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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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  "presentationDate": "2023-12-06 00:00:00",
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  "notes": "Uses news clippings to support the narrative of a 'miraculous' lease expansion by a Blackstone-backed entity.",
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      "text": "Co-incidentally Invenergy is a company into which another arm of Blackstone has invested ~$4bn.",
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      "text": "Invenery Announces $1 Billion Follow On Investment From Blackstone Infrastructure Partners",
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      "text": "loan impairment: $154.7m",
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      "text": "One South Wacker is an example of a 4 rated loan that was risk rated a 3 until Q3 2022, when it was marked down. The property had a 61% occupancy as of the June 2023 CLO report, and currently has a shadow vacancy of 29.2%.",
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      "text": "Miraculously a tenant called Invenergy expanded its lease in October 2023 and the building's occupancy is now closer to 81%. Co-incidentally Invenergy is a company into which another arm of Blackstone has invested ~$4bn.",
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      "text": "It had struggled after key tenant RSM vacated ~160,000 sq ft in 2021. Based on a 4% NOI yield from the CLO data we believe this loan should have been impaired by ~$154.7m which is more than the entire CECL reserve for 4 rated loans.",
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      "text": "One of Chicago's biggest office landlords, 601W Companies, might be closing in on a lifeline as it tries to avoid getting pummeled by an approaching loan maturity on a Wacker Drive office tower. — The Real Deal",
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      "text": "*Based on our calculation, If NOI increases by $5m due to new tenant, the impairment would decrease to $96m from $155m.",
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