Arbor – Oct 2025 CLO Update

Author: Viceroy Research Published on: October 28, 2025 Published in: Arbor Realty Trust (NYSE:ABR)

October 28, 2025 –Arbor’s October CLO reporting data is completely fabricated. We have reported significant misstatements in the past about obvious errors in Arbor’s CLO reporting, however no single month has recorded so many erroneous entries in its CLO reporting.

Arbor has cured $350m of EOQ delinquencies by cutting rates on 5 large Nitya Capital CLO loans to 0.00%.
Our analysis shows Arbor has manually hard-coded financial data of its borrowers to deflate their returns and improve the financial image of their borrowers.
$730m of CLO loans have been modified in Q3 2025 alone. $160m of these are already delinquent again.
Arbor has bought-out a loan in its CLO for $83m, and resold it back to another CLO for the same price, removing recorded modifications attached to the loan, and fabricating new underlying asset performance data.

There is no underlying operational improvement secured against these loans, no opportunity to transition these loans into agency, or any other feasible lending product, and (obviously) no buyer for these loans at their marked price. These loans are in transition to foreclosures, and nothing else.

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