We conclude that ENSG engages in a systematic scheme at an estimated ~20 of Skilled Nursing Facilities (SNFs) to rent the licenses of Administrators who are not generally present at, nor actually managing, the facilities. Ensign enters into consulting agreements with these nominal Administrators tha… more
We are short Sportradar Group AG. At the ICE 2026 gaming conference in Barcelona, our investigators posed as operators of a startup sportsbook. We told SRAD's sales team — repeatedly and explicitly — that our target markets were Vietnam, Thailand, Indonesia, and China. Every one of these countries… more
Muddy Waters is short SOFI. SOFI's management appears to have booked a $312 million loan from JPMorgan as if it were a sale—inflating reported profits and their own bonuses while shareholders bear ~15% annual dilution. In our first report, we highlighted unrecorded borrowings of $312 million. SOFI h… more
Muddy Waters is short SOFI. On March 17, we published a 28-page report concluding that SOFI’s 2025 Adjusted EBITDA is inflated by approximately 90%. SOFI’s response was a press release that did not address a single factual claim. CEO Noto purchased $500,000 of stock—roughly 0.86% of the $58.3 millio… more
SOFI is a financial engineering treadmill, not a healthily growing origination business. SOFI shareholders are incessantly diluted so management can hit bonus targets through GE Capital-style loan marks and Enron-esque off-balance-sheet structures that disguise borrowings as revenue. SOFI also ap… more