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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
  "authorId": "51_Muddy_Waters",
  "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 highlights a specific impairment reserve rate of ~23% for risk rating 5 loans.",
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      "text": "Currently it reserves for a ~23% impairment.",
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      "text": "BXMT classifies loans with Risk Ratings of 1 – 5.\nRisk Rating 5 is the riskiest, with a very high risk of realizing a principal loss or has already incurred a principal loss. Risk Rating 1 is the least risky.\nWhen loans reach Risk Ratings of 5, BXMT ascribes CECLs to each RR 5 loan. Currently it reserves for a ~23% impairment.\nFor 1-4 rated loans, BXMT provides an overall CECL by region / type, but not by individual loan.",
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      "text": "impairment: ~23%",
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