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  "documentTitle": "Credit Suisse | Investment Banking Pitch Book | 49 slides",
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  "authorName": "Credit Suisse",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2017-10-01 00:00:00",
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  "notes": "The slide uses a numbered list format to categorize financial adjustments.",
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      "text": "Source: Osprey management estimates as of February 2017 and September 2017.\n(1) Excluding high-yield senior unsecured notes and subordinated notes.",
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      "text": "Lower earnings from delay in transition to asset-light credit asset manager and shift in market conditions\nDartmouth fund launch delayed one year; more challenging fundraising environment; offset slightly by inclusion of newly acquired Fifth Street CLOs and reopening of 2014-1 and 2016-1 CLOs in 2018E\nTaking smaller pieces of deals; less syndication income (based on market dynamics) in non-interest income\nNet interest income fluctuates based on average loan balances\n2017E: $180mm lower forecasted average balance\n2018E: $250mm higher forecasted average balance; reopening of 2014-1 and 2016-1 CLOs\n2019E: Reset of Arch Street and 2015-2 CLOs to off-balance sheet, offset by resulting lower cost of funds",
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      "text": "Book value per share and earnings per share\nHigher shares outstanding resulting from reduced share repurchase amounts\nHigher average repurchase price (improvement in market price)\nSlight increase in options exercised\nInclusion of mark-to-market adjustment on Arch Street CLO\nLower share repurchase amount increases book value, offsetting lower net income",
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      "text": "Selected changes to Osprey standalone model per Osprey management include:",
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      "text": "Financing cash flow assumptions\nHigher unsecuritized debt balances from resetting / calling of existing CLOs through forecast horizon(1)\nShare repurchase amount reduced; additional cash used to pay down term debt\nAdjusted for FSIC warrant constraints\nAccelerated repayment of high-yield senior unsecured notes starting in 2018E\nEarly repayment of GSO subordinated notes in 2H'19E",
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      "text": "Preliminary Osprey standalone projections comparison (cont'd)",
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      "kind": "title",
      "text": "Updated forecast (Sept. 2017) versus prior 2017 fiscal year plan (Feb. 2017)",
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