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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2023-12-06 00:00:00",
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  "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.",
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      "text": "Our extrapolations are primarily from these 37 loans, but through identifying three non-CLO loans, we have also gotten a window into non-U.S. loans, construction loans, and other parts of the book.",
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      "text": "BXMT Investor Relations has confirmed that the CLO loans are representative of the U.S. loans on BXMT's balance sheet.",
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      "text": "From BXMT's three CLOs, we obtained granular information on 37 of BXMT's 185 balance sheet loans, which represent ~$5.0 billion of BXMT's $23.2 billion balance sheet.",
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      "text": "Our extrapolations are primarily from these 37 loans, but through identifying three non-CLO loans, we have also gotten a window into non-U.S. loans, construction loans, and other parts of the book. Certain of these loans also show indicia of needing impairments.",
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      "text": "We then used a leading commercial real estate database to understand property details, including vacancies and \"shadow vacancies\" (i.e., rented but unoccupied space on the market for sublease), and estimated cap rates at which the properties should trade.",
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      "text": "1 CLO servicer report available from computershare.com",
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      "text": "Our Methodology / Edge: BXMT Granular Loan Data from CLOs",
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