Daily Ideas·Bearish·ABR·2026年1月20日

Arbor – Q4 2025 CLO Update & Earnings Preview

Viceroy Research
Other

Viceroy expects Arbor's Q4 2025 earnings to be substantially worse than Q3, based on underlying CLO portfolio data. They note that Arbor’s distributable earnings in Q3 2025 were held up by a one-time “income from equity affiliates” line item and that operational adjusted distributable earnings were negative.

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