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  "documentTitle": "2025 Investor Day",
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  "notes": "The slide uses two charts to frame a 'buy-side' or 'lending-side' opportunity: one showing asset devaluation (risk reduction) and one showing a debt maturity wall (financing need).",
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      "kind": "callout",
      "text": "Real estate values have declined meaningfully since their peak in 2022, presenting an opportunity to lend against substantially de-risked values",
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      "text": "~$3tn of mortgage loans maturing in 2025-2029¹, creating an opportunity to lend at higher spreads and lower LTVs",
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      "text": "CRE Debt Maturities: $3tn",
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      "kind": "title",
      "text": "And CRE value declines create better entry points",
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