Savannah Guthrie Believes 2 Nancy Ransom Notes Were Real

Savannah Guthrie believes the 2 ransom notes her family received regarding her mother Nancy Guthrie's disappearance were legit.

The "Today" host reflected on the ransom notes during her sitdown with Hoda Kotb ... saying she believes the notes her family responded to are real, and the rest likely phony.

We were first to report on a ransom note back in February ... demanding millions in bitcoin, while claiming Nancy was safe but frightened. We received that note and immediately contacted the Pima County Sheriff, and hours later, we received the first of many calls from the FBI.

What's puzzling ... Savannah said early on her family would pay the ransom, but we have been monitoring the bitcoin address and the money was never paid. We know the family was in constant contact with the FBI, but we do not know if there was a change of heart.

And despite a $1 million reward for anyone with information that brings Nancy home, there has been no break in the case. Savannah says she and her family are in the dark.

Savannah was emotional during her interview with Hoda .... saying she blamed herself for her mother's kidnapping -- and acknowledges Nancy was likely targeted because of her fame and presumed fortune.

She also reflected on seeing the doorbell footage from Nancy's front door, saying she wakes up every night thinking about her mom seeing the masked man above her bed before she was taken away.