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AMARAL Capital@AmaralPartners·2h

How can HSA + NOR assets conceivably be carried by $MPT at ~$2bn gross, @PwC @PwCUS ? NOR defaulted… before paying a dollar of rent! How is that even possible?

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$MPT calls tenant default notices (sent to large, material tenants) "... certain ordinary course legal notices..." $MPW Does that imply that MPT's tenants default on rent and loan payments all the time? And we just never hear about them? Bc Aldag/Hamner lend them money, to send the rent/interest back? Hint: Yes.

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AMARAL Capital@AmaralPartners·20h

Aldag embezzled funds / took an unauthorized bonus in the early-2000s. The patron of Guilford found out and was going to press charges. Aldag talked his way out by agreeing to give back $$$ and leave Montgomery (in the middle of the night) to head to Bham. $MPT $MPW Widely known in AL business community. Apparently a police report was filed and lies buried somewhere. That’s MPT’s actual origin story. And here we are! Still stealing…

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Peter Allenby@waquoitwonder·11 Mar

@AmaralPartners Do tell all about Guilford....

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AMARAL Capital@AmaralPartners·11 Mar

Calling forbearance and tenant default notices “ordinary course legal notices,” says a lot about the way you run your “real estate” business. $MPT $MPW How you think about the world! What’s crazier is that it’s been that way the entire time. Going back to formation. Going back to Guilford!

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AMARAL Capital@AmaralPartners·4d

While $MPT $MPW tries to shift the narrative (again) to fraudulent round-tripping scheme Infracore/SMN being the latest savior…. The real, most important questions are: “how much more did MPT loan HSA/NOR in 1Q to pay back ‘rent,’” and “what’s the impact of that on MPT’s liquidity?” Followed by, “what will MPT do given increasingly scarce unencumbered, financeable assets?”

$MPT calls tenant default notices (sent to large, material tenants) "... certain ordinary course legal notices..." $MPW Does that imply that MPT's tenants default on rent and loan payments all the time? And we just never hear about them? Bc Aldag/Hamner lend them money, to send the rent/interest back? Hint: Yes.

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AMARAL Capital@AmaralPartners·5d

@SFarringtonBKC What your primary area of “research?” Being paid to recommend fraud shitcos like $MPT to retail?

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Unemployed Value Degen@SFarringtonBKC·5d

This is my wife's primary area of research, she has multiple studies on it. There is a tiny drop off in happiness from zero to one child, but it increasing at an increasing rate after that up to four children, not enough data beyond four to make a conclusion. Graph of happiness and children looks like a check mark ✅✅✅

Josh Wood@J_K_Wood

“Children don’t make you happy” - The Daily Mail I'm no researcher, but I downloaded the dataset and looked for myself. The study's numbers say the EXACT OPPOSITE of the headline 👇🏻

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AMARAL Capital@AmaralPartners·5d

“We regularly default our tenants in the ordinary course of business…” $MPT $MPW And how many of those defaults do we hear about?

$MPT calls tenant default notices (sent to large, material tenants) "... certain ordinary course legal notices..." $MPW Does that imply that MPT's tenants default on rent and loan payments all the time? And we just never hear about them? Bc Aldag/Hamner lend them money, to send the rent/interest back? Hint: Yes.

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Deep Sail Capital@DeepSailCapital

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AMARAL Capital@AmaralPartners·6d

$1/share is too high. $MPT $MPW

The Shortlist - Update 3/16 open.substack.com/pub/shortscorn…

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AMARAL Capital@AmaralPartners·25 Mar

$MPT calls tenant default notices (sent to large, material tenants) "... certain ordinary course legal notices..." $MPW Does that imply that MPT's tenants default on rent and loan payments all the time? And we just never hear about them? Bc Aldag/Hamner lend them money, to send the rent/interest back? Hint: Yes.

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AMARAL Capital@AmaralPartners·24 Mar

These frauds at $MPT $MPW better hurry up and get some proceeds in the door (dilutively). They're a couple of months away from having to fully draw the RCF to repay the 2026 notes and remain in MUTA covenant compliance. Will they have enough capacity by then? Even if they do... afterwards they will not. And then there is that pesky 2027, which was used to 100% finance the IASIS disaster. Aldag can gaslight and lie as much as he wants. The math will dictate the truth to him.

MPT added language in Q4 ER risk disclaimer regarding "extending our 2026 credit facility." $MPT Was not in Q3 release. Fourth straight quarter after "providing notice" that RCF not extended. What are the "certain other conditions?" Meanwhile, MPT continues to window dress its MUTA covenant by drawing up on the RCF before quarter close, and repaying right after. This is the action of a distressed issuer. How does Hamner go from "avoiding footfalls" to saying "plenty of headroom," when nothing changed save for an increase in MPT's underlying leverage?! More gaslighting from Shamner. Just like "cash cannot be manipulated or engineered."

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AMARAL Capital@AmaralPartners·21 Mar

And speaking of Portal! Aldag isn't they only one who misrepresents his work history. Guilford...cough, cough. $MPT $MPW Or Hamner, nothing more than a former "rent a CFO." Portal pretends he was a quasi-investment banker at FTI. Lol at that. He was a comp consultant! And designed MPT's ridiculous, asymmetric comp plan. So of course Aldag loves him! None of these guys are who they represent themselves as. It's quite a cast of characters, somehow "at the very heart of healthcare."

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AMARAL Capital@AmaralPartners·21 Mar

More nonsense from MPT's comp committee. Here is former "REIT compensation expert" (and current keeper of MPT hidden bodies) Larry Portal. $MPT $MPW "Reduction of overall debt" - what if leverage metrics go up bc they do it dilutively? "Cash revenue growth" - oh, like if you were to say lend NOR/HSA ~$15MM in a quarter to get back, wait for it... ~$15MM attributable to that quarter as in Q4:25? That round-tripping gets fraudulent Aldag & co. paid. But comes out of your pockets! What about expenses? Cash G&A still ~$25MM per quarter. What about pending share dilution to recap the company? What about a return modifier? "Special projects."

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AMARAL Capital@AmaralPartners·15 Mar

HSA/NOR is "material" enough for $MPT to highlight as a key risk in the 10-K... but apparently not material enough to alert investors (within 4 business days) when MPT defaults them on missed rent and other unpaid amounts! No operational control over the business of tenants? MPT literally changed out the management team of HSA! EIK?

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AMARAL Capital@AmaralPartners·19 Mar

$MPT $MPW thebearcave.substack.com/p/even-more-pr…

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Big River@BigRiverCapita1·17 Mar

Here is Quorum, another $MPT "Quality Operator" defaulting on obligations. We now know HonorHealth & Quorum Steward ML1 assets combined at full cash rent only represent ~$30mm of the $160mm (which $MPT will never hit anyways unless it loans HSA another couple hundred million).

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AMARAL Capital@AmaralPartners·19 Mar

Think about this - MPT defaulted NOR... before NOR even started paying rent! Operating the "highly profitable, crown jewel Prospect CA assets." $MPT $MPW How is that even possible? And how do you think this will go when NOR actually starts paying a portion of the ~$45MM annual "rent?" Insolvent alter ego HSA, also defaulted by MPT, isn't even at ~50% of full freight yet...

HSA/NOR is "material" enough for $MPT to highlight as a key risk in the 10-K... but apparently not material enough to alert investors (within 4 business days) when MPT defaults them on missed rent and other unpaid amounts! No operational control over the business of tenants? MPT literally changed out the management team of HSA! EIK?

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AMARAL Capital@AmaralPartners·15 Mar

The simple fact is that MPT hid that it had defaulted its largest, material and insolvent U.S. tenant. And that HSA/NOR has large and growing other unpaid obligations. $MPT These are the main takeaway of the lawsuits. MPT did so while claiming, again, that things were fine and improving, that the rent was "covered" by fraudulent metrics and that the tenant was "current."

HSA/NOR is "material" enough for $MPT to highlight as a key risk in the 10-K... but apparently not material enough to alert investors (within 4 business days) when MPT defaults them on missed rent and other unpaid amounts! No operational control over the business of tenants? MPT literally changed out the management team of HSA! EIK?

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AMARAL Capital@AmaralPartners·12 Mar

Why is MPT, as a purported REIT, describing itself as "Equityholder" of all of the equity of HSA OpCos? $MPT $MPW Not just the real estate? MPT had just defaulted HSA. Why isn't HSA consolidated with and into MPT? Is this not a clear violation of REIT rules?

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