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  "notes": "The slide provides a comparative snapshot of three core financial metrics over a three-month period.",
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      "text": "For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)” Cash position: Cash and cash equivalents + short term investments recorded as current assets + undrawn commitment line + bond investments. SBG stand-alone basis (excludes SB Northstar but includes its cash and cash equivalents and bond investments)",
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