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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 a red box to highlight the 'As-Is LTV (%)' column and red arrows to point out specific '2 rated' and '3 rated' loans.",
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      "kind": "callout",
      "text": "BXMT's total non-specific CECLs across the entire U.S. book are $114 million, which this table shows is unduly low.",
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      "text": "CECL reserves: $114 million",
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      "text": "BXMT's total non-specific CECLs across the entire U.S. book are $114 million, which this table shows is unduly low. We estimate that One South Wacker is impaired by $155 million, Colony Square by $50.7 million, Liberty View by $47 million, and Northbridge by $9.3 million.",
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      "text": "Top 10 Loan Summary Table with columns for Loan Name, Balance, % of Pool, DSCRs, LTVs, and Business Plan Score.",
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      "kind": "title",
      "text": "Remember this Table from DBRS Morningstar? Obviously Impaired Loans Risk Rated 2 and 3 With No Specific CECLs",
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