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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2023-12-06 00:00:00",
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  "notes": "Includes a screenshot of a news article as evidence of the tenant exit risk.",
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      "text": "BXMT would like you to believe that the only issues are in older office properties, but newer properties in struggling markets also pose a problem.",
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      "text": "BXMT would like you to believe that the only issues are in older office properties, but newer properties in struggling markets also pose a problem. Apart from PwC, which occupied the building prior to the acquisition, and one other tenant, Almaden 488 appears to have remained vacant for 2.5 years. We have found a brochure advertising the space. It's been reported that PwC might vacate the space, of which it appears to currently lease ~45,000 sq ft.",
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      "text": "PwC looks to exit Downtown for office in West San Jose — The Real Deal",
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      "kind": "source-note",
      "text": "source https://www.cbre.com/resources/fileassets/US-SMPL-66185/a3680558/bf98ab87-d75f-8840-eeb590a377af.pdf https://therealdeal.com/sanfrancisco/2023/09/27/pwc-looks-to-exit-downtown-san-jose-for-the-suburbs/",
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      "text": "Almaden 488 – Risk Rated 3, White Elephant",
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