“KC”, who publishes as Old Time REITster, sits down with Carson Block of Muddy Waters Capital to explain why he’s short Blackstone Mortgage Trust Inc. (BXMT). KC explains how the forthcoming audit should cause BXMT to be more sober in its loan accounting. He discusses how loan reserves have papered over borrower cash flow problems so far, the perverse incentives that have encouraged some sponsors to contribute more equity in 2023, and more inside baseball reasons why he’s short BXMT in 2024.
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