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  "docSlug": "398831f1133a",
  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-12-06 00:00:00",
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      "text": "10 of the 37 CLO borrowers (27% by number, 29% by NBV) are unable to cover SOFR at present (\"Group A\"). On average, they would only be able to cover interest if SOFR were ~0.5%.",
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      "text": "17 of the 37 CLO borrowers (46% by number, 49% by NBV) are unable to cover their spreads. On average, they would only be able to cover interest if SOFR were ~3.5%.",
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      "text": "10 of the 37 CLO borrowers (27% by number, 29% by NBV) are unable to cover SOFR at present (\"Group A\"). On average, they would only be able to cover interest if SOFR were ~0.5%.",
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      "text": "interest coverage: 73%",
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      "text": "1 As shown infra, this calculation excludes two properties that presently have negative NOIs due to construction and / or renovation.",
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      "text": "73% of CLO Borrowers Aren't Covering Interest Expense Absent Swaps",
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