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.
October 9, 2023 – Below is United States et al.’s 2021 False Claims Act complaint against Steward Health Care and associates. The complaint centres on unlawful kickbacks and a scheme between Steward and First Choice to “direct expensive and profitable procedures to Steward’s central Florida
September 29, 2023 – Below is Zurich American Insurance Company’s supplemental brief in Medical Properties Trust’s appeal. MPW and Steward lost their case against the AGLIC and Zurich Insurance. They are appealing but it raises questions about what MPW can reasonably expect back in light
September 26, 2023 – Among many of MPW’s off-balance sheet investment vehicles sits the Swiss entity, Infracore. MPW owns 70% of the economic interests in Infracore, who’s almost-sole tenant is Swiss Medical Network: MPW’s 4th largest tenant on a “adjusted gross asset basis”. By our
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