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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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      "text": "BXMT's least bad alternative seems to be modifying the loans by extending their maturities.",
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      "text": "We expect that in most situations, BXMT will first ask sponsors to inject additional equity. However, we question sponsors' appetites to do so, especially for older properties.",
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      "text": "While this buys time and could result in higher ultimate recoveries, it creates other issues: Modified loans will likely be at least partly PIKing or paying below market interest. The lack of cash flow constrains BXMT's ability to pay dividends. BXMT's lenders might require more collateral on their loans because of drops in the collateral values, creating a liquidity crisis for BXMT.",
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      "text": "BXMT's least bad alternative seems to be modifying the loans by extending their maturities. It appears to have done this with ~80% of its Risk Rated 4 office loans.",
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