The GW
HATCHET
October 20, 2025 Vol. 122 Iss. 10
AN INDEPENDENT STUDENT NEWSPAPER • SERVING THE GW COMMUNITY SINCE 1904 • ONLINE AT GWHATCHET.COM
MFA losses prompt credit rating agencies to downgrade GW’s outlook FIONA RILEY
EDITOR IN CHIEF
HANNAH MARR MANAGING EDITOR
GW’s two credit rating agencies downgraded their outlook on the University’s credit score earlier this year for the first time in available records, citing the Medical Faculty Associates’ com-
pounding losses as a key financial strain threatening its overall credit standing. Moody’s Investors Service and S&P Global Ratings in reports released in May and August, respectively, affirmed GW’s strong credit rating but revised their outlook from stable to negative, signaling concern that the University’s score could tumble if officials fail
to stabilize GW’s financial support for the debt-ridden medical enterprise. Both agencies — who issued the reports before GW announced an agreement with Universal Health Services earlier this month to cofund the MFA amid ongoing negotiations — pointed to the medical enterprises’ years of debt as central to their decision, warning that con-
tinued financial pressure from the organization could weaken GW’s liquidity and long-term operating margins. Moody’s report states losses from the MFA, which makes up about 20 percent of the University’s operating revenue, cut GW’s operating margin by 8.2 percentage points in FY2024, leaving its financial performance 5.1
percentage points below the median for private universities with A credit ratings. Without the MFA’s losses, GW’s operating margin would have been around 15 percent in FY2024, Moody’s reported — well above its peers’ 11.9 percent median. Moody’s has consistently rated GW’s outlook as stable in the 17 reports it has issued since Novem-
ber 2003, according to their website, though they once in February 2007 boosted their credit outlook from stable to positive. Ken Rodgers, an S&P analyst who worked on GW’s report, said the agency has rated GW’s credit outlook stable for at least 13 years, dating back to June 2012. See MFA Page 5
Students report surge in National Guard on campus JENNA LEE
SENIOR NEWS EDITOR
KYRA WOOD | ASSISTANT PHOTO EDITOR University President Ellen Granberg and Board of Trustees Chair Grace Speights sit at Friday’s meeting.
GW closed FY2025 with $2.8 billion endowment, ‘significant’ deficit: trustees GIANNA JAKUBOWSKI ASSISTANT NEWS EDITOR
GW’s endowment climbed roughly $100 million to $2.8 billion in the last quarter of fiscal year 2025, trustees reported at their second public meeting since officials publicly disclosed a budget deficit that sparked cuts to staff, operations and resources over the last few months.
Chair of the Board’s Finance and Investment Committee Todd Klein said GW’s endowment rose from $2.7 to $2.8 billion between March 31 and the end of the fiscal year on June 30, despite GW incurring a $21.9 million operating deficit in the fiscal year. The trustees did not disclose the University’s current deficit, which Chief Financial Officer Bruno Fernandes said jumped another
$2.1 million to $24 million between the end of FY2025 and sometime in July. Klein attributed the deficit to revenue shortfalls, increased expenses — particularly non-cash expenses — and the Medical Faculty Associates’ related costs, which included GW loaning the medical enterprise over $98 million in FY2025. See GW Page 5
Students reported a “sinister” rise in National Guard presence on campus over the past week, fueling concerns that the continued deployment, more than two months after President Donald Trump sent troops to patrol the city, makes them feel less safe. About 2,300 guard troops from eight states have remained in the District since President Trump ordered them on Aug. 11 to patrol D.C. as part of his crime crackdown, though students reported that troops were largely absent from Foggy Bottom during the first weeks of deployment. Since returning from fall break this week, students say a significant rise in troop sightings on campus — including inside campus buildings — have sparked general unease and a demand for clearer communication from officials on how they should interact with the troops. Students over the past week have spotted guard troops standing in and near campus spaces, including a cluster of about 20 by the Foggy Bottom-GWU Metro, four in Duques Hall, five on the Mount Vernon Express, seven outside of Lerner Health and Wellness Center and three in the Chick-fil-A in Mitchell Hall. About 10 guard officers were also present at the start of a rally hosted by GWU Socialist Action Initiative on Thursday near Kogan Plaza. A University spokesperson said GW did not request the troops’ presence at the protest.
In an email to the community last week, University President Ellen Granberg said she recognizes some students are concerned about the guard presence on campus and reiterated that law enforcement officers cannot enter buildings that require tap access without a warrant, though public D.C. streets fall under city and federal jurisdiction. “External law enforcement officers may not enter tap access spaces without a proper warrant, a court order, or exigent circumstances,” Granberg’s message states. Student Government Association President Ethan Lynne held up a picture of guard troops inside Duques Hall, which requires tap access, at a Board of Trustees meeting Friday, demanding University officials work to make students feel safe on campus. University Spokesperson Julia Garbitt confirmed that the University noticed an uptick but said the University was not informed of and did not request the increased guard presence on campus, but officials are aware of it. “We are aware that guard members have been more visible on campus in recent days,” Garbitt said. Zina Parker, a first-year student studying business, said the troops’ presence has not been “pleasant.” She said in the last week, it has seemed like the guard troops are on every corner of campus, which she finds off-putting, especially since they tend to be in clusters. “It doesn’t feel any safer, definitely, to me, it kind of makes me feel like a little more unsafe,” Parker said.
Georgetown hands men’s basketball 73-64 defeat in historic sold-out game BEN SPITALNY
SENIOR SPORTS EDITOR
In their first matchup in 44 years, men’s basketball fell 73-64 to Georgetown University in a Saturday night exhibition, played in front of the Smith Center’s first sellout crowd in nearly a decade. With just over two weeks until the season opener, the Revolutionaries struggled to find a rhythm against their cross-town rivals, trailing throughout and committing 17 turnovers. GW leaned on a rotation that featured 10 players — including five newcomers — but struggled to find consistency on both ends of the floor in the exhibition loss. The team reported an attendance of 4,287, the largest since 2016, with Smith Center employees turning students away at the door after the arena reached capacity. Head Coach Chris
Caputo said after the game the competitive matchup and electric atmosphere should pave the way for more games between the D.C. schools. “I just don’t see a downside for us,” Caputo said during the press conference. “It’s on television, we had a big crowd of our alums and things like that. I’d love to do it every year.” Georgetown Head Coach Ed Cooley appeared less enthusiastic about future matchups, noting at the press conference that although playing more local teams has been “talked about a lot,” the program is cautious about risking home revenue “in the NIL world.” He added that scheduling home-and-home matchups and missing out on a home game is something that he doesn’t know they are “going to be able to afford to lose” the revenue from. See REVS Page 8
MATHYLDA DULIAN | ASSISTANT PHOTO EDITOR A crowd of ‘No Kings’ protesters march down Pennsylvania Avenue on Saturday.
Hundreds of thousands rally near Capitol in nationwide ‘No Kings’ protest rebuking Trump BRYSON KLOESEL
CONTRIBUTING NEWS EDITOR
DYLAN EBS
ASSISTANT NEWS EDITOR
LEXI CRICTHETT | ASSISTANT PHOTO EDITOR Head Coach Chris Caputo walks past the team bench after a failed drive during Saturday’s game against Georgetown University. WHAT’S
INSIDE
NEWS Students are reviving a campus chapter of Turning Point USA in the wake of Charlie Kirk’s assassination. Page 2
More than 200,000 demonstrators rallied across the District on Saturday as part of the nationwide “No Kings” protests, condemning President Donald Trump’s policies and leadership, which they argue reflect fascist tendencies. Addressing a crowd that packed Pennsylvania
Avenue near the Capitol, speakers like Sens. Bernie Sanders (I-VT), Chris Murphy (D-CT) and science educator Bill Nye addressed D.C.’s “No Kings” rally — part of the second wave of nationwide protests since the start of Trump’s second term, which drew millions to more than 2,600 demonstrations. More than 50 GW students marched to the rally together, waving American flags and holding “No kings since 1776” signs, which they said
OPINIONS The editorial board urges officials to act demonstrably in favor of diversity, equity and inclusion as they navigate federal pressures. Page 6
helped counter Republican claims that Saturday’s protest was anti-American. The rally speeches kicked off at noon Saturday at Pennsylvania Avenue and Third Street NW. Many protesters marched from Arlington, Virginia, crossing the Arlington Memorial Bridge before making their way to the site of the rally. National Guard troops and Metropolitan Police Department officers were spotted in the protest areas, but of-
CULTURE Get acquainted with the residents striving to make their community a better place, one meeting at a time. Page 7
ficials reported no arrests. The protest comes as the government enters the third week of the federal shutdown and congressional Democrats and Republicans remain far apart from an agreement to reopen the government. Both Sanders and Murphy said they opposed a budget that did not address the Americans who have lost their health care and have seen their premiums increase. See STUDENTS Page 2
SPORTS Fans broke attendance records during Saturday’s men’s basketball game against Georgetown University. Page 8