Here's Carson Block's brutal presentation outlining his latest big short

Carson Block has set his eyes on a new target.

At the Sohn Investment Conference on Wednesday, Block said that he has taken a short position on regional bank Bank of the Ozarks.

In Block's opinion, Ozarks has overextended itself into "unfunded off-balance sheet commitments."

In essence, these are loans promised, but not executed for real estate developers until they are ready. This means that many of these loans are not on the company's official balance sheet, making it appear safer than it is.

In order to maintain the level of capital needed to execute the future loans, Ozarks has had to continually grow its deposits. Over the last few years, the company has been able to acquire other banks, absorb their deposits, and turn around and offer these loans.

The issue is that many of these deals have been financed with stock, since Ozarks is growing quickly. Thus, when the growth slows down and the stock wobbles, Ozarks will not be able to do any more acquisitions. No more acquisitions, no more deposits. No more deposits, no more money to fulfill the promised loans.

Block and his firm, Muddy Waters Research, have provided Business Insider with the complete presentation on his Bank of the Ozarks short. The presentation outlines the total debt and deposits that Ozarks has, and shows the startling growth of the bank's loan book.

Check out the full presentation below.