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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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  "notes": "The slide uses a 'Muddy Waters Research' branding and highlights a discrepancy between book value and market value, suggesting over-leveraging or asset impairment.",
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      "text": "1 Excludes the two Overture properties, which appear to have property values equal to loan amounts. 2 We subtracted $3.0 million of capex from NOI for stabilized NOI per CLO data.",
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      "text": "Group B table showing Building, Net Book Q3 2023, Est. Market Cap Rate, As-Is Value, Impairment, and As-Is Recovery.",
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      "text": "Group B – Loans Appear Materially Below Asset Values",
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