September 6, 2024 – On September 4, 2024 the SEC FOIA office responded to a Viceroy-instigated appeal of records withheld under FOIA exemption 7(A). The appeal was denied, and enforcement staff confirmed the existence of responsive records concerning Arbor Realty Trust. A redacted copy of
September 3, 2024 – Arbor is facing a wave of foreclosures as borrowers, unable to pay interest or deliver equity, are walking away and handing Arbor their keys. Arbor has been predictably unsuccessful in flipping these properties. Various parties who have been approached to privately
August 20, 2024 – This surveillance report of Arbor’s CLO for the month of August shows that quality continues to deteriorate. As Arbor continues to effectively wind down this book it will get more toxic: the book is being kept current almost entirely through modifications.
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
July 25, 2024 – Viceroy have little confidence that Arbor will accurately portray the quality of its book in its earnings tomorrow. This surveillance report of Arbor’s CLO for the month of July more accurately shows that Arbor’s loan book is a raging dumpster fire.
July 12, 2024 – In June 2024, Arbor borrower Moneil Capital sent a capital call letter to its syndicate investors to restructure its Regard at Med Center loans. Arbor has $52m of loans secured against this property, which was most recently valued, by Arbor’s valuers,
July 11, 2024 – Below is Viceroy’s third letter to Arbor’s auditor Ernst & Young regarding their ongoing lack of concern around Arbor’s financials. In particular: The continued decline in the performance of their CLO loans, which closely mirror those on Arbor’s balance sheet. Arbor’s
June 20, 2024 – This report will round up Q2 2024. Accordingly, we have prepared a high-level summary of our work to date this year for ease of reference. We also have a list of simple questions for Arbor’s management considering their fraudulent, insulting, and
June 18, 2024 – Arbor has foreclosed on another delinquent property in Houston: Northbooke apartments. Northbrooke Apartments has $32.5m of debt against an independent valuation of $38.3m: an implied cap rate of 2.26%. A blue-sky model suggests that the LTV is, at best, ~127%, and
Viceroy Research has reported extensively on the corporate malfeasance, fraud, and accounting gimmicks at Arbor Realty Trust (henceforth, Arbor). This includes the misreported quality of loans and fraudulent undisclosed related-party transactions. Arbor management has refused to acknowledge these issues and has made their disclosures more
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