{
  "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,
  "pageCount": 51,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "thesis_headline",
  "function": "frame_problem",
  "density": "sparse",
  "nDataPoints": 1,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/16",
  "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We extrapolate that ~70% to 75% of U.S. borrowers are unable to pay interest expense without the swaps.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8682-cbdc1dca2f5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "borrower insolvency rate: 75%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8682-cc9927b18da9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "We extrapolate that ~70% to 75% of U.S. borrowers are unable to pay interest expense without the swaps.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5d742364-bbf7-4564-9f63-fbec4065048e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.33
      },
      "kind": "title",
      "text": "Many Borrowers Can't Cover Interest Expense",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0fc5fc09-1a5c-4544-9c37-aec65cd13776",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "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
    }
  ],
  "loops": [
    {
      "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"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}