Carson Block, what a great catch Jack.

Love Carson Block, we need to build him a statue for doing this God's work. Short sellers are so important to the market.

Wow .... 2 words ... weight loss ... looking good Carson, looking healthy! Congratulation!

Love that we got the pro CLO argument and the bear's take on the matter. Great job Blockworks keepi g the discussion healthy and multiperspective!

Great interview,, I shorted blackstone back in March ‘23 after see that some of their C-suite was selling and watching the Holiday videos they did back then. They just didn’t seem like a serious firm. Combined with their chart it just seemed like a good move. Maybe I’ll give it another shot

He's correct about the circa 2021 vintage CRE acquisitions and corresponding devaluations. As Carson said, it's an open question as to the extent investors will be willing to sufficiently answer capital calls. However, if investors do answer capital calls to refinance, extend variable rate loans with newly purchased interest rate caps or to increase NOI through value add work allowing fixed rate financing due to stabilized occupancy, then bxmt will be fine. My guess is, bxmt will suffer but probably not as much as Carson and crew think it might.

Carson Block's ability to speak off the cuff with respect to details in the financials is something I rarely see. Most interviewees would speak in generalities about such things. But he's seemingly got BXMT's entire financial situation committed to memory.

Blackstone would be another epic center of Financial Crisis

I have no idea what Blackstone was thinking with that recent Holiday video. Who were they trying to appeal to - TikTokers? They just came off as unprofessional fools.

Aren't there a lot of pensions vested with blackstone. Won't the fed just backstop pension losses like they did with the 2008 financial crisis or SVC. Pension losses may have too much moral hazard.

There are hundreds of private lenders in this same position. And those do not have the deep pockets of a Blackstone.

Every crisis/collapse/inflation/recession provides an equal market opportunity if you are properly prepared and knowledgeable. I've seen people amass up to $800,000 during crises and even with ease in a bad economy. Someone has undoubtedly become extremely wealthy as a result of the crash.

Interesting. I watched to see what the short thesis was on BXMT and found out our CLOs were investing in CRE loans 🤷‍♂️

I wish I had the cash to even step into this arena.

Very educational. Thank you!

He makes a compelling argument. The rate caps are of little use if they reset when SOFR is at 4.5%. As loan servicers, we noticed that a lot of borrowers were shocked by the expense on the premiums of the rate caps; to add insult to a deal that already can't pay its debt service. The one aspect I wished he would have talked about was the loan guarantors who are required to prove capital liquidity and net worth in event of default. The idea that people could just hand back the keys and leave the bag with Black Rock Mortgage Trust didn't seem reasonable to me, but I'm not a seasoned vet in the industry. He certainly referred to investors needing to kick in equity to cover shortfalls month to month, but how is it that these same investors would not also have personal assets/collateral tied to the deal? If you caught that part, please feel free to comment.

The problem is there is still a massive building boom underway across the USA and for every type of real estate imaginable so this is driving value of current *EXTANT STOCK* physical property of say "manias of yore"(remember 2008?) to literally *FREE.* So as people *ABANDON* properties wholesale...other properties are in fact booming in the meantime. Worse still the US economy *CONTINUES* to hyperinflate so equity valuations now in the *TRILLIONS* for select individual names...well, what is the demand for real estate for Google, Microsoft, Facebook...all excepting Tesla and Amazon real estate demand is in fact de minimus right now if not nil as why lease when in fact can outright own the property instead as McDonalds does? What happened to Sears is dispositive.

Can we please get Henrik Zeberg as a guest? Would be so happy if you bring him on.

Bx behind them is big Dont underestimate that

excellent

Excellent content !!

Thanks

19:13 “Some Sponsors” Universities like Berkley & Stanford 😏

If some of this leads to #Blackrock Failure ... I'm in.

Carson has lost a lot of weight

So the fed is going to buy blackstone I guess. Kewl.

Different in every city. Dont trust Talking Head

too niche for me

Wow. Blackstone's desperate advertising video to encourage uninformed investors to trust their expertise seems to make more sense now.

Would really appreciate if you didn’t hide your personal ads in the videos. Just put them in the beginning tagged as intro. It’s hurting your channel

carson looking good, did he have a gastric bypass?

23:00 how much you wanna bet big wang ain’t gonna be there? Tisk tisk tisk

Wow, this interviewer is clueless.

Your guest speaks in acronyms and jargon. He is not comprehensible and I am a retired CPA.

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