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          "evidence": "Comparison of financial metrics across a defined peer group.",
          "framework": null,
          "confidence": 1,
          "extraction": {
            "at": "2026-07-16 19:36:36.105+00",
            "model": "google/gemini-3.1-flash-lite-preview",
            "runId": null,
            "seconds": null,
            "promptVersion": null
          },
          "pageNumber": 29,
          "frameworkName": "peer_benchmark"
        }
      ],
      "arcBeats": [],
      "loops": [],
      "locked": true
    }
  ],
  "arcBeats": [
    {
      "from": 1,
      "to": 5,
      "label": "Situation & Context",
      "description": "The deck begins with disclaimers, an agenda, and a process update, setting the context for the discussion."
    },
    {
      "from": 6,
      "to": 8,
      "label": "Problem & Complication",
      "description": "The document highlights key work streams, objectives, and valuation questions, indicating the problems and complications."
    },
    {
      "from": 9,
      "to": 16,
      "label": "Evidence & Proof",
      "description": "The deck presents projections, comparisons, and benchmarking, providing evidence and proof for the arguments."
    },
    {
      "from": 17,
      "to": 26,
      "label": "Impact & Next Steps",
      "description": "The document discusses the implications of a potential deal, key takeaways, and next steps."
    }
  ],
  "loops": [
    {
      "from": 6,
      "to": 16,
      "label": "Logic Chain",
      "description": "To understand the logic behind the valuation questions and projections."
    },
    {
      "from": 24,
      "to": 26,
      "label": "Analogy",
      "description": "To illustrate the potential benefits of a deal with Hero using analogies from recent Lion acquisition situations."
    }
  ]
}