{
  "docId": "019de06f-89be-728f-965e-baa6f970602e",
  "docSlug": "aef44a3ee32e69cd26e93f2f0aeb9260",
  "documentTitle": "Credit Suisse | Investment Banking Pitch Book | 20 slides",
  "authorId": "credit-suisse",
  "authorName": "Credit Suisse",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2017-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3324081,
  "pageNumber": 3,
  "pageCount": 20,
  "prevPage": 2,
  "nextPage": 4,
  "slideType": "appendix_data",
  "function": "establish_context",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide serves as a disclosure/methodology page for a financial sensitivity analysis.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-89be-728f-965e-baa6f970602e/3",
  "deckHref": "/decks/019de06f-89be-728f-965e-baa6f970602e",
  "deckJsonHref": "/decks/019de06f-89be-728f-965e-baa6f970602e.json",
  "deckAnchorHref": "/decks/019de06f-89be-728f-965e-baa6f970602e#slide-3",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0
      },
      "kind": "disclaimer",
      "text": "CREDIT SUISSE DOES NOT PROVIDE ANY TAX ADVICE | MATERIALS ARE PRELIMINARY AND SUBJECT TO FURTHER CHANGE AND DEVELOPMENTS (WHICH MAY BE MATERIAL)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e02435df-0dd3-4283-adc7-b0217f57970f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.28
      },
      "kind": "list",
      "text": "Does not contemplate First Eagle Investment Management LLC (\"First Eagle\") and GSO Capital Partners LP (\"GSO\") transaction\nExcluded from sensitivity for illustrative purposes only\nOsprey management's ability to execute on and achieve Osprey's September 2017 standalone financial forecast is unaffected\nNo change in market environment impacting Osprey operations (e.g., origination volume, net interest margin, etc.)\nMarginal corporate tax rate reduction: 35% federal tax rate reduced to 20% beginning in 2018\nImplied Osprey marginal corporate tax rate reduced from ~41% to ~30%, per Osprey management\nPortion of Osprey existing net deferred tax assets of ~$32 million written off by ~$11 million, per Osprey management\n50% dividend payout ratio on any incremental net earnings (due to restrictions from builders basket on high-yield notes), per Osprey management\nOsprey management September 2017 standalone forecast of $0.02 dividend per share represents approximately 11%, 10% and 7% payout ratio in 2018E, 2019E and 2020E, respectively",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47bea811-3616-402d-9fe5-8197a15a40b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "Osprey's Board of Directors has requested a hypothetical sensitivity of Osprey management's September 2017 standalone financial forecast taking into consideration, for illustrative purposes, the \"Tax Cuts and Jobs Act\" legislation proposed by the U.S. House of Representatives Committee on Ways and Means and the following selected assumptions:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b436e11-6719-471e-9dd0-ba1d5487a829",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Osprey management and U.S. House of Representatives Committee on Ways and Means \"Tax Cuts and Jobs Act\" released on 11/2/17.\nNote: Credit Suisse does not provide any tax advice.\nHypothetical sensitivity does not address any differences in the Chairman of U.S. Senate Committee on Finance's markup on the legislation proposed by U.S. House of Representatives Committee on Ways and Means.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d208e467-7c30-4483-81cd-452f8a1dde27",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "Hypothetical impact of selected provisions in proposed tax legislation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a3f52911-7c5f-4cbf-99d1-6fc517ac472d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Illustrative assumptions as of November 2017",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84153358-5be3-4c3b-8ca6-be391cc86d07",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "357ab375-7976-4607-a4c9-5b0c23595a80",
      "evidence": "table/data: Financial summary table showing Earnings, Net income, Book value, ROAE, Cash flow, Dividend payout, and Warrants outstanding.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 3,
      "beatId": "b7fc1bff-8826-4c4b-95d2-2a38394efad5",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "Hypothetical impact of selected provisions in proposed tax legislation",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 10,
      "from": 3,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "8a2eee1d-efb3-493a-9a69-0a8bf6e9ec47",
      "evidence": "Sensitivity analysis and hypothetical impact estimates",
      "position": 0,
      "objective": "What are the potential costs of not addressing the proposed tax legislation?",
      "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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}