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  "docSlug": "398831f1133a",
  "documentTitle": "Blackstone Mortgage Trust, Inc. (BXMT)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-12-06 00:00:00",
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  "pageNumber": 43,
  "pageCount": 51,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 40,
  "notes": "The slide uses two side-by-side data tables to show the progression of property performance metrics over time.",
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      "kind": "callout",
      "text": "We believe 444 Michigan Ave, which matures in January 2024, is a harbinger of the near future for BXMT.",
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      "text": "Risk Rating: 5",
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      "text": "We believe 444 Michigan Ave, which matures in January 2024, is a harbinger of the near future for BXMT. CLO and the real estate data service show that 444 Michigan Ave was a struggling property for at least two years before being downgraded to a 5. As of FY 2022, it was still rated a 3. In Q1 2023, BXMT revised downward to 4. In Q2, BXMT revised the Risk Rating to 5.",
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      "text": "All information as of March 31, 2023; $000s, except for basis PSF",
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      "text": "All information as of June 30, 2023; $000s, except for basis PSF",
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      "kind": "title",
      "text": "Chicago – 444 Michigan Ave (Risk Rating Plummeting from 3 to 5)",
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