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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 September 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

Issuer has 116,131,077 shares of common stock, $0.01 par value per share, outstanding at October 23, 2020.

Table of Contents

INDEX

PART I. FINANCIAL INFORMATION

    

Item 1. Financial Statements (Unaudited)

2

Consolidated Balance Sheets

2

Consolidated Statements of Income

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

55

Item 3. Quantitative and Qualitative Disclosures about Market Risk

70

Item 4. Controls and Procedures

71

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

71

Item 1A. Risk Factors

71

Item 6. Exhibits

73

Signatures

74

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 novel coronavirus (“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.

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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)

    

September 30, 

    

December 31, 

2020

2019

(Unaudited)

Assets:

Cash and cash equivalents

$

192,204

$

299,687

Restricted cash

 

110,263

 

210,875

Loans and investments, net (allowance for credit losses: $146,745 and $71,069, respectively)

4,910,872

4,189,960

Loans held-for-sale, net

631,138

861,360

Capitalized mortgage servicing rights, net

335,235

286,420

Securities held-to-maturity, net (allowance for credit losses: $1,628 and $0, respectively)

118,260

88,699

Investments in equity affiliates

 

82,322

 

41,800

Real estate owned, net

 

2,894

 

13,220

Due from related party

 

23,814

 

10,651

Goodwill and other intangible assets

106,716

110,700

Other assets

 

175,500

 

125,788

Total assets

$

6,689,218

$

6,239,160

Liabilities and Equity:

Credit facilities and repurchase agreements

$

1,449,940

$

1,678,288

Collateralized loan obligations

 

2,516,032

 

2,130,121

Debt fund

68,629

Senior unsecured notes

 

662,289

 

319,799

Convertible senior unsecured notes, net

266,706

284,152

Junior subordinated notes to subsidiary trust issuing preferred securities

 

141,470

 

140,949

Due to related party

 

802

 

13,100

Due to borrowers

 

76,304

 

79,148

Allowance for loss-sharing obligations

71,160

34,648

Other liabilities

 

181,279

 

134,299

Total liabilities

 

5,365,982

 

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; 17,632,371 and 20,369,265 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

89,472

 

89,501

Common stock, $0.01 par value: 500,000,000 shares authorized; 115,930,351 and 109,706,214 shares issued and outstanding, respectively

 

1,159

 

1,097

Additional paid-in capital

 

1,222,945

 

1,154,932

Accumulated deficit

 

(120,539)

 

(60,920)

Total Arbor Realty Trust, Inc. stockholders' equity

1,193,037

1,184,610

Noncontrolling interest

130,199

171,417

Total equity

 

1,323,236

 

1,356,027

Total liabilities and equity

$

6,689,218

$

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 September 30, 2020 and December 31, 2019, assets of our consolidated VIEs totaled $3,112,755 and $2,784,756, respectively, and the liabilities of our consolidated VIEs totaled $2,518,745 and $2,209,599, respectively. See Note 15 for discussion of our VIEs.

See Notes to Consolidated Financial Statements.

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ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

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

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2020

    

2019

    

2020

    

2019

Interest income

$

81,701

$

80,509

$

253,307

$

233,957

Interest expense

 

37,888

 

48,064

 

129,172

 

138,213

Net interest income

 

43,813

 

32,445

 

124,135

 

95,744

Other revenue:

Gain on sales, including fee-based services, net

19,895

21,298

60,566

51,897

Mortgage servicing rights

42,357

29,911

96,708

62,852

Servicing revenue, net

13,348

13,790

40,156

39,954

Property operating income

1,033

2,237

3,976

8,187

Loss on derivative instruments, net

(753)

(5,003)

(58,852)

(6,726)

Other income, net

 

1,050

 

325

 

3,404

 

1,314

Total other revenue

 

76,930

 

62,558

 

145,958

 

157,478

Other expenses:

Employee compensation and benefits

32,962

32,861

101,652

 

93,647

Selling and administrative

9,356

10,882

29,013

 

31,122

Property operating expenses

1,300

2,563

4,778

 

7,649

Depreciation and amortization

1,922

1,841

5,830

 

5,663

Impairment loss on real estate owned

1,000

Provision for loss sharing (net of recoveries)

(2,227)

735

21,706

1,557

Provision for credit losses (net of recoveries)

(7,586)

59,510

 

Total other expenses

 

35,727

 

48,882

 

222,489

 

140,638

Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes

 

85,016

 

46,121

 

47,604

 

112,584

Loss on extinguishment of debt

(3,546)

(128)

Loss on sale of real estate

(1,868)

(1,868)

Income from equity affiliates

32,358

3,718

56,758

9,133

Provision for income taxes

(17,785)

(6,623)

(15,493)

(10,963)

Net income

 

97,721

 

43,216

 

83,455

 

110,626

Preferred stock dividends

 

1,888

 

1,888

 

5,665

 

5,665

Net income attributable to noncontrolling interest

13,836

7,363

11,012

19,429

Net income attributable to common stockholders

$

81,997

$

33,965

$

66,778

$

85,532

Basic earnings per common share

$

0.72

$

0.36

$

0.60

$

0.95

Diluted earnings per common share

$

0.72

$

0.35

$

0.59

$

0.93

Weighted average shares outstanding:

Basic

113,766,446

 

94,486,839

 

111,775,436

 

89,899,074

Diluted

133,997,087

 

117,468,044

 

132,401,315

 

113,033,968

Dividends declared per common share

$

0.31

$

0.29

$

0.91

$

0.84

See Notes to Consolidated Financial Statements.

3

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ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

($ in thousands, except shares)

Three Months Ended September 30, 2020

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