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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": "The slide uses specific financial figures to contrast reported reserves with estimated actual impairments.",
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      "text": "For 1-4 rated loans (~$22.3 billion total loans receivable), BXMT is in total reserving ~$141 million (0.6%), which is a fraction of the ~$2.5 billion to ~$4.5 billion of underlying impairments we think should be taken.",
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      "text": "BXMT has been aggressive in its risk ratings of loans.\nBXMT has under-provisioned CECLs, particularly on loans with Risk Ratings of 3 and 4 where we see likely principal loss or modification (with modification risking BXMT's dividend).\nCECLs on loans with Risk Ratings of 5 are disclosed to be $322 million, which we believe understates the impairments that would be realized if borrowers were forced to repay the loan. Many of these loans are believed to be worth less than 80% of the loan balance.\nFor 1-4 rated loans (~$22.3 billion total loans receivable), BXMT is in total reserving ~$141 million (0.6%), which is a fraction of the ~$2.5 billion to ~$4.5 billion of underlying impairments we think should be taken.",
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      "text": "CECL reserves: $141 million",
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      "kind": "title",
      "text": "BXMT Has Been Misleading Investors",
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