Carvana: Bridgecrest and the Undisclosed Transactions and Debts
- Last year: both @HindenburgRes and @RealJimChanos lamented at the limited
transparency into $CVNA related parties, DriveTime and Bridgecrest.

- Last week: $CVNA refused to release financial details about DriveTime in a closely watched lawsuit against Carvana and its executives, alleging they carried out a fraudulent “pump and dump scheme”

- TODAY: We are releasing the DriveTime 2024 Annual Report and the GoFI LLC Annual Report we obtained via Freedom of Information Act request, along with our report.

for our full report, DriveTime's 2024 Annual Report, and GoFi LLC Annual Report
visit here: gothamcityresearch.com/post/carvana-b… We can see why $CVNA wants to keep DriveTime in the shadows:

· DriveTime burned over $1 billion in cash from 2023-2024.
· Over $1 billion in debt, not contributions from Garcia, funded these losses.
· We believe DriveTime’s subsidies fuel over 73% of CVNA EBITDA.
· DriveTime is levered 20x-40x in 2023-2024. We estimate 2025 leverage remains elevated at 20x.
Bridgecrest instantly marked down its $5.9 billion loan book by -15% in 2024.

The Dark Side of Iron Mountain $IRM: from a Melting Ice Cube, to a House on Fire

Please visit our website for the full report: gothamcityresearch.com link to the $IRM report: gothamcityresearch.com/post/the-dark-…

The Truth about $TPL, Horizon, and the
Asset/Liability Mismatch

visit our website for the full report:
gothamcityresearch.com From a Bloomberg terminal it looks as if Horizon Kinetics and/or its Founder Murray Stahl are steady, long-time buyers of $TPL Stock (see the sea of green below):

Landbridge Holdings $LB: A Related Party Dance, with a Circular Shuffle

Please visit our website for the full report: gothamcityresearch.com $LB bulls promote the company as a "data center play". We see it as a related party scheme, with a circular flow of funds: related parties inject LB with funds, these funds suspiciously boost LB’s financial results which inflates LB stock, and related parties monetize by selling stock. We estimate that this circular flow of money has been highly remunerative:

Mutares Research Report

link to our report:

Mutares reminds us of Aurelius, a company we wrote about in 2017 (whose shares are -78% since), except we believe Mutares is worsegothamcityresearch.com/post/mutares-s… Mutares reminds us of Aurelius for many reasons, including:

· We see a rapid rise in & high levels of income from negative goodwill.
· Published holdco earnings don't seem to convert to cash flows over time.
· we find 50% of portfolio companies’ outcomes post sale suspect.

Grifols SA: Scranton and the Undisclosed Debts

for the full report -
gothamcityresearch.com/post/grifols-s…
Both GRF and Scranton Enterprises (a Grifols family vehicle) fully consolidate BPC + Haema. BPC + Haema are very material to both GRF and Scranton's earnings and overall financial statements. We believe this treatment is deceptive and incorrect. Are their creditors aware?

SES Imagotag SESL: THE CIRCULAR DANCE WITH A CHINESE TWIRL – PART I

gothamcityresearch.com/post/ses-imago… BOE is the largest shareholder, largest supplier, one of the largest customers, JV partner, and on the audit committee. Potential for financial malfeasance is high.

Our thoughts on Criteo: We believe the business and the stock $CRTO have room to 🚀🚀🚀

thread We initiated coverage of $CRTO as a long last year, when $CRTO was $9. Recently the stock traded at $36. Acquirers have expressed interest in acquiring CRTO, & the company has shown signs of transforming its business, validating our thesis from last year:

https://twitter.com/GothamResearch/status/1245724621652942848?s=20