tbone

Medical Prop Trust has replaced Michael Sarian as CEO of AHC, (aka, NOR, HSA). wasn't he the reason to go with a "phantom" tenant like NOR, HSA. 25 + yrs experience, knows the CA hosps well. Now what do they have: no assets, no bank credit, no Sarian...maybe Faisal will dazzle.

@CivisDC @john20658499 @AmaralPartners what's an outright lie ? be specific...

@john20658499 @AmaralPartners @deadbrain44 It's an outright lie.

Default notice sent to "quality operator" HSA by $MPT on 27/2/26. Day after 10-K filed early! HSA + NOR + AHS ( insolvent alter egos) represent ~13% of MPT's total assets. What is the materiality threshold? Whatever Hamner says? Why haven't shareholders been notified of this default and MPT taking control of the tenant? As a REIT? February rent not paid + other defaults + liens understated relative to total amount. Rents ramping? Why non-payment of rent due 20/2/26 by largest U.S. tenant not highlighted in 10-K? Why none of this mentioned on earnings call? Aldag said HSA "... at 1x full rent coverage" and "pleased with where they are." This is Steward 2.0. Is this something shareholders would want to know?

@RealGlenMacnow suspicion by Terry Stafford was a great song ! unique ...

Five best songs: 1, 3, 6, 10, 15 (although I feel guilty leaving off Louis Armstrong). Can't say I ever heard of No. 28, but I am curious what that's about.

@BBGreatMoments ...look at the umpires face throughout this !! ))ggrrr...cmon...cmon lets get this f**kin comedy show over with....

That time Jerry Seinfeld threw a PERFECT sidearm delivery strike first pitch!

two days ago ... "Bloomberg Law - Bankruptcy MPT Exposed to Feud at Key Tenant March 13, 2026 MPT, is caught in a management fight at its 3rd biggest tenant (HSA), threatening key income for the REIT. It sent HSA a default notice in late February for millions in unpaid bills"

@BigRiverCapita1 what is the source of these statement of mr sunzeri and the other employee of HSA ? are these statements taken in preparation for MPT's move against Sarian ? and are they related or attached to that suit ?

Quite revealing that Aldag & Hamner argue above/below is "normal course" for $MPT & its captive insolvent tenants. Would reasonable investor take "fully current on rent" to mean undisclosed lease mod/deferral, funded by add'tl $MPT loans or fraudulent transfer? Smoke + Mirrors!

$MPW shell game... "Since taking ownership last year, Healthcare Systems of America (HSA) has reduced staff benefits, made frequent payroll errors, and failed to safely staff and supply the hospital, leading to high turnover and risks to patient safety." nationalnursesunited.org/press/hialeah-…

@AmaralPartners what do they allege as follows...?

@deadbrain44 This one. The one they dont want anyone looking at... Look at this + superior court of LA together. $MPT $MPW

@BigRiverCapita1 someone is posting on SA that Sarian has been ousted from his posts at AHC, NOR , HSA...no other news items confirming that...any idea as to legitimacy ?

Time Stamp! "Resolved" via Related Parties & Round-Tripping: Vibra $33mm 2025 cash "rent" via $MPT $32mm "investment" to Vibra UJV $62mm 2025 "dividends" via $MPT $63mm "investment/loan" to SMN HSA $34mm 2025 cash "rent" via $MPT (min) $80mm+ "loans" to HSA Many others, every yr.

@AmaralPartners someone is spreading a rumor on SA that Sarian has been removed from his posts at AHC, HSA, NOR...heard anything ?

Some craziness going on with this $MPT $MPW 2025 10-K. Starting a thread as we go through it. IT APPEARS THAT HSA HAS A REVOLVER WITH MPT. To repeat, MPT has extended a revolver to its largest US tenant, which also happens to be insolvent. "... loan carrying value along with up to $30 million, which reflects the remaining amount available under the loans." Combine that with the "other imp[airments," and they have not lent tenants ~$140MM for working capital. Try closer to ~$200MM in 2025.

@AmaralPartners thnks

@AmaralPartners where is the recent Scion 50mm lease incentive described ?

Something clicked for us last night on $MPT. Hamner's ridiculous projection on covenants on the Q4 CC, versus worried about a "foot fault" just two quarters earlier and meanwhile leverage is just as bad if not worse. They always tell you where to look by projecting. Think "cash cannot be engineered or manipulated." That plus the new language added on "not being in default" of the CA at the time of the extension date. Look at the "Fixed Charge Coverage Ratio" under the CA of >1.5x. We think we can all agree, and can easily prove, that at least HSA + Vibra + Infracore "rent" and "EBITDA" would not exist without MPT's round-tripping loans. Very likely more such as Scion w/ the recent ~$50MM "lease incentive." Let's say you back those contributions out of the calc = MPT would trip the fixed charge coverage covenant given the in-place debt burden! They are very clearly scamming both the lenders and the shareholders w/ their round-tripping loans, but on the backs of shareholders who fund the tenant support. And it means they have to keep lending tenants money, otherwise default and no RCF extension. "Rent is ramping?" MPT has to lend below-the-line to show that "ramp." But shareholders pay the price... TLR --> offsides MUTA --> window-dressed Fixed Charge Coverage --> only onsides via round-tripped rent

@BigRiverCapita1 if the BK court valued the lease to NOR at $350 million or so, why didn't MPT take an impairment on the +$500 value they hold the Prospect Assets on their books for

Prospect paid ~$140mm to acquire RE for 3 CT hospitals in '16. $MPT then paid $457mm for same in '19. Proceeds distributed out of system to equity just like w/ Steward (tho diff. timing). From SLB 8/23/19 to 10/6/22, Prospect paid $104mm rent to $MPT. ~$35mm per yr. not new cost?

LOL. Per $MPT, "its sale lease back deals don't create new costs and that rent was not the cause of hospital bankruptcies." WHAT? Steward Mass. ex Norwood was paying ~$110mm annual rent pre-BK vs. ~$115mm Steward originally paid for the RE (2010/2011)... youtube.com/watch?v=68234j…

@BigRiverCapita1 I didn't see it referenced in the conf call, but did mgmt refer to the need to draw on the RCL again in the 4th Q to meet the MUTA covenant ?

See also: initial claims submissions by $MPT and Steward as well as Jan. 2020 (pre-flood) retention date for architect and Steward recent narrative on claim... storage.courtlistener.com/recap/gov.usco…

Gee, almost seems like Steward is very desperate to avoid real discovery here? In pushing to confirm egregious Plan, Steward BK profs sold this lawsuit as a critical source of recovery to the estate in near-term to pay admin claims, $885mm they said! $MPT courtlistener.com/docket/6157169…

@CookeWJ1 @BrianWi16568376 @BigRiverCapita1 @AmaralPartners must wait for 10k to see full '25 numbers, they are far from a cash flow power...cash from oper activity fell fr $812 mm in '21 to $245 mm in '25. Refi is difficult, they have to maintain a 1.5x ratio of unsecured assets to unsecured debt, any new debt would have to be secured.

@deadbrain44 @BrianWi16568376 @BigRiverCapita1 @AmaralPartners Can't they just refinance their debt? Their financials suggest they're a cash flow powerhouse. AM I missing somehting?

That’s a lie on Vibra. $MPT “received” rent in 4Q24 and 3Q25.

@AmaralPartners I see the 19mm of other impairments, but what is the source of the loans to NOR and HSA ?

$MPT appears to have lent ~10MM to insolvent NOR, another ~5MM to insolvent alter ego HSA + another ~19MM of “other” impairments which covered former ML1 tenant opex in past quarters.

@BrianWi16568376 @BigRiverCapita1 @AmaralPartners surprised me...I company that is screaming for an equity infusion is repurchasing stock ? I still dont see how they retire the $585 mm thi year without issuing equity

@BigRiverCapita1 @AmaralPartners did the share repurchases surprise you?

@AmaralPartners An MD who runs med labs was accused of a plot in which doctors got kickbacks for client referrals. Dr. Aramais Paronyan, 40, was released Friday after posting $750k bail. He was arrested 3/20/98 on conspiracy, money laundering, & wire fraud, after agents raided his clinics

Were there any fraudulent online jewelry stores involved (HSA's original website)? $MPW $MPT

@sethjoyner I'm shocked that as an prominent afro american citizen you seem to be unaware as to how voter requirement laws were used historically to disenfranchise minority citizens...slept through your civics / history classes Texas el Paso ?

I usually stay away from politics, but this is simply common sense! Can we as an American citizen go to another country and partake by voting, in said countries elections? You need an ID for everything in life! Am I missing something here??? By 5 votes?? I'd love for someone to explain why a congressman/woman would vote no?

@sethjoyner @IRVINGNAK that shows your ignorance on the issue...most european countries provide free State Issued ID...no jumping through hoops no application for lost birth certificate, no drivers licenses, or passports...its a basic right given to all citizens by the repective country's constitution.

@IRVINGNAK Voting is a fundamental right to the citizens of a country! Take your behind to Europe or China and try to vote with no ID! I'll see ya in 10 yrs after you serve your sentence! This is common sense, period!