What is the difference between these two variables?

In the image you see two variables, they are both character object references (light blue), one is created from a cast output promoted to a variable, the other is simply a created variable that has been set to be a character obj ref.

Yet, these two are NOT the same, but why not? (Unreal seems to treat them differently)

My understanding is that the cast grants one access to THAT blueprint that you need things from, and from there they can get access to things within that BP, components and things, like the player’s capsule component.

Perhaps someone can explain this to me, I’m trying to learn, thanks.