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Notable shell-game visual is the corporate structure diagram on p35 detailing the Potsdamer Straße / Aroundtown / Golden Capital Partners ownership web.", "kpisCited": [ { "detail": "€304.1M of the €746.1M initial Shareholder Loans as of FY2018 appear falsified; GBP-denominated €408.6M similarly problematic", "metric": "Shareholder loans potentially never funded" }, { "detail": "At least €360.1M 'repaid' since inception through H1 2022, suggesting dividend-like extractions to Dayan-controlled entities", "metric": "Shareholder loan repayments to controlling shareholders" }, { "detail": "Vivion reports ~90% in Germany; Lianeo listings imply ≥27% vacancy minimum, five-property average implied vacancy 66%, site visits estimate ~60% real third-party occupancy", "metric": "Berlin occupancy (claimed vs. observed)" }, { "detail": "€958.4M of net FV gains booked April 2018 – June 2022, supporting a larger asset base to justify more debt at claimed 36.0% net LTV", "metric": "Cumulative fair value gains on investment properties" }, { "detail": "Related-party OpCo rents ≈£89M vs. £53.1M 2018 pre-rent NOI — ~40% inflation; Hallmark 50.3%, Ribbon 24.5%, St Martins/Sanderson ~100%", "metric": "UK hotel rent inflation post-2019 spin" }, { "detail": "Hallmark 2018 cap rate 4.16% pushed to 3.82% pro forma after £45.5M (17.2%) markup in 2019", "metric": "Cap rate compression via fair value gains (Hallmark)" }, { "detail": "€3.1bn balance sheet but only €53M of cash equity contributed by shareholders; remaining €313M of equity from questionable non-cash FV gains", "metric": "Cash equity at first bond issuance" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 19:56:23+00", "model": "unknown-legacy", "runId": null, "seconds": 149.80537, "promptVersion": null }, "scqaReward": "Muddy Waters manages funds short Vivion's credit — the payoff is repricing of the €1.44bn bonds once the market recognizes that shareholder loans may not exist and underlying asset values are inflated.", "thesisTypes": [ "fraud_exposure" ], "top3Reasons": [ "Up to €304M of shareholder loans likely fabricated; €360M+ already 'repaid' to Amir Dayan", "Berlin occupancy ~60-70%, not the ~90% Vivion claims — undisclosed related-party rent24 props up figures", "UK hotel fair value gains built on related-party rents double prior NOI" ], "scqaSituation": "Vivion Investments S.à.r.l. is a Luxembourg-domiciled commercial real estate company with €1.44bn of bonds outstanding, presenting itself as a solid issuer with ~90% occupancy, high-quality German office and UK hotel portfolios, and a conservative 36% net LTV.", "thesisSummary": "Muddy Waters argues that Vivion Investments S.à.r.l., a Luxembourg real-estate issuer with €1.44bn of bonds outstanding, is a multi-billion euro shell game engineered to enrich controlling shareholder Amir Dayan. The firm estimates that €304.1M of shareholder loans on Vivion's 2018 books were never actually funded, yet the company has made at least €360.1M of 'repayments' on these dubious loans to its controlling shareholders. To borrow more debt, Vivion allegedly inflates its asset base through €958.4M of fair value gains built on exaggerated occupancy — Berlin site visits suggest ~60-70% versus the ~90% claimed — and related-party rents up to double prior NOI on UK hotels. A previously undisclosed related tenant, rent24, props up the German occupancy figures, while convoluted transactions such as the 18-day RWI4 flip and the Fürst project's holding-company shuffle expose what Muddy Waters calls ample opportunity for financial leakage.", "primaryDemands": [ "Investors should treat Vivion's reported financials as unreliable", "Scrutinize existence and repayments of purported shareholder loans", "Discount fair value gains built on related-party rents and overstated occupancy" ], "scqaResolution": "Bondholders should treat Vivion's reported financials as unreliable; the report implicitly urges short positioning on Vivion's credit and heightened scrutiny of asset values, shareholder-loan repayments, occupancy claims, and related-party transactions.", "thesisOneLiner": "Vivion's €1.44bn bond issuer is a multi-billion euro shell game — fabricated shareholder loans, inflated occupancy and fair value gains, and related-party rents enriching controlling shareholder Amir Dayan.", "precedentsCited": [], "scqaComplication": "Muddy Waters alleges the entire edifice is a shell game: €304M+ of shareholder loans appear fabricated, Berlin occupancy is closer to 60-70%, fair value gains rely on inflated related-party rents, and controlling shareholder Amir Dayan has already extracted €360M+ in loan repayments.", "narrativeInterest": 4, "notableSlidePages": [ 1, 9, 13, 22, 35 ], "peerCompaniesCited": [], "valuationFrameworks": [ "asset_value", "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "other", "imagePath": "https://imgproxy.kitesheet.com/sg1kMx-LFKFQbX5y6PvLzBG5QGjDIU0gUj-3lWtYxuk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kZDA2MjU2ZWIxMzgvcDAwMS5wbmc", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 2, "textChars": 256, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:47:31.597+00", "seconds": 2.348, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-5ab109c5e2f7/1", "deck": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7", "deckAnchor": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7.json" }, "components": [ { "bbox": { "h": 0.8, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "disclaimer", "text": "The reports on this website have been prepared by Muddy Waters Capital LLC... 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(Luxembourg) – which we term “Holdings” – from Vivion itself... 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Matanya’s balance sheet shows total Loan Receivables of only €420.8 million, which €291.9 million less than Holdings claims to have in", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41807adf-e311-40ef-ae47-f5378d34f132", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.763, "x": 0.118, "y": 0.405 }, "kind": "paragraph", "text": "Holdings shows a €712.7 million receivable from Vivion, which matches Vivion’s disclosure. Holdings also shows a €712.7 million payable to an entity beneficially upstream of Holdings outside of the Vivion structure, Matanya Holdings Ltd. (Cyprus) – we term this entity “Matanya”. This matching payable indicates that Holdings borrowed the purported loan proceeds from Matanya. (For those who wish to search the Cyprus corporate register, Matanya changed its name to Dorata Ltd. in 2021.)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42ce3b67-af18-4f8c-b68e-2cc9eecdbd1d", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.763, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "Below is a disclosure from Vivion’s financials showing the lender identity and carrying values of the Shareholder Loans:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d8e27a9-aace-4bd4-b75f-1cf3d8ff1825", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.58, "x": 0.21, "y": 0.625 }, "kind": "table", "text": "8. Creditors table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4bcc715-2452-4095-b864-6686e718041d", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.504, "x": 0.248, "y": 0.155 }, "kind": "table", "text": "Note 11 - Loans with Related Parties and Non-Controlling Interests table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.047+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1e31670-1e4a-49f0-b977-e4e767c6e36a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "c890d1b8-f433-4a14-ab11-93b8fd56ff2a", "matchId": "1727d3a4-bf35-4708-8248-cce36e4aeb5f", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document exposes contradictions in Vivion's financials", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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The fair values of non-current receivables approximate to their carrying amounts as presented above.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cbb67f2-c73e-4664-b116-281897e8095d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.77, "x": 0.118, "y": 0.505 }, "kind": "paragraph", "text": "Matanya’s financials also lead us to question whether the GBP-denominated loan was actually made. By FY 2018, Matanya had only been capitalized with forty-three thousand dollars of equity – per its balance sheet, substantially all of the remainder of its €497.9 million capitalization came from €492.9 million in Loans and Borrowings.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e74a54f-f0dd-4eed-beeb-4fb005ae7c3c", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.77, "x": 0.118, "y": 0.165 }, "kind": "paragraph", "text": "Note 12 of Matanya’s financials shows that the €420.8 million includes a GBP-denominated loan to Related Parties of £408,586,034, which almost exactly matches the FY 2018 GBP borrowing disclosed by Vivion above:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "536306e0-345f-4799-aa96-077138cc4a97", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.77, "x": 0.118, "y": 0.455 }, "kind": "paragraph", "text": "Therefore, it appears that the €304.1 million Euro-denominated loan Vivion claims to have received was never actually made.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76f818a2-b137-4c9f-b9af-3048aeb5a38e", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.77, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "outstanding borrowings from Matanya as of the same date. Moreover, Matanya’s entire capitalization is only €497.9 million as of FY 2018, affirming that there is significant deficit in loan funding.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c76e882b-7403-4780-a568-3dba1168b93c", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.77, "x": 0.118, "y": 0.275 }, "kind": "table", "text": "Borrower, Functional Currency, Facility, Weighted average interest rate, Maturity. Related parties, GBP, 408.586.034, 5.5, 2028. Related parties, EUR, 6.027.220, 5, 2025-2026. Third party, EUR, 4.460.550, 5.20, 2023", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec8002bb-2343-45ea-b62f-fa638e24591d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.118, "y": 0.235 }, "kind": "title", "text": "12. Loans receivable (continued)", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:36.001+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81439d52-fc23-46d2-9992-20fc10fd850b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "c890d1b8-f433-4a14-ab11-93b8fd56ff2a", "matchId": "1727d3a4-bf35-4708-8248-cce36e4aeb5f", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document exposes contradictions in Vivion's financials", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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In other words, the borrowings that were supposedly channeled through Matanya as a conduit do not exist on the cash flow statement.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:33.664+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9257b34e-56cd-41c5-a43e-f21f007d537f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Note 15 of Matanya’s financial statements show that this entire amount was borrowed from related parties (which Note 18 describes as “Companies under common control”):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:33.664+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2fa2afa-b902-4546-9547-70bcac130b5d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "paragraph", "text": "Note one oddity above - almost all of the borrowings are denominated in Euro... 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(Cyprus).", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Cash flows from financing activities... 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It also seems quite possible that the €408.6 million of GBP-denominated Shareholder Loans Vivion shows it received as of FY 2018 did not exist.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70d9ecec-4f1a-4b45-b86c-ee2bf88b040b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.57 }, "kind": "paragraph", "text": "We estimate that since Vivion issued its bonds in H2 2019, its controlling shareholders have taken at least €360.1 million in loan repayments. Most likely, the actual number is significantly higher.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eaf0cd8c-cfe2-4e86-b9a6-54582e2ae791", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.76, "x": 0.12, "y": 0.27 }, "kind": "paragraph", "text": "Vivion’s 2018 financial statements show that €298.9 of the reported €746.1 million of the FY 2018 Shareholder Loan balances was attached to properties obtained from the controlling shareholders. Because of the questions about whether – and to what extent – the 2018 shareholder loans were actually made, in our opinion, the values of Vivion’s assets acquired in 2018 could be significantly overstated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa03332f-bd20-4154-b0c1-63e201c59fa6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.76, "x": 0.12, "y": 0.51 }, "kind": "title", "text": "We Estimate that Vivion’s Controlling Shareholders Have Taken Shareholder Loan Repayments of at Least €360.1 Million", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77f5863e-db14-4e47-8451-30e3c5986cf3", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.76, "x": 0.12, "y": 0.2 }, "kind": "title", "text": "Much of the Purported Shareholder Loans Were Attached to Real Estate Acquired from the Controlling Shareholders, Indicating that Vivion’s Asset Values Could be Significantly Overstated", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b67e4989-d261-4be6-8fb7-c03a6474fcb8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2f5a71b2-6e7c-42e9-8c35-d1d44673ff09", "evidence": "The slide explicitly argues that financial statements are misleading and assets are overstated.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:47:34.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "c890d1b8-f433-4a14-ab11-93b8fd56ff2a", "matchId": "1727d3a4-bf35-4708-8248-cce36e4aeb5f", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document exposes contradictions in Vivion's financials", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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(Due to the effects of netting, the actual amount could still be significantly higher.) This method involves finding the highest end of period Shareholder Loan balance, and then comparing it to the lowest subsequent Shareholder Loan balance, then taking into account accrued interest (from the cash flow statement) during the time period and any periodic net repayments from outside that time period.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ef21a22-9d8d-47a2-993e-8d4787bbeb5d", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.354 }, "kind": "paragraph", "text": "When adding up the periodic net reductions (-€44.7 million + -€156.7 million + -109.7 million), Vivion’s controlling shareholders have been repaid at least €311.1 million (which as we show below is low).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74b2fe18-2aff-4f87-96ae-df859a535702", "parentComponentId": null }, { "bbox": { "h": 0.025, "w": 0.764, "x": 0.118, "y": 0.094 }, "kind": "paragraph", "text": "Deriving these amounts requires subtracting Proceeds (repayment) from Shareholder Loans for the first half from the December 31st year-end totals. The table below shows this method:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a2c643c-2f7e-47af-b029-be3507fb6e0a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.764, "x": 0.118, "y": 0.67 }, "kind": "paragraph", "text": "S&P then went on to reach what we think is exactly the wrong conclusion", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4267c7d-04f5-4b84-bbb4-e92bf3088174", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.423 }, "kind": "paragraph", "text": "Whether the H2 net repayments are intended to obscure the net repayment activity is unknowable. S&P seemed to view the easily visible H1 2021 net repayment as a one-off. In its October 15, 2021 report, it wrote (emphasis added):", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec7b3569-beb9-4864-97cf-650bd31f530d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.495 }, "kind": "quote", "text": "We treat Vivion’s €1.3 billion of shareholder loans as of June 30, 2021 as equity... We understand that this was an extraordinary and voluntary dividend-like payment in the context of substantial liquidity after the disposals in 2021...", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa3c280c-57a7-4ae6-8df2-895252493577", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.705 }, "kind": "quote", "text": "The nominal amount of the shareholder instruments has increased progressively – from €0.9 billion at the end of 2018 to €1.3 billion at the end of 2020 – showing the company’s commitment to the permanence of these instruments in the capital structure.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.699+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc0fbc54-acaf-409f-bdea-8db297c48f78", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "We treat Vivion’s €1.3 billion of shareholder loans as of June 30, 2021 as equity, given the strong equity components in the documentation. These include deep subordination to other instruments in the capital structure, long maturities beyond any of Vivion’s outstanding interest-bearing debt, and Vivion’s option to convert the loans into common equity at its sole discretion. We understand that this was an extraordinary and voluntary dividend-like payment in the context of substantial liquidity after the disposals in 2021... — S&P", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbc-787dfd5c0061", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.764, "x": 0.118, "y": 0.895 }, "kind": "source-note", "text": "2 https://vivion.eu/wp-content/uploads/2021/10/RatingsDirect_VivionInvestmentsSarl_49673574_Oct-25-2021.pdf", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We suspect that rent24 could be used to artificially inflate rent receipts in Germany.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbc-45fdceee1707", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "occupancy rate: 70%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbc-4aebeacbd39a", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.8, "x": 0.11, "y": 0.42 }, "kind": "paragraph", "text": "While Vivion touts an occupancy rate in Germany of approximately 90%, we suspect that its current occupancy rate is little better than 70%. First, we checked Vivion rental listings placed by Lianeo Real Estate GmbH...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15c6d8a8-18fa-4e05-8c12-60c8ebe64f57", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.8, "x": 0.11, "y": 0.8 }, "kind": "source-note", "text": "3 Vivion H1 2022 results presentation, p. 19; 4 Vivion FY2021 results presentation, p. 19, FY20 2.8%, FY19, 1.5%...", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f51bed69-bbc5-45cb-b12e-a038255e398c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.58, "x": 0.21, "y": 0.12 }, "kind": "table", "text": "Peak Shareholder Loan Balance (30-Jun-2020) 1,055.2; Subsequent Minimum Shareholder Loan Balance (30-Jun-2021) 780.2; Net Change 275.0; Accured Interest 2H 2020 21.1; Accured Interest 1H 2021 19.3; Out of period Shareholder Loan net repayments (2H 2019) 44.7; Minimum Shareholder Loan Repayments 360.1", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26f5afee-2807-49e8-a1bb-bc6769df8571", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.11, "y": 0.35 }, "kind": "title", "text": "Vivion Appears to Artificially Inflate its Germany Occupancy Rate, and Presumably its Rental Income Too", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.9+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c7e2dea-21db-4b19-873d-f4b02915de62", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 12, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 5, "name": "The Monster", "beatId": "c890d1b8-f433-4a14-ab11-93b8fd56ff2a", "matchId": "1727d3a4-bf35-4708-8248-cce36e4aeb5f", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The document exposes contradictions in Vivion's financials", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. Used by AIDA, Monroes, Pixar Pitch, Overcoming the Monster." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 15, "from": 11, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null }, "matchId": "23243b59-1296-49c7-916e-bf0b77c70e79", "evidence": "The document presents evidence of Vivion's inflated occupancy rates", "position": 1, "objective": "Reveal Vivion's inflated occupancy rates", "confidence": 0.8, "extraction": { "at": "2026-07-16 21:58:45.04736+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "analysis", "title": "The slide uses investigative research, including site visits and analysis of third-party listing platforms (Immo Scout 24), to challenge company-reported metric", "function": "diagnose_problem", "rawType": "appendix_methodology", "block": null, "metadata": { "slideType": "appendix_methodology", "slideTypeCanon": { "name": "Appendix methodology", "slug": "appendix_methodology", "status": "active", "canonId": "019de52d-07d9-726c-8599-167f2d2ffaa7", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 9, "textChars": 1269, "nDataPoints": 12, "notes": "The slide uses investigative research, including site visits and analysis of third-party listing platforms (Immo Scout 24), to challenge company-reported metrics.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:47:34.313+00", "seconds": 3.327, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-5ab109c5e2f7/12", "deck": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7", "deckAnchor": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We estimate that the occupancy rates for Vivion's Berlin properties by real, third-party commercial tenants is close to just 60%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbc-958ea307d670", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "occupancy rate: 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:56+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbc-9ba01cfb73c2", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.42 }, "kind": "paragraph", "text": "To assess the real occupancy at these and other Vivion Berlin properties, our investigators conducted site visits... we estimate that the occupancy rates for Vivion's Berlin properties by real, third-party commercial tenants is close to just 60%.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e6b38fc-f197-4f44-a905-90cc76989a13", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.57 }, "kind": "paragraph", "text": "Using this bottom up approach, we gather data on tenants and conditions at nine Vivion Berlin properties... The total net lettable area (NLA) for these properties is approximately 106,000 sqm.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e0cbc5d-cc4a-4874-a48e-835c39c7af44", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.11, "y": 0.18 }, "kind": "paragraph", "text": "Lianeo Real Estate GmbH, which is a Dayan-controlled property management company, has posted listings that show a large and increasing number of properties for lease...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "748754cc-7c35-496b-95b5-0c58af928319", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Strong cash flows that can be used to borrow and repay loans. However, Vivion's definitions of occupancy rates, annualized in-place rents, and WAULT come with significant caveats.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b43084bf-3bc0-47ef-b42d-6ab39645a286", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.71 }, "kind": "paragraph", "text": "To check Lianeo's property listings we visited Lianeo's website and followed its links to its listings. Lianeo's website redirects visitors to the property website Immo Scout 24.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.313+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9635bd1-fa7c-4289-ba03-707b87fdd7c3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.82 }, "kind": "source-note", "text": "10-14 Footnotes detailing sources for Vivion FY2021 RTN, Lianeo website, and Immo Scout 24.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The building looks dilapidated:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbc-f274f4bf1b25", "parentComponentId": null }, { "bbox": { "h": 0.281, "w": 0.396, "x": 0.119, "y": 0.126 }, "kind": "image", "text": "Potsdamer Straße 180-182 Top Property FY19-H122", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dea9f3f1-386d-43e7-a865-9c77bfeab4b1", "parentComponentId": null }, { "bbox": { "h": 0.241, "w": 0.445, "x": 0.436, "y": 0.543 }, "kind": "image", "text": "Photo of building entrance", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1f12cd8-7178-4840-9a79-c3a30ec86944", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "occupancy rate: 12.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:57+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbc-f70e3de16331", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.445, "x": 0.436, "y": 0.477 }, "kind": "paragraph", "text": "Number 180 is vacant, with its entrance (shown below) locked and no lights on in the interior. The building looks dilapidated:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "16d44647-cd20-44c3-9136-36450c9e15e3", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.445, "x": 0.436, "y": 0.126 }, "kind": "paragraph", "text": "This property consists of two adjacent buildings, Potsdamer Straße 180-182, totaling ~18,400 sqm. It has consistently been a Top office building from 2019 through H1 2022. Number 180 is completely vacant and appears dilapidated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6744ec0b-6e6b-4bf7-bd35-6d22969746fe", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.762, "x": 0.119, "y": 0.095 }, "kind": "paragraph", "text": "Below are the details of our research into each of the properties our investigators visited:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68f8a567-7b07-4500-8650-dc0b61d117b4", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.762, "x": 0.119, "y": 0.882 }, "kind": "source-note", "text": "21 The 33.5% and 12.5% are based on the occupancy of both 180 and 182 over their total reported NLA of 18,440 sqm. Vivion reports the Potsdamer Straße 180 and 182 as a combined single unit with a total NLA of 18,440.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a434dca-9c9a-4542-b1bb-56db254c4460", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.445, "x": 0.436, "y": 0.318 }, "kind": "table", "text": "Potsdamer Strass 180-182 - Occupancy Assessment table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.88+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aedcbef3-bcfc-4d17-be8b-1f97817912b3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 13, "name": "The Struggle", "beatId": "bea4294c-3080-472e-b64c-c99fda51274c", "matchId": "1727d3a4-bf35-4708-8248-cce36e4aeb5f", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The document presents evidence of Vivion's inflated financials", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "appendix", "title": "The slide presents property-specific due diligence findings regarding rent24's occupancy.", "function": "analyze_data", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 7, "textChars": 568, "nDataPoints": 18, "notes": "The slide presents property-specific due diligence findings regarding rent24's occupancy.", "elementsJson": [ "photo", "paragraph", "data_table" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:47:35.344+00", "seconds": 3.682, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-5ab109c5e2f7/17", "deck": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7", "deckAnchor": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b97-5ab109c5e2f7.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Excluding the possibility that Vivion may need to find new tenants for seven of the eight floors, we assess the Q4 2022 occupancy by real, third-party commercial tenants as only 39%.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbd-1e1ccafa0333", "parentComponentId": null }, { "bbox": { "x": 0.268, "y": 0.593 }, "kind": "image", "text": "Karl-Liebknecht-Straße 34", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:35.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51dfca77-9a91-4463-be23-a7c814e16c3e", "parentComponentId": null }, { "bbox": { "x": 0.268, "y": 0.192 }, "kind": "image", "text": "Potsdamer Straße 188-192", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:35.344+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f6403690-8ae1-4ca8-b1bc-a38ab3fbe680", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "occupancy rate: 39%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:42:58+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbd-2367ecb8c389", "parentComponentId": null }, 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Vivion routinely reports its largest Germany office tenants. 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Based on this metric, rent24 seems to have struggled to collect cash.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:35.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1e45ec6-e6ab-4263-8707-cf4c606ddf42", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.16, "y": 0.37 }, "kind": "paragraph", "text": "WeWork might be a useful comp to understand the magnitude of rent24's receivables. We attempt to compare receivables per location and per estimated sqm between the two.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:35.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9cf7a81-b2df-4da7-8e7b-4a0d1bff95ba", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.68, "x": 0.16, "y": 0.87 }, "kind": "source-note", "text": "Footnotes 26, 27, 28 regarding WeWork 10-K and rent24 assumptions.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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In the course of our investigation, our team toured several current and prior rent24 locations in Berlin.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:34.805+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fa85bc7-9fc4-43fd-9051-9e68a6c9e73a", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.8, "x": 0.1, "y": 0.75 }, "kind": "source-note", "text": "Footnotes 29-37 detailing financial statements, social media activity, and press releases.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Asset and property management: Leasing activities remain strong across the portfolio. Ku'damm: the first of the 3 buildings (ca 22,000 out of ca 62,000 sqm) is in use per Q3 2020 and is 100% let.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:35.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e95e936a-1801-467f-ba75-eb2ffdc735df", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Ku'damm: the first of the 3 buildings (ca 22,000 out of ca 62,000 sqm) is in use per Q3 2020 and is 100% let.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:43:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbd-39215cb8b02f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.78, "x": 0.12, "y": 0.23 }, "kind": "paragraph", "text": "rent24's lease in 2020 seemingly was critical for the €700 million fair value of Fürst at that time because Fürst would only have been able to have at most ~50% of space leased, (instead of 100%) without the 9,500 sqm lease from rent24.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:35.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2da132ae-ea55-48b0-8b46-513f9b1474ea", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.78, "x": 0.12, "y": 0.44 }, "kind": "paragraph", "text": "rent24 also occupied nearly the entire building at Karl-Liebknecht Straße 34 since sometime in 2019 or before. Per Vivion's reports to note holders, Karl-Liebknecht Straße 34 contains 7,900 sqm. rent24's website shows it taking over 7,770 sqm, offering 200 offices, 19 private meeting rooms and 647 coworking spaces. Our investigators visited the site with a Lianeo agent who showed the 8th floor. 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This large 9,500 sqm space represented 43% of the total 22,000 sqm of Fürst's Phase 1. Of that 9,500 sqm, a large portion was later re-leased back to the Fürst project's own developer and co-owner, the CELLS group. We question why the developer and co-owner would lease its own space from a seemingly outside, third party. rent24 is no longer at Fürst. Mindspace, another Berlin co-working operation, is currently the only co-working tenant in the building.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:35.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c99c0a4c-e810-4b75-a698-a99d0d62dfcc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.78, "x": 0.12, "y": 0.56 }, "kind": "paragraph", "text": "The sign board below shows rent24 occupying space throughout the building:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:35.786+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa78dc28-9e53-4f5d-9054-27ebfbd8eec6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Ku'damm: the first of the 3 buildings (ca 22,000 out of ca 62,000 sqm) is in use per Q3 2020 and is 100% let. — Vivion Business Update", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:43:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbd-3e3594ca65e5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.12, "y": 0.81 }, "kind": "source-note", "text": "38-43: Citations for press releases, Vivion reports, and website data.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Presumably the larger asset base enables Vivion to take on more debt – particularly given that it touts its “Net LTV” of 36.0% as of H1 2022.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:43:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbe-228c25c272c6", "parentComponentId": null }, { "bbox": { "h": 0.411, "w": 0.764, "x": 0.118, "y": 0.092 }, "kind": "image", "text": "Photograph of a building directory showing various tenants across multiple floors.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Photo", "slug": "photo", "status": "active", "canonId": "019de52c-fd37-757f-b4a8-ca26d4888875", "version": 1, "description": null }, "framework": null }, "subkind": "photo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:35.476+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2b733e3-f6d3-4f52-b567-b511e833922c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Net LTV: 36.0%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:43:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-3f42-76f3-adbe-26c2c916184d", "parentComponentId": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.723 }, "kind": "paragraph", "text": "As shown below, we calculate that Vivion has booked €958.4 million of net fair value gains on its properties. 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In 2019, it separated the operations by creating 45 related party operating companies. 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Delancey had held PVS for only 18 days. 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This re-assessment resulted in no material fair value adjustment of our properties.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:47:38.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3040d4f6-3aff-4a40-80e1-1c59bba28694", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In the course of our recent re-assessment of the fair value of our portfolio as of 30 June 2022, we have applied our internal valuation model, while only limited properties were subject to external valuations. 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