Sell DB by Aug 4, 2026.

The Level 3 assets line on their balance sheet is basically a Rorschach test. €25.8 billion of assets and €11.5 billion of liabilities marked-to-make-believe at year-end 2025, a sweet €37.3 billion gross of "fair value" that EY's own audit report describes as "based to a high degree on management's assumptions and judgments due to the complex nature of the valuation techniques and models being utilized and the unobservability of the significant inputs used." Their own enumeration of what's in there: …