity in their home",
          "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 19:59:35.912+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e82c8022-64de-4496-a89f-1c866b9e723e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "If the mortgage defaults, home prices would need to decline by more than 20% for the mortgage guarantor to suffer a loss",
          "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 23:43:51+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-3094359d6d3d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.5,
            "x": 0.25,
            "y": 0.33
          },
          "kind": "chart",
          "text": "Illustrative Example of GSE Guarantee on 80% LTV Mortgage",
          "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 19:59:35.912+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bb9e2cc4-8c36-415b-bc72-5ee024a9ed95",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.22,
            "x": 0.72,
            "y": 0.575
          },
          "kind": "paragraph",
          "text": "If the mortgage defaults, home prices would need to decline by more than 20% for the mortgage guarantor to suffer a loss",
          "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 19:59:35.912+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "34b606bc-f801-46e5-9ad8-f9907699e133",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Single-Family Guarantee Business: Low-Risk (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 19:59:35.912+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5719c6e6-e42c-4c6a-bab3-98ffbd24d76f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "e8a7101a-a09f-4773-99b3-1b2e6f4ee670",
          "evidence": "The borrower's equity increases and the GSEs' credit guarantee become even lower risk",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:57.352572+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": [
        {
          "matchId": "f8fcd340-7387-446e-8d29-cb96e80c1f7c",
          "evidence": "Illustrates seniority of credit guarantee over equity",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:59:35.912+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 21,
          "frameworkName": "capital-allocation-framework"
        }
      ],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 22,
      "type": "resolution",
      "title": "Dual-axis charts showing LTV (bars) and FICO (lines) for both GSEs.",
      "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": 35,
        "componentCount": 6,
        "textChars": 278,
        "nDataPoints": 20,
        "notes": "Dual-axis charts showing LTV (bars) and FICO (lines) for both GSEs.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_vertical",
          "line_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:35.51+00",
          "seconds": 2.555,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/22",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-22",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Fannie and Freddie guarantee the low-risk mortgages of middle-class borrowers with excellent credit",
          "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 19:59:35.51+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "072cd21a-f268-472c-8e7a-be58ce630936",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.58,
            "w": 0.42,
            "x": 0.52,
            "y": 0.32
          },
          "kind": "chart",
          "text": "Freddie Single-Family Acquisitions",
          "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 19:59:35.51+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1a82c150-3dcc-4c6f-a922-049e6a08dd50",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.58,
            "w": 0.42,
            "x": 0.08,
            "y": 0.32
          },
          "kind": "chart",
          "text": "Fannie Single-Family Acquisitions",
          "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 19:59:35.51+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b8d0bb81-c2fa-46a9-a3cb-35982b33f28e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Weighted Avg. Loan-to-Value Ratio: 78%",
          "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 23:43:51+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-49568d3eb028",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.15,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings.",
          "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 19:59:35.51+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "36a28e3a-eae7-41f9-af83-e68b06fa2db3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Single-Family Guarantee Business: Low-Risk (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 19:59:35.51+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "047b4dc6-641e-4e3e-ad5d-72ae0c42d4b1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 23,
      "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": "balanced",
        "densityScore": 32,
        "componentCount": 4,
        "textChars": 907,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:39.204+00",
          "seconds": 5.848,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/23",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-23",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0079
          },
          "kind": "callout",
          "text": "Guarantees issued during an economic downturn have a lower probability of default, a longer time period to default, lower severity upon default, and greater persistency, which increases the overall quality of the guarantee portfolio and de-risks the business model",
          "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 19:59:39.204+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a7f8e116-ae6b-4643-aa78-8f75cca3df33",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.87,
            "x": 0.09,
            "y": 0.0039
          },
          "kind": "list",
          "text": "Economic downturns usually result in a decline in housing prices and a decrease in interest rates\nLower housing prices result in reduced loan-to-replacement cost ratios\nLower interest rates result in a lower mortgage payment burden\nLower initial interest rates decrease the probability of future prepayments",
          "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 19:59:39.204+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a1c83948-9a90-4b12-bc1c-81e0c33b0ea7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019
          },
          "kind": "paragraph",
          "text": "As dominant participants in the market, the GSEs have historically retained access to capital as other participants have been forced to exit. This has allowed them to significantly expand their market share in economic downturns, when mortgage underwriting conditions are most favorable",
          "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 19:59:39.204+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b02bd2b9-f235-4376-8164-4ae38669d689",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Single-Family Guarantee Business: Low-Risk (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 19:59:39.204+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "48f6db43-f3a7-480f-ad89-487c82be39b4",
          "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": "ca25cdf1-0229-456a-835f-dedf28da72ab",
          "evidence": "list/bullet: Economic downturns usually result in a decline in housing prices and a decrease in interest rates",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:15:57.464696+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 23,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "8c74458f-ac47-4a44-834b-d9b441e78c36",
          "evidence": "The slide maps the causal relationship between economic downturns, market conditions, and portfolio risk reduction.",
          "framework": null,
          "confidence": 0.85,
          "extraction": {
            "at": "2026-05-02 19:59:39.204+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 23,
          "frameworkName": "causal-chain"
        }
      ],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 24,
      "type": "setup",
      "title": "Slide 23 of the deck.",
      "function": "establish_context",
      "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": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 64,
        "componentCount": 7,
        "textChars": 1174,
        "nDataPoints": 2,
        "notes": "Slide 23 of the deck.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:36.513+00",
          "seconds": 2.975,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/24",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-24",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "The GSEs play an important role in the multifamily market, guaranteeing 38% of multifamily mortgage debt outstanding in the United States",
          "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 19:59:36.513+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "64b60d38-4bea-43ce-8b17-203deffa6613",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "The 2008 financial crisis demonstrated the resilience and attractiveness of the GSEs’ multifamily guarantee business, which produced de minimis losses. We assume this business continues operating in its current form going forward",
          "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 23:43:51+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-73e6c2957eac",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.88,
            "x": 0.08,
            "y": 0.3
          },
          "kind": "list",
          "text": "Provides mortgage market liquidity for properties with five or more residential units. The GSEs purchase multifamily loans and securitize them into MBS that they then guarantee and sell, akin to what they do in the single-family business.",
          "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 19:59:36.513+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4f40a17a-e9da-452f-869b-88cd8bd8c8ba",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.88,
            "x": 0.08,
            "y": 0.49
          },
          "kind": "list",
          "text": "Multifamily differs from Single-Family in several ways: Loans collateralized by apartment buildings; Borrowers are investment professionals; Typical loan has a term of 5 to 15 years with prepayment penalties; Can be more resilient in a recession.",
          "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 19:59:36.513+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6bf67edb-0862-4080-87f1-59a7cf30f1b1",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "market share: 38%",
          "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 23:43:51+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-77603bd7528c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.92,
            "x": 0.04,
            "y": 0.81
          },
          "kind": "paragraph",
          "text": "The 2008 financial crisis demonstrated the resilience and attractiveness of the GSEs' multifamily guarantee business, which produced de minimis losses. We assume this business continues operating in its current form going forward",
          "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 19:59:36.513+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b2790deb-64e3-4962-b184-31b90965e07e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.8,
            "x": 0.04,
            "y": 0.05
          },
          "kind": "title",
          "text": "Fannie and Freddie's Multifamily Guarantee Business: High-Quality and Low-Risk",
          "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 19:59:36.513+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "82e29456-1539-4640-ac74-ec0e66452d33",
          "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": "96c183a9-8446-4e96-a508-befd8d8c1cf2",
          "evidence": "The 2008 financial crisis demonstrated the resilience and attractiveness of the GSEs' multifamily guarantee business",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-16 23:15:57.542239+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 24,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 25,
      "type": "analysis",
      "title": "The chart uses a grouped bar format to compare two entities over time.",
      "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": 54,
        "componentCount": 7,
        "textChars": 580,
        "nDataPoints": 68,
        "notes": "The chart uses a grouped bar format to compare two entities over time.",
        "elementsJson": [
          "headline_text",
          "subtitle_text",
          "callout_box",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:36.191+00",
          "seconds": 2.52,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/25",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-25",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Fannie and Freddie’s g-fees have averaged approximately 30bps since 1990, but have risen steadily since 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": 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 19:59:36.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "130bb23c-7670-4b1a-a4ab-65f1ff254a22",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "Fannie and Freddie's g-fees have averaged approximately 30bps since 1990, but have risen steadily since 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 23:43:51+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-852a10a6e9a4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.52,
            "w": 0.92,
            "x": 0.04,
            "y": 0.34
          },
          "kind": "chart",
          "text": "Average G-fee on Single-Family Guarantee Portfolio from 1990 to 2023 (bps)",
          "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 19:59:36.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "87e6aacd-4151-48f6-820c-4ad051fdf71e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.93
          },
          "kind": "disclaimer",
          "text": "Source: Company filings and Pershing Square estimates. Note: Based on single-family guarantees for Fannie Mae and Freddie Mac.",
          "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 19:59:36.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a81c7ff7-38a1-481d-8aa0-ba8de615fb49",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.38,
            "y": 0.85
          },
          "kind": "legend",
          "text": "Fannie Mae / Freddie Mac",
          "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 19:59:36.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3e5ac747-6ac2-4970-a7b9-ca00954cd96e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Guarantee Fee (bps): 30bps",
          "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 23:43:51+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-8b0b82479294",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.05
          },
          "kind": "title",
          "text": "Single-Family Guarantee Business: Low Guarantee Fees Prior to the Financial Crisis",
          "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 19:59:36.191+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "800a86c9-ece3-43a7-9f95-23d66e195acb",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chart Selection Guide",
            "slug": "chart-selection-guide",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
            "version": 1,
            "bodyDocId": null,
            "description": "Choosing the right chart type for your data and message",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "3bfd81a7-79d6-456b-99d0-2a0ab48f999c",
          "evidence": "chart/bar-grouped: Average G-fee on Single-Family Guarantee Portfolio from 1990 to 2023 (bps)",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:57.619461+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": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 26,
      "type": "evidence",
      "function": "diagnose_problem",
      "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": "diagnose_problem",
        "functionCanon": {
          "name": "Diagnose problem",
          "slug": "diagnose_problem",
          "status": "active",
          "canonId": "019de52d-176d-761f-b608-cf52262d2ab2",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 50,
        "componentCount": 7,
        "textChars": 428,
        "nDataPoints": 68,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:36.717+00",
          "seconds": 2.934,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/26",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-26",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "The GSEs generated consistent profits and high ROEs at historical g-fee levels because of limited credit losses and limited capital",
          "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 19:59:36.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "49ce87a3-f771-421d-aa37-78fd49be8d79",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.85,
            "x": 0.08,
            "y": 0.38
          },
          "kind": "chart",
          "text": "Grouped bar chart showing Fannie Mae and Freddie Mac credit losses from 1990-2023",
          "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 19:59:36.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "10fa1b1e-9836-44d9-bb97-da6532bbe42c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.25,
            "x": 0.38,
            "y": 0.87
          },
          "kind": "legend",
          "text": "Fannie Mae   Freddie Mac",
          "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 19:59:36.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9c00ca2f-4b20-4fe0-bb68-365728e4c7c2",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Credit Losses (bps)",
          "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 23:43:52+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-a7658bf002a6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.06,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square 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 19:59:36.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "152e6081-7013-4a60-b9ad-69a4fbad5930",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Limited Credit Losses Outside of the Financial Crisis",
          "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 19:59:36.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "532e30ad-f2e3-43b3-96c8-35524440d575",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.5,
            "x": 0.08,
            "y": 0.34
          },
          "kind": "title",
          "text": "Credit Losses for Single-Family Guarantees from 1990 to 2023 (bps)",
          "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": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:36.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0e976675-2667-4f23-89b7-6afc83604d3b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before/after framing",
            "slug": "before-after-framing",
            "status": "active",
            "bestFor": "For turnaround / reform proposals",
            "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67",
            "version": 1,
            "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488",
            "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "d9f33d4e-67e7-492e-b279-b97a00a9eec9",
          "evidence": "The GSEs generated consistent profits and high ROEs at historical g-fee levels because of limited credit losses and limited capital",
          "pageRefs": null,
          "priority": null,
          "whenToUse": "For turnaround / reform proposals",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:57.701743+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 26,
          "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n  becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n  it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n  have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n  (emotional delta between two futures).",
          "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": "5f2cc817-c45d-48c8-b254-40008bd412d2",
          "evidence": "chart/bar-grouped: Grouped bar chart showing Fannie Mae and Freddie Mac credit losses from 1990-2023",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:57.739826+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": [],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 29,
          "from": 26,
          "loop": {
            "name": "03_aha_moment",
            "slug": "03-aha-moment",
            "status": "active",
            "bestFor": "Data-heavy sections, research findings, analytical arguments",
            "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Problem/Question -> What the Data Shows -> The Insight",
            "description": "Establish a tension, present data, then deliver the insight that changes everything",
            "familyLabel": null
          },
          "matchId": "3cac45c5-b1ae-4b9e-98d3-a08a800452d1",
          "evidence": "The presentation uses data and charts to illustrate the GSEs' guarantee business model and its performance.",
          "position": 0,
          "objective": "Highlighting the GSEs' guarantee business model and its low-risk profile",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:16.148164+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 27,
      "type": "evidence",
      "title": "The chart uses a broken axis (indicated by the tilde symbol) to accommodate the extreme negative values in 2009.",
      "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": 49,
        "componentCount": 6,
        "textChars": 719,
        "nDataPoints": 32,
        "notes": "The chart uses a broken axis (indicated by the tilde symbol) to accommodate the extreme negative values in 2009.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:41.782+00",
          "seconds": 7.566,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/27",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-27",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.9,
            "x": 0.05,
            "y": 0.19
          },
          "kind": "callout",
          "text": "The GSEs' guarantee business experienced extraordinary losses during the financial crisis, but returned to profitability in 2013",
          "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 19:59:41.782+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "154b94cd-1d05-4296-b3be-35c10bb11281",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "The GSEs’ guarantee business experienced extraordinary losses during the financial crisis, but returned to profitability in 2013",
          "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 23:43:52+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-b813ce808257",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.85,
            "x": 0.08,
            "y": 0.31
          },
          "kind": "chart",
          "text": "Pre-Tax Income for Single-Family Guarantee Segment ($ in Billions)",
          "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 19:59:41.782+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "103408d8-de55-404a-88a5-8301edbfaf44",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Pre-Tax Income: $19bn",
          "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 23:43:52+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-be93b46f4d42",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.092
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. Note: Freddie Mac did not disclose a separate guarantee segment prior to 2005. Data only shown through 2015 as Fannie Mae began consolidating the former Capital Markets Group segment into the Single-Family and Multifamily segments in 2016, while Freddie Mac began doing so in 2021.",
          "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 19:59:41.782+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fd384142-1b5e-43cc-a8f6-7bc0f5dc44cc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.5,
            "x": 0.05,
            "y": 0.09
          },
          "kind": "title",
          "text": "Large Losses During the Financial Crisis",
          "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 19:59:41.782+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a4b6c3da-7025-428e-be01-6d5cccadb154",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before/after framing",
            "slug": "before-after-framing",
            "status": "active",
            "bestFor": "For turnaround / reform proposals",
            "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67",
            "version": 1,
            "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488",
            "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "b04b8f96-ad7e-4c1f-a11e-8f9f852ddaa2",
          "evidence": "The GSEs' guarantee business experienced extraordinary losses during the financial crisis, but returned to profitability in 2013",
          "pageRefs": null,
          "priority": null,
          "whenToUse": "For turnaround / reform proposals",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:57.818634+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 27,
          "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n  becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n  it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n  have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n  (emotional delta between two futures).",
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 29,
          "from": 26,
          "loop": {
            "name": "03_aha_moment",
            "slug": "03-aha-moment",
            "status": "active",
            "bestFor": "Data-heavy sections, research findings, analytical arguments",
            "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Problem/Question -> What the Data Shows -> The Insight",
            "description": "Establish a tension, present data, then deliver the insight that changes everything",
            "familyLabel": null
          },
          "matchId": "3cac45c5-b1ae-4b9e-98d3-a08a800452d1",
          "evidence": "The presentation uses data and charts to illustrate the GSEs' guarantee business model and its performance.",
          "position": 0,
          "objective": "Highlighting the GSEs' guarantee business model and its low-risk profile",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:16.148164+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 28,
      "type": "tension",
      "title": "The slide uses a split-bar chart to contrast massive losses against a small capital requirement.",
      "function": "expose_contradiction",
      "rawType": "expose_contradiction",
      "block": null,
      "metadata": {
        "slideType": "expose_contradiction",
        "slideTypeCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df",
          "version": 1,
          "description": null
        },
        "function": "expose_contradiction",
        "functionCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-171f-776f-887c-73edaff4cf9c",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 38,
        "componentCount": 5,
        "textChars": 731,
        "nDataPoints": 3,
        "notes": "The slide uses a split-bar chart to contrast massive losses against a small capital requirement.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "subtitle_text",
          "bar_chart_stacked",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:41.047+00",
          "seconds": 6.664,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/28",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-28",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.11,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "The losses in the GSEs' guarantee business during the financial crisis, when including $92bn of provisions, i.e. the accounting reserves for expected losses, significantly exceeded their minimum capital requirements",
          "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 19:59:41.047+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a6bb988c-9ff3-4968-b0f6-9e6af808079c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.42,
            "w": 0.75,
            "x": 0.12,
            "y": 0.43
          },
          "kind": "chart",
          "text": "Cumulative Losses (Including Provisions) 2007-2011 vs Minimum Capital Requirement",
          "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 19:59:41.047+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a38bf588-913d-4d7f-bd78-67973040aa05",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "cumulative losses: $(138) bn",
          "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 23:43:53+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-1ccc7fdf8c40",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. Note: Fully-taxed net income based on a 35% tax rate to remove the initial negative impact of the DTA valuation allowance and the subsequent positive impact of its reversal. Minimum capital requirement based on 45bps of average single-family guarantee portfolio during the period 2007 to 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 19:59:41.047+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4c940816-7866-413e-ac5c-61adf9dd8086",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.75,
            "x": 0.04,
            "y": 0.05
          },
          "kind": "title",
          "text": "Losses Including Provisions Exceeded Minimum Capital Levels",
          "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 19:59:41.047+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0e4958f3-e690-4534-9477-051f0f18526f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "13468780-aad6-49be-a405-2bbdaedb7fab",
          "evidence": "Direct visual comparison of losses vs capital requirements",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:41.047+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 28,
          "frameworkName": "comparison-frame"
        }
      ],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 29,
          "from": 26,
          "loop": {
            "name": "03_aha_moment",
            "slug": "03-aha-moment",
            "status": "active",
            "bestFor": "Data-heavy sections, research findings, analytical arguments",
            "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Problem/Question -> What the Data Shows -> The Insight",
            "description": "Establish a tension, present data, then deliver the insight that changes everything",
            "familyLabel": null
          },
          "matchId": "3cac45c5-b1ae-4b9e-98d3-a08a800452d1",
          "evidence": "The presentation uses data and charts to illustrate the GSEs' guarantee business model and its performance.",
          "position": 0,
          "objective": "Highlighting the GSEs' guarantee business model and its low-risk profile",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:16.148164+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 29,
      "type": "setup",
      "title": "The slide uses a waterfall-style bridge to contrast actual losses with capital requirements.",
      "function": "preempt_rebuttal",
      "rawType": "preempt_rebuttal",
      "block": null,
      "metadata": {
        "slideType": "preempt_rebuttal",
        "slideTypeCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-1225-7368-af32-6381fddabdb3",
          "version": 1,
          "description": null
        },
        "function": "preempt_rebuttal",
        "functionCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 40,
        "componentCount": 6,
        "textChars": 590,
        "nDataPoints": 2,
        "notes": "The slide uses a waterfall-style bridge to contrast actual losses with capital requirements.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:39.717+00",
          "seconds": 5.186,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/29",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-29",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.15
          },
          "kind": "callout",
          "text": "The GSEs' losses during the financial crisis were much lower when calculated based on their actual credit losses, rather than provisions",
          "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 19:59:39.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5022ea64-41b1-48d7-aefc-47fd103170ef",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "The GSEs’ losses during the financial crisis were much lower when calculated based on their actual credit losses, rather than provisions",
          "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 23:43:53+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-e8de54566401",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.7,
            "x": 0.15,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Cumulative Losses (Including Credit Losses) 2007-2011 vs Minimum Capital Requirement",
          "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 19:59:39.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "84156b49-21c9-4325-81f5-567426289893",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Cumulative Losses: $(46) bn",
          "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 23:43:53+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-ed424f771859",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.88
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. Note: Fully-taxed net income based on actual credit losses rather than provision 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 19:59:39.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1fbb73e2-460d-4ce3-a9e7-321d6ffb5d3f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Actual Credit Losses Were Lower Excluding Accounting Charges",
          "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 19:59:39.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "10cb92e2-5e54-4295-868e-9979b03fbe63",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "e7f00cb2-f661-41f2-a1f0-67bf5ddde705",
          "evidence": "The slide explicitly counters the narrative of high losses by adjusting accounting metrics.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:39.717+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 29,
          "frameworkName": "preempt_rebuttal"
        }
      ],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [
        {
          "to": 29,
          "from": 26,
          "loop": {
            "name": "03_aha_moment",
            "slug": "03-aha-moment",
            "status": "active",
            "bestFor": "Data-heavy sections, research findings, analytical arguments",
            "canonId": "019dd956-66f4-7668-ab25-cec9c996c0bc",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Problem/Question -> What the Data Shows -> The Insight",
            "description": "Establish a tension, present data, then deliver the insight that changes everything",
            "familyLabel": null
          },
          "matchId": "3cac45c5-b1ae-4b9e-98d3-a08a800452d1",
          "evidence": "The presentation uses data and charts to illustrate the GSEs' guarantee business model and its performance.",
          "position": 0,
          "objective": "Highlighting the GSEs' guarantee business model and its low-risk profile",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:16.148164+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 30,
      "type": "tension",
      "title": "The slide uses a contrast between portfolio share and loss share to argue against the GSEs' past risk management.",
      "function": "expose_contradiction",
      "rawType": "expose_contradiction",
      "block": null,
      "metadata": {
        "slideType": "expose_contradiction",
        "slideTypeCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df",
          "version": 1,
          "description": null
        },
        "function": "expose_contradiction",
        "functionCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-171f-776f-887c-73edaff4cf9c",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 59,
        "componentCount": 7,
        "textChars": 806,
        "nDataPoints": 10,
        "notes": "The slide uses a contrast between portfolio share and loss share to argue against the GSEs' past risk management.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:38.117+00",
          "seconds": 3.579,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/30",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-30",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.84
          },
          "kind": "callout",
          "text": "The GSEs should never have guaranteed subprime and Alt-A loans, which are much riskier than conventional 30-year, fixed-rate, prepayable mortgages",
          "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 19:59:38.117+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "504bfa56-2e91-463b-bf51-3916a794344d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.11,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "A large portion of the credit losses in the GSEs' guarantee business during the financial crisis resulted from the small portion of subprime and Alt-A loans in their portfolios, which they no longer guarantee",
          "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 19:59:38.117+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d0f2601a-f12d-4220-a42a-32cc58bc5748",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "A large portion of the credit losses in the GSEs’ guarantee business during the financial crisis resulted from the small portion of subprime and Alt-A loans in their portfolios, which they no longer guarantee",
          "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 23:43:53+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-d0df91168184",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.7,
            "x": 0.15,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Fannie Mae Subprime & Alt-A Loans as % of Single-Family Guarantees and Credit Losses",
          "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 19:59:38.117+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "57bb5f62-721a-4a7f-99ac-81d5ecb1aa15",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "credit losses: 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 23:43:53+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adbf-d44b6c661c02",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.5,
            "x": 0.04,
            "y": 0.93
          },
          "kind": "source-note",
          "text": "Source: Company filings. Note: Fannie Mae used as an illustration, but Freddie Mac followed a similar trend.",
          "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 19:59:38.117+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "affb42d9-103d-4b7e-b196-123f68359fcf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Losses from Subprime & Alt-A Loans",
          "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 19:59:38.117+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8be1b24f-106c-44f9-9602-de2b91db34ae",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "b7cb0913-6c10-4eca-81e1-e78a3487f4b9",
          "evidence": "Comparing small portfolio share to large loss share to highlight risk.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:38.117+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 30,
          "frameworkName": "contrast-principle"
        }
      ],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 31,
      "type": "analysis",
      "title": "The chart compares a $20bn capital requirement against a $(27)bn loss, suggesting near-sufficiency.",
      "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": 45,
        "componentCount": 6,
        "textChars": 731,
        "nDataPoints": 2,
        "notes": "The chart compares a $20bn capital requirement against a $(27)bn loss, suggesting near-sufficiency.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_vertical",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:36.923+00",
          "seconds": 2.381,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/31",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-31",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.9,
            "x": 0.05,
            "y": 0.19
          },
          "kind": "callout",
          "text": "We estimate that the GSEs' minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans",
          "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 19:59:36.923+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "352a71d5-781a-4c1b-907d-127fa060d0cb",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "We estimate that the GSEs’ minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans",
          "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 23:43:53+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-00636023f1a1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.7,
            "x": 0.15,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Fully-Taxed Net Income for Single-Family Guarantee Segment ($ in Billions)",
          "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 19:59:36.923+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "43c0233a-d204-44f2-9878-73cb28df7509",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Cumulative Losses: $(27) bn",
          "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 23:43:53+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-041d1701614d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.865
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. Note: Fully-taxed net income based on credit losses, excluding the elevated credit losses in the subprime and Alt-A loans...",
          "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 19:59:36.923+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "036e23d9-f5ea-466f-93d4-6fdad66ce8a8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Minimum Capital Nearly Enough for Core Portfolio Losses",
          "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 19:59:36.923+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9e51aa2f-43b9-49af-8fec-e125de47e57c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Comparison frame",
            "slug": "comparison-frame",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
            "version": 1,
            "bodyDocId": null,
            "description": "Two or more states/subjects placed side by side to expose a gap.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "90835b83-3216-424b-862a-0bf734a08490",
          "evidence": "We estimate that the GSEs' minimum capital levels were nearly sufficient to withstand their actual losses during the financial crisis, excluding the large credit losses from subprime and Alt-A loans",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:58.015897+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": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 32,
      "type": "tension",
      "title": "Uses a hierarchical diagram to contrast two business units.",
      "function": "frame_situation",
      "rawType": "problem_statement",
      "block": null,
      "metadata": {
        "slideType": "problem_statement",
        "slideTypeCanon": {
          "name": "Problem statement",
          "slug": "problem_statement",
          "status": "active",
          "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4",
          "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": "balanced",
        "densityScore": 33,
        "componentCount": 5,
        "textChars": 562,
        "nDataPoints": 4,
        "notes": "Uses a hierarchical diagram to contrast two business units.",
        "elementsJson": [
          "headline_text",
          "process_diagram",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:38.418+00",
          "seconds": 3.794,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/32",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-32",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.05,
            "y": 0.22
          },
          "kind": "diagram",
          "text": "Fannie and Freddie hierarchy",
          "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": "Org chart",
              "slug": "org-chart",
              "status": "active",
              "canonId": "019de52d-04b3-709a-9328-bbcb1643bbc1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "org-chart",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:38.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b9719a28-4fe7-496e-bc14-52882b72dba7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.43,
            "x": 0.5,
            "y": 0.47
          },
          "kind": "list",
          "text": "Fixed-Income Arbitrage: Wound-down, ~1.6 trillion assets at 2008 peak, low-quality/high-risk, no credible purpose.",
          "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 19:59:38.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "85934a05-d85d-43de-b6a3-c87325f3ae3f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.43,
            "x": 0.06,
            "y": 0.47
          },
          "kind": "list",
          "text": "Guarantees: Ongoing ~7.6 trillion, 88% single-family, high-quality/low-risk, vital purpose.",
          "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 19:59:38.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f06a27ef-be91-4261-a243-c685f233d621",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.9
          },
          "kind": "source-note",
          "text": "(1) Fannie and Freddie today hold ~$180 billion of investment assets on balance sheet, a large portion of which is related to warehousing of mortgage loans for future MBS issuances, as well as workouts of non-performing loans in prior MBS issuances.",
          "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 19:59:38.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e46e2965-e5a7-47a5-bd3b-a0abcd8c172e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.9,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Prior to the Great Financial Crisis, the GSEs Had Two Distinct Lines of Business",
          "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 19:59:38.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a1ca1727-e1cb-47ea-8e4c-086268387725",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Problem Statement Canvas",
            "slug": "problem-statement-canvas",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-839d-744b-ad11-9bf3e3642a18",
            "version": 1,
            "bodyDocId": null,
            "description": "Structured definition of the problem: What? Who? Where? When? Scale?",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Architect",
          "layer": "slide",
          "agents": [
            "Architect"
          ],
          "matchId": "61fbaf2f-acdb-41e4-b43f-ed123995b963",
          "evidence": "Prior to the Great Financial Crisis, the GSEs Had Two Distinct Lines of Business",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-16 23:15:58.092773+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 32,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "ec0790c3-fcdb-40ec-9247-bcb49e9dc7cc",
          "evidence": "Contrasts the two business lines using parallel attributes (quality, risk, purpose).",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:38.418+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 32,
          "frameworkName": "contrast-pairs"
        }
      ],
      "arcBeats": [
        {
          "to": 32,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 17,
          "name": "Problem & Complication",
          "beatId": "3556ad3c-7a20-485a-a935-4a3391498418",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Problem & Complication",
            "slug": "consultants-gambit-problem-complication",
            "status": "active",
            "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework.",
          "position": 1,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Complication",
            "slug": "complication",
            "status": "active",
            "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579",
            "version": 1,
            "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 33,
      "type": "appendix",
      "title": "The slide uses a balance sheet visualization to show how $100 in assets was funded by $97.5 debt and $2.5 equity, resulting in a 40% ROE.",
      "function": "expose_contradiction",
      "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": "expose_contradiction",
        "functionCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-171f-776f-887c-73edaff4cf9c",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 68,
        "componentCount": 8,
        "textChars": 908,
        "nDataPoints": 6,
        "notes": "The slide uses a balance sheet visualization to show how $100 in assets was funded by $97.5 debt and $2.5 equity, resulting in a 40% ROE.",
        "elementsJson": [
          "headline_text",
          "paragraph",
          "bar_chart_vertical",
          "callout_box",
          "footnote"
        ],
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:37.915+00",
          "seconds": 3.197,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/33",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-33",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.15,
            "w": 0.2,
            "x": 0.75,
            "y": 0.515
          },
          "kind": "callout",
          "text": "FIA relied on an implicit government guarantee to access the capital markets at a low cost",
          "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 19:59:37.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9f49a89b-c68f-4299-8848-e0d71d55588b",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "In effect, the GSEs took advantage of the government's implied backing to enter a new, high-risk business that was not consistent with their original mission",
          "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 23:43:54+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-380a90c8adb5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.6,
            "x": 0.15,
            "y": 0.4
          },
          "kind": "chart",
          "text": "Illustrative Fixed-Income Arbitrage Business ($ in Billions)",
          "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 19:59:37.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "64f041a9-0629-48d4-a491-5544c7988edc",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "ROE: 40%",
          "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 23:43:54+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-3d907c56f25d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.85
          },
          "kind": "paragraph",
          "text": "In effect, the GSEs took advantage of the government's implied backing to enter a new, high-risk business that was not consistent with their original mission",
          "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 19:59:37.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d427fdfc-a68c-46ba-acd2-f5f31ad59bb9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "The GSEs issued AAA-rated corporate debt to finance the purchase of mortgage assets and earn a profit from the small spread between the yield on their long-term assets and shorter-term debt. At times, FIA was able to generate a high ROE due to significant leverage",
          "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 19:59:37.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f6cd4185-15e7-4954-be10-8247b469333a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Note: Illustrative 2.5% equity based on pre-GFC minimum capital requirements for Fannie and Freddie's on-balance sheet assets.",
          "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 19:59:37.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "449e9ebe-0bd1-402b-a7bd-ad7cd449b833",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Fixed-Income Arbitrage Business Model: Pre-GFC",
          "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 19:59:37.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "38cbda56-1f4d-427f-950a-32c0e459d65e",
          "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": "cdedf29e-dbb0-463f-8a57-426c68ac1ea9",
          "evidence": "chart/bar-vertical: Illustrative Fixed-Income Arbitrage Business ($ in Billions)",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:07.051102+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 33,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "54ecce4a-e229-40c5-9115-24a3e6054876",
          "evidence": "The slide explicitly frames the business model as taking advantage of implicit backing to enter high-risk business inconsistent with mission.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:59:37.915+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 33,
          "frameworkName": "fraud-exposure"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 34,
      "type": "evidence",
      "title": "The slide uses a direct quote from a former Fed Chair to establish a historical precedent for the critique of the GSEs.",
      "function": "cite_precedent",
      "rawType": "quote_slide",
      "block": null,
      "metadata": {
        "slideType": "quote_slide",
        "slideTypeCanon": {
          "name": "Quote slide",
          "slug": "quote_slide",
          "status": "active",
          "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2",
          "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": 53,
        "componentCount": 6,
        "textChars": 1417,
        "nDataPoints": 0,
        "notes": "The slide uses a direct quote from a former Fed Chair to establish a historical precedent for the critique of the GSEs.",
        "elementsJson": [
          "headline_text",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:41.454+00",
          "seconds": 6.484,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/34",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-34",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy.",
          "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 23:43:54+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-543f2462b114",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.35,
            "x": 0.58,
            "y": 0.78
          },
          "kind": "paragraph",
          "text": "- Alan Greenspan, 5/19/2005",
          "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 19:59:41.454+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8a0a1f06-6384-4588-81fd-10f44303c1bf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.86,
            "x": 0.07,
            "y": 0.309
          },
          "kind": "quote",
          "text": "The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy. Fannie's and Freddie's purchases of their own or each other's mortgage-backed securities with their market-subsidized debt do not contribute usefully to mortgage market liquidity, to the enhancement of capital markets in the United States, or to the lowering of mortgage rates for homeowners.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:41.454+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "466d9eec-618c-4ee0-ab68-0efadf1de130",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "“The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy. Fannie's and Freddie's purchases of their own or each other's mortgage-backed securities with their market-subsidized debt do not contribute usefully to mortgage market liquidity, to the enhancement of capital markets in the United States, or to the lowering of mortgage rates for homeowners.” — Alan Greenspan, 5/19/2005",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:43:54+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-5b470e3fd49f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.4,
            "x": 0.07,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: https://www.federalreserve.gov/boarddocs/speeches/2005/20050519/",
          "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 19:59:41.454+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a987852f-ac87-4390-a318-e82b97a71c30",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "FIA Served No Credible Purpose for the Mortgage 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 19:59:41.454+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "68d74e48-8ee5-4da0-a8c2-22ec4a2b7a69",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "ebaebd3f-686d-4d69-ab78-62db6dc49982",
          "evidence": "Uses a quote from Alan Greenspan to bolster the argument.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:41.454+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 34,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 35,
      "type": "tension",
      "title": "The slide uses a high-authority quote to frame the target companies' business models as inherently flawed and dangerous.",
      "function": "cite_precedent",
      "rawType": "ceo_quote",
      "block": null,
      "metadata": {
        "slideType": "ceo_quote",
        "slideTypeCanon": {
          "name": "CEO quote",
          "slug": "ceo_quote",
          "status": "active",
          "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa",
          "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": 50,
        "componentCount": 6,
        "textChars": 1123,
        "nDataPoints": 0,
        "notes": "The slide uses a high-authority quote to frame the target companies' business models as inherently flawed and dangerous.",
        "elementsJson": [
          "headline_text",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:37.872+00",
          "seconds": 2.761,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/35",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-35",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "The portfolios are poison. They aren’t really needed to carry out the function of Freddie and Fannie.",
          "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 23:43:54+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-788c0d1aba32",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.86,
            "x": 0.07,
            "y": 0.248
          },
          "kind": "quote",
          "text": "The portfolios are what really got them into the trouble. The portfolios were the ways that the managements of Freddie and Fannie tried to juice up the earnings... So the portfolios are poison.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:37.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9f91e202-d928-4cda-88aa-cae87cb226e2",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "\"The portfolios are what really got them into the trouble. The portfolios were the ways that the managements of Freddie and Fannie tried to juice up the earnings, basically, because the insurance guaranteed that they were given that mortgage. I always thought that made a lot of sense. But the portfolio operations enabled both of those entities to use, in effect, government-related borrowing costs and sort of unlimited credit, to set up the biggest hedge fund in the world...So the portfolios are poison. They aren’t really needed to carry out the function of Freddie and Fannie.\" — Warren Buffett, 9/8/2008",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:43:54+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-7d13eb975100",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.07,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: CNBC interview. https://www.cnbc.com/2008/09/08/transcript-video-warren-buffett-tells-cnbc-treasury-did-exactly-the-right-thing-on-fanniefreddie.html",
          "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 19:59:37.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "784ebea9-71c5-40cc-bb4d-29720e16149b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.63,
            "y": 0.78
          },
          "kind": "source-note",
          "text": "- Warren Buffett, 9/8/2008",
          "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 19:59:37.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f15fef25-16e6-4d42-bbc0-75622de35b12",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Warren Buffett's Perspectives on FIA",
          "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 19:59:37.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "af5d6f4b-980f-4042-bb84-243f238721e8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "22b093ec-e034-4a86-be0e-25b12a9a1e91",
          "evidence": "Uses a high-profile investor quote to validate the thesis.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:37.872+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 35,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 36,
      "type": "tension",
      "function": "diagnose_problem",
      "rawType": "problem_statement",
      "block": null,
      "metadata": {
        "slideType": "problem_statement",
        "slideTypeCanon": {
          "name": "Problem statement",
          "slug": "problem_statement",
          "status": "active",
          "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4",
          "version": 1,
          "description": null
        },
        "function": "diagnose_problem",
        "functionCanon": {
          "name": "Diagnose problem",
          "slug": "diagnose_problem",
          "status": "active",
          "canonId": "019de52d-176d-761f-b608-cf52262d2ab2",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 13,
        "componentCount": 3,
        "textChars": 391,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:37.649+00",
          "seconds": 2.505,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/36",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-36",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00195
          },
          "kind": "callout",
          "text": "FIA was an inherently risky and fragile business",
          "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 19:59:37.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "be3e0579-f35e-4b46-8fe5-a36adc29a67d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.8,
            "x": 0.1,
            "y": 0.0028
          },
          "kind": "list",
          "text": "Inherently complex business model\nAsset-intensive, low-return business\nHigh leverage needed to achieve a high ROE\nRequired continuous access to capital\nSubstantial interest rate and prepayment risk\nHigh liquidity risk\nScale did not provide an inherent competitive advantage\nExtensive reliance on derivatives",
          "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 19:59:37.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0b171333-8668-4f9b-bd5e-c90bd74677d4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "FIA Was Inherently Risky and Fragile",
          "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 19:59:37.649+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "915e0a62-0778-4ba4-bae4-076517f7270e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 37,
      "type": "evidence",
      "title": "FIA stands for Fixed-Income Arbitrage.",
      "function": "diagnose_problem",
      "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": "diagnose_problem",
        "functionCanon": {
          "name": "Diagnose problem",
          "slug": "diagnose_problem",
          "status": "active",
          "canonId": "019de52d-176d-761f-b608-cf52262d2ab2",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 39,
        "componentCount": 6,
        "textChars": 528,
        "nDataPoints": 3,
        "notes": "FIA stands for Fixed-Income Arbitrage.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:40.326+00",
          "seconds": 5.05,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/37",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-37",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.11,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "The GSEs' fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury",
          "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 19:59:40.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d4123620-8c15-49a7-81a2-27dbc7d224ed",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "The GSEs’ fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": {
              "name": "Visual emphasis",
              "slug": "visual-emphasis",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c",
              "version": 1,
              "bodyDocId": null,
              "description": "Drawing the eye to one element above the rest of the slide.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:43:55+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-8f5d02bf0cf7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.7,
            "x": 0.15,
            "y": 0.365
          },
          "kind": "chart",
          "text": "Mortgage-Related Investment Assets ($ in Billions)",
          "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 19:59:40.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0d91fc36-34a3-4c24-b063-6ce148c49279",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Mortgage-Related Investment Assets: $182bn",
          "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 23:43:55+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-92a58d0157ed",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.15,
            "x": 0.07,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings.",
          "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 19:59:40.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fbbccffe-1cd0-4761-823e-14d21bd01d31",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "The GSEs are No Longer in the FIA Business",
          "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 19:59:40.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "962509de-3b94-4636-9f0e-b1fba568beb9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "c0b585de-094e-49d8-9e1b-18e486fc1d6d",
          "evidence": "The GSEs' fixed-income arbitrage business has been wound down, and the GSEs today hold $182bn of mortgage loans to support their core guarantee business, well below caps set by Treasury",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:07.209951+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 37,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "f704d804-c6fd-4523-9dc2-f3faf29d6598",
          "evidence": "Visual comparison of 2013 assets vs 2024 holdings vs cap",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:40.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 37,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 38,
      "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": 39,
        "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 19:59:37.908+00",
          "seconds": 2.375,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/38",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-38",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.13,
            "w": 0.66,
            "x": 0.286,
            "y": 0.364
          },
          "kind": "title",
          "text": "Conservatorship and the Net Worth Sweep",
          "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 19:59:37.908+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fcce5892-b00a-4a66-ae9f-c6a948f02f5f",
          "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": "18f94b24-41ca-44a0-b302-d15b3f17031f",
          "evidence": "title/headline: Conservatorship and the Net Worth Sweep",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:16:07.274375+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 38,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 39,
      "type": "tension",
      "title": "The slide uses a quote to establish the original intent of the conservatorship as a temporary stabilization measure.",
      "function": "cite_precedent",
      "rawType": "ceo_quote",
      "block": null,
      "metadata": {
        "slideType": "ceo_quote",
        "slideTypeCanon": {
          "name": "CEO quote",
          "slug": "ceo_quote",
          "status": "active",
          "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa",
          "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": 51,
        "componentCount": 6,
        "textChars": 1190,
        "nDataPoints": 0,
        "notes": "The slide uses a quote to establish the original intent of the conservatorship as a temporary stabilization measure.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "quote_block"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:38.269+00",
          "seconds": 2.633,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/39",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-39",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "On Sept. 6, 2008, the government placed the GSEs into conservatorship with the objective of returning them to normal operations when their businesses stabilized",
          "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 23:43:55+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-d345b6adbecd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "paragraph",
          "text": "On Sept. 6, 2008, the government placed the GSEs into conservatorship with the objective of returning them to normal operations when their businesses stabilized",
          "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 19:59:38.269+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "70868903-a1a5-4073-80ab-9618180b466c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.84,
            "x": 0.08,
            "y": 0.475
          },
          "kind": "quote",
          "text": "Therefore, in order to restore the balance between safety and soundness and mission, FHFA has placed Fannie Mae and Freddie Mac into conservatorship. That is a statutory process designed to stabilize a troubled institution with the objective of returning the entities to normal business operations. FHFA will act as the conservator to operate the Enterprises until they are stabilized.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:38.269+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0c445763-0cdc-46c0-a2a2-91fb70ab0a9f",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "“Therefore, in order to restore the balance between safety and soundness and mission, FHFA has placed Fannie Mae and Freddie Mac into conservatorship. That is a statutory process designed to stabilize a troubled institution with the objective of returning the entities to normal business operations. FHFA will act as the conservator to operate the Enterprises until they are stabilized.” — James Lockhart, FHFA Director, 9/7/2008",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:43:55+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-d4addc305f30",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.27,
            "x": 0.65,
            "y": 0.74
          },
          "kind": "source-note",
          "text": "- James Lockhart, FHFA Director, 9/7/2008",
          "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 19:59:38.269+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2f6c293b-9878-4ce8-9ed2-ec34e321ac48",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.35,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Conservatorship",
          "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 19:59:38.269+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "302462fc-3ea8-445a-9f2f-bac03dad783c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "b443165a-f588-43c5-88f6-b5dd2eec38cb",
          "evidence": "Uses a direct quote from a government official to establish the legal and historical intent of the conservatorship.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:38.269+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 39,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 40,
      "type": "setup",
      "function": "establish_context",
      "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": "establish_context",
        "functionCanon": {
          "name": "Establish context",
          "slug": "establish_context",
          "status": "active",
          "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 63,
        "componentCount": 7,
        "textChars": 998,
        "nDataPoints": 6,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "paragraph",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:38.892+00",
          "seconds": 3.115,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/40",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-40",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "It is unclear why Treasury did not allow the preferred stock to pay 12% PIK dividends when the GSEs were unable to pay cash dividends",
          "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 23:43:55+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-bd6dd4beb769",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.9,
            "x": 0.05,
            "y": 0.43
          },
          "kind": "list",
          "text": "$1bn initial liquidation preference\nWarrants for 79.9% of common stock\nCumulative dividends at 10% cash rate or 12% paid-in-kind (PIK) rate",
          "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 19:59:38.892+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "79e034f9-b2c0-4e8e-8a7b-0c8ce97d57fc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.22,
            "w": 0.9,
            "x": 0.05,
            "y": 0.68
          },
          "kind": "list",
          "text": "The GSEs were unable to pay 10% cash dividends from 2008 to 2011 and used proceeds from additional Treasury preferred stock investments to pay dividends\nIt is unclear why Treasury did not allow the preferred stock to pay 12% PIK dividends when the GSEs were unable to pay cash dividends\nIn 2012, Fannie and Freddie became profitable enough to pay the 10% cash dividend on Treasury’s preferred stock",
          "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 19:59:38.892+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f3bc4c62-0f0c-4b21-a82d-9f459e0f29eb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "On Sept. 7, 2008, Treasury committed to invest up to $100bn of senior preferred stock in each of the GSEs through the Preferred Stock Purchase Agreements (\"PSPAs\"). In 2009, Treasury raised its commitment to $200bn each",
          "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 19:59:38.892+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ab7d2123-9ff8-417b-bba3-a4777890e906",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Treasury Senior Preferred Stock Investment",
          "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 19:59:38.892+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dd7a1768-f815-4bd6-8db3-4815d1135e69",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.9,
            "x": 0.05,
            "y": 0.37
          },
          "kind": "title",
          "text": "Terms of Senior Preferred Stock",
          "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": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:38.892+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "07c39335-4790-432e-a740-def770105228",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.9,
            "x": 0.05,
            "y": 0.62
          },
          "kind": "title",
          "text": "History Prior to the Net Worth Sweep",
          "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": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:38.892+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7675d09e-dc68-46ec-bb98-fb59ca41a0ed",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 41,
      "type": "tension",
      "title": "The slide uses a bar chart to illustrate the timing of the Net Worth Sweep relative to the GSEs' financial recovery.",
      "function": "expose_contradiction",
      "rawType": "expose_contradiction",
      "block": null,
      "metadata": {
        "slideType": "expose_contradiction",
        "slideTypeCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df",
          "version": 1,
          "description": null
        },
        "function": "expose_contradiction",
        "functionCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-171f-776f-887c-73edaff4cf9c",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 59,
        "componentCount": 7,
        "textChars": 767,
        "nDataPoints": 22,
        "notes": "The slide uses a bar chart to illustrate the timing of the Net Worth Sweep relative to the GSEs' financial recovery.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:38.503+00",
          "seconds": 2.65,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/41",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-41",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00195
          },
          "kind": "callout",
          "text": "On Aug. 17, 2012, the Obama administration amended the terms of the senior preferred stock (the “Net Worth Sweep”) to require the GSEs to pay dividends equal to 100% of their earnings",
          "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 19:59:38.503+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "09b18c0a-eb9b-4f3e-9fd6-ce933c3132bf",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement",
          "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 23:43:55+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-e31e9b1c2f97",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.85,
            "x": 0.08,
            "y": 0.0034
          },
          "kind": "chart",
          "text": "Fannie and Freddie Quarterly Net Income Since 2011 ($ in Billions)",
          "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 19:59:38.503+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e74218a7-94ac-43af-b802-acef6c388dfe",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Quarterly Net Income: $59",
          "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 23:43:55+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-e6f3785cf2fe",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.86,
            "x": 0.07,
            "y": 0.0085
          },
          "kind": "paragraph",
          "text": "The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement",
          "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 19:59:38.503+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "37f71e81-51ea-4ac1-9c75-abf5643fc92d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.86,
            "x": 0.07,
            "y": 0.0095
          },
          "kind": "source-note",
          "text": "Source: Company filings and reports. Net Income includes the reversal of the DTA valuation allowance for Fannie Mae in Q1 '13 and for Freddie Mac in Q3 '13.",
          "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 19:59:38.503+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c3b0db0e-3622-44a3-b4b4-7462350ffb1e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "The Net Worth Sweep",
          "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 19:59:38.503+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f2816741-d34a-4224-8ab5-b40aab93c446",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "c6694f36-3680-4cdd-b97a-656737881c9d",
          "evidence": "The slide highlights the timing of the policy change to suggest it was predatory or opportunistic.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:38.503+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 41,
          "frameworkName": "expose_contradiction"
        }
      ],
      "arcBeats": [],
      "loops": [
        {
          "to": 43,
          "from": 41,
          "loop": {
            "name": "10_iceberg",
            "slug": "10-iceberg",
            "status": "active",
            "bestFor": "Consulting, complex problem solving, organizational change",
            "canonId": "019dd956-69f4-738c-852a-643798da0899",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
            "description": "Reveal that the visible problem is merely a symptom of a deeper root cause",
            "familyLabel": null
          },
          "matchId": "972212c1-b407-453c-8b76-acb9e1cd4488",
          "evidence": "The presentation highlights the Treasury's profit from the GSEs and its implications.",
          "position": 1,
          "objective": "Exposing the contradiction in the Treasury's profit from the GSEs",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:16.1885+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 42,
      "type": "analysis",
      "title": "The chart includes a specific callout regarding a 2017 one-time draw due to tax reform.",
      "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": "dense",
        "densityScore": 51,
        "componentCount": 7,
        "textChars": 498,
        "nDataPoints": 26,
        "notes": "The chart includes a specific callout regarding a 2017 one-time draw due to tax reform.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:38.988+00",
          "seconds": 2.852,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/42",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-42",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "The Treasury has earned an 11.6% IRR from the $301bn of dividends received from the GSEs, ~$25bn more than what was owed under the original 10% dividend rate",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "34b1fb1d-4d69-4621-ab32-a38bf68d50aa",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.9,
            "x": 0.05,
            "y": 0.33
          },
          "kind": "chart",
          "text": "Disbursements Received and Dividends Paid ($ in Billions)",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "72f861cb-7100-49f4-b2cc-42ea2afeb002",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.35,
            "y": 0.805
          },
          "kind": "legend",
          "text": "Disbursements Received; Dividends Paid",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2ac6c04c-0b56-40f3-921d-dfdbb0738932",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "IRR: 11.6%",
          "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 23:43:56+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc0-ffd53fa545e4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.84
          },
          "kind": "paragraph",
          "text": "The GSEs have not paid a dividend to Treasury since 2019, and have not drawn funds since 2011 outside of one-time accounting losses from corporate tax reform in 2017",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "06b554cc-d143-4eec-a671-a0177f5cf979",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.2,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings.",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c7698722-35ab-4242-82f5-4b4703d816e0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Dividends Paid to Treasury Exceed Disbursements",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3ad33d50-1e2b-4e0b-84f6-7fecc9a71197",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [
        {
          "to": 43,
          "from": 41,
          "loop": {
            "name": "10_iceberg",
            "slug": "10-iceberg",
            "status": "active",
            "bestFor": "Consulting, complex problem solving, organizational change",
            "canonId": "019dd956-69f4-738c-852a-643798da0899",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
            "description": "Reveal that the visible problem is merely a symptom of a deeper root cause",
            "familyLabel": null
          },
          "matchId": "972212c1-b407-453c-8b76-acb9e1cd4488",
          "evidence": "The presentation highlights the Treasury's profit from the GSEs and its implications.",
          "position": 1,
          "objective": "Exposing the contradiction in the Treasury's profit from the GSEs",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:16.1885+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 43,
      "type": "setup",
      "title": "The slide uses a red border to emphasize the GSE row compared to the other bailout recipients.",
      "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": "balanced",
        "densityScore": 36,
        "componentCount": 5,
        "textChars": 552,
        "nDataPoints": 32,
        "notes": "The slide uses a red border to emphasize the GSE row compared to the other bailout recipients.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "comparison_table",
          "footnote",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:38.959+00",
          "seconds": 2.816,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/43",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-43",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00195
          },
          "kind": "callout",
          "text": "The government has already made more profit on the GSEs than all other bailout investments combined",
          "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 19:59:38.959+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c38cbc3d-d221-4b09-b321-6ef681b435ec",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Government Net Profit: $110bn",
          "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 23:43:56+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-16c3a82d5dc7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.04,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company and government filings. (1) Proceeds received from principal repayment, dividends, interest, and gains on sale of common stock and other securities less government investment. (2) Year of last repayment or last sale of government-owned securities.",
          "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 19:59:38.959+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d72dfe1e-f1ce-450d-8380-f2c59eabacad",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.65,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00285
          },
          "kind": "table",
          "text": "Comparison table of bailout recipients including AIG, GM, Citi, BofA, JPM, Wells Fargo, Chrysler, and GSEs.",
          "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 19:59:38.959+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e1219c1c-d485-49ad-8797-d86ba4bf2847",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "GSEs Treated Differently Than Other Bailout Recipients",
          "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 19:59:38.959+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e6e8a00e-3d77-480e-bcf7-cda727ce57ed",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "52446675-634d-45d4-ab1f-c9592a03ffb4",
          "evidence": "Direct comparison of financial performance between GSEs and other bailout recipients.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:38.959+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 43,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [],
      "loops": [
        {
          "to": 43,
          "from": 41,
          "loop": {
            "name": "10_iceberg",
            "slug": "10-iceberg",
            "status": "active",
            "bestFor": "Consulting, complex problem solving, organizational change",
            "canonId": "019dd956-69f4-738c-852a-643798da0899",
            "version": 1,
            "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21",
            "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
            "description": "Reveal that the visible problem is merely a symptom of a deeper root cause",
            "familyLabel": null
          },
          "matchId": "972212c1-b407-453c-8b76-acb9e1cd4488",
          "evidence": "The presentation highlights the Treasury's profit from the GSEs and its implications.",
          "position": 1,
          "objective": "Exposing the contradiction in the Treasury's profit from the GSEs",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 22:03:16.1885+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": "doc-narrative-v1"
          }
        }
      ],
      "locked": true
    },
    {
      "page": 44,
      "type": "evidence",
      "title": "The chart illustrates the transition from net worth sweeps to capital retention policies.",
      "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": "overcrowded",
        "densityScore": 78,
        "componentCount": 9,
        "textChars": 949,
        "nDataPoints": 26,
        "notes": "The chart illustrates the transition from net worth sweeps to capital retention policies.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_grouped",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:38.988+00",
          "seconds": 2.715,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/44",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-44",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.15,
            "x": 0.42,
            "y": 0.495
          },
          "kind": "callout",
          "text": "9/27/19: Treasury increases capital retention to $25bn at Fannie Mae and $20bn at Freddie Mac",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a4f166d-c981-44b0-9286-1898ac252498",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.15,
            "x": 0.61,
            "y": 0.49
          },
          "kind": "callout",
          "text": "1/14/21: Treasury suspends net worth sweep until the GSEs are fully recapitalized",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6fe9070a-09c8-4a68-aa12-f2f17e770719",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.15,
            "x": 0.42,
            "y": 0.615
          },
          "kind": "callout",
          "text": "12/21/17: Treasury grants permission for each GSE to retain up to $3bn in capital",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "87afd12e-4fde-4580-9145-b792f460ea26",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "In the first Trump administration, Treasury Secretary Mnuchin made meaningful progress towards ending the conservatorships by pausing the net worth sweep and allowing the GSEs to begin recapitalizing themselves by retaining earnings",
          "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 23:43:57+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-2f1be0b20f44",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.9,
            "x": 0.05,
            "y": 0.38
          },
          "kind": "chart",
          "text": "GSEs: GAAP Net Worth ($ in Billions)",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f16577d3-d897-4794-995e-055d8dc7ab8f",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "GAAP Net Worth: $94bn",
          "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 23:43:57+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-339825ba56a7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "In the first Trump administration, Treasury Secretary Mnuchin made meaningful progress towards ending the conservatorships by pausing the net worth sweep and allowing the GSEs to begin recapitalizing themselves by retaining earnings",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7347da6d-1dfc-409b-b7bc-d1876390a895",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.7,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings. Includes deferred tax assets, which as of 9/30/24 were $11bn at Fannie Mae and $5bn at Freddie Mac.",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6fe89595-dc87-4e98-9915-e29123a72089",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Capital Retention Began During Trump's First Term",
          "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 19:59:38.988+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "059ce31f-4a02-4e87-bed3-05d7934fb45e",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 45,
      "type": "resolution",
      "title": "The slide argues that the amendment is largely symbolic or procedural rather than substantive.",
      "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": "overcrowded",
        "densityScore": 76,
        "componentCount": 11,
        "textChars": 1028,
        "nDataPoints": 0,
        "notes": "The slide argues that the amendment is largely symbolic or procedural rather than substantive.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:39.836+00",
          "seconds": 3.505,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/45",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-45",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.04,
            "y": 0.78
          },
          "kind": "callout",
          "text": "Treasury Secretary Scott Bessent and President Trump's FHFA Director will be free to modify the terms of the PSPAs as they see fit",
          "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 19:59:39.836+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "60b19085-556c-49f7-adf5-ae56c8795b5a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "We do not believe this amendment made any substantive changes to the status quo",
          "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 23:43:57+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-5d4523651eca",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.12,
            "y": 0.68
          },
          "kind": "list",
          "text": "Press release acknowledged \"the eventual release of the GSEs from conservatorship\"",
          "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 19:59:39.836+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "26a27097-6020-4a77-8f2f-4cc9a47bc694",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.85,
            "x": 0.08,
            "y": 0.28
          },
          "kind": "list",
          "text": "The amendment restored Treasury's right to consent to a release from conservatorship, which it had previously from 2008 to 2021",
          "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 19:59:39.836+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a6d14186-9420-4781-a69f-32dc854337a0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.8,
            "x": 0.12,
            "y": 0.63
          },
          "kind": "list",
          "text": "Did not affect the GSEs' capital retention or the terms of any of their securities",
          "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 19:59:39.836+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "be98c11b-fb35-4927-b21d-70cc4b7891b8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.85,
            "x": 0.08,
            "y": 0.47
          },
          "kind": "list",
          "text": "Includes a new commitment to conduct a market impact assessment prior to releasing the GSEs",
          "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 19:59:39.836+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d0d9007c-b70a-415d-a368-2a385cc04858",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.8,
            "x": 0.12,
            "y": 0.37
          },
          "kind": "list",
          "text": "Practically, Treasury always had this right, as exiting conservatorship is not possible without addressing Treasury's Senior Preferred Stock",
          "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 19:59:39.836+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e430912a-2930-4a78-a3cd-9b04e26bcf10",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.85,
            "x": 0.08,
            "y": 0.55
          },
          "kind": "list",
          "text": "We do not believe this amendment made any substantive changes to the status quo",
          "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 19:59:39.836+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ffae5bed-85e5-499c-af6b-2ba42c35a8ca",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "On January 2, 2025, the Treasury Secretary and FHFA Director of the outgoing administration further amended the PSPAs",
          "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 19:59:39.836+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "02b35adf-3ef1-47b3-9ac4-0243303a43a1",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "“the eventual release of the GSEs from conservatorship” — Press release",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:43:57+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-639d5ec1a703",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "January 2, 2025 PSPA Amendment",
          "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 19:59:39.836+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8ddbe88c-8534-4d44-b235-6bc7f62945ba",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 46,
      "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": 38,
        "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 19:59:39.23+00",
          "seconds": 2.727,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/46",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-46",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.132,
            "w": 0.428,
            "x": 0.286,
            "y": 0.376
          },
          "kind": "title",
          "text": "A Framework for Ending Conservatorship",
          "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 19:59:39.23+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "03152f47-a855-4bd5-bdbf-e42bafa27d0c",
          "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": "26c1991c-2d55-4ec2-b840-b907eed29109",
          "evidence": "The slide is titled 'A Framework for Ending Conservatorship', serving as a clear divider between sections.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 03:29:31.140111+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 46,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 47,
      "type": "tension",
      "title": "The slide includes a visual of a letter from Donald Trump to Rand Paul, with a specific callout box highlighting the core argument.",
      "function": "cite_precedent",
      "rawType": "ceo_quote",
      "block": null,
      "metadata": {
        "slideType": "ceo_quote",
        "slideTypeCanon": {
          "name": "CEO quote",
          "slug": "ceo_quote",
          "status": "active",
          "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa",
          "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": 39,
        "componentCount": 5,
        "textChars": 966,
        "nDataPoints": 0,
        "notes": "The slide includes a visual of a letter from Donald Trump to Rand Paul, with a specific callout box highlighting the core argument.",
        "elementsJson": [
          "headline_text",
          "screenshot",
          "callout_box"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:42.216+00",
          "seconds": 5.651,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/47",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-47",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.6,
            "w": 0.45,
            "x": 0.52,
            "y": 0.25
          },
          "kind": "callout",
          "text": "My Administration would have also sold the government’s common stock in these companies at a huge profit and fully privatized the companies. The idea that the government can steal money from its citizens is socialism and is a travesty brought to you by the Obama/Biden administration. My Administration was denied the time it needed to fix the problem because of the unconstitutional restriction on firing Mel Watt.",
          "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 19:59:42.216+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "50000c01-5056-4ff3-af11-74984553a11c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.8,
            "w": 0.45,
            "x": 0.05,
            "y": 0.15
          },
          "kind": "image",
          "text": "Letter from Donald J. Trump to Senator Rand Paul",
          "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": "Screenshot",
              "slug": "screenshot",
              "status": "active",
              "canonId": "019de52c-fd87-7509-8391-3d79fb339379",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "screenshot",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:42.216+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "711e54bc-ac28-4c3f-8941-deb264660d7c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.2,
            "x": 0.75,
            "y": 0.85
          },
          "kind": "paragraph",
          "text": "- Donald J. Trump",
          "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 19:59:42.216+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f0b4b8f1-4b3e-48dc-b5af-3712d63006cb",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "My Administration would have also sold the government’s common stock in these companies at a huge profit and fully privatized the companies. The idea that the government can steal money from its citizens is socialism and is a travesty brought to you by the Obama/Biden administration. My Administration was denied the time it needed to fix the problem because of the unconstitutional restriction on firing Mel Watt. — Donald J. Trump",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:43:58+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-99ec4d347fba",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.7,
            "x": 0.05,
            "y": 0.05
          },
          "kind": "title",
          "text": "Unfinished Business of the First Trump Administration",
          "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 19:59:42.216+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e24ac849-5fc8-4fe5-8467-4802c73752ab",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "5ef03bab-c9a7-43ec-9555-0e0c7d1ab84a",
          "evidence": "Uses a direct quote from a political figure to frame a policy critique and establish a narrative of unfinished business.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:42.216+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 47,
          "frameworkName": "ceo-quote-contradiction"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 48,
      "type": "setup",
      "title": "The slide uses a bulleted list structure to outline the historical context, current status, and the proposed path forward for the GSEs.",
      "function": "frame_situation",
      "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": "frame_situation",
        "functionCanon": {
          "name": "Frame situation",
          "slug": "frame_situation",
          "status": "active",
          "canonId": "019de52d-17bc-718f-8752-05ef2b72d7b3",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 47,
        "componentCount": 5,
        "textChars": 1139,
        "nDataPoints": 2,
        "notes": "The slide uses a bulleted list structure to outline the historical context, current status, and the proposed path forward for the GSEs.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list",
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:40.017+00",
          "seconds": 3.228,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/48",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-48",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "We believe releasing the GSEs from conservatorship could generate ~$300 billion for taxpayers, while maintaining the same availability and affordability of mortgage financing that exists today with the GSEs in conservatorship",
          "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 19:59:40.017+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8e37dfee-7348-40dc-82f7-ef8c1b5289fc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.81
          },
          "kind": "callout",
          "text": "Releasing the GSEs from conservatorship does not require any action by Congress. Fannie and Freddie can each exit conservatorship as soon as they receive approvals from Treasury and FHFA",
          "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 19:59:40.017+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a57cc22d-7f18-467f-9797-e49f3f098edb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.92,
            "x": 0.04,
            "y": 0.35
          },
          "kind": "list",
          "text": "The 2008 conservatorship was always intended to be temporary\nMeaningful progress was made during President Trump’s first term\nNet worth sweep suspended by Secretary Mnuchin in January 2021\nThe GSEs now hold $131bn of capital, up from effectively zero prior to President Trump, due to earnings retention facilitated by this suspension\nThe Biden administration has taken no meaningful action on the GSEs\nWe believe there is a clear path for Fannie and Freddie to become fully recapitalized and exit conservatorship within the next two years\nTreasury’s warrants are a hidden asset on the government balance sheet that we estimate could be worth more than $300bn over time",
          "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 19:59:40.017+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "777a1eaf-dadf-4132-a1ac-3bbb4f0e0c82",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "taxpayer value: $300bn",
          "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 23:43:58+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-825f0fa63f68",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Fannie and Freddie: Situation 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 19:59:40.017+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "462fca26-e64b-4593-b412-0d7d7e846a75",
          "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": "a033f3e9-f680-4917-a039-d9a7e08c6855",
          "evidence": "The slide provides a concise overview of the situation, including key points and metrics.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 03:29:31.258902+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": "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": "sparse",
        "densityScore": 11,
        "componentCount": 2,
        "textChars": 377,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:39.368+00",
          "seconds": 2.268,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/49",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-49",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.58,
            "w": 0.88,
            "x": 0.07,
            "y": 0.22
          },
          "kind": "list",
          "text": "Maintain the availability and affordability of the 30-year, fixed-rate, prepayable mortgage\nProtect taxpayers from bearing the cost of a housing downturn\nMinimize government involvement in the housing finance system\nMaximize probability of successful private capital raise\nMaximize taxpayers’ profits on Treasury’s investment in the GSEs",
          "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 19:59:39.368+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5f342fc0-dc0d-4b6a-95bc-07a0ec1daf87",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.82,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Key Objectives in Ending Conservatorship",
          "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 19:59:39.368+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "16abfbe8-5014-4b02-9867-32cda8b476f5",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 50,
      "type": "setup",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 32,
        "componentCount": 5,
        "textChars": 720,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "numbered_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:40.575+00",
          "seconds": 3.372,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/50",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-50",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.11,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "callout",
          "text": "Ending the conservatorship of Fannie and Freddie will maintain the widespread availability and affordability of the 30-year, fixed-rate, prepayable mortgage while providing substantial profit to taxpayers",
          "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 19:59:40.575+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b1faea46-575c-4840-8201-a08890cbe1d4",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "With capital levels appropriate for pure mortgage guarantors/insurers, the GSEs can be a simple, low-risk, long-term solution for housing finance",
          "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 23:43:57+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-4e19ca363ab9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.85,
            "x": 0.04,
            "y": 0.38
          },
          "kind": "list",
          "text": "1. Set appropriate capital requirements\n2. Limit government-granted benefits\n3. Develop market-based compensation and governance policies\n4. Clarify nature of ongoing government backstop",
          "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 19:59:40.575+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "442e4520-a06e-4a53-8123-e56aa657af31",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.79
          },
          "kind": "paragraph",
          "text": "With capital levels appropriate for pure mortgage guarantors/insurers, the GSEs can be a simple, low-risk, long-term solution for housing finance",
          "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 19:59:40.575+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d6714509-9d61-4a6d-a81b-bfd2fe52f084",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Our Framework for Ending Conservatorship",
          "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 19:59:40.575+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "093aecb1-d8b8-45b7-8c1f-36444988de59",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "6cb1bf1b-6d58-4c18-a9c6-3175340c8f28",
          "evidence": "Four-step numbered list outlining a strategic framework",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:40.575+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 50,
          "frameworkName": "list-presentation"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 51,
      "type": "tension",
      "title": "The slide uses a green callout box to highlight the regulatory change as a negative development.",
      "function": "expose_contradiction",
      "rawType": "expose_contradiction",
      "block": null,
      "metadata": {
        "slideType": "expose_contradiction",
        "slideTypeCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df",
          "version": 1,
          "description": null
        },
        "function": "expose_contradiction",
        "functionCanon": {
          "name": "Expose contradiction",
          "slug": "expose_contradiction",
          "status": "active",
          "canonId": "019de52d-171f-776f-887c-73edaff4cf9c",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 12,
        "componentCount": 2,
        "textChars": 255,
        "nDataPoints": 2,
        "notes": "The slide uses a green callout box to highlight the regulatory change as a negative development.",
        "elementsJson": [
          "callout_box"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:39.747+00",
          "seconds": 1.896,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/51",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-51",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.406,
            "w": 0.74,
            "x": 0.13,
            "y": 0.297
          },
          "kind": "callout",
          "text": "FHFA’s capital rule, finalized in 2020 and amended in 2022 and 2023, increased the capital requirements for the GSEs’ guarantee business from an inadequate pre-crisis level of 0.45% to an overly conservative, impractical level of 4%",
          "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 19:59:39.747+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bfc48763-d301-4d14-a18e-88ed17db5b2a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "capital requirement: 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 23:43:58+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-c01a2e9f9b49",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "c3eacec6-2ae4-4c25-a677-9055417a56c8",
          "evidence": "The slide frames a regulatory change as an 'impractical' and 'overly conservative' burden, implying a critique of the regulator's decision-making.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:59:39.747+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 51,
          "frameworkName": "fraud-exposure"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 52,
      "type": "setup",
      "title": "The slide uses a comparison frame to argue against applying bank-standard capital requirements to GSEs.",
      "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": "balanced",
        "densityScore": 31,
        "componentCount": 5,
        "textChars": 551,
        "nDataPoints": 2,
        "notes": "The slide uses a comparison frame to argue against applying bank-standard capital requirements to GSEs.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "comparison_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:40.339+00",
          "seconds": 2.423,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/52",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-52",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00195
          },
          "kind": "callout",
          "text": "We do not believe bank standards are appropriate for the GSEs' guarantee business, which carries significantly fewer risks",
          "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 19:59:40.339+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c9733e42-13dc-409a-8236-ba12b406b973",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "We do not believe bank standards are appropriate for the GSEs’ guarantee business, which carries significantly fewer risks",
          "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 23:43:58+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-a82a4a098c2f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. (1) Equity requirements for banks based on 50% risk-weighting for residential mortgage assets applied to Tier 1 common equity ratio.",
          "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 19:59:40.339+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "becb8023-4a00-4f5a-99fe-7197169410c0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.7,
            "x": 0.15,
            "y": 0.004
          },
          "kind": "table",
          "text": "Comparison of risk factors and capital requirements between Banks and Reformed GSEs.",
          "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 19:59:40.339+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "870c0adc-e9ec-4550-ba8c-ca71a497bde5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Set Appropriate Capital Requirements",
          "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 19:59:40.339+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "deebb0ac-930c-4b12-a74e-ea047b365270",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "15e1d994-44ad-444c-a015-61d80930be72",
          "evidence": "The slide explicitly compares Banks and Reformed GSEs across risk categories to justify a policy position.",
          "framework": null,
          "confidence": 0.95,
          "extraction": {
            "at": "2026-05-02 19:59:40.339+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 52,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 53,
      "type": "evidence",
      "function": "cite_precedent",
      "rawType": "cite_precedent",
      "block": null,
      "metadata": {
        "slideType": "cite_precedent",
        "slideTypeCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-12ec-72be-8881-51b438fa76c7",
          "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": 54,
        "componentCount": 6,
        "textChars": 1464,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:40.852+00",
          "seconds": 2.796,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/53",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-53",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.008400000000000001
          },
          "kind": "callout",
          "text": "Unlike banks, the GSEs face low credit risk, do not take interest rate or liquidity risk, and do not guarantee jumbo and alternative mortgage products",
          "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 19:59:40.852+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "eb45c2fd-2279-47a0-bdbc-4ba3a5d85213",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00198
          },
          "kind": "paragraph",
          "text": "The GSEs are credit insurance companies, and therefore insurance regulatory concepts are more relevant than bank standards in determining GSE capital requirements",
          "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 19:59:40.852+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1edf0b00-4b40-4122-89ba-0dbdd1d2d984",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.76,
            "x": 0.12,
            "y": 0.00398
          },
          "kind": "quote",
          "text": "“Insurance regulation is also more likely to see a stream of future premiums as a source of loss-absorbing capacity, and hence looks to be sure that pricing is sufficient to cover losses under all but the most catastrophic scenarios. “In MBA’s proposal, with the Guarantors having only a minimal investment portfolio holding assets of short duration, insurance regulatory concepts may become more applicable than bank regulatory concepts.” - Mortgage Bankers Association, 4/20/2017",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Testimonial",
              "slug": "testimonial",
              "status": "active",
              "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "testimonial",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:40.852+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3f87a771-3822-4958-8047-b1be4d108c6b",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "\"Insurance regulation is also more likely to see a stream of future premiums as a source of loss-absorbing capacity, and hence looks to be sure that pricing is sufficient to cover losses under all but the most catastrophic scenarios. In MBA’s proposal, with the Guarantors having only a minimal investment portfolio holding assets of short duration, insurance regulatory concepts may become more applicable than bank regulatory concepts.\" — Mortgage Bankers Association, 4/20/2017",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:43:59+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-02ec7e5986e6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.04,
            "y": 0.0095
          },
          "kind": "source-note",
          "text": "Source: Mortgage Bankers Association white paper titled “GSE Reform: Creating a Sustainable, More Vibrant Secondary Mortgage Market”, April 2017.",
          "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 19:59:40.852+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dd70739a-39b5-44b9-9ba7-cd09b09facc7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "1 Set Appropriate Capital Requirements (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 19:59:40.852+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f946f3b4-bcbe-4836-a2cf-336ce35abad4",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "99ea3565-e839-47c3-902d-51edfbb81b52",
          "evidence": "Citing Mortgage Bankers Association to support regulatory argument",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:40.852+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 53,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 54,
      "type": "setup",
      "title": "The slide uses a comparison table to highlight risk profile differences between PMIs and GSEs.",
      "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": "balanced",
        "densityScore": 33,
        "componentCount": 5,
        "textChars": 628,
        "nDataPoints": 1,
        "notes": "The slide uses a comparison table to highlight risk profile differences between PMIs and GSEs.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "comparison_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:41.611+00",
          "seconds": 3.427,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/54",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-54",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Private mortgage insurance is a very high-risk business, and is also an inappropriate benchmark when setting capital levels for the GSEs",
          "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 19:59:41.611+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d594b24b-e077-432d-ac72-1ac557b35c3b",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Minimum Common Equity Requirement: 5.6%",
          "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 23:43:59+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-ea54037a9aea",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.092
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. (1) Private mortgage insurers based on the minimum 5.6% of performing primary adjusted risk-in-force ratio required by the GSEs' September 2018 Private Mortgage Insurer Eligibility Requirements (PMIERs).",
          "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 19:59:41.611+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ff003663-fdb6-410d-bc24-8c0505bda4e4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.33,
            "w": 0.72,
            "x": 0.14,
            "y": 0.43
          },
          "kind": "table",
          "text": "Traditional Mortgages; Credit Risk; High LTV; Guarantee 80-100% LTV Tranche; Jumbo & Alternative Mortgage Products; Minimum Common Equity Requirement",
          "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 19:59:41.611+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a521f0bf-bf60-4c2e-89d0-98c084bca6e8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "1 Set Appropriate Capital Requirements (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 19:59:41.611+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0800b26e-e6f6-470a-a2ea-5c4c754f322c",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Comparison frame",
            "slug": "comparison-frame",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
            "version": 1,
            "bodyDocId": null,
            "description": "Two or more states/subjects placed side by side to expose a gap.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "bfe8e399-6d2f-4fe1-9441-8af149c8d962",
          "evidence": "Comparison table with Traditional Mortgages, Credit Risk, High LTV, etc.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 03:29:24.229163+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 54,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "8993da75-d184-4688-a2d2-07331c753732",
          "evidence": "The slide uses a table to contrast risk profiles between two entities to argue for different capital requirements.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:41.611+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 54,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 55,
      "type": "setup",
      "title": "Uses a stacked bar chart to visualize LTV coverage ranges.",
      "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": "balanced",
        "densityScore": 47,
        "componentCount": 7,
        "textChars": 471,
        "nDataPoints": 6,
        "notes": "Uses a stacked bar chart to visualize LTV coverage ranges.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:41.151+00",
          "seconds": 2.822,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/55",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-55",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "The GSEs require significantly less capital than the PMIs because their guarantees are much safer",
          "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 19:59:41.151+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "90f2693f-2efe-46a6-85a8-a7688cede124",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.24,
            "x": 0.38,
            "y": 0.45
          },
          "kind": "chart",
          "text": "Illustrative Mortgage Guarantee Coverage as % of LTV",
          "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 19:59:41.151+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "78147d4a-36ed-4db9-9e6d-b2b9f6124cea",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.28,
            "x": 0.66,
            "y": 0.5
          },
          "kind": "list",
          "text": "PMIs: Coverage 80-100% LTV, Typical Severity 100%, Capital Ratio 5.6%",
          "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 19:59:41.151+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4e148a44-829d-418d-acd4-1cd34099bf22",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.28,
            "x": 0.08,
            "y": 0.66
          },
          "kind": "list",
          "text": "GSEs: Coverage 0-80% LTV, Typical Severity ~30%, Capital Ratio ?",
          "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 19:59:41.151+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "525c0e03-2653-4f38-9c1f-1146e4a1a742",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Capital Ratio: 5.6%",
          "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 23:43:59+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc1-d3f69b08bebc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.91
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. (1) Capital ratio for PMIs based on... (2) Typical severity based on...",
          "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 19:59:41.151+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9cef1207-c604-47b8-96f4-2f3995615b34",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Set Appropriate Capital Requirements (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 19:59:41.151+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "bf454713-1143-449a-be33-bf01cc21c72c",
          "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": "7ff2b08f-6708-4ea2-96df-b87ab4f67ba4",
          "evidence": "List with two bullet points comparing PMIs and GSEs",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-17 03:29:24.309077+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 55,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Comparison frame",
            "slug": "comparison-frame",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
            "version": 1,
            "bodyDocId": null,
            "description": "Two or more states/subjects placed side by side to expose a gap.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "910c503c-c87d-4b7f-94f3-0f05970f4524",
          "evidence": "Comparison table with PMIs and GSEs",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 03:29:24.348054+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 55,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "13a62212-cdf7-4d41-b2ee-db6278b07d0d",
          "evidence": "Direct comparison of GSEs vs PMIs across three key metrics.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:41.151+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 55,
          "frameworkName": "comparison-frame"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 56,
      "type": "evidence",
      "function": "cite_precedent",
      "rawType": "cite_precedent",
      "block": null,
      "metadata": {
        "slideType": "cite_precedent",
        "slideTypeCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-12ec-72be-8881-51b438fa76c7",
          "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": 68,
        "componentCount": 7,
        "textChars": 1607,
        "nDataPoints": 1,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.59+00",
          "seconds": 6.202,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/56",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-56",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019299999999999999
          },
          "kind": "callout",
          "text": "We do not believe the GSEs can earn an adequate return on capital to attract sustainable private investment at a 4% capital requirement unless g-fees are raised substantially",
          "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 19:59:44.59+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "27bb5de1-78fd-47e5-8be4-77f73d5bb6f2",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "capital requirement: 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 23:44:00+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-44de0e2b7c0c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.78,
            "x": 0.11,
            "y": 0.00395
          },
          "kind": "quote",
          "text": "To generate the large amount of private capital required to fund such a system, the Guarantor business model and expected returns through the cycle need to be attractive. That is, private investors in the Guarantors would have a reasonable expectation of a market rate of return on a risk-adjusted basis. To achieve this objective, investors would want to ensure that capital requirements are not too high, regulation and supervision is not too expensive, credit standards are sound and efforts to make housing more affordable do not impinge significantly on returns.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:44.59+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "846f161d-bd69-404d-a36c-e22bb00eb05d",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "“To generate the large amount of private capital required to fund such a system, the Guarantor business model and expected returns through the cycle need to be attractive. That is, private investors in the Guarantors would have a reasonable expectation of a market rate of return on a risk-adjusted basis. To achieve this objective, investors would want to ensure that capital requirements are not too high, regulation and supervision is not too expensive, credit standards are sound and efforts to make housing more affordable do not impinge significantly on returns.” — Mortgage Bankers Association, 4/20/2017",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:44:00+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-426550b500f7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.45,
            "x": 0.45,
            "y": 0.0077
          },
          "kind": "source-note",
          "text": "- Mortgage Bankers Association, 4/20/2017",
          "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 19:59:44.59+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "de958650-057a-42c4-b014-7a500383021a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.07,
            "y": 0.0095
          },
          "kind": "source-note",
          "text": "Source: Mortgage Bankers Association white paper titled “GSE Reform: Creating a Sustainable, More Vibrant Secondary Mortgage Market”, April 2017.",
          "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 19:59:44.59+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e657cabd-1c91-4687-b89a-275e58af419c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "1 Set Appropriate Capital Requirements (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 19:59:44.59+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1944aef2-a1f5-47eb-9249-3920f5a82588",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Authority citation",
            "slug": "authority-citation",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
            "version": 1,
            "bodyDocId": null,
            "description": "Quoting an authority figure, study, or precedent to lend weight.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "dbd9c8ea-627e-497f-89ab-1db6b94b7e4f",
          "evidence": "Quote from Mortgage Bankers Association white paper",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 03:29:24.42672+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 56,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "4203c9e2-321a-4092-82b5-8485d1539bc8",
          "evidence": "Uses a quote from the Mortgage Bankers Association to support the argument.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:44.59+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 56,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 57,
      "type": "analysis",
      "title": "The table compares a baseline (2.5% capital) against four scenarios of higher ROE requirements.",
      "function": "diagnose_problem",
      "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": "diagnose_problem",
        "functionCanon": {
          "name": "Diagnose problem",
          "slug": "diagnose_problem",
          "status": "active",
          "canonId": "019de52d-176d-761f-b608-cf52262d2ab2",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 37,
        "componentCount": 5,
        "textChars": 556,
        "nDataPoints": 50,
        "notes": "The table compares a baseline (2.5% capital) against four scenarios of higher ROE requirements.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "data_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:40.862+00",
          "seconds": 2.37,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/57",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-57",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.84
          },
          "kind": "callout",
          "text": "4% capital would require ~$270 billion to support the single-family guarantee business alone, >2x the capital held by both entities today. This would tie up ~$100bn+ of wasted capital that could be better deployed in other US businesses",
          "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 19:59:40.862+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3743ea52-f748-4302-a054-6f3a04fa415f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "The current 4% capital requirement is too high and would increase the cost of mortgage financing at a time when home affordability is at record lows and mortgage rates are at multiyear highs",
          "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 19:59:40.862+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cac9ff4f-57f4-4db4-b8a6-9aaf9aba80a0",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Return on Equity: 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 23:44:00+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-141520a02d90",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.86,
            "x": 0.07,
            "y": 0.35
          },
          "kind": "table",
          "text": "Fannie Mae Illustrative Return on Equity for New Single-Family MBS",
          "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 19:59:40.862+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1135bd01-a491-465f-840f-e8722de24627",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Set Appropriate Capital Requirements (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 19:59:40.862+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "38cf8e74-6c0b-4470-97ea-88b1da818917",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 58,
      "type": "setup",
      "title": "The slide argues that a 4% capital standard acts as a tax on homebuyers.",
      "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": "balanced",
        "densityScore": 46,
        "componentCount": 6,
        "textChars": 640,
        "nDataPoints": 35,
        "notes": "The slide argues that a 4% capital standard acts as a tax on homebuyers.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.448+00",
          "seconds": 5.868,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/58",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-58",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.88,
            "x": 0.06,
            "y": 0.8
          },
          "kind": "callout",
          "text": "A post-conservatorship capital standard of 4% would in effect be a tax on American homebuyers to fund overly capitalized balance sheets at the GSEs",
          "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 19:59:44.448+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1547af53-0ff6-4baa-ac88-da9e416ccaab",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.09,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Potential increases in g-fees would cost the typical homebuyer significantly more in interest over the life of his or her mortgage",
          "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 19:59:44.448+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f0c2b167-3d28-4acd-9d11-617108856777",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Implied Incremental Interest: $29,170",
          "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 23:44:00+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-5bc6450835dd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.93
          },
          "kind": "source-note",
          "text": "Note: Average U.S. single-family home sales price as per Federal Reserve Bank of St. Louis for the third quarter of 2024. National average mortgage rate as per Freddie Mac for the weekly average as of January 9, 2025.",
          "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 19:59:44.448+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2673e1b0-9f30-42e9-8188-dfa5fa25e4e0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.84,
            "x": 0.08,
            "y": 0.35
          },
          "kind": "table",
          "text": "G-Fee Increase: Impact to Homebuyer table showing ROE vs Interest",
          "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 19:59:44.448+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca4afeb7-323c-4e25-8d65-521ad5737e06",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Set Appropriate Capital Requirements (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 19:59:44.448+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "800bde64-bec4-483b-b4eb-63afdd7e27ca",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 59,
      "type": "setup",
      "title": "The slide uses a comparison table to justify a specific capital requirement by highlighting lower risk factors for GSEs.",
      "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": "dense",
        "densityScore": 54,
        "componentCount": 7,
        "textChars": 676,
        "nDataPoints": 5,
        "notes": "The slide uses a comparison table to justify a specific capital requirement by highlighting lower risk factors for GSEs.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "comparison_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:41.814+00",
          "seconds": 3.124,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/59",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-59",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "2.5% of equity capital is appropriate when benchmarked against the required capital levels for banks and private mortgage insurers",
          "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 19:59:41.814+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dc8c848c-42fc-4d14-9253-0d2b07afec26",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "The GSEs' guarantee business should have a lower capital ratio than banks and PMIs to reflect the lower risks they incur",
          "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 23:44:00+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-27f865475257",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Minimum Common Equity Requirement: 2.5%",
          "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 23:44:00+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-28160ac6feaa",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.79
          },
          "kind": "paragraph",
          "text": "The GSEs' guarantee business should have a lower capital ratio than banks and PMIs to reflect the lower risks they incur",
          "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 19:59:41.814+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1489b42c-9b60-429f-b28b-69d82ebeb75c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.88
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. (1) Equity requirements for banks... (2) Private mortgage insurers based on...",
          "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 19:59:41.814+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "053bf1b7-5940-4efd-98c3-5d80c20ce5d5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.92,
            "x": 0.04,
            "y": 0.29
          },
          "kind": "table",
          "text": "Comparison of risk factors and capital requirements across Reformed GSEs, Banks, and PMIs.",
          "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 19:59:41.814+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c9cfe128-850f-46bc-99e3-3c1b032b6b67",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Set Appropriate Capital Requirements (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 19:59:41.814+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "48c6379a-11ac-41fa-a9d2-d9afd1ed9839",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "4d8b886c-e330-4700-b5cd-17d93cd7a1c0",
          "evidence": "The slide compares risk factors and capital requirements across three entities to justify a specific target.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:41.814+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 59,
          "frameworkName": "comparison-frame"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 60,
      "type": "setup",
      "title": "The chart uses a waterfall-style bridge to compare losses to capital.",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 53,
        "componentCount": 6,
        "textChars": 996,
        "nDataPoints": 4,
        "notes": "The chart uses a waterfall-style bridge to compare losses to capital.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_vertical",
          "paragraph",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:41.718+00",
          "seconds": 2.982,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/60",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-60",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00198
          },
          "kind": "callout",
          "text": "2.5% of equity capital, or ~$170 billion, to support ~$6.7 trillion of single-family guarantees would provide the GSEs with a fortress balance sheet with more than 5.5 times as much capital as historical levels",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:41.718+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "85c6f9d3-bc18-4a85-b32f-8513a17eb4f5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.7,
            "x": 0.15,
            "y": 0.0036
          },
          "kind": "chart",
          "text": "Equity Requirement for Single-Family Guarantee Business ($ in billions)",
          "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 19:59:41.718+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "de3236e4-8232-40f0-85dc-9f5291618659",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Capital Ratio: 2.5%",
          "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 23:44:00+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-73286c3509e5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0078
          },
          "kind": "paragraph",
          "text": "2.5% of equity capital would amount to 6.2 times the cumulative losses in the GSEs' single-family guarantee business during the financial crisis, based on our estimates of actual credit losses excluding the elevated losses from subprime and Alt-A MBS",
          "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 19:59:41.718+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "da66d0b6-4db9-49ff-897a-645b4a2b9126",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0091
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. Note: Capital ratios are based on the combined Fannie and Freddie 2024 single-family guarantee portfolio of $6.7 trillion. Adjusted Cumulative Losses (2007-2011) represents Fannie and Freddie’s cumulative fully-taxed net losses from 2007-2011, based on actual credit losses and excluding the elevated level of losses from subprime and Alt-A MBS.",
          "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 19:59:41.718+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "611370cf-61bf-4722-a335-d82059c95bfa",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "1 Set Appropriate Capital Requirements (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 19:59:41.718+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e33f8ab2-26d2-400d-b9e2-a6aaef6212d7",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Chart Selection Guide",
            "slug": "chart-selection-guide",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae",
            "version": 1,
            "bodyDocId": null,
            "description": "Choosing the right chart type for your data and message",
            "familyLabel": null,
            "categoryName": "Slide",
            "categorySlug": "slide"
          },
          "agent": "Designer",
          "layer": "slide",
          "agents": [
            "Designer"
          ],
          "matchId": "f6094451-44e3-4f9f-9789-24f9955559f0",
          "evidence": "Bar chart with Equity Requirement for Single-Family Guarantee Business",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-17 03:29:24.628224+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 60,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 61,
      "type": "evidence",
      "title": "The slide uses a quote to validate the activist's proposed capital requirement.",
      "function": "cite_precedent",
      "rawType": "quote_slide",
      "block": null,
      "metadata": {
        "slideType": "quote_slide",
        "slideTypeCanon": {
          "name": "Quote slide",
          "slug": "quote_slide",
          "status": "active",
          "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2",
          "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": 61,
        "componentCount": 6,
        "textChars": 1643,
        "nDataPoints": 3,
        "notes": "The slide uses a quote to validate the activist's proposed capital requirement.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "quote_block"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:41.759+00",
          "seconds": 2.882,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/61",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-61",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00198
          },
          "kind": "callout",
          "text": "Analysts concur with our recommendation for a minimum capital requirement of 2.5%",
          "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 19:59:41.759+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "452e87b4-959a-45b5-bdee-6f203e645410",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "minimum capital requirement: 2.5%",
          "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 23:44:01+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-939631b10449",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.8,
            "x": 0.1,
            "y": 0.0035
          },
          "kind": "quote",
          "text": "While GSE revenues and earnings are significantly higher now vs pre-GFC levels driven by much higher guarantee fees and meaningfully larger guarantee portfolios, required minimum capital levels have increased far more meaningfully, resulting in a sharp decline in run-rate ROEs. We believe that the only realistic way to solve for this is to remove the stability buffer and take the minimum capital level back to 2.5%. The other alternative is to increase guarantee fees, but we estimate that the increases would have to be in the 20-25 bp range (from the current 65 bp level), which is likely to be politically unacceptable since it would increase mortgage rates by an equivalent amount.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:41.759+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "23c240b9-b3b9-416c-a61e-94560c33dc32",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "\"While GSE revenues and earnings are significantly higher now vs pre-GFC levels driven by much higher guarantee fees and meaningfully larger guarantee portfolios, required minimum capital levels have increased far more meaningfully, resulting in a sharp decline in run-rate ROEs. We believe that the only realistic way to solve for this is to remove the stability buffer and take the minimum capital level back to 2.5%. The other alternative is to increase guarantee fees, but we estimate that the increases would have to be in the 20-25 bp range (from the current 65 bp level), which is likely to be politically unacceptable since it would increase mortgage rates by an equivalent amount.\" — Keefe, Bruyette & Woods (emphasis added), 1/5/2025",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:44:01+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-8c1ad3e16add",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.8,
            "x": 0.1,
            "y": 0.008
          },
          "kind": "source-note",
          "text": "- Keefe, Bruyette & Woods (emphasis added), 1/5/2025",
          "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 19:59:41.759+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fbd92841-840b-4cc6-95d0-ddcf231e5a39",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "1 Set Appropriate Capital Requirements (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 19:59:41.759+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "af0718ad-6aee-4d76-b6d9-05ccae9f09d1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "abbeaa55-e155-4c12-8ca0-91b76763d03d",
          "evidence": "Citing Keefe, Bruyette & Woods to validate the 2.5% capital requirement recommendation.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:59:41.759+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 61,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 62,
      "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": "balanced",
        "densityScore": 34,
        "componentCount": 5,
        "textChars": 651,
        "nDataPoints": 2,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:43.574+00",
          "seconds": 4.344,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/62",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-62",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00185
          },
          "kind": "callout",
          "text": "The GSEs' enormous earnings power adds a substantial additional layer of protection to a fortress 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": 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 19:59:43.574+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8ac549ee-2b8a-4fab-aae6-778836288316",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "The GSEs' balance sheets do not reflect the ~$32bn in annual net revenue they will receive from g-fees on their existing ~$7 trillion of outstanding single-family MBS.",
          "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 23:44:01+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-9c0d3e1777d7",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "annual net revenue: $32bn",
          "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 23:44:01+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-a088159d81e1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.8,
            "x": 0.1,
            "y": 0.00385
          },
          "kind": "paragraph",
          "text": "The GSEs' balance sheets do not reflect the ~$32bn in annual net revenue they will receive from g-fees on their existing ~$7 trillion of outstanding single-family MBS. This recurring, long-term cash flow stream has allowed the GSEs to successfully recapitalize after the suspension of the net worth sweep",
          "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 19:59:43.574+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7a7d2441-9576-428e-8259-255007fb0cd0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Set Appropriate Capital Requirements (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 19:59:43.574+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1b265206-527f-4417-a16f-ebb2efbe8f19",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 63,
      "type": "setup",
      "title": "The slide uses a two-part argument structure to justify capital requirements by highlighting hidden value in future cash flows and crisis-resilience.",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 50,
        "componentCount": 6,
        "textChars": 924,
        "nDataPoints": 2,
        "notes": "The slide uses a two-part argument structure to justify capital requirements by highlighting hidden value in future cash flows and crisis-resilience.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:42.967+00",
          "seconds": 3.695,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/63",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-63",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "callout",
          "text": "The GSEs' balance sheet quality is enhanced by their contractual future revenue, as well as their ability to gain share in crisis",
          "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 19:59:42.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5c50a062-6442-43cc-82a0-55c785f453f3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.92,
            "x": 0.04,
            "y": 0.087
          },
          "kind": "disclaimer",
          "text": "(1) Represents estimated guarantee fee revenue less TCCA fees... (2) Assumes average portfolio turnover of 14%... (3) Assumes a 23% increase in the size of the single-family guarantee portfolio...",
          "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 19:59:42.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8ded96ea-50dd-48b8-af62-74c1db751ab4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.88,
            "x": 0.08,
            "y": 0.58
          },
          "kind": "list",
          "text": "The ability to write new business in a crisis provides further protection. During a housing crisis, losses are offset by higher market share. We estimate this unique ability to write new business during a crisis is worth ~$17bn on a present value basis.",
          "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 19:59:42.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5491a488-c6e1-4c9b-816f-778f85219589",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.88,
            "x": 0.08,
            "y": 0.28
          },
          "kind": "list",
          "text": "While they do not count towards capital, future contractual guarantee fees significantly enhance balance sheet strength. Fannie and Freddie generated net single-family g-fees of $32bn in 2024. We estimate future g-fees on the existing book are worth ~$101bn today.",
          "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 19:59:42.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6dc0512c-6b54-4b32-9787-c87681fb46df",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "present value of future g-fees: $101bn",
          "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 23:44:01+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-b35675856a79",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Set Appropriate Capital Requirements (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 19:59:42.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "20b57c4b-4cba-4ecc-9b81-1ede64246bbf",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 64,
      "type": "setup",
      "title": "The chart uses a waterfall-like comparison to show that proposed capital (2.5%) and total resources (4.3%) significantly exceed historical crisis losses.",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 34,
        "componentCount": 5,
        "textChars": 584,
        "nDataPoints": 6,
        "notes": "The chart uses a waterfall-like comparison to show that proposed capital (2.5%) and total resources (4.3%) significantly exceed historical crisis losses.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "paragraph"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:41.846+00",
          "seconds": 2.515,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/64",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-64",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.83
          },
          "kind": "callout",
          "text": "2.5% of equity capital would imply Claims Paying Resources of $286bn, over 10 times the cumulative losses in the GSEs' single-family guarantee business during the financial crisis, based on our estimates of actual credit losses excluding subprime and Alt-A MBS",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:41.846+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ea34a29d-3be9-4c58-aa50-84aba24252bc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.92,
            "x": 0.04,
            "y": 0.33
          },
          "kind": "chart",
          "text": "Proposed Capital and Claims Paying Resources for Single-Family Guarantee Business ($bn)",
          "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 19:59:41.846+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9a57c684-0856-4ebc-aba5-cf0e836741c7",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Claims Paying Resources: $286bn",
          "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 23:44:02+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-03346cbb52e1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "subtitle",
          "text": "The GSEs' total Claims Paying Resources includes their equity capital, contractual g-fees on $6.7 trillion of assets, and ability to gain market share in a crisis",
          "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 19:59:41.846+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ad9f3216-20a0-429c-8e53-5d90ed4e4849",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Set Appropriate Capital Requirements (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 19:59:41.846+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a28dca42-5e3a-444b-ae4e-5ba042b8b0ef",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 65,
      "type": "setup",
      "title": "The slide uses a 'demand list' format to advocate for regulatory changes.",
      "function": "state_demand",
      "rawType": "demand_list",
      "block": null,
      "metadata": {
        "slideType": "demand_list",
        "slideTypeCanon": {
          "name": "Demand list",
          "slug": "demand_list",
          "status": "active",
          "canonId": "019de52d-110e-76af-8c96-2017430183b1",
          "version": 1,
          "description": null
        },
        "function": "state_demand",
        "functionCanon": {
          "name": "State demand",
          "slug": "state_demand",
          "status": "active",
          "canonId": "019de52d-180b-70a3-99c7-c832ea7db96b",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 24,
        "componentCount": 4,
        "textChars": 504,
        "nDataPoints": 1,
        "notes": "The slide uses a 'demand list' format to advocate for regulatory changes.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:42.033+00",
          "seconds": 2.677,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/65",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-65",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019
          },
          "kind": "callout",
          "text": "Government-granted benefits that do not serve a vital purpose for the mortgage market should be eliminated",
          "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 19:59:42.033+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5b32e99c-c57e-4b2a-83d7-9cbbe705650a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.92
          },
          "kind": "disclaimer",
          "text": "(1) The proposed 2.5% capital ratio would be inclusive of any additional capital buffer required due to SIFI designation...",
          "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 19:59:42.033+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "46a35d7f-5605-47e5-95dd-4b9cd132ad14",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0032
          },
          "kind": "list",
          "text": "Exemption from SEC registration of debt and MBS; UST line of credit that authorizes up to $2.25bn of GSE obligations; Exemption of GSE securities from Volcker rule; Lack of exposure limits for banks; Exemption from FSOC review for SIFI status",
          "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 19:59:42.033+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "85ad86d1-db9f-4bb7-9837-dbdf8ae9adfd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Limit Government-Granted Benefits",
          "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 19:59:42.033+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "395dda84-924f-4ba0-b59c-f80c5eab6c11",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 66,
      "type": "setup",
      "title": "This slide acts as a counter-balance to a broader argument about limiting benefits, specifically identifying which ones are deemed essential.",
      "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": "dense",
        "densityScore": 55,
        "componentCount": 7,
        "textChars": 770,
        "nDataPoints": 2,
        "notes": "This slide acts as a counter-balance to a broader argument about limiting benefits, specifically identifying which ones are deemed essential.",
        "elementsJson": [
          "headline_text",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:42.568+00",
          "seconds": 3.188,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/66",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-66",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Benefits that we believe should be preserved:",
          "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 23:44:01+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-d5020ced016d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.85,
            "x": 0.08,
            "y": 0.25
          },
          "kind": "list",
          "text": "20% risk weighting for GSE MBS (vs. 50% for private label MBS)\nAppropriate in light of lower risk and higher liquidity of agency MBS; also raises demand for agency MBS and thus lowers mortgage costs",
          "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 19:59:42.568+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "108bd1e4-548b-4112-b076-0c2d678d826c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.85,
            "x": 0.08,
            "y": 0.72
          },
          "kind": "list",
          "text": "No requirement for information disclosure underlying securities ratings\nFacilitates the TBA market by making different MBS issuances more liquid and fungible",
          "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 19:59:42.568+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1eaece13-1749-4d3c-a585-07ebc4caea05",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.85,
            "x": 0.08,
            "y": 0.55
          },
          "kind": "list",
          "text": "GSE MBS eligible as collateral for public deposits and for loans from Federal Reserve Banks and Federal Home Loan Banks\nSmaller lenders utilize Federal Home Loan Banks extensively",
          "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 19:59:42.568+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "71982546-6725-448b-ad9a-d2a34f4eeaef",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.7,
            "x": 0.08,
            "y": 0.42
          },
          "kind": "list",
          "text": "GSE MBS eligible for purchase by the Federal Reserve\nRaises demand for MBS and thus lowers mortgage costs",
          "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 19:59:42.568+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f66140cd-2388-45d8-8577-f2ee81abe764",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.08,
            "y": 0.18
          },
          "kind": "paragraph",
          "text": "Benefits that we believe should be preserved:",
          "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 19:59:42.568+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "07e54b08-fc25-4a2e-835e-2d33d841c0fd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Limit Government-Granted Benefits (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 19:59:42.568+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5ed97684-13e8-4da4-81d9-2981e78258f8",
          "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": "9a5b565b-eae1-479c-9b8a-0ac4e425d393",
          "evidence": "The slide contains a list of bullet points discussing benefits that should be preserved.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 03:29:25.05936+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 66,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 67,
      "type": "setup",
      "title": "The slide highlights the negative impact of current pay limits on leadership turnover at Fannie and Freddie.",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 46,
        "componentCount": 6,
        "textChars": 785,
        "nDataPoints": 2,
        "notes": "The slide highlights the negative impact of current pay limits on leadership turnover at Fannie and Freddie.",
        "elementsJson": [
          "headline_text",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:42.648+00",
          "seconds": 3.092,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/67",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-67",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Current pay limits lead to high leadership turnover, with Fannie averaging a new CEO every three years and Freddie every two years since conservatorship began in September 2008",
          "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 23:44:01+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-c71a2b803e2f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.32,
            "w": 0.88,
            "x": 0.06,
            "y": 0.28
          },
          "kind": "list",
          "text": "Salaries based on prevailing market rates\nBonuses in the form of restricted stock with long-term vesting\nCompensation targets emphasize capital strength and operational risk management and controls, in addition to standard financial targets\nCurrent pay limits lead to high leadership turnover, with Fannie averaging a new CEO every three years and Freddie every two years since conservatorship began in September 2008",
          "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 19:59:42.648+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7a053221-a24d-43ee-b36f-f40317c739a5",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.88,
            "x": 0.06,
            "y": 0.79
          },
          "kind": "list",
          "text": "World-class, independent board of directors\nCompensation based on restricted stock with long-term vesting",
          "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 19:59:42.648+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b51644b3-b08f-4d32-862e-b9829a2acd18",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.88,
            "x": 0.06,
            "y": 0.72
          },
          "kind": "paragraph",
          "text": "Governance",
          "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 19:59:42.648+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0d7eb9d7-8b11-46be-b288-49fd4201b17b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.88,
            "x": 0.06,
            "y": 0.21
          },
          "kind": "paragraph",
          "text": "Compensation for Key Executives",
          "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 19:59:42.648+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f477d2b9-7255-4260-9b75-1611a08aafd4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Develop Market-Based Compensation & Governance",
          "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 19:59:42.648+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6e269301-39e6-424a-8036-b719ad0d65b8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "19c89dbf-4f4c-4f69-af23-c44294a0d520",
          "evidence": "The slide explicitly proposes governance reforms including an independent board and compensation structures.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:42.648+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 67,
          "frameworkName": "governance"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 68,
      "type": "setup",
      "title": "The slide uses a contrast-based structure (complications vs. objectives) to lead to a proposed administrative solution.",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 39,
        "componentCount": 5,
        "textChars": 808,
        "nDataPoints": 1,
        "notes": "The slide uses a contrast-based structure (complications vs. objectives) to lead to a proposed administrative solution.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:42.148+00",
          "seconds": 2.583,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/68",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-68",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00195
          },
          "kind": "callout",
          "text": "We do not believe that a direct, explicit government guarantee of Fannie and Freddie’s MBS is necessary, feasible, or desirable",
          "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 19:59:42.148+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "86aacbe1-5ba5-42b7-8344-288dee38c120",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00845
          },
          "kind": "callout",
          "text": "We believe there is an elegant solution to achieve these objectives through administrative action, utilizing authorities already granted by Congress",
          "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 19:59:42.148+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f3082f39-7d21-45aa-b876-96d60a9dc723",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.87,
            "x": 0.09,
            "y": 0.005849999999999999
          },
          "kind": "list",
          "text": "We do, however, believe it is important to achieve several objectives: Clarify the nature of the relationship between the GSEs and the government; Ensure fair compensation to taxpayers; Provide confidence to the MBS 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 19:59:42.148+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "65c2bdfa-a956-4430-b5e1-cac2d776f582",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.87,
            "x": 0.09,
            "y": 0.0030499999999999998
          },
          "kind": "list",
          "text": "There are several complications with an explicit MBS guarantee: Would likely require the U.S. government to consolidate the $7.6tn MBS of Fannie and Freddie, which would increase the national debt by 20%; Disruption to the Treasury market; Would require an act of Congress",
          "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 19:59:42.148+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "da426207-b6ac-4b85-98ab-a3ba63a3e88f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.75,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "4 Clarify Nature of Government Backstop",
          "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 19:59:42.148+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5a9c76ef-08ca-4d59-ab66-3ff04a5f5aa4",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "b6c406d0-f226-4f0b-8210-4e2d017af672",
          "evidence": "The slide contrasts the complications of an explicit guarantee against the objectives of a proposed administrative solution.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:42.148+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 68,
          "frameworkName": "contrast-pairs"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 69,
      "type": "setup",
      "title": "The slide outlines a policy recommendation for GSE reform.",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 50,
        "componentCount": 5,
        "textChars": 1226,
        "nDataPoints": 5,
        "notes": "The slide outlines a policy recommendation for GSE reform.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:43.453+00",
          "seconds": 3.518,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/69",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-69",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019
          },
          "kind": "callout",
          "text": "The existing PSPAs should be modified to act as a government backstop, providing the same benefits as an explicit guarantee without the negative consequences",
          "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 19:59:43.453+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f292523a-670d-4e1c-aaa0-0b95f9aa819e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0034
          },
          "kind": "list",
          "text": "Treasury’s total funding commitment under the PSPAs is $445bn(1)\nWe believe the full $445bn would be available for future draws if the Senior Preferred Stock is deemed repaid\nThe size of Treasury’s funding commitment makes it akin to an explicit guarantee from the perspective of an MBS investor\nAdditional ~5.5% of GSE assets & guarantees after 2.5% first-loss private capital\nTreasury would be paid a commitment fee in exchange for this support\nPriced as super-senior reinsurance that would only be drawn upon in the unlikely event the GSEs’ private capital is fully exhausted in a catastrophic financial crisis\nTerms of the Senior Preferred Stock would need to be modified\nPrivate capital raise is not feasible if Treasury can purchase a senior security with onerous terms at any time, which the GSEs have no ability to repay",
          "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 19:59:43.453+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "67ed67cd-f58c-40b3-97a5-d2dd12881be7",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Treasury funding commitment: $445bn",
          "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 23:44:02+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc2-eb6fb5c69a7c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.85,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "(1) Consists of total draws of $119.8bn at Fannie and $71.6bn at Freddie, and remaining funding of $113.9bn at Fannie and $140.2bn at Freddie per public filings.",
          "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 19:59:43.453+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1c7b5e6f-8604-43e2-aee3-29645b344246",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Clarify Nature of Government Backstop (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 19:59:43.453+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ed243ea6-b3cb-4374-b2e4-2f77f2b28b7c",
          "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": "89952894-d8e0-4d63-8fc8-cd1f3cc75d59",
          "evidence": "The existing PSPAs should be modified to act as a government backstop, providing the same benefits as an explicit guarantee without the negative consequences",
          "pageRefs": null,
          "priority": "Core",
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:59.414263+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": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 70,
      "type": "setup",
      "title": "The slide uses a stacked bar chart to contrast historical losses against the total available capital buffer.",
      "function": "preempt_rebuttal",
      "rawType": "preempt_rebuttal",
      "block": null,
      "metadata": {
        "slideType": "preempt_rebuttal",
        "slideTypeCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-1225-7368-af32-6381fddabdb3",
          "version": 1,
          "description": null
        },
        "function": "preempt_rebuttal",
        "functionCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 31,
        "componentCount": 5,
        "textChars": 499,
        "nDataPoints": 4,
        "notes": "The slide uses a stacked bar chart to contrast historical losses against the total available capital buffer.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:47.326+00",
          "seconds": 7.208,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/70",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-70",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "Losses would need to exceed $600bn before both first-loss private capital and PSPA funding would be extinguished, or ~23x adjusted cumulative losses in the single-family guarantee segment during the Great Financial Crisis (i.e. 2007-2011)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Callout",
              "slug": "callout",
              "status": "active",
              "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2",
              "version": 1,
              "description": "Highlighted callout box."
            },
            "tool": null,
            "subkind": {
              "name": "Primary callout",
              "slug": "primary",
              "status": "active",
              "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "primary",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:47.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8d7b1ef6-7d8b-4a6d-bd56-220b003e313c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.7,
            "x": 0.15,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Financial Crisis Losses vs. Potential New Capital Framework ($ in Billions)",
          "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 19:59:47.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "be87980c-f60d-47b4-8ff5-b159a2fb2269",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "cumulative losses: $613bn",
          "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 23:44:02+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-2c2503e54c09",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.085
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. (1) Fully-taxed net income... (2) Actual accounting losses...",
          "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 19:59:47.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "617b5088-8731-413e-b574-1dfa900e679f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Clarify Nature of Government Backstop (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 19:59:47.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fdfda594-35dd-4aa9-919c-565f09a3fd11",
          "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": "3f2d242b-282f-43ab-9e05-8bce0e45be63",
          "evidence": "chart/bar-vertical: Financial Crisis Losses vs. Potential New Capital Framework ($ in Billions)",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:15:59.491177+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 70,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "d9685975-35d3-4c19-9546-eda241be7673",
          "evidence": "Compares historical loss data against a proposed capital buffer to preempt concerns about government exposure.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:47.326+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 70,
          "frameworkName": "comparison-frame"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 71,
      "type": "evidence",
      "title": "The slide uses a pull-quote to provide external validation for the activist's thesis regarding GSE conservatorship exit.",
      "function": "cite_precedent",
      "rawType": "cite_precedent",
      "block": null,
      "metadata": {
        "slideType": "cite_precedent",
        "slideTypeCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-12ec-72be-8881-51b438fa76c7",
          "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": 62,
        "componentCount": 6,
        "textChars": 1999,
        "nDataPoints": 2,
        "notes": "The slide uses a pull-quote to provide external validation for the activist's thesis regarding GSE conservatorship exit.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:43.344+00",
          "seconds": 3.056,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/71",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-71",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.00195
          },
          "kind": "callout",
          "text": "A major ratings agency has recently indicated that exiting conservatorship with the PSPAs in place would be credit neutral",
          "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 19:59:43.344+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7244efb5-cb45-4656-b298-aa028dac8132",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.76,
            "x": 0.12,
            "y": 0.0032
          },
          "kind": "quote",
          "text": "Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market. The PSPAs require the U.S. Treasury to inject funds if either GSE's net worth drops below zero, up to the agreement limits. As of 3Q24, aggregate availability under the PSPAs exceeded $250 billion, with the housing GSEs' combined net worth at $147 billion, currently indicating strong U.S. government backing. Fitch expects the incoming Trump administration to potentially explore options for taking the GSEs out of conservatorship. If the GSEs were to exit conservatorship while maintaining the PSPAs or similar support, their ratings could remain aligned with the U.S. sovereign rating.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:43.344+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "efdfb4ec-3e71-48f6-a556-2f3e60fe7c6d",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "\"Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market. The PSPAs require the U.S. Treasury to inject funds if either GSE's net worth drops below zero, up to the agreement limits. As of 3Q24, aggregate availability under the PSPAs exceeded $250 billion, with the housing GSEs' combined net worth at $147 billion, currently indicating strong U.S. government backing. Fitch expects the incoming Trump administration to potentially explore options for taking the GSEs out of conservatorship. If the GSEs were to exit conservatorship while maintaining the PSPAs or similar support, their ratings could remain aligned with the U.S. sovereign rating.\" — Fitch Ratings, 1/8/25 (emphasis added)",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:44:02+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-54aa013bced7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.4,
            "x": 0.47,
            "y": 0.008400000000000001
          },
          "kind": "source-note",
          "text": "- Fitch Ratings, 1/8/25 (emphasis added)",
          "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 19:59:43.344+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1e145883-b080-4d36-9d44-7e0f84d23f7f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.8,
            "x": 0.06,
            "y": 0.0095
          },
          "kind": "source-note",
          "text": "Source: https://www.fitchratings.com/research/non-bank-financial-institutions/fannie-freddie-conservatorship-exit-would-not-be-immediate-ratings-catalyst-08-01-2025.",
          "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 19:59:43.344+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3d328a76-fcf1-49fc-90c4-d4ac3e2eb392",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "Clarify Nature of Government Backstop (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 19:59:43.344+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c1bb9962-f589-4133-9678-d5def921306f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Authority citation",
            "slug": "authority-citation",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
            "version": 1,
            "bodyDocId": null,
            "description": "Quoting an authority figure, study, or precedent to lend weight.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "e0ef37f9-af8d-4c19-aec4-f411c866ec26",
          "evidence": "quote: \"Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:15:59.565239+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 71,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "4d44dcf1-e516-4940-82f9-559ac0672f76",
          "evidence": "Uses a quote from a major ratings agency (Fitch) to validate the thesis.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:59:43.344+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 71,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 72,
      "type": "setup",
      "title": "The slide uses market benchmarks to justify a specific fee level, framing it as a conservative estimate.",
      "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": 9,
        "textChars": 1377,
        "nDataPoints": 24,
        "notes": "The slide uses market benchmarks to justify a specific fee level, framing it as a conservative estimate.",
        "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 19:59:44.173+00",
          "seconds": 3.885,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/72",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-72",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Probability of a draw, credit quality, and impact on mortgage costs are important factors to consider when setting the PSPA commitment fee",
          "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 19:59:44.173+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d2cf78d6-355d-4d7e-bb1c-63b3ef679c13",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "While there is no perfect comparable, we believe a commitment fee of ~25 basis points is conservative in light of available market benchmarks:",
          "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 23:44:03+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-6529e0979f28",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.12,
            "w": 0.9,
            "x": 0.05,
            "y": 0.31
          },
          "kind": "list",
          "text": "Substantial first-loss private capital makes a draw highly unlikely\nWhile there is no perfect comparable, we believe a commitment fee of ~25 basis points is conservative in light of available market benchmarks:",
          "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 19:59:44.173+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e608f150-64ca-470d-8c7a-4e02925419c6",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "commitment fee: ~25 bps",
          "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 23:44:03+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-69f3e3ac37f7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.81
          },
          "kind": "paragraph",
          "text": "If the PSPA commitment fee is too onerous, g-fees and mortgage costs would have to increase to allow the GSEs to earn an appropriate ROE",
          "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 19:59:44.173+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "524b4921-f3b2-4d93-94e1-31e937e847d7",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.93
          },
          "kind": "source-note",
          "text": "(1) Average commitment fee grid for multiyear credit agreements signed in 2023 or 2024 by borrowers with at least an A- rating and a market cap of at least $100bn. (2) CDS spread for five tightest names in the Markit CDX North America Investment Grade Index as of January 10, 2025.",
          "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 19:59:44.173+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5b8725b6-00a4-4f07-b049-be8b1778d419",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.38,
            "x": 0.08,
            "y": 0.475
          },
          "kind": "table",
          "text": "Revolver Undrawn Fees(1) Credit Rating Undrawn Fee >=AA- or Aa3 0.04% A+ or A1 0.05% A or A2 0.07% A- or A3 0.09% BBB+ or Baa1 0.11% BBB or Baa2 0.12% BBB- or Baa3 0.15%",
          "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 19:59:44.173+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e3b8c16e-edd0-4fcc-938a-1da425939631",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.44,
            "x": 0.51,
            "y": 0.475
          },
          "kind": "table",
          "text": "Single-Name CDS Pricing(2) Borrower Credit Rating Spread (bps) Berkshire Hathaway AA / Aa2 13.6 National Rural Utilities Coop. A- / A2 20.4 Northrop Grumman BBB+ / Baa1 22.8 Union Pacific A- / A3 22.9 Johnson & Johnson AAA / Aaa 23.1",
          "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 19:59:44.173+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ec8289d1-0ed3-49d3-8009-b78de7fd343c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Clarify Nature of Government Backstop (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 19:59:44.173+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "512cdf3d-2144-47c7-8000-076aaa381f12",
          "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": "5882de9a-fe06-4e7c-a107-f6a7255f5fe4",
          "evidence": "table/data: Revolver Undrawn Fees(1) Credit Rating Undrawn Fee >=AA- or Aa3 0.04% A+ or A1 0.05% A or A2 0.07% A- or A3 0.09% BBB+ or Baa1 0.11% BBB or Baa2 0.12% BBB- or Baa3 0.15%",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-16 23:15:59.641222+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 72,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "54b438e0-234c-4b4d-8681-dcba80e81d0b",
          "evidence": "Uses market benchmarks (revolver fees and CDS pricing) to justify a proposed fee.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:44.173+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 72,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 73,
      "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": 30,
        "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 19:59:42.3+00",
          "seconds": 1.598,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/73",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-73",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.27,
            "w": 0.428,
            "x": 0.286,
            "y": 0.364
          },
          "kind": "title",
          "text": "Illustrative GSE Restructuring",
          "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 19:59:42.3+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1d2bf513-65c5-41b9-8bea-2273809d6685",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 74,
      "type": "resolution",
      "function": "plan_implementation",
      "rawType": "roadmap",
      "block": null,
      "metadata": {
        "slideType": "roadmap",
        "slideTypeCanon": {
          "name": "Roadmap",
          "slug": "roadmap",
          "status": "active",
          "canonId": "019de52d-0a55-72bc-9b7b-a47ef109839c",
          "version": 1,
          "description": null
        },
        "function": "plan_implementation",
        "functionCanon": {
          "name": "Plan implementation",
          "slug": "plan_implementation",
          "status": "active",
          "canonId": "019de52d-14a2-77ea-b210-d6a95eed4823",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 39,
        "componentCount": 4,
        "textChars": 902,
        "nDataPoints": 6,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "numbered_list",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:47.099+00",
          "seconds": 6.387,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/74",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-74",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.19
          },
          "kind": "callout",
          "text": "We believe a restructuring of Fannie and Freddie should occur in three consecutive phases",
          "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 19:59:47.099+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7abb8d63-5ccd-43f7-adcd-eaf5c948f936",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.85,
            "x": 0.12,
            "y": 0.36
          },
          "kind": "list",
          "text": "US Treasury Senior Preferred deemed repaid following recoupment of principal plus an annualized return of 11.6%\nExisting PSPAs amended to serve as backstop in exchange for commitment fee\nUS Treasury retains warrants for 79.9% of common stock\nExisting junior preferred either left outstanding or converted to common on a negotiated basis\n“Re-IPO” of Fannie Mae by year-end 2026 to raise ~$5bn in common stock\n“Re-IPO” of Freddie Mac by year-end 2027 to raise ~$15bn in common stock\nUST sells down its common stock stakes over the five years after each IPO\nSubstantial common dividends paid to US Treasury during ownership periods",
          "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 19:59:47.099+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "310087d8-d04e-415f-bbc2-c550d77c769e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.85,
            "x": 0.08,
            "y": 0.31
          },
          "kind": "list",
          "text": "1. Cleanup of existing capital structure\n2. New private capital raises\n3. Monetization of U.S. Treasury stake once entities are fully capitalized",
          "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 19:59:47.099+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "06f95cee-95af-46c6-a3ec-a0dff96b4e75",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.78,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Illustrative GSE Restructuring: 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 19:59:47.099+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c396dc7d-6564-4808-8082-20ec49377798",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "408ac634-4f3c-4889-8cfc-ba9c2cfc480c",
          "evidence": "The slide outlines a three-phase sequential process for restructuring.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:47.099+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 74,
          "frameworkName": "timeline"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 75,
      "type": "evidence",
      "title": "The chart uses a stacked bar approach to show the base return vs excess return.",
      "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": 30,
        "componentCount": 5,
        "textChars": 397,
        "nDataPoints": 12,
        "notes": "The chart uses a stacked bar approach to show the base return vs excess return.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:43.213+00",
          "seconds": 2.437,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/75",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-75",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Treasury has now recouped its total cash invested plus ~$25bn in excess of what would have been owed under the original 10% dividend rate",
          "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 19:59:43.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "475db0b0-74e9-4122-9925-4d2aa5d28ccf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.9,
            "x": 0.05,
            "y": 0.35
          },
          "kind": "chart",
          "text": "Comparison of Draws vs Total Dividend Payments for Fannie, Freddie, and Total GSEs",
          "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 19:59:43.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a45436e7-aa5f-4ec4-8f3f-50f4f66e6721",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Total Dividend Payments: $301bn",
          "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 23:44:03+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-a0b97b82e5df",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.6,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. Original liquidation preference was $1 billion for each entity.",
          "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 19:59:43.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "05aca098-9b35-4215-90a0-c8e92ff967cd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "UST Preferred has Been Repaid",
          "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 19:59:43.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b1ab5e74-6df2-47ab-b682-9647f27c0a3b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "06d172b6-492e-4763-8d88-2ee088a16ed7",
          "evidence": "chart/bar-stacked: Comparison of Draws vs Total Dividend Payments for Fannie, Freddie, and Total GSEs",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-07-16 23:15:59.793123+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 75,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "0102f512-bff5-44a0-93bd-23ff97f3169b",
          "evidence": "Compares initial investment (draws) to final outcome (total payments) to demonstrate value realization.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:43.213+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 75,
          "frameworkName": "before-after-framing"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 76,
      "type": "tension",
      "function": "cite_precedent",
      "rawType": "ceo_quote",
      "block": null,
      "metadata": {
        "slideType": "ceo_quote",
        "slideTypeCanon": {
          "name": "CEO quote",
          "slug": "ceo_quote",
          "status": "active",
          "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa",
          "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": 62,
        "componentCount": 7,
        "textChars": 1064,
        "nDataPoints": 1,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:47.277+00",
          "seconds": 6.355,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/76",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-76",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019
          },
          "kind": "callout",
          "text": "Former Trump administration officials have acknowledged that Treasury’s Senior Preferred Stock has been repaid with interest",
          "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 19:59:47.277+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "92f5d0ff-36d1-47f9-aabd-dd0c71dea801",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "IRR: 11.5%",
          "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 23:44:04+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-d7ff5c5cdbcd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.31,
            "y": 0.0057
          },
          "kind": "paragraph",
          "text": "- Craig Phillips, Counselor to the US Treasury Secretary from 2017 to 2019, in May 16, 2019 interview",
          "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 19:59:47.277+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "dd61fe12-9e50-49b9-9e8a-294be14c6bb9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.8,
            "x": 0.11,
            "y": 0.0034
          },
          "kind": "quote",
          "text": "So it’s an 11.5% moment [the IRR on the Senior Preferred]. And it just shows that, you know, that there is an opportunity here also to protect the taxpayer. The taxpayer has actually been – in some ways, in many ways, repaid from the bailout of Fannie and Freddie. We gotta kind of turn the page and fix it to move on.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:47.277+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "251a8b97-4f70-4581-9ce1-0cc5b533c44a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "“So it’s an 11.5% moment [the IRR on the Senior Preferred]. And it just shows that, you know, that there is an opportunity here also to protect the taxpayer. The taxpayer has actually been – in some ways, in many ways, repaid from the bailout of Fannie and Freddie. We gotta kind of turn the page and fix it to move on.” — Craig Phillips, Counselor to the US Treasury Secretary from 2017 to 2019, in May 16, 2019 interview",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:44:04+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-d0bf274539ef",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.06,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: https://www.youtube.com/watch?v=ZJUB5-pBV08.",
          "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 19:59:47.277+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1dfe9c80-31a3-4ca2-b498-fe531b46026b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "UST Preferred has Been Repaid (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 19:59:47.277+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "45ac812d-e43e-4d63-93e1-6b97c75d4a69",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "CEO quote contradiction",
            "slug": "ceo-quote-contradiction",
            "status": "active",
            "bestFor": "When management credibility is the lever",
            "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6",
            "version": 1,
            "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415",
            "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "7b50efdc-d6ba-4785-8441-d6df40bd45e5",
          "evidence": "quote: \"So it's an 11.5% moment [the IRR on the Senior Preferred]. And it just shows that, you know, that there is an opportunity here also to protect the taxpayer.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": "When management credibility is the lever",
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:15:59.871211+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 76,
          "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n  target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n  you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n  which means it lands in WSJ/FT/Bloomberg coverage.",
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "66d04d72-08f2-4c9e-901d-d63dd23b0153",
          "evidence": "Citing a former Treasury official to validate the claim of repayment.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:47.277+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 76,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 77,
      "type": "setup",
      "title": "The slide uses pie charts to show the composition of capital, highlighting the role of 'Credit for Excess Payments' in reducing private capital needs.",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "dense",
        "densityScore": 70,
        "componentCount": 9,
        "textChars": 716,
        "nDataPoints": 10,
        "notes": "The slide uses pie charts to show the composition of capital, highlighting the role of 'Credit for Excess Payments' in reducing private capital needs.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "pie_chart",
          "data_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.674+00",
          "seconds": 3.514,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/77",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-77",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.87
          },
          "kind": "callout",
          "text": "We do not, however, assume that the $25bn of excess payments are returned to Fannie and Freddie in our analysis",
          "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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "89833e94-8b9c-42e8-9bdd-1466ae780370",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "callout",
          "text": "If the $25bn of excess payments were returned to Fannie and Freddie, Fannie would not need to raise any private capital, while Freddie’s capital raise would be much smaller",
          "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 23:44:04+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-e73dd8773832",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.22,
            "x": 0.61,
            "y": 0.33
          },
          "kind": "chart",
          "text": "Freddie Capitalization at 12/31/27",
          "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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4c106782-8860-4801-9cb7-1b75493eb3fc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.22,
            "x": 0.28,
            "y": 0.33
          },
          "kind": "chart",
          "text": "Fannie Capitalization at 12/31/26",
          "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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fb40e87a-861a-4fd4-8a00-53811da2e100",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Capital Ratio: $25bn",
          "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 23:44:04+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-e85187d7d05a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "paragraph",
          "text": "If the $25bn of excess payments were returned to Fannie and Freddie, Fannie would not need to raise any private capital, while Freddie's capital raise would be much smaller",
          "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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "138a98e4-cb52-4366-90a6-e52633093abb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.35,
            "x": 0.04,
            "y": 0.96
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square 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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c3f460af-c651-4623-8db6-06659eab7d9d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.86,
            "x": 0.07,
            "y": 0.75
          },
          "kind": "table",
          "text": "Assets & Guarantees, Total Capital, Capital Ratio metrics for both entities",
          "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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "84b56e9e-9fd3-4f3f-bc6d-8c02ba054c28",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "The GSEs Have Paid an Extra $25bn to Treasury",
          "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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "53350fa0-873b-4adc-bf03-e09b0905b3d6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 78,
      "type": "setup",
      "title": "The slide uses a stacked bar chart to illustrate capital accumulation components (existing capital, retained earnings, and new raise).",
      "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": "balanced",
        "densityScore": 38,
        "componentCount": 6,
        "textChars": 466,
        "nDataPoints": 6,
        "notes": "The slide uses a stacked bar chart to illustrate capital accumulation components (existing capital, retained earnings, and new raise).",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.369+00",
          "seconds": 3.111,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/78",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-78",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.18
          },
          "kind": "callout",
          "text": "Given its current capital position, Fannie Mae should be ready to exit conservatorship by year-end 2026, and will only need to raise ~$5bn",
          "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 19:59:44.369+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "93eabf2f-cba5-4852-b492-ae3050cd2e6a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.56,
            "x": 0.22,
            "y": 0.3
          },
          "kind": "chart",
          "text": "Stacked bar chart showing capital components for 2024 and 2026",
          "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 19:59:44.369+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "942c2980-626f-4610-8ec2-8e6ee952a58f",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Capital Ratio: 2.5%",
          "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 23:44:04+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-18fd7e3d7c43",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.88,
            "x": 0.06,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "(1) Calculated as GAAP stockholders' equity less deferred tax assets, net, as of 9/30/24, plus projected Q4'24 comprehensive income per Pershing Square estimates.",
          "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 19:59:44.369+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b7d3669e-fcf6-4641-bca7-66a5b1e911fd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.85,
            "x": 0.07,
            "y": 0.8
          },
          "kind": "table",
          "text": "Assets & Guarantees Capital Ratio table at bottom",
          "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 19:59:44.369+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a311b6a0-0dcf-4748-984a-df8231d54617",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Pro Forma Capitalization: Fannie Mae",
          "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 19:59:44.369+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3d417cbd-5a41-453e-afa4-95231c560405",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 79,
      "type": "setup",
      "title": "The chart uses a waterfall bridge format to show the impact of income, debt repayment, IPO proceeds, and preferred stock conversion on common equity.",
      "function": "show_valuation_bridge",
      "rawType": "revenue_buildup",
      "block": null,
      "metadata": {
        "slideType": "revenue_buildup",
        "slideTypeCanon": {
          "name": "Revenue buildup",
          "slug": "revenue_buildup",
          "status": "active",
          "canonId": "019de52d-0acd-70b8-a81d-62d89840409b",
          "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": 30,
        "componentCount": 5,
        "textChars": 430,
        "nDataPoints": 7,
        "notes": "The chart uses a waterfall bridge format to show the impact of income, debt repayment, IPO proceeds, and preferred stock conversion on common equity.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "waterfall_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:43.991+00",
          "seconds": 2.598,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/79",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-79",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "The GSE restructuring plan enables Fannie to achieve the capital level required to exit conservatorship by year-end 2026",
          "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 19:59:43.991+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1d6eed1f-394b-4133-a117-3c967bd9461b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.9,
            "x": 0.05,
            "y": 0.3
          },
          "kind": "chart",
          "text": "Common Equity Bridge - Fannie Mae ($bn)",
          "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": "Waterfall bridge / value bridge",
              "slug": "waterfall-bridge",
              "status": "active",
              "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "waterfall-bridge",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:43.991+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f7daf5ba-cf4c-48ce-8729-a8146196e6f5",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Common Equity: $116bn",
          "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 23:44:04+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc3-bb2102ae91eb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. (1) Assumes underwriting fees and commissions of 50bps. Treasury's $18bn secondary sale of AIG shares in September 2012 included an underwriting spread of 37.5bps.",
          "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 19:59:43.991+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4a761564-a0a9-4323-8274-d05b7f2f603e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.4,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Common Equity Bridge: Fannie Mae",
          "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 19:59:43.991+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9f320639-90ac-4d9f-981d-b3ced8d87f34",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall / value bridge",
            "slug": "waterfall-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019de52d-19c5-727e-8889-b0b361655fca",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "52f98999-2e1c-4294-bdf0-7d09134083ad",
          "evidence": "chart/waterfall-bridge: Common Equity Bridge - Fannie Mae ($bn)",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:16:00.025456+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 79,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "eae45c7e-9436-4d26-ab8c-c106c01675b9",
          "evidence": "The slide uses a waterfall chart to bridge equity values.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:59:43.991+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 79,
          "frameworkName": "waterfall-bridge"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 80,
      "type": "setup",
      "title": "The slide uses a stacked bar chart to illustrate the capital buildup.",
      "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": 62,
        "componentCount": 8,
        "textChars": 675,
        "nDataPoints": 8,
        "notes": "The slide uses a stacked bar chart to illustrate the capital buildup.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_stacked",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.967+00",
          "seconds": 3.368,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/80",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-80",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn",
          "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 23:44:05+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-2eea080fe12a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.54,
            "x": 0.23,
            "y": 0.3
          },
          "kind": "chart",
          "text": "Stacked bar chart showing capital components for 12/31/24 and 12/31/27",
          "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 19:59:44.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "edc9e950-f032-48ad-9e27-8f3bb3a04fd2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.25,
            "x": 0.24,
            "y": 0.36
          },
          "kind": "legend",
          "text": "Estimated Capital at 12/31/24, Retained Earnings in 2025-2027, Private Capital Raise",
          "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 19:59:44.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8be51f6f-33cc-40ba-a8bf-08e3b50f7bd8",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Capital Ratio: 2.5%",
          "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 23:44:05+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-33800ecf4f85",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.06,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "paragraph",
          "text": "Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn",
          "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 19:59:44.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "14ed0f12-d52a-4f0a-a305-4360c7b6fe41",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.88,
            "x": 0.04,
            "y": 0.955
          },
          "kind": "source-note",
          "text": "(1) Calculated as GAAP stockholders' equity less deferred tax assets, net, as of 9/30/24, plus projected Q4'24 comprehensive income per Pershing Square estimates.",
          "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 19:59:44.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "384d3618-c325-49b7-a95a-69c65af011e4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.84,
            "x": 0.08,
            "y": 0.84
          },
          "kind": "table",
          "text": "Assets & Guarantees and Capital Ratio rows at the bottom of the chart",
          "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 19:59:44.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "57e1dc88-99fc-4a71-a49e-9085ea4ef513",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Pro Forma Capitalization: Freddie Mac",
          "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 19:59:44.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3afa2d32-8cfd-483f-8780-80a7addf67cd",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "0a713e2d-3d27-46bb-b85b-e8d4ac538ca3",
          "evidence": "The slide outlines a specific capital raise requirement and its impact on the capital ratio.",
          "framework": null,
          "confidence": 0.8,
          "extraction": {
            "at": "2026-05-02 19:59:44.967+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 80,
          "frameworkName": "capital-allocation-framework"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 81,
      "type": "setup",
      "title": "The chart uses a waterfall bridge structure to show capital accumulation and conversion steps.",
      "function": "show_valuation_bridge",
      "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": "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": 29,
        "componentCount": 5,
        "textChars": 432,
        "nDataPoints": 6,
        "notes": "The chart uses a waterfall bridge structure to show capital accumulation and conversion steps.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "waterfall_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.57+00",
          "seconds": 2.807,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/81",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-81",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "The GSE restructuring plan enables Freddie to achieve the capital level required to exit conservatorship by year-end 2027",
          "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 19:59:44.57+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2e4a07db-c81f-4012-82fc-9170add7d2fc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.9,
            "x": 0.05,
            "y": 0.3
          },
          "kind": "chart",
          "text": "Common Equity Bridge - Freddie Mac ($bn)",
          "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": "Waterfall bridge / value bridge",
              "slug": "waterfall-bridge",
              "status": "active",
              "canonId": "019de52d-0055-7469-ba67-a7f7a327dec1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "waterfall-bridge",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:44.57+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ce308a41-9c01-4005-824a-c39a1f3be05e",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Common Equity: $99bn",
          "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 23:44:04+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-0096c208f898",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. (1) Assumes underwriting fees and commissions of 50bps. Treasury's $18bn secondary sale of AIG shares in September 2012 included an underwriting spread of 37.5bps.",
          "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 19:59:44.57+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6f49a8f0-d7ae-45e7-a376-5a0d40bac63e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Common Equity Bridge: Freddie Mac",
          "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 19:59:44.57+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "936cce49-3ac6-4dc5-b920-723f0fb8abaf",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Waterfall / value bridge",
            "slug": "waterfall-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019de52d-19c5-727e-8889-b0b361655fca",
            "version": 1,
            "bodyDocId": null,
            "description": null,
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "6d378c76-cfc9-4ea8-aff3-41be8744bfe3",
          "evidence": "chart/waterfall-bridge: Common Equity Bridge - Freddie Mac ($bn)",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:16:04.04027+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 81,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "a0f567ce-7385-42eb-b117-fcf18366ac61",
          "evidence": "Visual representation of additive and subtractive components to reach a final pro-forma value.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:59:44.57+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 81,
          "frameworkName": "waterfall-bridge"
        }
      ],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 82,
      "type": "setup",
      "function": "propose_solution",
      "rawType": "propose_solution",
      "block": null,
      "metadata": {
        "slideType": "propose_solution",
        "slideTypeCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-1274-703c-81c6-5550f451697b",
          "version": 1,
          "description": null
        },
        "function": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 33,
        "componentCount": 5,
        "textChars": 733,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:47.588+00",
          "seconds": 5.637,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/82",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-82",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019299999999999999
          },
          "kind": "callout",
          "text": "We believe the existing junior preferred can be left outstanding, refinanced, or converted to common on a negotiated basis",
          "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 19:59:47.588+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7fdc332a-8596-4a8a-b157-fe22471101d0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.87,
            "x": 0.09,
            "y": 0.008060000000000001
          },
          "kind": "list",
          "text": "We have assumed that the existing junior preferred is converted to common at the IPO price of each entity for modeling purposes",
          "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 19:59:47.588+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a0887a7-db64-41c8-b166-42b975ff0f61",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.18,
            "w": 0.87,
            "x": 0.09,
            "y": 0.00541
          },
          "kind": "list",
          "text": "Can potentially be converted to common stock on a negotiated basis\nMaximum contractual recovery of par value; actual recovery may be slightly higher if converted to common stock\nOpportunity to ensure all classes of stock are supportive of the restructuring",
          "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 19:59:47.588+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6bd80cf3-b72a-4467-bd73-3949363cb7a2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.87,
            "x": 0.09,
            "y": 0.00318
          },
          "kind": "list",
          "text": "Non-cumulative, perpetual security\nNo dividends in arrears for 2008 through present timeframe\nFuture dividends not payable in a given year unless common dividends are also paid",
          "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 19:59:47.588+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9a59736e-f3d5-434c-a8d1-5387868bc07b",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.92,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Cleanup Existing Capital Structure: Junior Preferred",
          "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 19:59:47.588+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4925f6ad-9862-47b0-ad7e-4c99cfd4f8ef",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 83,
      "type": "setup",
      "title": "Includes annotations for IPO events and specific capital percentage targets.",
      "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": "balanced",
        "densityScore": 36,
        "componentCount": 6,
        "textChars": 316,
        "nDataPoints": 24,
        "notes": "Includes annotations for IPO events and specific capital percentage targets.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bar_chart_grouped",
          "kpi_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:47.389+00",
          "seconds": 5.349,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/83",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-83",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later",
          "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 19:59:47.389+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6a32d032-83a4-4a8c-b4f4-d1bd6e9893bd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.85,
            "x": 0.08,
            "y": 0.31
          },
          "kind": "chart",
          "text": "Total Capital Held at Fannie and Freddie ($bn)",
          "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 19:59:47.389+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "719eb879-08e9-4f47-b5e5-9ca1f9d3fcc0",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Total Capital Held: $128bn",
          "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 23:44:05+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-48fe688bb20d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.3,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square 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 19:59:47.389+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0a663b0b-3d91-4a19-bf5a-64fd61c5ae8e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.11,
            "w": 0.76,
            "x": 0.12,
            "y": 0.79
          },
          "kind": "table",
          "text": "Memo: % of Adjusted Total Assets",
          "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 19:59:47.389+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7191e337-e561-48b7-8c12-fcb2fd7b0597",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "New Private Capital Raises",
          "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 19:59:47.389+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "faf51343-8a66-48fb-b4db-aa3476806046",
          "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": "0a418919-e12a-46dd-a4cc-512078a0501c",
          "evidence": "chart/bar-grouped: Total Capital Held at Fannie and Freddie ($bn)",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-16 23:16:04.161029+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 83,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [],
      "arcBeats": [
        {
          "to": 83,
          "arc": {
            "name": "The Consultant's Gambit",
            "slug": "consultants-gambit",
            "status": "active",
            "bestFor": "Business cases, project proposals, strategic recommendations",
            "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c",
            "version": 1,
            "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49",
            "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps",
            "description": null,
            "familyLabel": null
          },
          "from": 50,
          "name": "Solution & Approach",
          "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
          "matchId": "7ba1ed20-b054-46c5-a40e-88150ff7aa7c",
          "beatType": {
            "name": "Solution & Approach",
            "slug": "consultants-gambit-solution-approach",
            "status": "active",
            "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9",
            "version": 1,
            "description": null
          },
          "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
          "position": 2,
          "isPrimaryArc": true,
          "parentBeatType": {
            "name": "Turn",
            "slug": "turn",
            "status": "active",
            "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54",
            "version": 1,
            "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat."
          },
          "alignedBlockIds": null,
          "matchConfidence": 0.8
        }
      ],
      "loops": [],
      "locked": true
    },
    {
      "page": 84,
      "type": "setup",
      "function": "propose_solution",
      "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": "propose_solution",
        "functionCanon": {
          "name": "Propose solution (contrarian)",
          "slug": "propose_solution",
          "status": "active",
          "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 25,
        "componentCount": 3,
        "textChars": 645,
        "nDataPoints": 1,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:47.75+00",
          "seconds": 5.69,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/84",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-84",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.0019
          },
          "kind": "callout",
          "text": "We believe there are significant benefits to executing Fannie’s smaller IPO first, followed by Freddie’s larger IPO approximately one year later",
          "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 19:59:47.75+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b8cb8504-b93c-4d47-9636-15e913a796b9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.5,
            "w": 0.88,
            "x": 0.08,
            "y": 0.0032
          },
          "kind": "list",
          "text": "Fannie’s $5bn IPO is modestly sized for an entity of its scale\nAllows the market to observe one entity operating post-privatization while another remains in conservatorship\nProvides time for investors and research analysts to familiarize themselves with the reformed GSE business model\nSmaller IPOs are easier to execute, particularly for companies without public trading “comps”\nEnables Freddie to apply any learnings from Fannie’s IPO to its own, larger capital raise",
          "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 19:59:47.75+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a529a417-05e3-48af-a6b5-840bad3c7fdc",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Timing of Private Capital Raises",
          "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 19:59:47.75+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0ca1ddf5-6066-4f1b-bc87-27b2afb2cae8",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 85,
      "type": "evidence",
      "title": "The table uses historical IPO data to validate the proposed IPO sizes for Fannie and Freddie.",
      "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": 35,
        "componentCount": 5,
        "textChars": 518,
        "nDataPoints": 40,
        "notes": "The table uses historical IPO data to validate the proposed IPO sizes for Fannie and Freddie.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "comparison_table",
          "footnote",
          "logo_grid"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:45.032+00",
          "seconds": 2.897,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/85",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-85",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "Fannie's $5bn IPO is readily achievable given its scale and return profile. Freddie's larger IPO will benefit from the learnings from Fannie's capital raise",
          "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 19:59:45.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6c5cd2c6-17d5-4840-99a1-317d07a7f6bf",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "IPO proceeds: $29bn",
          "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 23:44:05+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-961501c14618",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.05,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: Bloomberg. The companies shown comprise the largest global IPOs in the last 50 years. Note: Proceeds include overallotment. General Motors represents the IPO of GM Motors Co. in 2010.",
          "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 19:59:45.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fd8be6d1-537a-46ad-b76d-8a2e1426c283",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.84,
            "x": 0.08,
            "y": 0.28
          },
          "kind": "table",
          "text": "Comparison of global IPO proceeds, year of IPO, and year founded for major companies vs Fannie and Freddie.",
          "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 19:59:45.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0952fdd5-e52a-4125-a681-cb151ce7d63e",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Fannie and Freddie's IPOs are Both Executable",
          "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 19:59:45.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "cdf831f7-a076-4096-94c0-098a6708e0a1",
          "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": "58d65e05-554b-4103-8e18-768d68c01617",
          "evidence": "table/data: Comparison of global IPO proceeds, year of IPO, and year founded for major companies vs Fannie and Freddie.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:04.285853+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 85,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "0d76ca96-91fe-4fa6-b217-8ed34f9b8abe",
          "evidence": "Uses historical IPO data to establish feasibility of future IPOs.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:59:45.032+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 85,
          "frameworkName": "precedent_table"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 86,
      "type": "analysis",
      "title": "Slide 85 of the deck.",
      "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": "balanced",
        "densityScore": 33,
        "componentCount": 5,
        "textChars": 546,
        "nDataPoints": 5,
        "notes": "Slide 85 of the deck.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:50.278+00",
          "seconds": 8.103,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/86",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-86",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "We have made several illustrative modeling assumptions to estimate the long-term earnings power of the GSEs",
          "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 23:44:05+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-8201b9e70e6d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.85,
            "x": 0.09,
            "y": 0.31
          },
          "kind": "list",
          "text": "Single-Family Guarantee Business; G-fees of 65bps; Market shares consistent; Commitment fee of 25bps; Net credit losses and G&A in-line with history",
          "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 19:59:50.278+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0dbb733a-c6e6-46cb-9e81-9e268c7b30d0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.22,
            "w": 0.85,
            "x": 0.09,
            "y": 0.67
          },
          "kind": "list",
          "text": "Investment assets growth of 2%; Multifamily growth and economics in-line with recent history; Payout 90% of net income as dividends after 2.5% capital threshold",
          "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 19:59:50.278+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "188db1d3-0713-47fe-8f08-b7364369caa9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.88,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "paragraph",
          "text": "We have made several illustrative modeling assumptions to estimate the long-term earnings power of the GSEs",
          "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 19:59:50.278+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "aecd186c-21f0-4c14-9cdd-5382d48ef663",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.42,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Key Modeling Assumptions",
          "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 19:59:50.278+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1f99d3d9-9aea-4089-89d5-0f0c457dfb84",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 87,
      "type": "analysis",
      "title": "The table includes a mix of dollar amounts, basis points, and percentage growth rates.",
      "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": 30,
        "componentCount": 5,
        "textChars": 332,
        "nDataPoints": 120,
        "notes": "The table includes a mix of dollar amounts, basis points, and percentage growth rates.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:45.228+00",
          "seconds": 2.897,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/87",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-87",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors",
          "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 19:59:45.228+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6d03b6ea-8916-457f-ba0b-ee06b181360a",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Return on Capital: 12.5%",
          "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 23:44:06+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-db3fab2f8a05",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Pershing Square estimates. Assumes PSPA commitment fee begins at IPO.",
          "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 19:59:45.228+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9949e089-f1d9-4900-b939-874ff1432909",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.9,
            "x": 0.05,
            "y": 0.3
          },
          "kind": "table",
          "text": "FNMA Illustrative Financial Projections 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 19:59:45.228+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca2e4ea7-01a2-4d12-b8a1-d4e72c6b6025",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Illustrative Financial Projections: Fannie Mae",
          "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 19:59:45.228+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "784e11ef-3953-4775-add9-2cd214526f9f",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 88,
      "type": "analysis",
      "title": "The table includes a specific 'Memo: Return Metrics' section at the bottom.",
      "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": "balanced",
        "densityScore": 30,
        "componentCount": 5,
        "textChars": 346,
        "nDataPoints": 120,
        "notes": "The table includes a specific 'Memo: Return Metrics' section at the bottom.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:45.548+00",
          "seconds": 3.211,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/88",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-88",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors",
          "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 19:59:45.548+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ca08d3f2-04d7-4c7d-967c-4051cfd01f28",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Consolidated Return on Capital: 10.6%",
          "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 23:44:07+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc5-1871ab274106",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.5,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: Pershing Square estimates. Assumes PSPA commitment fee begins at IPO.",
          "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 19:59:45.548+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e39e4568-c27a-4333-bf9d-8ecec7a7e333",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.6,
            "w": 0.85,
            "x": 0.11,
            "y": 0.31
          },
          "kind": "table",
          "text": "FMCC Illustrative Financial Projections 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 19:59:45.548+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c6db363e-a8fc-4e9a-b369-7608e019ee70",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.6,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Illustrative Financial Projections: Freddie Mac",
          "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 19:59:45.548+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e064a575-ad9f-4936-aa44-adb548fa7fef",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 89,
      "type": "setup",
      "title": "The table uses a mix of dividend discount and multiple-based valuation logic.",
      "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": "sparse",
        "densityScore": 23,
        "componentCount": 4,
        "textChars": 328,
        "nDataPoints": 14,
        "notes": "The table uses a mix of dividend discount and multiple-based valuation logic.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "valuation_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.674+00",
          "seconds": 2.228,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/89",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-89",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Using our base case modeling assumptions, we estimate that Fannie Mae shares could be worth ~$35 by year-end 2026 when fully recapitalized",
          "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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "27920fd3-dc25-4cfb-b9b4-32f2bc6afd57",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Implied Value per Share: $34.99",
          "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 23:44:06+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-b09bfc2304b6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.5,
            "x": 0.25,
            "y": 0.33
          },
          "kind": "table",
          "text": "FNMA Illustrative Valuation table showing inputs like 2035E Dividend, Cost of Equity, and resulting share price 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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f486aebc-6ec1-435c-9195-1bf0b18076de",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Common Stock Valuation: Fannie Mae",
          "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 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f94ba5c0-c3f3-4d81-ac08-27e7f3a12c69",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "8288f41a-d627-4fa2-b5fd-a984b8dba923",
          "evidence": "The table explicitly bridges from long-term dividend assumptions to a 2026 target price.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:44.674+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 89,
          "frameworkName": "valuation-bridge"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 90,
      "type": "setup",
      "title": "The table uses a multi-step DCF-style approach to arrive at a 2027 target 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": "balanced",
        "densityScore": 32,
        "componentCount": 5,
        "textChars": 448,
        "nDataPoints": 14,
        "notes": "The table uses a multi-step DCF-style approach to arrive at a 2027 target price.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "valuation_table"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.93+00",
          "seconds": 2.425,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/90",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-90",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Using our base case modeling assumptions, we estimate that Freddie Mac shares could be worth ~$39 by year-end 2027 when fully recapitalized",
          "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 19:59:44.93+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "467e5d97-a122-4025-ace5-4ef1b44160b1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.2,
            "x": 0.69,
            "y": 0.0063
          },
          "kind": "legend",
          "text": "Assumes 15% IPO discount for FMCC vs. 10% IPO discount for FNMA, reflecting significantly larger IPO size",
          "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 19:59:44.93+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3e01a968-8aba-4791-9d5a-a182810a4803",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Implied Value per Share: $38.84",
          "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 23:44:06+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-c51e6871eb58",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.4,
            "w": 0.4,
            "x": 0.0017,
            "y": 0.0034
          },
          "kind": "table",
          "text": "FMCC Illustrative Valuation table showing inputs like 2035E Dividend, Growth Rate, Cost of Equity, and resulting share price 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 19:59:44.93+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b3bb3793-43f1-4486-96f8-4c120d3a54db",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.5,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Common Stock Valuation: Freddie Mac",
          "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 19:59:44.93+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1017e591-d4eb-4bfe-bac3-eaa3c3e26095",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 91,
      "type": "setup",
      "title": "This is a classic 'preempting the skeptic' slide, framing a potential counter-argument to the activist's thesis.",
      "function": "preempt_rebuttal",
      "rawType": "preempt_rebuttal",
      "block": null,
      "metadata": {
        "slideType": "preempt_rebuttal",
        "slideTypeCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-1225-7368-af32-6381fddabdb3",
          "version": 1,
          "description": null
        },
        "function": "preempt_rebuttal",
        "functionCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a",
          "version": 1,
          "description": null
        },
        "density": "sparse",
        "densityScore": 9,
        "componentCount": 2,
        "textChars": 125,
        "nDataPoints": 2,
        "notes": "This is a classic 'preempting the skeptic' slide, framing a potential counter-argument to the activist's thesis.",
        "elementsJson": [
          "callout_box"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:44.39+00",
          "seconds": 1.824,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/91",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-91",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.214,
            "w": 0.74,
            "x": 0.13,
            "y": 0.328
          },
          "kind": "callout",
          "text": "How will Fannie and Freddie be able to IPO at more than $30 per share when the stocks currently trade at ~$6?",
          "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 19:59:44.39+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "26476ae9-4292-46c6-9387-e8d768141e47",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $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 23:44:06+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc4-f148d5485e81",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "c75fa8f2-bffa-481c-b006-c5e5c562818e",
          "evidence": "The slide explicitly raises a common counter-argument to the investment thesis to address it head-on.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-05-02 19:59:44.39+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 91,
          "frameworkName": "preempt_rebuttal"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 92,
      "type": "evidence",
      "title": "The chart uses a stacked area format to show the combined value of GGP shares and HHC spinoff/dividends.",
      "function": "illustrate_case",
      "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": "illustrate_case",
        "functionCanon": {
          "name": "Illustrate case",
          "slug": "illustrate_case",
          "status": "active",
          "canonId": "019de52d-13b4-772c-bb73-1873612a7463",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 30,
        "componentCount": 5,
        "textChars": 407,
        "nDataPoints": 10,
        "notes": "The chart uses a stacked area format to show the combined value of GGP shares and HHC spinoff/dividends.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "area_chart",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:45.465+00",
          "seconds": 2.552,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/92",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-92",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "GGP shares appreciated dramatically as key catalysts unfolded prior to exiting bankruptcy, culminating in a \"re-IPO\" at an attractive valuation",
          "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 19:59:45.465+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5646a19e-86b7-4b8e-820b-4667a799793f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.05,
            "y": 0.32
          },
          "kind": "chart",
          "text": "GGP share price and stock distributions from 12/31/2008 to 12/31/2010",
          "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 area chart",
              "slug": "area-stacked",
              "status": "active",
              "canonId": "019de52c-ffb1-75fa-a614-76782f418cf1",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "area-stacked",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:45.465+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e849fff2-cae9-437c-9ba7-014fba926412",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "share price: $14.75/sh",
          "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 23:44:07+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc5-02330187aec4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.9
          },
          "kind": "source-note",
          "text": "Source: Bloomberg, public filings. BAM = Brookfield Asset Management, SPG = Simon Property Group, BPF = BAM, Pershing Square and Fairholme.",
          "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 19:59:45.465+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "60080c25-fd0b-4b49-b998-68b6330d7632",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Path to a \"Re-IPO\": GGP Case Study",
          "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 19:59:45.465+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "464ac573-1dc2-4672-af66-745f20c576a9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "Before-After-Bridge",
            "slug": "before-after-bridge",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-8604-7188-883f-42370288ad05",
            "version": 1,
            "bodyDocId": null,
            "description": "Narrative structure: Paint the before, show the after, explain the bridge",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "1f1cc7e0-3e32-400e-b80b-7e44add0bb76",
          "evidence": "chart/area-stacked: GGP share price and stock distributions from 12/31/2008 to 12/31/2010",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-16 23:16:04.607401+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 92,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "060e189d-8395-46ba-9a4d-5eb210e399cd",
          "evidence": "The slide maps a sequence of events leading from bankruptcy to a successful re-IPO.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:45.465+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 92,
          "frameworkName": "before-after-bridge"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 93,
      "type": "setup",
      "title": "The slide uses a checkmark-based comparison table to validate compliance with specific NYSE financial and distribution standards.",
      "function": "preempt_rebuttal",
      "rawType": "preempt_rebuttal",
      "block": null,
      "metadata": {
        "slideType": "preempt_rebuttal",
        "slideTypeCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-1225-7368-af32-6381fddabdb3",
          "version": 1,
          "description": null
        },
        "function": "preempt_rebuttal",
        "functionCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 41,
        "componentCount": 5,
        "textChars": 792,
        "nDataPoints": 6,
        "notes": "The slide uses a checkmark-based comparison table to validate compliance with specific NYSE financial and distribution standards.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "comparison_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:49.555+00",
          "seconds": 6.586,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/93",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-93",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.9,
            "x": 0.05,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Fannie and Freddie meet all the NYSE listing requirements today and could re-list on the NYSE before exiting conservatorship, subject to approval by FHFA",
          "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 19:59:49.555+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6c74f4b5-7bab-4370-82d1-98b385b348cb",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.07,
            "w": 0.9,
            "x": 0.05,
            "y": 0.84
          },
          "kind": "callout",
          "text": "A NYSE listing comes with significant benefits including increased visibility, credibility, liquidity, and access to capital",
          "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 19:59:49.555+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e791d573-afe9-4f92-b503-1b1bfafbe875",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.92
          },
          "kind": "source-note",
          "text": "Source: https://www.nyse.com/publicdocs/nyse/listing/NYSE_Initial_Listing_Standards_Summary.pdf (1) Must meet all of the distribution standards but only one of the financial standards. (2) Also requires at least $2mm of adjusted pre-tax income in each of the two most recent fiscal years and positive adjusted pre-tax income in each of the prior three fiscal years.",
          "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 19:59:49.555+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "94009be2-8ccd-468d-b737-55e677493abf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.84,
            "x": 0.08,
            "y": 0.35
          },
          "kind": "table",
          "text": "NYSE Listing Requirements table comparing Fannie and Freddie against distribution and financial standards.",
          "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 19:59:49.555+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1ae0a132-741e-4ba9-90df-6416277fef2f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Fannie and Freddie Qualify for NYSE Listings",
          "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 19:59:49.555+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "b48e47a4-df62-4e15-96c4-bec3a91db67b",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "82d86612-3964-44b9-b898-424fa79c5010",
          "evidence": "Table comparing two entities against a set of criteria",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:49.555+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 93,
          "frameworkName": "comparison-frame"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 94,
      "type": "setup",
      "title": "The slide uses a comparison framework to position Fannie and Freddie between two distinct industry archetypes.",
      "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": "balanced",
        "densityScore": 26,
        "componentCount": 5,
        "textChars": 290,
        "nDataPoints": 12,
        "notes": "The slide uses a comparison framework to position Fannie and Freddie between two distinct industry archetypes.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "comparison_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:46.115+00",
          "seconds": 2.81,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/94",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-94",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.07,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "We believe Fannie and Freddie should be valued somewhere between P&C insurance companies and regulated utilities",
          "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 19:59:46.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "16fb2b0a-4519-43ec-a9bb-c243f47c8011",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Tangible ROE: 11-12%",
          "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 23:44:07+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc5-4680a541ce3a",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "(1) See next page for supporting detail.",
          "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 19:59:46.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "05d70b12-2724-464a-a2f2-639adae00c49",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.58,
            "w": 0.84,
            "x": 0.08,
            "y": 0.31
          },
          "kind": "table",
          "text": "Comparison matrix of business and financial attributes across three sectors.",
          "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 19:59:46.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3e721b91-2e0e-490b-aaf9-357cb9028810",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.5,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Trading Comparables for Fannie and Freddie",
          "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 19:59:46.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9c8f3de5-10e0-4891-b7a0-87754191b222",
          "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": "b751129c-9353-4064-8ae0-fa3ecbc370d2",
          "evidence": "The slide contains a comparison matrix of business and financial attributes across three sectors.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.5,
          "extraction": {
            "at": "2026-07-17 03:29:25.295162+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 94,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        },
        {
          "tool": {
            "name": "Comparison frame",
            "slug": "comparison-frame",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93",
            "version": 1,
            "bodyDocId": null,
            "description": "Two or more states/subjects placed side by side to expose a gap.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "a85750c6-b02f-48d6-ad0a-1daa52f5a734",
          "evidence": "The slide compares Fannie and Freddie's valuation to P&C insurance companies and regulated utilities.",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 03:29:25.25619+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 94,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": "common",
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "08825446-72c4-422f-868c-64de8d38ff0f",
          "evidence": "The slide uses a side-by-side comparison of attributes to frame the valuation thesis.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:46.115+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 94,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 95,
      "type": "setup",
      "title": "The slide uses a blended median of P&C and Utility sectors to justify a valuation multiple for FNMA/FMCC.",
      "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": "balanced",
        "densityScore": 43,
        "componentCount": 5,
        "textChars": 756,
        "nDataPoints": 120,
        "notes": "The slide uses a blended median of P&C and Utility sectors to justify a valuation multiple for FNMA/FMCC.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "comparison_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:46.799+00",
          "seconds": 3.265,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/95",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-95",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "We believe a mid-teens multiple of earnings is appropriate when benchmarked against P&C insurance and regulated utility companies",
          "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 19:59:46.799+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "96661fc5-275b-44f6-b2e3-7d533541a686",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.88
          },
          "kind": "disclaimer",
          "text": "Source: Capital IQ, Bloomberg, company filings, broker research. (1) Returns on common equity and tangible common equity for insurance and utility companies are LTM 9/30/24 per broker research and Pershing Square estimates. (2) Consensus EPS growth for CY 2026E for comparable companies; LT EPS growth in 2035E for FNMA and FMCC. (3) FNMA and FMCC market caps are as of 12/31/27E PF. All other statistics represent run-rate figures in 2035E to demonstrate long-term returns and valuations.",
          "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 19:59:46.799+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a1c751db-342a-4153-ac68-436b0ee3d4e8",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "CY'25E P/E: 14.1x",
          "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 23:44:07+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc5-5fd76ce3a573",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.55,
            "w": 0.9,
            "x": 0.05,
            "y": 0.3
          },
          "kind": "table",
          "text": "Table of company metrics including Mkt Cap, ROE, P/E, BV/TBV multiples, and TSR.",
          "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 19:59:46.799+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a8b38463-1c43-484d-8fab-544bdc4e8618",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Comparable Company Valuations and Returns",
          "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 19:59:46.799+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4438c27a-eefe-4a43-b4cf-ef27885e94a9",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "823834a4-70cd-443c-9da6-6ce16992200b",
          "evidence": "Benchmarking target companies against industry peers to justify valuation.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:46.799+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 95,
          "frameworkName": "comparison_frame"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 96,
      "type": "analysis",
      "title": "The slide emphasizes that despite IPOs, the US government retains majority control, while also arguing for the broad distribution of remaining shares.",
      "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": 51,
        "componentCount": 7,
        "textChars": 574,
        "nDataPoints": 8,
        "notes": "The slide emphasizes that despite IPOs, the US government retains majority control, while also arguing for the broad distribution of remaining shares.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "pie_chart",
          "paragraph",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:50.763+00",
          "seconds": 7.064,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/96",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-96",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.92,
            "x": 0.04,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Post-restructuring and a new capital raise, the American taxpayers will continue to own majority stakes in Fannie and Freddie",
          "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 19:59:50.763+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a8fe4e3-d644-4057-8178-99a02660a34c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.42,
            "x": 0.07,
            "y": 0.31
          },
          "kind": "chart",
          "text": "Fannie Ownership Post-IPO",
          "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 19:59:50.763+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9e6ff85f-f899-4552-b7e1-bb0eae4435b1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.42,
            "x": 0.52,
            "y": 0.31
          },
          "kind": "chart",
          "text": "Freddie Ownership Post-IPO",
          "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 19:59:50.763+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e4d2a7fe-2ca1-4f6c-a897-7b663d8eb1d2",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "ownership percentage: 71%",
          "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 23:44:07+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc5-8fe60d242c77",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.1,
            "w": 0.92,
            "x": 0.04,
            "y": 0.82
          },
          "kind": "paragraph",
          "text": "We believe that Fannie and Freddie have widely distributed shareholder bases today. Both would be index-eligible and rank in the 100 largest S&P 500 companies, and would be indirectly owned by millions of Americans through index funds",
          "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 19:59:50.763+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2915f5f6-08af-4675-8287-c8c02879bfa6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.35,
            "x": 0.04,
            "y": 0.94
          },
          "kind": "source-note",
          "text": "Source: Company filings and Pershing Square estimates. Note: See prior pages for base case IPO assumptions.",
          "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 19:59:50.763+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a6dc5181-4366-4da8-bcf3-a463fb40cdf1",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.04,
            "w": 0.45,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "Pro Forma Common Share Ownership",
          "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 19:59:50.763+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a6fd9e7f-2d89-4789-bbcd-73cf07e4a56d",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 97,
      "type": "setup",
      "title": "The table breaks down returns into Common Dividends and Proceeds from Stock Sales.",
      "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": "balanced",
        "densityScore": 45,
        "componentCount": 6,
        "textChars": 601,
        "nDataPoints": 42,
        "notes": "The table breaks down returns into Common Dividends and Proceeds from Stock Sales.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "data_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:46.423+00",
          "seconds": 2.706,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/97",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-97",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.105,
            "w": 0.914,
            "x": 0.043,
            "y": 0.195
          },
          "kind": "callout",
          "text": "We believe that Treasury's warrants could generate over $300 billion over time, providing a meaningful source of funds for other government priorities",
          "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 19:59:46.423+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5f35c827-60f1-449c-bcb5-b7b9d23221f9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.035,
            "w": 0.883,
            "x": 0.074,
            "y": 0.938
          },
          "kind": "disclaimer",
          "text": "(1) Assumes 20% of UST shares are sold annually in the five years following each company's IPO. Assumes shares are sold at a 5% discount to the then-market price, which is estimated as ~15x forward earnings at the time of sale.",
          "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 19:59:46.423+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "d7767519-8449-4632-8dcc-4a3736f17552",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Total Return on UST Warrants: $311bn",
          "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 23:44:07+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc5-773ca94fde0f",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.33,
            "w": 0.87,
            "x": 0.087,
            "y": 0.405
          },
          "kind": "table",
          "text": "Table showing projected dividends and stock sale proceeds for Fannie Mae and Freddie Mac from 2027E to 2032E.",
          "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 19:59:46.423+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "75bb78ad-a7c6-4077-98bd-fce5bd58fd76",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.042,
            "w": 0.435,
            "x": 0.048,
            "y": 0.095
          },
          "kind": "title",
          "text": "Value of Warrants to Taxpayers",
          "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 19:59:46.423+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2a676c93-3a61-48eb-b3d5-ac65b3397e59",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.022,
            "w": 0.365,
            "x": 0.087,
            "y": 0.362
          },
          "kind": "title",
          "text": "Illustrative Monetization Path for Treasury ($bn)",
          "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": "Subtitle",
              "slug": "subtitle",
              "status": "active",
              "canonId": "019de52c-fb09-739d-900c-815b0d9ac526",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "subtitle",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:46.423+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1572c10a-d52a-442f-af1f-cdec68c40d2d",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 98,
      "type": "setup",
      "function": "preempt_rebuttal",
      "rawType": "preempt_rebuttal",
      "block": null,
      "metadata": {
        "slideType": "preempt_rebuttal",
        "slideTypeCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-1225-7368-af32-6381fddabdb3",
          "version": 1,
          "description": null
        },
        "function": "preempt_rebuttal",
        "functionCanon": {
          "name": "Preempt rebuttal",
          "slug": "preempt_rebuttal",
          "status": "active",
          "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a",
          "version": 1,
          "description": null
        },
        "density": "balanced",
        "densityScore": 43,
        "componentCount": 6,
        "textChars": 695,
        "nDataPoints": 2,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "callout_box",
          "bullet_list"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:46.971+00",
          "seconds": 3.198,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/98",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-98",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.008400000000000001
          },
          "kind": "callout",
          "text": "We are confident that an SPS conversion would result in Treasury’s stakes in Fannie and Freddie being worth substantially less",
          "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 19:59:46.971+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "148874ee-6b27-40dd-aae2-304fac50ad09",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.00195
          },
          "kind": "callout",
          "text": "We believe the narrative around Treasury potentially “converting” its Senior Preferred Stock (“SPS”) into common stock is flawed",
          "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 19:59:46.971+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4eb21e3f-377f-437e-be14-2d43b7644ff3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.85,
            "x": 0.08,
            "y": 0.0043
          },
          "kind": "list",
          "text": "An attempt to convert the SPS into common would invite new litigation; Precludes any new private capital raise; Would delay a conservatorship exit",
          "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 19:59:46.971+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "30425664-ba37-479b-99e0-0029e7ab20be",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.85,
            "x": 0.08,
            "y": 0.0062
          },
          "kind": "list",
          "text": "In the unlikely scenario that a re-IPO and exit from conservatorship were possible, an SPS conversion would severely impact the GSEs’ valuation",
          "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 19:59:46.971+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "487994c8-21e4-4364-b804-b55c811a97c3",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.85,
            "x": 0.08,
            "y": 0.0031
          },
          "kind": "list",
          "text": "Treasury already owns 79.9% of both companies; Mathematically, this claim on the GSEs’ earnings can only increase by 25%",
          "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 19:59:46.971+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ea1af5fc-d88e-4dd1-a1c6-361b12eb7d9d",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.45,
            "x": 0.05,
            "y": 0.09
          },
          "kind": "title",
          "text": "Thoughts on UST Senior Preferred",
          "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 19:59:46.971+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5f201e53-ae16-4506-a6f1-28fefe843344",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 99,
      "type": "setup",
      "title": "The slide uses a scenario table to demonstrate the negative impact of SPS conversion on Treasury's equity value.",
      "function": "quantify_opportunity",
      "rawType": "scenario_table",
      "block": null,
      "metadata": {
        "slideType": "scenario_table",
        "slideTypeCanon": {
          "name": "Scenario table",
          "slug": "scenario_table",
          "status": "active",
          "canonId": "019de52d-129c-7393-8845-c5e595ce9a7b",
          "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": "balanced",
        "densityScore": 45,
        "componentCount": 6,
        "textChars": 581,
        "nDataPoints": 48,
        "notes": "The slide uses a scenario table to demonstrate the negative impact of SPS conversion on Treasury's equity value.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "valuation_table",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:50.363+00",
          "seconds": 6.052,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/99",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-99",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.18
          },
          "kind": "callout",
          "text": "An SPS conversion would severely impair the value of Treasury’s stakes in Fannie and Freddie and preclude any new private capital raise",
          "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 19:59:50.363+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5c8706ba-8d48-46ce-84ef-33897e2bb4ba",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "metric",
          "text": "Value of Treasury Common at 12/31/26: $161",
          "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 23:44:08+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc5-ab351c4c256c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.82
          },
          "kind": "paragraph",
          "text": "In the unlikely scenario that a SPS conversion could be accomplished, Treasury would own a higher percentage of much less valuable companies",
          "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 19:59:50.363+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9b9ba320-243f-4eb9-919d-3c1338bd99a4",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.9,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "(1) Scenarios in which the SPS is converted to common assume the junior preferred is left outstanding rather than converted to common to avoid model circularity.",
          "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 19:59:50.363+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "61b9d9ca-ff9c-4bc5-91d1-4dcac4a71bb8",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.9,
            "x": 0.05,
            "y": 0.32
          },
          "kind": "table",
          "text": "Illustrative value of Treasury’s investment in Fannie Mae ($bn)",
          "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": "Scenario table",
              "slug": "scenario",
              "status": "active",
              "canonId": "019de52d-0374-7778-b2bc-9f279d34d01f",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "scenario",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:50.363+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ad66d300-ac76-4cf9-ad85-f9bc6a88a304",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Thoughts on UST Senior Preferred (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 19:59:50.363+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a776bbd2-81dc-4608-953e-38c5bcbc6219",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "c2284844-956d-49de-a50a-02573884300c",
          "evidence": "The slide presents a sensitivity analysis of equity value based on varying cost of equity and P/E multiples.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:50.363+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 99,
          "frameworkName": "scenario_table"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 100,
      "type": "evidence",
      "title": "Uses quotes from Thomas P. Vartanian's amicus brief to support the thesis.",
      "function": "cite_precedent",
      "rawType": "cite_precedent",
      "block": null,
      "metadata": {
        "slideType": "cite_precedent",
        "slideTypeCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-12ec-72be-8881-51b438fa76c7",
          "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": 64,
        "componentCount": 7,
        "textChars": 1495,
        "nDataPoints": 0,
        "notes": "Uses quotes from Thomas P. Vartanian's amicus brief to support the thesis.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:51.695+00",
          "seconds": 7.13,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/100",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-100",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.08,
            "w": 0.9,
            "x": 0.05,
            "y": 0.00195
          },
          "kind": "callout",
          "text": "An attempt to convert the SPS into common would be inconsistent with FHFA’s duties as a conservator",
          "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 19:59:51.695+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "ac138ae7-7c38-4f5f-9774-1dd2a8e69fcf",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.2,
            "w": 0.8,
            "x": 0.1,
            "y": 0.0032
          },
          "kind": "quote",
          "text": "Eighty-seven years of FDIC, FSLIC, and RTC history demonstrate that conservators are caretakers who are not meant to operate an institution indefinitely. A conservatorship is supposed to be a ‘temporary measure’...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:51.695+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "3a9182d7-3213-4495-94af-f7f1c70c735c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.8,
            "x": 0.1,
            "y": 0.0058
          },
          "kind": "quote",
          "text": "Nor do federal conservators or receivers act for the benefit of a single preferred shareholder (the government) to the detriment of all of the institution’s other shareholders...",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:51.695+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "a3d9fb6f-934d-4574-b81c-52e4d784a399",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "“Eighty-seven years of FDIC, FSLIC, and RTC history demonstrate that conservators are caretakers who are not meant to operate an institution indefinitely. A conservatorship is supposed to be a ‘temporary measure’ leading either to rehabilitation or to a receivership and ultimately payment of creditors and shareholders.” “Nor do federal conservators or receivers act for the benefit of a single preferred shareholder (the government) to the detriment of all of the institution’s other shareholders. Such ‘unprecedented deviations from settled insolvency practices and creditor protections undercut one of the critical foundations of a market economy, and could call into question the reliability of the government as a resolution authority.” — Amicus Brief of Thomas P. Vartanian, 9/23/2020",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:44:08+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc5-d05332058674",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.7,
            "x": 0.05,
            "y": 0.0095
          },
          "kind": "source-note",
          "text": "Source: https://www.supremecourt.gov/DocketPDF/19/19-422/154723/20200923140924837_19-422%202019-563%20tsac%2020Vartanian.pdf.",
          "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 19:59:51.695+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7be55567-95ff-47c4-94f4-e9d0f21d8675",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.5,
            "x": 0.4,
            "y": 0.0088
          },
          "kind": "source-note",
          "text": "- Amicus Brief of Thomas P. Vartanian, 9/23/2020",
          "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 19:59:51.695+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "c5b41e86-6758-406b-91bf-d3ff6414fa7c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.5,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Thoughts on UST Senior Preferred (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 19:59:51.695+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "9e7d2a6f-2c46-4bf1-be6d-a5398837f384",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "7a261715-becb-49e6-ae74-704830f48f49",
          "evidence": "Uses legal expert testimony to support the core argument.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:51.695+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 100,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 101,
      "type": "evidence",
      "title": "The slide uses a direct quote from a legal/policy expert to support a legal argument regarding the scope of government claims in conservatorship.",
      "function": "cite_precedent",
      "rawType": "cite_precedent",
      "block": null,
      "metadata": {
        "slideType": "cite_precedent",
        "slideTypeCanon": {
          "name": "Cite precedent",
          "slug": "cite_precedent",
          "status": "active",
          "canonId": "019de52d-12ec-72be-8881-51b438fa76c7",
          "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": 33,
        "componentCount": 5,
        "textChars": 609,
        "nDataPoints": 1,
        "notes": "The slide uses a direct quote from a legal/policy expert to support a legal argument regarding the scope of government claims in conservatorship.",
        "elementsJson": [
          "headline_text",
          "callout_box",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:47.333+00",
          "seconds": 2.675,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/101",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-101",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.12,
            "w": 0.9,
            "x": 0.05,
            "y": 0.19
          },
          "kind": "callout",
          "text": "Consistent with more than 4,000 precedent conservatorships and receiverships, the Senior Preferred Stock is only entitled to repayment with interest",
          "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 19:59:47.333+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "1ce84fd0-588a-4730-afb4-b24e8ef669be",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.45,
            "w": 0.8,
            "x": 0.1,
            "y": 0.35
          },
          "kind": "quote",
          "text": "In open bank assistance and conservatorships, the stakeholders’ interests are protected by their contractual rights... The provider of the assistance... receives repayment plus interest like any creditor... limited that repayment to the actual funding provided.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:47.333+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "f141766e-67e8-4aaa-ae01-f0b8bbe51a65",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.3,
            "y": 0.85
          },
          "kind": "source-note",
          "text": "- Cato Institute Working Paper, Michael Krimminger and Mark Calabria, 2/9/2015",
          "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 19:59:47.333+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "2eb9528d-2007-4650-99ad-dc689ee1b8f6",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.4,
            "x": 0.05,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "Source: https://www.cato.org/sites/cato.org/files/pubs/pdf/working-paper-26_1.pdf.",
          "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 19:59:47.333+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7fd62662-bbb2-46ff-b276-01ad962149f0",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "Thoughts on UST Senior Preferred (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 19:59:47.333+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0fdef6ed-3959-4a2a-b79d-b766dacea563",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [
        {
          "matchId": "e9d84f11-9785-4867-8adc-998d1414c711",
          "evidence": "Citing Cato Institute working paper to support legal/financial argument",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:47.333+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 101,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 102,
      "type": "tension",
      "title": "The slide uses a press release to establish credibility and a quote to support the thesis that GSE exit is a viable, historical goal.",
      "function": "cite_precedent",
      "rawType": "ceo_quote",
      "block": null,
      "metadata": {
        "slideType": "ceo_quote",
        "slideTypeCanon": {
          "name": "CEO quote",
          "slug": "ceo_quote",
          "status": "active",
          "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa",
          "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": 59,
        "componentCount": 7,
        "textChars": 1141,
        "nDataPoints": 0,
        "notes": "The slide uses a press release to establish credibility and a quote to support the thesis that GSE exit is a viable, historical goal.",
        "elementsJson": [
          "headline_text",
          "logo_grid",
          "paragraph",
          "quote_block",
          "footnote"
        ],
        "confidence": 0.95,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:50.595+00",
          "seconds": 5.937,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/102",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-102",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": null,
          "kind": "callout",
          "text": "Had we stopped the sweep of capital day one, by the time we got to the fourth year of the Trump administration, we easily could have done a secondary offering or two and fully capitalize the companies, or get very close it.",
          "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 23:44:09+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc6-109561ad05ed",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.08,
            "w": 0.25,
            "x": 0.17,
            "y": 0.0018
          },
          "kind": "image",
          "text": "Freddie Mac 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 19:59:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "4fc32686-ca78-4b2f-be2c-7deccb32cef9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.66,
            "x": 0.17,
            "y": 0.0033
          },
          "kind": "paragraph",
          "text": "Freddie Mac Appoints Craig Phillips EVP of Corporate Strategy and External Affairs. January 9, 2025. Financial services veteran to lead strategic planning and external outreach...",
          "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 19:59:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "fc73c5e1-5623-4280-b3fd-053701d74fcd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.9,
            "x": 0.05,
            "y": 0.0072
          },
          "kind": "quote",
          "text": "Had we stopped the sweep of capital day one, by the time we got to the fourth year of the Trump administration, we easily could have done a secondary offering or two and fully capitalize the companies, or get very close it.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "8e8435ba-60bd-4f3a-be05-995addb2a434",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "\"Had we stopped the sweep of capital day one, by the time we got to the fourth year of the Trump administration, we easily could have done a secondary offering or two and fully capitalize the companies, or get very close it.\" — Craig Phillips, Counselor to the US Treasury Secretary from 2017 to 2019, in May 27, 2021 interview",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:44:09+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc6-1511affd5fc9",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.7,
            "x": 0.05,
            "y": 0.0096
          },
          "kind": "source-note",
          "text": "Source: https://www.situsamc.com/resources-insights/podcasts/hill-episode-10-craig-phillips-former-counselor-us-secretary-treasury.",
          "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 19:59:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "12b5d45b-f7b9-4062-a924-91548de81f01",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.9,
            "x": 0.05,
            "y": 0.08
          },
          "kind": "title",
          "text": "The GSEs are Already Getting Ready to Exit",
          "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 19:59:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "e35417df-23b5-477c-8577-7937b1f5c97d",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "CEO quote contradiction",
            "slug": "ceo-quote-contradiction",
            "status": "active",
            "bestFor": "When management credibility is the lever",
            "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6",
            "version": 1,
            "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415",
            "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.",
            "familyLabel": null,
            "categoryName": null,
            "categorySlug": null
          },
          "agent": null,
          "layer": "slide",
          "agents": null,
          "matchId": "2a69bb0b-260d-4fdb-b491-51e64930cf5e",
          "evidence": "CEO quote 'Had we stopped the sweep of capital day one, by the time we got to the fourth year of the Trump administration, we easily could have done a secondary offering or two and fully capitalize the companies, or get ver'",
          "pageRefs": null,
          "priority": null,
          "whenToUse": "When management credibility is the lever",
          "confidence": 0.9,
          "extraction": {
            "at": "2026-07-17 03:29:27.607902+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 102,
          "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n  target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n  you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n  which means it lands in WSJ/FT/Bloomberg coverage.",
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "80b6a114-6d1b-4089-9bdb-ca24cc94e0a5",
          "evidence": "Uses a quote from a former Treasury official to validate the thesis.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:50.595+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 102,
          "frameworkName": "authority-citation"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 103,
      "type": "resolution",
      "title": "The slide uses a list-based structure to build a case for urgency.",
      "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": "balanced",
        "densityScore": 38,
        "componentCount": 6,
        "textChars": 539,
        "nDataPoints": 2,
        "notes": "The slide uses a list-based structure to build a case for urgency.",
        "elementsJson": [
          "headline_text",
          "bullet_list",
          "callout_box",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:48.366+00",
          "seconds": 3.58,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/103",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-103",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.1,
            "w": 0.85,
            "x": 0.07,
            "y": 0.72
          },
          "kind": "callout",
          "text": "Four-year runway with a pro-business administration led by the consummate dealmaker",
          "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 19:59:48.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "41765f22-00c3-426b-b6cc-bb167384aed2",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.25,
            "w": 0.85,
            "x": 0.07,
            "y": 0.18
          },
          "kind": "list",
          "text": "Current robust economic and financial market conditions are ideal for successful private capital raise. Unemployment near record lows, GDP growth ~3%, home prices at peak, stock indices at highs.",
          "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 19:59:48.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "0e927dce-f8b8-4f7a-a4aa-7f3bd96dfb89",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.85,
            "x": 0.07,
            "y": 0.63
          },
          "kind": "list",
          "text": "Consistent with mandate to simplify the government (i.e. DOGE)",
          "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 19:59:48.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "7a0ddb6e-6b88-4ac3-8dc8-aca64d1dda91",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.15,
            "w": 0.85,
            "x": 0.07,
            "y": 0.45
          },
          "kind": "list",
          "text": "Logical time for Treasury to monetize the rest of its investment. SPS repaid, opportunity to exercise warrants for ~$300bn.",
          "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 19:59:48.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "934f95ad-7985-4805-93f6-eb942a098b13",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.03,
            "w": 0.3,
            "x": 0.04,
            "y": 0.95
          },
          "kind": "source-note",
          "text": "(1) Based on Freddie Mac House Price Index.",
          "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 19:59:48.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "81646c9d-129f-4dd7-82fa-a4bda896b838",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.6,
            "x": 0.04,
            "y": 0.08
          },
          "kind": "title",
          "text": "We Believe the Time to Act is Now",
          "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 19:59:48.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "6375cf03-8214-4b0c-8dbf-de7e760326f6",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [
        {
          "tool": {
            "name": "AIDA Model",
            "slug": "aida-model",
            "status": "active",
            "bestFor": null,
            "canonId": "019dd956-86fc-773c-813f-d416714b8413",
            "version": 1,
            "bodyDocId": null,
            "description": "Attention, Interest, Desire, Action - classic persuasion sequence",
            "familyLabel": null,
            "categoryName": "Block",
            "categorySlug": "block"
          },
          "agent": "Storyteller",
          "layer": "slide",
          "agents": [
            "Storyteller"
          ],
          "matchId": "1c09274d-cc2e-44a8-85ae-fd601eadaa8d",
          "evidence": "List of bullet points highlighting current robust economic and financial market conditions, logical time for Treasury to monetize the rest of its investment, and a four-year runway with a pro-business administration",
          "pageRefs": null,
          "priority": null,
          "whenToUse": null,
          "confidence": 0.7,
          "extraction": {
            "at": "2026-07-17 03:29:27.678058+00",
            "model": "or:meta-llama/llama-4-scout",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 103,
          "whyItWorks": null,
          "antipattern": null,
          "cardinality": null,
          "narrativePurpose": null
        }
      ],
      "frameworks": [
        {
          "matchId": "31724164-e7a5-4359-a295-75189aea0173",
          "evidence": "The slide uses a structured bulleted list to present a logical argument for action.",
          "framework": null,
          "confidence": 0.9,
          "extraction": {
            "at": "2026-05-02 19:59:48.366+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 103,
          "frameworkName": "list-presentation"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    },
    {
      "page": 104,
      "type": "setup",
      "function": "other",
      "rawType": "quote_slide",
      "block": null,
      "metadata": {
        "slideType": "quote_slide",
        "slideTypeCanon": {
          "name": "Quote slide",
          "slug": "quote_slide",
          "status": "active",
          "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2",
          "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": "sparse",
        "densityScore": 23,
        "componentCount": 5,
        "textChars": 437,
        "nDataPoints": 0,
        "notes": null,
        "elementsJson": [
          "headline_text",
          "quote_block",
          "footnote"
        ],
        "confidence": 1,
        "extraction": {
          "model": "google/gemini-3.1-flash-lite-preview-20260303",
          "runId": null,
          "at": "2026-05-02 19:59:47.541+00",
          "seconds": 2.623,
          "promptVersion": "v2-canon-conditioned"
        }
      },
      "links": {
        "slide": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/104",
        "deck": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
        "deckAnchor": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-104",
        "deckJson": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json"
      },
      "components": [
        {
          "bbox": {
            "h": 0.03,
            "w": 0.18,
            "x": 0.715,
            "y": 0.635
          },
          "kind": "paragraph",
          "text": "- Donald J. Trump",
          "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 19:59:47.541+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "5542fbd7-1dc1-4eef-b441-5237c26ff469",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.35,
            "w": 0.79,
            "x": 0.105,
            "y": 0.26
          },
          "kind": "quote",
          "text": "Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That's how I get my kicks.",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": null,
            "subkind": {
              "name": "Pull quote",
              "slug": "pull-quote",
              "status": "active",
              "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9",
              "version": 1,
              "description": null
            },
            "framework": null
          },
          "subkind": "pull-quote",
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-05-02 19:59:47.541+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "01fc2be1-22b3-48ba-a61d-fea90fd0a39f",
          "parentComponentId": null
        },
        {
          "bbox": null,
          "kind": "quote",
          "text": "\"Deals are my art form. Other people paint beautifully on canvas or write wonderful poetry. I like making deals, preferably big deals. That's how I get my kicks.\" — Donald J. Trump",
          "attrs": null,
          "canon": {
            "kind": {
              "name": "Quote",
              "slug": "quote",
              "status": "active",
              "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a",
              "version": 1,
              "description": "Pull quote or testimonial."
            },
            "tool": {
              "name": "Authority citation",
              "slug": "authority-citation",
              "status": "active",
              "bestFor": null,
              "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45",
              "version": 1,
              "bodyDocId": null,
              "description": "Quoting an authority figure, study, or precedent to lend weight.",
              "familyLabel": null
            },
            "subkind": null,
            "framework": null
          },
          "subkind": null,
          "groupRole": null,
          "confidence": null,
          "extraction": {
            "at": "2026-04-22 23:44:09+00",
            "model": "unknown-legacy",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "019dd953-3f42-76f3-adc5-f50e1aed100c",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.02,
            "w": 0.2,
            "x": 0.06,
            "y": 0.945
          },
          "kind": "source-note",
          "text": "Source: The Art of the Deal (1987).",
          "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 19:59:47.541+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "88df2c01-40ce-45b4-97f3-1bce6a0841bd",
          "parentComponentId": null
        },
        {
          "bbox": {
            "h": 0.05,
            "w": 0.8,
            "x": 0.04,
            "y": 0.09
          },
          "kind": "title",
          "text": "In the Wise Words of President-Elect Trump...",
          "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 19:59:47.541+00",
            "model": "google/gemini-3.1-flash-lite-preview-20260303",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "componentId": "acde485f-c984-4765-a092-fa740fb8dfc1",
          "parentComponentId": null
        }
      ],
      "metrics": [],
      "tools": [],
      "frameworks": [],
      "arcBeats": [],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 4,
      "to": 9,
      "label": "Situation & Context",
      "description": "The presentation provides background information on Fannie Mae and Freddie Mac, including their history and evolution."
    },
    {
      "from": 17,
      "to": 32,
      "label": "Problem & Complication",
      "description": "The presentation analyzes the complications faced by Fannie Mae and Freddie Mac, including their capital structure and regulatory framework."
    },
    {
      "from": 50,
      "to": 83,
      "label": "Solution & Approach",
      "description": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance."
    }
  ],
  "loops": [
    {
      "from": 26,
      "to": 29,
      "label": "Aha Moment",
      "description": "Highlighting the GSEs' guarantee business model and its low-risk profile"
    },
    {
      "from": 41,
      "to": 43,
      "label": "Iceberg",
      "description": "Exposing the contradiction in the Treasury's profit from the GSEs"
    }
  ]
}