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
September 6, 2023 – Below is Viceroy’s second request for Discovery from Medical Properties Trust. While we understand that management may be occupied putting out fires at Steward Health Care we hope they are able comply with our request.
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 6, 2023 – Below is Viceroy’s briefing on discovery issues in our ongoing dispute with Medical Properties Trust. Once again the company is holding out on key documents relating to Steward and Prospect while requesting irrelevant documents. It’s our view that Medical Properties Trust
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
October 24, 2023 – Below is a memo from Viceroy Research’s counsel to Medical Properties Trust’s counsel regarding their inadequate response to our discovery requests. The company’s narrative, that Viceroy is solely responsible for their share price declines, ignores the management decisions that are driving the
October 10, 2023 – Below is MPW’s response to Viceroy’s request for discovery. Unsurprisingly for a company with such embarrassingly poor disclosure, MPW has effectively refused to produce many of the documents requested.
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