Arbor – 2024 10-K Update

Author: Viceroy Research Published on: March 4, 2025 Published in: Arbor Realty Trust (NYSE:ABR)

March 4, 2025 – Arbor’s 10-K is littered with creative accounting and outright incorrect data as its window-dressing campaign continues. This report will highlight the most egregious examples of Arbor’s fabrication of financial data, and contrast this with real performance data from its CLOs.

Arbor’s loss provisions do not reconcile with widely reported and acknowledged operational headwinds.
We believe there is a total of $45m-$55m of undisclosed, unrecoverable paper gains on foreclosures booked against REO assets.
Arbor has already encumbered REO assets with mortgages, meaning any realization of these assets would not lead to significant new cash flows.
Arbor’s SEC disclosures about loan delinquencies, modifications and PIK interest do not conform with its CLO filings.
In 2023, Arbor disclosed that it foreclosed on a $217m MF portfolio, which it repackaged and sold back to the same owner for a profit of $22m.
Arbor confirmed that it funded $41.7m in additional unsecured lines of credit but did not disclose to whom.
The company has increased existing repo line capacity and opened new repo facilities despite being in a loan runoff, and not fully utilizing its existing repurchase facilities.
A $22 million loan, issued in 2018 to CEO Ivan Kaufman and other executives, was originally set to mature in June 2021, has now been impaired, raising concerns about its repayment

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