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 collateral is vastly overstated. These loans do not qualify for refinancing anywhere, and substantially all mature within the next 18 months.The current underlying DSCR of Arbor's ~$7.6b CLOs is about 0.63x.The current underlying weighted average LTV of the CLOs is ~77%Appraised values of underlying CLOs properties are valued at cap rates of ~4.7%. This is ludicrous. The current
Watching Arbor Realty Trust; Viceroy Research Issues Report On Co Titled "Arbor Realty Trust – Slumlord Millionaires"
Benzinga · 11/16/2023 23:46
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