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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 June 30, 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: 112,213,035 outstanding as of July 24, 2020.

Table of Contents

INDEX

PART I. FINANCIAL INFORMATION

    

Item 1. Financial Statements (Unaudited)

2

Consolidated Balance Sheets

2

Consolidated Statements of Operations

3

Consolidated Statements of Changes in Equity

4

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

53

Item 3. Quantitative and Qualitative Disclosures about Market Risk

68

Item 4. Controls and Procedures

69

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

69

Item 1A. Risk Factors

69

Item 6. Exhibits

71

Signatures

72

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)

    

June 30, 

    

December 31, 

2020

2019

(Unaudited)

Assets:

Cash and cash equivalents

$

384,182

$

299,687

Restricted cash

 

94,847

 

210,875

Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)

4,800,176

4,189,960

Loans held-for-sale, net

360,372

861,360

Capitalized mortgage servicing rights, net

313,288

286,420

Securities held-to-maturity, net (allowance for credit losses of $3,148 and $0, respectively)

119,019

88,699

Investments in equity affiliates

 

64,991

 

41,800

Real estate owned, net

 

12,990

 

13,220

Due from related party

 

8,416

 

10,651

Goodwill and other intangible assets

108,040

110,700

Other assets

 

123,803

 

125,788

Total assets

$

6,390,124

$

6,239,160

Liabilities and Equity:

Credit facilities and repurchase agreements

$

1,235,613

$

1,678,288

Collateralized loan obligations

 

2,514,524

 

2,130,121

Debt fund

68,629

Senior unsecured notes

 

661,757

 

319,799

Convertible senior unsecured notes, net

265,244

284,152

Junior subordinated notes to subsidiary trust issuing preferred securities

 

141,295

 

140,949

Due to related party

 

584

 

13,100

Due to borrowers

 

70,132

 

79,148

Allowance for loss-sharing obligations

73,220

34,648

Other liabilities

 

169,979

 

134,299

Total liabilities

 

5,132,348

 

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; 112,211,461 and 109,706,214 shares issued and outstanding, respectively

 

1,122

 

1,097

Additional paid-in capital

 

1,182,449

 

1,154,932

Accumulated deficit

 

(167,165)

 

(60,920)

Total Arbor Realty Trust, Inc. stockholders' equity

1,105,906

1,184,610

Noncontrolling interest

151,870

171,417

Total equity

 

1,257,776

 

1,356,027

Total liabilities and equity

$

6,390,124

$

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 June 30, 2020 and December 31, 2019, assets of our consolidated VIEs totaled $3,127,169 and $2,784,756, respectively, and the liabilities of our consolidated VIEs totaled $2,517,315 and $2,209,599, respectively. See Note 15 for discussion of our VIEs.

See Notes to Consolidated Financial Statements.

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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 June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

Interest income

$

83,080

$

82,171

$

171,606

$

153,448

Interest expense

 

41,302

 

48,284

 

91,284

 

90,149

Net interest income

 

41,778

 

33,887

 

80,322

 

63,299

Other revenue:

Gain on sales, including fee-based services, net

26,366

14,211

40,671

30,600

Mortgage servicing rights

32,417

18,709

54,351

32,941

Servicing revenue, net

13,506

12,612

26,809

26,164

Property operating income

751

3,147

2,943

5,950

(Loss) gain on derivative instruments, net

(7,368)

742

(58,099)

(1,723)

Other income, net

 

1,049

 

651

 

2,351

 

989

Total other revenue

 

66,721

 

50,072

 

69,026

 

94,921

Other expenses:

Employee compensation and benefits

34,438

29,022

68,690

 

60,786

Selling and administrative

8,606

10,481

19,658

 

20,242

Property operating expenses

1,035

2,691

3,478

 

5,086

Depreciation and amortization

1,961

1,909

3,908

 

3,821

Impairment loss on real estate owned

1,000

1,000

Provision for loss sharing (net of recoveries)

2,395

368

23,932

822

Provision for credit losses (net of recoveries)

12,714

67,096

 

Total other expenses

 

61,149

 

45,471

 

186,762

 

91,757

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

 

47,350

 

38,488

 

(37,414)

 

66,463

Loss on extinguishment of debt

(1,592)

(3,546)

(128)

Income from equity affiliates

20,408

3,264

24,401

5,415

(Provision for) benefit from income taxes

(12,077)

(4,350)

2,293

(4,341)

Net income (loss)

 

54,089

 

37,402

 

(14,266)

 

67,409

Preferred stock dividends

 

1,888

 

1,888

 

3,777

 

3,777

Net income (loss) attributable to noncontrolling interest

8,110

6,598

(2,824)

12,066

Net income (loss) attributable to common stockholders

$

44,091

$

28,916

$

(15,219)

$

51,566

Basic earnings (loss) per common share

$

0.40

$

0.32

$

(0.14)

$

0.59

Diluted earnings (loss) per common share

$

0.40

$

0.31

$

(0.14)

$

0.57

Weighted average shares outstanding:

Basic

110,745,572

 

89,955,923

 

110,768,992

 

87,567,171

Diluted

131,882,398

 

113,624,384

 

131,166,018

 

110,779,680

Dividends declared per common share

$

0.30

$

0.28

$

0.60

$

0.55

See Notes to Consolidated Financial Statements.

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Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

($ in thousands, except shares)

Three Months Ended June 30, 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 - April 1, 2020

 

24,080,765

$

89,500

 

110,608,903

$

1,106

$

1,163,161

$

(177,589)

$

1,076,178

$

149,872

$

1,226,050

Issuance of common stock

 

 

1,958,008

19

18,565

18,584