Arbor Realty Trust Reports Third Quarter 2024 Results and Declares Dividend of $0.43 per Share
Arbor Realty Trust Reports Third Quarter 2024 Results and Declares Dividend of $0.43 per Share
Company Highlights:
公司亮點:
- GAAP net income of $0.31 and distributable earnings of $0.43, per diluted common share1
- Declares cash dividend on common stock of $0.43 per share
- Successfully delevered the Company 25% from a peak debt to equity ratio of 4:1 in 2023, to 3:1 at 3Q242
- Cash and liquidity of ~$600 million3
- Agency loan originations of $1.10 billion; a servicing portfolio of ~$33.01 billion, up 2% from 2Q24 and 10% from a year ago
- Structured loan originations of $258.5 million, runoff of $521.3 million and a portfolio of ~$11.57 billion
- In October 2024, issued $100.0 million of 9.00% senior notes due 2027
- 每股攤薄普通股的GAAP淨利潤爲$0.31,可分配收益爲$0.43
- 宣佈每股普通股派息 $0.43
- 成功將公司2023年的最高負債與股本比率從4:1降至第3季度的3:1
- 現金及流動性約爲~$60000萬
- 代理貸款發放額爲11億美元;服務組合規模約330.1億美元,較2Q24增長2%,較一年前增長10%
- 結構性貸款發放25850萬美元,清盤52130萬美元,組合額約115.7億美元
- 2024年10月,發行了10000萬美元面值的9.00%到期於2027年的優先票據
UNIONDALE, N.Y., Nov. 01, 2024 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the third quarter ended September 30, 2024. Arbor reported net income for the quarter of $58.2 million, or $0.31 per diluted common share, compared to net income of $77.9 million, or $0.41 per diluted common share for the quarter ended September 30, 2023. Distributable earnings for the quarter was $88.2 million, or $0.43 per diluted common share, compared to $112.2 million, or $0.55 per diluted common share for the quarter ended September 30, 2023.
紐約聯合鎮,2024年11月01日(全球新聞社)--阿波爾房地產信託公司(NYSE: ABR)今日宣佈了截至2024年9月30日的第三季度財務業績。阿波爾報告稱,本季度淨利潤爲5820萬美元,每股攤薄普通股盈利爲0.31美元,而2013年9月30日結束的季度淨利潤爲7790萬美元,每股攤薄普通股盈利爲0.41美元。本季度可分配收入爲8820萬美元,每股攤薄普通股盈利爲0.43美元,而2013年9月30日結束的季度可分配收入爲11220萬美元,每股攤薄普通股盈利爲0.55美元。
Agency Business
代理業務
Loan Origination Platform
貸款發起平台
Agency Loan Volume (in thousands) | |||||||
Quarter Ended | |||||||
September 30, 2024 | June 30, 2024 | ||||||
Fannie Mae | $ | 616,211 | $ | 742,724 | |||
Freddie Mac | 378,809 | 346,821 | |||||
Private Label | 74,162 | 34,714 | |||||
FHA | 27,457 | — | |||||
SFR-Fixed Rate | — | 24,996 | |||||
Total Originations | $ | 1,096,639 | $ | 1,149,255 | |||
Total Loan Sales | $ | 1,118,977 | $ | 1,135,287 | |||
Total Loan Commitments | $ | 1,056,490 | $ | 1,099,713 |
代理貸款成交量(以千爲單位) | |||||||
季度結束 | |||||||
2024年9月30日 | 2024年6月30日 | ||||||
房地產業美國房利美公司 | $ | 616,211 | $ | 742,724 | |||
房利美公司 | 378,809 | 346,821 | |||||
自有品牌 | 74,162 | 34,714 | |||||
FHA | 27,457 | — | |||||
SFR-固定利率 | — | 24,996 | |||||
總髮起 | $ | 1,096,639 | $ | 1,149,255 | |||
總貸款銷售 | $ | 1,118,977 | $ | 1,135,287 | |||
總貸款承諾 | $ | 1,056,490 | $ | 1,099,713 |
For the quarter ended September 30, 2024, the Agency Business generated revenues of $77.4 million, compared to $76.8 million for the second quarter of 2024. Gain on sales, including fee-based services, net was $18.6 million for the quarter, reflecting a margin of 1.67%, compared to $17.4 million and 1.54% for the second quarter of 2024. Income from mortgage servicing rights was $13.2 million for the quarter, reflecting a rate of 1.25% as a percentage of loan commitments, compared to $14.5 million and 1.32% for the second quarter of 2024.
截至2024年9月30日的季度,代辦業務營業收入爲7740萬美元,而2024年第二季度爲7680萬美元。包括基於費用的銷售收入在內,本季度淨銷售收入爲1860萬美元,反映出1.67%的利潤率,而2024年第二季度爲1740萬美元和1.54%。抵押貸款服務費收入爲1320萬美元,本季度將貸款承諾的比例1.25%作爲收入,而2024年第二季度爲1450萬美元和1.32%。
At September 30, 2024, loans held-for-sale was $326.1 million, with financing associated with these loans totaling $319.4 million.
2024年9月30日,待售貸款爲32610萬美元,與這些貸款相關的融資總額爲31940萬美元。
Fee-Based Servicing Portfolio
收費服務組合
The Company's fee-based servicing portfolio totaled $33.01 billion at September 30, 2024. Servicing revenue, net was $31.1 million for the quarter and consisted of servicing revenue of $48.4 million, net of amortization of mortgage servicing rights totaling $17.3 million.
截至2024年9月30日,公司基於費用的服務組合總額爲330.1億美元。季度服務收入淨額爲3110萬美元,由4840萬美元的服務收入組成,減去抵押服務權攤銷共計1730萬美元。
Fee-Based Servicing Portfolio ($ in thousands) | |||||||||||
September 30, 2024 | June 30, 2024 | ||||||||||
UPB | Wtd. Avg. Fee (bps) |
Wtd. Avg. Life (years) |
UPB | Wtd. Avg. Fee (bps) |
Wtd. Avg. Life (years) |
||||||
Fannie Mae | $22,526,022 | 46.6 | 6.6 | $22,114,193 | 46.7 | 7.0 | |||||
Freddie Mac | 5,820,026 | 21.9 | 7.1 | 5,587,178 | 22.7 | 7.4 | |||||
Private Label | 2,619,485 | 18.7 | 5.8 | 2,547,308 | 18.9 | 6.0 | |||||
FHA | 1,390,766 | 14.2 | 18.9 | 1,369,507 | 14.4 | 18.9 | |||||
Bridge | 380,379 | 10.9 | 3.0 | 380,547 | 10.9 | 3.4 | |||||
SFR-Fixed Rate | 275,081 | 20.1 | 4.6 | 279,962 | 20.1 | 4.9 | |||||
Total | $33,011,759 | 38.0 | 7.1 | $32,278,695 | 38.4 | 7.5 |
收費服務投資組合(千美元) | |||||||||||
2024年9月30日 | 2024年6月30日 | ||||||||||
未償本金餘額(UPB) | 加權平均 (加拿大單位和加元對沖單位) |
加權平均 期限(年) |
未償本金餘額(UPB) | 加權平均 (加拿大單位和加元對沖單位) |
加權平均 期限(年) |
||||||
房地產業美國房利美公司 | $22,526,022 | 46.6 | 6.6 | $22,114,193 | 46.7 | 7.0 | |||||
房利美公司 | 5,820,026 | 21.9 | 7.1 | 5,587,178 | 22.7 | 7.4 | |||||
自有品牌 | 2,619,485 | 18.7 | 5.8 | 2,547,308 | 18.9 | 6.0 | |||||
FHA | 1,390,766 | 14.2 | 18.9 | 1,369,507 | 14.4 | 18.9 | |||||
Bridge | 380,379 | 10.9 | 3.0 | 380,547 | 10.9 | 3.4 | |||||
SFR-固定利率 | 275,081 | 20.1 | 4.6 | 279,962 | 20.1 | 4.9 | |||||
總費用 | $33,011,759 | 38.0 | 7.1 | $32,278,695 | 38.4 | 7.5 |
Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan ("loss-sharing obligations") and includes $34.8 million for the fair value of the guarantee obligation undertaken at September 30, 2024. The Company recorded a $3.2 million net provision for loss sharing associated with CECL for the third quarter of 2024. At September 30, 2024, the Company's total CECL allowance for loss-sharing obligations was $45.8 million, representing 0.20% of the Fannie Mae servicing portfolio.
房利美計劃下出售的貸款包含部分保證貸款表現的義務(「損失分擔義務」),幷包括2024年9月30日承擔的擔保義務公平價值3480萬美元。公司爲2024年第三季度與CECL相關的損失分擔記錄了320萬美元的淨行銷準備金。截至2024年9月30日,公司對於損失分擔義務的總CECL準備金爲4580萬美元,相當於房利美服務組合的0.20%。
Structured Business
結構化業務
Portfolio and Investment Activity
投資組合和業務活動
Structured Portfolio Activity ($ in thousands) | |||||||||||||||
Quarter Ended | |||||||||||||||
September 30, 2024 | June 30, 2024 | ||||||||||||||
UPB | % | UPB | % | ||||||||||||
Bridge: | |||||||||||||||
Multifamily | $ | 14,500 | 6% | $ | 19,650 | 9% | |||||||||
SFR | 239,064 | 92% | 185,500 | 82% | |||||||||||
Land | — | —% | 10,350 | 4% | |||||||||||
253,564 | 98% | 215,500 | 95% | ||||||||||||
. | |||||||||||||||
Mezzanine/Preferred Equity | 4,900 | 2% | 11,684 | 5% | |||||||||||
Total Originations | $ | 258,464 | 100% | $ | 227,184 | 100% | |||||||||
Number of Loans Originated | 38 | 45 | |||||||||||||
Commitments: | |||||||||||||||
SFR | $ | 374,070 | $ | 277,260 | |||||||||||
Construction - Multifamily | 47,000 | — | |||||||||||||
Total Commitments | $ | 421,070 | $ | 277,260 | |||||||||||
Loan Runoff | $ | 521,341 | $ | 629,641 |
結構化投資組合活動(千美元) | |||||||||||||||
季度結束 | |||||||||||||||
2024年9月30日 | 2024年6月30日 | ||||||||||||||
未償本金餘額(UPB) | % | 未償本金餘額(UPB) | % | ||||||||||||
橋樑: | |||||||||||||||
多戶住宅 | $ | 14,500 | 6% | $ | 19,650 | 9% | |||||||||
住宅房地產開發公司 | 239,064 | 92% | 185,500 | 82% | |||||||||||
土地 | — | —% | 10,350 | 4% | |||||||||||
253,564 | 98% | 215,500 | 95% | ||||||||||||
. | |||||||||||||||
次級股權/優先股權 | 4,900 | 2% | 11,684 | 5% | |||||||||||
總髮起 | $ | 258,464 | 100% | $ | 227,184 | 100% | |||||||||
發起貸款數量 | 38 | 45 | |||||||||||||
承諾: | |||||||||||||||
住宅房地產開發公司 | $ | 374,070 | $ | 277,260 | |||||||||||
施工 - 多戶住宅 | 47,000 | — | |||||||||||||
承諾總額 | $ | 421,070 | $ | 277,260 | |||||||||||
貸款流失 | $ | 521,341 | $ | 629,641 |
Structured Portfolio ($ in thousands) | |||||||||||||||
September 30, 2024 | June 30, 2024 | ||||||||||||||
UPB | % | UPB | % | ||||||||||||
Bridge: | |||||||||||||||
Multifamily | $ | 9,208,954 | 80% | $ | 9,679,128 | 82% | |||||||||
SFR | 1,783,475 | 15% | 1,622,269 | 14% | |||||||||||
Other | 176,855 | 2% | 176,855 | 1% | |||||||||||
11,169,284 | 97% | 11,478,252 | 97% | ||||||||||||
Mezzanine/Preferred Equity | 393,168 | 3% | 389,981 | 3% | |||||||||||
SFR Permanent | 3,086 | <1% | 4,975 | <1% | |||||||||||
Total Portfolio | $ | 11,565,538 | 100% | $ | 11,873,208 | 100% |
結構化投資組合(以千元計) | |||||||||||||||
2024年9月30日 | 2024年6月30日 | ||||||||||||||
未償本金餘額(UPB) | % | 未償本金餘額(UPB) | % | ||||||||||||
橋樑: | |||||||||||||||
多戶住宅 | $ | 9,208,954 | 80% | $ | 9,679,128 | 82% | |||||||||
住宅房地產開發公司 | 1,783,475 | 15% | 1,622,269 | 14% | |||||||||||
其他 | 176,855 | 2% | 176,855 | 1% | |||||||||||
11,169,284 | 97% | 11,478,252 | 97% | ||||||||||||
次級股權/優先股權 | 393,168 | 3% | 389,981 | 3% | |||||||||||
SFR 永久性 | 3,086 | 4,975 | |||||||||||||
總投資組合 | $ | 11,565,538 | 100% | $ | 11,873,208 | 100% |
At September 30, 2024, the loan and investment portfolio's unpaid principal balance ("UPB"), excluding loan loss reserves, was $11.57 billion, with a weighted average interest rate of 7.25%, compared to $11.87 billion and 7.79% at June 30, 2024. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average interest rate was 8.16% at September 30, 2024, compared to 8.60% at June 30, 2024. The decrease in rate was primarily due to a decrease in the SOFR rate in the third quarter of 2024.
2024年9月30日,貸款和投資組合的未償餘本("UPB"),不包括貸款損失準備金,爲115.7億美元,加權平均利率爲7.25%,而2024年6月30日分別爲118.7億和7.79%。包括貸款和投資組合相關費用及成本,在2024年9月30日,加權平均利率爲8.16%,而2024年6月30日爲8.60%。利率下降主要是由於2024年第三季度SOFR利率下降所致。
The average balance of the Company's loan and investment portfolio during the third quarter of 2024, excluding loan loss reserves, was $11.80 billion with a weighted average yield of 9.04%, compared to $12.15 billion and 8.99% for the second quarter of 2024.
2024年第三季度,公司貸款和投資組合的平均餘額(不含貸款損失準備金)爲118億美元,加權平均收益率爲9.04%,而2024年第二季度分別爲121.5億和8.99%。
During the third quarter of 2024, the Company recorded a $14.8 million net provision for loan losses associated with CECL. At September 30, 2024, the Company's total allowance for loan losses was $243.6 million. The Company had twenty-six non-performing loans with a UPB of $625.4 million, before related loan loss reserves of $37.3 million, compared to twenty-four loans with a UPB of $676.2 million, before loan loss reserves of $28.1 million at June 30, 2024.
2024年第三季度,公司因CECL計提了1480萬美元的貸款損失準備金。2024年9月30日時,公司的貸款損失準備金總額爲24360萬美元。在總額爲62540萬美元的26筆不良貸款UPB(在2024年6月30日爲67620萬美元,不包括2810萬美元的貸款損失準備金)中,有3730萬美元與相關貸款損失準備金相關。
In addition, at September 30, 2024, the Company had ten loans with a total UPB of $319.2 million (before related loan loss reserves of $1.0 million) that were less than 60 days past due, compared to fourteen loans with a total UPB of $367.9 million at June 30, 2024. Interest income on these loans is only being recorded to the extent cash is received.
此外,截至2024年9月30日,公司有十筆貸款,總UPB爲31920萬美元(未經相關貸款損失準備金100萬美元),逾期不足60天,而2024年6月30日爲十四筆貸款,總UPB爲36790萬美元。對這些貸款的利息收入僅在現金收到的情況下予以記錄。
During the third quarter of 2024, the Company modified twenty-four loans with a total UPB of $1.15 billion. Eighteen of these loans with a total UPB of $710.7 million, contained interest rates based on pricing over SOFR ranging from 3.25% to 4.85%, and one loan with a 7.00% fixed rate. Under the loan modification terms, borrowers invested additional capital to recapitalize their deals in exchange for temporary rate relief, which we provided through a pay and accrual feature. At September 30, 2024, these modified loans had a weighted average pay rate of 5.91% and a weighted average accrual rate of 2.50%. A portion of these loans totaling $87.5 million were less than 60 days past due and $151.8 million were non-performing at June 30, 2024, and are now current in accordance with their modified terms.
2024年第三季度,公司修改了總UPB爲11.5億美元的二十四筆貸款。其中,18筆貸款總UPB爲71070萬美元,根據SOFR價格浮動,利率範圍爲3.25%至4.85%,另一筆貸款固定利率爲7.00%。根據貸款修改條款,借款人爲重組交易投入額外資金以換取暫時的利率優惠,我們通過支付和應計功能提供這一優惠。截至2024年9月30日,這些修改後的貸款的加權平均付款利率爲5.91%,加權平均應計利率爲2.50%。其中,總額爲8750萬美元的一部分貸款逾期不足60天,而在2024年6月30日爲15180萬美元的不良貸款,現根據修改後的條款得到妥善處理。
Financing Activity
融資活動
The balance of debt that finances the Company's loan and investment portfolio at September 30, 2024 was $9.97 billion with a weighted average interest rate including fees of 7.18%, as compared to $10.26 billion and a rate of 7.53% at June 30, 2024.
2024年9月30日,公司貸款和投資組合的債務餘額爲99.7億美元,加權平均利率(包括費用)爲7.18%,相比之下,2024年6月30日的債務餘額爲102.6億美元,利率爲7.53%。
The average balance of debt that finances the Company's loan and investment portfolio for the third quarter of 2024 was $10.09 billion, as compared to $10.81 billion for the second quarter of 2024. The average cost of borrowings for the third quarter of 2024 was 7.58%, compared to 7.54% for the second quarter of 2024.
2024年第三季度公司貸款和投資組合的平均負債餘額爲100.9億美元,相比之下,2024年第二季度爲108.1億美元。2024年第三季度借款的平均成本爲7.58%,相比之下,2024年第二季度爲7.54%。
In October 2024, the Company issued $100.0 million of its 9.00% senior unsecured notes due October 2027 through a private offering. The Company expects that the net proceeds of this offering will be used to pay down debt and for general corporate purposes.
2024年10月,公司發行了10000萬美元面值、年息9.00%的2027年到期的優先無擔保票據,通過私人發行方式。公司預計此次發行的淨收益將用於償還債務和一般公司用途。
Dividend
分紅
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, 2024. The dividend is payable on November 27, 2024 to common stockholders of record on November 15, 2024.
公司今日宣佈董事會已經宣佈了截至2024年9月30日的季度每股普通股股息爲0.43美元。該股息將於2024年11月27日支付給2024年11月15日的普通股股東。
Earnings Conference Call
業績會議電話
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 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) 579-2543 for domestic callers and (785) 424-1699 for international callers. Please use participant passcode ABRQ324 when prompted by the operator.
公司將於今日東部時間上午10:00召開電話會議。電話會議的現場網絡直播和重播將在公司網站的投資者關係部分提供,或者您可以在電話會議開始前至少十分鐘通過電話接入。撥入電話號碼爲(800)579-2543(美國境內)和(785)424-1699(國際呼叫者)。當接到運營商的提示時,請使用參與者密碼ABRQ324。
A telephonic replay of the call will be available until November 8, 2024. The replay dial-in numbers are (800) 839-5493 for domestic callers and (402) 220-2552 for international callers.
電話會議的電話回放將在2024年11月8日前可用。電話回放的撥號號碼爲國內呼叫者(800) 839-5493,國際呼叫者(402) 220-2552。
About Arbor Realty Trust, Inc.
關於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, Inc. (紐交所: ABR) 是一家全國性的房地產投資信託和直接放款人,爲多族群、單一家庭租賃(SFR)組合以及其他多元化商業房地產資產提供貸款發放和服務。總部設在紐約的Arbor管理着數十億美元的服務組合,專門提供政府贊助的企業產品。Arbor是領先的房利美DUS放款人、房地美Optigo出售者/服務商,以及獲批的FHA多族群加速處理(MAP)放款人。Arbor的產品平台還包括橋樑、CMBS、夾層和優先股權貸款。由標準普爾和惠譽評級,Arbor致力於繼續發展其爲客戶提供全面貸款生命週期卓越服務、質量和定製解決方案的聲譽。
Safe Harbor Statement
Safe Harbor聲明
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.
本新聞稿中的某些內容可能構成《1995年證券訴訟改革法》"safe harbor"條款下的前瞻性陳述。這些陳述基於管理層目前的預期和信念,並受到一系列趨勢和不確定性的影響,這些趨勢和不確定性可能導致實際結果與在前瞻性陳述中描述的結果有所不同。Arbor不能保證其預期會得到實現。導致Arbor預期獲得的結果有所不同的因素包括(但不限於)一般經濟條件和特定的房地產市場條件的變化,繼續能夠找到新的投資、利率和/或信貸利差的變化以及Arbor爲期至2023年12月31日的年度報告提交的報告中詳細說明的其他風險。這些前瞻性陳述僅作爲本新聞稿發表之日的陳述。Arbor明確否認在此之後公開發布任何更新或修訂以反映與此相關的任何預期變化,或根據任何此類聲明所依據的任何事件、情況或情形的變化。
Notes
票據
- 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.
- Debt to equity ratio reflects junior subordinated notes as equity.
- Amounts reflect approximate balances as of October 30, 2024.
- 在季度業績電話會議中,公司可能討論SEC Regulation G定義的非GAAP財務指標。此外,該公司在此新聞稿中使用了非GAAP財務指標。您可以在本公告的最後一頁找到非GAAP財務指標和可比的GAAP財務指標的補充表。
- 負債權益比反映了次級次優先票據作爲資產。
- 金額反映的是截至2024年10月30日的近似餘額。
Contact: | Arbor Realty Trust, Inc. Paul Elenio, Chief Financial Officer 516-506-4422 pelenio@arbor.com |
聯繫方式: | Arbor Realty Trust, Inc. Paul Elenio,首席財務官 516-506-4422 pelenio@arbor.com |
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, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Interest income | $ | 286,522 | $ | 336,474 | $ | 905,002 | $ | 1,000,159 | |||||||
Interest expense | 197,710 | 229,180 | 624,613 | 675,749 | |||||||||||
Net interest income | 88,812 | 107,294 | 280,389 | 324,410 | |||||||||||
Other revenue: | |||||||||||||||
Gain on sales, including fee-based services, net | 18,638 | 18,619 | 52,752 | 55,795 | |||||||||||
Mortgage servicing rights | 13,195 | 14,109 | 37,928 | 48,769 | |||||||||||
Servicing revenue, net | 31,142 | 35,463 | 92,577 | 97,376 | |||||||||||
Property operating income | 1,507 | 1,450 | 4,521 | 4,261 | |||||||||||
Gain (loss) on derivative instruments, net | 822 | (421) | (4,711) | (3,582) | |||||||||||
Other income, net | 2,537 | 173 | 6,955 | 5,099 | |||||||||||
Total other revenue | 67,841 | 69,393 | 190,022 | 207,718 | |||||||||||
Other expenses: | |||||||||||||||
Employee compensation and benefits | 44,881 | 39,810 | 135,411 | 123,518 | |||||||||||
Selling and administrative | 13,141 | 12,367 | 39,897 | 38,574 | |||||||||||
Property operating expenses | 1,686 | 1,479 | 4,948 | 4,227 | |||||||||||
Depreciation and amortization | 1,944 | 2,286 | 6,937 | 7,297 | |||||||||||
Provision for loss sharing (net of recoveries) | 3,180 | 1,679 | 7,787 | 12,528 | |||||||||||
Provision for credit losses (net of recoveries) | 16,220 | 18,652 | 64,903 | 55,047 | |||||||||||
Total other expenses | 81,052 | 76,273 | 259,883 | 241,191 | |||||||||||
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes | 75,601 | 100,414 | 210,528 | 290,937 | |||||||||||
Loss on extinguishment of debt | — | (314) | (412) | (1,561) | |||||||||||
Gain on sale of real estate | — | — | 3,813 | — | |||||||||||
Income from equity affiliates | 3,177 | 809 | 7,388 | 20,694 | |||||||||||
Provision for income taxes | (5,233) | (5,854) | (12,726) | (19,436) | |||||||||||
Net income | 73,545 | 95,055 | 208,591 | 290,634 | |||||||||||
Preferred stock dividends | 10,342 | 10,342 | 31,027 | 31,027 | |||||||||||
Net income attributable to noncontrolling interest | 5,028 | 6,789 | 14,119 | 21,200 | |||||||||||
Net income attributable to common stockholders | $ | 58,175 | $ | 77,924 | $ | 163,445 | $ | 238,407 | |||||||
Basic earnings per common share | $ | 0.31 | $ | 0.42 | $ | 0.87 | $ | 1.30 | |||||||
Diluted earnings per common share | $ | 0.31 | $ | 0.41 | $ | 0.86 | $ | 1.28 | |||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 188,513,832 | 187,023,395 | 188,626,263 | 183,340,149 | |||||||||||
Diluted | 205,347,309 | 221,328,818 | 205,448,479 | 217,457,399 | |||||||||||
Dividends declared per common share | $ | 0.43 | $ | 0.43 | $ | 1.29 | $ | 1.25 |
阿堡房地產信託公司及其子公司 損益表合併-(未經審計) (金額以千元爲單位—除每股數據外) | |||||||||||||||
截至9月30日的季度 | 截至9月30日的九個月 | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
利息收入 | $ | 286,522 | $ | 336,474 | $ | 905,002 | $ | 1,000,159 | |||||||
利息支出 | 197,710 | 229,180 | 624,613 | 675,749 | |||||||||||
淨利息收入 | 88,812 | 107,294 | 280,389 | 324,410 | |||||||||||
其他營業收入: | |||||||||||||||
銷售收益,包括基於費用的服務淨額 | 18,638 | 18,619 | 52,752 | 55,795 | |||||||||||
按揭服務權 | 13,195 | 14,109 | 37,928 | 48,769 | |||||||||||
服務收入,淨額 | 31,142 | 35,463 | 92,577 | 97,376 | |||||||||||
房地產業營業收入 | 1,507 | 1,450 | 4,521 | 4,261 | |||||||||||
衍生工具收益(損失),淨額 | 822 | (-421) | (4,711) | (3,582) | |||||||||||
其他收入,淨額 | 2,537 | 173 | 6,955 | 5,099 | |||||||||||
其他總收入 | 67,841 | 69,393 | 190,022 | 207,718 | |||||||||||
其他費用: | |||||||||||||||
員工薪酬福利 | 44,881 | 39,810 | 135,411 | 123,518 | |||||||||||
銷售和行政 | 13,141 | 12,367 | 39,897 | 38,574 | |||||||||||
房地產經營費用 | 1,686 | 1,479 | 4,948 | 4,227 | |||||||||||
折舊和攤銷 | 1,944 | 2,286 | 6,937 | 7,297 | |||||||||||
損失分擔準備金(扣除回收淨額) | 3,180 | 1,679 | 7,787 | 12,528 | |||||||||||
信貸損失準備金(淨回收) | 16,220 | 18,652 | 64,903 | 55,047 | |||||||||||
其他支出總額 | 81052 | 76,273 | 259,883 | 241,191 | |||||||||||
在債務清償、房地產出售、股權關聯企業收入和所得稅之前的收入 | 75,601 | 100,414 | 210,528 | 290,937 | |||||||||||
債務清償損失 | — | (314) | (412) | (1,561) | |||||||||||
房地產業出售收益 | — | — | 3,813 | — | |||||||||||
股權投資收益 | 3,177 | 809 | 7,388 | 20,694 | |||||||||||
所得稅費用 | (5,233) | (5,854) | (12,726) | (19,436) | |||||||||||
淨收入 | 73,545 | 95,055 | 208,591 | 290,634 | |||||||||||
優先股股息 | 10,342 | 10,342 | 31,027 | 31,027 | |||||||||||
非控制權益淨收益 | 5,028 | 6,789 | 14,119 | 21,200 | |||||||||||
歸屬於普通股股東的淨收益 | $ | 58,175 | $ | 77,924 | $ | 163,445 | $ | 238,407 | |||||||
基本每股收益 | $ | 0.31 | $ | 0.42 | $ | 0.87 | $ | 1.30 | |||||||
稀釋每股收益 | $ | 0.31 | $ | 0.41 | $ | 0.86 | $ | 1.28 | |||||||
加權平均股數: | |||||||||||||||
基本 | 188,513,832 | 187,023,395 | 188,626,263 | 183,340,149 | |||||||||||
稀釋 | 205,347,309 | 221,328,818 | 205,448,479 | 217,457,399 | |||||||||||
每股普通股宣佈的分紅派息 | $ | 0.43 | $ | 0.43 | $ | 1.29 | $ | 根據公司的固定費用覆蓋率,利率爲1.25% 至 1.75%每年,或者(b)有一個「備選主板利率」,並可減少至0.75%每年,取決於公司的固定費用覆蓋率。截至2021年7月3日,公司的基於LIBOR的利率爲% (對於$),公司的主板基準利率爲% (對於$)。根據未取出的貸款利率,每月應支付承諾費,利率爲%每年。根據與摩根大通銀行(「貸款協議」)的信貸協議的條款,現金收據將被存入鎖匣中,並由公司自行決定,除非處於「現金控制期」,在此期間,現金收據將用於減少貸款協議下的應付金額。現金控制期在事件違約或可用餘額連續三個工作日低於$時觸發,並將繼續到先前的連續天數中存在任何違約事件且多餘的可用餘額始終大於$(這樣的觸發器根據公司的循環承諾進行調整)。此外,如果依據信貸協議所定義的「額外可用餘額」小於$,則公司應維持最低固定費用覆蓋率爲1.0至1.0 (觸發器根據公司的循環承諾進行調整)。截至2021年7月3日,公司的可用餘額爲$25,764。信貸協議要求我們在判斷任何應支付股息或進行任何普通股分配時獲得摩根大通銀行的事先書面同意。信貸設施於2022年12月16日到期。 |
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Consolidated Balance Sheets ($ in thousands—except share and per share data) | |||||||
September 30, 2024 (Unaudited) |
December 31, 2023 | ||||||
Assets: | |||||||
Cash and cash equivalents | $ | 687,540 | $ | 928,974 | |||
Restricted cash | 179,906 | 608,233 | |||||
Loans and investments, net (allowance credit losses of $243,588 and $195,664) | 11,292,647 | 12,377,806 | |||||
Loans held-for-sale, net | 326,141 | 551,707 | |||||
Capitalized mortgage servicing rights, net | 376,403 | 391,254 | |||||
Securities held-to-maturity, net (allowance credit losses of $10,564 and $6,256) | 156,027 | 155,279 | |||||
Investments in equity affiliates | 76,294 | 79,303 | |||||
Real estate owned, net | 127,926 | 86,991 | |||||
Due from related party | 96,823 | 64,421 | |||||
Goodwill and other intangible assets | 88,510 | 91,378 | |||||
Other assets | 473,241 | 403,290 | |||||
Total assets | $ | 13,881,458 | $ | 15,738,636 | |||
Liabilities and Equity: | |||||||
Credit and repurchase facilities | $ | 3,257,719 | $ | 3,237,827 | |||
Securitized debt | 5,315,079 | 6,935,010 | |||||
Senior unsecured notes | 1,246,908 | 1,333,968 | |||||
Convertible senior unsecured notes | 285,170 | 283,118 | |||||
Junior subordinated notes to subsidiary trust issuing preferred securities | 144,480 | 143,896 | |||||
Mortgage notes payable — real estate owned | 35,350 | 44,339 | |||||
Due to related party | 25,474 | 13,799 | |||||
Due to borrowers | 56,975 | 121,707 | |||||
Allowance for loss-sharing obligations | 80,577 | 71,634 | |||||
Other liabilities | 270,349 | 298,733 | |||||
Total liabilities | 10,718,081 | 12,484,031 | |||||
Equity: | |||||||
Arbor Realty Trust, Inc. stockholders' equity: | |||||||
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: | 633,684 | 633,684 | |||||
Special voting preferred shares - 16,293,589 shares | |||||||
6.375% Series D - 9,200,000 shares | |||||||
6.25% Series E - 5,750,000 shares | |||||||
6.25% Series F - 11,342,000 shares | |||||||
Common stock, $0.01 par value: 500,000,000 shares authorized - 188,608,777 and 188,505,264 shares issued and outstanding | 1,886 | 1,885 | |||||
Additional paid-in capital | 2,363,259 | 2,367,188 | |||||
Retained earnings | 34,816 | 115,216 | |||||
Total Arbor Realty Trust, Inc. stockholders' equity | 3,033,645 | 3,117,973 | |||||
Noncontrolling interest | 129,732 | 136,632 | |||||
Total equity | 3,163,377 | 3,254,605 | |||||
Total liabilities and equity | $ | 13,881,458 | $ | 15,738,636 |
阿堡房地產信託公司及其子公司 合併資產負債表 (以千美元計價,除每股數據及每股數據外) | |||||||
2024年9月30日 (未經審計) |
2023年12月31日 | ||||||
資產: | |||||||
現金及現金等價物 | $ | 687,540 | $ | 928,974 | |||
受限現金 | 179,906 | 608,233 | |||||
貸款和投資,淨額(準備信用損失額爲$243,588和$195,664) | 11,292,647 | 12,377,806 | |||||
持有待售貸款淨額 | 326,141 | 551,707 | |||||
資本化的抵押貸款服務權益淨額 | 376,403 | 391,254 | |||||
持有到期日證券淨額(撥備賬面信貸損失$10,564和$6,256) | 156,027 | 155,279 | |||||
股權投資 | 76,294 | 79,303 | |||||
不動產所有權,淨額 | 127,926 | 86,991 | |||||
應收關聯方款項 | 96,823 | 64,421 | |||||
商譽及其他無形資產 | 88,510 | 91,378 | |||||
其他 | 473,241 | 403,290 | |||||
總資產 | $ | 13,881,458 | $ | 15,738,636 | |||
負債和權益: | |||||||
信貸和回購設施 | $ | 3,257,719 | $ | 3,237,827 | |||
證券化債務 | 5,315,079 | 6,935,010 | |||||
高級無擔保票據 | 1,246,908 | 1,333,968 | |||||
可轉換普通無抵押債券 | 285,170 | 283,118 | |||||
子公司信託發行優先證券的初級次級票據 | 144,480 | 143,896 | |||||
持有的抵押貸款票據 - 房地產業 | 35,350 | 44,339 | |||||
應相關方付款 | 25,474 | 2023 | |||||
歸屬借款方 | 56,975 | 121,707 | |||||
損失分擔義務準備金 | 80,577 | 71,634 | |||||
其他負債 | 270,349 | 298,733 | |||||
負債合計 | 10,718,081 | 12,484,031 | |||||
股東權益: | |||||||
阿博爾房地產信託公司股東權益: | |||||||
優先股,累計,可贖回,面值$0.01:授權100,000,000股,每期已發行及流通股數: | 633,684 | 633,684 | |||||
特別表決優先股-16,293,589股 | |||||||
6.375% D系列-9,200,000股 | |||||||
6.25% E系列-5,750,000股 | |||||||
6.25% F系列-11,342,000股 | |||||||
普通股,每股面值$0.01:授權500,000,000股-已發行和流通188,608,777股和188,505,264股 | 1,886 | 1,885 | |||||
額外實收資本 | 2,363,259 | 2,367,188 | |||||
保留盈餘 | 34,816 | 115,216 | |||||
Total Arbor Realty Trust, Inc.股東權益 | 3,033,645 | 3,117,973 | |||||
非控股權益 | 129,732 | 136,632 | |||||
股東權益總計 | 3,163,377 | 3,254,605 | |||||
負債和所有者權益總額 | $ | 13,881,458 | $ | 15,738,636 |
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Statement of Income Segment Information - (Unaudited) (in thousands) | |||||||||||||||
Quarter Ended September 30, 2024 | |||||||||||||||
Structured Business |
Agency Business |
Other(1) | Consolidated | ||||||||||||
Interest income | $ | 274,102 | $ | 12,420 | $ | — | $ | 286,522 | |||||||
Interest expense | 192,945 | 4,765 | — | 197,710 | |||||||||||
Net interest income | 81,157 | 7,655 | — | 88,812 | |||||||||||
Other revenue: | |||||||||||||||
Gain on sales, including fee-based services, net | — | 18,638 | — | 18,638 | |||||||||||
Mortgage servicing rights | — | 13,195 | — | 13,195 | |||||||||||
Servicing revenue | — | 48,441 | — | 48,441 | |||||||||||
Amortization of MSRs | — | (17,299) | — | (17,299) | |||||||||||
Property operating income | 1,507 | — | — | 1,507 | |||||||||||
Gain on derivative instruments, net | — | 822 | — | 822 | |||||||||||
Other income, net | 1,364 | 1,173 | — | 2,537 | |||||||||||
Total other revenue | 2,871 | 64,970 | — | 67,841 | |||||||||||
Other expenses: | |||||||||||||||
Employee compensation and benefits | 16,772 | 28,109 | — | 44,881 | |||||||||||
Selling and administrative | 6,345 | 6,796 | — | 13,141 | |||||||||||
Property operating expenses | 1,686 | — | — | 1,686 | |||||||||||
Depreciation and amortization | 1,422 | 522 | — | 1,944 | |||||||||||
Provision for loss sharing (net of recoveries) | — | 3,180 | — | 3,180 | |||||||||||
Provision for credit losses (net of recoveries) | 14,788 | 1,432 | — | 16,220 | |||||||||||
Total other expenses | 41,013 | 40,039 | — | 81,052 | |||||||||||
Income before income from equity affiliates and income taxes | 43,015 | 32,586 | — | 75,601 | |||||||||||
Income from equity affiliates | 3,177 | — | — | 3,177 | |||||||||||
Benefit from (provision for) income taxes | 2,080 | (7,313) | — | (5,233) | |||||||||||
Net income | 48,272 | 25,273 | — | 73,545 | |||||||||||
Preferred stock dividends | 10,342 | — | — | 10,342 | |||||||||||
Net income attributable to noncontrolling interest | — | — | 5,028 | 5,028 | |||||||||||
Net income attributable to common stockholders | $ | 37,930 | $ | 25,273 | $ | (5,028) | $ | 58,175 |
阿堡房地產信託公司及其子公司 收益表片段信息-(未經審計) (以千爲單位) | |||||||||||||||
2024年9月30日季度結束 | |||||||||||||||
結構化的 按照我們所處的風險和不確定性的假設,結果和在本招股書或在任何文檔中引用的前瞻性陳述中討論的事件可能不會發生。投資者應謹慎對待這些前瞻性陳述,它們僅在本招股書或在文檔中通過引用作爲參考,其僅在本招股書或在文檔中通過引用作爲參考的文件的日期發表時存在。我們沒有任何義務,並明確聲明不承擔任何義務,更新或更改任何前瞻性陳述,無論是基於新信息、未來事件或其他原因。我們或代表我們行事的任何人作出的所有後續前瞻性陳述,都受到本節中所包含或所提到的警示性聲明的明確限制。 |
代理 按照我們所處的風險和不確定性的假設,結果和在本招股書或在任何文檔中引用的前瞻性陳述中討論的事件可能不會發生。投資者應謹慎對待這些前瞻性陳述,它們僅在本招股書或在文檔中通過引用作爲參考,其僅在本招股書或在文檔中通過引用作爲參考的文件的日期發表時存在。我們沒有任何義務,並明確聲明不承擔任何義務,更新或更改任何前瞻性陳述,無論是基於新信息、未來事件或其他原因。我們或代表我們行事的任何人作出的所有後續前瞻性陳述,都受到本節中所包含或所提到的警示性聲明的明確限制。 |
其他(1) | 合併後的 | ||||||||||||
利息收入 | $ | 274,102 | $ | 12,420 | $ | — | $ | 286,522 | |||||||
利息支出 | 192,945 | 4,765 | — | 197,710 | |||||||||||
淨利息收入 | 81,157 | 7,655 | — | 88,812 | |||||||||||
其他營業收入: | |||||||||||||||
銷售增益,包括費用服務淨額 | — | 18,638 | — | 18,638 | |||||||||||
按揭服務權 | — | 13,195 | — | 13,195 | |||||||||||
服務收入 | — | 48,441 | — | 48,441 | |||||||||||
MSR攤銷 | — | (17,299) | — | (17,299) | |||||||||||
房地產運營收入 | 1,507 | — | — | 1,507 | |||||||||||
衍生工具淨收益 | — | 822 | — | 822 | |||||||||||
其他收入,淨額 | 1,364 | 1,173 | — | 2,537 | |||||||||||
其他總收入 | 2,871 | 64,970 | — | 67,841 | |||||||||||
其他費用: | |||||||||||||||
員工薪酬福利 | 16,772 | 28,109 | — | 44,881 | |||||||||||
銷售和行政 | 6,345 | 6,796 | — | 13,141 | |||||||||||
房地產經營費用 | 1,686 | — | — | 1,686 | |||||||||||
折舊和攤銷 | 1,422 | 522 | — | 1,944 | |||||||||||
損失分擔準備金(扣除追回金額) | — | 3,180 | — | 3,180 | |||||||||||
信用損失準備(減少回收淨額) | 14,788 | 1,432 | — | 16,220 | |||||||||||
其他支出總額 | $ | 40,039 | — | 81052 | |||||||||||
在股權公司收入和所得稅前的收入 | 43,015 | 32,586 | — | 75,601 | |||||||||||
股權投資收益 | 3,177 | — | — | 3,177 | |||||||||||
因(預提)所得稅受益 | 2,080 | (7,313) | — | (5,233) | |||||||||||
淨收入 | 48,272 | 25,273 | — | 73,545 | |||||||||||
優先股股息 | 10,342 | — | — | 10,342 | |||||||||||
非控制權益淨收益 | — | — | 5,028 | 5,028 | |||||||||||
歸屬於普通股股東的淨收益 | $ | 37,930 | $ | 25,273 | $ | (5,028) | $ | 58,175 |
(1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
(1) 包括分配給非控股權益持有人且未分配給兩個可報告部門的收入。
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Balance Sheet Segment Information - (Unaudited) (in thousands) | |||||||||||
September 30, 2024 | |||||||||||
Structured Business | Agency Business | Consolidated | |||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 212,588 | $ | 474,952 | $ | 687,540 | |||||
Restricted cash | 161,892 | 18,014 | 179,906 | ||||||||
Loans and investments, net | 11,292,647 | — | 11,292,647 | ||||||||
Loans held-for-sale, net | — | 326,141 | 326,141 | ||||||||
Capitalized mortgage servicing rights, net | — | 376,403 | 376,403 | ||||||||
Securities held-to-maturity, net | — | 156,027 | 156,027 | ||||||||
Investments in equity affiliates | 76,294 | — | 76,294 | ||||||||
Real estate owned, net | 127,926 | — | 127,926 | ||||||||
Goodwill and other intangible assets | 12,500 | 76,010 | 88,510 | ||||||||
Other assets and due from related party | 484,921 | 85,143 | 570,064 | ||||||||
Total assets | $ | 12,368,768 | $ | 1,512,690 | $ | 13,881,458 | |||||
Liabilities: | |||||||||||
Debt obligations | $ | 9,965,287 | $ | 319,419 | $ | 10,284,706 | |||||
Allowance for loss-sharing obligations | — | 80,577 | 80,577 | ||||||||
Other liabilities and due to related parties | 270,830 | 81,968 | 352,798 | ||||||||
Total liabilities | $ | 10,236,117 | $ | 481,964 | $ | 10,718,081 |
阿堡房地產信託公司及其子公司 資產負債表分部信息 - (未經審計) (以千爲單位) | |||||||||||
2024年9月30日 | |||||||||||
結構化業務 | 代理業務 | 合併後的 | |||||||||
資產: | |||||||||||
現金及現金等價物 | $ | 212,588 | $ | 474,952 | $ | 687,540 | |||||
受限現金 | 161,892 | 18,014 | 179,906 | ||||||||
貸款和投資,淨額 | 11,292,647 | — | 11,292,647 | ||||||||
持有待售貸款淨額 | — | 326,141 | 326,141 | ||||||||
資本化的抵押貸款服務權益淨額 | — | 376,403 | 376,403 | ||||||||
Securities held-to-maturity, net | — | 156,027 | 156,027 | ||||||||
股權投資 | 76,294 | — | 76,294 | ||||||||
不動產所有權,淨額 | 127,926 | — | 127,926 | ||||||||
商譽及其他無形資產 | 12,500 | 76,010 | 88,510 | ||||||||
其他資產及來自關聯方的應收款項 | 484,921 | 85,143 | 570,064 | ||||||||
總資產 | $ | 12,368,768 | $ | 1,512,690 | $ | 13,881,458 | |||||
負債: | |||||||||||
債務 | $ | 9,965,287 | $ | 319,419 | $ | 10,284,706 | |||||
損失分擔義務準備金 | — | 80,577 | 80,577 | ||||||||
其他負債和應付關聯方 | 270,830 | 81,968 | 352,798 | ||||||||
負債合計 | $ | 10,236,117 | $ | 481,964 | $ | 10,718,081 |
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, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Net income attributable to common stockholders | $ | 58,175 | $ | 77,924 | $ | 163,445 | $ | 238,407 | |||||||
Adjustments: | |||||||||||||||
Net income attributable to noncontrolling interest | 5,028 | 6,789 | 14,119 | 21,200 | |||||||||||
Income from mortgage servicing rights | (13,195) | (14,109) | (37,928) | (48,769) | |||||||||||
Deferred tax benefit | (2,026) | (2,433) | (8,922) | (6,630) | |||||||||||
Amortization and write-offs of MSRs | 18,792 | 18,757 | 56,728 | 58,684 | |||||||||||
Depreciation and amortization | 2,564 | 3,957 | 8,802 | 12,310 | |||||||||||
Loss on extinguishment of debt | — | 314 | 412 | 1,561 | |||||||||||
Provision for credit losses, net | 17,077 | 16,922 | 63,337 | 57,437 | |||||||||||
(Gain) loss on derivative instruments, net | (1,217) | 1,002 | 4,677 | 2,036 | |||||||||||
Stock-based compensation | 2,977 | 3,047 | 11,748 | 12,141 | |||||||||||
Distributable earnings (1) | $ | 88,175 | $ | 112,170 | $ | 276,418 | $ | 348,377 | |||||||
Diluted distributable earnings per share (1) | $ | 0.43 | $ | 0.55 | $ | 1.35 | $ | 1.74 | |||||||
Diluted weighted average shares outstanding (1) (2) | 205,347,309 | 204,016,436 | 205,448,479 | 200,185,980 |
阿堡房地產信託公司及其子公司 分配收益與GAAP淨收入的對賬-(未經審計) (單位:千美元,除每股數據外) | |||||||||||||||
截至9月30日的季度 | 截至9月30日的九個月 | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
歸屬於普通股股東的淨收益 | $ | 58,175 | $ | 77,924 | $ | 163,445 | $ | 238,407 | |||||||
調整: | |||||||||||||||
非控制權益淨收益 | 5,028 | 6,789 | 14,119 | 21,200 | |||||||||||
按揭服務權收入 | (13,195美元) | (14,109) | (37,928) | (48,769) | |||||||||||
遞延所得稅收益 | (2,026) | (2,433) | (8,922) | (6,630) | |||||||||||
貸款服務費的攤銷和核銷 | 18,792 | 18,757 | 56,728 | 58,684 | |||||||||||
折舊和攤銷 | 2,564 | 3,957 | 8,802 | 12,310 | |||||||||||
債務清償損失 | — | 314 | 412 | 1,561 | |||||||||||
2021年12月31日截止的三個月內的虧損主要包括其他應收賬款的小額預備。 | 17,077 | 16,922 | 63,337 | 57,437 | |||||||||||
(衍生工具損益),淨額 | (1,217) | 1,002 | 4,677 | 2,036 | |||||||||||
以股票爲基礎的報酬計劃 | 2,977 | 3,047 | 11,748 | 12,141 | |||||||||||
可分配收益 (1) | $ | 88,175 | $ | 112,170 | $ | 276,418 | $ | 348,377 | |||||||
每股稀釋可分配收益(1) | $ | 0.43 | $ | 0.55 | $ | 1.35 | $ | 1.74 | |||||||
攤薄後的加權平均股份(1)(2) | 205,347,309 | 204,016,436 | 205,448,479 | 200,185,980 |
(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.
(1) 金額歸屬於普通股股東和OP單位持有人。OP單位可兌換爲現金,或按照公司的選擇,以公司普通股換股一對一。
(2) The diluted weighted average shares outstanding exclude the potential shares issuable upon conversion and settlement of the Company's convertible senior notes principal balance.
(2) 稀釋後的加權平均股份僅排除可轉換公司可轉換高級票據本金餘額的轉換和結算可能發行的股份。
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.
公司正在展示可分配收益,因爲管理層認爲這是公司經營績效的重要補充指標,對投資者、分析師和其他相關方評估REITs及其提供股東分紅能力很有用。分紅是投資者投資REITs的主要原因之一。爲保持REIt身份,REITs需要分配至少90%的REIt應稅收入。公司在確定季度股息時考慮了可分配收益,並認爲隨着時間的推移,可分配收益是公司每股股息的有用指標。
The Company defines distributable earnings as net income (loss) attributable to common stockholders computed in accordance with GAAP, adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from MSRs, amortization and write-offs of MSRs, gains/losses on derivative instruments primarily associated with Private Label loans not yet sold and securitized, changes in fair value of GSE-related derivatives that temporarily flow through earnings, deferred tax provision (benefit), CECL provisions for credit losses (adjusted for realized losses as described below) and gains/losses on the receipt of real estate from the settlement of loans (prior to the sale of the real estate). The Company also adds back one-time charges such as acquisition costs and one-time gains/losses on the early extinguishment of debt and redemption of preferred stock.
公司將可分配收益定義爲根據GAAP計算的歸屬於普通股股東的淨收入(虧損),並調整會計項目,如折舊和攤銷(調整爲未合併聯營企業),非現金股權補償費用,來自MSR的收入,MSR的攤銷和核銷,與尚未出售和證券化的私人貸款主要相關的衍生工具收益/損失,GSE相關衍生工具公允價值變動將暫時計入收益表,遞延稅條款(利益),CECL爲信貸損失提供準備金(按如下所述實現損失進行調整)以及從貸款結算的房地產收益/損失中的一次性費用,公司還會回算一次性費用,如收購成本和債務提前償還和贖回優先股帶來的一次性收益/損失。
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.
公司將在管理層確定貸款被全面或部分視爲無法收回時,根據管理層的決定,實現損失減少爲可分配收益。貸款被視爲無法收回的時間爲:(1)貸款應收款項結清時(即,貸款償還時,或者在查封情況下,基礎資產出售時);或(2)管理層確定幾乎肯定無法收回所有到期金額的時間點。實現損失金額等於收到的現金或預計要收到的現金與資產賬面價值之間的差額。
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.
可分配收益並不意味着公司經營活動產生的現金流量(按照美國通用會計準則確定)或其流動性指標,也不完全表明公司籌資的現金需求,包括公司進行現金分配的能力。公司對可分配收益的計算可能不同於其他公司使用的計算方法,因此可比性可能受到限制。
Source: Arbor Realty Trust
資料來源:Arbor Realty Trust
譯文內容由第三人軟體翻譯。