No fair-value gains, but plenty still hidden in plain sight. DoubleDragon’s first-quarter report for 2026 contains a line meant to reassure investors. The company booked no unrealized fair value gains on investment properties during the period, unlike the same quarter last year, when such gains contributed ₱1.93bn to income. In a sector where paper revaluations can flatter profits, that sounds like progress. Yet the reassurance comes with an asterisk. A remarkably large portion of DoubleDragon’s revenue came not from rent, hotel rooms, or property sales, but from a broad and insufficiently explained bucket called “Others – net.” That bucket was not small. DoubleDragon reported ₱4.66bn in consolidated revenue for Q1 2026, up 4.6% from ₱4.45bn a year earlier. But “Others – net” accounted for ₱2.82bn , or 60.5% of total revenue , compared with ₱872.5m in Q1 2025. In other words, more than half of the quarter’s revenue sat inside a line item that the report describes only generally, ...