Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial
results for the first quarter ended March 31, 2023. Arbor reported
net income for the quarter of $84.3 million, or $0.46 per diluted
common share, compared to net income of $64.1 million, or $0.40 per
diluted common share for the quarter ended March 31, 2022.
Distributable earnings for the quarter was $122.2 million, or $0.62
per diluted common share, compared to $92.9 million, or $0.55 per
diluted common share for the quarter ended March 31, 2022.
Agency Business
Loan
Origination Platform
|
|
Agency Loan Volume (in thousands) |
|
|
|
Quarter Ended |
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
Fannie Mae |
$ |
795,021 |
|
$ |
1,174,827 |
|
FHA |
|
|
148,940 |
|
|
19,658 |
|
Freddie Mac |
|
101,332 |
|
|
295,258 |
|
Private Label |
|
41,107 |
|
|
25,629 |
|
SFR-Fixed
Rate |
|
5,461 |
|
|
33,800 |
|
Total
Originations |
$ |
1,091,861 |
|
$ |
1,549,172 |
|
|
|
|
|
|
Total Loan
Sales |
$ |
932,699 |
|
$ |
1,739,069 |
|
|
|
|
|
|
Total Loan
Commitments |
$ |
1,500,110 |
|
$ |
1,523,069 |
|
|
|
|
|
|
For the quarter ended
March 31, 2023, the Agency Business generated revenues of $80.4
million, compared to $95.9 million for the fourth quarter of 2022.
Gain on sales, including fee-based services, net on the GSE/Agency
business (excluding private label and SFR) was $13.1 million for
the quarter, reflecting a margin of 1.72%, compared to $22.7
million and 1.33% for the fourth quarter of 2022. Income from
mortgage servicing rights was $18.5 million for the quarter,
reflecting a rate of 1.23% as a percentage of loan commitments,
compared to $17.1 million and 1.12% for the fourth quarter of
2022.
At March 31, 2023,
loans held-for-sale was $469.6 million, with financing associated
with these loans totaling $422.0 million.
Fee-Based
Servicing Portfolio
The Company’s fee-based servicing portfolio totaled $28.91
billion at March 31, 2023. Servicing revenue, net was $29.6 million
for the quarter and consisted of servicing revenue of $45.0
million, net of amortization of mortgage servicing rights totaling
$15.4 million.
|
|
Fee-Based Servicing Portfolio ($ in thousands) |
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
UPB |
Wtd. Avg. Fee |
Wtd. Avg. Life(years) |
|
UPB |
Wtd. Avg. Fee |
Wtd. Avg. Life(years) |
Fannie Mae |
|
$ |
19,508,256 |
0.495 |
% |
8.0 |
|
$ |
19,038,124 |
0.502 |
% |
8.0 |
Freddie Mac |
|
|
5,180,607 |
0.247 |
% |
9.1 |
|
|
5,153,207 |
0.250 |
% |
9.0 |
Private Label |
|
|
2,233,500 |
0.196 |
% |
7.7 |
|
|
2,074,859 |
0.185 |
% |
7.6 |
FHA |
|
|
1,242,669 |
0.147 |
% |
19.8 |
|
|
1,155,893 |
0.149 |
% |
19.5 |
Bridge |
|
|
467,881 |
0.116 |
% |
2.9 |
|
|
301,182 |
0.125 |
% |
1.7 |
SFR-Fixed Rate |
|
|
279,712 |
0.200 |
% |
5.9 |
|
|
274,764 |
0.198 |
% |
6.0 |
Total |
|
$ |
28,912,625 |
0.403 |
% |
8.6 |
|
$ |
27,998,029 |
0.411 |
% |
8.6 |
|
|
|
|
|
|
|
|
|
Loans sold under the
Fannie Mae program contain an obligation to partially guarantee the
performance of the loan (“loss-sharing obligations”) and includes
$34.5 million for the fair value of the guarantee obligation
undertaken at March 31, 2023. The Company recorded a $2.6 million
net provision for loss sharing associated with CECL for the first
quarter of 2023, which included a $1.4 million recovery.
At March 31, 2023, the Company’s total CECL allowance for
loss-sharing obligations was $25.3 million, representing 0.13% of
the Fannie Mae servicing portfolio.
Structured
Business
Portfolio and
Investment Activity
|
|
Structured Portfolio Activity ($ in thousands) |
|
|
|
Quarter Ended |
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
UPB |
% |
|
UPB |
% |
|
Bridge: |
|
|
|
|
|
|
|
Multifamily |
|
$ |
186,100 |
70 |
% |
|
$ |
295,451 |
59 |
% |
|
SFR |
|
|
76,089 |
28 |
% |
|
|
161,580 |
32 |
% |
|
|
|
|
262,189 |
98 |
% |
|
|
457,031 |
91 |
% |
|
|
|
|
|
|
|
|
|
Mezzanine/Preferred
Equity |
|
|
5,845 |
2 |
% |
|
|
43,497 |
9 |
% |
|
Total Originations |
|
$ |
268,034 |
100 |
% |
|
$ |
500,528 |
100 |
% |
|
|
|
|
|
|
|
|
|
Number of Loans
Originated |
|
|
24 |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
SFR Commitments |
|
$ |
54,350 |
|
|
$ |
352,673 |
|
|
|
|
|
|
|
|
|
|
Runoff |
|
$ |
1,186,649 |
|
|
$ |
1,117,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Structured Portfolio ($ in thousands) |
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
|
|
UPB |
% |
|
UPB |
% |
|
Bridge: |
|
|
|
|
|
|
|
Multifamily |
|
$ |
12,034,638 |
88 |
% |
|
$ |
12,830,999 |
89 |
% |
|
SFR |
|
|
982,026 |
7 |
% |
|
|
927,373 |
6 |
% |
|
Other |
|
|
282,275 |
2 |
% |
|
|
337,682 |
2 |
% |
|
|
|
|
13,298,939 |
97 |
% |
|
|
14,096,054 |
98 |
% |
|
|
|
|
|
|
|
|
|
Mezzanine/Preferred
Equity |
|
|
311,819 |
2 |
% |
|
|
324,224 |
2 |
% |
|
SFR Permanent |
|
|
32,966 |
< 1 |
% |
|
|
35,845 |
< 1 |
% |
|
Total Portfolio |
|
$ |
13,643,724 |
100 |
% |
|
$ |
14,456,123 |
100 |
% |
|
|
|
|
|
|
|
|
|
At March 31, 2023, the
loan and investment portfolio’s unpaid principal balance, excluding
loan loss reserves, was $13.64 billion, with a weighted average
current interest pay rate of 8.60%, compared to $14.56 billion and
8.17% at December 31, 2022. Including certain fees earned and costs
associated with the loan and investment portfolio, the weighted
average current interest pay rate was 8.83% at March 31, 2023,
compared to 8.42% at December 31, 2022.
The average balance of
the Company’s loan and investment portfolio during the first
quarter of 2023, excluding loan loss reserves, was $14.15 billion
with a weighted average yield of 8.94%, compared to $14.83 billion
and 8.12% for the fourth quarter of 2022. The increase in average
yield was primarily due to increases in the benchmark index rates
in the first quarter of 2023.
During the first quarter of 2023, the Company
recorded a $20.5 million provision for loan losses associated with
CECL. At March 31, 2023, the Company’s total allowance for loan
losses was $153.1 million. The Company had four non-performing
loans with a carrying value of $7.7 million, before related loan
loss reserves of $5.1 million, which was unchanged from December
31, 2022.
Financing
Activity
The balance of debt
that finances the Company’s loan and investment portfolio at March
31, 2023 was $12.65 billion with a weighted average interest rate
including fees of 6.97% as compared to $13.28 billion and a rate of
6.50% at December 31, 2022.
The average balance of
debt that finances the Company’s loan and investment portfolio for
the first quarter of 2023 was $13.02 billion, as compared to $13.69
billion for the fourth quarter of 2022. The average cost of
borrowings for the first quarter of 2023 was 6.69%, compared to
5.80% for the fourth quarter of 2022. The increase in average cost
was primarily due to increases in the benchmark index rates in the
first quarter of 2023.
Capital
Markets
The Company issued $95.0 million of 7.75% senior
notes due 2026 in a private placement. The Company received
proceeds of $93.4 million and used $70.8 million of the proceeds to
repurchase its 8.00% senior notes.
Dividend
The Company announced
today that its Board of Directors has declared a quarterly cash
dividend of $0.42 per share of common stock for the quarter ended
March 31, 2023. The dividend is payable on May 31, 2023 to common
stockholders of record on May 19, 2023. The ex-dividend date is May
18, 2023.
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)
225-9448 for domestic callers and (203) 518-9708 for international
callers. Please use participant passcode ABRQ123 when prompted by
the operator.
A telephonic replay of
the call will be available until May 12, 2023. The replay dial-in
numbers are (888) 566-0179 for domestic callers and (402) 530-9316
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, in particular, due to the severity and
duration of the COVID-19 pandemic, 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, 2022 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 May 4, 2023.
Contact: |
Arbor Realty Trust, Inc.Paul Elenio, Chief Financial Officer
516-506-4422pelenio@arbor.com |
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES |
Consolidated Statements of Income - (Unaudited) |
($ in thousands—except share and per share data) |
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, |
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
327,947 |
|
|
$ |
166,698 |
|
Interest
expense |
|
|
219,373 |
|
|
|
82,559 |
|
|
Net interest income |
|
|
108,574 |
|
|
|
84,139 |
|
|
|
|
|
|
|
Other
revenue: |
|
|
|
|
Gain on sales,
including fee-based services, net |
|
|
14,589 |
|
|
|
1,656 |
|
Mortgage servicing
rights |
|
|
18,458 |
|
|
|
15,312 |
|
Servicing revenue,
net |
|
|
29,565 |
|
|
|
21,054 |
|
Property operating
income |
|
|
1,381 |
|
|
|
295 |
|
Gain on derivative
instruments, net |
|
|
4,223 |
|
|
|
17,386 |
|
Other income,
net |
|
|
4,882 |
|
|
|
3,200 |
|
|
Total other revenue |
|
|
73,098 |
|
|
|
58,903 |
|
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
Employee
compensation and benefits |
|
|
42,399 |
|
|
|
42,025 |
|
Selling and
administrative |
|
|
13,623 |
|
|
|
14,548 |
|
Property operating
expenses |
|
|
1,383 |
|
|
|
535 |
|
Depreciation and
amortization |
|
|
2,624 |
|
|
|
1,983 |
|
Provision for loss
sharing (net of recoveries) |
|
|
3,177 |
|
|
|
(662 |
) |
Provision for
credit losses (net of recoveries) |
|
|
22,517 |
|
|
|
2,358 |
|
|
Total other expenses |
|
|
85,723 |
|
|
|
60,787 |
|
|
|
|
|
|
|
Income before
extinguishment of debt, income from equity affiliates, and income
taxes |
|
|
95,949 |
|
|
|
82,255 |
Loss on
extinguishment of debt |
|
|
- |
|
|
|
(1,350 |
) |
Income from equity
affiliates |
|
|
14,326 |
|
|
|
7,212 |
|
Provision for
income taxes |
|
|
(8,029 |
) |
|
|
(8,188 |
) |
|
|
|
|
|
|
Net income |
|
|
102,246 |
|
|
|
79,929 |
|
|
|
|
|
|
|
Preferred stock
dividends |
|
|
10,342 |
|
|
|
9,056 |
|
Net income
attributable to noncontrolling interest |
|
|
7,585 |
|
|
|
6,816 |
|
Net income
attributable to common stockholders |
|
$ |
84,319 |
|
|
$ |
64,057 |
|
|
|
|
|
|
|
Basic earnings per
common share |
|
$ |
0.47 |
|
|
$ |
0.42 |
|
Diluted earnings
per common share |
|
$ |
0.46 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
Weighted average
shares outstanding: |
|
|
|
|
|
Basic |
|
|
181,116,674 |
|
|
|
153,420,238 |
|
|
Diluted |
|
|
214,910,974 |
|
|
|
185,431,404 |
|
|
|
|
|
|
|
Dividends declared
per common share |
|
$ |
0.40 |
|
|
$ |
0.37 |
|
|
|
|
|
|
|
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES |
Consolidated Balance Sheets |
($ in thousands—except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
(Unaudited) |
|
|
Assets: |
|
|
|
|
Cash and cash
equivalents |
|
$ |
774,544 |
|
$ |
534,357 |
Restricted
cash |
|
|
704,844 |
|
|
713,808 |
Loans and
investments, net (allowance credit losses of $153,077 and
$132,559) |
|
|
13,430,985 |
|
|
14,254,674 |
Loans
held-for-sale, net |
|
|
469,602 |
|
|
354,070 |
Capitalized
mortgage servicing rights, net |
|
|
396,634 |
|
|
401,471 |
Securities
held-to-maturity, net (allowance credit losses of $5,025 and
$3,153) |
|
|
153,888 |
|
|
156,547 |
Investments in
equity affiliates |
|
|
77,641 |
|
|
79,130 |
Due from related
party |
|
|
113,105 |
|
|
77,419 |
Goodwill and other
intangible assets |
|
|
94,896 |
|
|
96,069 |
Other assets |
|
|
372,085 |
|
|
371,440 |
|
Total assets |
|
$ |
16,588,224 |
|
$ |
17,038,985 |
|
|
|
|
|
|
|
|
Liabilities and Equity: |
|
|
|
|
Credit and
repurchase facilities |
|
$ |
3,650,876 |
|
$ |
3,841,814 |
Securitized
debt |
|
|
7,508,472 |
|
|
7,849,270 |
Senior unsecured
notes |
|
|
1,409,899 |
|
|
1,385,994 |
Convertible senior
unsecured notes |
|
|
281,046 |
|
|
280,356 |
Junior
subordinated notes to subsidiary trust issuing preferred
securities |
|
|
143,322 |
|
|
143,128 |
Due to related
party |
|
|
12,481 |
|
|
12,350 |
Due to
borrowers |
|
|
59,281 |
|
|
61,237 |
Allowance for
loss-sharing obligations |
|
|
59,757 |
|
|
57,168 |
Other
liabilities |
|
|
305,633 |
|
|
335,789 |
|
Total
liabilities |
|
|
13,430,767 |
|
|
13,967,106 |
|
|
|
|
|
|
|
|
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 - 183,821,003 |
|
|
|
|
|
|
|
and 178,230,522 shares issued and outstanding |
|
|
1,838 |
|
|
1,782 |
|
|
Additional paid-in
capital |
|
|
2,278,287 |
|
|
2,204,481 |
|
|
Retained
earnings |
|
|
107,697 |
|
|
97,049 |
Total Arbor Realty
Trust, Inc. stockholders’ equity |
|
|
3,021,506 |
|
|
2,936,996 |
|
|
|
|
|
|
|
|
Noncontrolling
interest |
|
|
135,951 |
|
|
134,883 |
Total equity |
|
|
3,157,457 |
|
|
3,071,879 |
|
|
|
|
|
|
|
|
Total liabilities
and equity |
|
$ |
16,588,224 |
|
$ |
17,038,985 |
|
|
|
|
|
|
|
|
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES |
Statement of Income Segment Information - (Unaudited) |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
StructuredBusiness |
|
AgencyBusiness |
|
Other /Eliminations (1) |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
317,376 |
|
$ |
10,571 |
|
|
$ |
- |
|
|
$ |
327,947 |
|
Interest
expense |
|
|
214,894 |
|
|
4,479 |
|
|
|
- |
|
|
|
219,373 |
|
|
Net interest income |
|
|
102,482 |
|
|
6,092 |
|
|
|
- |
|
|
|
108,574 |
|
|
|
|
|
|
|
|
|
|
|
Other
revenue: |
|
|
|
|
|
|
|
|
Gain on sales,
including fee-based services, net |
|
|
- |
|
|
14,589 |
|
|
|
- |
|
|
|
14,589 |
|
Mortgage servicing
rights |
|
|
- |
|
|
18,458 |
|
|
|
- |
|
|
|
18,458 |
|
Servicing
revenue |
|
|
- |
|
|
44,981 |
|
|
|
- |
|
|
|
44,981 |
|
Amortization of
MSRs |
|
|
- |
|
|
(15,416 |
) |
|
|
- |
|
|
|
(15,416 |
) |
Property operating
income |
|
|
1,381 |
|
|
- |
|
|
|
- |
|
|
|
1,381 |
|
Gain on derivative
instruments, net |
|
|
- |
|
|
4,223 |
|
|
|
- |
|
|
|
4,223 |
|
Other income,
net |
|
|
1,908 |
|
|
2,974 |
|
|
|
- |
|
|
|
4,882 |
|
|
Total other revenue |
|
|
3,289 |
|
|
69,809 |
|
|
|
- |
|
|
|
73,098 |
|
|
|
|
|
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
|
|
|
Employee
compensation and benefits |
|
|
15,641 |
|
|
26,758 |
|
|
|
- |
|
|
|
42,399 |
|
Selling and
administrative |
|
|
6,711 |
|
|
6,912 |
|
|
|
- |
|
|
|
13,623 |
|
Property operating
expenses |
|
|
1,383 |
|
|
- |
|
|
|
- |
|
|
|
1,383 |
|
Depreciation and
amortization |
|
|
1,451 |
|
|
1,173 |
|
|
|
- |
|
|
|
2,624 |
|
Provision for loss
sharing (net of recoveries) |
|
|
- |
|
|
3,177 |
|
|
|
- |
|
|
|
3,177 |
|
Provision for
credit losses (net of recoveries) |
|
|
20,645 |
|
|
1,872 |
|
|
|
- |
|
|
|
22,517 |
|
|
Total other expenses |
|
|
45,831 |
|
|
39,892 |
|
|
|
- |
|
|
|
85,723 |
|
|
|
|
|
|
|
|
|
|
|
Income before
income from equity affiliates, and income taxes |
|
|
59,940 |
|
|
36,009 |
|
|
|
- |
|
|
|
95,949 |
|
|
|
|
|
|
|
|
|
|
Income from equity
affiliates |
|
|
14,326 |
|
|
- |
|
|
|
- |
|
|
|
14,326 |
|
Benefit from
(provision for) income taxes |
|
|
429 |
|
|
(8,458 |
) |
|
|
- |
|
|
|
(8,029 |
) |
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
74,695 |
|
|
27,551 |
|
|
|
- |
|
|
|
102,246 |
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends |
|
|
10,342 |
|
|
- |
|
|
|
- |
|
|
|
10,342 |
|
Net income
attributable to noncontrolling interest |
|
|
- |
|
|
- |
|
|
|
7,585 |
|
|
|
7,585 |
|
Net income
attributable to common stockholders |
|
$ |
64,353 |
|
$ |
27,551 |
|
|
$ |
(7,585 |
) |
|
$ |
84,319 |
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
income allocated to the noncontrolling interest holders not
allocated to the two reportable segments. |
|
|
|
|
|
|
|
|
|
|
|
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES |
Balance Sheet Segment Information - (Unaudited) |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
StructuredBusiness |
|
AgencyBusiness |
|
Consolidated |
Assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
405,596 |
|
$ |
368,948 |
|
$ |
774,544 |
Restricted cash |
|
702,360 |
|
|
2,484 |
|
|
704,844 |
Loans and investments,
net |
|
13,430,985 |
|
|
- |
|
|
13,430,985 |
Loans held-for-sale, net |
|
- |
|
|
469,602 |
|
|
469,602 |
Capitalized mortgage servicing
rights, net |
|
- |
|
|
396,634 |
|
|
396,634 |
Securities held-to-maturity,
net |
|
- |
|
|
153,888 |
|
|
153,888 |
Investments in equity
affiliates |
|
77,641 |
|
|
- |
|
|
77,641 |
Goodwill and other intangible
assets |
|
12,500 |
|
|
82,396 |
|
|
94,896 |
Other assets |
|
413,846 |
|
|
71,344 |
|
|
485,190 |
Total assets |
$ |
15,042,928 |
|
$ |
1,545,296 |
|
$ |
16,588,224 |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Debt obligations |
$ |
12,571,630 |
|
$ |
421,985 |
|
$ |
12,993,615 |
Allowance for loss-sharing
obligations |
|
- |
|
|
59,757 |
|
|
59,757 |
Other liabilities |
|
268,048 |
|
|
109,347 |
|
|
377,395 |
Total liabilities |
$ |
12,839,678 |
|
$ |
591,089 |
|
$ |
13,430,767 |
|
|
|
|
|
|
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES |
Reconciliation of Distributable Earnings to GAAP Net Income -
(Unaudited) |
($ in thousands—except share and per share data) |
|
|
Quarter Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net income attributable to
common stockholders |
$ |
84,319 |
|
|
$ |
64,057 |
|
|
|
|
|
Adjustments: |
|
|
|
Net income attributable to noncontrolling interest |
|
7,585 |
|
|
|
6,816 |
|
Income from mortgage servicing rights |
|
(18,458 |
) |
|
|
(15,312 |
) |
Deferred tax provision (benefit) |
|
3,164 |
|
|
|
(1,720 |
) |
Amortization and write-offs of MSRs |
|
18,723 |
|
|
|
27,669 |
|
Depreciation and amortization |
|
4,295 |
|
|
|
2,569 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
1,350 |
|
Provision for credit losses, net |
|
23,704 |
|
|
|
1,696 |
|
Gain on derivative instruments, net |
|
(7,051 |
) |
|
|
(298 |
) |
Stock-based compensation |
|
5,901 |
|
|
|
6,092 |
|
|
|
|
|
Distributable earnings
(1) |
$ |
122,182 |
|
|
$ |
92,919 |
|
|
|
|
|
Diluted distributable earnings
per share (1) |
$ |
0.62 |
|
|
$ |
0.55 |
|
|
|
|
|
Diluted weighted average
shares outstanding (1) (2) |
|
197,680,616 |
|
|
|
170,363,021 |
|
|
|
|
|
(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 were adjusted
to exclude the potential shares issuable upon conversion and
settlement of the Company’s convertible senior notes principal
balance. For the quarters ended March 31, 2023 and March 31, 2022,
the diluted weighted average shares outstanding excluded 17,230,358
and 15,068,383 of these potentially issuable shares,
respectively. |
|
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 (net of any tax impact), 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)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Arbor Realty (NYSE:ABR)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024