MSPR
MSP Recovery, Inc.
MSP Recovery, Inc. is a computer processing and data preparation services company based in Miami.1
Price unavailable
Last updated Oct 21, 2026.
Overview
-$360.5MNet income, fiscal 20242
- TickerMSPR1
- IndustryServices-Computer Processing & Data Preparation1
- HeadquartersMiami, Florida1
- Business address3150 Sw 38Th Avenue, Suite 1100, Miami, Fl 331463
- Filer category, Emerging growth company3
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Our business is directly related to the healthcare industry and is affected by healthcare spending and complexity in the healthcare data industry. The market for healthcare data and healthcare claims recovery solutions is large and growing. We estimate that our total potentially serviceable market is over $161.5 billion annually. Our primary focus is on the Medicare and Medicaid market segments. Medicare is the third largest government program, with estimated annual expenditures during 2023 of approximately $1,029.8 billion for approximately 68.0 million enrollees. Medicaid has a combined estimated annual expenditure during 2023 of approximately $871.7 billion for approximately 88.5 million enrollees. Of the billions spent yearly by Medicare on medical expenses for its beneficiaries, we estimate that at least 10% of this was improperly paid by private Medicare plans.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2024
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Operating expenses | $21.8M7 | $354.9M7 | $567.6M2 | $1.3B2 | ||
| Operating income | -$3.3M6 | -$7.2M7 | -$331.5M7 | -$559.9M2 | -$1.3B2 | |
| Interest | $20.9M6 | $27.0M7 | $121.0M7 | $289.2M2 | $420.0M2 | |
| Income before tax | -$33.1M7 | -$401.9M7 | -$835.1M2 | -$1.6B2 | ||
| Income tax | $06 | $07 | $07 | $02 | $02 | |
| Net income | -$24.2M6 | -$33.1M7 | -$7.4M7 | -$56.3M2 | -$360.5M2 | |
| Earnings per share | -$158.022 | -$359.952 | ||||
| Earnings per share (diluted) | -$158.022 | -$359.952 | ||||
| Shares (weighted, basic) | 356.6K shares2 | 1.0M shares2 | ||||
| Shares (weighted, diluted) | 356.6K shares2 | 1.0M shares2 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Cash | $1.3M6 | $1.0M11 | $177.4K12 | $15.1M2 | $11.6M2 | $12.3M2 |
| Receivables | $6.2M7 | $217.0K2 | $295.0K2 | |||
| Current assets | $1.1M12 | $19.0M6 | $51.4M7 | $21.9M2 | $15.5M2 | |
| Property, plant and equipment | $750.0K6 | $3.4M7 | $4.9M2 | $5.2M2 | ||
| Intangible assets | $84.2M6 | $3.4B7 | $3.1B2 | $1.9B2 | ||
| Total assets | $26.2K11 | $231.2M12 | $104.0M6 | $3.4B7 | $3.2B2 | $1.9B2 |
| Accounts payable | $4.6M6 | $8.4M7 | $6.2M2 | $14.0M2 | ||
| Current liabilities | $27.2K11 | $1.2M12 | $54.1M6 | $115.7M7 | $46.5M2 | $1.3B2 |
| Total liabilities | $27.2K11 | $22.6M12 | $255.4M6 | $1.2B7 | $1.7B2 | $2.0B2 |
| Retained earnings | -$18.2M12 | -$29.2M7 | -$85.6M2 | -$446.1M2 | ||
| Shareholders’ equity | -$1.0K12 | -$21.4M12 | -$155.8M6 | $107.9M7 | $272.4M2 | $100.6M2 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Cash from operations | -$14.0K6 | $2.2M7 | -$80.6M7 | -$40.0M2 | -$16.1M2 | |
| Depreciation and amortization | $343.0K7 | $424.0K7 | $263.0K2 | $277.0K2 | ||
| Stock-based compensation | $20.1M7 | $830.0K2 | $02 | |||
| Capital spending | $330.0K6 | $481.0K7 | $3.0M7 | $1.7M2 | $525.0K2 | |
| Free cash flow | -$344.0K | $1.8M | -$83.6M | -$41.8M | -$16.6M | |
| Cash from investing | -$2.0M7 | -$5.7M7 | $7.6M2 | -$2.7M2 | ||
| Cash from financing | -$10.5M7 | $99.7M7 | $29.0M2 | $19.5M2 |
Corporate structure
MSP Recovery, Inc. sits at the top of its group. 171 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of MSP Recovery, Inc.
- BlackRock Filed SCHEDULE 13G/A on MSP Recovery, Inc., latest Jul 17, 2025 (4 filings since Oct 24, 2024)
- Palantir Technologies Filed SCHEDULE 13G/A on MSP Recovery, Inc., latest Apr 8, 2025 (5 filings since Apr 1, 2024)
- John Hasan Ruiz Filed SCHEDULE 13D/A on MSP Recovery, Inc., latest Mar 5, 2025 (3 filings since Jun 2, 2022)
- Virage Capital Management LP Filed SCHEDULE 13G on MSP Recovery, Inc., latest Feb 13, 2025 (2 filings since Nov 14, 2024)
- Cano Health, Inc. Filed SC 13D/A on MSP Recovery, Inc., latest Apr 4, 2024 (13 filings since Jul 17, 2023)
- Nomura Holdings Filed SC 13G/A on MSP Recovery, Inc., latest Feb 14, 2024 (5 filings since Feb 14, 2022)
- VANGUARD GROUP INC Filed SC 13G/A on MSP Recovery, Inc., latest Feb 13, 2024 (2 filings since Feb 9, 2023)
- YA II PN, Ltd. Filed SC 13G on MSP Recovery, Inc., latest Nov 22, 2023
- CF Principal Investments LLC Filed SC 13G/A on MSP Recovery, Inc., latest Feb 14, 2023 (2 filings since Jun 1, 2022)
- MARSHALL WACE, LLP Filed SC 13G/A on MSP Recovery, Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
- Bank of Montreal Filed SC 13G/A on MSP Recovery, Inc., latest Feb 6, 2023 (2 filings since Feb 15, 2022)
- Magnetar Financial LLC Filed SC 13G/A on MSP Recovery, Inc., latest Jan 24, 2023 (2 filings since Jan 28, 2022)
- MSP Recovery, Inc. Miami, Florida
- Claims RR, LLC Subsidiary · Florida, United States
- LifeWallet Federal, LLC Subsidiary · Delaware, United States
- LifeWallet Health, LLC Subsidiary · Delaware, United States
- LifeWallet Lawyer Referral Information Services, LLC Subsidiary · Delaware, United States
- LifeWallet Legal, LLC Subsidiary · Delaware, United States
- LifeWallet Schools, LLC Subsidiary · Delaware, United States
- LifeWallet, LLC Subsidiary · Delaware, United States
- Lionheart II Holdings, LLC Subsidiary · Delaware, United States
- MAO-MSO Recovery II, LLC Subsidiary · Delaware, United States
- MAO-MSO Recovery LLC Subsidiary · Delaware, United States
- MDA, Series LLC Subsidiary · Delaware, United States
- MSP National, LLC Subsidiary · Delaware, United States
- MSP Productions, LLC Subsidiary · Delaware, United States
- MSP Recovery Claims CAID, Series LLC Subsidiary · Delaware, United States
- MSP Recovery Claims COM, Series LLC Subsidiary · Delaware, United States
- MSP Recovery Claims HOSP, Series LLC Subsidiary · Delaware, United States
- MSP Recovery Claims HP, Series LLC Subsidiary · Delaware, United States
- MSP Recovery Claims PROV, Series LLC Subsidiary · Delaware, United States
- MSP Recovery Claims, Series LLC Subsidiary · Delaware, United States
- MSP Recovery of Puerto Rico LLC Subsidiary · Puerto Rico, United States
- MSP Recovery Services LLC Subsidiary · Florida, United States
- MSP WB, LLC Subsidiary · Delaware, United States
- MSPA Claims 1, LLC Subsidiary · Florida, United States
- NY Claims Holdings, LLC Subsidiary · Delaware, United States
- Series 15-08-10 Subsidiary · Delaware, United States
- and 145 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What MSP Recovery, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $6.8M2 Dec 31, 2024 | $6.4M2 Dec 31, 2023 | +6.4% |
| Accumulated depreciation | $1.7M2 Dec 31, 2024 | $1.5M2 Dec 31, 2023 | +11.0% |
| Property and equipment, net | $5.2M2 Dec 31, 2024 | $4.9M2 Dec 31, 2023 | +5.0% |
| Operating-lease assets (leased space) | $227.0K2 Dec 31, 2024 | $342.0K2 Dec 31, 2023 | −33.6% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $1.9B2 Dec 31, 2024 | $3.1B2 Dec 31, 2023 | −39.4% |
Properties, in its own words
We lease our corporate headquarters and maintain our executive offices in an office building located at 3150 SW 38th Avenue, Suite 1100, Miami, Florida 33146. We also lease office space in Puerto Rico. We believe that our existing facilities are adequate for our current and planned levels of operation.
Item 2 of the 10-K filed Apr 16, 2025.5
Leadership
Who has led MSP Recovery, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
2025
- Chief executive officerJohn Hasan Ruiz Jun 2, 2022 to Dec 17, 202413
- Chief executive officerOphir Sternberg Aug 13, 2020 to Jul 7, 202114
- PresidentOphir Sternberg Aug 13, 2020 to Jul 7, 202114
- Chief financial officerCalvin Hamstra Jun 30, 2022 to Jun 30, 202215
- Chief financial officerPaul Howard Rapisarda Aug 13, 2020 to Sep 23, 202216
- Chief operating officerRicardo Rivera Jun 15, 2022 to Sep 15, 202217
- Chief operating officerCala Faquiry Diaz Jul 15, 2021 to Jul 15, 202118
- Chief operating officerTrevor Barran Aug 13, 2020 to Jul 7, 202119
Board members and other officers (16)
- OfficerFrank Carlos Quesada Jun 2, 2022 to Jun 2, 202220
- OfficerRicardo Rivera Jun 2, 2022 to Jun 2, 202221
- Board memberBeatriz Maria Assapimonwait Jun 2, 2022 to Jun 2, 202222
- Board memberFrank Carlos Quesada Jun 2, 2022 to Oct 2, 202320
- Board memberJohn Hasan Ruiz Jun 2, 2022 to Dec 17, 202413
- Board memberMayra Cristina Ruiz Jun 2, 2022 to Jun 8, 202223
- Board memberMichael Frederick Arrigo Jun 2, 2022 to Dec 21, 202324
- Board memberMrcs Series Jun 8, 2022 to Jun 8, 202225
- Board memberRoger Meltzer Apr 5, 2021 to Dec 21, 202326
- Board memberThomas W. Hawkins Jul 19, 2021 to Dec 21, 202327
- Board memberOphir Sternberg Aug 13, 2020 to Dec 21, 202314
- Board memberSteven R. Berrard Aug 13, 2020 to Aug 13, 202028
- Board memberTrevor Barran Aug 13, 2020 to Jul 7, 202119
- Board memberAman Kapadia Aug 14, 2020 to Jul 7, 202129
- General counselAlexandra Marie Plasencia Jun 2, 2022 to Jun 15, 202230
- General counselFrank Carlos Quesada Jun 8, 2022 to Oct 2, 202325
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- Claims RR, LLC Florida4
- LifeWallet Federal, LLC Delaware4
- LifeWallet Health, LLC Delaware4
- LifeWallet Lawyer Referral Information Services, LLC Delaware4
- LifeWallet Legal, LLC Delaware4
- LifeWallet Schools, LLC Delaware4
- LifeWallet, LLC Delaware4
- Lionheart II Holdings, LLC Delaware4
- MAO-MSO Recovery II, LLC Delaware4
- MAO-MSO Recovery LLC Delaware4
- MDA, Series LLC Delaware4
- MSP National, LLC Delaware4
- MSP Productions, LLC Delaware4
- MSP Recovery Claims CAID, Series LLC Delaware4
- MSP Recovery Claims COM, Series LLC Delaware4
- MSP Recovery Claims HOSP, Series LLC Delaware4
- MSP Recovery Claims HP, Series LLC Delaware4
- MSP Recovery Claims PROV, Series LLC Delaware4
- MSP Recovery Claims, Series LLC Delaware4
- MSP Recovery Services LLC Florida4
- MSP Recovery of Puerto Rico LLC Puerto Rico4
- MSP Recovery, LLC Florida4
- MSP WB, LLC Delaware4
- MSPA Claims 1, LLC Florida4
All 171 listed subsidiaries
- NY Claims Holdings, LLC Delaware4
- Series 15-08-10 Delaware4
- Series 15-08-12 Delaware4
- Series 15-08-14 Delaware4
- Series 15-08-15 Delaware4
- Series 15-08-16 Delaware4
- Series 15-08-17 Delaware4
- Series 15-08-18 Delaware4
- Series 15-08-19 Delaware4
- Series 15-08-21 Delaware4
- Series 15-08-23 Delaware4
- Series 15-08-24 Delaware4
- Series 15-08-25 Delaware4
- Series 15-08-26 Delaware4
- Series 15-08-27 Delaware4
- Series 15-09-108 Delaware4
- Series 15-09-136 Delaware4
- Series 15-09-242 Delaware4
- Series 15-09-250 Delaware4
- Series 15-09-273 Delaware4
- Series 15-09-281 Delaware4
- Series 15-09-284 Delaware4
- Series 15-09-288 Delaware4
- Series 15-09-293 Delaware4
- Series 15-09-30 Delaware4
- Series 15-09-32 Delaware4
- Series 15-09-321 Delaware4
- Series 15-09-330 Delaware4
- Series 15-10-357 Delaware4
- Series 15-10-358 Delaware4
- Series 15-10-359 Delaware4
- Series 15-10-361 Delaware4
- Series 15-10-362 Delaware4
- Series 15-11-371 Delaware4
- Series 15-11-372 Delaware4
- Series 15-11-373 Delaware4
- Series 15-11-374 Delaware4
- Series 15-11-375 Delaware4
- Series 15-11-376 Delaware4
- Series 15-11-377 Delaware4
- Series 15-11-378 Delaware4
- Series 15-11-380 Delaware4
- Series 15-11-383 Delaware4
- Series 15-11-385 Delaware4
- Series 15-11-386 Delaware4
- Series 15-11-387 Delaware4
- Series 15-11-392 Delaware4
- Series 15-12-396 Delaware4
- Series 15-12-397 Delaware4
- Series 15-12-398 Delaware4
- Series 15-12-399 Delaware4
- Series 15-12-400 Delaware4
- Series 15-12-401 Delaware4
- Series 15-12-402 Delaware4
- Series 15-12-403 Delaware4
- Series 15-12-404 Delaware4
- Series 15-12-406 Delaware4
- Series 15-12-407 Delaware4
- Series 16-01-409 Delaware4
- Series 16-01-410 Delaware4
- Series 16-01-413 Delaware4
- Series 16-01-420 Delaware4
- Series 16-02-425 Delaware4
- Series 16-02-426 Delaware4
- Series 16-02-427 Delaware4
- Series 16-02-428 Delaware4
- Series 16-02-429 Delaware4
- Series 16-02-433 Delaware4
- Series 16-02-435 Delaware4
- Series 16-02-436 Delaware4
- Series 16-02-437 Delaware4
- Series 16-02-438 Delaware4
- Series 16-02-439 Delaware4
- Series 16-03-440 Delaware4
- Series 16-03-441 Delaware4
- Series 16-03-442 Delaware4
- Series 16-03-444 Delaware4
- Series 16-04-448 Delaware4
- Series 16-04-454 Delaware4
- Series 16-05-455 Delaware4
- Series 16-05-457 Delaware4
- Series 16-07-481 Delaware4
- Series 16-10-504 Delaware4
- Series 16-11-524 Delaware4
- Series 17-02-565 Delaware4
- Series 17-03-584 Delaware4
- Series 17-03-620 Delaware4
- Series 17-07-642 Delaware4
- Series 17-12-674 Delaware4
- Series 18-01-811 Delaware4
- Series 18-01-812 Delaware4
- Series 18-03-848 Delaware4
- Series 18-04-859 Delaware4
- Series 18-05-872 Delaware4
- Series 18-11-949 Delaware4
- Series 19-01-977 Delaware4
- Series 19-02-982 Delaware4
- Series 19-04-1014 Delaware4
- Series 19-05-1023 Delaware4
- Series 19-05-1042 Delaware4
- Series 19-06-1054 Delaware4
- Series 19-06-1058 Delaware4
- Series 19-10-1123 Delaware4
- Series 19-10-1128 Delaware4
- Series 20-06-1374 Delaware4
- Series 20-09-1483 Delaware4
- Series 21-01-1517 Delaware4
- Series 21-02-1521 Delaware4
- Series 21-02-1532 Delaware4
- Series 21-03-1544 Delaware4
- Series 21-03-1546 Delaware4
- Series 21-03-1547 Delaware4
- Series 21-03-1548 Delaware4
- Series 21-03-1549 Delaware4
- Series 21-03-1550 Delaware4
- Series 21-03-1551 Delaware4
- Series 21-03-1552 Delaware4
- Series 21-03-1554 Delaware4
- Series 21-04-1561 Delaware4
- Series 21-05-1571 Delaware4
- Series 21-06-1565 Delaware4
- Series 21-06-1588 Delaware4
- Series 21-09-1617 Delaware4
- Series 21-09-1623 Delaware4
- Series 21-10-1632 Delaware4
- Series 21-12-1645 Delaware4
- Series 22-01-1658 Delaware4
- Series 22-01-1660 Delaware4
- Series 22-01-1661 Delaware4
- Series 22-01-1662 Delaware4
- Series 22-02-1667 Delaware4
- Series 22-11-1874 Delaware4
- Series 23-05-1895 Delaware4
- Series 23-05-1940 Delaware4
- Series 23-05-1941 Delaware4
- Series 23-05-1942 Delaware4
- Series 23-05-1947 Delaware4
- Series 23-05-1948 Delaware4
- Series FHCP Delaware4
- Series PMPI Delaware4
- Series-21-05-1568 Delaware4
- Series-21-05-1569 Delaware4
- Series-21-05-1570 Delaware4
- Series-21-05-1576 Delaware4
- Series-21-05-1578 Delaware4
- Series-22-05-1716 Delaware4
- Subrogation Holdings, LLC Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Oct 1, 20268-K Entered a material agreement; New debt or obligation; Executive or director change31
- Aug 31, 20268-K Entered a material agreement; New debt or obligation32
- Aug 14, 20268-K Entered a material agreement; New debt or obligation33
- Aug 3, 20268-K Entered a material agreement; New debt or obligation34
- Jul 13, 20268-K Entered a material agreement; New debt or obligation35
- Jul 8, 20268-K Other events36
- Jun 30, 20268-K Entered a material agreement; New debt or obligation37
- Jun 18, 20268-K Entered a material agreement; New debt or obligation38
- Jun 4, 20268-K Entered a material agreement; New debt or obligation39
- May 19, 20268-K Entered a material agreement; New debt or obligation; Other events40
- May 6, 20268-K Entered a material agreement; New debt or obligation41
- Apr 20, 20268-K Entered a material agreement; New debt or obligation42
- Jun 2, 2022New chief executive John Hasan Ruiz becomes CEO13
- Aug 13, 2020New chief executive Ophir Sternberg becomes CEO14
Calendar
When it reported results
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
677 filings to the SEC since October 2021: 6 annual reports, 13 quarterly reports, 112 major events, 104 insider forms, 54 large holders, 388 other. The latest 20:
- Oct 1, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Oct 1, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Oct 1, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Oct 1, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Oct 1, 20268-K CURRENT REPORT EDGAR
- Aug 31, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 31, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 31, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 31, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 31, 20268-K CURRENT REPORT EDGAR
- Aug 26, 2026NT 10-Q NOTIFICATION OF LATE FILING EDGAR
- Aug 14, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 14, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 14, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 14, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 14, 20268-K CURRENT REPORT EDGAR
- Aug 3, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 3, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 3, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
- Aug 3, 2026424B3 PROSPECTUS SUPPLEMENT EDGAR
The 677 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
101 open-market trades by officers, directors and large owners since October 2021: 24 buys and 77 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 13, 2024 | Ruiz Mayra Cristina10% owner | Sale | 16,000 | Form 4 | ||
| Dec 13, 2024 | Ruiz John HasanChief Executive Officer | Sale | 16,000 | Form 4 | ||
| Nov 6, 2024 | Palantir Technologies Inc.10% owner | Sale | 506,296 | $0.13 | $65.8K | Form 4 |
| Nov 5, 2024 | Palantir Technologies Inc.10% owner | Sale | 340,300 | $0.11 | $37.4K | Form 4 |
| Nov 4, 2024 | Palantir Technologies Inc.10% owner | Sale | 111,760 | $0.10 | $11.2K | Form 4 |
| Nov 1, 2024 | Palantir Technologies Inc.10% owner | Sale | 337,174 | $0.11 | $37.1K | Form 4 |
| Oct 31, 2024 | Palantir Technologies Inc.10% owner | Sale | 381,487 | $0.11 | $42.0K | Form 4 |
| Oct 30, 2024 | Palantir Technologies Inc.10% owner | Sale | 55,921 | $0.12 | $6.7K | Form 4 |
| Aug 28, 2024 | Ruiz John HasanChief Executive Officer | Buy | 50,000 | $0.24 | $12.0K | Form 4 |
| Aug 22, 2024 | Ruiz John HasanChief Executive Officer | Buy | 360,620 | $0.28 | $101.0K | Form 4 |
| Aug 21, 2024 | Ruiz John HasanChief Executive Officer | Buy | 100,000 | $0.28 | $28.0K | Form 4 |
| Aug 20, 2024 | Ruiz John HasanChief Executive Officer | Buy | 100,000 | $0.25 | $25.0K | Form 4 |
| Aug 19, 2024 | Ruiz John HasanChief Executive Officer | Buy | 100,000 | $0.25 | $25.0K | Form 4 |
| Aug 16, 2024 | Ruiz John HasanChief Executive Officer | Buy | 168,000 | $0.25 | $42.0K | Form 4 |
| Apr 2, 2024 | Cano Health, Inc.10% owner | Sale | 1,109,500 | $0.88 | $976.4K | Form 4 |
| Apr 1, 2024 | Cano Health, Inc.10% owner | Sale | 30,376 | $0.67 | $20.4K | Form 4 |
| Mar 28, 2024 | Cano Health, Inc.10% owner | Sale | 25,778 | $0.69 | $17.8K | Form 4 |
| Mar 27, 2024 | Cano Health, Inc.10% owner | Sale | 24,935 | $0.70 | $17.5K | Form 4 |
| Mar 26, 2024 | Cano Health, Inc.10% owner | Sale | 20,000 | $0.73 | $14.6K | Form 4 |
| Mar 25, 2024 | Cano Health, Inc.10% owner | Sale | 23,600 | $0.74 | $17.5K | Form 4 |
All 101 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 4 filings Oct 24, 2024 to Jul 17, 202545
- Palantir TechnologiesSCHEDULE 13G/A, 5 filings Apr 1, 2024 to Apr 8, 202546
- John Hasan RuizSCHEDULE 13D/A, 3 filings Jun 2, 2022 to Mar 5, 202547
- Virage Capital Management LPSCHEDULE 13G, 2 filings Nov 14, 2024 to Feb 13, 202548
- Cano Health, Inc.SC 13D/A, 13 filings Jul 17, 2023 to Apr 4, 202449
- Nomura HoldingsSC 13G/A, 5 filings Feb 14, 2022 to Feb 14, 202450
- VANGUARD GROUP INCSC 13G/A, 2 filings Feb 9, 2023 to Feb 13, 202451
- YA II PN, Ltd.SC 13G, 1 filing Nov 22, 202352
- CF Principal Investments LLCSC 13G/A, 2 filings Jun 1, 2022 to Feb 14, 202353
- MARSHALL WACE, LLPSC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202354
- Bank of MontrealSC 13G/A, 2 filings Feb 15, 2022 to Feb 6, 202355
- Magnetar Financial LLCSC 13G/A, 2 filings Jan 28, 2022 to Jan 24, 202356
- Boris HirmasSC 13G, 1 filing Jul 12, 202257
- Cala Faquiry DiazSC 13G, 1 filing Jul 12, 202258
- JLS Equities LLCSC 13G, 1 filing Jul 12, 202259
- Jessica WasserstromSC 13G, 1 filing Jul 12, 202260
- Leviathan Group LLCSC 13G, 1 filing Jul 12, 202261
- Lionheart Equities, LLCSC 13D/A, 2 filings Jun 7, 2022 to Jul 12, 202262
- Oliver SPV Holdings LLCSC 13G, 1 filing Jul 12, 202263
- Paul Howard RapisardaSC 13G, 1 filing Jul 12, 202264
- Lawrence FeisSC 13G, 1 filing May 13, 202265
- Mizuho Financial GroupSC 13G, 1 filing Feb 14, 202266
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- PPP loans $957.7K
Figures by year
| Year | PPP loans | Total |
|---|---|---|
| 2020 | $957.7K | $957.7K |
PPP loans
Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA67. Matched to this company by name and state.
- Apr 10, 2020$957.7K PPP loan (first draw) from City National Bank of Florida67To MSP RECOVERY LLC, Miami FL; $967.5K forgiven May 3, 2021
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| LRI Investments, LLC | 1 | $0 | 0.0% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How MSP Recovery, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARMSP Recovery, Inc.1
- CIK0001802450
- Employer ID (EIN)84-41178255
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 311
- Industry code (SIC)7374 Services-Computer Processing & Data Preparation1
- SEC reviewing officeOffice of Technology, Division of Corporation Finance1
- Business address3150 Sw 38Th Avenue, Suite 1100, Miami, FL 331461
- Phone305.614.22221
- Shares outstanding4,920,520 Common Class A shares; 3,323,146 Class V Common Stock shares as of Apr 10, 20255
- Public float$7.2M as of Jun 30, 20245
- AuditorDeloitte & Touche LLP, Miami, Florida PCAOB ID 34; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceFeb 13, 20201
- Filings745 in all: 424B3 (279), 8-K (120), 4 (88), 3 (29), 425 (27), CORRESP (24), SC 13G (21), 10-Q (17)1
All 43 form types
UPLOAD (15), SC 13D/A (14), S-1/A (11), SC 13G/A (10), EFFECT (8), S-4/A (7), 10-K (5), DEF 14A (5), NT 10-Q (5), S-1 (5), 3/A (4), NT 10-K (4), SCHEDULE 13G/A (4), 10-K/A (3), 4/A (3), 8-K/A (3), DEF 14C (3), POS AM (3), PRE 14C (3), SC 13D (3), 25-NSE (2), 8-A12B (2), CERT (2), DEFA14A (2), DRS/A (2), PRE 14A (2), SCHEDULE 13G (2), 424B4 (1), DRS (1), DRSLTR (1), POS EX (1), PRER14A (1), S-4 (1), S-8 (1), SCHEDULE 13D/A (1)
- Latest filingsAnnual report (10-K) Apr 16, 2025
Quarterly report (10-Q) Nov 19, 2025
Proxy statement (DEF 14A) Jul 24, 2025
Latest 8-K (8-K) Oct 1, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A common stock, $0.0001 par value per share | MSPR | NASDAQ |
| Redeemable warrants, each lot of 625 warrants exercisable for one share of Class A common stock at an exercise price of $7,187.50 per share | MSPRW | NASDAQ |
| Redeemable warrants, each lot of 625 warrants exercisable for one share of Class A common stock at an exercise price of $0.0625 per share | MSPRZ | NASDAQ |
From the cover page of the 10-K filed Apr 16, 2025 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks MSP Recovery, Inc. names in Item 1A of its 10-K filed Apr 16, 2025: 76 risks under these headings, as written.5
- Risks Related to IT Systems and Cybersecurity
- Risks Related to the Company’s Business and Industry
- In this section “we,” “us,” “our,” and the “Company” refer to Legacy MSP prior to the Business Combination and to the Company following the Business Combination.
- We have a history of net losses and no substantial revenue to date, and we may not achieve recoveries, generate significant revenue, or achieve profitability. Our relatively limited operating history makes it difficult to evaluate our current business and future prospects, and increases the risk of your investment.
- We have a limited history of actual recoveries to date, and there are risks associated with estimating the amount of revenue that we recognize from recoveries. If our estimates of revenue are materially inaccurate, it would impact the timing and the amount of our revenue recognition and have a material adverse effect on our business, results of operations, financial condition, and cash flows.
- We have concluded there is a substantial doubt about our ability to continue as a going concern.
- Under most of our agreements with Assignors, we assume the risk of failure to recover on the assigned Claims, and if we fail to make recoveries with respect to the assigned Claim receivables and therefore, are unable to generate recovery proceeds greater than or equal to the amounts paid by us to purchase the assigned Claims, it can adversely affect our business.
- Litigation outcomes are inherently risky; unfavorable court rulings, delays, damages calculations, or other limitations can adversely affect our recovery efforts, our potential to generate revenue, and our overall business.
- Our litigation often involves complex, novel legal theories with little or no precedent on which courts can rely, which may adversely affect our ability to generate revenue and negatively impact our business.
- Our lawsuits are brought in a diverse range of judicial venues across many jurisdictions, which may result in inconsistent outcomes on similar issues, adversely affect our recovery efforts, and limit our ability to generate revenue.
- Counterparties in our lawsuits employ dilatory tactics that delay the resolution of litigation or settlement negotiations, increasing costs associated with recoveries and substantially delaying the outcome of our cases and any associated revenue recognition.
- In some jurisdictions, our recoveries may be limited due to legal restrictions, which may have negative consequences for the value or enforcement of our contractual agreements with our counterparties, for our ability to do business in certain jurisdictions, or for our cost of doing business.
The other 66 risks
- Our fee sharing arrangement with the Law Firm materially reduces our recoveries.
- Assignors may pursue recovery on Claims directly or may use other recovery agents in connection with the Assignor’s efforts to recover on Claims.
- If lawyers who we rely on to litigate Claims and defenses do not exercise due skill and care, or the interests of their clients do not align with the interests of our Assignors, there may be a material adverse effect on the value of our assets.
- Our business and future growth depend on our ability to successfully expand the volume of our portfolio of assigned Claims and obtain data from new Assignors and healthcare Claims from our existing Assignor base.
- The positions we will typically acquire in connection with our acquisition of Claims are unsecured, and may be effectively subordinated to other obligations or duplicated due to mistake, negligence, or fraud on the part of the Assignor of the Claim.
- Internal improvements to healthcare Claims and retail billing processes by our Assignors could reduce the need for, and revenue generated by, our solutions, which could have a material adverse effect on our business, financial condition and results of operations.
- Healthcare spending fluctuations, simplification of the healthcare delivery and reimbursement system, and programmatic changes to the scope of benefits and limitations to payment integrity initiatives could reduce the need for our data-driven solutions, which could have a material adverse effect on our business, financial condition, and results of operations.
- If our existing Assignors prematurely terminate their agreement with us, or if either party materially breaches an agreement, and we can no longer receive future assignments of healthcare Claims recoveries, it could have a material adverse effect on our business, financial condition, and results of operations.
- If an Assignor prematurely terminates its agreement with us, we may be precluded from accessing that Assignor’s data and/or be forced to destroy data in our possession from that Assignor, which may substantially impair our ability to recover on that Assignor’s Claims.
- If we are unable to develop new Assignor relationships, it could have a material adverse effect on our business, financial condition, and results of operations.
- In some events, we may act as a servicing agent for another party. If one of these parties terminates their agreement with us or if either party materially breaches an agreement, it could have a material adverse effect on our business, financial condition, and results of operations.
- We have long sales and implementation cycles for many of our data-driven solutions and may fail to close sales after expending time and resources, or experience delays in implementing the solutions, which could have a material adverse effect on our business, financial condition and results of operations.
- If our Assignors’ risk agreements change, it can have a material adverse effect on our business, financial condition, and results of operations.
- Our use and disclosure of personally identifiable information, including PHI, is subject to federal and state privacy and security regulations, and our failure to comply with those regulations or adequately secure the information we hold could result in significant liability or reputational harm.
- If we fail to innovate and develop new solutions, or if these new solutions are not adopted by existing and potential Assignors or other users, it could have a material adverse effect on our business, financial condition, and results of operations.
- Changes in the United States healthcare environment, or in laws relating to healthcare programs and policies, and steps we take in anticipation of such changes or a failure to comply with such laws, particularly as they relate to the Affordable Care Act and Medicare and Medicaid programs, could have a material adverse effect on our business, financial condition, and results of operations.
- A significant portion of our Claims comes from a limited number of Assignors who have relationships with key existing payers; the loss of one or more of these Assignors or disruptions in Assignor-payer relationships could have a material adverse effect on our business, financial condition, and results of operations.
- Our revenues and operations are dependent upon a limited number of key existing payers and our Assignors’ continued relationship with those payers; disruptions in those relationships (including renegotiation, non-renewal, or termination of capitation agreements) or the inability of such payers to maintain their contracts with CMS could adversely affect our business.
- The data healthcare analytics and healthcare payment markets are relatively new and unpenetrated, and may not develop, develop more slowly than we expect, or sustain negative publicity, which may adversely affect our business.
- Negative publicity concerning the data healthcare analytics and healthcare payment accuracy industry or patient confidentiality and privacy could limit the future growth of the healthcare payment accuracy market.
- We face significant competition, and we expect competition to increase.
- Our success depends, in part, on our ability to protect our intellectual property rights.
- If we are unable to protect our proprietary technology, information, processes, and know-how, the value of our solutions may be diminished, which could have a material adverse effect on our business, financial condition, and results of operations.
- Our ability to obtain, protect, and enforce our intellectual property rights is subject to uncertainty as to the scope of protection, registrability, patentability, validity, and enforceability of our intellectual property rights in each applicable jurisdiction, as well as the risk of general litigation or third-party oppositions.
- Qui tam litigation is subject to intervention and dismissal by the federal and state governments.
- We are subject to extensive government regulation. Any violation of the laws and regulations applicable to us or a negative audit or investigation finding, could have a material adverse effect on our business.
- Our business depends on effective information processing systems that are compliant with current HIPAA transaction and code set standards and the integrity of the data in, and operations of, our information systems, as well as those of other entities that provide us with data or receive data from us.
- We have a substantial amount of indebtedness and payment obligations which, together with any future indebtedness or payment obligations, could adversely affect our ability to operate our business.
- Failure to obtain or maintain ongoing financing to fund operations would negatively impact our business.
- Costs associated with, and our ability to obtain and maintain adequate insurance, could adversely affect our profitability and financial condition.
- Our services could become subject to new, revised, or enhanced regulatory requirements in the future, which could result in increased costs, delay or prevent our introduction of new solutions, or impair the function or value of our existing solutions, which could have a material adverse effect on our business, financial condition, and results of operations.
- Failing to accurately estimate our contract pricing may have a material adverse effect on our business.
- If we fail to cost-effectively develop widespread brand awareness and maintain or defend our reputation, or if we fail to achieve and maintain market acceptance, our business could suffer.
- Our ability to execute on business plans, maintain high levels of service, or adequately address competitive challenges will be negatively impacted if we fail to properly manage our growth, which could have a material adverse effect on our business, financial condition, and results of operations.
- We may not be able to obtain additional capital to continue the development of our business.
- Failure to properly manage our growth or obtain additional financing to fund growth could negatively impact our business.
- We may make acquisitions of businesses or Claim recovery interests that prove unsuccessful, and any mergers, acquisitions, dispositions, or joint venture activities may change our business and financial results and introduce new risks.
- Adverse judgments or settlements in litigation, regulatory, or other dispute resolution proceedings could have a material adverse effect on our business, financial condition, and results of operations.
- If we are unable to successfully identify and recover on future Claims, our results of operations could be adversely affected.
- If we fail to accurately calculate the Paid Amount and Paid Value of Potential Recoverable Claims, it can have a material adverse effect on our business, results of operations, financial condition, and cash flows.
- Failure of our software vendors, utility providers, network providers, and third-party data providers to perform as expected, changes in our relationships with them, or losing access to data sources may adversely affect our business.
- We may be sued by third parties for alleged infringement of their proprietary rights.
- Changes in, or interpretations of, tax rules and regulations may adversely affect our effective tax rates.
- We will be required to pay the Tax Receivable Agreement (“TRA”) Parties (as defined in the TRA) for most of the benefits relating to, among other things, an increase in tax attributes as a result of the Company’s direct and indirect allocable share of existing tax basis acquired in the Business Combination, and the Company’s increase in its allocable share of existing tax basis and anticipated tax basis adjustments we receive in connection with sales or exchanges of Up-C Units after the Business Combination.
- Payments under the TRA may be accelerated and/or significantly exceed the actual tax benefits the Company realizes under the TRA, and such accelerations may impair our ability to consummate change of control transactions.
- The acceleration of payments under the Tax Receivable Agreement in the case of certain changes of control may impair our ability to consummate change of control transactions or negatively impact the value of our Common Stock.
- Our success is dependent upon the efforts of our key personnel. The loss of key personnel could negatively impact the operations and profitability of the Company, and its financial condition could suffer as a result.
- Our business is dependent on our ability to attract and retain qualified employees.
- General economic, political, and market forces and dislocations beyond our control could reduce demand for our solutions and our overall business may suffer from an economic downturn.
- We are concentrated in certain geographic regions, which makes us sensitive to regulatory, economic, environmental, and competitive conditions in those regions.
- Our overall business results may suffer from an economic downturn.
- High inflation may adversely affect our financial results.
- Risks Related to Our Securities
- In this section, “we,” “us,” “our,” the “Company,” and other similar terms refer to Legacy MSP prior to the Business Combination and to the Company following the Business Combination.
- We are controlled by the Members, including John H. Ruiz and Frank C. Quesada, whose interests may conflict with our interests and the interests of other stockholders. Further, our status as a “controlled company” on Nasdaq removes certain corporate governance protections.
- Our stockholders will experience substantial dilution as a consequence of, among other transactions, future issuances of Common Stock.
- We qualify as a “controlled company” within the meaning of the Nasdaq listing standards and, as a result, our stockholders may not have certain corporate governance protections that are available to stockholders of companies that are not controlled companies.
- The Company’s management has limited experience in operating a public company.
- There can be no assurance that we will be able to comply with the continued listing standards of Nasdaq.
- Failure to meet the continued listing requirements of Nasdaq could result in the delisting of our Class A Common Stock, thus negatively impacting the price value of our Class A Common Stock and negatively impacting our ability to raise additional capital.
- If our shares are delisted from Nasdaq and become subject to the penny stock rules, it will become more difficult to trade our shares.
- We may be required to take write-downs or write-offs, or restructuring, impairment, or other charges that could have a significant negative effect on our financial condition, results of operations, and our stock price, and which could adversely affect the value of our securities.
- Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.
- We may be unable to obtain additional financing to fund the operations and growth of the Company.
- Anti-takeover provisions contained in our Charter and Amended & Restated Bylaws, as well as provisions of Delaware law, could impair a takeover attempt.
- The Charter contains a provision renouncing our interest and expectancy in certain corporate opportunities.
- We may redeem unexpired Public Warrants and New Warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making such warrants worthless.
- Risks Related to Ownership of Our Common Stock
Legal proceedings
From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. Regardless of outcome, such proceedings or claims can have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors and there can be no assurances that favorable outcomes will be obtained.
Investigations
On August 11, 2022, the Securities and Exchange Commission (the “SEC”) initiated an investigation of the Company, and requested documents relating to, among other matters, the Business Combination transaction with Lionheart Acquisition Corporation II consummated on May 23, 2022, certain historical and projected financial results, investor agreements, and data analytic platforms and
Algorithms. The Company received a subpoena dated March 1, 2023 from the SEC regarding the aforementioned subject matter, and subsequently received a subpoena on May 10, 2023, in connection with the investigation relating to, among other matters, the Company’s projections and the accounting and valuation of certain assets that were the basis for the Company’s determination that its quarterly financial statements for the periods ended June 30, 2022 and September 30, 2022 require restatements and should no longer be relied upon, as disclosed in the Company’s Form 8-K on April 14, 2023. On August 16, 2023, the Company received an additional subpoena from the SEC regarding certain funding sources of the Company prior to the Business Combination, various statements and disclosures by the Company in connection with, and following, the Business Combination, certain historical and projected financial results, and data analytic platforms and Algorithms used to identify potential recoveries.
The opening of Item 3, Legal Proceedings.5
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- 20SEC EDGARFrank Carlos Quesada, Officer
- 21SEC EDGARRicardo Rivera, Officer
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- 23SEC EDGARMayra Cristina Ruiz, Board member
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- 25SEC EDGARMrcs Series, Board member
- 26SEC EDGARRoger Meltzer, Board member
- 27SEC EDGARThomas W. Hawkins, Board member
- 28SEC EDGARSteven R. Berrard, Board member
- 29SEC EDGARAman Kapadia, Board member
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