STRW · CIK 1782430
What Strawberry Fields REIT, Inc. told the SEC could break it.
Strawberry Fields' rent rests on tenants that are both related parties and Medicaid-dependent. As of year-end 2025, 66 of its facilities were leased to operators affiliated with its chairman and CEO, Moishe Gubin, concentrating its rental income in related parties and creating conflict-of-interest risk. Those tenants are skilled-nursing operators whose revenue comes largely from Medicaid — a lower-reimbursement payer — and who are subject to Anti-Kickback, Stark and False Claims Act enforcement, so reimbursement cuts or sanctions could impair their ability to pay rent. On the financing side, it funds itself partly through shekel-denominated bonds issued on the Tel Aviv exchange (its Series C bonds were NIS 247.9 million, or $77.7 million, at year-end 2025), creating both leverage and Israeli-currency exposure.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Liquidity & debt
- NIS-denominated Israeli (Tel Aviv) bond debt — leverage + FXmedium
Strawberry Fields funds itself partly through NIS-denominated bonds issued via a BVI subsidiary on the Tel Aviv exchange (e.g. Series C ~NIS 247.9M / $77.7M), creating both leverage and Israeli-shekel FX exposure.
“As of December 31, 2025, the outstanding principal amount of the Series C Bonds was NIS 247.9 million ($77.7 million).”
SEC filing →As of 2026
Other disclosures
- related-party tenant concentration (66 facilities to chairman Gubin affiliates)medium
As of year-end 2025, 66 of Strawberry Fields' facilities were leased to tenants affiliated with chairman/CEO Moishe Gubin, concentrating rent in related parties and creating conflict-of-interest risk.
“As of December 31, 2025, we leased 66 of our facilities to tenants that are affiliates of: (i) Moishe Gubin who serv”
SEC filing →As of 2026
Regulatory & policy
- SNF tenant dependence on Medicaid reimbursement & healthcare fraud lawsmedium
Strawberry Fields' rent comes from skilled-nursing operators whose revenue is largely Medicaid (lower reimbursement rates) and who are subject to Anti-Kickback, Stark and False Claims Act enforcement — reimbursement cuts or sanctions impair tenants' ability to pay rent.
“these operators and their principals have learned to successfully operate facilities in which most of the revenue is earned from providing services to patients covered by Medicaid which are subject to lower reimbursement rates than other revenue sources.”
SEC filing →As of 2026
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