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Global slide inventory for the active corpus filters, with each row opening the slide detail view.

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Corpus coverage

319,975 slides

319,974 are described (100%), so the treemap can explain the corpus instead of just counting files.

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319,975
Described
319,974
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Showing 319,974 described slides — 100.0% of 319,975 rendered pages

+Context & problem43,76713.7% · 6,592 docs+Data & charts72,62022.7% · 8,666 docs+Meta & navigation45,93614.4% · 9,739 docs+Recommend & act67,04121.0% · 9,324 docs+Cases & evidence31,2569.8% · 6,067 docs+Frameworks2,1230.7% · 1,232 docs+Appendix35,68211.2% · 6,614 docs+Other21,5496.7% · 5,566 docs

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Slide collection

119,101-119,160 of 319,975

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01
Slide 1
The chart shows a significant divergence between CPI PG's reported property value changes and the broader vdp Property Price Index.CPI Property Group (CPIPGR) · Muddy Waters Research
Activist deck Short seller Beat · The Call1 hit
02
CPI Property Group (CPIPGR)CPI Property Group (CPIPGR) · Muddy Waters Research
Activist deck Short seller Beat · The Call1 hit
03
The slide argues that the valuation increase is not justified by the minor increase in GLA (square footage) and suggests the valuations are unrealistic.CPI Property Group (CPIPGR) · Muddy Waters Research
Activist deck Short seller Beat · The CallLoop · Aha Moment1 hit
04
This slide serves as an introduction to 'Part 2' of the activist report, focusing on asset valuation and occupancy discrepancies.CPI Property Group (CPIPGR) · Muddy Waters Research
Activist deck Short seller Beat · The CallLoop · Aha Moment1 hit
05
This is a classic activist short-seller 'thesis' slide, framing a specific asset as evidence of accounting or valuation fraud.CPI Property Group (CPIPGR) · Muddy Waters Research
Activist deck Short seller Beat · The CallLoop · Aha Moment1 hit
06
The slide uses a specific asset to illustrate a broader thesis of accounting manipulation.CPI Property Group (CPIPGR) · Muddy Waters Research
Activist deck Short seller Beat · The MonsterLoop · Aha Moment1 hit
07
The slide uses photographic evidence of building directories to challenge the perceived occupancy or quality of the site.CPI Property Group (CPIPGR) · Muddy Waters Research
Activist deck Short seller Beat · The MonsterLoop · Aha Moment1 hit
08
The slide uses photographic evidence to challenge management's narrative regarding property upkeep.CPI Property Group (CPIPGR) · Muddy Waters Research
Activist deck Short seller Beat · The MonsterLoop · Aha Moment1 hit
35
The slide uses a sarcastic tone ('VitekCoin') to frame the financial transactions as absurd and potentially fraudulent.CPI Property Group (CPIPGR) · Muddy Waters Research
Activist deck Short seller Beat · The Victory1 hit
01
Slide 1
The use of the Wile E. Coyote cartoon is a visual metaphor for an impending 'cliff' or disaster.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
02
Standard legal boilerplate for activist short-seller reports.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
03
This is a classic activist short thesis slide, framing the problem as a combination of financial engineering (swaps) and fundamental credit risk.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Problem Identification1 hit
04
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Problem Identification1 hit
05
This slide provides the foundational context for the activist thesis by explaining the core mechanics of the target company's lending business.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Problem Identification1 hit
06
The slide uses a causal chain to explain why BXMT is vulnerable to current macro conditions.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Complication1 hit
07
Includes two charts: one showing global CRE debt maturities and another showing loss severity rates for office vs. non-office properties.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Complication1 hit
08
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Complication1 hit
09
The slide uses the 'extending and pretending' idiom to describe loan modifications.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Expose Contradiction1 hit
10
This slide outlines a bearish thesis on BXMT, focusing on credit risk, liquidity, and under-provisioning.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Expose Contradiction1 hit
11
The slide uses a logical chain to demonstrate that current NOI/Debt ratios are insufficient to cover the implied interest rates once swaps expire.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Expose Contradiction1 hit
12
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Expose Contradiction1 hit
13
The slide emphasizes the representativeness of the sample data and the use of external CRE databases to estimate property-level metrics like vacancies and cap rates.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Expose Contradiction1 hit
14
Includes property photo, loan terms, historical performance metrics (NOI, DSCR, Occupancy), and a business plan summary.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Expose Contradiction1 hit
15
The slide uses a specific definition of '6A' watchlist status to imply material risk to investors.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Expose Contradiction1 hit
16
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Thesis HeadlineLoop · Zoom In1 hit
17
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Thesis HeadlineLoop · Zoom In1 hit
18
The slide highlights two groups of borrowers (Group A and others) and their sensitivity to SOFR rates.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Thesis HeadlineLoop · Zoom In1 hit
19
The table highlights the inability of specific real estate assets to maintain positive coverage ratios under rising interest rate scenarios.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Preempt Rebuttal1 hit
20
The table highlights that as SOFR increases, the interest rates for these properties exceed their NOI/Debt yields, suggesting potential insolvency or inability to cover debt service.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Preempt Rebuttal1 hit
21
This is a key analytical slide in an activist short report.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Preempt Rebuttal1 hit
22
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Beat · Preempt Rebuttal1 hit
23
This slide explains the logic behind a specific quantitative estimate used in the activist report.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
24
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
25
The slide uses a 'bad and worse' framing to highlight the lack of viable options for the company.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
26
The slide uses a methodology of applying market cap rates to LTM NOIs to derive asset values, highlighting significant potential impairments in the loan portfolio.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
27
The slide uses a 'Muddy Waters Research' branding and highlights a discrepancy between book value and market value, suggesting over-leveraging or asset impairment.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
28
The slide uses a red box to highlight the 'DBRS Morningstar As-Is LTV (%)' column to draw attention to high leverage ratios.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
29
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
30
The slide highlights a specific impairment reserve rate of ~23% for risk rating 5 loans.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
31
The slide uses specific financial figures to contrast reported reserves with estimated actual impairments.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
32
Uses specific loan groupings (Group A and Group B) to demonstrate the discrepancy between interest coverage ability and assigned risk ratings.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
33
The slide uses a red box to highlight the 'As-Is LTV (%)' column and red arrows to point out specific '2 rated' and '3 rated' loans.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
34
The slide uses a 'Recall that' structure to build a case for accounting manipulation.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
35
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
36
The slide uses a list-based format to present a series of bearish arguments regarding BXMT's financial health.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Loop · Cost Of Inaction1 hit
37
The slide highlights the negative impact on dividends per share due to interest rate increases and NOI shortfalls.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Loop · Cost Of Inaction1 hit
38
The slide highlights a significant reduction in dividend per share under bear case interest rate assumptions.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller Loop · Cost Of Inaction1 hit
39
The slide uses a 'CYA' (Cover Your Assets) framing to imply the company is preemptively disclosing risks to mitigate liability.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
40
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
41
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
42
Blackstone Mortgage Trust, Inc. (BXMT)Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
43
The slide uses two side-by-side data tables to show the progression of property performance metrics over time.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
44
The slide uses a stacking plan and photos to prove that significant space is available for sublease, contradicting the reported vacancy metrics.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
45
Includes a screenshot of a news article as evidence of the tenant exit risk.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
46
Includes screenshots of Cushman & Wakefield listings and WeWork marketing copy to expose discrepancies.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
47
Uses news clippings to support the narrative of a 'miraculous' lease expansion by a Blackstone-backed entity.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
48
The slide compares two different loan tranches (BXMT 2020 FL-2 vs FL-3) for the same property to show the deterioration of financial metrics over time.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
49
Uses a quote from the New York Times to undermine the sponsor's narrative.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
50
Uses a screenshot of a news article to contradict the 'Fully Leased' claim.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit
51
Uses a Washington Post article screenshot to support the bearish thesis on BXMT's exposure.Blackstone Mortgage Trust, Inc. (BXMT) · Muddy Waters Research
Activist deck Short seller 1 hit