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Campaigns / Muddy Waters → Blackstone Mortgage Trust, Inc.
Muddy Waters vs. Blackstone Mortgage Trust, Inc.

Blackstone Mortgage Trust, Inc. · BXMT

1 deck published between 2023-12-06 and 2023-12-06 — 51 pages, 51 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2023-12-06 initial thesis

    2023 12 MW_BXMT_20231206

    51pp · full_deck

    BXMT's borrowers only stay current because of expiring rate swaps; as ~$16B of swaps terminate in 2024, dividend cuts of 33-85% and $2.5-4.5B of loan losses could wipe out the $4B market cap.