Companion files

Bank Management

What a Bank Is Worth, and Which Number the Depositor Reads

Julian R. Sterling

These are the companion files of Bank Management by Julian R. Sterling.The book on Amazon →

The four Excel workbooks that go with the book, corrected where they were wrong. Every figure the book prints is reproduced in them by a live formula rather than a typed constant, the four readings of capital are bridged to the dollar, and each workbook ends with a Checks sheet setting the printed figure beside the computed one: 91 controls in all, every one green. Around them: the same four models with the inputs emptied, thirteen working documents to print, forty questions that mark themselves, and three cases the book names and never takes to a number. Nothing is locked, protected or watermarked.

Free to download. No sign-up, no email address, nothing to fill in.

The four workbooks

These carry the book’s own figures, so that every number it prints can be traced to a live formula, and each closes on its checks sheet. Download these four104 KB

• Chapters 1, 2, 14 and 24

  Four defensible readings of one balance sheet

  The same bank, on the same day, reads 11.40 per cent on published common equity tier 1, 8.66 with the available-for-sale mark recognised, 2.09 on tangible common equity with both marks taken, and 3.88 on economic value with the deposit franchise included. All four are defensible and all four are used. The distance between the highest and the lowest is 9.31 percentage points.

  Enter your own balance sheet and the sheet returns all four at once, on risk-weighted assets and on tangible assets so that only the numerators differ, with the bridge from the first reading to the fourth closing to the dollar. It is the exhibit chapter twenty-seven says belongs at the front of every committee pack, and it takes about twenty minutes to fill in. Revised: the bridge this paragraph describes was missing from the first file. It now closes at the foot of the Four readings sheet, from 639,600 to 278,809, with a difference of nought.

  Download the workbook23 KB

  01_Four_Readings_of_Capital.xlsx · XLSX · 23 KB

• Chapters 3 to 8

  The deposit beta, measured two ways, differing by half

  Net interest income before and after the shock, decomposed into the asset side and the liability side, with the beta as an input rather than a result. The same behaviour measured on all non-maturity deposits is 35 per cent; measured on the interest-bearing book alone it is 54. Both describe this bank. Neither is stated with its denominator in most disclosures.

  The sheet also solves for the beta at which the year's pre-tax profit reaches zero — 61.72 per cent, against the 35 assumed — and prices what contract floors and reset dates take away from a floating-rate book the model assumes reprices in full. On this bank the floating book's effective first-year beta is 78 per cent, not 100, and the difference is 55 per cent of the year's net income.

  Revised: the floors do not cost the year, the reset lag does. The floors lower the move in the margin by raising year 0, where a 3.95 per cent index sits under a 4.50 per cent floor; corrected pre-tax income is 25,476, not 21,757, and the loss after tax is 30.77 per cent of net income, not 55. And the margin charges the 35 per cent to the savings book alone, which is 22.68 per cent across all non-maturity deposits; read across all of them, as chapter six reads it, pre-tax income is 10,620 and the break-even of 40.00 per cent is five points away.

  Download the workbook28 KB

  02_Margin_and_Deposit_Beta.xlsx · XLSX · 28 KB

• Chapters 7, 9, 11 and 16

  The surface, not the point

  The weighted repricing gap, the price change of each portfolio under duration and convexity, and the economic value of equity including the deposit franchise — which is where the whole argument lives, because the franchise rests on an assumed deposit life that nobody can observe.

  So the central sheet prints the surface rather than the point: economic equity as a function of deposit life and deposit beta, running from 608,716 at the generous corner to minus 44,722 at the severe one, where the bank is economically insolvent. A second grid sets earnings sensitivity beside value sensitivity on the same shocks, where they differ by a factor of eleven — and where quadrupling the hundred basis point figure overstates the four hundred point answer by 25 per cent. Revised: the factor of eleven sets a value change after tax against an earnings change before tax; on one basis it is 14.77. And it is the franchise, not the equity, that differs by a factor of 6.86 between the corners: one equity corner is negative, so the two have no ratio.

  Download the workbook29 KB

  03_Gap_Duration_and_EVE.xlsx · XLSX · 29 KB

• Chapters 15, 17 and 25

  Coverage of 97 per cent, and the 3.9 days behind it

  Mobilizable liquidity by source and haircut, against uninsured deposits. Total coverage is 97.32 per cent, which is the figure that reaches the board pack. Coverage that does not breach the well-capitalized threshold is 90.91, and the difference between those two numbers is a policy choice nobody has been asked to make.

  Days to exhaustion at any outflow rate you enter: 48.7 at two per cent of the uninsured base a day, 3.9 at twenty-five. The share of the held-to-maturity book sellable before the published ratio breaks: 83.60 per cent. And the threshold the book turns on — the deposit outflow at which the franchise premium disappears and the fourth reading collapses onto the third: 28.02 per cent. Re-verified: every figure stands. Two proofs are added: sell exactly 83.60 per cent of the book and the published ratio lands on 6.50 per cent; lose exactly 28.02 per cent of the franchise deposits and the fourth reading lands on the third.

  Download the workbook26 KB

  04_Liquidity_and_the_Run.xlsx · XLSX · 26 KB

The same models, for your own bank

The four workbooks with the 61 inputs of their shared Inputs sheet emptied. The checks sheets count what is still missing and test what holds for any inputs.

• All chapters · the committee pack

  Your balance sheet, your betas, your run

  The four readings, the margin and the beta, the gap and the surface, and the liquidity, with the same formulas and every input emptied: the balance sheet, the rates, the durations and convexities, the deposit behaviour, the year’s profit, the liquidity sources, the transfer curve and the floating book. The axes of the surface, the two horizons and the days table stay, because they are the axes of their tables, not data.

  The book’s 61 inputs are listed in a text file inside the archive. Type them back in and the book’s figures come back with them: 11.40 per cent published, 278,809 of economic equity, 97.32 per cent coverage.

  Download the blank set96 KB

  Blank_Model_Set.zip · four XLSX files

The documents the chapters describe

Thirteen pages to print and use. A4, with margins wide enough for US Letter.

• Chapters 1 to 25 · the committee pack

  Thirteen working documents

  The committee exhibit: four readings of one balance sheet, with the bridge. The marks, portfolio by portfolio, and who owns each one. The margin before and after the shock, line by line. The transfer-pricing statement. The loaded cost of a deposit against wholesale money. The deposit beta stated with its denominator. The repricing gap weighted by behaviour. The floating book as written, from the loan tape. The surface, with a blank grid for your own. Earnings beside value on one tax basis. What a buyer would pay. The liquidity sources and the two coverage figures. The run: days, thresholds, and the decisions agreed before the first day. Sagebrook’s figures beside a blank column on every page.

  Download the PDF32 KB

  Working_Documents.pdf · PDF · 13 pages

Forty questions, marked by the file

A workbook that marks itself. Answer in the yellow cells; the marking fills in as you go.

• All parts of the book

  Forty questions on the book

  Seven on the four readings, six on margin and transfer pricing, seven on the beta and the floors, seven on gap, value and the buyer, seven on liquidity and the run, and six on the three cases below. Numbers are marked to a tolerance, multiple choice to the letter, and the score sheet counts your errors part by part: that is your revision list.

  Nothing is hidden. The marking sheet holds every answer, every tolerance, and the reason for each answer.

  Download the question book17 KB

  Forty_Questions.xlsx · XLSX

Three cases the book does not work

New material, not a restatement. Three situations the chapters name and never take to a number. Each case is one workbook: the note is the first sheet, the model is the rest, and a checks sheet closes it. Type your own figures in and every finding recomputes.

• Chapters 17 and 25 · Case one

  The run that accelerates

  The Days sheet says a real run accelerates and never runs one. Run: starting at 2 per cent of the uninsured base a day and growing by half each day (ADDED), the liquidity lasts 7.96 days, not 48.66. On one clock the three thresholds fall in the same order at every speed: the franchise premium first (day 6.85, or day 30.46 at a constant 2 per cent), then the published ratio, then the cash. The bank a buyer would pay for is gone before the money is.

• Chapter 17 · Case two

  The choice nobody was asked to make

  The 6.41 points between 97.32 and 90.91 per cent coverage are 191,098: 6.15 hours of the 25 per cent run. Closing them takes 53,925 of new equity, 5.62 years of the year’s retained profit, or risk-weighted assets 14.79 per cent lower. A facility lending at par (ADDED, as from 12 March 2023) takes coverage to 113.24 per cent without selling anything. It is a capital decision, taken years before the run.

• Chapters 3, 6, 9 and 14 · Case three

  One beta, two denominators

  The workbooks read the 35 per cent on the savings book in the margin and on all non-maturity deposits in the franchise. Read consistently one way, Sagebrook earns 36,800 before tax and is worth 361,276; the other way, 10,620 and 259,174, with net income below the dividend. The break-even, 40.00 per cent on all non-maturity deposits, is 17.32 points away on the first reading and 5.00 on the second.

  Download the three cases39 KB

  Three_Cases.zip · three XLSX files

Conventions used throughout

Blue text	a hardcoded input — you may edit these
Yellow fill	an input cell; everything else on the sheet is a formula
Black text	a formula — do not overtype these
Checks sheet	the printed figure beside the computed one, with a PASS or a FAIL; in the blank set and the cases, each control states its own verdict and the file ends ALL OK
ADDED	a figure the book does not give, used in the cases and marked wherever it appears

How they are built

Each file has one Inputs sheet, and it carries the only entered values: the balance sheet, the yields and contractual costs, the durations and convexities, the behavioural assumptions, the haircuts and the transfer curve. Everything else is computed from them. Where two readings are defensible, both are shown and neither is chosen — which is the argument of the book rather than a hedge.

Two inputs deserve more suspicion than the rest, and the book says so at length: the assumed life of non-maturity deposits and the deposit beta. They are judgments, not measurements. The Surface sheet exists so that you can see what your own answer does when they move, before you quote it.

Opening the files

The workbooks open in Microsoft Excel, LibreOffice Calc, Google Sheets and Numbers; the PDF prints on A4 or US Letter. They use no macros and no add-ins, so nothing needs to be enabled or trusted. If your spreadsheet asks to update links on opening, decline — there are none.

What changed, and when

24 Sep 2026

The four workbooks corrected, 91 checks. The bridge from the first reading to the fourth, described and missing, is added. Chapter 8’s corrected pre-tax income is 25,476, not 21,757: the floors raise year 0, and only the reset lag costs the year, 30.77 per cent of net income, not 55. The margin charges the 35 per cent beta to the savings book alone, 22.68 per cent across all non-maturity deposits (case three). Value over earnings at 100 basis points is 14.77 on one tax basis, not eleven. The read-me’s sixty-eight inputs are sixty-one. Added: a blank set, thirteen working documents, forty questions that mark themselves, and three cases.

Articles on this book

• What would a buyer actually pay for a bank reporting 11.40 per cent capital?A bank showing 639,600 of CET1 capital is worth 278,809 to a buyer, once the loan book is marked.
• How do you calculate a deposit beta, and on which deposits?Deposit beta is the change in deposit cost over the change in market rates. One bank's 35 per cent on savings is 22.68 per cent on all deposits. Worked case.
• How do you calculate a bank's uninsured deposit coverage ratio?Liquidity you can raise, over uninsured deposits: 2,900,844 over 2,980,800 is 97.32 per cent, but only 90.91 without breaching the capital threshold.
• How do you calculate a bank's EVE sensitivity to a rate shock?Reprice each line with duration and convexity, then take assets less liabilities: +200 bp costs an $8.0bn bank $85.6m, 13.4% of tier 1, under the 15% outlier line.
• How do you calculate a bank's net interest margin (NIM)?Net interest income over earning assets: 211,535 on 7,700,000 is a NIM of 2.75 per cent, falling to 2.21 after a 425 bp rise because deposits reprice faster.
• How do you calculate a bank's tangible common equity (TCE) ratio?Common equity less goodwill and intangibles, over total assets less the same: 485,765 over 7,825,765 is 6.21 per cent, for a bank reporting 11.40 per cent CET1.
• How does funds transfer pricing work at a bank?Charge assets and credit liabilities at a curve rate for their duration: of 211,535 of margin, funding earns 135,811 (64.2%), assets 64,984, treasury 10,740.
• How do you calculate a bank's all-in cost of deposits?Rate, insurance and servicing, less fees and the buffer's yield, per usable dollar: deposits paying 2.31 per cent cost 2.87, against 4.60 for wholesale funding.
• What price to tangible book should a bank trade at?P/TBV = (ROTCE - g) / (COE - g): a bank earning 12.0 per cent on tangible equity with an 11.0 per cent cost of equity and 4.0 per cent growth is worth 1.14x.
• How do you calculate a core deposit intangible (CDI)?Discount the after-tax saving of cheap deposits over wholesale funding as the balance runs off: 1,000,000 of deposits yields a CDI of 68,906, 6.89 per cent.
• How do you calculate the earn-back period on a bank's bond loss trade?Realised loss over the yearly income pickup: 81,211 over 11,939 is 6.80 years, longer than the bonds' 6 years left. At market yields the trade is worth zero.
• How do you calculate a bank's Texas ratio?Nonperforming assets over tangible common equity plus reserves: 126,000 over 665,000 is 18.95%. With 40% losses, 100% arrives at 4.06 times today's NPAs.
• How do you calculate a bank's efficiency ratio?Noninterest expense over net interest plus noninterest income: 65.27% reported, 57.16% adjusted for tax-equivalent NII, a securities loss and one-off costs.
• How do you calculate a bank's loan-to-deposit ratio?Divide gross loans by total deposits: 4,460,000 over 6,480,000 is a loan-to-deposit ratio of 68.83 per cent, and a 20 per cent uninsured run lifts it to 75.80.
• How do you calculate ROA and ROE for a bank?Net income over average assets and over average equity: 72,000 on 8,000,000 is an ROA of 0.90 per cent, and 11.99 times leverage turns it into a 10.79 per cent ROE.
• How do you calculate a bank's repricing gap?Rate-sensitive assets less liabilities by bucket: a contractual gap of -$1,800m predicts a $15.75m NII loss at +100 bp; by behaviour it is +$280m and a gain.
• How do you calculate a bank's internal capital generation rate?Retained earnings over opening CET1: $66m on $800m is 8.25 per cent, the RWA growth a bank can fund at a constant ratio. ROE times retention gives only 6.95.
• How do you calculate a bank's liquidity survival horizon?Ladder the stressed outflows and find the day they pass cash, securities after haircuts and FHLB capacity: 1,710 of capacity lasts 23 days, 8 in a faster run.
• How do you calculate a bank's pre-provision net revenue (PPNR)?PPNR = net interest income + fees − costs, before provisions. A bank with $133m of core PPNR on $7bn of loans absorbs 1.90 per cent losses a year.
• How do you calculate a bank's net charge-off ratio?Charge-offs less recoveries, annualised, over average loans: $11.1m net in a quarter on $7,000m of loans is 0.63% a year, covered 2.05 times by the allowance.
• How do you calculate a CECL allowance with the WARM method?Annual loss rate x remaining life x balance, plus forecast and overlay: on $5,000m of loans the CECL allowance is $66.34m, 1.33% of loans.

Also by Julian R. Sterling

The other books with companion files. The full list of titles is on the author page.

• Breaking Into European Defence ProcurementThe money and the instruments, the 35 per cent content test, and proposal economics.
• Closing the DealTwo defensible bridges 20.70 million apart, a peg worth 7.00 million, and the six choices that remove 6.60 of a 12.00 earn-out.
• CMBS and CRE CLOsWhere the loss actually lands, from appraisal reduction to realised severity, and what the B-piece is really being paid for.
• How to Read a Commercial LeaseThe three refinements chapter 19 names and never performs, and the renewal rate below which the mark-to-market is worth nothing.
• How to Read a Credit AgreementWhere the default actually comes from, the cure that costs 5.5 times the other, and the capacity nobody adds up.
• How to Read a Limited Partnership AgreementWhat the clawback actually collateralises, and why every dollar won on the tax clause lands in the uncollateralised column.
• How to Read a Private Funds Financial StatementsThe Harbourgate reporting pack, five worked cases, and rebuilding your own account.
• How to Read a Real Estate Loan AgreementThe cure ratio in closed form, the four-point window in which the cheap cure works, and the cure sized to the wrong threshold.
• Insurance Capital for Asset ManagersWhy the same fund costs two insurers different amounts, and what opacity costs a manager in euros.
• Logistics and Industrial Real EstateNet effective rent, the ageing asset, and the development letting decision.
• Office Real EstateA six per cent yield that returns 3.2 per cent once the re-letting cycle is paid for, and the headline-to-net-effective rent arithmetic.
• Operational Due Diligence in Private EquityThe rating model built and then broken, and why refining a rubric weakens it.
• Personal Finance for BeginnersWhat a minimum payment really does, and what the snowball and the emergency fund actually cost.
• Private Equity Investor RelationsWhat a fund has returned, read six ways — and the eleven-point gap between them.
• Private Equity Real EstateBoth worked waterfalls to the dollar, the two capital stacks, and the arithmetic of the promote made changeable.
• Private Markets PerformanceThirty-one of the thirty-three figures chapter 19 publishes reproduce exactly — and the two that do not are named rather than quietly adopted.
• Raising a Real Estate FundThe chapter 17 funnel run on a calendar — when the first close actually lands, and why more travel does not help.
• Real Estate FinanceFour people look at one building and reach four numbers; the lender is whole only above 105,109,489, twelve per cent below today’s value rather than forty.
• Real Estate Financial ModelingProperty, development and fund models built line by line, and the modelling test worked end to end.
• Real Estate Fund ManagementThe waterfall of 6.11, the build-to-core of 8.7 and the proceeds gap, reproduced as live formulas rather than asserted.
• Real Estate Joint VenturesThe JV waterfall and promote, the complete venture, and failure to fund.
• Real Estate Transaction Due DiligenceWhat the diligence cost, which workstreams paid for themselves, and the investigation the book skips, priced.
• REIT Analysis and ValuationFFO of 532.0, AFFO of 381.0, net asset value and dividend safety — every figure a formula you can change.
• Retail Real EstateThe occupancy cost of every unit in a centre, the sixteen per cent of the rent roll no tenant can sustain, and the right-size-convert-or-hold decision priced.
• Sale and LeasebackA €179.5 million transaction end to end, with rent cover measured on the entity that actually signs the lease.
• Self-Storage Real EstateThe cohort engine behind a 590-unit store, and the rate increase on existing customers priced against the move-outs it causes.
• Senior Living and Healthcare Real EstateThe resident engine of a seventy-bed home, the payor mix, and a rota costed at the employer's real hourly rate.
• Significant Risk TransferThe bank's ceiling and the investor's floor derived independently, and the narrow band of prices at which both can say yes.
• Stock Market Investing for BeginnersWhat compounding and fees actually cost, with figures — and a calculator for your own.
• Student Housing Real EstateRevenue per available bed against the rate card, the letting campaign week by week, and the cost base of a 520-bed scheme.
• The AIFMD II HandbookThe reverse stress test computed, and the facility term that moves it more than any asset.
• The Asset-Based Finance HandbookThe borrowing base off a live loan tape, the Meridian transaction, and trigger design.
• The CBAM Compliance HandbookWhat 2027 really costs, how big the buffer should be, and the term the surrender formula counts twice.
• The Co-Investment PractitionerWhat dilution really costs, what a pay-to-play clause is worth, and how much to hold back.
• The Continuation Fund HandbookThe Thalia transaction, the bid funnel, and the fees behind the roll decision.
• The Data Center Development HandbookThe underwrite computed: the levered return the chapter never builds, and what a twelve-month slip costs.
• The Distressed Debt InvestorWhere the fulcrum security actually breaks, and what an 80-cent recovery is worth once composition and time are priced.
• The ESG Manager in Private EquityThe exit in equity and IRR, the line the book drops, and the half-turn nobody controls.
• The EU AML HandbookThe back book sized, and the month beyond which no headcount recovers a one-year window.
• The Evergreen Fund HandbookWhat the sleeve costs, and the headline IRR at which a closed-ended fund merely ties.
• The Family Office ProfessionalWhat an office costs, and the level of wealth at which building one starts to pay.
• The Fund Finance ProfessionalChapter 8 builds the reported-to-eligible NAV bridge; chapter 9 computes every ratio without it. Two points at every state — and what a subscription line does to the IRR.
• The Growth Equity InvestorWhat a pro rata cheque really costs, and the band where defending your ownership loses money.
• The Infrastructure Investment AnalystDebt sculpted to a coverage floor, and one asset valued twice to the last decimal.
• The Private Credit InvestorThe two coverage ratios are not measured on the same thing: the erosion is 47.7 per cent, not the 28.7 the headline implies.
• The Private Equity Fund Controller PlaybookThe book defines IRR, DPI, RVPI and TVPI, tells you to update them at the exit, and prints not one value. Computed: a 1.833× deal inside a fund at 0.892 TVPI.
• The Private Equity Operating PartnerThe value creation bridge built in full, and who actually made the return.
• The Private Equity Secondaries InvestorThe seller’s floor beside the buyer’s ceiling — and the zone that usually is not there.
• The Private Fund Compliance OfficerThe grey zone as basis points, a broken deal four ways, and how many items you must test.
• The Private Markets Limited PartnerWhat a co-investment programme really saves, and the loss rate that erases it.
• The Private Markets Valuation SpecialistThe book describes its illustrations without numbers on purpose. These files close the chain, with every step visible.
• The Private Wealth FundraiserThree peaks, years apart, and the signature that tells a forecast miss apart.
• The Real Estate Asset ManagerBusiness plans, leasing, and what deferring the work on a building actually costs.
• The Real Estate Debt InvestorThe margin against the return on capital, the floor priced, and what prepayment protection buys.
• The Real Estate Development ManagerThe residual appraisal, the worked scheme, land diligence and the risk register.
• The Real Estate Secondaries InvestorAn eighteen per cent discount to net asset value that is really 9.18 once the reported value is unsmoothed.
• The Venture Capital AssociateWhat defending a position costs, and how many companies a reserve pool actually defends.
• Financial Risk ManagementA fund inside every limit that cannot meet a redemption — and the number that decides it is the one with no currency attached.
• Business ValuationThree advisers land 26.8 per cent apart on one company, and the whole gap turns out to be 1.96 points of perpetual growth.
• Quantitative FinanceThree models agree to a quarter of one per cent about a number that one unobservable input moves a hundred and three times as much.
• Asset ManagementFour people quote four returns for one mandate, all correct and 2.7017 points apart — forty-eight times the manager’s net skill.
• Alternative InvestmentsA manager reports 13.29 per cent and the endowment earns 6.26 — both correct, and only a third of the advertised advantage arrives.
• Credit AnalysisFour defensible EBITDAs on one borrower give leverage from 3.19x to 6.47x — and the add-back argument is fifty times the covenant headroom.
• Venture CapitalOne company out of twenty-eight returns 56.7 per cent of the fund, and half the capital goes in after the decision — at half the return.
• Machine Learning for FinanceFive people quote the accuracy of one credit model, all five are right, and the number that decides how much money it makes is none of them.
• Commercial Real Estate InvestingThe equity earned 8.6647 per cent and the investor received exactly 8.0000 — the preferred return, and nothing above it.
• Mergers and AcquisitionsThe board paper says the deal creates 13,436,667 of value. The arithmetic says it destroys 17,530,855. Nobody is lying.
• DerivativesThe treasury report says the hedge cost 1,233,698. That is the interest differential, not a cost.
• Treasury ManagementFive cash balances for one company, all correct and 145,600,000 apart — and the revolver that is two-thirds of the liquidity leaves at a revenue fall of 8.4127 per cent.
• Financial Planning and AnalysisRevenue 3.0190 per cent above budget and operating profit 16.3209 per cent below it, in the same quarter, with every figure correctly stated.
• Energy TradingA position report that is 91.7031 per cent hedged and correctly computed, on a book that is short 2,542,000 MWh — and a margin call of 198,400,000 the next morning.
• Construction Cost ControlA contract sum of 26,301,102 became a final account of 29,153,363 on the building that was drawn — and 85.8 per cent of what was lost was knowable on the day it was signed.
• Trade FinanceSix routes to payment on one 4,200,000 export order cost between 178,040 and 223,268, a spread worth 14.8 per cent of the margin, and a day of buyer credit costs 1,031.76.
• Cost AccountingOne factory costed twice on the same 13,440,000 of overhead, and 4,053,091 moves between four product families.
• The Project Finance HandbookTwo infrastructure deals modeled end to end, and one of them does not work.
• Pricing StrategyA list price of 148.00, a pocket price of 112.51, and the nine deductions in between — with what one point of price is actually worth.
• Contract ManagementA bid 5.50 a unit cheaper, signed on paper worth 9.81 a unit more — and 94.68 per cent of it was knowable on the day of signature.
• Capital MarketsFour defensible readings of one bond, the cost of an issue under each convention, and the placement discount computed at a constant discount.
• Financial RegulationThree ratios pass and the fourth is in breach by 1,956.0 million: the output floor, the liquidity buffer after encumbrance, and the loan split.
• The Real Estate WorkoutFour ways out of one broken loan, discounted to today, and the 58.7 cents at which a payoff beats enforcement.

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