{
  "kind": "tool",
  "value": "precedent-transaction",
  "collectionKey": "slides:tool:precedent-transaction:all-document-kinds:all-producers:all-orientations",
  "filters": {
    "documentKinds": [],
    "sourceTypes": [],
    "orientations": []
  },
  "total": 22,
  "page": 1,
  "pageSize": 24,
  "pageCount": 1,
  "rows": [
    {
      "docId": "019dd923-622c-750b-8b99-1b3c88355559",
      "docSlug": "08d6aefbccb5",
      "documentTitle": "Genius Sports Limited (GENI)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Ben Axler",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2021-08-05 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 30,
      "slideType": "cite_precedent",
      "function": "cite_precedent",
      "notes": "The slide uses external news citations to frame the competitive landscape between Genius Sports and Sportradar.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide mentions a specific acquisition deal.",
      "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/30",
      "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-30",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 53,
          "from": 8,
          "beatId": "f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Agitation",
          "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
          "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Development",
          "parentBeatSlug": "development"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b99-74af5c9e9edb",
      "docSlug": "de028a1085e6",
      "documentTitle": "Zillow Group, Inc. (Z)",
      "authorId": "54_Spruce_Point_Capital",
      "authorName": "Spruce Point Capital Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-03-05 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 44,
      "slideType": "cite_precedent",
      "function": "cite_precedent",
      "notes": "The slide highlights a specific academic study by a professor at the University of San Diego to validate the thesis.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Analysis from a professor at the University of San Diego found that in the years after a 2008 ruling against the NAR which forced",
      "slideHref": "/slides/019dd923-622c-750b-8b99-74af5c9e9edb/44",
      "deckHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-74af5c9e9edb#slide-44",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 50,
          "from": 21,
          "beatId": "2825f36d-3055-4526-b439-677abc0e48a8",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Evidence",
          "beatSlug": "evidence",
          "evidence": "The document presents evidence to support Spruce Point's claims, including data on Zillow's declining site traffic and revenue per visit.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6dc-5545fa71721e",
      "docSlug": "852eb8103109",
      "documentTitle": "Time Warner Inc. (TWX)",
      "authorId": "14_Icahn",
      "authorName": "Lazard",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2006-02-01 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 170,
      "slideType": "precedent_table",
      "function": "compare_peers",
      "notes": "The table provides a breakdown of subscriber counts and overlap percentages for major US telecommunications and cable providers.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide shows a table with subscriber counts and overlap percentages for RBOCs and Cable MSOs.",
      "slideHref": "/slides/019dd923-622b-71dc-a6dc-5545fa71721e/170",
      "deckHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-5545fa71721e#slide-170",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019de50f-3623-73b3-b2a5-2cfc31e8dc84",
      "docSlug": "ccf0db51493d4108c9591a32887588e1",
      "documentTitle": "Baird | Investment Banking Pitch Book | 80 slides",
      "authorId": "baird",
      "authorName": "Baird",
      "documentKindSlug": "consulting-deck",
      "documentKindLabel": "Consulting deck",
      "sourceTypeSlug": "investment_bank",
      "sourceTypeLabel": "Investment bank",
      "presentationDate": "2018-10-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 65,
      "slideType": "financial_analysis",
      "function": "quantify_impact",
      "notes": "The chart uses a floating bar format to represent valuation ranges. The slide highlights the methodology for the 'Selected Precedent Transactions Analysis' specifically.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "list/bullet: Implied equity value per AMGP common share based on comparisons with similar precedent transactions involving MLP general partners.",
      "slideHref": "/slides/019de50f-3623-73b3-b2a5-2cfc31e8dc84/65",
      "deckHref": "/decks/019de50f-3623-73b3-b2a5-2cfc31e8dc84",
      "deckAnchorHref": "/decks/019de50f-3623-73b3-b2a5-2cfc31e8dc84#slide-65",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 80,
          "from": 20,
          "beatId": "a89f1acb-d850-4c20-803e-2157aeb449bd",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "Extensive financial analysis, valuation approaches, and data supporting the proposed transaction.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019de50f-3623-73b3-b2a5-2cfc31e8dc84",
      "docSlug": "ccf0db51493d4108c9591a32887588e1",
      "documentTitle": "Baird | Investment Banking Pitch Book | 80 slides",
      "authorId": "baird",
      "authorName": "Baird",
      "documentKindSlug": "consulting-deck",
      "documentKindLabel": "Consulting deck",
      "sourceTypeSlug": "investment_bank",
      "sourceTypeLabel": "Investment bank",
      "presentationDate": "2018-10-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 66,
      "slideType": "appendix_data",
      "function": "cite_precedent",
      "notes": "Includes specific highlights on NTM Normalized multiples and 3-year distribution CAGR.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "SELECTED PRECEDENT GP / IDR TRANSACTIONS table/data: Table of precedent transactions",
      "slideHref": "/slides/019de50f-3623-73b3-b2a5-2cfc31e8dc84/66",
      "deckHref": "/decks/019de50f-3623-73b3-b2a5-2cfc31e8dc84",
      "deckAnchorHref": "/decks/019de50f-3623-73b3-b2a5-2cfc31e8dc84#slide-66",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 80,
          "from": 20,
          "beatId": "a89f1acb-d850-4c20-803e-2157aeb449bd",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "Extensive financial analysis, valuation approaches, and data supporting the proposed transaction.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019de071-f9d5-721a-9844-f230331b9ad5",
      "docSlug": "f77cdd4e21ac2de6b682d23e5558b957",
      "documentTitle": "Blackwells Capital | Activist Presentation Deck | 207 slides",
      "authorId": "blackwells-capital",
      "authorName": "Blackwells Capital",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2022-01-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2938006,
      "pageNumber": 8,
      "slideType": "precedent_table",
      "function": "cite_precedent",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Blackwells Offered $3.8 BN for Monmouth REIT in All Cash Offer",
      "slideHref": "/slides/019de071-f9d5-721a-9844-f230331b9ad5/8",
      "deckHref": "/decks/019de071-f9d5-721a-9844-f230331b9ad5",
      "deckAnchorHref": "/decks/019de071-f9d5-721a-9844-f230331b9ad5#slide-8",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019de06f-8e6b-71e3-9da5-38f20469c7cd",
      "docSlug": "c05362f87c928537bdc33ee30c611e91",
      "documentTitle": "Deutsche Bank | Investment Banking Pitch Book | 38 slides",
      "authorId": "deutsche-bank",
      "authorName": "Deutsche Bank",
      "documentKindSlug": "deck",
      "documentKindLabel": "Deck",
      "sourceTypeSlug": "investment_bank",
      "sourceTypeLabel": "Investment bank",
      "presentationDate": "2018-02-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3268832,
      "pageNumber": 22,
      "slideType": "appendix_data",
      "function": "cite_precedent",
      "notes": "Data includes deal size, NTM P/E, P/B, P/TBV, and various offer premiums (1-day, 1-week, 1-month, 90-day VWAP).",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide lists precedent insurance transactions, which is a common valuation methodology.",
      "slideHref": "/slides/019de06f-8e6b-71e3-9da5-38f20469c7cd/22",
      "deckHref": "/decks/019de06f-8e6b-71e3-9da5-38f20469c7cd",
      "deckAnchorHref": "/decks/019de06f-8e6b-71e3-9da5-38f20469c7cd#slide-22",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 23,
          "from": 11,
          "beatId": "e3d222de-faf7-4b47-86bc-4d310d8460c1",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "Slides 11-23 provide a preliminary valuation framework, valuation summaries, and various data analyses.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019de06f-8e6b-71e3-9da5-38f20469c7cd",
      "docSlug": "c05362f87c928537bdc33ee30c611e91",
      "documentTitle": "Deutsche Bank | Investment Banking Pitch Book | 38 slides",
      "authorId": "deutsche-bank",
      "authorName": "Deutsche Bank",
      "documentKindSlug": "deck",
      "documentKindLabel": "Deck",
      "sourceTypeSlug": "investment_bank",
      "sourceTypeLabel": "Investment bank",
      "presentationDate": "2018-02-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3268832,
      "pageNumber": 23,
      "slideType": "appendix_data",
      "function": "cite_precedent",
      "notes": "Includes domestic insurance transactions since 2000 over $200mm in deal value.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Similar to slide 8, this slide lists precedent squeeze-out transactions.",
      "slideHref": "/slides/019de06f-8e6b-71e3-9da5-38f20469c7cd/23",
      "deckHref": "/decks/019de06f-8e6b-71e3-9da5-38f20469c7cd",
      "deckAnchorHref": "/decks/019de06f-8e6b-71e3-9da5-38f20469c7cd#slide-23",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 23,
          "from": 11,
          "beatId": "e3d222de-faf7-4b47-86bc-4d310d8460c1",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "Slides 11-23 provide a preliminary valuation framework, valuation summaries, and various data analyses.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019de06f-3cb2-73ee-8e72-2a4a8a700cc2",
      "docSlug": "cbde574d77123b68d3cf78693a5db173",
      "documentTitle": "Evercore | Investment Banking Pitch Book | 32 slides",
      "authorId": "evercore",
      "authorName": "Evercore",
      "documentKindSlug": "consulting-deck",
      "documentKindLabel": "Consulting deck",
      "sourceTypeSlug": "investment_bank",
      "sourceTypeLabel": "Investment bank",
      "presentationDate": "2011-09-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.294673,
      "pageNumber": 13,
      "slideType": "appendix_data",
      "function": "cite_precedent",
      "notes": "The slide displays four bar charts, each showing High, Mean, Median, Low, and MFW-Offer multiples for specific industries.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Precedent Transaction Analysis",
      "slideHref": "/slides/019de06f-3cb2-73ee-8e72-2a4a8a700cc2/13",
      "deckHref": "/decks/019de06f-3cb2-73ee-8e72-2a4a8a700cc2",
      "deckAnchorHref": "/decks/019de06f-3cb2-73ee-8e72-2a4a8a700cc2#slide-13",
      "loopMatches": [
        {
          "to": 14,
          "from": 10,
          "name": "Benchmark Gap",
          "slug": "39-benchmark-gap",
          "bestFor": "Performance improvement, competitive analysis, target setting",
          "matchId": "11847e1b-fa6e-4ae7-a620-2c60ea515d67",
          "evidence": "Selected Public Company Trading Analysis",
          "position": 0,
          "objective": "What is the benchmark valuation gap?",
          "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
          "confidence": 0.6,
          "description": "Compare performance against best-in-class to quantify the opportunity"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 14,
          "from": 10,
          "beatId": "44505564-ba9e-4fc1-afa7-58272bcb6344",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "Selected Public Company Trading Analysis and Valuation Analyses",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019de073-b590-7474-b61a-bf0192434ec8",
      "docSlug": "3804a6c5af2cad81f263d21acb752b69",
      "documentTitle": "Evercore | Investment Banking Pitch Book | 61 slides",
      "authorId": "evercore",
      "authorName": "Evercore",
      "documentKindSlug": "consulting-deck",
      "documentKindLabel": "Consulting deck",
      "sourceTypeSlug": "investment_bank",
      "sourceTypeLabel": "Investment bank",
      "presentationDate": "2022-10-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2938006,
      "pageNumber": 35,
      "slideType": "appendix_data",
      "function": "compare_peers",
      "notes": "The slide provides a benchmark for transaction premiums in the midstream energy sector.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Transaction data table with columns: Date Announced, Acquiror / Target, Consideration, 1-Day Prior Spot, 30-Day VWAP",
      "slideHref": "/slides/019de073-b590-7474-b61a-bf0192434ec8/35",
      "deckHref": "/decks/019de073-b590-7474-b61a-bf0192434ec8",
      "deckAnchorHref": "/decks/019de073-b590-7474-b61a-bf0192434ec8#slide-35",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 61,
          "from": 25,
          "beatId": "8300dd62-430b-4886-abfc-060a7ad4eeaa",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Impact & Next Steps",
          "beatSlug": "consultants-gambit-impact-next-steps",
          "evidence": "The document concludes with sensitivity cases, peer benchmarking, and supplemental data.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019de074-3247-765e-926d-9484eea233d7",
      "docSlug": "cd2820e588b325c7ed8b9a4e3464472a",
      "documentTitle": "Evercore | Investment Banking Pitch Book | 82 slides",
      "authorId": "evercore",
      "authorName": "Evercore",
      "documentKindSlug": "consulting-deck",
      "documentKindLabel": "Consulting deck",
      "sourceTypeSlug": "investment_bank",
      "sourceTypeLabel": "Investment bank",
      "presentationDate": "2023-01-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.2938006,
      "pageNumber": 46,
      "slideType": "financial_analysis",
      "function": "quantify_impact",
      "notes": "The slide uses a precedent transaction approach to determine an implied equity value and unit price range for SIRE.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Precedent M&A Transaction Analysis",
      "slideHref": "/slides/019de074-3247-765e-926d-9484eea233d7/46",
      "deckHref": "/decks/019de074-3247-765e-926d-9484eea233d7",
      "deckAnchorHref": "/decks/019de074-3247-765e-926d-9484eea233d7#slide-46",
      "loopMatches": [
        {
          "to": 55,
          "from": 31,
          "name": "Hypothesis Test",
          "slug": "42-hypothesis-test",
          "bestFor": "Strategy validation, due diligence, research presentations",
          "matchId": "a8566360-a83e-4590-b207-a4294e66c182",
          "evidence": "The deck provides detailed financial analysis, valuation, and sensitivity case, testing the hypothesis that SIRE is a good investment opportunity.",
          "position": 1,
          "objective": "To test the hypothesis that SIRE is a good investment opportunity",
          "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
          "confidence": 0.7,
          "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 55,
          "from": 31,
          "beatId": "8ab17320-54b4-4bfa-ad92-34c6ab08aff9",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "The deck provides detailed financial analysis, valuation, and sensitivity case, serving as evidence and proof for the investment opportunity.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9b-8504406ade5c",
      "docSlug": "73d490b5bd52",
      "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
      "authorId": "01_Pershing_Square",
      "authorName": "William Ackman",
      "documentKindSlug": "conference-presentation",
      "documentKindLabel": "Conference presentation",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2014-05-05 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 61,
      "slideType": "precedent_table",
      "function": "cite_precedent",
      "notes": "The slide uses historical IPO data to frame a problem regarding capital availability for new market participants.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The total amount of money raised from the 10 largest IPOs of all time is $97bn, which amounts to only one-fifth of the potential capital requirements for recent proposals",
      "slideHref": "/slides/019dd923-622c-750b-8b9b-8504406ade5c/61",
      "deckHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-8504406ade5c#slide-61",
      "loopMatches": [
        {
          "to": 111,
          "from": 32,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "198631e9-e687-442b-9dcb-9984e64d4f5c",
          "evidence": "The presentation emphasizes the potential costs to society of failing to reform the GSEs",
          "position": 0,
          "objective": "Highlight the risks of not reforming the GSEs",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.8,
          "description": "Quantify what happens if the audience does nothing"
        },
        {
          "to": 64,
          "from": 59,
          "name": "Mece Breakdown",
          "slug": "40-mece-breakdown",
          "bestFor": "Problem structuring, ensuring completeness, strategic analysis",
          "matchId": "f0b99e32-1835-47d4-88c0-9a7207d01351",
          "evidence": "The presentation provides a detailed analysis of the potential capital requirements for new participants in the mortgage market",
          "position": 2,
          "objective": "Break down the potential capital requirements for new participants",
          "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage",
          "confidence": 0.7,
          "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 111,
          "from": 53,
          "beatId": "2ffdc109-c03c-4d79-bfbe-40c4d285ca05",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Impact & Next Steps",
          "beatSlug": "consultants-gambit-impact-next-steps",
          "evidence": "The presentation concludes with a discussion of the potential impact of the proposed solution and next steps for housing finance reform",
          "position": 4,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6da-f033bb6ecb30",
      "docSlug": "43984bcde008",
      "documentTitle": "Pioneer Natural Resources (PXD)",
      "authorId": "04_Greenlight_Capital",
      "authorName": "David Einhorn",
      "documentKindSlug": "conference-presentation",
      "documentKindLabel": "Conference presentation",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2015-05-04 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 58,
      "slideType": "precedent_table",
      "function": "expose_contradiction",
      "notes": "The slide is used to critique the 'well economics' touted by management and analysts.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "table/data: Oil strip $85; Gas strip $4.50; Capex / BOE -13; Opex / BOE -10",
      "slideHref": "/slides/019dd923-622b-71dc-a6da-f033bb6ecb30/58",
      "deckHref": "/decks/019dd923-622b-71dc-a6da-f033bb6ecb30",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-f033bb6ecb30#slide-58",
      "loopMatches": [
        {
          "to": 60,
          "from": 50,
          "name": "So What Cascade",
          "slug": "41-so-what-cascade",
          "bestFor": "Data presentations, executive summaries, driving to recommendations",
          "matchId": "212048f3-a303-481c-af1b-9c2f0b64fb4b",
          "evidence": "The presentation highlights the implications of the analysis for investors, including the potential risks and returns.",
          "position": 2,
          "objective": "What are the implications of the analysis for investors?",
          "structure": "The Data -> So What? (Insight 1) -> So What? (Insight 2) -> So What? (The Action)",
          "confidence": 0.7,
          "description": "Chain insights together, each answering 'so what?' until you reach the actionable conclusion"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 60,
          "from": 31,
          "beatId": "4fb21252-5597-4b54-98c6-35ab815221d5",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution (Provide relief)",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "The presentation provides a critique of the business model and highlights the challenges faced by Pioneer Natural Resources, effectively providing a solution or rather, a warning to investors.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6dd-bca6057ac775",
      "docSlug": "239b4bdd7d55",
      "documentTitle": "Six Flags Entertainment Corp. (SIX)",
      "authorId": "26_Land_and_Buildings",
      "authorName": "Land & Buildings",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2022-12-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 17,
      "slideType": "preempt_rebuttal",
      "function": "cite_precedent",
      "notes": "Uses historical examples of Marriott/Host Hotels and MGM/MGP to validate the OpCo/PropCo strategy for Six Flags.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "examples of similar companies (Marriott, MGM Resorts) that have separated real estate and operations",
      "slideHref": "/slides/019dd923-622b-71dc-a6dd-bca6057ac775/17",
      "deckHref": "/decks/019dd923-622b-71dc-a6dd-bca6057ac775",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dd-bca6057ac775#slide-17",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6dc-0da390d7ba55",
      "docSlug": "1861656eaa18",
      "documentTitle": "Crown Castle International Corp. (CCI)",
      "authorId": "11_Corvex",
      "authorName": "Corvex Management",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2014-10-14 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 14,
      "slideType": "precedent_table",
      "function": "cite_precedent",
      "notes": "The chart highlights the valuation gap between CCI and other tower transactions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Potential Verizon tower sale should be an additional catalyst for CCI to change its capital allocation plan now",
      "slideHref": "/slides/019dd923-622b-71dc-a6dc-0da390d7ba55/14",
      "deckHref": "/decks/019dd923-622b-71dc-a6dc-0da390d7ba55",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-0da390d7ba55#slide-14",
      "loopMatches": [
        {
          "to": 25,
          "from": 7,
          "name": "Pattern Hunter",
          "slug": "02-pattern-hunter",
          "bestFor": "Time-pressed audiences, building consensus, when data is strong",
          "matchId": "b736d9a4-e395-4eed-9fdf-3700df523f65",
          "evidence": "The document presents a comparison of Crown Castle's strategy with industry peers",
          "position": 0,
          "objective": "To identify patterns in Crown Castle's capital allocation and dividend policy",
          "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
          "confidence": 0.7,
          "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 25,
          "from": 11,
          "beatId": "3c54512c-1a0b-4425-9a0a-3a1094841578",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": "consultants-gambit-evidence-proof",
          "evidence": "The document provides detailed analysis and data to support the proposed solution",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Evidence",
          "parentBeatSlug": "evidence"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-dad126beff94",
      "docSlug": "416ab93b6285",
      "documentTitle": "Darden Restaurants, Inc. (DRI)",
      "authorId": "03_Starboard_Value",
      "authorName": "Jeffrey C. Smith",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2014-09-11 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 226,
      "slideType": "precedent_table",
      "function": "cite_precedent",
      "notes": "The slide uses a valuation bridge approach to arrive at a $2.7B valuation.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "The slide mentions 'precedent transactions' and includes a table with valuation metrics.",
      "slideHref": "/slides/019dd923-622c-750b-8b9c-dad126beff94/226",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-dad126beff94#slide-226",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622b-71dc-a6da-b00b1d0f20be",
      "docSlug": "46fe79187184",
      "documentTitle": "Riot Platforms, Inc. (RIOT)",
      "authorId": "03_Starboard_Value",
      "authorName": "Peter A. Feld",
      "documentKindSlug": "shareholder-letter",
      "documentKindLabel": "Shareholder letter",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2026-02-18 00:00:00",
      "orientation": "portrait",
      "aspectRatio": 0.77272725,
      "pageNumber": 3,
      "slideType": "valuation_table",
      "function": "quantify_opportunity",
      "notes": "Includes footnotes detailing assumptions for capacity, revenue, and valuation multiples.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Callout: 'monetize its power in-line with recent precedent transactions'",
      "slideHref": "/slides/019dd923-622b-71dc-a6da-b00b1d0f20be/3",
      "deckHref": "/decks/019dd923-622b-71dc-a6da-b00b1d0f20be",
      "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-b00b1d0f20be#slide-3",
      "loopMatches": [
        {
          "to": 4,
          "from": 3,
          "name": "Waterfall Value",
          "slug": "31-waterfall-value",
          "bestFor": "Financial analysis, value bridges, variance explanations",
          "matchId": "019ddf4e-f7d8-770d-bab5-3276d34e0eb0",
          "evidence": "SOP buildup tables: $1.6B+ EBITDA -> $23-$53 share-price upside via multiples.",
          "position": 3,
          "objective": "Build sum-of-parts EBITDA -> equity value upside",
          "structure": "The Total -> Driver 1 Impact -> Driver 2 Impact -> Driver 3 Impact -> The Remainder",
          "confidence": 85,
          "description": "Break down a big number into its component drivers to show where value is created or lost"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 4,
          "from": 3,
          "beatId": "019ddf4e-f66a-7629-b597-2c074c07f838",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Evidence & Proof",
          "beatSlug": null,
          "evidence": "EBITDA + Equity Value tables yielding $23-$53 share-price upside.",
          "position": 4,
          "confidence": 88,
          "parentBeatName": null,
          "parentBeatSlug": null
        },
        {
          "to": 5,
          "from": 3,
          "beatId": "019ddf4e-f74c-743f-8d16-52ecbaba5f1e",
          "arcName": "The Transformation Tale",
          "arcSlug": "transformation-tale",
          "beatName": "The Bridge",
          "beatSlug": null,
          "evidence": "Valuation tables + closing ask describe path to transformation.",
          "position": 3,
          "confidence": 72,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-bac87207629e",
      "docSlug": "2ea5a5e44206",
      "documentTitle": "Phillips 66 (PSX)",
      "authorId": "02_Elliott_Management",
      "authorName": "Elliott",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-11 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 1,
      "slideType": "cover",
      "function": "front_matter",
      "notes": "Uses a visual metaphor of Route 66 to align with the company name.",
      "imagePath": "https://imgproxy.kitesheet.com/cE7IPLtGQn4jmVhYhQpfR-bLUS33zbNugKF34TbznSI/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZWE1YTVlNDQyMDYvcDAwMS5wbmc",
      "matchCount": 1,
      "evidence": "slide_type=precedent_table OR thesis precedents_cited present",
      "slideHref": "/slides/019dd923-622c-750b-8b9c-bac87207629e/1",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e#slide-1",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": "https://imgproxy.kitesheet.com/VpgdQ61TRGAMGtVH-Yi0u8I3MrWN5xnFeHcTVAc3xWg/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZWE1YTVlNDQyMDYvcDAwMS5qcGc",
      "thumbSrc": "https://imgproxy.kitesheet.com/gturxghzfMXK6txjlwS7mlGq0wlWYCHqdwuCx7W2nzI/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZWE1YTVlNDQyMDYvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/wUp2d5IOe5JRG9-GgVWZ-M5gWZ3Hb6OxQkEQOeN80Ic/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yZWE1YTVlNDQyMDYvcDAwMS5qcGc"
    },
    {
      "docId": "019dd923-622c-750b-8b9c-bac87207629e",
      "docSlug": "2ea5a5e44206",
      "documentTitle": "Phillips 66 (PSX)",
      "authorId": "02_Elliott_Management",
      "authorName": "Elliott",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-11 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 10,
      "slideType": "before_after",
      "function": "illustrate_case",
      "notes": "Uses a before-after-bridge structure to contrast performance periods.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "slide_type=precedent_table OR thesis precedents_cited present",
      "slideHref": "/slides/019dd923-622c-750b-8b9c-bac87207629e/10",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e#slide-10",
      "loopMatches": [
        {
          "to": 11,
          "from": 10,
          "name": "Before After",
          "slug": "21-before-after",
          "bestFor": "Product demos, process improvements, ROI justification",
          "matchId": "582eddc8-4ec7-4d78-9ed6-c34de5d7b570",
          "evidence": "The deck uses a before-after loop to show the potential for improvement using a Marathon Petroleum case study",
          "position": 0,
          "objective": "To show the potential for improvement",
          "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
          "confidence": 0.6,
          "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-bac87207629e",
      "docSlug": "2ea5a5e44206",
      "documentTitle": "Phillips 66 (PSX)",
      "authorId": "02_Elliott_Management",
      "authorName": "Elliott",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-11 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 39,
      "slideType": "comparison_table",
      "function": "compare_peers",
      "notes": "The slide uses a comparison framework to validate the proposed strategy by citing a successful precedent (Marathon).",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "slide_type=precedent_table OR thesis precedents_cited present",
      "slideHref": "/slides/019dd923-622c-750b-8b9c-bac87207629e/39",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e#slide-39",
      "loopMatches": [
        {
          "to": 40,
          "from": 36,
          "name": "Quick Win Big Bet",
          "slug": "47-quick-win-big-bet",
          "bestFor": "Transformation planning, 100-day plans, resource allocation",
          "matchId": "5f1de7ed-23f6-45be-bee4-49abe3e52dfb",
          "evidence": "The deck uses a quick-win-big-bet loop to present an illustrative math example of the potential upside",
          "position": 1,
          "objective": "To present an illustrative math example",
          "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
          "confidence": 0.6,
          "description": "Separate initiatives into immediate wins and longer-term strategic bets"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 42,
          "from": 35,
          "beatId": "cbfe405b-6456-4057-b4ac-ccf6b1c04e6d",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "The deck proposes Streamline66 as a solution to unlock substantial stock price upside",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b9c-bac87207629e",
      "docSlug": "2ea5a5e44206",
      "documentTitle": "Phillips 66 (PSX)",
      "authorId": "02_Elliott_Management",
      "authorName": "Elliott",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "activist_investor",
      "sourceTypeLabel": "Activist investor",
      "presentationDate": "2025-02-11 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3333334,
      "pageNumber": 41,
      "slideType": "before_after",
      "function": "expose_contradiction",
      "notes": "The slide uses a 'before-after' framing to contrast past projections with current reality, highlighting the success of the activist campaign.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "slide_type=precedent_table OR thesis precedents_cited present",
      "slideHref": "/slides/019dd923-622c-750b-8b9c-bac87207629e/41",
      "deckHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-bac87207629e#slide-41",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 42,
          "from": 35,
          "beatId": "cbfe405b-6456-4057-b4ac-ccf6b1c04e6d",
          "arcName": "Problem-Agitate-Solution",
          "arcSlug": "problem-agitate-solution",
          "beatName": "Solution",
          "beatSlug": "problem-agitate-solution-solution-provide-relief",
          "evidence": "The deck proposes Streamline66 as a solution to unlock substantial stock price upside",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Resolution",
          "parentBeatSlug": "resolution"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019de50f-2706-763f-9734-587d3867eb97",
      "docSlug": "c7d3c8c12b4d90d2695b3c13312f33b0",
      "documentTitle": "Tudor, Pickering, Holt &amp; Co | Investment Banking Pitch Book | 122 slides",
      "authorId": "tudor-pickering-holt-co",
      "authorName": "Tudor Pickering Holt",
      "documentKindSlug": "consulting-deck",
      "documentKindLabel": "Consulting deck",
      "sourceTypeSlug": "investment_bank",
      "sourceTypeLabel": "Investment bank",
      "presentationDate": "2018-08-01 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.3426573,
      "pageNumber": 13,
      "slideType": "appendix_data",
      "function": "cite_precedent",
      "notes": "Includes a summary section at the bottom with medians and means for C-Corp, Affiliate, and 3rd Party transactions, plus the specific AMGP proposal.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": "Table containing columns: Announcement Date, Acquirer, Target, Transaction Value, TEV/FY1 EBITDA, Adj. Transaction Value, Adj. TEV/FY1 EBITDA, Deal Value, 1-Day Premium, % Cash, Taxable Transaction, Buyer Type",
      "slideHref": "/slides/019de50f-2706-763f-9734-587d3867eb97/13",
      "deckHref": "/decks/019de50f-2706-763f-9734-587d3867eb97",
      "deckAnchorHref": "/decks/019de50f-2706-763f-9734-587d3867eb97#slide-13",
      "loopMatches": [
        {
          "to": 14,
          "from": 10,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "00be95fc-b38e-406e-a9b3-2821a20bc1c4",
          "evidence": "The document presents an analysis of the situation, highlighting financial and operational challenges and implying the costs of inaction.",
          "position": 0,
          "objective": "Highlighting the costs of inaction in the face of complex financial and operational challenges.",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.7,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 14,
          "from": 10,
          "beatId": "e081d9cc-daf6-485a-97f8-58b2e6cf339d",
          "arcName": "The Consultant's Gambit",
          "arcSlug": "consultants-gambit",
          "beatName": "Problem & Complication",
          "beatSlug": "consultants-gambit-problem-complication",
          "evidence": "The document presents an analysis of the situation, highlighting financial and operational challenges.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    }
  ]
}