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  "docSlug": "398831f1133a",
  "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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      "text": "At current SOFR, we envisage scenarios in which BXMT's dividend is cut by ~55% to ~85%.",
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      "text": "MUDDY WATERS RESEARCH",
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      "text": "With loan modifications on about 6.3% of NBV, and ~4% to 5% of interest income already being PIK, BXMT has been playing the \"extend and pretend\" game. These modifications decrease cash flow.\nBut with estimated ~$16 billion in swaps terminating in 2024, we believe the impact of borrower distress will show up in H2 2024.\nAt current SOFR, we envisage scenarios in which BXMT's dividend is cut by ~55% to ~85%.\nAt 4.5% SOFR, we see the dividend being cut by ~33% to ~55%.\nBXMT's lenders might require it to post more collateral, potentially squeezing liquidity.\nBXMT has $2.7 billion of unfunded loan commitments and only $1.5 billion of available borrowing capacity, potentially creating a liquidity issue.",
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      "text": "dividend cut: ~85%",
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      "kind": "title",
      "text": "How Does BXMT Get Hurt?",
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      "name": "Cost Of Inaction",
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