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 14, 2024 – This morning, Globe Life reported it received concerns of vulnerabilities related to access permissions to consumer and policyholder information. This is a direct result of Viceroy having been able to evidence significant vulnerabilities in the data privacy and protection practices of
June 7, 2024 – Former agents have informed Viceroy of several agents who continue to work for American Income Life subsequent to for-cause termination, writing fraudulent policies, or fraudulently recruiting agents. This includes agents who stand accused of multiple sexual assaults from multiple sources, an
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
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 31, 2024 – Globe Life’s largest insurance subsidiary AIL, and its agencies continue to lie to consumers. A Viceroy investigation has found several current AIL marketing materials contain an AM Best “A+” Financial Stability Ranking (FSR). AIL was downgraded from “A+” on July 17,
May 28, 2024 – The DOJ have filed an objection to MPW’s Debtor-in-Possession financing terms for Steward Health Care. They cite the terms are unfair and force the sale of Stewardship, without regard for antitrust procedures, in reference to its sale of of Stewardship, Steward’s
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 23, 2024 – Viceroy’s deep-dive research into SEC and NAIC filings has found how Globe Life, through financial shenanigans and a full financial guarantee, have transformed AIL’s agent loan receivable balances into short-term investments on Liberty National’s balance sheet. Globe Life and Liberty National
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