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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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  "authorName": "Muddy Waters Research",
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      "text": "BXMT Has Looked Steady, But That's About to Change 8\nOur Methodology 12\nMany Borrowers Can't Cover Interest Expense 16\nWe Estimate that ~$16 Billion of Swaps Terminate through 2024 22\nBorrowers Unable to Refinance and Repay BXMT 24\nBXMT Has Been Obscuring these Issues 29\nDividend Impact and BXMT's Options 35\nAppendix: Examples of Problematic Loans 42",
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