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
June 6, 2024 – Viceroy’s unanswered inquiries to Arbor and the sell-side about its commercial ties to BBG & Meridian have been answered thanks to vetted whistleblowers and confirmed by multiple industry sources. Viceroy understands from whistleblowers that Freddie Mac’s restricted vendor status on appraiser
Viceroy Research LLC are an investigative financial research group registered in Delaware, USA.
Our research reports have been prepared for educational purposes only and expresses our opinions. Our reports and any statements made in connection with them are the authors’ opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. All expressions of opinion are subject to change without notice, and we do not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them. We believe that the publication of our opinions about public companies that we research is in the public interest. We are entitled to our opinions and to the right to express such opinions in a public forum. You can access any information or evidence cited in this report or that we relied on to write this report from information in the public domain.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stocks covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. We have a good-faith belief in everything we write; however, all such information is presented “as is,” without warranty of any kind – whether express or implied.
In no event will we be liable for any direct or indirect trading losses caused by any information available on this report. Think critically about our opinions and do your own research and analysis before making any investment decisions. We are not registered as an investment advisor in any jurisdiction. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You should seek the advice of a security professional regarding your stock transactions.
This website, all documents contained herein or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.
Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.
You should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.
The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.