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  "documentTitle": "Zillow Group, Inc. (Z)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-03-05 00:00:00",
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      "text": "Spruce Point finds it very alarming that the weighted-average pull through rate has crept higher since 2020. A higher pull-through rate allows management to estimate higher revenues. Even with mortgage rates rising throughout most of 2023, the pull-through rate ticked higher into Q3’23 with just a slight pull back in Q4’23.",
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      "text": "Spruce Point finds it very alarming that the weighted-average pull through rate has crept higher since 2020. A higher pull-through rate allows management to estimate higher revenues.",
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      "text": "weighted-average pull-through rate: 88%",
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      "text": "Rising Pull-Through Rate Assumptions Can Flatter Revenue",
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