{
  "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,
  "pageCount": 51,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide uses a specific definition of '6A' watchlist status to imply material risk to investors.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/15",
  "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-15",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The CLO servicing report for the three CLOs show a total of $1.9 billion of loans that are on the \"watchlist\" at \"6A\", which means \"Any Other Situation that Indicates an Increased Level of Default Risk that may Create Potential Material Losses to Investors (Lesser of 10% of UPB or $500,000)\"",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8683-532b8f13d57d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "watchlist loans: $1.9 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8683-54d0193870f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.85,
        "x": 0.05,
        "y": 0.2
      },
      "kind": "paragraph",
      "text": "The CLO servicing report for the three CLOs show a total of $1.9 billion of loans that are on the \"watchlist\" at \"6A\", which means \"Any Other Situation that Indicates an Increased Level of Default Risk that may Create Potential Material Losses to Investors (Lesser of 10% of UPB or $500,000)\"1",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9a97eb61-c25d-44cf-8318-2127c6cacfd7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.05,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "1 CLO servicer Watchlist report available from computershare.com",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2340db70-fbe4-48de-ba80-9547034644d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Bottom CLO Tranches are Already on the Watchlist",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9eb73c83-4a53-4e8b-9b2e-edd5bc918dd7",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "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
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}