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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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      "text": "We determine each property's ability to service its interest expense by dividing LTM NOI (available in CLO data) by the outstanding principal balance. If the result is greater than the combined rate on the loan, we assume the property can service its interest expense. We generally exclude capex needs, which is company favorable.",
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      "text": "How to Determine a Property's Debt Service Capacity",
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