June 5, 2024 – On May 14, 2024, Arbor Realty trust moved to foreclose on Park North Apartments in Houston. This is a non-CLO property; therefore we have no visibility into how this loan has performed to date. Given it is foreclosing: probably not good.
May 28, 2024 – Arbor has modified loans against 127 properties in its CLO to May 2024. In its Q1 2024 earnings call, Arbor CEO Ivan Kaufman claimed that “Fresh capital [is] brought to the table in every one of these deals”. Viceroy reached out
May 16, 2024 – Arbor’s underlying CLO performance data for May is now live. 38% of Arbor’s CLO loans are now delinquent and/or modified. Arbor has modified loans against 11 properties in the last month. These modifications substantially comprise of capitalization of interest, “temporary” rate
May 14, 2024 – Below is the letter sent by Viceroy to Arbor’s auditor Robert Hatch detailing the fraudulent related party transaction detailed in our previous report wherein Arbor financed purchases of assets from its own foreclosures with Arbor loans, via off-balance sheet entities run
May 9, 2024 – Viceroy Research today bestows the F-word upon Arbor and its management team: “fraud”. Viceroy’s investigations have discovered an elaborate and intentional con, where Arbor has financed purchases of assets from its own foreclosures, with Arbor loans, via off-balance sheet entities run
April 17, 2024 – Arbor’s underlying CLO performance data for April is now live. 37 of Arbor’s CLO loans are nlow delinquent, representing 11% of its CLO book.To superficially achieve this remarkable “rehabilitation” feat: Arbor has modified 56 loans in the past month. These modifications
March 26, 2024 – We think it’s time for a change of pace: this report will highlight the best of the worst properties on Arbor’s CLO books. Viceroy have selected a sample of recently constructed properties in Arbor’s CLO portfolio, of which there are about
March 18, 2024 – Arbor’s underlying CLO performance data for March 2024 is now live. 66 of Arbor’s CLO loans are now delinquent, representing 20% of its CLO book. We note that Arbor has made 9 modifications to loans in its CLO over the last
February 21, 2024 – On February 16th, Arbor announced 2023 earnings and held a conference call. Like many investors (or nasty short sellers), we left the call with more questions than answers. Arbor CEO Ivan Kaufman claims that Arbor has substantially cured their delinquent portfolio,
January 22, 2024 – Arbor’s underlying CLO performance data for January 2024 is now live. 107 of Arbor’s CLO loans are now delinquent, representing a 50% growth in the number of delinquencies month-on-month and almost a quarter of Arbor’s CLO book. Delinquent deals represent almost
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