Manolete Research

Research is for informational purposes only, and should not be construed as investment advice.

[Manolete Research @manoleteRe]

Ralph is a well-known Hispanophile- a lover of horses, paellas, riojas, and of course, health-care fraud. So it was in his honor that we believer $MPW named its partnership after our hero, Senor Manolete.

4/4

[Manolete Research @manoleteRe]

@BluTrades11 @tranumphantom @SenKatieBritt @SenTuberville @ALSecCommission @SenMarkey @SenWarren @GovernorKayIvey @MassGovernor At Manolete, we don’t understand your logic. There are 15 other former Steward hospitals that $MPW has to support. Keep gaslighting mi amigo…

[Manolete Research @manoleteRe]

@TheCaviler @AmaralPartners @BonesJordann At Manolete, we think Senor Ed will make these hospitals great again. $MPW will save the hospitals again w yet another great new quality operator. MMHGA- make $MPW hospitals great again

[Manolete Research @manoleteRe]

At Manolete, we highlight the latest fiasco from our "at the very heart of healthcare" friends at $MPW.

[Manolete Research @manoleteRe]

At Manolete, we ask if you were dropped on your head as a young child. This quote is a summary of the whole short thesis. The only money comes from Senor Ed. How dense can you be?

[Manolete Research @manoleteRe]

@DamianA166007 @SECGov @SEC At Manolete, we love you pulling the race card. Do a little homework into Daniel Yet and explain how we came up with a couple hundred million dollars to buy a hc reit out of nowhere....$MPW

[Manolete Research @manoleteRe]

At Manolete, we think the truth about the origin of how these two inexplicably large $MPW "shareholders" came about will soon come to light and the @SECGov won't be too happy about it.

[Manolete Research @manoleteRe]

@DamianA166007 @BallsagCapital At Manolete, we say keep calling us someone we are not. Waste of your precious time spreading $MPW directed false narratives.

[Ballsag Capital (Parody) @BallsagCapital]

Here at Ballsag Capital, we must investigate our enemies! Any criticism of $MPW is false and paid for by the shorts! Only my words are truth!

Although "Project Hudson" and "Project Thames" were total failures, I am taking control.

"Project Tylenol" now in effect!

"Approved."

[Manolete Research @manoleteRe]

@AmaralPartners At Manolete, we think quality is in the eyes of the beholder. $MPW

[AMARAL Capital @AmaralPartners]

"Even if we were to assume 100% contribution of the contemplated rent from new Steward replacement "quality operators" (4Q24 - FR), a scenario that is highly unlikely given the apparent insolvency of at least HSA and Insight, MPT's consolidated leverage would be higher than in 1Q22."

Reported revenue and earnings quality continue to fall as SLR contribution from weak credits increases, leaving "NFFO" horribly misleading and inappropriate for any analysis. $MPW

[Manolete Research @manoleteRe]

@CivisXVI @fundamatica @AmaralPartners Ok, Mr. Abe, then why is the passport from Malta? I thought $MPW had no business there? Why not from the UK, or Spain, or Switzerland. Hmmm. Keep deflecting, its your job after all.

[Manolete Research @manoleteRe]

@fundamatica @CivisXVI @AmaralPartners At Manolete, we are going to frame this one for posterity. "Schengen Zone", hahahaha. Again, totally normal-- most Alabamians like to make sure they can freely travel through the Eurozone on a whim. $MPW

[Manolete Research @manoleteRe]

@CivisXVI @AmaralPartners Oh, and we at Manolete, failed to also mention that $MPW had a board meeting in, of all places....yep, you guessed it... Malta. Totally normal and sure, they had nothing to do with the fraud there. Ed must just really has a fondness for the pretty beaches.

[Manolete Research @manoleteRe]

@CivisXVI @AmaralPartners At Manolete, if $MPW had nothing to do with Malta, as you so confidently say, then why 1) does Senor Ed Aldag have a Maltese passport?? and 2) why did one of the $MPW planes go there numerous times? Hmmm

[Manolete Research @manoleteRe]

@AmaralPartners At Manolete, we say its totally normal for a HC REIT to hire a firm like Audere to spy on adversaries. Happens all the time. We are sure there is nothing to hide. $MPW

[AMARAL Capital @AmaralPartners]

"MPT was here..." $MPW

MPT admitted it hired same spy firm as largest tenant SHCS in October 2022. The "Audere Report" was prepared for MPT management in late-2022.

Work performed by Audere for Steward included, without limitation, fabricating bank records, inventing fake stories, following/filming opponents, conducting "false flag" operations and online impersonation/harassment.

MPT claims "no cost sharing or cost shifting or reimbursement agreement with anyone..."

Oh really? How much of the Audere cost was passed through the "International Joint Venture," since its formation in mid-2020? In which MPT maintained a 49% equity stake.

Quote from OCCRP: The company averaged payments of hundreds of thousands of dollars each month to London-based intelligence firms Audere International and CT Group, and then charged the fees back to its Malta division, which was largely funded by Maltese taxpayers under the hospital deal.

"Taking the high road" and "at the very heart of healthcare!"

Reference: https://t.co/sRyHpDdkvW

[AMARAL Capital @AmaralPartners]

A Historic Disaster at Prospect - One More Example of the "Strength of MPT's Underwriting"

MPT appears on its way to an 80%+ loss on the $1.8BN it has invested into Prospect Medical Holdings since July 2019, and a possible 60%+ writedown on the remaining carrying value of its investment, should the assets actually be sold according to the bid procedures.

Despite whatever narrative is spun, the recent BK settlement is a disaster for MPT due to the significant claims now sitting in front of MPT. Indeed, it is very possible that MPT extracts <$200MM through the waterfall from this settlement.

If MPT were to achieve its cost on the CA real estate (unlikely), that figure might be approx. $325MM and represent a 45% loss versus its remaining carrying value. How many times did MPT mgmt. claim that its investment was "fully recoverable" since mid-2022? How were those IOIs?

Option B is that MPT attempts to find more "quality operators" to assume or strike leases on similar terms. This would require additional loans/funding from MPT, similar to HSA/Insight as with Steward. While it is still funding both.

What is MPT's "true" liquidity? What would any coming impairments mean? How can they ever be trusted with your capital again? $MPW

[Manolete Research @manoleteRe]

@AmaralPartners At Manolete, we think the latter (worst case is coming). Will be a surprise to some, but not to all….:$MPW

[Manolete Research @manoleteRe]

@CivisXVI At Manolete, we aren't sure what you're implying here. In Seville, we are always open to a little fun- look us up if you're ever over here. What that has to do with $MPW being a fraud is anyone's guess...