Doing the Work
Wall Street Won’t

Muddy Waters peels back the layers, often built up by seemingly respected but sycophantic law firms, auditors, and venal managements.

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Latest Reports

Here Comes the Cliff! (BXMT US)

Muddy Waters is short Blackstone Mortgage Trust (BXMT US). Interest rate swaps and manipulated risk ratings / loss provisions have obscured serious deterioration in BXMT's loan book. Muddy Waters believes that starting in 2024, as an estimated $16 billion of swaps terminate, the following problems w… more

Sunrun: Just Making It Up (RUN US)

After reading Sunrun’s response, which attempts to explain the persistent, almost five-quarter difference between its Subscriber metric and EIA data, we conclude that Sunrun’s Subscriber numbers are arbitrary, if not an outright falsehood. Muddy Waters therefore remains short Sunrun. As we show belo… more

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