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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
  "authorId": "51_Muddy_Waters",
  "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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  "notes": "This is a key analytical slide in an activist short report.",
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      "text": "It seems that ~70% - 75% of the U.S. loan book is unable to service its debt absent rate swaps, based on the CLOs.",
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      "text": "We understand from BXMT Investor Relations that the CLOs are representative of BXMT's U.S. loan book, ex-construction and very large loans.\nIt seems that ~70% - 75% of the U.S. loan book is unable to service its debt absent rate swaps, based on the CLOs.\nWe also see indicia of stress in international and construction loans, which we discuss infra.",
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      "kind": "title",
      "text": "Extrapolating to the Entire Loan Book",
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      "arcName": "Overcoming the Monster",
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