{
  "kind": "all",
  "value": "all",
  "collectionKey": "slides:all:all:all-document-kinds:all-producers:all-orientations",
  "filters": {
    "documentKinds": [],
    "sourceTypes": [],
    "orientations": []
  },
  "total": 319975,
  "page": 1986,
  "pageSize": 60,
  "pageCount": 5333,
  "rows": [
    {
      "docId": "019dd923-622c-750b-8b97-8456188f4be9",
      "docSlug": "3112e2e7b808",
      "documentTitle": "CPI Property Group (CPIPGR)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-01-22 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 1,
      "slideType": "cover",
      "function": "front_matter",
      "notes": "The chart shows a significant divergence between CPI PG's reported property value changes and the broader vdp Property Price Index.",
      "imagePath": "https://imgproxy.kitesheet.com/L55wRatmHdkKNg_hGE4uDlvngLDivueXaeaDsCSmEtE/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTEyZTJlN2I4MDgvcDAwMS5wbmc",
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/1",
      "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-1",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "29d497ce-5711-4f2e-983c-a66f9f3b5be9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Call",
          "beatSlug": "overcoming-monster-the-call",
          "evidence": "The initial slides introduce the thesis and highlight the contradictions in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": "https://imgproxy.kitesheet.com/shG-ZCvEActLl18ph4MrzgDJ8bL1l1Q2c0Ch391Ap-A/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTEyZTJlN2I4MDgvcDAwMS5qcGc",
      "thumbSrc": "https://imgproxy.kitesheet.com/V6Bkn-CGjMyvw8-vZ6PU_7cf9nvdq5PTCMse0_B-pFk/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTEyZTJlN2I4MDgvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/BhRBFvwSR7bUrBDJsBK29Kb8-yNROjwMQSe_OZcD0F0/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTEyZTJlN2I4MDgvcDAwMS5qcGc"
    },
    {
      "docId": "019dd923-622c-750b-8b97-8456188f4be9",
      "docSlug": "3112e2e7b808",
      "documentTitle": "CPI Property Group (CPIPGR)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-01-22 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 2,
      "slideType": "disclaimer",
      "function": "other",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/2",
      "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-2",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "29d497ce-5711-4f2e-983c-a66f9f3b5be9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Call",
          "beatSlug": "overcoming-monster-the-call",
          "evidence": "The initial slides introduce the thesis and highlight the contradictions in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-8456188f4be9",
      "docSlug": "3112e2e7b808",
      "documentTitle": "CPI Property Group (CPIPGR)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-01-22 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 3,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide argues that the valuation increase is not justified by the minor increase in GLA (square footage) and suggests the valuations are unrealistic.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/3",
      "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-3",
      "loopMatches": [
        {
          "to": 9,
          "from": 3,
          "name": "Aha Moment",
          "slug": "03-aha-moment",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "matchId": "399ad4df-4747-4280-859b-7a704a926488",
          "evidence": "The deck presents a series of contradictions and inconsistencies in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "objective": "Is CPI Property Group S.A.'s valuation of Reuchlinstraße 10-11 justified?",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "confidence": 0.7,
          "description": "Establish a tension, present data, then deliver the insight that changes everything"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "29d497ce-5711-4f2e-983c-a66f9f3b5be9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Call",
          "beatSlug": "overcoming-monster-the-call",
          "evidence": "The initial slides introduce the thesis and highlight the contradictions in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-8456188f4be9",
      "docSlug": "3112e2e7b808",
      "documentTitle": "CPI Property Group (CPIPGR)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-01-22 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 4,
      "slideType": "executive_summary",
      "function": "frame_problem",
      "notes": "This slide serves as an introduction to 'Part 2' of the activist report, focusing on asset valuation and occupancy discrepancies.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/4",
      "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-4",
      "loopMatches": [
        {
          "to": 9,
          "from": 3,
          "name": "Aha Moment",
          "slug": "03-aha-moment",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "matchId": "399ad4df-4747-4280-859b-7a704a926488",
          "evidence": "The deck presents a series of contradictions and inconsistencies in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "objective": "Is CPI Property Group S.A.'s valuation of Reuchlinstraße 10-11 justified?",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "confidence": 0.7,
          "description": "Establish a tension, present data, then deliver the insight that changes everything"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "29d497ce-5711-4f2e-983c-a66f9f3b5be9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Call",
          "beatSlug": "overcoming-monster-the-call",
          "evidence": "The initial slides introduce the thesis and highlight the contradictions in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-8456188f4be9",
      "docSlug": "3112e2e7b808",
      "documentTitle": "CPI Property Group (CPIPGR)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-01-22 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 5,
      "slideType": "thesis_headline",
      "function": "frame_problem",
      "notes": "This is a classic activist short-seller 'thesis' slide, framing a specific asset as evidence of accounting or valuation fraud.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/5",
      "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-5",
      "loopMatches": [
        {
          "to": 9,
          "from": 3,
          "name": "Aha Moment",
          "slug": "03-aha-moment",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "matchId": "399ad4df-4747-4280-859b-7a704a926488",
          "evidence": "The deck presents a series of contradictions and inconsistencies in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "objective": "Is CPI Property Group S.A.'s valuation of Reuchlinstraße 10-11 justified?",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "confidence": 0.7,
          "description": "Establish a tension, present data, then deliver the insight that changes everything"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 1,
          "beatId": "29d497ce-5711-4f2e-983c-a66f9f3b5be9",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Call",
          "beatSlug": "overcoming-monster-the-call",
          "evidence": "The initial slides introduce the thesis and highlight the contradictions in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-8456188f4be9",
      "docSlug": "3112e2e7b808",
      "documentTitle": "CPI Property Group (CPIPGR)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-01-22 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 6,
      "slideType": "villain_critique",
      "function": "name_villain",
      "notes": "The slide uses a specific asset to illustrate a broader thesis of accounting manipulation.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/6",
      "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-6",
      "loopMatches": [
        {
          "to": 9,
          "from": 3,
          "name": "Aha Moment",
          "slug": "03-aha-moment",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "matchId": "399ad4df-4747-4280-859b-7a704a926488",
          "evidence": "The deck presents a series of contradictions and inconsistencies in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "objective": "Is CPI Property Group S.A.'s valuation of Reuchlinstraße 10-11 justified?",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "confidence": 0.7,
          "description": "Establish a tension, present data, then deliver the insight that changes everything"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 18,
          "from": 6,
          "beatId": "5d32f2fb-1829-44ae-8b5a-9e7907b653f2",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The deck presents detailed critiques of specific assets, including Reuchlinstraße 10-11, Prague & Warsaw Office Vacancies, and Berlin's Vacancy Issues.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-8456188f4be9",
      "docSlug": "3112e2e7b808",
      "documentTitle": "CPI Property Group (CPIPGR)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-01-22 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 7,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses photographic evidence of building directories to challenge the perceived occupancy or quality of the site.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/7",
      "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-7",
      "loopMatches": [
        {
          "to": 9,
          "from": 3,
          "name": "Aha Moment",
          "slug": "03-aha-moment",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "matchId": "399ad4df-4747-4280-859b-7a704a926488",
          "evidence": "The deck presents a series of contradictions and inconsistencies in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "objective": "Is CPI Property Group S.A.'s valuation of Reuchlinstraße 10-11 justified?",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "confidence": 0.7,
          "description": "Establish a tension, present data, then deliver the insight that changes everything"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 18,
          "from": 6,
          "beatId": "5d32f2fb-1829-44ae-8b5a-9e7907b653f2",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The deck presents detailed critiques of specific assets, including Reuchlinstraße 10-11, Prague & Warsaw Office Vacancies, and Berlin's Vacancy Issues.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-8456188f4be9",
      "docSlug": "3112e2e7b808",
      "documentTitle": "CPI Property Group (CPIPGR)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-01-22 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 8,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses photographic evidence to challenge management's narrative regarding property upkeep.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-8456188f4be9/8",
      "deckHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-8456188f4be9#slide-8",
      "loopMatches": [
        {
          "to": 9,
          "from": 3,
          "name": "Aha Moment",
          "slug": "03-aha-moment",
          "bestFor": "Data-heavy sections, research findings, analytical arguments",
          "matchId": "399ad4df-4747-4280-859b-7a704a926488",
          "evidence": "The deck presents a series of contradictions and inconsistencies in CPI Property Group S.A.'s valuation practices.",
          "position": 0,
          "objective": "Is CPI Property Group S.A.'s valuation of Reuchlinstraße 10-11 justified?",
          "structure": "The Problem/Question -> What the Data Shows -> The Insight",
          "confidence": 0.7,
          "description": "Establish a tension, present data, then deliver the insight that changes everything"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 18,
          "from": 6,
          "beatId": "5d32f2fb-1829-44ae-8b5a-9e7907b653f2",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Monster",
          "beatSlug": "overcoming-monster-the-monster",
          "evidence": "The deck presents detailed critiques of specific assets, including Reuchlinstraße 10-11, Prague & Warsaw Office Vacancies, and Berlin's Vacancy Issues.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": "Hook",
          "parentBeatSlug": "hook"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-7ded5e578fea",
      "docSlug": "631c22c05486",
      "documentTitle": "CPI Property Group (CPIPGR)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2024-01-25 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 35,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a sarcastic tone ('VitekCoin') to frame the financial transactions as absurd and potentially fraudulent.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-7ded5e578fea/35",
      "deckHref": "/decks/019dd923-622c-750b-8b97-7ded5e578fea",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-7ded5e578fea#slide-35",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 35,
          "from": 21,
          "beatId": "267dc7f5-468a-40fb-8a8b-ffb6144f5222",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "The Victory",
          "beatSlug": "overcoming-monster-the-victory",
          "evidence": "The conclusion and call to action, highlighting the implications of the findings for investors and regulators.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": "Turn",
          "parentBeatSlug": "turn"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 1,
      "slideType": "cover",
      "function": "front_matter",
      "notes": "The use of the Wile E. Coyote cartoon is a visual metaphor for an impending 'cliff' or disaster.",
      "imagePath": "https://imgproxy.kitesheet.com/s4FsHr1x4HvZpBPZBwZfOOKrEZOhku86WDQMasJBI_4/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zOTg4MzFmMTEzM2EvcDAwMS5wbmc",
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/1",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-1",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": "https://imgproxy.kitesheet.com/21Ll47wWETw9Ej8xiA7yH1LXk-z-aDEWcjsqAyqrClU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zOTg4MzFmMTEzM2EvcDAwMS5qcGc",
      "thumbSrc": "https://imgproxy.kitesheet.com/ck4cnGfzQWGRO2-DQLQeXJF26tY8jajrphzNGaTBcXE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zOTg4MzFmMTEzM2EvcDAwMS5wbmc",
      "thumbSrcAlt": "https://imgproxy.kitesheet.com/mY9C1Nt-tym6TgQwTIcsR6-T9T7cN32d-iuR-gc8Hqw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zOTg4MzFmMTEzM2EvcDAwMS5qcGc"
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 2,
      "slideType": "disclaimer",
      "function": "other",
      "notes": "Standard legal boilerplate for activist short-seller reports.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/2",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-2",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 3,
      "slideType": "problem_statement",
      "function": "frame_problem",
      "notes": "This is a classic activist short thesis slide, framing the problem as a combination of financial engineering (swaps) and fundamental credit risk.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/3",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-3",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 3,
          "beatId": "a0b96d73-7582-471b-8c23-02fbdb8ea762",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Problem Identification",
          "beatSlug": "problem-agitate-solution-problem-identify-pain",
          "evidence": "The document begins by stating that Muddy Waters is short BXMT and outlining the contents.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 4,
      "slideType": "table_of_contents",
      "function": "summarize",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/4",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-4",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 3,
          "beatId": "a0b96d73-7582-471b-8c23-02fbdb8ea762",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Problem Identification",
          "beatSlug": "problem-agitate-solution-problem-identify-pain",
          "evidence": "The document begins by stating that Muddy Waters is short BXMT and outlining the contents.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 5,
      "slideType": "other",
      "function": "establish_context",
      "notes": "This slide provides the foundational context for the activist thesis by explaining the core mechanics of the target company's lending business.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/5",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-5",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 5,
          "from": 3,
          "beatId": "a0b96d73-7582-471b-8c23-02fbdb8ea762",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Problem Identification",
          "beatSlug": "problem-agitate-solution-problem-identify-pain",
          "evidence": "The document begins by stating that Muddy Waters is short BXMT and outlining the contents.",
          "position": 0,
          "confidence": 0.8,
          "parentBeatName": "Complication",
          "parentBeatSlug": "complication"
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 6,
      "slideType": "problem_statement",
      "function": "diagnose_problem",
      "notes": "The slide uses a causal chain to explain why BXMT is vulnerable to current macro conditions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/6",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-6",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 8,
          "from": 6,
          "beatId": "1dac1199-1c21-4e60-b138-c6f8d4601083",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Complication",
          "beatSlug": "complication",
          "evidence": "The document highlights the potential risks and complications facing BXMT, including the impact of SOFR and the CMBS market.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 7,
      "slideType": "problem_statement",
      "function": "diagnose_problem",
      "notes": "Includes two charts: one showing global CRE debt maturities and another showing loss severity rates for office vs. non-office properties.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/7",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-7",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 8,
          "from": 6,
          "beatId": "1dac1199-1c21-4e60-b138-c6f8d4601083",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Complication",
          "beatSlug": "complication",
          "evidence": "The document highlights the potential risks and complications facing BXMT, including the impact of SOFR and the CMBS market.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 8,
      "slideType": "transition",
      "function": "transition",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/8",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-8",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 8,
          "from": 6,
          "beatId": "1dac1199-1c21-4e60-b138-c6f8d4601083",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Complication",
          "beatSlug": "complication",
          "evidence": "The document highlights the potential risks and complications facing BXMT, including the impact of SOFR and the CMBS market.",
          "position": 1,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 9,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses the 'extending and pretending' idiom to describe loan modifications.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/9",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-9",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 15,
          "from": 9,
          "beatId": "aec6959f-598d-4fc9-ad51-256b6e56187e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The document reveals contradictions in BXMT's financials and operations, including the manipulation of risk ratings and CECLs.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 10,
      "slideType": "key_takeaways",
      "function": "diagnose_problem",
      "notes": "This slide outlines a bearish thesis on BXMT, focusing on credit risk, liquidity, and under-provisioning.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/10",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-10",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 15,
          "from": 9,
          "beatId": "aec6959f-598d-4fc9-ad51-256b6e56187e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The document reveals contradictions in BXMT's financials and operations, including the manipulation of risk ratings and CECLs.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 11,
      "slideType": "problem_statement",
      "function": "diagnose_problem",
      "notes": "The slide uses a logical chain to demonstrate that current NOI/Debt ratios are insufficient to cover the implied interest rates once swaps expire.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/11",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-11",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 15,
          "from": 9,
          "beatId": "aec6959f-598d-4fc9-ad51-256b6e56187e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The document reveals contradictions in BXMT's financials and operations, including the manipulation of risk ratings and CECLs.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 12,
      "slideType": "appendix_methodology",
      "function": "other",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/12",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-12",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 15,
          "from": 9,
          "beatId": "aec6959f-598d-4fc9-ad51-256b6e56187e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The document reveals contradictions in BXMT's financials and operations, including the manipulation of risk ratings and CECLs.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 13,
      "slideType": "appendix_methodology",
      "function": "summarize",
      "notes": "The slide emphasizes the representativeness of the sample data and the use of external CRE databases to estimate property-level metrics like vacancies and cap rates.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/13",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-13",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 15,
          "from": 9,
          "beatId": "aec6959f-598d-4fc9-ad51-256b6e56187e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The document reveals contradictions in BXMT's financials and operations, including the manipulation of risk ratings and CECLs.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 14,
      "slideType": "appendix_data",
      "function": "analyze_data",
      "notes": "Includes property photo, loan terms, historical performance metrics (NOI, DSCR, Occupancy), and a business plan summary.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/14",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-14",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 15,
          "from": 9,
          "beatId": "aec6959f-598d-4fc9-ad51-256b6e56187e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The document reveals contradictions in BXMT's financials and operations, including the manipulation of risk ratings and CECLs.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 15,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a specific definition of '6A' watchlist status to imply material risk to investors.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/15",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-15",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 15,
          "from": 9,
          "beatId": "aec6959f-598d-4fc9-ad51-256b6e56187e",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Expose Contradiction",
          "beatSlug": null,
          "evidence": "The document reveals contradictions in BXMT's financials and operations, including the manipulation of risk ratings and CECLs.",
          "position": 2,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 16,
      "slideType": "thesis_headline",
      "function": "frame_problem",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/16",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-16",
      "loopMatches": [
        {
          "to": 18,
          "from": 16,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "515e6530-4f8e-426d-9144-f7c5d1c64b57",
          "evidence": "The document zooms in on the financials of BXMT's borrowers, revealing the risks and potential consequences.",
          "position": 0,
          "objective": "To highlight the specific risks facing BXMT's borrowers",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 18,
          "from": 16,
          "beatId": "b964106a-214f-4585-b3ad-262177af145b",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Thesis Headline",
          "beatSlug": null,
          "evidence": "The document presents key findings, including the fact that 73% of CLO borrowers aren't covering interest expense absent swaps.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 17,
      "slideType": "appendix_methodology",
      "function": "present_framework",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/17",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-17",
      "loopMatches": [
        {
          "to": 18,
          "from": 16,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "515e6530-4f8e-426d-9144-f7c5d1c64b57",
          "evidence": "The document zooms in on the financials of BXMT's borrowers, revealing the risks and potential consequences.",
          "position": 0,
          "objective": "To highlight the specific risks facing BXMT's borrowers",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 18,
          "from": 16,
          "beatId": "b964106a-214f-4585-b3ad-262177af145b",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Thesis Headline",
          "beatSlug": null,
          "evidence": "The document presents key findings, including the fact that 73% of CLO borrowers aren't covering interest expense absent swaps.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 18,
      "slideType": "key_takeaways",
      "function": "diagnose_problem",
      "notes": "The slide highlights two groups of borrowers (Group A and others) and their sensitivity to SOFR rates.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/18",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-18",
      "loopMatches": [
        {
          "to": 18,
          "from": 16,
          "name": "Zoom In",
          "slug": "06-zoom-in",
          "bestFor": "Technical deep-dives, case studies, detailed analysis",
          "matchId": "515e6530-4f8e-426d-9144-f7c5d1c64b57",
          "evidence": "The document zooms in on the financials of BXMT's borrowers, revealing the risks and potential consequences.",
          "position": 0,
          "objective": "To highlight the specific risks facing BXMT's borrowers",
          "structure": "The Big Picture -> Key Area of Focus -> Specific Detail -> Implication",
          "confidence": 0.7,
          "description": "Start broad, then progressively focus on specific details that prove your point"
        }
      ],
      "arcBeatMatches": [
        {
          "to": 18,
          "from": 16,
          "beatId": "b964106a-214f-4585-b3ad-262177af145b",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Thesis Headline",
          "beatSlug": null,
          "evidence": "The document presents key findings, including the fact that 73% of CLO borrowers aren't covering interest expense absent swaps.",
          "position": 3,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 19,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "The table highlights the inability of specific real estate assets to maintain positive coverage ratios under rising interest rate scenarios.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/19",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-19",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 22,
          "from": 19,
          "beatId": "22472abb-5928-43aa-8546-995a587185bd",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Preempt Rebuttal",
          "beatSlug": null,
          "evidence": "The document anticipates potential rebuttals and addresses them with further evidence and analysis.",
          "position": 4,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 20,
      "slideType": "valuation_table",
      "function": "analyze_data",
      "notes": "The table highlights that as SOFR increases, the interest rates for these properties exceed their NOI/Debt yields, suggesting potential insolvency or inability to cover debt service.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/20",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-20",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 22,
          "from": 19,
          "beatId": "22472abb-5928-43aa-8546-995a587185bd",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Preempt Rebuttal",
          "beatSlug": null,
          "evidence": "The document anticipates potential rebuttals and addresses them with further evidence and analysis.",
          "position": 4,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 21,
      "slideType": "key_takeaways",
      "function": "summarize",
      "notes": "This is a key analytical slide in an activist short report.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/21",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-21",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 22,
          "from": 19,
          "beatId": "22472abb-5928-43aa-8546-995a587185bd",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Preempt Rebuttal",
          "beatSlug": null,
          "evidence": "The document anticipates potential rebuttals and addresses them with further evidence and analysis.",
          "position": 4,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 22,
      "slideType": "thesis_headline",
      "function": "quantify_opportunity",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/22",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-22",
      "loopMatches": [],
      "arcBeatMatches": [
        {
          "to": 22,
          "from": 19,
          "beatId": "22472abb-5928-43aa-8546-995a587185bd",
          "arcName": "Overcoming the Monster",
          "arcSlug": "overcoming-monster",
          "beatName": "Preempt Rebuttal",
          "beatSlug": null,
          "evidence": "The document anticipates potential rebuttals and addresses them with further evidence and analysis.",
          "position": 4,
          "confidence": 0.8,
          "parentBeatName": null,
          "parentBeatSlug": null
        }
      ],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 23,
      "slideType": "appendix_methodology",
      "function": "analyze_data",
      "notes": "This slide explains the logic behind a specific quantitative estimate used in the activist report.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/23",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-23",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 24,
      "slideType": "section_divider",
      "function": "transition",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/24",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-24",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 25,
      "slideType": "problem_statement",
      "function": "diagnose_problem",
      "notes": "The slide uses a 'bad and worse' framing to highlight the lack of viable options for the company.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/25",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-25",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 26,
      "slideType": "valuation_table",
      "function": "analyze_data",
      "notes": "The slide uses a methodology of applying market cap rates to LTM NOIs to derive asset values, highlighting significant potential impairments in the loan portfolio.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/26",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-26",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 27,
      "slideType": "valuation_table",
      "function": "expose_contradiction",
      "notes": "The slide uses a 'Muddy Waters Research' branding and highlights a discrepancy between book value and market value, suggesting over-leveraging or asset impairment.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/27",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-27",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 28,
      "slideType": "preempt_rebuttal",
      "function": "preempt_rebuttal",
      "notes": "The slide uses a red box to highlight the 'DBRS Morningstar As-Is LTV (%)' column to draw attention to high leverage ratios.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/28",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-28",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 29,
      "slideType": "section_divider",
      "function": "transition",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/29",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-29",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 30,
      "slideType": "appendix_methodology",
      "function": "diagnose_problem",
      "notes": "The slide highlights a specific impairment reserve rate of ~23% for risk rating 5 loans.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/30",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-30",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 31,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses specific financial figures to contrast reported reserves with estimated actual impairments.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/31",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-31",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 32,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses specific loan groupings (Group A and Group B) to demonstrate the discrepancy between interest coverage ability and assigned risk ratings.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/32",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-32",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 33,
      "slideType": "preempt_rebuttal",
      "function": "expose_contradiction",
      "notes": "The slide uses a red box to highlight the 'As-Is LTV (%)' column and red arrows to point out specific '2 rated' and '3 rated' loans.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/33",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-33",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 34,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a 'Recall that' structure to build a case for accounting manipulation.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/34",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-34",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 35,
      "slideType": "section_divider",
      "function": "transition",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/35",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-35",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 36,
      "slideType": "problem_statement",
      "function": "diagnose_problem",
      "notes": "The slide uses a list-based format to present a series of bearish arguments regarding BXMT's financial health.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/36",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-36",
      "loopMatches": [
        {
          "to": 38,
          "from": 36,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "15538ffa-4c20-4397-968a-3e2c92b513c8",
          "evidence": "The document presents scenarios of potential dividend reductions, highlighting the impact of inaction.",
          "position": 1,
          "objective": "To illustrate the potential consequences of BXMT's inaction",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.6,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 37,
      "slideType": "valuation_table",
      "function": "analyze_data",
      "notes": "The slide highlights the negative impact on dividends per share due to interest rate increases and NOI shortfalls.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/37",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-37",
      "loopMatches": [
        {
          "to": 38,
          "from": 36,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "15538ffa-4c20-4397-968a-3e2c92b513c8",
          "evidence": "The document presents scenarios of potential dividend reductions, highlighting the impact of inaction.",
          "position": 1,
          "objective": "To illustrate the potential consequences of BXMT's inaction",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.6,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 38,
      "slideType": "scenario_table",
      "function": "analyze_data",
      "notes": "The slide highlights a significant reduction in dividend per share under bear case interest rate assumptions.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/38",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-38",
      "loopMatches": [
        {
          "to": 38,
          "from": 36,
          "name": "Cost Of Inaction",
          "slug": "27-cost-of-inaction",
          "bestFor": "Urgent budget requests, compliance, risk mitigation",
          "matchId": "15538ffa-4c20-4397-968a-3e2c92b513c8",
          "evidence": "The document presents scenarios of potential dividend reductions, highlighting the impact of inaction.",
          "position": 1,
          "objective": "To illustrate the potential consequences of BXMT's inaction",
          "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
          "confidence": 0.6,
          "description": "Quantify what happens if the audience does nothing"
        }
      ],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 39,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a 'CYA' (Cover Your Assets) framing to imply the company is preemptively disclosing risks to mitigate liability.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/39",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-39",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 40,
      "slideType": "key_messages",
      "function": "diagnose_problem",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/40",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-40",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 41,
      "slideType": "executive_summary",
      "function": "summarize",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/41",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-41",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 42,
      "slideType": "appendix",
      "function": "appendix",
      "notes": null,
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/42",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-42",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 43,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses two side-by-side data tables to show the progression of property performance metrics over time.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/43",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-43",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 44,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide uses a stacking plan and photos to prove that significant space is available for sublease, contradicting the reported vacancy metrics.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/44",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-44",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 45,
      "slideType": "villain_critique",
      "function": "expose_contradiction",
      "notes": "Includes a screenshot of a news article as evidence of the tenant exit risk.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/45",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-45",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 46,
      "slideType": "problem_statement",
      "function": "diagnose_problem",
      "notes": "Includes screenshots of Cushman & Wakefield listings and WeWork marketing copy to expose discrepancies.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/46",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-46",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 47,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses news clippings to support the narrative of a 'miraculous' lease expansion by a Blackstone-backed entity.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/47",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-47",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 48,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "The slide compares two different loan tranches (BXMT 2020 FL-2 vs FL-3) for the same property to show the deterioration of financial metrics over time.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/48",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-48",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 49,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses a quote from the New York Times to undermine the sponsor's narrative.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/49",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-49",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 50,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses a screenshot of a news article to contradict the 'Fully Leased' claim.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/50",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-50",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    },
    {
      "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
      "docSlug": "398831f1133a",
      "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
      "authorId": "51_Muddy_Waters",
      "authorName": "Muddy Waters Research",
      "documentKindSlug": "activist-deck",
      "documentKindLabel": "Activist deck",
      "sourceTypeSlug": "short_seller",
      "sourceTypeLabel": "Short seller",
      "presentationDate": "2023-12-06 00:00:00",
      "orientation": "landscape",
      "aspectRatio": 1.7777778,
      "pageNumber": 51,
      "slideType": "expose_contradiction",
      "function": "expose_contradiction",
      "notes": "Uses a Washington Post article screenshot to support the bearish thesis on BXMT's exposure.",
      "imagePath": null,
      "matchCount": 1,
      "evidence": null,
      "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/51",
      "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
      "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-51",
      "loopMatches": [],
      "arcBeatMatches": [],
      "imagePathAlt": null,
      "thumbSrc": null,
      "thumbSrcAlt": null,
      "locked": true
    }
  ]
}