Blackstone Real Estate Income Trust

Company profile

Fiscal year end
BCORE MF Falcon Landing Venture LLC • BRE Explorer LLC • Alaska Propco LP • Alaska Propco 2 LP • Alaska Propco 3 LP • Alaska Propco 4 LP • Alaska Propco 5 LP • Industrial JV REIT LLC • Promote Partnership • QTS Realty Trust, LLC ...
IRS number


13 May 22
24 May 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Apr 22 Marone Anthony F. JR Class I Common Stock Buy Acquire P No No 14.6406 6,830.321 100K 10,830.321
17 Aug 21 Susan Carras Class I Common Stock Grant Acquire A No No 0 11,241.269 0 33,832.348
17 Aug 21 Raymond J. Beier Class I Common Stock Grant Acquire A No No 0 11,241.269 0 47,026.443
17 Aug 21 Gilchrist Richard I Class I Common Stock Grant Acquire A Yes No 0 11,241.269 0 11,241.269
17 Aug 21 Edward Lewis Class I Common Stock Grant Acquire A No No 0 11,241.269 0 47,026.443
0.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 3 4 -25.0%
Opened positions 1 4 -75.0%
Closed positions 2 0 NEW
Increased positions 0 0
Reduced positions 2 0 NEW
13F shares Current Prev Q Change
Total value 1.37M 7.55M -81.8%
Total shares 97.66K 581.2K -83.2%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
IFP Advisors 84.71K $1.19M -74.0%
Tradition Wealth Management 8.77K $123K -95.2%
Dividend Assets Capital 4.18K $59K NEW
Largest transactions Shares Bought/sold Change
IFP Advisors 84.71K -240.61K -74.0%
Tradition Wealth Management 8.77K -175.44K -95.2%
Grant Street Asset Management 0 -60.06K EXIT
Private Trust Co Na 0 -11.6K EXIT
Dividend Assets Capital 4.18K +4.18K NEW

Financial report summary

  • We have held most of our current investments for only a limited period of time and you will not have the opportunity to evaluate our future investments before we make them, which makes your investment more speculative.
  • We have incurred net losses under GAAP in the past and may incur net losses in the future, and we have an accumulated deficit and may continue to have an accumulated deficit in the future.
  • The Adviser manages our portfolio pursuant to very broad investment guidelines and generally is not required to seek the approval of our board of directors for each investment, financing or asset allocation decision made by it, which may result in our making riskier investments and which could adversely affect our results of operations and financial condition.
  • There is no public trading market for shares of our common stock; therefore, your ability to dispose of your shares will likely be limited to repurchase by us. If you do sell your shares to us, you may receive less than the price you paid.
  • Your ability to have your shares repurchased through our share repurchase plan is limited. We may choose to repurchase fewer shares than have been requested to be repurchased, in our discretion at any time, and the amount of shares we may repurchase is subject to caps. Further, our board of directors may make exceptions to, modify or suspend our share repurchase plan if it deems such action to be in our best interest and the best interest of our stockholders.
  • Economic events that may cause our stockholders to request that we repurchase their shares may materially adversely affect our cash flow and our results of operations and financial condition.
  • We face risks associated with the deployment of our capital.
  • If we are unable to successfully integrate new investments and manage our growth, our results of operations and financial condition may suffer.
  • The amount and source of distributions we may make to our stockholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our stockholders at any time in the future.
  • Payments to the Adviser or the Special Limited Partner in the form of common stock or Operating Partnership units they elect to receive in lieu of fees or distributions will dilute future cash available for distribution to our stockholders.
  • Purchases and repurchases of shares of our common stock are not made based on the current NAV per share of our common stock.
  • Valuations and appraisals of our real estate and real estate debt are estimates of fair value and may not necessarily correspond to realizable value.
  • Our NAV per share amounts may change materially if the appraised values of our properties materially change from prior appraisals or the actual operating results for a particular month differ from what we originally budgeted for that month.
  • It may be difficult to reflect, fully and accurately, material events that may impact our monthly NAV.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • Our board of directors may, in the future, adopt certain measures under Maryland law without stockholder approval that may have the effect of making it less likely that a stockholder would receive a “control premium” for his or her shares.
  • Our charter permits our board of directors to authorize us to issue preferred stock on terms that may subordinate the rights of the holders of our current common stock or discourage a third party from acquiring us.
  • Maryland law limits, in some cases, the ability of a third party to vote shares acquired in a “control share acquisition.”
  • Maryland law and our organizational documents limit our rights and the rights of our stockholders to recover claims against our directors and officers, which could reduce your and our recovery against them if they cause us to incur losses.
  • Maryland law limits our stockholders’ ability to amend our charter or dissolve us without the approval of our board of directors.
  • Your interest in us will be diluted if we issue additional shares. Your interest in our assets will also be diluted if the Operating Partnership issues additional units.
  • We are not required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.
  • Our UPREIT structure may result in potential conflicts of interest with limited partners in our Operating Partnership whose interests may not be aligned with those of our stockholders.
  • Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
  • We depend on the Adviser and its affiliates to develop appropriate systems and procedures to control operational risk.
  • Cybersecurity risks could result in the loss of data, interruptions in our business, damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.
  • Compliance with the SEC’s Regulation Best Interest by participating broker-dealers may negatively impact our ability to raise capital in the Offering, which could harm our ability to achieve our investment objectives.
  • Our operating results will be affected by economic and regulatory changes that impact the real estate market in general.
  • Our success is dependent on general market and economic conditions.
  • The current outbreak of the novel coronavirus, or COVID-19, has caused severe disruptions in the U.S. and global economy and has had an adverse impact on our performance and results of operations.
  • We are subject to additional risks from our non-U.S. investments.
  • Our portfolio is currently concentrated in certain industries and geographies and may in the future be concentrated in a limited number of industries, geographies or investments.
  • We may change our investment and operational policies without stockholder consent.
  • We may have difficulty selling our properties, which may limit our flexibility and ability to pay distributions.
  • We face risks associated with property acquisitions.
  • The sale and disposition of real properties carry certain litigation risks at the property level that may reduce our profitability and the return on your investment.
  • Competition for investment opportunities may reduce our profitability and the return on your investment.
  • We may make a substantial amount of joint venture investments, including with Blackstone affiliates. Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of our joint venture partners and disputes between us and our joint venture partners.
  • Acquiring or attempting to acquire multiple properties in a single transaction may adversely affect our operations.
  • In the event we obtain options to acquire properties, we may lose the amount paid for such options whether or not the underlying property is purchased.
  • In our due diligence review of potential investments, we may rely on third-party consultants and advisors and representations made by sellers of potential portfolio properties, and we may not identify all relevant facts that may be necessary or helpful in evaluating potential investments.
  • There can be no assurance that the Adviser will be able to detect or prevent irregular accounting, employee misconduct or other fraudulent practices or material misstatements or omissions during the due diligence phase or during our efforts to monitor and disclose information about the investment on an ongoing basis or that any risk management procedures implemented by us will be adequate.
  • We may be subject to expenses and liabilities related to employees of certain portfolio entities owned by us.
  • The exit by the United Kingdom (“U.K.”) from the E.U. could adversely affect us.
  • We rely on property managers to operate our properties and leasing agents to lease vacancies in our properties.
  • We depend on tenants for our revenue, and therefore our revenue is dependent on the success and economic viability of our tenants. Our reliance on single or significant tenants in certain buildings may decrease our ability to lease vacated space and could adversely affect our income, performance, operations and ability to pay distributions.
  • We may be unable to renew leases as leases expire.
  • Leases with retail properties’ tenants may restrict us from re-leasing space.
  • Our properties face significant competition.
  • Our properties may be leased at below-market rates under long-term leases.
  • We may experience material losses or damage related to our properties and such losses may not be covered by insurance.
  • We could become subject to liability for environmental violations, regardless of whether we caused such violations.
  • Our costs associated with complying with the Americans with Disabilities Act of 1990 (the “ADA”) may affect cash available for distributions.
  • Our properties are, and any properties we acquire in the future will be, subject to property taxes that may increase in the future, which could adversely affect our cash flow.
  • Certain of our investments are in the form of ground leases, which provide limited rights to the underlying property.
  • Certain of our industrial properties may be special use and/or build-to-suit and may be difficult to sell or relet upon tenant defaults or lease terminations.
  • Certain properties may require an expedited transaction, which may result in limited information being available about the property prior to its acquisition.
  • We face risks in effecting operating improvements.
  • Many factors affect the single-family residential rental market, and the Company may be negatively affected by its assumptions surrounding and general conditions of the single-family residential rental market.
  • A number of our residential properties are part of homeowner’s associations (“HOAs”), and we and tenants of such properties are subject to the rules and regulations of such HOAs, which are subject to change and may be arbitrary or restrictive. Violations of such rules may subject us to additional fees, penalties and litigation with such HOAs which would be costly.
  • Our industrial tenants may be adversely affected by a decline in manufacturing activity in the United States.
  • We could be negatively impacted by the condition of Fannie Mae or Freddie Mac and by changes in government support for residential housing.
  • Short-term leases expose us to the effects of declining market rent and could adversely impact our ability to make cash distributions to you.
  • Increased levels of unemployment could adversely affect the occupancy and rental rates of any residential properties we acquire.
  • The multifamily residential properties in which we invest must comply with the Fair Housing Amendment of 1988.
  • We have and continue to expect to make investments in low income areas or affordable housing developments.
  • The impacts of climate change, climate-related initiatives and regulations and the increased focus on sustainability, environmental, social and governance matters may adversely affect our business and financial results and damage our reputation.
  • We may not be able to attract desirable tenants for our residential properties and may have difficulty evicting defaulting tenants.
  • Rent control and other changes in applicable laws, or noncompliance with applicable laws, could adversely affect our residential properties.
  • The hospitality or leisure market is seasonal, highly competitive and generally subject to greater volatility than our other market segments.
  • Our student housing properties are subject to seasonality.
  • Government housing regulations may limit the opportunities at some of the government-assisted housing properties we invest in, and failure to comply with resident qualification requirements may result in financial penalties and/or loss of benefits, such as rental revenues paid by government agencies.
  • Our data center investments are subject to risks from changes in demand, technology and tenant preferences and competition in the data center industry.
  • Our retail tenants face competition from numerous retail channels.
  • Retail properties depend on anchor tenants to attract shoppers and could be adversely affected by the loss of a key anchor tenant.
  • We may be adversely affected by trends in the office real estate industry.
  • We could be negatively impacted by increased competition, decreased demand and restrictive zoning ordinances in the manufactured housing markets in which we invest.
  • Manufactured home loans may be subject to greater credit risk.
  • Our investments in real estate associated with gaming facilities will be impacted by the risks associated with the gaming industry.
  • Our self storage investments are subject to risks from fluctuating demand and competition in the self-storage industry.
  • We invest in commercial properties subject to net leases, which could subject us to losses.
  • Inflation may adversely affect our financial condition and results of operations.
  • Supply chain disruptions could create unexpected renovation or maintenance costs or delays and/or could impact our tenants’ businesses, any of which could have a negative effect on our results of operations.
  • Investments in real estate debt are subject to risks including various creditor risks and early redemption features which may materially adversely affect our results of operations and financial condition.
  • Our debt investments face prepayment risk and interest rate fluctuations that may adversely affect our results of operations and financial condition.
  • Reinvestment risk could affect the price for our shares or their overall returns.
  • Debt-oriented real estate investments face a number of general market-related risks that can affect the creditworthiness of issuers, and modifications to certain loan structures and market terms make it more difficult to monitor and evaluate investments.
  • The operating and financial risks of issuers and the underlying default risk across capital structures may adversely affect our results of operations and financial condition.
  • We generally invest in high-yield debt which is generally subject to more risk than higher rated securities.
  • Some of our securities investments may become distressed, which securities would have a high risk of default and may be illiquid.
  • Certain risks associated with CMBS may adversely affect our results of operations and financial condition.
  • Concentrated CMBS investments may pose specific risks beyond the control of the Adviser that may adversely affect our results of operations and financial condition.
  • The quality of the CMBS is dependent on the credit quality and selection of the mortgages for each issuance.
  • There are certain risks associated with the insolvency of obligations backing mortgage-backed securities and other investments.
  • There are certain risks associated with MBS interest shortfalls.
  • We have acquired and expect in the future to acquire MBS affiliated with Blackstone.
  • Our CMBS investments face risks associated with extensions that may adversely affect our results of operations and financial condition.
  • There are certain risks associated with the servicers of commercial real estate loans underlying CMBS and other investments.
  • We may invest in commercial mortgage loans which are non-recourse in nature and include limited options for financial recovery in the event of default; an event of default may adversely affect our results of operations and financial condition.
  • We may invest in structured products or similar products that may include structural and legal risks.
  • We have and may in the future acquire and sell residential credit investments, which may subject us to legal, regulatory and other risks that could adversely impact our business and financial results.
  • We will face risks related to our investments in collateralized debt obligations.
  • We invest in subordinated debt, which is subject to greater credit risk than senior debt.
  • We will face risks related to our investments in mezzanine loans.
  • B-Notes and A/B Structures may pose additional risks that may adversely affect our results of operations and financial condition.
  • We may invest in a wide range of real estate debt pursuant to our broad investment guidelines.
  • We invest in real estate-related equity, which is subordinate to any indebtedness, but involves different rights.
  • We invest in real estate corporate debt, which consists of secured and unsecured obligations issued by companies in the business of owning and/or operating real estate-related businesses.
  • We invest in equity of other REITs that invest in real estate or real estate debt as one of their core businesses and other real estate-related companies, which subjects us to certain risks including those risks associated with an investment in our own common stock.
  • Certain of our investments may have additional capital requirements.
  • We will face “spread widening” risk related to our investment in securities.
  • We invest in derivatives, which involve numerous risks.
  • Failure to obtain and maintain an exemption from being regulated as a commodity pool operator could subject us to additional regulation and compliance requirements that could materially adversely affect our business, results of operations and financial condition.
  • We may make open market purchases or invest in traded securities.
  • Political changes may affect the real estate debt markets.
  • We may utilize non-recourse securitizations of certain of our CMBS investments, which may expose us to risks that could result in losses.
  • We may find it necessary or desirable to foreclose on certain of the loans or CMBS we acquire, and the foreclosure process may be lengthy and expensive.
  • Our significant amount of debt may subject us to increased risk of loss and could adversely affect our results of operations and financial condition.
  • We may encounter adverse changes in the credit markets.
  • We will incur mortgage indebtedness and other borrowings, which may increase our business risks, could hinder our ability to make distributions and could decrease the value of your investment.
  • Inability to access funding could have a material adverse effect on our results of operations, financial condition and business.
  • In certain cases, financings for our properties may be recourse to us.
  • If we draw on a line of credit to fund repurchases or for any other reason, our financial leverage ratio could increase beyond our target.
  • Increases in interest rates could increase the amount of our loan payments and adversely affect our ability to make distributions to our stockholders.
  • Volatility in the financial markets and challenging economic conditions could adversely affect our ability to secure debt financing on attractive terms and our ability to service or refinance any future indebtedness that we may incur.
  • Lenders may require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions to our stockholders.
  • If we enter into financing arrangements involving balloon payment obligations, it may adversely affect our ability to make distributions to our stockholders.
  • We use reverse repurchase agreements to finance our securities investments, which may expose us to risks that could result in losses.
  • Failure to hedge effectively against interest rate changes may materially adversely affect our results of operations and financial condition.
  • Changes to, or the elimination of, LIBOR may adversely affect interest expense related to borrowings under our credit facilities and real estate-related investments.
  • Our credit ratings may not reflect all risks of an investment in our debt securities.
  • We depend on the Adviser to select our investments and otherwise conduct our business, and any material adverse change in its financial condition or our relationship with the Adviser could have a material adverse effect on our business and ability to achieve our investment objectives.
  • The termination or replacement of the Adviser could trigger a repayment event under our mortgage loans for some of our properties, the credit agreement governing any of our lines of credit and our repurchase agreements.
  • The Adviser’s inability to retain the services of key real estate professionals could hurt our performance.
  • Any material adverse change to the Dealer Manager’s ability to successfully build and maintain a network of licensed broker-dealers could have a material adverse effect on our business and the Offering.
  • You will not have the benefit of an independent due diligence review in connection with the Offering and, if a conflict of interest arises between us and Blackstone, we may incur additional fees and expenses.
  • The fees we pay in connection with the Offering and the agreements entered into with Blackstone and its affiliates were not determined on an arm’s-length basis and therefore may not be on the same terms we could achieve from a third party.
  • We do not own the Blackstone name, but we may use it as part of our corporate name pursuant to a trademark license agreement with an affiliate of Blackstone. Use of the name by other parties or the termination of our trademark license agreement may harm our business.
  • Various potential and actual conflicts of interest will arise, and these conflicts may not be identified or resolved in a manner favorable to us.
  • The Adviser faces a conflict of interest because the fees it receives for services performed are based in part on our NAV, which the Adviser is ultimately responsible for determining.
  • The Adviser’s management fee and the Special Limited Partner’s performance participation interest may not create proper incentives or may induce the Adviser and its affiliates to make certain investments, including speculative investments, that increase the risk of our real estate portfolio.
  • Blackstone personnel work on other projects and conflicts may arise in the allocation of personnel between us and other projects.
  • Blackstone is subject to a number of conflicts of interest, regulatory oversight and legal and contractual restrictions due to its multiple business lines, which may reduce the benefits that Blackstone could otherwise expect to utilize for the Adviser for purposes of identifying and managing our investments.
  • Blackstone engages various advisors and operating partners who may co-invest alongside us, and there can be no assurance that such advisors and operating partners will continue to serve in such roles.
  • We may source, sell and/or purchase assets either to or from the Adviser and its affiliates or issued by affiliates of the Adviser, and such transactions may cause conflicts of interest.
  • Certain Other Blackstone Accounts have similar or overlapping investment objectives and guidelines, and we will not be allocated certain opportunities and may be allocated only opportunities with lower relative returns.
  • Under certain circumstances, our Adviser may determine not to pursue some or all of an investment opportunity within our investment objectives and guidelines, including without limitation, as a result of our prior investments, business or other reasons applicable to us, Other Blackstone Accounts, Blackstone or its affiliates.
  • Our board of directors has adopted a resolution that renounces our interest or expectancy with respect to business opportunities and competitive activities.
  • We co-invest with Blackstone affiliates and such investments are at times in different parts of the capital structure of an issuer and may otherwise involve conflicts of interest. When we hold investments in which Other Blackstone Accounts have a different principal investment, conflicts of interest arise between us and Other Blackstone Accounts, and the Adviser may take actions that are adverse to us.
  • We may invest in joint ventures with Other Blackstone Accounts or divide a pool of investments among us and Other Blackstone Accounts.
  • Blackstone may structure certain investments such that Blackstone will face conflicting fiduciary duties to us and certain debt funds.
  • Blackstone may raise and/or manage Other Blackstone Accounts, which could result in the reallocation of Blackstone personnel and the direction of potential investments to such Other Blackstone Accounts.
  • Blackstone’s potential involvement in financing a third party’s purchase of assets from us could lead to potential or actual conflicts of interest.
  • We may provide debt financing in connection with acquisitions by third parties of assets owned by Other Blackstone Accounts.
  • Disputes between Blackstone and our joint venture partners who have pre-existing investments with Blackstone may affect our investments relating thereto.
  • Certain principals and employees will, in certain circumstances, be involved in and have a greater financial interest in the performance of other Blackstone funds or accounts, and such activities may create conflicts of interest in making investment decisions on our behalf.
  • The Adviser may face conflicts of interests in choosing our service providers and certain service providers may provide services to the Dealer Manager, the Adviser or Blackstone on more favorable terms than those payable by us.
  • We may be subject to potential conflicts of interest as a consequence of family relationships that Blackstone employees have with other real estate professionals.
  • We are subject to conflicts of interest related to tenants.
  • We are party to an uncommitted line of credit with an affiliate of Blackstone.
  • The personnel of the Dealer Manager and the Adviser may trade in securities for their own accounts, subject to restrictions applicable to Blackstone personnel.
  • We have and continue to expect to have a diverse stockholder group and the interests of our stockholders may conflict with one another and may conflict with the interests of investors in other vehicles that we co-invest with.
  • We may be subject to additional potential conflicts of interests as a consequence of Blackstone’s status as a public company.
  • We, Other Blackstone Accounts and their portfolio entities may engage in permissible political activities with the intent of furthering our or their business interests or otherwise.
  • If we do not maintain our qualification as a REIT, we will be subject to tax as a regular corporation and could face a substantial tax liability.
  • To maintain our REIT status, we may have to borrow funds on a short-term basis during unfavorable market conditions.
  • Compliance with REIT requirements may cause us to forego otherwise attractive opportunities, which may hinder or delay our ability to meet our investment objectives and reduce your overall return.
  • Compliance with REIT requirements may force us to liquidate or restructure otherwise attractive investments.
  • Our charter does not permit any person or group to own more than 9.9% in value or number of shares, whichever is more restrictive, of our outstanding common stock or of our outstanding capital stock of all classes or series, and attempts to acquire our common stock or our capital stock of all other classes or series in excess of these 9.9% limits would not be effective without an exemption (prospectively or retroactively) from these limits by our board of directors.
  • Non-U.S. holders may be subject to U.S. federal income tax upon their disposition of shares of our common stock or upon their receipt of certain distributions from us.
  • Investments outside the United States may subject us to additional taxes and could present additional complications to our ability to satisfy the REIT qualification requirements.
  • We may incur tax liabilities that would reduce our cash available for distribution to you.
  • Our board of directors is authorized to revoke our REIT election without stockholder approval, which may cause adverse consequences to our stockholders.
  • You may have current tax liability on distributions you elect to reinvest in our common stock.
  • Generally, ordinary dividends payable by REITs do not qualify for reduced U.S. federal income tax rates.
  • We may be subject to adverse legislative or regulatory tax changes that could increase our tax liability, reduce our operating flexibility and reduce the price of our common stock.
  • The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to qualify as a REIT.
  • If our Operating Partnership failed to qualify as a partnership or is not otherwise disregarded for U.S. federal income tax purposes, we would cease to qualify as a REIT.
  • If the fiduciary of an employee benefit plan subject to the Employee Retirement Income Security Act of 1974, as amended, or ERISA, fails to meet the fiduciary and other standards under ERISA, the Code or common law as a result of an investment in our stock, the fiduciary could be subject to civil penalties.
  • If our assets at any time are deemed to constitute “plan assets” under ERISA, that may lead to the rescission of certain transactions, tax or fiduciary liability and our being held in violation of certain ERISA and Code requirements.
  • We depend on the availability of public utilities and services, especially for water and electric power. Any reduction, interruption or cancellation of these services may adversely affect us.
  • Certain properties may require permits or licenses.
  • We face legal risks when making investments.
  • We may face risks associated with short sales.
  • We may incur contingent liabilities in connection with the disposition of investments.
  • We will face risks associated with hedging transactions.
Management Discussion
  • •Declared monthly net distributions totaling $617.5 million for the three months ended March 31, 2022. The details of the average annualized distribution rates and total returns are shown in the following table:
  • •Acquired 16 residential, 11 industrial, three office, and two self storage properties across nine transactions as well as 1,035 wholly-owned single family homes for a total purchase price of $2.5 billion during the three months ended March 31, 2022. The acquisitions are consistent with our strategy of acquiring diversified, income-producing real estate assets concentrated in high growth markets.
  • •Invested $1.6 billion in real estate debt, consisting of commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”), corporate bonds, term loans, and other real estate-related investments in debt during the three months ended March 31, 2022.

Content analysis

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