Company Quick10K Filing
Arbor Realty Trust
Price13.01 EPS1
Shares117 P/E10
MCap1,528 P/FCF27
Net Debt-70 EBIT326
TEV1,458 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-02-15
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-03
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-13
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-15
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-02
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-04
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-09
8-K 2020-05-08 Earnings, Exhibits
8-K 2020-04-29 Regulation FD
8-K 2020-04-27 Off-BS Arrangement, Other Events, Exhibits
8-K 2020-04-13 Earnings, Exhibits
8-K 2020-04-01 Officers
8-K 2020-03-17 Other Events, Exhibits
8-K 2020-03-11 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2020-03-04 Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2020-02-14 Earnings, Exhibits
8-K 2019-12-09 Enter Agreement, Exhibits
8-K 2019-11-13 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-11-05 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2019-11-01 Earnings, Exhibits
8-K 2019-10-10
8-K 2019-08-02 Earnings, Exhibits
8-K 2019-08-02 Enter Agreement, Exhibits
8-K 2019-06-05 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-05-15 Enter Agreement, Exhibits
8-K 2019-05-15 Shareholder Vote
8-K 2019-05-10 Earnings, Exhibits
8-K 2019-03-22 Off-BS Arrangement, Regulation FD, Other Events, Exhibits
8-K 2019-02-15 Earnings, Exhibits
8-K 2019-01-30 Other Events, Exhibits
8-K 2018-12-31 Other Events, Exhibits
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-11-29 Enter Agreement, Exhibits
8-K 2018-11-02 Earnings, Exhibits
8-K 2018-08-03 Earnings, Exhibits
8-K 2018-07-17 Enter Agreement, Off-BS Arrangement, Sale of Shares, Other Events, Exhibits
8-K 2018-06-28 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2018-06-22 Officers
8-K 2018-06-14 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-06-07 Officers
8-K 2018-05-29 Other Events, Exhibits, Other Events
8-K 2018-05-15 Off-BS Arrangement, Other Events, Exhibits
8-K 2018-05-15 Shareholder Vote
8-K 2018-05-15 Enter Agreement, Exhibits
8-K 2018-05-04 Earnings, Exhibits
8-K 2018-03-13 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-03-08 Other Events, Exhibits
8-K 2018-02-23 Earnings, Exhibits

ABR 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Description of Business
Note 2 - Basis of Presentation and Significant Accounting Policies
Note 3 - Loans and Investments
Note 4 - Loans Held - for - Sale, Net
Note 5 - Capitalized Mortgage Servicing Rights
Note 6 - Mortgage Servicing
Note 7 - Securities Held - To - Maturity
Note 8 - Investments in Equity Affiliates
Note 9 - Real Estate Owned
Note 10 - Debt Obligations
Note 11 - Allowance for Loss - Sharing Obligations
Note 12 - Derivative Financial Instruments
Note 13 - Fair Value
Note 14 - Commitments and Contingencies
Note 15 - Variable Interest Entities
Note 16 - Equity
Note 17 - Income Taxes
Note 18 - Agreements and Transactions with Related Parties
Note 19 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 abr-20200331xex31d1.htm
EX-31.2 abr-20200331xex31d2.htm
EX-32 abr-20200331xex32.htm

Arbor Realty Trust Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.10.10.10.00.00.02017201720182019
Rev, G Profit, Net Income
1.00.70.40.0-0.3-0.62012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

or

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-32136

Arbor Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland

    

20-0057959

(State or other jurisdiction of
incorporation)

(I.R.S. Employer
Identification No.)

333 Earle Ovington Boulevard, Suite 900
Uniondale, NY
(Address of principal executive offices)

11553
(Zip Code)

(Registrant’s telephone number, including area code): (516506-4200

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

Title of each class

    

Trading symbols

    

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ABR

New York Stock Exchange

Preferred Stock, 8.25% Series A Cumulative Redeemable, par value $0.01 per share

ABR-PA

New York Stock Exchange

Preferred Stock, 7.75% Series B Cumulative Redeemable, par value $0.01 per share

ABR-PB

New York Stock Exchange

Preferred Stock, 8.50% Series C Cumulative Redeemable, par value $0.01 per share

ABR-PC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

Emerging growth company  

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common stock, $0.01 par value per share: 110,251,395 outstanding as of May 1, 2020.

Table of Contents

INDEX

Table of Contents

Forward-Looking Statements

The information contained in this quarterly report on Form 10-Q is not a complete description of our business or the risks associated with an investment in Arbor Realty Trust, Inc.  We urge you to carefully review and consider the various disclosures made by us in this report.

This report contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, among other things, the operating performance of our investments and financing needs. We use words such as “anticipate,” “expect,” “believe,” “intend,” “should,” “will,” “may” and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words.  Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information.  Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.  These forward-looking statements involve risks, uncertainties and other factors that may cause our actual results in future periods to differ materially from forecasted results.  Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in economic conditions generally, and the real estate market specifically, in particular, due to the uncertainties created by the COVID-19 pandemic; the potential impact of the COVID-19 pandemic on our business, results of operations and financial condition; adverse changes in our status with government-sponsored enterprises affecting our ability to originate loans through such programs; changes in interest rates; the quality and size of the investment pipeline and the rate at which we can invest our cash; impairments in the value of the collateral underlying our loans and investments; changes in federal and state laws and regulations, including changes in tax laws; the availability and cost of capital for future investments; and competition. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our views as of the date of this report.  The factors noted above could cause our actual results to differ significantly from those contained in any forward-looking statement.

Additional information regarding these and other risks and uncertainties we face is contained in our annual report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on February 14, 2020 and in our other reports and filings with the SEC.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  We are under no duty to update any of the forward-looking statements after the date of this report to conform these statements to actual results.

i

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

($ in thousands, except share and per share data)

    

March 31, 

    

December 31, 

2020

2019

(Unaudited)

Assets:

Cash and cash equivalents

$

222,330

$

299,687

Restricted cash

 

304,067

 

210,875

Loans and investments, net (allowance for credit losses of $142,252 and $71,069, respectively)

4,638,004

4,189,960

Loans held-for-sale, net

991,696

861,360

Capitalized mortgage servicing rights, net

288,954

286,420

Securities held-to-maturity, net (allowance for credit losses of $992 and $0, respectively)

84,406

88,699

Investments in equity affiliates

 

44,701

 

41,800

Real estate owned, net

 

13,270

 

13,220

Due from related party

 

13,821

 

10,651

Goodwill and other intangible assets

109,371

110,700

Other assets

 

224,030

 

125,788

Total assets

$

6,934,650

$

6,239,160

Liabilities and Equity:

Credit facilities and repurchase agreements

$

1,846,473

$

1,678,288

Collateralized loan obligations

 

2,513,096

 

2,130,121

Debt fund

68,717

68,629

Senior unsecured notes

 

591,854

 

319,799

Convertible senior unsecured notes, net

264,689

284,152

Junior subordinated notes to subsidiary trust issuing preferred securities

 

141,128

 

140,949

Due to related party

 

3,103

 

13,100

Due to borrowers

 

81,447

 

79,148

Allowance for loss-sharing obligations

70,752

34,648

Other liabilities

 

127,341

 

134,299

Total liabilities

 

5,708,600

 

4,883,133

Commitments and contingencies (Note 14)

 

 

Equity:

Arbor Realty Trust, Inc. stockholders' equity:

Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; special voting preferred shares; 20,369,265 and 20,484,094 shares issued and outstanding, respectively; 8.25% Series A, $38,788 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500 aggregate liquidation preference; 900,000 shares issued and outstanding

 

89,500

 

89,501

Common stock, $0.01 par value: 500,000,000 shares authorized; 110,608,903 and 109,706,214 shares issued and outstanding, respectively

 

1,106

 

1,097

Additional paid-in capital

 

1,163,161

 

1,154,932

Accumulated deficit

 

(177,589)

 

(60,920)

Total Arbor Realty Trust, Inc. stockholders' equity

1,076,178

1,184,610

Noncontrolling interest

149,872

171,417

Total equity

 

1,226,050

 

1,356,027

Total liabilities and equity

$

6,934,650

$

6,239,160

Note: Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. As of March 31, 2020 and December 31, 2019, assets of our consolidated VIEs totaled $3,233,013 and $2,784,756, respectively, and the liabilities of our consolidated VIEs totaled $2,585,588 and $2,209,599, respectively. See Note 15 for discussion of our VIEs.

See Notes to Consolidated Financial Statements.

2

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

($ in thousands, except share and per share data)

Three Months Ended March 31, 

    

2020

    

2019

Interest income

$

88,526

$

71,277

Interest expense

 

49,982

 

41,865

Net interest income

 

38,544

 

29,412

Other revenue:

Gain on sales, including fee-based services, net

14,305

16,389

Mortgage servicing rights

21,934

14,232

Servicing revenue, net

13,302

13,552

Property operating income

2,192

2,803

Loss on derivative instruments, net

(50,731)

(2,465)

Other income, net

 

1,303

 

337

Total other revenue

 

2,305

 

44,848

Other expenses:

Employee compensation and benefits

34,252

31,764

Selling and administrative

11,052

9,761

Property operating expenses

2,443

2,396

Depreciation and amortization

1,947

1,912

Provision for loss sharing (net of recoveries)

21,537

454

Provision for credit losses (net of recoveries)

54,382

Total other expenses

 

125,613

 

46,287

(Loss) income before extinguishment of debt, income from equity affiliates and income taxes

 

(84,764)

 

27,973

Loss on extinguishment of debt

(1,954)

(128)

Income from equity affiliates

3,992

2,151

Benefit from income taxes

14,370

10

Net (loss) income

 

(68,356)

 

30,006

Preferred stock dividends

 

1,888

 

1,888

Net (loss) income attributable to noncontrolling interest

(10,934)

5,468

Net (loss) income attributable to common stockholders

$

(59,310)

$

22,650

Basic (loss) earnings per common share

$

(0.54)

$

0.27

Diluted (loss) earnings per common share

$

(0.54)

$

0.26

Weighted average shares outstanding:

Basic

110,792,412

 

85,151,878

Diluted

131,217,199

 

107,869,511

Dividends declared per common share

$

0.30

$

0.27

See Notes to Consolidated Financial Statements.

3

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

($ in thousands, except shares)

Three Months Ended March 31, 2020

Total Arbor

Common

Realty Trust, Inc.

Preferred

Preferred 

Common

Stock Par

Additional Paid-

Accumulated

Stockholders'

Noncontrolling

    

Stock Shares

    

Stock Value

    

Stock Shares

    

Value

    

in Capital

    

Deficit

    

Equity

    

Interest

    

Total Equity

Balance - January 1, 2020

 

24,195,594

$

89,501

 

109,706,214

$

1,097

$

1,154,932

$

(60,920)

$

1,184,610

$

171,417

$

1,356,027

Cummulative-effect adjustment (Note 2)

(24,106)

(24,106)

(4,501)

(28,607)

Balance - January 1, 2020 (as adjusted for the adoption of ASU 2016-13)

24,195,594

$

89,501

109,706,214

$

1,097

$

1,154,932

$

(85,026)

$

1,160,504

$

166,916

$

1,327,420

Issuance of common stock

 

 

1,350,000

14

19,410

19,424

19,424

Repurchase of common stock

(1,249,777)

(13)

(11,278)