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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-12-06 00:00:00",
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  "notes": "Uses a quote from the New York Times to undermine the sponsor's narrative.",
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      "text": "We struggle to understand how this is a level 3 category loan when it's just lost it's entire office tenant and the sponsor is flagging potential to evaluate options including renovation.",
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      "text": "Google Street View of 980 Avenue of the Americas",
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      "text": "We believe the Hollingsworth loan is still classed as a level 3 risk weighting, it was classified as a level 2 until Q2 2023 when it was downgraded. Hollingsworth has significant issues, WeWork occupied 75,000 sqft (the entire office space). It's described by BXMT as \"mixed-use\". We struggle to understand how this is a level 3 category loan when it's just lost it's entire office tenant and the sponsor is flagging potential to evaluate options including renovation. The below quote is from the building sponsor in the New York Times on November 4th 2023.",
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      "text": "WeWork occupies nearly all of the office space at 980 Avenue of the Americas, a mixed-use development owned by the Vanbarton Group. Joey Chilelli, a managing director at the company, said the firm could consider a range of options for the space if WeWork vacated, including turning it into residences. “We have tried to do everything we could earlier this year when they went to every landlord and asked for rent reductions and concessions,” Mr. Chilelli said. “If they are able to reduce their footprint, it will hurt the office market again.”",
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      "text": "“We have tried to do everything we could earlier this year when they went to every landlord and asked for rent reductions and concessions,” Mr. Chilelli said. “If they are able to reduce their footprint, it will hurt the office market again.” — Joey Chilelli, Managing Director at Vanbarton Group",
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      "text": "Hollingsworth 980 Avenue of the Americas – More WeWork exposure",
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