What has historically been one of my favorite commercial mREITs, Arbor Realty Trust (ABR), has had a blistering (and very poorly written) report published by a purported short seller. For those reading the various comment sections on this site you already know that a research firm named Ningi Research has published a paper accusing the company of massive fraud–very massive fraud. The report can be found here. The company has responded and their response is here. I won’t go into any details about the report, but suffice to say the report is written in a very child like fashion so whether this is a ‘serious’ report or not is questionable.
ABR has a number of preferred stock issues outstanding and the report has hurt the common and preferred of the company. At this time I have little or no exposure to the preferred shares.