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  "documentTitle": "Credit Suisse | Investment Banking Pitch Book | 22 slides",
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  "notes": "Uses a waterfall-style decomposition to show how market value relates to tangible book value and potential upside.",
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      "text": "Source: Company projections, SNL Financial. Note: All per share values calculated using 42.8mm basic shares & restricted stock units outstanding per Company projections. (1) Projected TBVPS calculated using Q2'17E equity, excluding goodwill & intangible assets as of 12/31/2016, divided by 42.8mm basic shares outstanding per Company projections.",
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      "text": "Management's projected Q2'17E TBVPS of $14.83 compares to $11.52 per share of net proceeds from loan sales, tangible assets at the manager, and unrestricted cash.",
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