April 30, 2024 – Viceroy Research is short Globe Life (NYSE:GL) following an extensive investigation of the company and its subsidiary American Income Life (AIL). We tip our hat to Fuzzy Panda, who produced a solid report outlining the extent of fraud at Globe Life.
April 17, 2024 – Arbor’s underlying CLO performance data for April is now live. 37 of Arbor’s CLO loans are nlow delinquent, representing 11% of its CLO book.To superficially achieve this remarkable “rehabilitation” feat: Arbor has modified 56 loans in the past month. These modifications
April 16, 2024 – Below is the letter sent by US Senators Elizabeth Warren and Edward J. Markey to MPW and Macquarie. In their words (emphasis ours): “According to MPT disclosures, these loans “help safeguard the value of MPT’s real estate.” Meanwhile, these investments have
April 2, 2024 – Below is Cerberus Capital Management’s letter to the US Congress regarding its role in the ongoing collapse of MPW’s largest tenant Steward Health Care. It includes an admission of Steward’s involvement in 3 hospitals in Malta that was later found to
March 26, 2024 – We think it’s time for a change of pace: this report will highlight the best of the worst properties on Arbor’s CLO books. Viceroy have selected a sample of recently constructed properties in Arbor’s CLO portfolio, of which there are about
March 22, 2024 – SCA’s AGM gives investors the rare opportunity to press management for more clarity on their gravity defying forestry assets. SCA have significantly brought forward the timing of two FTAX surveys, the most recent in 2019. SCA then acquires standing timber (m3fo)
March 21, 2024 – Citi analysts have triple counted biological asset valuations in their financial model. A correction brings the price target from SEK 156 to SEK 95. On 15 March 2024 we wrote to Citi analyst, Ephrem Ravi, to inform him of a material
March 18, 2024 – Arbor’s underlying CLO performance data for March 2024 is now live. 66 of Arbor’s CLO loans are now delinquent, representing 20% of its CLO book. We note that Arbor has made 9 modifications to loans in its CLO over the last
March 9, 2024 – Steward continues to implode: MPW and communities it was supposed to serve are caught in the gravitational pull of a massive, insolvent dying star. The situation in Massachusetts has become so dire that Senators Elizabeth Warren and Edward Markey addressed a
February 2, 2024 – Below is Viceroy’s subpoena to MPW’s auditor PWC. While we don’t have much confidence in MPW’s financials we hope PWC’s disclosures will be more illuminating than their audits.
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