ABR
$19.82
Arbor Realty Trust
($.05)
(.25%)
Earnings Details
2nd Quarter June 2021
Friday, July 30, 2021 8:00:00 AM
Tweet Share Watch
Summary

Arbor Realty Trust (ABR) Recent Earnings

Arbor Realty Trust (ABR) reported 2nd Quarter June 2021 earnings of $0.44 per share on revenue of $105.1 million. The consensus earnings estimate was $0.35 per share on revenue of $54.3 million. Revenue grew 26.6% on a year-over-year basis.

Arbor Realty Trust Inc is a real estate finance company. The Company invests in a diversified portfolio of structured finance assets in the multi-family and commercial real estate markets. It also invest in real estate-related bridge and mezzanine loans.

Results
Reported Earnings
$0.44
Earnings Whisper
-
Consensus Estimate
$0.35
Reported Revenue
$105.1 Mil
Revenue Estimate
$54.3 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

Arbor Realty Trust Reports Second Quarter 2021 Results and Increases Quarterly Dividend to $0.35 per Share

Company Highlights:

  • Diversified operating platform with a multifamily focus that continues to produce strong distributable earnings and dividends in all cycles

    • GAAP net income of $0.51 and distributable earnings of $0.45 per diluted common share1
    • Raised cash dividend on common stock to $0.35 per share, our fifth consecutive quarterly increase
    • Raised $440 million of accretive growth capital:
      • $223 million from offering of 6.375% Series D preferred stock, using $93 million to redeem our Series A, B and C preferred stock (8.14% on a weighted-average basis)
      • $172 million from issuance of 5.00% senior unsecured notes due in 2026
      • $138 million through issuance of common shares
    • Continued focus on improving funding sources, increasing warehouse capacity $1.27 billion
    • GAAP book value of $10.97, or $11.35 per common share adjusted for $61.0 million of CECL general reserves

Agency Business:

  • Segment income of $34.7 million
  • Loan originations of $1.31 billion and a servicing portfolio of over $26 billion
  • Closed our second private label securitization totaling $450 million

Structured Business:

  • Segment income of $43.1 million
  • Portfolio growth of 18% on record loan originations of $1.84 billion
  • Closed a $815 million collateralized securitization vehicle, our largest to date

UNIONDALE, N.Y., July 30, 2021 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the second quarter ended June 30, 2021. Arbor reported net income for the quarter of $69.1 million, or $0.51 per diluted common share, compared to net income of $44.1 million, or $0.40 per diluted common share for the quarter ended June 30, 2020. Distributable earnings for the quarter was $68.8 million, or $0.45 per diluted common share, compared to $59.8 million, or $0.45 per diluted common share for the quarter ended June 30, 2020.1

Agency Business

Loan Origination Platform

    
 Agency Loan Volume (in thousands)
 Quarter Ended
 June 30,
2021
 March 31,
2021
Fannie Mae$637,494 $1,063,983
Private Label 377,184  152,454
Freddie Mac 155,914  114,717
FHA 130,764  66,480
SFR-Fixed Rate 11,996  -
Total Originations$1,313,352 $1,397,634
    
Total Loan Sales$1,482,110 $1,841,891
    
Total Loan Commitments$1,194,344 $1,460,135
    

For the quarter ended June 30, 2021, the Agency Business generated revenues (excluding gains and losses on derivative instruments) of $91.2 million, compared to $89.3 million for the first quarter of 2021. Gain on sales, including fee-based services, net was $40.9 million for the quarter, reflecting a margin of 2.76%, compared to $28.9 million and 1.57% for the first quarter of 2021. Income from mortgage servicing rights was $26.3 million for the quarter, reflecting a rate of 2.20% as a percentage of loan commitments, compared to $36.9 million and 2.53% for the first quarter of 2021.   

At June 30, 2021, loans held-for-sale was $457.6 million which was primarily comprised of unpaid principal balances totaling $448.9 million, with financing associated with these loans totaling $391.8 million.

The Company closed its second private label securitization totaling $450.0 million. The Company originated and sold multifamily mortgage loans to the securitization and will be the primary servicer. The Company retained subordinate certificate interests in the securitization of $38.2 million, in satisfaction of credit risk retention requirements.

Fee-Based Servicing Portfolio

The Company’s fee-based servicing portfolio totaled $26.04 billion at June 30, 2021, an increase of 2.3% from March 31, 2021, primarily the result of $1.31 billion of new agency loan originations, net of $806.1 million in portfolio runoff during the quarter. Servicing revenue, net was $15.3 million for the quarter and consisted of servicing revenue of $30.0 million, net of amortization of mortgage servicing rights totaling $14.7 million.

 Fee-Based Servicing Portfolio ($ in thousands)
 As of June 30, 2021 As of March 31, 2021
 UPBWtd. Avg.
Fee
Wtd. Avg. Life
(in years)
 UPBWtd. Avg.
Fee
Wtd. Avg. Life
(in years)
Fannie Mae$19,191,9690.532%8.3 $19,073,5040.528%8.3
Freddie Mac 4,708,4570.285%9.8  4,795,2280.283%9.8
Private Label 1,176,6270.200%9.0  726,9180.200%8.7
FHA 882,8990.157%21.0  796,1330.160%20.7
SFR-Fixed Rate 75,1030.200%5.9  63,2990.200%6.1
Total$26,035,0550.459%9.0 $25,455,0820.460%9.0
        

Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”), and includes $34.5 million for the fair value of the guarantee obligation undertaken at June 30, 2021. The Company recorded a $0.3 million reversal of provision for loss sharing associated with CECL for the second quarter of 2021. At June 30, 2021, the Company’s total CECL allowance for loss-sharing obligations was $31.2 million, representing 0.16% of the Fannie Mae servicing portfolio.

Structured Business

Portfolio and Investment Activity

  • Strong growth in the portfolio of $1.12 billion, or 17.9%
  • Originated 93 loans totaling $1.84 billion, consisted primarily of multifamily bridge loans totaling $1.73 billion
  • Payoffs and pay downs on 36 loans totaling $662.9 million
  • Committed to fund one $40.0 million single-family rental build-to-rent loan

At June 30, 2021, the loan and investment portfolio’s unpaid principal balance, excluding loan loss reserves, was $7.39 billion, with a weighted average current interest pay rate of 4.85%, compared to $6.26 billion and 5.06% at March 31, 2021. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 5.33% at June 30, 2021, compared to 5.65% at March 31, 2021.

The average balance of the Company’s loan and investment portfolio during the second quarter of 2021, excluding loan loss reserves, was $6.61 billion with a weighted average yield of 5.85%, compared to $5.89 billion and 5.72% for the first quarter of 2021. The increase in average yield was primarily due to interest received upon the sale of a loan, higher accelerated fees on loan payoffs, partially offset by lower rates on originations when compared to runoff in the second quarter as compared to the first quarter.

During the second quarter of 2021, the Company recorded an $8.3 million reversal of provisions for loan losses associated with CECL, which includes a $7.5 million loan loss recovery. At June 30, 2021, the Company’s total allowance for loan losses was $138.4 million. The Company had eight non-performing loans with a carrying value of $84.0 million, before related loan loss reserves of $6.5 million, compared to seven loans with a carrying value of $60.3 million, before related loan loss reserves of $6.5 million as of March 31, 2021.

Financing Activity

The Company completed its largest collateralized securitization vehicle to date totaling $815.0 million of real estate related assets and cash. Investment grade-rated notes totaling $674.4 million were issued, and the Company retained subordinate interests in the issuing vehicle of $140.6 million. The facility has a two-and-a-half-year asset replenishment period and an initial weighted average interest rate of 1.37% over LIBOR, excluding fees and transaction costs.

The balance of debt that finances the Company’s loan and investment portfolio at June 30, 2021 was $6.41 billion with a weighted average interest rate including fees of 2.79% as compared to $5.62 billion and a rate of 2.90% at March 31, 2021. The average balance of debt that finances the Company’s loan and investment portfolio for the second quarter of 2021 was $5.94 billion, as compared to $5.18 billion for the first quarter of 2021. The average cost of borrowings for the second quarter of 2021 was 2.89%, compared to 2.99% for the first quarter of 2021.

Capital Markets

The Company raised a significant amount of accretive growth capital primarily through the following transactions:

The Company completed a public offering of 9.2 million shares of its 6.375% Series D cumulative redeemable preferred stock, including the underwriters’ exercise of their over-allotment option, generating net proceeds of $222.6 million.   The Company used $93.3 million of these proceeds to redeem its 8.25% Series A, 7.75% Series B and 8.50% Series C cumulative redeemable preferred stock. The remaining net proceeds are being used to make investments relating to its business and for general corporate purposes.

The Company issued $175.0 million of 5.00% senior unsecured notes in a private placement, generating net proceeds of $172.0 million after deducting offering expenses. The notes are due in 2026 and the proceeds are being used to make investments and for general corporate purposes.

The Company issued 6.0 million shares of common stock in a public offering receiving net proceeds of $110.6 million. The proceeds are primarily being used to make investments and for general corporate purposes.

Dividends

The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.35 per share of common stock for the quarter ended June 30, 2021, the Company’s fifth consecutive quarterly increase, representing a 12.9% increase from a year ago. The dividend is payable on August 31, 2021 to common stockholders of record on August 16, 2021. The ex-dividend date is August 13, 2021.

As previously announced, the Board of Directors has declared a cash dividend of $0.25677 per share on the Company's Series D cumulative redeemable preferred stock reflecting accrued dividends from the date of issuance, June 2, 2021 through July 29, 2021. The dividend is payable on July 30, 2021 to preferred stockholders of record on July 15, 2021.

Earnings Conference Call

The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast and replay of the conference call will be available at http://www.arbor.com in the investor relations section of the Company’s website. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (877) 876-9173 for domestic callers and (785) 424-1669 for international callers. Please use participant passcode ABRQ221 when prompted by the operator.

A telephonic replay of the call will be available until August 6, 2021. The replay dial-in numbers are (800) 839-3617 for domestic callers and (402) 220-2975 for international callers.

About Arbor Realty Trust, Inc.

Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender and Freddie Mac Optigo Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

Safe Harbor Statement

Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, in particular, due to the uncertainties created by the COVID-19 pandemic, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2020 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.

1. Non-GAAP Financial Measures

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.

Contact:
Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer
516-506-4422
pelenio@arbor.com
Investors:
The Ruth Group
Daniel Kontoh-Boateng
646-536-7019
dboateng@theruthgroup.com
 


 
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
          
Consolidated Statements of Operations - (Unaudited)
($ in thousands—except share and per share data)
          
   Quarter Ended June 30, Six Months Ended June 30,
   2021 2020 2021 2020
          
Interest income $105,148  $83,080  $196,292  $171,606 
Interest expense  46,378   41,302   88,562   91,284 
 Net interest income  58,770   41,778   107,730   80,322 
          
Other revenue:        
Gain on sales, including fee-based services, net  40,901   26,366   69,768   40,671 
Mortgage servicing rights  26,299   32,417   63,235   54,351 
Servicing revenue, net  15,315   13,506   30,850   26,809 
Property operating income  -   751   -   2,943 
Loss on derivative instruments, net  (2,607)  (7,368)  (5,828)  (58,099)
Other income, net  1,263   1,049   1,943   2,351 
 Total other revenue  81,171   66,721   159,968   69,026 
          
Other expenses:        
Employee compensation and benefits  43,700   34,438   86,674   68,690 
Selling and administrative  11,133   8,606   21,947   19,658 
Property operating expenses  129   1,035   272   3,478 
Depreciation and amortization  1,788   1,961   3,543   3,908 
Provision for loss sharing (net of recoveries)  549   2,395   2,201   23,932 
Provision for credit losses (net of recoveries)  (7,815)  12,714   (8,890)  67,096 
 Total other expenses  49,484   61,149   105,747   186,762 
          
Income (loss) before extinguishment of debt, sale of real estate, income from equity affiliates, and income taxes  90,457   47,350   161,951   (37,414)
Loss on extinguishment of debt  -   (1,592)  (1,370)  (3,546)
Gain on sale of real estate  -   -   1,228   - 
Income from equity affiliates  4,759   20,408   27,010   24,401 
(Provision for) benefit from income taxes  (10,959)  (12,077)  (23,451)  2,293 
          
Net income (loss)  84,257   54,089   165,368   (14,266)
          
Preferred stock dividends  6,414   1,888   8,303   3,777 
Net income (loss) attributable to noncontrolling interest 8,717   8,110   18,459   (2,824)
Net income (loss) attributable to common stockholders $69,126  $44,091  $138,606  $(15,219)
          
Basic earnings (loss) per common share $0.51  $0.40  $1.06  $(0.14)
Diluted earnings (loss) per common share $0.51  $0.40  $1.06  $(0.14)
          
Weighted average shares outstanding:        
 Basic  135,262,197   110,745,572   130,276,499   110,768,992 
 Diluted  153,616,591   131,882,398   148,818,030   131,166,018 
          
Dividends declared per common share $0.34  $0.30  $0.67  $0.60 
          

 

 
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    
Consolidated Balance Sheets
($ in thousands—except share and per share data)
    
    
 June 30, December 31,
 2021
 2020
 (Unaudited)  
Assets:   
Cash and cash equivalents$215,658  $339,528 
Restricted cash 249,090   197,470 
Loans and investments, net (allowance for credit losses of $138,447 and $147,300, respectively) 7,213,915   5,285,868 
Loans held-for-sale, net 457,647   986,919 
Capitalized mortgage servicing rights, net 418,653   379,974 
Securities held-to-maturity, net (allowance for credit losses of $2,115 and $1,597, respectively) 114,696   95,524 
Investments in equity affiliates 86,253   74,274 
Due from related party 11,084   12,449 
Goodwill and other intangible assets 103,106   105,451 
Other assets 190,698   183,529 
Total assets$9,060,800  $7,660,986 
    
Liabilities and Equity:   
Credit and repurchase facilities$2,015,188  $2,234,883 
Collateralized loan obligations 3,484,088   2,517,309 
Senior unsecured notes 836,074   662,843 
Convertible senior unsecured notes, net 270,917   267,973 
Junior subordinated notes to subsidiary trust issuing preferred securities 142,013   141,656 
Due to related party 6,184   2,365 
Due to borrowers 68,384   89,325 
Allowance for loss-sharing obligations 65,645   64,303 
Other liabilities 215,540   197,644 
Total liabilities 7,104,033   6,178,301 
    
Equity:   
Arbor Realty Trust, Inc. stockholders' equity:   
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, special voting preferred shares - 16,352,233 and 17,560,633 shares issued and outstanding, respectively; 8.25% Series A, $38,788 aggregate liquidation preference - 0 and 1,551,500 shares issued and outstanding, respectively; 7.75% Series B, $31,500 aggregate liquidation shares issued and outstanding, respectively; 7.75% Series B, $31,500 aggregate liquidation preference - 0 and 1,260,000 shares issued and outstanding, respectively; 8.50% Series C, $22,500 aggregate liquidation preference - 0 and 900,000 shares issued and outstanding, respectively; 6.375% Series D, $230,000 aggregate liquidation preference - 9,200,000 and 0 shares issued and outstanding, respectively  222,627   89,472 
Common stock, $0.01 par value: 500,000,000 shares authorized - 141,738,609 and 123,181,173 shares issued and outstanding, respectively 1,417   1,232 
Additional paid-in capital 1,620,898   1,317,109 
Accumulated deficit (12,084)  (63,442)
Total Arbor Realty Trust, Inc. stockholders’ equity 1,832,858   1,344,371 
    
Noncontrolling interest 123,909   138,314 
Total equity 1,956,767   1,482,685 
    
Total liabilities and equity$9,060,800  $7,660,986 
    


 
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
       
Statement of Income Segment Information - (Unaudited)
(in thousands)
         
         
  Quarter Ended June 30, 2021
         
  Structured
Business
 Agency
Business
 Other /
Eliminations (1)
 Consolidated
         
Interest income$96,498  $8,650  $-  $105,148 
Interest expense 42,748   3,630   -   46,378 
 Net interest income 53,750   5,020   -   58,770 
         
Other revenue:       
Gain on sales, including fee-based services, net -   40,901   -   40,901 
Mortgage servicing rights -   26,299   -   26,299 
Servicing revenue -   29,982   -   29,982 
Amortization of MSRs -   (14,667)  -   (14,667)
Loss on derivative instruments, net -   (2,607)  -   (2,607)
Other income, net 1,255   8   -   1,263 
 Total other revenue 1,255   79,916   -   81,171 
         
Other expenses:       
Employee compensation and benefits 11,907   31,793   -   43,700 
Selling and administrative 5,248   5,885   -   11,133 
Property operating expenses 129   -   -   129 
Depreciation and amortization 615   1,173   -   1,788 
Provision for loss sharing (net of recoveries) -   549   -   549 
Provision for credit losses (net of recoveries) (8,333)  518   -   (7,815)
 Total other expenses 9,566   39,918   -   49,484 
         
Income before income from equity affiliates, and income taxes       
 45,439   45,018   -   90,457 
         
Income from equity affiliates 4,759   -   -   4,759 
Provision for income taxes (682)  (10,277)  -   (10,959)
         
Net income 49,516   34,741   -   84,257 
         
Preferred stock dividends 6,414   -   -   6,414 
Net income attributable to noncontrolling interest -   -   8,717   8,717 
Net income attributable to common stockholders$43,102  $34,741  $(8,717) $69,126 
         
(1) Includes certain income or expenses not allocated to the two reportable segments. Amount reflects income attributable to the noncontrolling interest holders.
         

 

  
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES 
       
Balance Sheet Segment Information - (Unaudited) 
(in thousands) 
       
       
 June 30, 2021 
 Structured
Business
 Agency
Business
 Consolidated 
Assets:      
Cash and cash equivalents$40,353 $175,305 $215,658 
Restricted cash 233,474  15,616  249,090 
Loans and investments, net 7,213,915  -  7,213,915 
Loans held-for-sale, net -  457,647  457,647 
Capitalized mortgage servicing rights, net -  418,653  418,653 
Securities held-to-maturity, net -  114,696  114,696 
Investments in equity affiliates 86,253  -  86,253 
Goodwill and other intangible assets 12,500  90,606  103,106 
Other assets 124,328  77,454  201,782 
Total assets$7,710,823 $1,349,977 $9,060,800 
       
Liabilities:      
Debt obligations$6,356,490 $391,790 $6,748,280 
Allowance for loss-sharing obligations -  65,645  65,645 
Other liabilities 178,934  111,174  290,108 
Total liabilities$6,535,424 $568,609 $7,104,033 
       


        
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 June 30, Six Months Ended June 30,
  2021   2020   2021   2020 
        
Net income (loss) attributable to common stockholders$69,126  $44,091  $138,606  $15,219 
        
Adjustments:       
Net income (loss) attributable to noncontrolling interest 8,717   8,110   18,459   (2,824)
Income from mortgage servicing rights (26,299)  (32,417)  (63,235)  (54,351)
Deferred tax (benefit) provision (50)  10,879   4,436   (9,025)
Amortization and write-offs of MSRs 20,299   15,542   38,331   33,283 
Depreciation and amortization 2,733   2,906   5,432   5,863 
Loss on extinguishment of debt -   1,592   1,370   3,546 
Provision for credit losses, net (8,065)  14,602   (8,343)  90,281 
(Gain) loss on derivative instruments, net (3,230)  (7,371)  (9)  43,360 
Stock-based compensation 2,044   1,915   5,375   5,432 
Loss on redemption of preferred stock 3,479   -   3,479   - 
        
Distributable earnings (1)$68,754  $59,849  $143,901  $100,346 
        
Diluted distributable earnings per share (1)$0.45  $0.45  $0.97  $0.77 
        
Diluted weighted average shares outstanding (1) 153,616,591   131,882,398   148,818,030   131,166,018 
        
(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.

The Company is presenting distributable earnings because management believes it is an important supplemental measure of the Company's operating performance and is useful to investors, analysts and other parties in the evaluation of REITs and their ability to provide dividends to stockholders. Dividends are one of the principal reasons investors invest in REITs. To maintain REIT status, REITs are required to distribute at least 90% of their REIT-taxable income. The Company considers distributable earnings in determining its quarterly dividend and believes that, over time, distributable earnings is a useful indicator of the Company's dividends per share.

The Company defines distributable earnings as net income (loss) attributable to common stockholders computed in accordance with GAAP, adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from MSRs, amortization and write-offs of MSRs, gains/losses on derivative instruments primarily associated with Private Label loans not yet sold and securitized, the tax impact on cumulative gains/losses on derivative instruments associated with Private Label loans sold during the periods presented, 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 amortization of the convertible senior notes conversion option. The Company also adds back one-time charges such as acquisition costs and one-time gains/losses on the early extinguishment of debt and redemption of preferred stock.

The Company reduces distributable earnings for realized losses in the period management determines that a loan is deemed nonrecoverable. Loans are deemed nonrecoverable upon the earlier of: (i) 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 (ii) when management determines that it is nearly certain that all amounts due will not be collected. The realized loss amount is equal to the difference between the cash received, or expected to be received, and the book value of the asset.

Distributable earnings is not intended to be an indication of the Company's cash flows from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions. The Company's calculation of distributable earnings may be different from the calculations used by other companies and, therefore, comparability may be limited.

Primary Logo

Source: Arbor Realty Trust