OUR NEW SHORT: $ASTH We are short Astrana Health, a value-based care company that has grown rapidly through acquisitions and increasingly complex risk-bearing arrangements. Below is just a summary of some of our opinions about the company; for the full short thesis, including our source work, expert interviews, and important disclaimer regarding our financial interests, please see the GlassHouse Research website. Our forensic analysis concludes that Astrana’s headline growth dramatically overstates the growth of the underlying combined business. In Q2 2026, reported revenue grew 49% year-over-year, yet revenue declined roughly 1% against the company’s own pro forma combined-company base. We believe Astrana’s Prospect acquisition created a highly subjective spring-loading reserve setup. In Q2, Astrana recorded approximately $38 million of gross favorable prior-period claims development—more than quarterly pre-tax income. Management says related offsets made the net impact immaterial, but investors are not given the reconciliation needed to independently verify that claim or determine Prospect’s contribution. Astrana’s earnings depend on a web of estimates and related-party arrangements that we believe deserve far more scrutiny. These include a $545 million insider-linked loan structure, sharply higher expenses with a director-linked hospital system, growing risk-pool receivables, and non-GAAP adjustments that can materially reshape reported profitability. Management was paid heavily on the same metrics we believe deserve the most scrutiny. In 2025, the CEO received a $2.06 million cash incentive award, with revenue and adjusted EBITDA components paying at 200% of target, even as the company reported a material weakness in internal control over financial reporting related to acquisition accounting. We leave many of the more interesting findings, charts, expert commentary, and related-party details for readers of the full report. Read the full thesis on our website listed on our profile. As always, please read our full disclaimer carefully. GlassHouse Research is short $ASTH and/or related derivatives and stands to benefit if the price declines. The reader should assume GlassHouse covers some or all of its position at time of publication.