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On Dec. 5, 2023, after purportedly receiving information from “whistleblowers” regarding distressed Arbor deals and underlying assets, hedge fund Viceroy released a second research report on the company entitled, “Arbor – Jacksonville Case Study.”
Viceroy’s Dec. 5 report highlights three multifamily properties in the Jacksonville, Florida area encumbered by Arbor loans, which the hedge fund submits have property values likely below Arbor’s loan balances.
The hedge fund states, “Viceroy’s dive into Arbor’s CLOs suggests its entire loan book is distressed and underlying collateral is vastly overstated. These loans do not qualify for refinancing anywhere, and substantially all mature within the next 18 months.”
Viceroy concludes, “We believe Arbor is a donut. $0.00.”
Viceroy’s dive into Arbor’s Jacksonville portfolio follows its initial report published on Nov. 17, 2023 entitled “Arbor Realty Trust – Slumlord Millionaires.”
In that report, Viceroy concluded: “Arbor’s high-risk multifamily bridge loans, which comprise substantially all of its asset book, are going bad fast… The end is near.”
Following the release of both reports, the price of Arbor Realty’s shares sharply fell.
