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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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  "notes": "The slide uses a methodology of applying market cap rates to LTM NOIs to derive asset values, highlighting significant potential impairments in the loan portfolio.",
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      "text": "As-Is Recovery: 50%",
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      "text": "We derive As-Is values by using a leading real estate data provider's estimate of market cap rate for each property. The LTM NOIs come from the CLO data.\nRecovery is the difference (if any) between loan net book value and As-Is value.",
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      "text": "* Construction / renovation loans.",
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      "text": "Group A table showing Building, Net Book (000s) Q3 2023, Est. Market Cap Rate, As-Is Value, Impairment, and As-Is Recovery columns.",
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      "text": "Group A – Loans Appear Significantly Below Asset Values",
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