Arbor Realty – Q2 2024 Update

Author: Viceroy Research Published on: August 7, 2024 Published in: Arbor Realty Trust (NYSE:ABR)

August 7, 2024 – Arbor’s Q2 2024 earnings call and subsequent 10-Q is once again littered with disclosure-vomit that Viceroy has come to expect when dealing with suspect companies. Arbor management continue to intentionally mislead investors in relation to the quality of their earnings, the quality of their assets, and the nature of their extensive window-dressing exercises.

Arbor provides mezzanine financing to delinquent and distressed borrowers, at its expense and implying serious discounts on Arbor valuations.
AWC, an Arbor related party, purchased an Arbor property out of foreclosure, entirely with Arbor funds.
Arbor’s cash interest income on its structured business is now proportionally lower to the interest it pays on its debt. It no longer makes economic sense for Arbor to fund bridge loans with debt.

This report will run through Arbor’s most egregious lies and omissions from its Q2 2024 statements and earnings call, both of which continue the validation of Viceroy’s work and reveal the unfolding disaster on their books.

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