June 20, 2024 – This report will round up Q2 2024. Accordingly, we have prepared a high-level summary of our work to date this year for ease of reference. We also have a list of simple questions for Arbor’s management considering their fraudulent, insulting, and
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
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 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 16, 2024 – Arbor’s underlying CLO performance data for May is now live. 38% of Arbor’s CLO loans are now delinquent and/or modified. Arbor has modified loans against 11 properties in the last month. These modifications substantially comprise of capitalization of interest, “temporary” rate
May 14, 2024 – Below is the letter sent by Viceroy to Arbor’s auditor Robert Hatch detailing the fraudulent related party transaction detailed in our previous report wherein Arbor financed purchases of assets from its own foreclosures with Arbor loans, via off-balance sheet entities run
May 9, 2024 – Viceroy Research today bestows the F-word upon Arbor and its management team: “fraud”. Viceroy’s investigations have discovered an elaborate and intentional con, where Arbor has financed purchases of assets from its own foreclosures, with Arbor loans, via off-balance sheet entities run
April 17, 2024 – Arbor’s underlying CLO performance data for April is now live. 37 of Arbor’s CLO loans are nlow delinquent, representing 11% of its CLO book.To superficially achieve this remarkable “rehabilitation” feat: Arbor has modified 56 loans in the past month. These modifications
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
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