0001628280-24-005235.txt : 20240216 0001628280-24-005235.hdr.sgml : 20240216 20240216081933 ACCESSION NUMBER: 0001628280-24-005235 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20240216 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240216 DATE AS OF CHANGE: 20240216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARBOR REALTY TRUST INC CENTRAL INDEX KEY: 0001253986 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction 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: 24645859 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-20240216.htm 8-K abr-20240216
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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):
February 16, 2024
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 February 16, 2024, Arbor Realty Trust, Inc. issued a press release announcing its earnings for the fourth quarter and full year ended December 31, 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: February 16, 2024

 EX-99.1 2 abr-12312023xearningsrelea.htm EX-99.1 Document

a991a.jpg

Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share

Fourth Quarter Highlights:

•GAAP net income of $0.48 per diluted common share
•Distributable earnings1 of $0.51, or $0.54 per diluted common share excluding a $7.0 million realized loss on an office property that was previously reserved for
•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 ~$600 million of restricted cash in replenishable CLO vehicles with a weighted average cost of 1.74% over SOFR2
•Agency loan originations of $1.44 billion and a servicing portfolio of ~$30.98 billion, up 3.5%
•Structured loan originations of $266.2 million, runoff of $817.4 million, and a portfolio of ~$12.62 billion
Full Year Highlights:

•GAAP net income of $1.75 per diluted common share representing an increase of 5% over last year, and distributable earnings of $2.25 per diluted common share1
•Raised dividend twice during 2023 to an annual run rate of $1.72 per share, representing a 7.5% increase over the prior year
•Best-in-class total stockholder return of 28%
•Agency servicing portfolio growth of 11% from loan originations of $5.11 billion, a 7% increase over the prior year
•Structured portfolio reduction of 13% with $3.02 billion of multifamily loan runoff, $1.69 billion of which was recaptured into new agency loan originations


Uniondale, NY, February 16, 2024 -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the fourth quarter ended December 31, 2023. Arbor reported net income for the quarter of $91.7 million, or $0.48 per diluted common share, compared to net income of $88.2 million, or $0.49 per diluted common share for the quarter ended December 31, 2022. Net income for the year was $330.1 million, or $1.75 per diluted common share, compared to $284.8 million, or $1.67 per diluted common share for the year ended December 31, 2022. Distributable earnings for the quarter was $104.1 million, or $0.51 per diluted common share, compared to $114.0 million, or $0.60 per diluted common share for the quarter ended December 31, 2022. Distributable earnings for the year

Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
Page 2
was $452.5 million, or $2.25 per diluted common share, compared to $405.7 million, or $2.23 per diluted common share for the year ended December 31, 2022. 1
Agency Business
Loan Origination Platform
 Agency Loan Volume (in thousands)
 Quarter EndedYear Ended
 December 31, 2023September 30, 2023December 31, 2023December 31, 2022
Fannie Mae$1,177,203 $721,398 $3,773,532 $2,919,566 
Freddie Mac98,370 339,241 756,827 1,353,001 
Private Label140,606 67,965 299,934 217,542 
FHA26,493 19,215 257,199 188,394 
SFR - Fixed Rate— 2,030 19,328 89,683 
Total Originations$1,442,672 $1,149,849 $5,106,820 $4,768,186 
 
Total Loan Sales$1,270,356 $1,275,420 $4,889,199 $5,438,623 
  
Total Loan Commitments$1,362,379 $1,211,347 $5,207,148 $5,146,718 
For the quarter ended December 31, 2023, the Agency Business generated revenues of $96.3 million, compared to $80.8 million for the third quarter of 2023. Gain on sales, including fee-based services, net on the GSE/Agency business (excluding private label and SFR) was $15.4 million for the quarter, reflecting a margin of 1.36%, compared to $17.7 million and 1.48% for the third quarter of 2023. Income from mortgage servicing rights was $21.1 million for the quarter, reflecting a rate of 1.55% as a percentage of loan commitments, compared to $14.1 million and 1.16% for the third quarter of 2023.
At December 31, 2023, loans held-for-sale was $551.7 million, with financing associated with these loans totaling $413.3 million.








Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
Page 3
Fee-Based Servicing Portfolio
The Company’s fee-based servicing portfolio totaled $30.98 billion at December 31, 2023. Servicing revenue, net was $33.1 million for the quarter and consisted of servicing revenue of $49.2 million, net of amortization of mortgage servicing rights totaling $16.2 million.
 Fee-Based Servicing Portfolio ($ in thousands)
 December 31, 2023September 30, 2023December 31, 2022
 UPBWtd. Avg. Fee (bps)Wtd. Avg. Life (years)UPBWtd. Avg. Fee (bps)Wtd. Avg. Life (years)UPBWtd. Avg. Fee (bps)Wtd. Avg. Life (years)
Fannie Mae$21,264,578 47.47.4$20,463,620 48.37.7$19,038,124 50.28.0
Freddie Mac5,181,933 24.08.55,184,888 24.28.55,153,207 25.09.0
Private Label2,510,449 19.56.72,371,475 19.27.32,074,859 18.57.6
FHA1,359,624 14.419.21,322,832 14.519.91,155,893 14.919.5
Bridge379,425 10.93.2305,950 11.23.6301,182 12.51.7
SFR-Fixed Rate287,446 20.15.1287,942 20.15.8274,764 19.86.0
Total$30,983,455 39.18.0$29,936,707 39.78.3$27,998,029 41.18.6
Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $34.6 million for the fair value of the guarantee obligation undertaken at December 31, 2023. The Company recorded a $3.1 million net provision for loss sharing associated with CECL for the fourth quarter of 2023. At December 31, 2023, the Company’s total CECL allowance for loss-sharing obligations was $37.0 million, representing 0.17% of the Fannie Mae servicing portfolio.













Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
Page 4
Structured Business
Portfolio and Investment Activity
 Structured Portfolio Activity ($ in thousands)
 Quarter Ended Year Ended
 December 31, 2023September 30, 2023December 31, 2023December 31, 2022
 UPB% UPB%UPB%UPB%
Bridge: 
Multifamily$38,700 14 %$92,000 38 %$415,330 42 %$5,468,222 89 %
SFR198,629 75 %140,379 59 %524,060 54 %613,819 10 %
237,329 89 %232,379 97 %939,390 96 %6,082,041 99 %
Mezzanine/Preferred Equity28,829 11 %7,779 3 %43,953 4 %69,606 1 %
Total Originations$266,158 100 %$240,158 100 %$983,343 100 %$6,151,647 100 %
 
Number of Loans Originated58 42150318
 
SFR Commitments$466,703  $429,452 $1,150,687 $1,086,833 
 
Runoff$817,394  $664,792 $3,354,055 $3,818,554 
Structured Portfolio ($ in thousands)
December 31, 2023September 30, 2023December 31, 2022
UPB% UPB% UPB%
Bridge:  
Multifamily$10,789,936 86 %$11,421,819 87 %$12,830,999 89 %
SFR1,316,803 10 %1,163,648 9 %927,373 6 %
Other166,505 1 %205,505 2 %337,682 2 %
12,273,244 97 %12,790,972 98 %14,096,054 97 %
 
Mezzanine/Preferred Equity334,198 3 %321,729 2 %324,224 2 %
SFR Permanent7,564 <1%9,694 <1%35,854 <1%
Total Portfolio$12,615,006 100 %$13,122,395 100 %$14,456,132 100 %
At December 31, 2023, the loan and investment portfolio’s unpaid principal balance, excluding loan loss reserves, was $12.62 billion, with a weighted average current interest pay rate of 8.42%, compared to $13.12 billion and 8.80% at September 30, 2023. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 8.98% at December 31, 2023, compared to 9.12% at September 30, 2023. The decrease in pay rate was primarily due to an increase in non-performing loans in the fourth quarter of 2023.
The average balance of the Company’s loan and investment portfolio during the fourth quarter of 2023, excluding loan loss reserves, was $12.96 billion with a weighted average yield of 9.31%, compared to $13.40 billion and 9.28% for the third quarter of 2023.
During the fourth quarter of 2023, the Company recorded a $17.3 million provision for loan losses associated with CECL, which was net of $4.8 million of loan loss recoveries. At December 31, 2023, the Company’s total allowance for loan losses was $195.7 million. The Company had sixteen non-performing loans with a carrying value of $262.7 million, before related loan loss reserves of $27.1

Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
Page 5
million, compared to twelve loans with a carrying value of $150.5 million, before loan loss reserves of $12.6 million at September 30, 2023.
Financing Activity
The balance of debt that finances the Company’s loan and investment portfolio at December 31, 2023 was $11.57 billion with a weighted average interest rate including fees of 7.45% as compared to $11.86 billion and a rate of 7.41% at September 30, 2023.
The average balance of debt that finances the Company’s loan and investment portfolio for the fourth quarter of 2023 was $11.77 billion, as compared to $12.00 billion for the third quarter of 2023. The average cost of borrowings for the fourth quarter of 2023 was 7.48%, compared to 7.37% for the third quarter of 2023. The increase in average cost was primarily due to an increase in the SOFR rate in the fourth 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 December 31, 2023. The dividend is payable on March 15, 2024 to common stockholders of record on March 4, 2024. The ex-dividend date is March 1, 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) 245-3047 for domestic callers and (203) 518-9765 for international callers. Please use participant passcode ABRQ423 when prompted by the operator.
A telephonic replay of the call will be available until February 23, 2024. The replay dial-in numbers are (800) 934-8221 for domestic callers and (402) 220-6990 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 Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
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, 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
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 February 14, 2024.
Contact:
Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer
516-506-4422
pelenio@arbor.com

Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
Page 7
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Consolidated Statements of Income
($ in thousands—except share and per share data)

 Quarter Ended December 31,Year Ended December 31,
 2023202220232022
(Unaudited)(Unaudited)
Interest income$331,060 $320,597 $1,331,219 $948,401 
Interest expense227,479 207,538 903,228 557,617 
Net interest income103,581 113,059 427,991 390,784 
Other revenue:  
Gain on sales, including fee-based services, net16,727 23,290 72,522 55,816 
Mortgage servicing rights21,144 17,059 69,912 69,346 
Servicing revenue, net33,073 27,679 130,449 92,192 
Property operating income1,447 846 5,708 1,877 
Gain on derivative instruments, net10,345 16,526 6,763 26,609 
Other income (loss), net2,571 (1,500)7,667 (17,563)
Total other revenue85,307 83,900 293,021 228,277 
Other expenses:  
Employee compensation and benefits36,270 42,089 159,788 161,825 
Selling and administrative12,686 13,030 51,260 53,990 
Property operating expenses1,670 694 5,897 2,136 
Depreciation and amortization2,446 2,640 9,743 8,732 
Provision for loss sharing (net of recoveries)3,168 4,061 15,695 1,862 
Provision for credit losses (net of recoveries)18,399 11,469 73,446 21,169 
Litigation settlement— 7,350 — 7,350 
Total other expenses74,639 81,333 315,829 257,064 
Income before extinguishment of debt, income from equity affiliates, and income taxes114,249 115,626 405,183 361,997 
Loss on extinguishment of debt— (320)(1,561)(4,933)
Income (loss) from equity affiliates3,586 (4,260)24,281 14,247 
Provision for income taxes(7,911)(4,318)(27,347)(17,484)
Net income109,924 106,728 400,556 353,827 
Preferred stock dividends10,342 10,342 41,369 40,954 
Net income attributable to noncontrolling interest7,923 8,234 29,122 28,044 
Net income attributable to common stockholders$91,659 $88,152 $330,065 $284,829 
Basic earnings per common share$0.49 $0.51 $1.79 $1.72 
Diluted earnings per common share$0.48 $0.49 $1.75 $1.67 
Weighted average shares outstanding:  
Basic188,503,682174,444,084184,641,642165,355,167
Diluted222,861,214209,743,771218,843,613199,112,630
Dividends declared per common share$0.43 $0.40 $1.68 $1.54 

Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
Page 8
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands—except share and per share data)
 December 31, 2023December 31, 2022
Assets:  
Cash and cash equivalents$928,974 $534,357 
Restricted cash608,233 713,808 
Loans and investments, net (allowance for credit losses of $195,664 and $132,559)
12,377,806 14,254,674 
Loans held-for-sale, net551,707 354,070 
Capitalized mortgage servicing rights, net391,254 401,471 
Securities held-to-maturity, net (allowance for credit losses of $6,256 and $3,153)
155,279 156,547 
Investments in equity affiliates79,303 79,130 
Due from related party64,421 77,419 
Goodwill and other intangible assets91,378 96,069 
Other assets490,281 371,440 
Total assets$15,738,636 $17,038,985 
Liabilities and Equity:  
Credit and repurchase facilities$3,237,827 $3,841,814 
Securitized debt6,935,010 7,849,270 
Senior unsecured notes1,333,968 1,385,994 
Convertible senior unsecured notes283,118 280,356 
Junior subordinated notes to subsidiary trust issuing preferred securities143,896 143,128 
Due to related party13,799 12,350 
Due to borrowers121,707 61,237 
Allowance for loss-sharing obligations71,634 57,168 
Other liabilities343,072 335,789 
Total liabilities12,484,031 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 - 188,505,264 and 178,230,522 shares issued and outstanding
1,885 1,782 
Additional paid-in capital2,367,188 2,204,481 
Retained earnings115,216 97,049 
Total Arbor Realty Trust, Inc. stockholders’ equity3,117,973 2,936,996 
Noncontrolling interest136,632 134,883 
Total equity3,254,605 3,071,879 
Total liabilities and equity$15,738,636 $17,038,985 

Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
Page 9
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Statement of Income Segment Information - (Unaudited)
(in thousands)
 
Quarter Ended December 31, 2023
 Structured
Business		Agency
Business
Other(1)
Consolidated
Interest income$317,132 $13,928 $- $331,060 
Interest expense221,747 5,732 - 227,479 
Net interest income95,385 8,196 - 103,581 
     
Other revenue:    
Gain on sales, including fee-based services, net- 16,727 - 16,727 
Mortgage servicing rights- 21,144 - 21,144 
Servicing revenue- 49,246 - 49,246 
Amortization of MSRs- (16,173)- (16,173)
Property operating income1,447 - - 1,447 
Gain on derivative instruments, net- 10,345 - 10,345 
Other income1,448 1,123 - 2,571 
Total other revenue2,895 82,412 - 85,307 
     
Other expenses:    
Employee compensation and benefits11,516 24,754 - 36,270 
Selling and administrative5,399 7,287 - 12,686 
Property operating expenses1,670 - - 1,670 
Depreciation and amortization1,273 1,173 - 2,446 
Provision for loss sharing (net of recoveries)- 3,168 - 3,168 
Provision for credit losses (net of recoveries)18,086 313 - 18,399 
Total other expenses37,944 36,695 - 74,639 
     
Income before income from equity affiliates and income taxes60,336 53,913 - 114,249 
     
Income from equity affiliates3,586 - - 3,586 
Benefit from (provision for) income taxes497 (8,408)- (7,911)
     
Net income64,419 45,505 - 109,924 
     
Preferred stock dividends10,342 - - 10,342 
Net income attributable to noncontrolling interest- - 7,923 7,923 
Net income attributable to common stockholders$54,077 $45,505 $(7,923)$91,659 
(1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
Page 10
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Balance Sheet Segment Information - (Unaudited)
(in thousands)
 December 31, 2023
 Structured
Business		Agency
Business		Consolidated
Assets:   
Cash and cash equivalents$619,487 $309,487 $928,974 
Restricted cash595,342 12,891 608,233 
Loans and investments, net12,377,806 - 12,377,806 
Loans held-for-sale, net- 551,707 551,707 
Capitalized mortgage servicing rights, net- 391,254 391,254 
Securities held-to-maturity, net- 155,279 155,279 
Investments in equity affiliates79,303 - 79,303 
Goodwill and other intangible assets12,500 78,878 91,378 
Other assets and due from related party453,073 101,629 554,702 
 Total assets$14,137,511 $1,601,125 $15,738,636 
    
Liabilities:   
Debt obligations$11,520,492 $413,327 $11,933,819 
Allowance for loss-sharing obligations- 71,634 71,634 
Other liabilities and due to related party369,588 108,990 478,578 
 Total liabilities$11,890,080 $593,951 $12,484,031 

Arbor Realty Trust Reports Fourth Quarter and Full Year 2023 Results and Declares Dividend of $0.43 per Share
February 16, 2024
Page 11
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Reconciliation of Distributable Earnings to GAAP Net Income - (Unaudited)
($ in thousands—except share and per share data)
 Quarter Ended December 31,Year Ended December 31,
 2023202220232022
Net income attributable to common stockholders$91,659 $88,152 $330,065 $284,829 
   
Adjustments:  
Net income attributable to noncontrolling interest7,923 8,234 29,122 28,044 
Income from mortgage servicing rights(21,144)(17,059)(69,912)(69,346)
Deferred tax (benefit) provision (719)6,092 (7,349)(1,741)
Amortization and write-offs of MSRs19,145 22,528 77,829 104,378 
Depreciation and amortization4,115 3,225 16,425 11,069 
Loss on extinguishment of debt- 320 1,561 4,933 
Provision for credit losses, net11,206 14,823 68,642 25,077 
(Gain) loss on derivative instruments, net(10,880)(14,992)(8,844)3,480 
Stock-based compensation2,799 2,643 14,940 14,973 
   
Distributable earnings (1)$104,104 $113,966 $452,479 $405,696 
   
Diluted distributable earnings per share (1)$0.51 $0.60 $2.25 $2.23 
   
Diluted weighted average shares outstanding (1) (2)205,498,651191,273,691201,549,221182,224,404
(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 December 31, 2023 and December 31, 2022, the diluted weighted average shares outstanding excluded 17,362,563 and 18,470,080 of these potentially issuable shares, respectively. For the years ended December 31, 2023 and December 31, 2022, the diluted weighted average shares outstanding excluded 17,294,392 and 16,888,226 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
Feb. 16, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 16, 2024
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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