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  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
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      "text": "We believe that BXMT will ultimately recognize significant losses in its loan book, ranging from $2.5 billion to $4.5 billion. These losses could wipe out its market cap.",
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      "text": "We see BXMT significantly cutting its dividend by ~33% to ~85%, beginning in H2 2024.\nBXMT could have a liquidity crisis due to its lenders requiring it to post more collateral and / or having to fund its unfunded commitments of $2.7 billion with only $1.5 billion committed or identified financings for those commitments, leaving $1.2 billion in net unfunded commitments.\nWe believe that BXMT will ultimately recognize significant losses in its loan book, ranging from $2.5 billion to $4.5 billion. These losses could wipe out its market cap.",
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