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  "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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  "notes": "This slide provides the foundational context for the activist thesis by explaining the core mechanics of the target company's lending business.",
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      "text": "N.B. Because these are interest-only loans, this model relies on borrowers being able to refinance to repay the loans.",
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      "text": "BXMT is a REIT that borrows money and lends it onward to commercial mortgage borrowers.\nThe loans are floating rate (SOFR + spread) interest-only.\nThe loans typically have three-year initial terms. If borrowers meet mainly NOI / debt tests, they may extend for 1 + 1 years.\nBXMT requires that its borrowers enter into interest rate swaps (\"rate caps\") to protect their ability to pay interest in a rising rate environment.\nBXMT captures a spread between interest income and interest expense. Its ability to make distributions depends on its ability to avoid significant defaults.",
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      "kind": "title",
      "text": "How BXMT Works",
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