{
  "docId": "019dd923-622c-750b-8b97-831dc7f7d364",
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 7,
  "pageCount": 51,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Includes two charts: one showing global CRE debt maturities and another showing loss severity rates for office vs. non-office properties.",
  "elementsJson": [
    "headline_text",
    "bar_chart_stacked",
    "line_chart",
    "bullet_list",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-831dc7f7d364/7",
  "deckHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-831dc7f7d364#slide-7",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.18,
        "x": 0.34,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Chart 21: The looming maturity wall",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6e91e4e-49dc-4ca6-b8c4-8073bde46064",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.22,
        "x": 0.57,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Exhibit 4: Loss severities have risen for offices, but less so for other property types",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "60343026-8316-4f3d-8658-d8471745f0d6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.92,
        "x": 0.04,
        "y": 0.68
      },
      "kind": "list",
      "text": "Thanks to deterioration in property-level financial performance, only about 25 per cent of conduit and single asset/single borrower CMBS loans will be able to refinance in the next two years, GS found.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e9f3da1e-aab6-4670-a96d-c28830a40cc4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.92,
        "x": 0.04,
        "y": 0.45
      },
      "kind": "list",
      "text": "Delinquent commercial real estate loans at US banks have hit their highest level in a decade... The volume of past-due loans... jumped 30 per cent, or $4bn, to $17.7bn in the three months to the end of September.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f868de6b-5aff-4e7b-99ee-66c2de3c4fb4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.28,
        "x": 0.04,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "$1.2 trillion of US CRE maturities in 2024-2025. Forced sellers of CMBS providing a picture of the market",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8abf1284-c9c0-44d1-a3f0-88a2ca550d09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.04,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source FT \"Colliding with CRE's maturity wall\" December 1st 2023",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "78d79d54-70d7-4876-a924-d93d14f53bbc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.6,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "CMBS Market is Reflecting the Stress and Another Overhang",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8fcc5b93-6355-4aa9-83ed-bdd7762c4b35",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 8,
      "from": 6,
      "beatId": "1dac1199-1c21-4e60-b138-c6f8d4601083",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Complication",
      "beatSlug": "complication",
      "evidence": "The document highlights the potential risks and complications facing BXMT, including the impact of SOFR and the CMBS market.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}