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We are short Arbor Realty Trust ($ABR), a Mortgage REIT focused on real estate bridge financing. We believe $ABR hid debt off-balance, faked revenue and hundreds of millions of dollars are missing. We think the stock is downside up to 67%, read our report: ningiresearch.com 
$ABR owns a toxic and worthless portfolio of mobile homes called Lexford/Empirian, loaded with $582m of debt. Arbor secretly invested millions into wholly-owned Lexford but shareholders only received 4.1% of total profits. More than $159m is missing.
By hiding Lexford Arbor Realty Trust saved itself from technical insolvency in the past. Till 2017 $ABR’s book value was negative. Viewed in isolation, consolidating #Lexford leads to a 24% lower BVPS, read our report: ningiresearch.com
