February 1, 2024 – Viceroy Research will debate Christian Kopfer of Handelsbanken this Friday, February 2, 2024, on DITV. This serves as an opportunity to address aspects of our analysis that were disregarded in his last appearance. Viceroy offers this summary of our work. Breaking
We have previously explained how SCA’s forest asset valuation model is entirely inappropriate and its unexplained premium in m3fo to competitors. This results in a valuation that is completely dislocated from future cash flows, the only real purpose of the 2m hectares of productive forest
January 25, 2024 – Viceroy are short Svenska Cellulosa AB (STO:SCA-B)(“SCA”). SCA has massively inflated its forest assets on paper. Its valuation methodology has relied on short-term price fluctuations, interest rate fluctuations, and mark-to-market assumptions for numerous unrealistic inputs to massively inflate SCA’s forestry assets.
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
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
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