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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": "Uses specific loan groupings (Group A and Group B) to demonstrate the discrepancy between interest coverage ability and assigned risk ratings.",
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      "text": "These loans generally can't cover interest until SOFR is 3.5% (see Supra).",
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      "text": "These loans generally can't cover interest until SOFR is 0.5% (see Supra).",
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      "text": "BXMT seemingly is systematically under-rating the Risk Ratings it gives loans.",
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      "text": "Of the 37 loans into which we have visibility from the CLOs: 17 (46%) appear unable to cover their interest rate spreads absent swaps (\"Group B\"). 10 (27%) appear unable to cover even SOFR absent swaps (\"Group A\").",
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