On November 16, 2023, Viceroy Research released a report entitled “Arbor Realty Trust – Slumlord Millionaires.” In this report, Viceroy stated that it “[i]nvestors in bridge financing underwriters and their portfolios of loans appear to be [. . .] unprepared for the enormous wave of maturities which cannot be refinanced and are substantially all underwater. This is a bizarre deer in headlights situation we didn’t ever expect to find.” Further, Viceroy announced that it was “short Arbor Realty Trust” and that “[i]n this industry plagued with delusion and bad decisions, Arbor stands out as the worst of the worst. Viceroy’s dive into Arbor’s collateralized loan obligation facilities suggest its entire loan book is distressed and underlying collateral is vastly overstated.”

On this news, the price of Arbor stock went down by $1.6 per share, or 11.56%, to close at $12.24 on November 16, 2023.