The following are notes from Carson Block’s presentation from the 10th annual Sohn London Investment Conference, which took place on December 6th, 2023. Carson Block on Shorting Blackstone Mortgage Trust Carson Block, representing Muddy Waters, discusses the shorting of Blackstone Mortgage Trust Inc (NYSE:BXMT). Blackstone Mortgage Trust Overview: Muddy Waters is shorting Blackstone Mortgage Trust, citing concerns about its business fundamentals, predicting a liquidity crisis, and recommending dividend cuts. Blackstone Mortgage Trust has a market capitalization of 4 billion. Business Model and Risks: Blackstone Mortgage Trust operates by capturing spreads and managing defaults in the mortgage market. Refinancing loans is…
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