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
On November 21st, we began the process of publishing our findings on the myriad issues inherent in CPI Property Group that should call into question how a company operating in this manner could maintain an investment grade rating. CPI PG has thus far failed to provide alternative explanations for th… more
Muddy Waters is short the credit of CPI Property Group ("CPI PG"). We conclude that CPI PG's controlling shareholder Radovan Vitek ("Vitek") has been brazenly looting the company while significantly overstating the value of its assets. CPI PG's corporate governance is farcical. We are also concerned… more
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
MW is again short Sunrun (RUN). We weren't cynical enough when we first published our initial short thesis on Sunrun in July 2022. We now believe that Sunrun has greatly exaggerated its (non-GAAP) Subscriber numbers for years, with the current overstatement seemingly close to five quarters of repo… more
Vivion has proposed a bond exchange to extend its maturities. (Muddy Waters remains short Vivion bonds.) Oddly, Vivion has not published up to date financials, and based on pro forma adjustments in the Exchange Offering Memorandum, it appears that Vivion has repaid portions of its shareholder loans… more
Muddy Waters remains short Chinook Therapeutics Inc (NASDAQ:KDNY). In addition to distorting clinical trial data, Chinook has manipulated its financials. The misleading – if not improper – accounting, which seems an attempt to make Chinook appear more substantive than it is, primarily relates to t… more
Muddy Waters is short Chinook Therapeutics Inc (NASDAQ:KDNY) because we believe it is highly unlikely that atrasentan, its lead product candidate, will be approved by the FDA. We conclude that atrasentan is inefficacious for chronic kidney disease. We also conclude that atrasentan has been shown to… more
Block on CNBC’s Squawk Box discussing MW's latest short, eHealth Inc. Watch the full interview here… more
Block on Bloomberg discussing MW's latest short, Burford Capital. Watch the full interview here… more
Block on CNBC Squawk Box discussing a new kind of activism - morality shorts. Watch the full interview here.… more
Block on Yahoo Finance Video discussing morality shorts. Watch the full interview here.… more