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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, 2021

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 133,056,352 shares of common stock, $0.01 par value per share, outstanding at April 30, 2021.

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

5

Notes to Consolidated Financial Statements

7

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

44

Item 3. Quantitative and Qualitative Disclosures about Market Risk

56

Item 4. Controls and Procedures

57

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

57

Item 1A. Risk Factors

57

Item 6. Exhibits

58

Signatures

59

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 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,” “could,” “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, 2020 (the “2020 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on February 19, 2021 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, 

2021

2020

(Unaudited)

Assets:

Cash and cash equivalents

$

260,228

$

339,528

Restricted cash

 

272,039

 

197,470

Loans and investments, net (allowance for credit losses: $147,300 and $148,329, respectively)

6,070,337

5,285,868

Loans held-for-sale, net

613,542

986,919

Capitalized mortgage servicing rights, net

406,980

379,974

Securities held-to-maturity, net (allowance for credit losses: $1,597 and $1,644, respectively)

92,860

95,524

Investments in equity affiliates

 

104,406

 

74,274

Real estate owned, net

 

1,447

 

1,485

Due from related party

 

19,705

 

12,449

Goodwill and other intangible assets

104,278

105,451

Other assets

 

185,037

 

182,044

Total assets

$

8,130,859

$

7,660,986

Liabilities and Equity:

Credit facilities and repurchase agreements

$

2,214,896

$

2,234,883

Collateralized loan obligations

 

2,813,660

 

2,517,309

Senior unsecured notes

 

663,395

 

662,843

Convertible senior unsecured notes, net

269,452

267,973

Junior subordinated notes to subsidiary trust issuing preferred securities

 

141,839

 

141,656

Due to related party

 

1,579

 

2,365

Due to borrowers

 

80,082

 

89,325

Allowance for loss-sharing obligations

65,893

64,303

Other liabilities

 

209,371

 

197,644

Total liabilities

 

6,460,167

 

6,178,301

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; 17,560,633 shares issued and outstanding; 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

 

89,472

Common stock, $0.01 par value: 500,000,000 shares authorized; 133,690,060 and 123,181,173 shares issued and outstanding, respectively

 

1,337

 

1,232

Additional paid-in capital

 

1,473,120

 

1,317,109

Accumulated deficit

 

(35,498)

 

(63,442)

Total Arbor Realty Trust, Inc. stockholders' equity

1,528,431

1,344,371

Noncontrolling interest

142,261

138,314

Total equity

 

1,670,692

 

1,482,685

Total liabilities and equity

$

8,130,859

$

7,660,986

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, 2021 and December 31, 2020, assets of our consolidated VIEs totaled $3,438,029 and $3,134,447, respectively, and the liabilities of our consolidated VIEs totaled $2,816,725 and $2,520,064, 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, 

    

2021

    

2020

Interest income

$

91,144

$

88,526

Interest expense

 

42,184

 

49,982

Net interest income

 

48,960

 

38,544

Other revenue:

Gain on sales, including fee-based services, net

28,867

14,305

Mortgage servicing rights

36,936

21,934

Servicing revenue, net

15,536

13,302

Property operating income

2,192

Loss on derivative instruments, net

(3,220)

(50,731)

Other income, net

 

681

 

1,303

Total other revenue

 

78,800

 

2,305

Other expenses:

Employee compensation and benefits

42,974

 

34,252

Selling and administrative

10,818

 

11,052

Property operating expenses

143

 

2,443

Depreciation and amortization

1,755

 

1,947

Provision for loss sharing (net of recoveries)

1,652

21,537

Provision for credit losses (net of recoveries)

(1,075)

 

54,382

Total other expenses

 

56,267

 

125,613

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

 

71,493

 

(84,764)

Loss on extinguishment of debt

(1,370)

(1,954)

Gain on sale of real estate

1,228

Income from equity affiliates

22,251

3,992

(Provision for) benefit from income taxes

(12,492)

14,370

Net income (loss)

 

81,110

 

(68,356)

Preferred stock dividends

 

1,888

 

1,888

Net income (loss) attributable to noncontrolling interest

9,743

(10,934)

Net income (loss) attributable to common stockholders

$

69,479

$

(59,310)

Basic earnings (loss) per common share

$

0.55

$

(0.54)

Diluted earnings (loss) per common share

$

0.55

$

(0.54)

Weighted average shares outstanding:

Basic

 

125,235,405

 

110,792,412

Diluted

 

143,958,433

 

131,217,199

Dividends declared per common share

$

0.33

$

0.30

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, 2021

Total Arbor

Preferred

Preferred

Common

Common

Realty Trust, Inc.

Stock 

Stock 

Stock 

Stock 

Additional Paid-

Accumulated

Stockholders'

Noncontrolling

    

Shares

    

Value

    

Shares

    

Par Value

    

in Capital

    

Deficit

    

Equity

    

Interest

    

Total Equity

Balance - January 1, 2021

 

21,272,133

$

89,472

 

123,181,173

$

1,232

$

1,317,109

$

(63,442)

$

1,344,371

$

138,314

$

1,482,685

Issuance of common stock

 

 

10,140,400

101

158,332

158,433

158,433

Stock-based compensation, net

 

 

 

368,487

 

4

 

(2,321)

 

 

(2,317)

 

 

(2,317)

Distributions - common stock

 

 

 

 

 

 

(41,530)

 

(41,530)

 

 

(41,530)

Distributions - preferred stock

 

 

 

 

 

 

(1,893)

 

(1,893)

 

 

(1,893)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(5,796)

 

(5,796)

Net income

 

 

 

 

 

 

71,367

 

71,367

 

9,743

 

81,110

Balance – March 31, 2021

 

21,272,133

$

89,472

 

133,690,060

$

1,337

$

1,473,120

$

(35,498)

$

1,528,431

$

142,261

$

1,670,692

Three Months Ended March 31, 2020

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 (for adoption of credit loss standard)

(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)

(11,291)

(11,291)

Issuance of common stock from convertible debt

360,860

3

(186)

(183)

(183)

Stock-based compensation, net

 

 

 

441,606

 

5

 

1,882

 

 

1,887

 

 

1,887

Distributions - common stock

 

 

 

 

 

 

(33,249)

 

(33,249)

 

 

(33,249)

Distributions - preferred stock

 

 

 

 

 

 

(1,892)

 

(1,892)

 

 

(1,892)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(6,110)

 

(6,110)

Redemption of operating partnership units

(114,829)

(1)

(1,599)