Semantics Relevance

The Big Questions Hanging Over a Blackstone Fund

Logical Analysis Report (click to view);
Knowledge Map (click to view)
*Knowledge Map Navigation: Spatial co-ordinations are initially random, and will automatically re-arrange to minimize complexity based on distance between relationships. Mouse down and drag to pan. Right click on the strategic diagram toggles between motion and stationary. Hover over abstract node (orange) to view abstractions. Hover over leaf node to view corresponding narrative. Left click on the leaf node expands the narrative to view full text.

Knowledge Diagram Navigation:

Spatial co-ordinations are initially random, and will automatically re-arrange to minimize complexity based on distance between relationships. Mouse down and drag to pan. Right click on the strategic diagram toggles between motion and stationary. Hover over abstract node (orange) to view abstractions. Hover over leaf node to view corresponding narrative. Left click on the leaf node expands the narrative to view full text.

Narrative Analysis - Report

Key Focus

  • Analysts and investors are watching with great interest because Blackstone is rolling out a new, similarly designed fund that invests in private equity assets. ...

    • Momentum supporting factors

  • (breit,trends)
  • (breit,strategies)
  • (valuation,speculation)
  • (valuation,keep)
  • (valuation,flagship)
  • (third-party,appraised,performance)
  • (third-party,appraiser,appraised,performance)
  • (third-party,appraiser,performance)
  • (third-party,performance)
  • (third-party,appraised,merced)
  • (third-party,appraiser,appraised,merced)
  • (third-party,appraiser,merced)
  • (third-party,merced)

    • No challenge supporting factor found

    Work-in-progress supporting factors

  • (breit,investors,interest)
  • (breit,interest,equity)
  • (breit,investors,equity)
  • (breit,interest,performance)
  • (breit,interest,market)
  • (breit,interest,flagging)
  • (breit,vehicles)
  • (valuation,vehicles)
  • (breit,valuation)
  • (breit,validated)
  • (valuation,validated)
  • (breit,third-party)
  • (valuation,wall_street)
  • (valuation,open-ended)
  • (valuation,institutional)

    • Time PeriodChallengeMomentumWIP
    Report0.00 34.26 65.74

    High Level Abstraction (HLA) combined

    High Level Abstraction (HLA)Report
    (1) (breit,investors,interest)100.00
    (2) (breit,interest,equity)96.10
    (3) (breit,investors,equity)92.21
    (4) (breit,interest,performance)88.31
    (5) (breit,interest,market)85.71
    (6) (breit,interest,flagging)83.12
    (7) (breit,vehicles)81.82
    (8) (valuation,vehicles)80.52
    (9) (breit,valuation)79.22
    (10) (breit,validated)77.92
    (11) (valuation,validated)76.62
    (12) (breit,trends)75.32
    (13) (breit,third-party)74.03
    (14) (breit,strategies)72.73
    (15) (valuation,wall_street)71.43
    (16) (valuation,speculation)70.13
    (17) (valuation,open-ended)68.83
    (18) (valuation,keep)67.53
    (19) (valuation,institutional)66.23
    (20) (valuation,flagship)64.94
    (21) (third-party,appraised,unduly)63.64
    (22) (third-party,appraiser,appraised,unduly)57.14
    (23) (third-party,appraiser,unduly)53.25
    (24) (third-party,unduly)50.65
    (25) (third-party,appraised,performance)49.35
    (26) (third-party,appraiser,appraised,performance)44.16
    (27) (third-party,appraiser,performance)38.96
    (28) (third-party,performance)36.36
    (29) (third-party,appraised,merced)35.06
    (30) (third-party,appraiser,appraised,merced)31.17
    (31) (third-party,appraised,investors)24.68
    (32) (third-party,appraiser,appraised,investors)22.08
    (33) (third-party,appraiser,investors)14.29
    (34) (third-party,investors)11.69
    (35) (third-party,appraiser,owners)10.39
    (36) (third-party,owners)7.79
    (37) (third-party,appraiser,merced)6.49
    (38) (third-party,merced)3.90
    (39) (third-party,appraiser,conservative)2.60
    (40) (third-party,overridden)1.30

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    Supporting narratives:

    Please refer to knowledge diagram for a complete set of supporting narratives.

    • momentum - Back to HLA
      • Stanger, an investment bank that tracks REITs, told DealBook that while his firm has regularly observed that BREIT's valuations have topped its peers, its calculations appear in line with broader industry trends. ...
      • High Level Abstractions:
        • (breit,trends)

    • momentum - Back to HLA
      • The fund also hasn't meaningfully sold assets in the biggest part of its portfolio, apartment buildings and industrial facilities, according to Matthew Werner, a managing director of REIT strategies at Chilton Capital Management, an asset management firm. (Blackstone has said BREIT's properties in those sectors are performing well.) ...
      • High Level Abstractions:
        • (breit,strategies)

    • momentum - Back to HLA
      • On Wall Street, one mystery has been whispered about for months: How accurate is the valuation of Blackstone's flagship real estate fund.. . The speculation has arisen because the fund, the $59 billion Blackstone Real Estate Income Trust - more commonly known as BREIT - has managed to keep an "appraised" value of its assets that far exceeds virtually every other real estate fund ...
      • High Level Abstractions:
        • (valuation,flagship)
        • (valuation,speculation)

    • momentum - Back to HLA
      • The speculation has arisen because the fund, the $59 billion Blackstone Real Estate Income Trust - more commonly known as BREIT - has managed to keep an "appraised" value of its assets that far exceeds virtually every other real estate fund ...
      • High Level Abstractions:
        • (valuation,keep)

    • momentum - Back to HLA
      • The debate over the fund's impressive performance has taken on greater significance, and the criticism has grown louder, because of how Blackstone determines the appraised value of its assets, DealBook's Andrew Ross Sorkin and Michael de la Merced report ...
      • High Level Abstractions:
        • (third-party,performance)
        • (third-party,appraiser,appraised,performance)
        • (third-party,appraised,performance)
        • (third-party,appraiser,performance)
        • Inferred entity relationships (5)
        • (appraised,appraiser,investors,third-party) [inferred]
        • (performance,third-party) [inferred]
        • (appraiser,performance,third-party) [inferred]
        • (appraised,appraiser,merced,third-party) [inferred]
        • (appraised,appraiser,third-party,unduly) [inferred]

    • momentum - Back to HLA
      • The debate over the fund's impressive performance has taken on greater significance, and the criticism has grown louder, because of how Blackstone determines the appraised value of its assets, DealBook's Andrew Ross Sorkin and Michael de la Merced report. ...
      • High Level Abstractions:
        • (third-party,appraised,merced)
        • (third-party,appraiser,appraised,merced)
        • Inferred entity relationships (5)
        • (merced,third-party) [inferred]
        • (appraised,appraiser,investors,third-party) [inferred]
        • (appraised,appraiser,performance,third-party) [inferred]
        • (appraiser,merced,third-party) [inferred]
        • (appraised,appraiser,third-party,unduly) [inferred]

    • momentum - Back to HLA
      • The debate over the fund's impressive performance has taken on greater significance, and the criticism has grown louder, because of how Blackstone determines the appraised value of its assets, DealBook's Andrew Ross Sorkin and Michael de la Merced report. Many major firms rely on a third-party appraiser to determine the worth of a fund's assets, in part so investors can trust that the appraised value is accurate and not unduly influenced by the firms ...
      • High Level Abstractions:
        • (third-party,appraiser,merced)
        • (third-party,merced)
        • Inferred entity relationships (1)
        • (merced,third-party) [inferred]

    • WIP - Back to HLA
      • Analysts and investors are watching with great interest because Blackstone is rolling out a new, similarly designed fund that invests in private equity assets ...
      • High Level Abstractions:
        • (breit,investors,interest)
        • Inferred entity relationships (2)
        • (breit,interest,market) [inferred]
        • (breit,interest,performance) [inferred]

    • WIP - Back to HLA
      • Analysts and investors are watching with great interest because Blackstone is rolling out a new, similarly designed fund that invests in private equity assets. ...
      • High Level Abstractions:
        • (breit,interest,equity)
        • (breit,investors,equity)
        • Inferred entity relationships (2)
        • (breit,equity,interest) [inferred]
        • (breit,equity,investors) [inferred]

    • WIP - Back to HLA
      • Many rivals have fallen in value, some quite dramatically, in the face of high interest rates and a flagging property market.. . BREIT's performance has floated above its competition, and it has boasted a 10.5 percent annual return since its 2017 debut ...
      • High Level Abstractions:
        • (breit,interest,market)
        • (breit,interest,flagging)
        • (breit,interest,performance)
        • Inferred entity relationships (3)
        • (breit,interest,market) [inferred]
        • (breit,interest,investors) [inferred]
        • (breit,interest,performance) [inferred]

    • WIP - Back to HLA
      • It added, "We stand by our rigorous valuation process, which is virtually identical to the one we use for our open-ended, institutional vehicles and has been validated by $20 billion of assets sold at a premium to N.A.V ...
      • High Level Abstractions:
        • (breit,vehicles)
        • (valuation,vehicles)
        • (valuation,institutional)
        • (valuation,open-ended)

    • WIP - Back to HLA
      • . It added, "We stand by our rigorous valuation process, which is virtually identical to the one we use for our open-ended, institutional vehicles and has been validated by $20 billion of assets sold at a premium to N.A.V ...
      • High Level Abstractions:
        • (breit,valuation)

    • WIP - Back to HLA
      • It added, "We stand by our rigorous valuation process, which is virtually identical to the one we use for our open-ended, institutional vehicles and has been validated by $20 billion of assets sold at a premium to N.A.V. ...
      • High Level Abstractions:
        • (breit,validated)
        • (valuation,validated)

    • WIP - Back to HLA
      • "Our process requires us to use monthly property valuations that have been assured by a third-party; we have never overridden these in BREIT's history," the firm told DealBook in a statement. ...
      • High Level Abstractions:
        • (breit,third-party)

    • WIP - Back to HLA
      • On Wall Street, one mystery has been whispered about for months: How accurate is the valuation of Blackstone's flagship real estate fund. ...
      • High Level Abstractions:
        • (valuation,wall_street)

    • WIP - Back to HLA
      • Many major firms rely on a third-party appraiser to determine the worth of a fund's assets, in part so investors can trust that the appraised value is accurate and not unduly influenced by the firms. ...
      • High Level Abstractions:
        • (third-party,appraised,unduly)
        • (third-party,appraiser,unduly)
        • (third-party,appraiser,appraised,unduly)
        • (third-party,unduly)
        • Inferred entity relationships (5)
        • (appraised,appraiser,investors,third-party) [inferred]
        • (appraiser,third-party,unduly) [inferred]
        • (third-party,unduly) [inferred]
        • (appraised,appraiser,performance,third-party) [inferred]
        • (appraised,appraiser,merced,third-party) [inferred]

    • WIP - Back to HLA
      • Many major firms rely on a third-party appraiser to determine the worth of a fund's assets, in part so investors can trust that the appraised value is accurate and not unduly influenced by the firms ...
      • High Level Abstractions:
        • (third-party,appraised,investors)
        • (third-party,investors)
        • (third-party,appraiser,appraised,investors)
        • (third-party,appraiser,investors)
        • Inferred entity relationships (5)
        • (investors,third-party) [inferred]
        • (appraised,appraiser,performance,third-party) [inferred]
        • (appraised,appraiser,merced,third-party) [inferred]
        • (appraised,appraiser,third-party,unduly) [inferred]
        • (appraiser,investors,third-party) [inferred]

    • WIP - Back to HLA
      • It also argues that its appraisal process is better than a third-party appraiser because, as one of the nation's biggest real estate owners, Blackstone has better data and can move faster to mark assets up or down ...
      • High Level Abstractions:
        • (third-party,appraiser,owners)
        • (third-party,owners)
        • Inferred entity relationships (1)
        • (owners,third-party) [inferred]

    • WIP - Back to HLA
      • Blackstone has contended that its appraisal approach is more conservative than its competitors'. It also argues that its appraisal process is better than a third-party appraiser because, as one of the nation's biggest real estate owners, Blackstone has better data and can move faster to mark assets up or down ...
      • High Level Abstractions:
        • (third-party,appraiser,conservative)

    • WIP - Back to HLA
      • "Our process requires us to use monthly property valuations that have been assured by a third-party; we have never overridden these in BREIT's history," the firm told DealBook in a statement ...
      • High Level Abstractions:
        • (third-party,overridden)