Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial
results for the second quarter ended June 30, 2024. Arbor
reported net income for the quarter of $47.4 million, or $0.25 per
diluted common share, compared to net income of $76.2 million, or
$0.41 per diluted common share for the quarter ended June 30,
2023. Distributable earnings for the quarter was $91.6 million, or
$0.45 per diluted common share, compared to $114.0 million, or
$0.57 per diluted common share for the quarter ended June 30,
2023.
Agency Business
Loan Origination Platform
|
|
Agency Loan Volume (in thousands) |
|
|
Quarter Ended |
|
|
June 30, 2024 |
|
March 31, 2024 |
Fannie Mae |
|
$ |
742,724 |
|
$ |
458,429 |
Freddie Mac |
|
|
346,821 |
|
|
370,102 |
Private Label |
|
|
34,714 |
|
|
15,410 |
SFR-Fixed Rate |
|
|
24,996 |
|
|
2,318 |
Total Originations |
|
$ |
1,149,255 |
|
$ |
846,259 |
|
|
|
|
|
Total Loan Sales |
|
$ |
1,135,287 |
|
$ |
1,085,374 |
|
|
|
|
|
Total Loan Commitments |
|
$ |
1,099,713 |
|
$ |
934,243 |
|
For the quarter ended June 30, 2024, the
Agency Business generated revenues of $76.8 million, compared to
$66.6 million for the first quarter of 2024. Gain on sales,
including fee-based services, net was $17.4 million for the
quarter, reflecting a margin of 1.54%, compared to $16.7 million
and 1.54% for the first quarter of 2024. Income from mortgage
servicing rights was $14.5 million for the quarter, reflecting a
rate of 1.32% as a percentage of loan commitments, compared to
$10.2 million and 1.32% (excluding $160.2 million of loan
commitments not serviced for a fee) for the first quarter of
2024.
At June 30, 2024, loans held-for-sale was
$342.9 million, with financing associated with these loans totaling
$335.2 million.
Fee-Based Servicing
Portfolio
The Company’s fee-based servicing portfolio
totaled $32.28 billion at June 30, 2024. Servicing revenue,
net was $29.9 million for the quarter and consisted of servicing
revenue of $46.8 million, net of amortization of mortgage servicing
rights totaling $16.9 million.
|
|
Fee-Based Servicing Portfolio ($ in
thousands) |
|
|
June 30, 2024 |
|
March 31, 2024 |
|
|
UPB |
|
Wtd. Avg. Fee (bps) |
|
Wtd. Avg. Life (years) |
|
UPB |
|
Wtd. Avg. Fee (bps) |
|
Wtd. Avg. Life (years) |
Fannie Mae |
|
$ |
22,114,193 |
|
46.7 |
|
7.0 |
|
$ |
21,548,221 |
|
47.1 |
|
7.2 |
Freddie Mac |
|
|
5,587,178 |
|
22.7 |
|
7.4 |
|
|
5,301,291 |
|
23.4 |
|
7.7 |
Private Label |
|
|
2,547,308 |
|
18.9 |
|
6.0 |
|
|
2,524,013 |
|
18.9 |
|
6.3 |
FHA |
|
|
1,369,507 |
|
14.4 |
|
18.9 |
|
|
1,365,329 |
|
14.4 |
|
19.0 |
Bridge |
|
|
380,547 |
|
10.9 |
|
3.4 |
|
|
380,712 |
|
10.9 |
|
3.6 |
SFR-Fixed Rate |
|
|
279,962 |
|
20.1 |
|
4.9 |
|
|
265,429 |
|
20.1 |
|
5.0 |
Total |
|
$ |
32,278,695 |
|
38.4 |
|
7.5 |
|
$ |
31,384,995 |
|
38.8 |
|
7.7 |
|
Loans sold under the Fannie Mae program contain
an obligation to partially guarantee the performance of the loan
(“loss-sharing obligations”) and includes $34.8 million for the
fair value of the guarantee obligation undertaken at June 30,
2024. The Company recorded a $4.4 million net provision for loss
sharing associated with CECL for the second quarter of 2024. At
June 30, 2024, the Company’s total CECL allowance for
loss-sharing obligations was $41.8 million, representing 0.19% of
the Fannie Mae servicing portfolio.
Structured Business
Portfolio and Investment
Activity
|
|
Structured Portfolio Activity ($ in
thousands) |
|
|
Quarter Ended |
|
|
June 30, 2024 |
|
March 31, 2024 |
|
|
UPB |
|
% |
|
UPB |
|
% |
Bridge: |
|
|
|
|
|
|
|
|
Multifamily |
|
$ |
19,650 |
|
9 |
% |
|
$ |
39,235 |
|
15 |
% |
SFR |
|
|
185,500 |
|
82 |
% |
|
|
171,490 |
|
67 |
% |
Land |
|
|
10,350 |
|
4 |
% |
|
|
— |
|
— |
% |
|
|
|
215,500 |
|
95 |
% |
|
|
210,725 |
|
82 |
% |
|
|
|
|
|
|
. |
|
|
Mezzanine/Preferred
Equity |
|
|
11,684 |
|
5 |
% |
|
|
45,129 |
|
18 |
% |
Total Originations |
|
$ |
227,184 |
|
100 |
% |
|
$ |
255,854 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
Number of Loans
Originated |
|
|
45 |
|
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
SFR Commitments |
|
$ |
277,260 |
|
|
|
$ |
411,617 |
|
|
|
|
|
|
|
|
|
|
|
Loan Runoff |
|
$ |
629,641 |
|
|
|
$ |
640,018 |
|
|
|
|
|
Structured Portfolio ($ in thousands) |
|
|
June 30, 2024 |
|
March 31, 2024 |
|
|
UPB |
|
% |
|
UPB |
|
% |
Bridge: |
|
|
|
|
|
|
|
|
Multifamily |
|
$ |
9,679,128 |
|
82 |
% |
|
$ |
10,254,756 |
|
84 |
% |
SFR |
|
|
1,622,269 |
|
14 |
% |
|
|
1,445,028 |
|
12 |
% |
Other |
|
|
176,855 |
|
1 |
% |
|
|
166,505 |
|
1 |
% |
|
|
|
11,478,252 |
|
97 |
% |
|
|
11,866,289 |
|
97 |
% |
|
|
|
|
|
|
|
|
|
Mezzanine/Preferred
Equity |
|
|
389,981 |
|
3 |
% |
|
|
377,845 |
|
3 |
% |
SFR Permanent |
|
|
4,975 |
|
<1 |
% |
|
|
5,728 |
|
<1 |
% |
Total Portfolio |
|
$ |
11,873,208 |
|
100 |
% |
|
$ |
12,249,862 |
|
100 |
% |
|
At June 30, 2024, the loan and investment
portfolio’s unpaid principal balance ("UPB"), excluding loan loss
reserves, was $11.87 billion, with a weighted average interest rate
of 7.79%, compared to $12.25 billion and 8.07% at March 31,
2024. Including certain fees earned and costs associated with the
loan and investment portfolio, the weighted average interest rate
was 8.60% at June 30, 2024, compared to 8.81% at
March 31, 2024. The decrease in rate was primarily due to an
increase in non-performing loans and new non-accrual loans in the
second quarter of 2024.
The average balance of the Company’s loan and
investment portfolio during the second quarter of 2024, excluding
loan loss reserves, was $12.15 billion with a weighted average
yield of 8.99%, compared to $12.52 billion and 9.44% for the first
quarter of 2024.
During the second quarter of 2024, the Company
recorded a $28.9 million provision for loan losses associated
with CECL. At June 30, 2024, the Company’s total allowance for
loan losses was $238.9 million. The Company had 24 non-performing
loans with a UPB of $676.2 million, before related loan loss
reserves of $28.1 million, compared to twenty-one loans with a UPB
of $464.8 million, before loan loss reserves of $32.9 million at
March 31, 2024.
In addition, at June 30, 2024, the Company
had fourteen loans with a total UPB of $367.9 million (before
related loan loss reserves of $15.0 million) that were less than 60
days past due, compared to twelve loans with a total UPB of $489.4
million at March 31, 2024. Interest income on these loans is
only being recorded to the extent cash is received.
During the second quarter of 2024, the Company
modified twenty-eight loans with a total UPB of $733.3 million.
Fifteen of these loans with a total UPB of $398.1 million,
contained interest rates based on pricing over SOFR ranging from
3.25% to 5.25%. Under the loan modification terms, borrowers
invested additional capital to recapitalize their deals in exchange
for temporary rate relief, which we provided through a pay and
accrual feature. At June 30, 2024, these modified loans had a
weighted average pay rate of 7.18% and a weighted average accrual
rate of 2.14%. A portion of these loans totaling $92.7 million were
less than 60 days past due and $62.0 million were non-performing at
March 31, 2024, and are now current in accordance with their
modified terms.
Financing Activity
The balance of debt that finances the Company’s
loan and investment portfolio at June 30, 2024 was $10.26
billion with a weighted average interest rate including fees of
7.53%, as compared to $11.11 billion and a rate of 7.44% at
March 31, 2024.
The average balance of debt that finances the
Company’s loan and investment portfolio for the second quarter of
2024 was $10.81 billion, as compared to $11.37 billion for the
first quarter of 2024. The average cost of borrowings for the
second quarter of 2024 was 7.54%, compared to 7.50% for the first
quarter of 2024.
Dividend
The Company announced today that its Board of
Directors has declared a quarterly cash dividend of $0.43 per share
of common stock for the quarter ended June 30, 2024. The
dividend is payable on August 30, 2024 to common stockholders
of record on August 16, 2024.
Earnings Conference Call
The Company will host a conference call today at
10:00 a.m. Eastern Time. A live webcast and replay of the
conference call will be available at www.arbor.com in the investor
relations section of the Company’s website, or you can access the
call telephonically at least ten minutes prior to the conference
call. The dial-in numbers are (800) 274-8461 for domestic callers
and (203) 518-9843 for international callers. Please use
participant passcode ABRQ224 when prompted by the operator.
A telephonic replay of the call will be
available until August 9, 2024. The replay dial-in numbers are
(800) 938-2487 for domestic callers and (402) 220-9026 for
international callers.
About Arbor Realty Trust,
Inc.
Arbor Realty Trust, Inc. (NYSE: ABR) is a
nationwide real estate investment trust and direct lender,
providing loan origination and servicing for multifamily,
single-family rental (SFR) portfolios, and other diverse commercial
real estate assets. Headquartered in New York, Arbor manages a
multibillion-dollar servicing portfolio, specializing in
government-sponsored enterprise products. Arbor is a leading Fannie
Mae DUS® lender and Freddie Mac Optigo® Seller/Servicer, and an
approved FHA Multifamily Accelerated Processing (MAP) lender.
Arbor’s product platform also includes bridge, CMBS, mezzanine and
preferred equity loans. Rated by Standard and Poor’s and Fitch
Ratings, Arbor is committed to building on its reputation for
service, quality, and customized solutions with an unparalleled
dedication to providing our clients excellence over the entire life
of a loan.
Safe Harbor Statement
Certain items in this press release may
constitute forward-looking statements within the meaning of the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. These statements are based on management’s
current expectations and beliefs and are subject to a number of
trends and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
Arbor can give no assurance that its expectations will be attained.
Factors that could cause actual results to differ materially from
Arbor’s expectations include, but are not limited to, changes in
economic conditions generally, and the real estate markets
specifically, continued ability to source new investments, changes
in interest rates and/or credit spreads, and other risks detailed
in Arbor’s Annual Report on Form 10-K for the year ended
December 31, 2023 and its other reports filed with the SEC.
Such forward-looking statements speak only as of the date of this
press release. Arbor expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in Arbor’s expectations with regard thereto or change in events,
conditions, or circumstances on which any such statement is
based.
Notes
- During the
quarterly earnings conference call, the Company may discuss
non-GAAP financial measures as defined by SEC Regulation G. In
addition, the Company has used non-GAAP financial measures in this
press release. A supplemental schedule of non-GAAP financial
measures and the comparable GAAP financial measure can be found on
the last page of this release.
- Amounts reflect
approximate balances as of July 31, 2024.
|
|
Contact: |
Arbor Realty Trust, Inc.Paul
Elenio, Chief Financial Officer516-506-4422pelenio@arbor.com |
|
|
|
|
ARBOR REALTY TRUST, INC. AND
SUBSIDIARIESConsolidated Statements of Income -
(Unaudited)($ in thousands—except share and per share data) |
|
|
|
Quarter Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Interest income |
|
$ |
297,188 |
|
|
$ |
335,737 |
|
|
$ |
618,480 |
|
|
$ |
663,685 |
|
Interest expense |
|
|
209,227 |
|
|
|
227,195 |
|
|
|
426,903 |
|
|
|
446,569 |
|
Net interest income |
|
|
87,961 |
|
|
|
108,542 |
|
|
|
191,577 |
|
|
|
217,116 |
|
Other
revenue: |
|
|
|
|
|
|
|
|
Gain on sales, including
fee-based services, net |
|
|
17,448 |
|
|
|
22,587 |
|
|
|
34,114 |
|
|
|
37,176 |
|
Mortgage servicing rights |
|
|
14,534 |
|
|
|
16,201 |
|
|
|
24,733 |
|
|
|
34,659 |
|
Servicing revenue, net |
|
|
29,910 |
|
|
|
32,347 |
|
|
|
61,436 |
|
|
|
61,913 |
|
Property operating income |
|
|
1,444 |
|
|
|
1,430 |
|
|
|
3,014 |
|
|
|
2,811 |
|
Loss on derivative
instruments, net |
|
|
(275 |
) |
|
|
(7,384 |
) |
|
|
(5,533 |
) |
|
|
(3,161 |
) |
Other income, net |
|
|
2,081 |
|
|
|
45 |
|
|
|
4,414 |
|
|
|
4,923 |
|
Total other revenue |
|
|
65,142 |
|
|
|
65,226 |
|
|
|
122,178 |
|
|
|
138,321 |
|
Other
expenses: |
|
|
|
|
|
|
|
|
Employee compensation and
benefits |
|
|
42,836 |
|
|
|
41,310 |
|
|
|
90,529 |
|
|
|
83,708 |
|
Selling and
administrative |
|
|
12,823 |
|
|
|
12,584 |
|
|
|
26,756 |
|
|
|
26,207 |
|
Property operating
expenses |
|
|
1,584 |
|
|
|
1,365 |
|
|
|
3,262 |
|
|
|
2,747 |
|
Depreciation and
amortization |
|
|
2,423 |
|
|
|
2,387 |
|
|
|
4,994 |
|
|
|
5,011 |
|
Provision for loss sharing
(net of recoveries) |
|
|
4,333 |
|
|
|
7,672 |
|
|
|
4,607 |
|
|
|
10,848 |
|
Provision for credit losses
(net of recoveries) |
|
|
29,564 |
|
|
|
13,878 |
|
|
|
48,682 |
|
|
|
36,395 |
|
Total other expenses |
|
|
93,563 |
|
|
|
79,196 |
|
|
|
178,830 |
|
|
|
164,916 |
|
Income before extinguishment
of debt, sale of real estate, income from equity affiliates and
income taxes |
|
|
59,540 |
|
|
|
94,572 |
|
|
|
134,925 |
|
|
|
190,521 |
|
Loss on extinguishment of
debt |
|
|
(412 |
) |
|
|
(1,247 |
) |
|
|
(412 |
) |
|
|
(1,247 |
) |
Gain on sale of real
estate |
|
|
3,813 |
|
|
|
— |
|
|
|
3,813 |
|
|
|
— |
|
Income from equity
affiliates |
|
|
2,793 |
|
|
|
5,560 |
|
|
|
4,211 |
|
|
|
19,886 |
|
Provision for income
taxes |
|
|
(3,901 |
) |
|
|
(5,553 |
) |
|
|
(7,493 |
) |
|
|
(13,582 |
) |
Net income |
|
|
61,833 |
|
|
|
93,332 |
|
|
|
135,044 |
|
|
|
195,578 |
|
Preferred stock dividends |
|
|
10,342 |
|
|
|
10,342 |
|
|
|
20,684 |
|
|
|
20,684 |
|
Net income attributable to
noncontrolling interest |
|
|
4,094 |
|
|
|
6,826 |
|
|
|
9,090 |
|
|
|
14,411 |
|
Net income attributable to
common stockholders |
|
$ |
47,397 |
|
|
$ |
76,164 |
|
|
$ |
105,270 |
|
|
$ |
160,483 |
|
|
|
|
|
|
|
|
|
|
Basic earnings per common
share |
|
$ |
0.25 |
|
|
$ |
0.42 |
|
|
$ |
0.56 |
|
|
$ |
0.88 |
|
Diluted earnings per common
share |
|
$ |
0.25 |
|
|
$ |
0.41 |
|
|
$ |
0.56 |
|
|
$ |
0.87 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
188,655,801 |
|
|
|
181,815,469 |
|
|
|
188,683,095 |
|
|
|
181,468,002 |
|
Diluted |
|
|
205,487,711 |
|
|
|
216,061,876 |
|
|
|
205,499,619 |
|
|
|
215,489,604 |
|
|
|
|
|
|
|
|
|
|
Dividends declared per common
share |
|
$ |
0.43 |
|
|
$ |
0.42 |
|
|
$ |
0.86 |
|
|
$ |
0.82 |
|
|
ARBOR REALTY TRUST, INC. AND
SUBSIDIARIESConsolidated Balance Sheets($ in
thousands—except share and per share data) |
|
|
|
June 30, 2024 |
|
December 31, 2023 |
|
|
(Unaudited) |
|
|
Assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
737,485 |
|
$ |
928,974 |
Restricted cash |
|
|
218,228 |
|
|
608,233 |
Loans and investments, net
(allowance credit losses of $238,923 and $195,664) |
|
|
11,603,944 |
|
|
12,377,806 |
Loans held-for-sale, net |
|
|
342,870 |
|
|
551,707 |
Capitalized mortgage servicing
rights, net |
|
|
380,719 |
|
|
391,254 |
Securities held-to-maturity,
net (allowance credit losses of $9,132 and $6,256) |
|
|
156,080 |
|
|
155,279 |
Investments in equity
affiliates |
|
|
72,872 |
|
|
79,303 |
Due from related party |
|
|
105,097 |
|
|
64,421 |
Goodwill and other intangible
assets |
|
|
89,032 |
|
|
91,378 |
Other assets |
|
|
490,885 |
|
|
490,281 |
Total assets |
|
$ |
14,197,212 |
|
$ |
15,738,636 |
|
|
|
|
|
Liabilities and
Equity: |
|
|
|
|
Credit and repurchase
facilities |
|
$ |
3,160,384 |
|
$ |
3,237,827 |
Securitized debt |
|
|
5,716,513 |
|
|
6,935,010 |
Senior unsecured notes |
|
|
1,245,956 |
|
|
1,333,968 |
Convertible senior unsecured
notes |
|
|
284,473 |
|
|
283,118 |
Junior subordinated notes to
subsidiary trust issuing preferred securities |
|
|
144,275 |
|
|
143,896 |
Due to related party |
|
|
2,709 |
|
|
13,799 |
Due to borrowers |
|
|
75,837 |
|
|
121,707 |
Allowance for loss-sharing
obligations |
|
|
76,561 |
|
|
71,634 |
Other liabilities |
|
|
303,865 |
|
|
343,072 |
Total liabilities |
|
|
11,010,573 |
|
|
12,484,031 |
|
|
|
|
|
Equity: |
|
|
|
|
Arbor Realty Trust, Inc. stockholders' equity: |
|
|
|
|
Preferred stock, cumulative, redeemable, $0.01 par value:
100,000,000 shares authorized, shares issued and outstanding by
period: |
|
|
633,684 |
|
|
633,684 |
Special voting preferred shares - 16,293,589 shares |
|
|
|
|
6.375% Series D - 9,200,000 shares |
|
|
|
|
6.25% Series E - 5,750,000 shares |
|
|
|
|
6.25% Series F - 11,342,000 shares |
|
|
|
|
Common stock, $0.01 par value:
500,000,000 shares authorized - 188,548,879 and 188,505,264 shares
issued and outstanding |
|
|
1,885 |
|
|
1,885 |
Additional paid-in capital |
|
|
2,361,466 |
|
|
2,367,188 |
Retained earnings |
|
|
57,894 |
|
|
115,216 |
Total Arbor Realty Trust, Inc.
stockholders’ equity |
|
|
3,054,929 |
|
|
3,117,973 |
Noncontrolling interest |
|
|
131,710 |
|
|
136,632 |
Total equity |
|
|
3,186,639 |
|
|
3,254,605 |
Total liabilities and
equity |
|
$ |
14,197,212 |
|
$ |
15,738,636 |
|
ARBOR REALTY TRUST, INC. AND SUBSIDIARIESStatement
of Income Segment Information - (Unaudited)(in thousands) |
|
|
|
Quarter Ended June 30,
2024 |
|
|
StructuredBusiness |
|
AgencyBusiness |
|
Other (1) |
|
Consolidated |
Interest income |
|
$ |
282,077 |
|
|
$ |
15,111 |
|
|
$ |
— |
|
|
$ |
297,188 |
|
Interest expense |
|
|
203,062 |
|
|
|
6,165 |
|
|
|
— |
|
|
|
209,227 |
|
Net interest income |
|
|
79,015 |
|
|
|
8,946 |
|
|
|
— |
|
|
|
87,961 |
|
Other
revenue: |
|
|
|
|
|
|
|
|
Gain on sales, including
fee-based services, net |
|
|
— |
|
|
|
17,448 |
|
|
|
— |
|
|
|
17,448 |
|
Mortgage servicing rights |
|
|
— |
|
|
|
14,534 |
|
|
|
— |
|
|
|
14,534 |
|
Servicing revenue |
|
|
— |
|
|
|
46,797 |
|
|
|
— |
|
|
|
46,797 |
|
Amortization of MSRs |
|
|
— |
|
|
|
(16,887 |
) |
|
|
— |
|
|
|
(16,887 |
) |
Property operating income |
|
|
1,444 |
|
|
|
— |
|
|
|
— |
|
|
|
1,444 |
|
Loss on derivative
instruments, net |
|
|
— |
|
|
|
(275 |
) |
|
|
— |
|
|
|
(275 |
) |
Other income, net |
|
|
1,975 |
|
|
|
106 |
|
|
|
— |
|
|
|
2,081 |
|
Total other revenue |
|
|
3,419 |
|
|
|
61,723 |
|
|
|
— |
|
|
|
65,142 |
|
Other
expenses: |
|
|
|
|
|
|
|
|
Employee compensation and
benefits |
|
|
15,805 |
|
|
|
27,031 |
|
|
|
— |
|
|
|
42,836 |
|
Selling and
administrative |
|
|
5,828 |
|
|
|
6,995 |
|
|
|
— |
|
|
|
12,823 |
|
Property operating
expenses |
|
|
1,584 |
|
|
|
— |
|
|
|
— |
|
|
|
1,584 |
|
Depreciation and
amortization |
|
|
1,250 |
|
|
|
1,173 |
|
|
|
— |
|
|
|
2,423 |
|
Provision for loss sharing
(net of recoveries) |
|
|
— |
|
|
|
4,333 |
|
|
|
— |
|
|
|
4,333 |
|
Provision for credit losses
(net of recoveries) |
|
|
28,030 |
|
|
|
1,534 |
|
|
|
— |
|
|
|
29,564 |
|
Total other expenses |
|
|
52,497 |
|
|
|
41,066 |
|
|
|
— |
|
|
|
93,563 |
|
Income before extinguishment
of debt, sale of real estate, income from equity affiliates and
income taxes |
|
|
29,937 |
|
|
|
29,603 |
|
|
|
— |
|
|
|
59,540 |
|
Loss on extinguishment of
debt |
|
|
(412 |
) |
|
|
— |
|
|
|
— |
|
|
|
(412 |
) |
Gain on sale of real
estate |
|
|
3,813 |
|
|
|
— |
|
|
|
— |
|
|
|
3,813 |
|
Income from equity
affiliates |
|
|
2,793 |
|
|
|
— |
|
|
|
— |
|
|
|
2,793 |
|
Benefit from (provision for)
income taxes |
|
|
865 |
|
|
|
(4,766 |
) |
|
|
— |
|
|
|
(3,901 |
) |
Net income |
|
|
36,996 |
|
|
|
24,837 |
|
|
|
— |
|
|
|
61,833 |
|
Preferred stock dividends |
|
|
10,342 |
|
|
|
— |
|
|
|
— |
|
|
|
10,342 |
|
Net income attributable to
noncontrolling interest |
|
|
— |
|
|
|
— |
|
|
|
4,094 |
|
|
|
4,094 |
|
Net income attributable to
common stockholders |
|
$ |
26,654 |
|
|
$ |
24,837 |
|
|
$ |
(4,094 |
) |
|
$ |
47,397 |
|
(1) Includes income allocated to the
noncontrolling interest holders not allocated to the two reportable
segments.
|
ARBOR REALTY TRUST, INC. AND SUBSIDIARIESBalance
Sheet Segment Information - (Unaudited)(in thousands) |
|
|
|
June 30, 2024 |
|
|
StructuredBusiness |
|
AgencyBusiness |
|
Consolidated |
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
272,614 |
|
$ |
464,871 |
|
$ |
737,485 |
Restricted cash |
|
|
203,223 |
|
|
15,005 |
|
|
218,228 |
Loans and investments,
net |
|
|
11,603,944 |
|
|
— |
|
|
11,603,944 |
Loans held-for-sale, net |
|
|
— |
|
|
342,870 |
|
|
342,870 |
Capitalized mortgage servicing
rights, net |
|
|
— |
|
|
380,719 |
|
|
380,719 |
Securities held-to-maturity,
net |
|
|
— |
|
|
156,080 |
|
|
156,080 |
Investments in equity
affiliates |
|
|
72,872 |
|
|
— |
|
|
72,872 |
Goodwill and other intangible
assets |
|
|
12,500 |
|
|
76,532 |
|
|
89,032 |
Other assets and due from
related party |
|
|
521,039 |
|
|
74,943 |
|
|
595,982 |
Total assets |
|
$ |
12,686,192 |
|
$ |
1,511,020 |
|
$ |
14,197,212 |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Debt obligations |
|
$ |
10,216,430 |
|
$ |
335,171 |
|
$ |
10,551,601 |
Allowance for loss-sharing
obligations |
|
|
— |
|
|
76,561 |
|
|
76,561 |
Other liabilities and due to
related party |
|
|
305,813 |
|
|
76,598 |
|
|
382,411 |
Total liabilities |
|
$ |
10,522,243 |
|
$ |
488,330 |
|
$ |
11,010,573 |
|
ARBOR REALTY TRUST, INC. AND
SUBSIDIARIESReconciliation of Distributable Earnings to
GAAP Net Income - (Unaudited)($ in thousands—except share and per
share data) |
|
|
|
Quarter Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income attributable to
common stockholders |
|
$ |
47,397 |
|
|
$ |
76,164 |
|
|
$ |
105,270 |
|
|
$ |
160,483 |
|
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interest |
|
|
4,094 |
|
|
|
6,826 |
|
|
|
9,090 |
|
|
|
14,411 |
|
Income from mortgage servicing rights |
|
|
(14,534 |
) |
|
|
(16,201 |
) |
|
|
(24,733 |
) |
|
|
(34,659 |
) |
Deferred tax benefit |
|
|
(2,944 |
) |
|
|
(7,360 |
) |
|
|
(6,896 |
) |
|
|
(4,197 |
) |
Amortization and write-offs of MSRs |
|
|
19,518 |
|
|
|
21,204 |
|
|
|
37,936 |
|
|
|
39,927 |
|
Depreciation and amortization |
|
|
3,044 |
|
|
|
4,058 |
|
|
|
6,239 |
|
|
|
8,353 |
|
Loss on extinguishment of debt |
|
|
412 |
|
|
|
1,247 |
|
|
|
412 |
|
|
|
1,247 |
|
Provision for credit losses, net |
|
|
31,457 |
|
|
|
16,810 |
|
|
|
46,260 |
|
|
|
40,515 |
|
Loss on derivative instruments, net |
|
|
371 |
|
|
|
8,085 |
|
|
|
5,894 |
|
|
|
1,034 |
|
Stock-based compensation |
|
|
2,750 |
|
|
|
3,193 |
|
|
|
8,772 |
|
|
|
9,094 |
|
|
|
|
|
|
|
|
|
|
Distributable earnings
(1) |
|
$ |
91,565 |
|
|
$ |
114,026 |
|
|
$ |
188,244 |
|
|
$ |
236,208 |
|
|
|
|
|
|
|
|
|
|
Diluted distributable earnings
per share (1) |
|
$ |
0.45 |
|
|
$ |
0.57 |
|
|
$ |
0.92 |
|
|
$ |
1.19 |
|
|
|
|
|
|
|
|
|
|
Diluted weighted average
shares outstanding (1) (2) |
|
|
205,487,711 |
|
|
|
198,791,261 |
|
|
|
205,499,619 |
|
|
|
198,239,006 |
|
(1) Amounts are attributable to common
stockholders and OP Unit holders. The OP Units are redeemable for
cash, or at the Company's option for shares of the Company's common
stock on a one-for-one basis.
(2) The diluted weighted average shares
outstanding exclude the potential shares issuable upon conversion
and settlement of the Company's convertible senior notes principal
balance.
The Company is presenting distributable earnings
because management believes it is an important supplemental measure
of the Company's operating performance and is useful to investors,
analysts and other parties in the evaluation of REITs and their
ability to provide dividends to stockholders. Dividends are one of
the principal reasons investors invest in REITs. To maintain REIT
status, REITs are required to distribute at least 90% of their
REIT-taxable income. The Company considers distributable earnings
in determining its quarterly dividend and believes that, over time,
distributable earnings is a useful indicator of the Company's
dividends per share.
The Company defines distributable earnings as
net income (loss) attributable to common stockholders computed in
accordance with GAAP, adjusted for accounting items such as
depreciation and amortization (adjusted for unconsolidated joint
ventures), non-cash stock-based compensation expense, income from
MSRs, amortization and write-offs of MSRs, gains/losses on
derivative instruments primarily associated with Private Label
loans not yet sold and securitized, changes in fair value of
GSE-related derivatives that temporarily flow through earnings,
deferred tax provision (benefit), CECL provisions for credit losses
(adjusted for realized losses as described below) and gains/losses
on the receipt of real estate from the settlement of loans (prior
to the sale of the real estate). The Company also adds back
one-time charges such as acquisition costs and one-time
gains/losses on the early extinguishment of debt and redemption of
preferred stock.
The Company reduces distributable earnings for
realized losses in the period management determines that a loan is
deemed nonrecoverable in whole or in part. Loans are deemed
nonrecoverable upon the earlier of: (1) when the loan receivable is
settled (i.e., when the loan is repaid, or in the case of
foreclosure, when the underlying asset is sold); or (2) when
management determines that it is nearly certain that all amounts
due will not be collected. The realized loss amount is equal to the
difference between the cash received, or expected to be received,
and the book value of the asset.
Distributable earnings is not intended to be an
indication of the Company's cash flows from operating activities
(determined in accordance with GAAP) or a measure of its liquidity,
nor is it entirely indicative of funding the Company's cash needs,
including its ability to make cash distributions. The Company's
calculation of distributable earnings may be different from the
calculations used by other companies and, therefore, comparability
may be limited.
Arbor Realty (NYSE:ABR)
過去 株価チャート
から 7 2024 まで 8 2024
Arbor Realty (NYSE:ABR)
過去 株価チャート
から 8 2023 まで 8 2024