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![AmaralPartners Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1896142355779948544.png) AMARAL Capital [@AmaralPartners](/creator/twitter/AmaralPartners) on x XXX followers
Created: 2025-06-12 00:14:56 UTC

2/x - MPT's FCF ( - ) & Does Not "Cover" Existing Dividend

- OCF was nearly zero in Q1:25,
- MPT burned nearly ~$100MM in the quarter before WC and dividends,
- We estimate >$100MM of tenant support + other "CAPX" spending in the quarter w/ no new WC loans repaid,
- "Burn" worse once reflecting full quarter of new higher interest cost (est. ~$125MM/qtr.),
- Even including new ML1 "rent," which will require more tenant support, FCF still ( - ), and
- Given that MPT cannot afford the dividend today with low-growth cash flow, a higher share count post-raise will assuredly require another dividend cut. The new bonds have a cumulative ~$1.547BN restricted payments basket over X years (0.32/sh x 600MM shares x X years = already ~$1.3BN).

![](https://pbs.twimg.com/media/GtMwkyDW8AAQDjO.png)

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**Related Topics**
[$125mmqtr](/topic/$125mmqtr)
[$100mm](/topic/$100mm)
[dividend](/topic/dividend)

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