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
January 8, 2024 – Below is Viceroy’s letter to Arbor’s auditor Ernst & Young outlining our concerns. Viceroy Research is of the opinion that Arbor’s financial statements and credit impairment models are fundamentally flawed. Arbor has made miniscule provisions for what we believe is an
December 26, 2023 – Last week, Viceroy Research published an updated surveillance report on Arbor’s CLOs, which showed mounting delinquencies across its portfolio. This report will dive into 4 delinquent loans we have identified that Arbor have bought back from the CLO into their portfolio:
December 22, 2023 – Arbor’s underlying CLO performance data for December is now live. Sixty-nine of Arbor’s CLO loans are now delinquent, representing a 50% growth in the number of delinquencies month-on-month. Over $1.25b in Arbor deal value in its CLOs alone now delinquent and
December 5, 2023 – Whistleblowers have reached out to Viceroy en-masse to provide evidence and public citations of current, distressed Arbor deals and underlying assets. This case study will track Arbor’s underlying asset delinquencies and debt service coverage ratios (DSCR) across a specific syndicated portfolio
November 29, 2023 – Arbor’s underlying CLO performance trustee data for November is now live, and it is as bad as we expected, if not worse. This report will track Arbor’s underlying asset delinquencies and debt service coverage ratios (DSCR), which now show clear and
November 16, 2023 – Viceroy is short Arbor Realty Trust (NYSE : ABR). In this industry plagued with delusion and bad decisions, Arbor stands out as the worst of the worst. Viceroy’s dive into Arbor’s CLOs suggest its entire loan book is distressed and underlying
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