0001628280-23-035358.txt : 20231027 0001628280-23-035358.hdr.sgml : 20231027 20231027082757 ACCESSION NUMBER: 0001628280-23-035358 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20231027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231027 DATE AS OF CHANGE: 20231027 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: 231352234 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 abr-20231027.htm 8-K abr-20231027
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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):
October 27, 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:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-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 o
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. o
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Common Stock, par value $0.01 per shareABRNew York Stock Exchange
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per shareABR-PDNew York Stock Exchange
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per shareABR-PENew York Stock Exchange
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per shareABR-PFNew York Stock Exchange


Item 2.02    Results of Operations and Financial Condition.
On October 27, 2023, Arbor Realty Trust, Inc. issued a press release announcing its earnings for the quarter ended September 30, 2023, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberExhibit
104Cover 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: October 27, 2023

 EX-99.1 2 abr-09302023xearningsrelea.htm EX-99.1 Document

a991.jpg

Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share

Company Highlights:
•Diversified, annuity-based operating platform with a multifamily focus that has continued to generate strong distributable earnings and dividends
•GAAP net income of $0.41 per diluted common share
•Distributable earnings1 of $0.55 per diluted common share, well in excess of our current dividend, representing a 78% payout ratio
•Declares cash dividend on common stock of $0.43 per share representing an annualized dividend of $1.72 per share
•Strong liquidity position with ~$1 billion in cash and liquidity and ~$500 million of restricted cash in replenishable CLO vehicles with a weighted average cost of 1.70% over benchmark rates2
•Agency loan originations of $1.15 billion and a servicing portfolio of ~$29.94 billion, up 2%
•Structured loan originations of $240.2 million and a portfolio of ~$13.12 billion

Uniondale, NY, October 27, 2023 -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the third quarter ended September 30, 2023. Arbor reported net income for the quarter of $77.9 million, or $0.41 per diluted common share, compared to net income of $62.7 million, or $0.36 per diluted common share for the quarter ended September 30, 2022. Distributable earnings for the quarter was $112.2 million, or $0.55 per diluted common share, compared to $105.1 million, or $0.56 per diluted common share for the quarter ended September 30, 2022.






Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 2
Agency Business
Loan Origination Platform
 Agency Loan Volume (in thousands)
 Quarter Ended
 September 30, 2023June 30, 2023
Fannie Mae$721,398 $1,079,910 
Freddie Mac339,241 217,884 
Private Label67,965 50,256 
FHA19,215 62,552 
SFR-Fixed Rate2,030 11,837 
Total Originations$1,149,849 $1,422,439 
 
Total Loan Sales$1,275,420 $1,410,724 
  
Total Loan Commitments$1,211,347 $1,133,312 
For the quarter ended September 30, 2023, the Agency Business generated revenues of $80.8 million, compared to $76.7 million for the second quarter of 2023. Gain on sales, including fee-based services, net on the GSE/Agency business (excluding private label and SFR) was $17.7 million for the quarter, reflecting a margin of 1.48%, compared to $22.2 million and 1.67% for the second quarter of 2023. Income from mortgage servicing rights was $14.1 million for the quarter, reflecting a rate of 1.16% as a percentage of loan commitments, compared to $16.2 million and 1.43% for the second quarter of 2023.
At September 30, 2023, loans held-for-sale was $364.3 million, with financing associated with these loans totaling $354.6 million.
Fee-Based Servicing Portfolio
The Company’s fee-based servicing portfolio totaled $29.94 billion at September 30, 2023. Servicing revenue, net was $35.5 million for the quarter and consisted of servicing revenue of $51.4 million, net of amortization of mortgage servicing rights totaling $15.9 million.

Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 3
 Fee-Based Servicing Portfolio ($ in thousands)
 September 30, 2023June 30, 2023
 UPBWtd. Avg. Fee (bps)Wtd. Avg. Life (years)UPBWtd. Avg. Fee (bps)Wtd. Avg. Life (years)
Fannie Mae$20,463,620 48.37.7$20,002,570 48.97.7
Freddie Mac5,184,888 24.28.55,245,325 24.88.8
Private Label2,371,475 19.27.32,305,000 19.37.5
FHA1,322,832 14.519.91,303,812 14.520.0
Bridge305,950 11.23.6299,578 11.13.5
SFR-Fixed Rate287,942 20.15.8290,266 20.05.9
Total$29,936,707 39.78.3$29,446,551 40.18.4
Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $34.6 million for the fair value of the guarantee obligation undertaken at September 30, 2023. The Company recorded a $1.6 million net provision for loss sharing associated with CECL for the third quarter of 2023. At September 30, 2023, the Company’s total CECL allowance for loss-sharing obligations was $34.7 million, representing 0.17% of the Fannie Mae servicing portfolio.















Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 4
Structured Business
Portfolio and Investment Activity
 Structured Portfolio Activity ($ in thousands)
 Quarter Ended
 September 30, 2023June 30, 2023
 UPB% UPB%
Bridge:  
Multifamily$92,000 38 %$98,530 47 %
SFR140,379 59 %108,964 52 %
232,379 97 %207,494 99 %
  
Mezzanine/Preferred Equity7,779 3 %1,500 1 %
Total Originations$240,158 100 %$208,994 100 %
    
Number of Loans Originated42 26  
    
SFR Commitments$429,452  $200,182  
    
Runoff$664,792  $685,220  
Structured Portfolio ($ in thousands)
September 30, 2023June 30, 2023
UPB% UPB%
Bridge:  
Multifamily$11,421,819 87 %$11,887,768 88 %
SFR1,163,648 9 %1,023,959 8 %
Other205,505 2 %256,575 2 %
12,790,972 98 %13,168,302 98 %
   
Mezzanine/Preferred Equity321,729 2 %312,812 2 %
SFR Permanent9,694 <1%10,493 <1%
Total Portfolio$13,122,395 100 %$13,491,607 100 %
At September 30, 2023, the loan and investment portfolio’s unpaid principal balance, excluding loan loss reserves, was $13.12 billion, with a weighted average current interest pay rate of 8.80%, compared to $13.49 billion and 8.76% at June 30, 2023. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 9.12% at September 30, 2023, compared to 9.07% at June 30, 2023.

Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 5
The average balance of the Company’s loan and investment portfolio during the third quarter of 2023, excluding loan loss reserves, was $13.40 billion with a weighted average yield of 9.25%, compared to $13.66 billion and 9.19% for the second quarter of 2023.
During the third quarter of 2023, the Company recorded a $15.0 million provision for loan losses associated with CECL. At September 30, 2023, the Company’s total allowance for loan losses was $184.1 million. The Company had twelve non-performing loans with a carrying value of $137.9 million, before related loan loss reserves of $12.6 million, compared to seven loans with a carrying value of $122.4 million, before loan loss reserves of $10.1 million at June 30, 2023.
Financing Activity
The balance of debt that finances the Company’s loan and investment portfolio at September 30, 2023 was $11.86 billion with a weighted average interest rate including fees of 7.41% as compared to $12.11 billion and a rate of 7.25% at June 30, 2023.
The average balance of debt that finances the Company’s loan and investment portfolio for the third quarter of 2023 was $12.00 billion, as compared to $12.46 billion for the second quarter of 2023. The average cost of borrowings for the third quarter of 2023 was 7.37%, compared to 7.11% for the second quarter of 2023. The increase in average cost was primarily due to increases in the benchmark index rates in the third quarter of 2023.
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 September 30, 2023. The dividend is payable on November 30, 2023 to common stockholders of record on November 17, 2023. The ex-dividend date is November 16, 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 ABRQ323 when prompted by the operator.
A telephonic replay of the call will be available until November 3, 2023. The replay dial-in numbers are (800) 839-2485 for domestic callers and (402) 220-7222 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

Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 6
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
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 October 25, 2023.
Contact:
Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer
516-506-4422
pelenio@arbor.com

Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 7
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Consolidated Statements of Income - (Unaudited)
($ in thousands—except share and per share data)
 
Quarter Ended September 30,
Nine Months Ended September 30,
 2023202220232022
Interest income$336,474 $259,778 $1,000,159 $627,804 
Interest expense229,180 160,452 675,749 350,079 
Net interest income107,294 99,326 324,410 277,725 
Other revenue:  
Gain on sales, including fee-based services, net18,619 14,360 55,795 32,526 
Mortgage servicing rights14,109 19,408 48,769 52,287 
Servicing revenue, net35,463 22,744 97,376 64,513 
Property operating income1,450 445 4,261 1,031 
Gain (loss) on derivative instruments, net(421)(15,909)(3,582)10,083 
Other income (loss), net173 (6,014)5,099 (16,061)
Total other revenue69,393 35,034 207,718 144,379 
Other expenses:  
Employee compensation and benefits39,810 38,811 123,518 119,736 
Selling and administrative12,367 13,225 38,574 40,960 
Property operating expenses1,479 366 4,227 1,443 
Depreciation and amortization2,286 2,078 7,297 6,092 
Provision for loss sharing (net of recoveries)1,679 412 12,528 (2,199)
Provision for credit losses (net of recoveries)18,652 2,274 55,047 9,700 
Total other expenses76,273 57,166 241,191 175,732 
Income before extinguishment of debt, income from equity affiliates, and income taxes100,414 77,194 290,937 246,372 
Loss on extinguishment of debt(314)(3,262)(1,561)(4,612)
Income from equity affiliates809 4,748 20,694 18,507 
(Provision for) benefit from income taxes(5,854)374 (19,436)(13,166)
Net income95,055 79,054 290,634 247,101 
Preferred stock dividends10,342 10,342 31,027 30,612 
Net income attributable to noncontrolling interest6,789 6,002 21,200 19,811 
Net income attributable to common stockholders$77,924 $62,710 $238,407 $196,678 
Basic earnings per common share$0.42 $0.37 $1.30 $1.21 
Diluted earnings per common share$0.41 $0.36 $1.28 $1.18 
Weighted average shares outstanding:  
Basic187,023,395170,227,553183,340,149162,292,235
Diluted221,328,818205,865,016217,457,399195,529,340
Dividends declared per common share$0.43 $0.39 $1.25 $1.14 

Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 8
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands—except share and per share data)
 September 30, 2023December 31, 2022
 (Unaudited)
Assets:  
Cash and cash equivalents$895,298 $534,357 
Restricted cash419,158 713,808 
Loans and investments, net (allowance credit losses of $184,069 and $132,559)
12,892,796 14,254,674 
Loans held-for-sale, net364,320 354,070 
Capitalized mortgage servicing rights, net392,203 401,471 
Securities held-to-maturity, net (allowance credit losses of $5,943 and $3,153)
155,172 156,547 
Investments in equity affiliates62,795 79,130 
Due from related party211,655 77,419 
Goodwill and other intangible assets92,551 96,069 
Other assets416,741 371,440 
Total assets$15,902,689 $17,038,985 
Liabilities and Equity:  
Credit and repurchase facilities$3,391,441 $3,841,814 
Securitized debt7,004,634 7,849,270 
Senior unsecured notes1,332,926 1,385,994 
Convertible senior unsecured notes282,428 280,356 
Junior subordinated notes to subsidiary trust issuing preferred securities143,695 143,128 
Due to related party2,170 12,350 
Due to borrowers114,660 61,237 
Allowance for loss-sharing obligations69,261 57,168 
Other liabilities320,973 335,789 
Total liabilities12,662,188 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 - 188,501,642 and 178,230,522 shares issued and outstanding
1,885 1,782 
Additional paid-in capital2,364,395 2,204,481 
Retained earnings104,821 97,049 
Total Arbor Realty Trust, Inc. stockholders’ equity3,104,785 2,936,996 
Noncontrolling interest135,716 134,883 
Total equity3,240,501 3,071,879 
Total liabilities and equity$15,902,689 $17,038,985 

Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 9
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Statement of Income Segment Information - (Unaudited)
(in thousands)
 
Quarter Ended September 30, 2023
 Structured
Business		Agency
Business
Other /
Eliminations(1)
Consolidated
Interest income$322,819 $13,655 $- $336,474 
Interest expense222,996 6,184 - 229,180 
Net interest income99,823 7,471 - 107,294 
     
Other revenue:    
Gain on sales, including fee-based services, net- 18,619 - 18,619 
Mortgage servicing rights- 14,109 - 14,109 
Servicing revenue- 51,363 - 51,363 
Amortization of MSRs- (15,900)- (15,900)
Property operating income1,450 - - 1,450 
Gain (loss) on derivative instruments, net- (421)- (421)
Other income (loss), net751 (578)- 173 
Total other revenue2,201 67,192 - 69,393 
     
Other expenses:    
Employee compensation and benefits12,912 26,898 - 39,810 
Selling and administrative5,291 7,076 - 12,367 
Property operating expenses1,479 - - 1,479 
Depreciation and amortization1,114 1,172 - 2,286 
Provision for loss sharing (net of recoveries)- 1,679 - 1,679 
Provision for credit losses (net of recoveries)17,243 1,409 - 18,652 
Total other expenses38,039 38,234 - 76,273 
     
Income before extinguishment of debt, income from equity affiliates and income taxes
63,985 36,429 - 100,414 
     
Loss on extinguishment of debt(314)- - (314)
Income from equity affiliates809 - - 809 
Benefit from (provision for) income taxes1,078 (6,932)- (5,854)
     
Net income65,558 29,497 - 95,055 
     
Preferred stock dividends10,342 - - 10,342 
Net income attributable to noncontrolling interest- - 6,789 6,789 
Net income attributable to common stockholders$55,216 $29,497 $(6,789)$77,924 
(1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.

Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 10
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Balance Sheet Segment Information - (Unaudited)
(in thousands)
 September 30, 2023
 Structured
Business		Agency
Business		Consolidated
Assets:   
Cash and cash equivalents$499,511 $395,787 $895,298 
Restricted cash410,056 9,102 419,158 
Loans and investments, net12,892,796 - 12,892,796 
Loans held-for-sale, net- 364,320 364,320 
Capitalized mortgage servicing rights, net- 392,203 392,203 
Securities held-to-maturity, net- 155,172 155,172 
Investments in equity affiliates62,795 - 62,795 
Goodwill and other intangible assets12,500 80,051 92,551 
Other assets and due from related party536,789 91,607 628,396 
 Total assets$14,414,447 $1,488,242 $15,902,689 
    
Liabilities:   
Debt obligations$11,800,537 $354,587 $12,155,124 
Allowance for loss-sharing obligations- 69,261 69,261 
Other liabilities and due to related party323,061 114,742 437,803 
 Total liabilities$12,123,598 $538,590 $12,662,188 

Arbor Realty Trust Reports Third Quarter 2023 Results and Declares Dividend of $0.43 per Share
October 27, 2023
Page 11
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Reconciliation of Distributable Earnings to GAAP Net Income - (Unaudited)
($ in thousands—except share and per share data)
 
Quarter Ended September 30,
Nine Months Ended September 30,
 2023202220232022
Net income attributable to common stockholders$77,924 $62,710 $238,407 $196,678 
   
Adjustments:  
Net income attributable to noncontrolling interest6,789 6,002 21,200 19,811 
Income from mortgage servicing rights(14,109)(19,408)(48,769)(52,287)
Deferred tax benefit(2,433)(5,407)(6,630)(7,833)
Amortization and write-offs of MSRs18,757 26,555 58,684 81,850 
Depreciation and amortization3,957 2,666 12,310 7,846 
Loss on extinguishment of debt314 3,262 1,561 4,612 
Provision for credit losses, net16,922 2,708 57,437 10,254 
Gain on derivative instruments, net1,002 22,925 2,036 18,472 
Stock-based compensation3,047 3,085 12,141 12,327 
   
Distributable earnings (1)$112,170 $105,098 $348,377 $291,730 
   
Diluted distributable earnings per share (1)$0.55 $0.56 $1.74 $1.63 
   
Diluted weighted average shares outstanding (1) (2)204,016,436187,049,617200,185,980179,174,194
(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 September 30, 2023 and September 30, 2022, the diluted weighted average shares outstanding excluded 17,312,382 and 18,815,399 of these potentially issuable shares, respectively. For the nine months ended September 30, 2023 and September 30, 2022, the diluted weighted average shares outstanding excluded 17,271,419 and 16,355,146 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
Oct. 27, 2023
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 27, 2023
Entity Registrant Name Arbor Realty Trust, Inc.
Entity Incorporation, State or Country Code MD
Entity File Number 001-32136
Entity Tax Identification Number 20-0057959
Entity Address, Address Line One 333 Earle Ovington Boulevard
Entity Address, Address Line Two 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
Entity Central Index Key 0001253986
Amendment Flag false
Common Stock, par value $0.01 per share  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol ABR
Security Exchange Name NYSE
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share  
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
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share  
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
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share  
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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