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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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  "authorName": "Muddy Waters Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-12-06 00:00:00",
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      "text": "BXMT seemingly will have to choose between bad and worse.",
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      "text": "We estimate the As-Is values of Group A loans to be $0.7 billion, versus their net book values of $1.4 billion.\nWe estimate the As-Is values of Group B loans to be $2.0 billion, versus their net book values of $2.4 billion.",
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      "text": "BXMT's loans are interest-only. When the loans mature, the borrowers' interest rate swaps terminate.\nGroup A and B borrowers, which we believe will be unable to cover their interest payments without swaps, will find it difficult to refinance their loans.",
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      "text": "Because a subsequent lender seemingly would lend only 60% to 70% of the current market values of the properties, these borrowers likely will be unable to repay their loans at maturity. As discussed supra, BXMT has already modified some distressed loans by extending them and / or allowing them to PIK.",
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      "text": "The Core Issue for BXMT is Whether its Borrowers Can Refinance Their Loans",
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