0001104659-23-056325.txt : 20230505 0001104659-23-056325.hdr.sgml : 20230505 20230505083031 ACCESSION NUMBER: 0001104659-23-056325 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230505 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230505 DATE AS OF CHANGE: 20230505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARBOR REALTY TRUST INC CENTRAL INDEX KEY: 0001253986 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 200057959 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32136 FILM NUMBER: 23891424 BUSINESS ADDRESS: STREET 1: 333 EARLE OVINGTON BOULEVARD STREET 2: SUITE 900 CITY: UNIONDALE STATE: NY ZIP: 11553 BUSINESS PHONE: 516-506-4200 MAIL ADDRESS: STREET 1: 333 EARLE OVINGTON BLVD STE.900 CITY: UNIONDALE STATE: NY ZIP: 11553 8-K 1 tm2314708d1_8k.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

 

May 5, 2023

 

Arbor Realty Trust, Inc.

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

maryland

(STATE OF INCORPORATION)

 

001-32136  20-0057959
(COMMISSION FILE NUMBER)  (IRS EMPLOYER ID. NUMBER)

 

333 Earle Ovington Boulevard, Suite 900 11553
Uniondale, New York (ZIP CODE)
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)  

 

(516) 506-4200

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  
¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  
¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  
¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbols   Name of each exchange on which registered
Common Stock, par value $0.01 per share   ABR   New York Stock Exchange
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share   ABR-PD   New York Stock Exchange
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share   ABR-PE   New York Stock Exchange
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share   ABR-PF   New York Stock Exchange

 

 

 

 

  

Item 2.02Results of Operations and Financial Condition.

 

On May 5, 2023, Arbor Realty Trust, Inc. issued a press release announcing its earnings for the quarter ended March 31, 2023, a copy of which is attached hereto as Exhibit 99.1.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number   Exhibit
99.1   Press Release, dated May 5, 2023.
     
104   Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  

  ARBOR REALTY TRUST, INC.
   
  By: /s/ Paul Elenio
  Name: Paul Elenio
  Title: Chief Financial Officer

 

Date: May 5, 2023

 

 

 

 EX-99.1 2 tm2314708d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

Arbor Realty Trust Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

Company Highlights:

 

·Diversified, annuity-based operating platform with a multifamily focus that generates strong distributable earnings and dividends in all cycles

 

·GAAP net income of $0.46 per diluted common share
·Distributable earnings1 of $0.62 per diluted common share, well in excess of our current dividend, representing a 68% payout ratio
·Raised cash dividend on common stock to $0.42 per share; a $0.02 per share, or 5% increase, representing an annualized dividend of $1.68 per share
·Strong liquidity position with ~$785 million in cash and liquidity and ~$560 million of restricted cash in replenishable CLO vehicles with a weighted average cost of 1.64% over benchmark rates2
·Agency loan originations of $1.09 billion and a servicing portfolio of ~$28.91 billion, up 3%
·Structured loan originations of $268.0 million and a portfolio of ~$13.64 billion
·Issued $95 million of 7.75% senior notes primarily to repay existing 8.00% debt
·Announced a $50 million share repurchase program; repurchased ~ $37 million to date at an average price of $10.53 per share, or a 17% discount to book value

 

Uniondale, NY, May 5, 2023 -- 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.

 

 

 

 

Arbor Realty Trust Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 2

 

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.

 

 

 

 

Arbor Realty Trust Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 3

 

   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      

 

 

 

 

Arbor Realty Trust Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 4

 

   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.

 

 

 

 

 

Arbor Realty Trust Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 5

 

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.

 

 

 

 

Arbor Realty Trust Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 6

 

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

 

1.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.
2.Amounts reflect approximate balances as of May 4, 2023.

  

Contact:

Arbor Realty Trust, Inc.

Paul Elenio, Chief Financial Officer

516-506-4422

pelenio@arbor.com

 

 

 

 

Arbor Realty Trust Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 7

 

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 Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 8

 

 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 Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 9

 

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES  

Statement of Income Segment Information - (Unaudited)

(in thousands)

 

   Quarter Ended March 31, 2023 
   Structured
Business		   Agency
Business		   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 Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 10

 

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES                

 Balance Sheet Segment Information - (Unaudited)

(in thousands)

 

   March 31, 2023 
   Structured
Business		   Agency
Business		   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 Reports First Quarter 2023 Results and Increases Dividend by $0.02 to $0.42 per Share

 

May 5, 2023 Page 11

 

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.    

 

 

 

 

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Cover
May 05, 2023
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 05, 2023
Entity File Number 001-32136
Entity Registrant Name Arbor Realty Trust, Inc.
Entity Central Index Key 0001253986
Entity Tax Identification Number 20-0057959
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 333
Entity Address, Address Line Two Earle Ovington Boulevard
Entity Address, Address Line Three Suite 900
Entity Address, City or Town Uniondale
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11553
City Area Code 516
Local Phone Number 506-4200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol ABR
Security Exchange Name NYSE
Series A Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share
Trading Symbol ABR-PD
Security Exchange Name NYSE
Series B Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Trading Symbol ABR-PE
Security Exchange Name NYSE
Series C Preferred Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Trading Symbol ABR-PF
Security Exchange Name NYSE
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