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@AmaralPartners "These are the games that MPT play and how they prey on generalist investors retail/retirees and others not able or willing to take the time to understand the numbers. $MPW MPT shows Q3:24 "Transaction Adjusted EBITDAre" of $248MM in offering docs expressed on a GAAP basis. But nearly XX% of that is off-balance sheet from UJV's (so not cash flowing to the consolidated BS rather any dividends would). Worse yet a further XX% of what is consolidated is non-cash SLR. That cannot pay interest or principal and is outsized bc of MPT's absurdly long lease terms to subprime credits. Consolidated cash"
X Link @AmaralPartners 2025-10-20T11:10Z XXX followers, XXX engagements

"And just a check in on MPT liquidity. $MPW If the CT WholeCos are sold XXX% and at MPT's carrying values (likely aggressive given the cash burn below) MPT will already be out for an estimated $175MM between cash and impairments less the cash portion of DIP repayment. That is before additional WC loans. Already paid out JMB + backstopped admin. All of which hurts their liquidity. Will be pushing $300MM in short order given NOR's condition"
X Link @AmaralPartners 2025-08-28T23:33Z XXX followers, XXX engagements

"$HLI's Andrew Turnbull said at the hearing "$85MM of EBITDA" generated by the CA assets which are not currently paying rent. So EBITDAR should = EBITDA +/-. $MPW Questions: When do you ever see $85MM of EBITDAR generated by these X hospitals Or anything close to it And this is before the maintenance CAPX burden and recent deterioration. There will be overhead for NOR Much more likely is that MPT/Aldag behind that number so as to tout "coverage" against the contemplated rent two years out. We know from deep experience that MPT's coverages are fraudulent"
X Link @AmaralPartners 2025-08-29T12:33Z XXX followers, XXX engagements

"Two things should be completely obvious now about MPT: $MPW (1) It is now nothing more than a pump and dump scheme not even a real company and (2) MPT can never produce a credible track record again given the number of 60-100% losses it has generated on what are supposed to be net leased RE deals + the number of tenant BKs. There is no viable credible underwriting in NNN that would produce those results on this scale"
X Link @AmaralPartners 2025-10-03T19:10Z XXX followers, 1434 engagements

"Sounds familiar Arm's length 3rd-party bids for the hospital enterprises/WholeCos consistently and materially below MPT's investment in just the real estate $MPW I.e. MPT fraudulently capitalized the WholeCo's initially inflating its own balance sheet to artificial and uneconomic levels to juice exec compensation and fake "earnings." MPT continues to lend on an unsecured basis to insolvent tenants (HSA/AHS/NOR Vibra Quorum others) to round-trip rents and support these deliberate and fraudulent marks"
X Link @AmaralPartners 2025-10-05T10:30Z XXX followers, XXX engagements

"End of week (3/10/25) MPT valuation check in: $MPW - You are paying just a XXX% implied nominal cash cap rate for MPT's consolidated performing assets or now 1.2x gross book excl. leverage. - The economics of the business dictate paying nothing more than 0.65-0.7x gross book which zeroes the equity. - UCONN just confirmed bidding "no more than $13MM" cash for PMH Waterbury WholeCo where MPT invested $230MM () for just the real estate in 2019. Got it"
X Link @AmaralPartners 2025-10-05T13:00Z XXX followers, XXX engagements

"This is such a meaningful misrepresentation by MPT. $MPW Not only could they NOT sell Circle at their marks. But they misrepresented the true cost of secured debt by over 100bps. Critics had it pegged the entire time. Then claimed "not even considering secured debt." Then issued $2.5BN of add'l secured debt at X% cost including fees And the reason why Bc at X% cost of debt on the "best" assets the equity of the company has no value"
X Link @AmaralPartners 2025-10-05T23:34Z XXX followers, XXX engagements

"Here comes NOR sorry we mean HSA fka as AHS $MPW Equipment lease signed in April already in default by HSA at SJMC in Texas. No payments made. Refusal to return equipment. Sound familiar Look who makes an appearance good 'ole BD working for lessor Guess they needed to pick up some extra billable hours in between papering MPT loans made X months ago. MPT arguably no longer a viable long-term client"
X Link @AmaralPartners 2025-10-09T16:42Z XXX followers, 3489 engagements

"$10MM for CCMC and Springfield gross before taxes and other costs. Per the hearing this am. $MPW Good thing MPT underwrote them so well and paid. $220MM for just the real estate in 2019"
X Link @AmaralPartners 2025-10-10T15:30Z XXX followers, XXX engagements

"MPT's soon to be XX% tenant operating the corpses of Steward + Prospect (MPT's version of "resolution") can't even afford to make $17k/mo equipment lease payments on an agreement signed in mid-2025. $MPW Just one of dozens of examples of inability to pay by "quality operator" HSA fka AHS soon to be known as NOR With no assets no operations no financials and no wherewithal to pay But never heard of them Remind you of anything"
X Link @AmaralPartners 2025-10-12T20:40Z XXX followers, XXX engagements

"There is a bill coming due. a BIG one. $MPW"
X Link @AmaralPartners 2025-10-14T14:05Z XXX followers, XXX engagements

"It's fascinating to see Prospect/MPT just not put out MORs now X months behind (last was period ending June 30). $MPW They don't want anyone to see how insolvent the estate is and that MPT will have to fund the $30MM admin backstop. Plus more DIP potentially Look at the cash burn. Or how poorly the CA and CT assets continue to perform. And that CA cannot afford the $40MM "rent" from NOR"
X Link @AmaralPartners 2025-10-14T22:44Z XXX followers, XXX engagements

"The most amusing thing about this entire ordeal is that to this very day Ed Aldag has deluded himself into believing that MPT's troubles are all someone else's fault. $MPW That his "enemies" are out to get him. That its the "others" who have railroaded his company. It's much simpler than that Ed. It's XXX% your fault. All of it. You are a noxious combination of greedy + fraudulent + incompetent. It was all going to catch up to you. And now it is. And now you'll have to wear it"
X Link @AmaralPartners 2025-10-15T23:08Z XXX followers, XXX engagements

"Let's not forget: $MPW - XXX% loss on Foothill "mortgage" of $151MM - XXX% loss on $113MM secured TL against Prospect RI - XX% loss on now College Health RE - No proceeds from Space Coast one hospital later closed - XX% markdown in upfront proceeds (with likely no residual) versus MPT's $1.6BN "self mark" on former Steward Utah RE - Inability to sell Circle had to be secured - Inability to sell Priory had to be secured - Ongoing round-tripping scheme to prop up worthless Infracore equity - $457MM "invested" in Steward Norwood; worth and carried at a fraction of that - Same with Steward Wadley"
X Link @AmaralPartners 2025-10-16T11:06Z XXX followers, XXX engagements

"@BigRiverCapita1 @insider_ct And let's not forget the hidden/undisclosed "promissory note" from MPT to new shellco operator to fund operations. $MPW Which is key to MPT's "model:" round-tripping and fraudulent earnings manufacturing"
X Link @AmaralPartners 2025-10-16T14:13Z XXX followers, XXX engagements

"The second most amusing thing about this entire ordeal is how MPT's scumbag tout army suddenly goes active. $MPW . whenever MPT knows bad news is coming It's a good indicator of how things are going behind the scenes"
X Link @AmaralPartners 2025-10-16T14:15Z XXX followers, XXX engagements

"Something for the $MPW analyst to think about. Before assuming crazy asset sale assumptions consider the following: (1) MPT's inability to sell anything of size relative to the debt over the last 12+ months (recall the "$400MM of LOIs" at year-end 2024) and (2) what is unencumbered right now (former Steward ML1 which is HSA Prospect Pipeline VIbra etc.) bc any sales proceeds of the encumbered assets get swept first pro rata to the secure bonds/RCF. I.e. not to the unsecureds and equity and the RemainCo would be of deteriorating quality"
X Link @AmaralPartners 2025-10-13T14:14Z XXX followers, XXX engagements

"Update: $13MM gross for the CCMC and Springfield WholeCos. $MPW MPT with its crack underwriting process (Aldag/Hamner walking down to the acquisitions department and saying "we are paying x for these make up some numbers to make them work." so that they can hit comp targets) paid $220MM for just the real estate of these two hospitals in 2019. So essentially a XXX% loss versus what MPT underwrote and paid. Which is unheard of and near impossible to do in triple-net. A XXX% loss on $421MM invested in PA. This isn't incompetence. This was deliberate overpayment to inflate earnings and the"
X Link @AmaralPartners 2025-10-14T11:11Z XXX followers, 1668 engagements

"Ed Aldag Steve Hamner Drew Babin Larry Portal Rosa Hooper et al + the MPT BoD are complete frauds. $MPW The worst the REIT space has ever seen. Period stop. Emmett McLean ran for the door to escape the stench. But his name is all over this monstrosity as well"
X Link @AmaralPartners 2025-10-15T10:44Z XXX followers, XXX engagements

"Even if CT forgives all or a portion of the taxes which has not been determined yet only $13MM cash would flow to the estate for the Waterbury WholeCo under this contemplated bid. $MPW MPT paid $230MM for just the real estate. Again where is the cash coming from to satisfy $138MM of remaining CT RE value on MPT's BS as of Q2 Impairments reduce MPT's liquidity via the MUTA covenant which requires MPT to borrow more on the RCF and hold the cash all else the same to remain in compliance. "On Oct. X the University of Connecticuts Board of Trustees and the UConn Health Board of Directors voted to"
X Link @AmaralPartners 2025-10-15T16:36Z XXX followers, XXX engagements

"@BigRiverCapita1 @insider_ct How long before MPT has to fund more into Prospect to cover the massive burn $MPW $55MM was to get through mid-October with estate burning $25-30MM/mo. Here we are and nothing closed"
X Link @AmaralPartners 2025-10-15T21:52Z XXX followers, XXX engagements

"MPT charged Prospect about +150-200bps in spread above other similar available NNN deals at the time. $MPW To generate XXX% losses across PA/CT/RI and likely 70%+ losses across the entire portfolio so far. That's how incompetent Aldag/Hamner are. That's how little they care about and understand credit"
X Link @AmaralPartners 2025-10-16T14:42Z XXX followers, XXX engagements

"And they don't even understand / repeatedly misuse the term "optionality." $MPW It's hilarious. Just amplifies the joke. "Optionality" to Aldag is selling a call on MPT's "best" real estate remaining on unfavorable terms after being compelled to do so bc they run out of liquidity"
X Link @AmaralPartners 2025-10-16T14:46Z XXX followers, XXX engagements

"MPT's business model and very existence are predicated on keeping investors analysts and regulators in the dark. $MPW So here is a breakdown of what consolidated assets are secured and which remain unencumbered. Bc MPT will most assuredly lie about and obfuscate this. Keep in mind that MPT routinely takes 50%+ losses versus their gross investment whenever the assets come to market to arm's length 3rd-party buyers. Summary: - The most easily saleable larger consolidated assets (still not easily sold def not at MPT's marks) get swept first to the $4BN+ of secured debt - What is left"
X Link @AmaralPartners 2025-10-17T11:56Z XXX followers, 2066 engagements

"If you are an MPT unsecured bondholder or equity holder. understand what collateral is supporting your claim $MPW It's not great"
X Link @AmaralPartners 2025-10-17T18:09Z XXX followers, XXX engagements

"End of week (17/10/25) MPT valuation check in: $MPW - You are still paying a low-to-mid X% implied nominal cash cap rate for MPT's consolidated performing assets or now 1.2x gross book excl. leverage. - The economics of the business dictate paying nothing more than 0.65-0.7x gross book which zeroes the equity. And then there's the whole fraud thing"
X Link @AmaralPartners 2025-10-18T14:22Z XXX followers, XXX engagements

"About $450-460MM of MPT's annual consolidated cash revenue is attributable to the secured pool #2. $MPW"
X Link @AmaralPartners 2025-10-18T20:16Z XXX followers, XXX engagements

""Make sure to do it so that it cannot be traced back to MPT." - Drew Babin mid-2023 $MPW"
X Link @AmaralPartners 2025-10-18T23:07Z XXX followers, XXX engagements

"Investors in MPT need to think about what it would mean if (at least) everything highlighted in yellow/orange + the blue 👇 were to sell at 0.35-0.50 on average. $MPW If MPT were forced to transact to arm's length third-party buyers w/o MPT loans/support to pay its own rent. Bc that has been the recent experience. And meanwhile between points A and Z MPT will continue to incinerate your cash It's a mathematical certainty. Also MUCH more than what is highlighted would go for similar or worse. Including in the secured pools. Finally what happens if you get the "life of a turkey" outcome and"
X Link @AmaralPartners 2025-10-19T09:52Z XXX followers, XXX engagements

"And what do you know Already seeing the first blow-up ongoing in the secured pool #2 $MPW Didn't take long. Bonds were issued what. X months ago ScionHealth bonds trading XX. Represents $400MM of the $6BN GBV collateral (at MPT's inflated marks) against $4BN secured debt"
X Link @AmaralPartners 2025-10-18T10:25Z XXX followers, XXX engagements

"Check this out re: Waterbury in CT where MPT stands to extract next to zero cash (towards its DIP) despite paying $200MM for the RE in 2019 $MPW XX days past due: - A/P +30% since Dec 2024 to $51.5MM () - Utilities +280% since Dec 2024 () - Taxes owed +19% to $88MM since Dec 2024. Is this how it is supposed to go More of the same Again how long before MPT has to fund more"
X Link @AmaralPartners 2025-10-20T17:21Z XXX followers, XXX engagements