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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

Arbor Realty Trust報告2024年第三季度業績,並宣佈每股股息爲$0.43
阿伯房地產信托 ·  11/01 12:00

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

  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. Debt to equity ratio reflects junior subordinated notes as equity.
  3. Amounts reflect approximate balances as of October 30, 2024.
  1. 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。
  2. 負債權益比反映了次級次優先票據作爲資產。
  3. 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。


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Source: Arbor Realty Trust

資料來源:Arbor Realty Trust

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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