Arbor Realty Trust Reports Second Quarter 2024 Results and Declares Dividend of $0.43 per Share
Arbor Realty Trust Reports Second Quarter 2024 Results and Declares Dividend of $0.43 per Share
Company Highlights:
公司亮点:
- GAAP net income of $0.25 and distributable earnings of $0.45, per diluted common share1
- Declares cash dividend on common stock of $0.43 per share
- Strong liquidity position with ~$725 million in cash and liquidity and ~$215 million of CLO restricted cash2
- Agency loan originations of $1.15 billion; a servicing portfolio of ~$32.28 billion, up 3%
- Structured loan originations of $227.2 million, runoff of $629.6 million and a portfolio of ~$11.87 billion
- Redeemed our 5.75% senior notes at maturity for ~$90.0 million
- Repurchased $11.4 million of common stock at an average price of $12.19 per share
- 每股稀释后普通股净利润为0.25美元和可分配收益为0.45美元
- 宣布每股普通股现金股利为0.43美元
- 强大的流动性,现金和流动性约为72500万美元,CLO限制性现金约21500万美元
- 机构贷款发放额为11.5亿美元;服务组合约为322.8亿美元,增长了3%
- 结构化贷款发放额为22720万美元,回笼为62960万美元,组合约为118.7亿美元
- 在到期日以约9000万美元赎回了5.75%的优先票据
- 以每股12.19美元的平均价格回购了1140万美元普通股
UNIONDALE, N.Y., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the second quarter ended June 30, 2024. Arbor reported net income for the quarter of $47.4 million, or $0.25 per diluted common share, compared to net income of $76.2 million, or $0.41 per diluted common share for the quarter ended June 30, 2023. Distributable earnings for the quarter was $91.6 million, or $0.45 per diluted common share, compared to $114.0 million, or $0.57 per diluted common share for the quarter ended June 30, 2023.
纽交所ABR股份的阿伯房地产信托于2024年8月2日公布了截至2024年6月30日的第二季度财务业绩,净利润为4740万美元,每股稀释后普通股为0.25美元,而2023年6月30日的季度净利润为7620万美元,每股稀释后普通股为0.41美元。第二季度的可分配收益为9160万美元,每股稀释后普通股为0.45美元,而2023年6月30日的可分配收益为11400万美元,每股稀释后普通股为0.57美元。
Agency Business
代理业务
Loan Origination Platform
贷款起始平台
Agency Loan Volume (in thousands) | ||||||
Quarter Ended | ||||||
June 30, 2024 | March 31, 2024 | |||||
Fannie Mae | $ | 742,724 | $ | 458,429 | ||
Freddie Mac | 346,821 | 370,102 | ||||
Private Label | 34,714 | 15,410 | ||||
SFR-Fixed Rate | 24,996 | 2,318 | ||||
Total Originations | $ | 1,149,255 | $ | 846,259 | ||
Total Loan Sales | $ | 1,135,287 | $ | 1,085,374 | ||
Total Loan Commitments | $ | 1,099,713 | $ | 934,243 |
代理贷款成交量(千美元) | ||||||
季度结束 | ||||||
2024年6月30日 | 酒精饮料销售 $ 32,907 45.5% $ 30,136 42.1% $ 66,223 | |||||
房地产业美国房利美公司 | $ | 742,724 | $ | 458,429 | ||
房利美公司 | 346,821 | 370,102 | ||||
自有品牌 | 34,714 | 15,410 | ||||
SFR-固定利率 | 24,996 | 2,318 | ||||
总发起 | $ | 1,149,255 | $ | 846,259 | ||
贷款总销售额 | $ | 1,135,287 | $ | 1,085,374 | ||
贷款总承诺额 | $ | 1,099,713 | $ | 934,243 |
For the quarter ended June 30, 2024, the Agency Business generated revenues of $76.8 million, compared to $66.6 million for the first quarter of 2024. Gain on sales, including fee-based services, net was $17.4 million for the quarter, reflecting a margin of 1.54%, compared to $16.7 million and 1.54% for the first quarter of 2024. Income from mortgage servicing rights was $14.5 million for the quarter, reflecting a rate of 1.32% as a percentage of loan commitments, compared to $10.2 million and 1.32% (excluding $160.2 million of loan commitments not serviced for a fee) for the first quarter of 2024.
截至2024年6月30日,业务产生的收入为7680万美元,相比2024年第一季度的6660万美元有所增长。销售收入净增加1740万美元,反映出季度边际为1.54%,而2024年第一季度的边际为1.54%。抵押贷款服务权的收入为1450万美元,反映出作为贷款承诺的1.32%的费率,而2024年第一季度的费率为1.32%(不包括16020万美元的不受服务费用的贷款承诺)。
At June 30, 2024, loans held-for-sale was $342.9 million, with financing associated with these loans totaling $335.2 million.
截至2024年6月30日,待售贷款总额为34290万美元,与这些贷款相关联的融资总额为33520万美元。
Fee-Based Servicing Portfolio
收费服务组合
The Company's fee-based servicing portfolio totaled $32.28 billion at June 30, 2024. Servicing revenue, net was $29.9 million for the quarter and consisted of servicing revenue of $46.8 million, net of amortization of mortgage servicing rights totaling $16.9 million.
截至2024年6月30日,公司的基于费用的服务组合总额为322.8亿美元。第二季度净服务收入为2990万美元,其中包括4680万美元的服务收入,减去抵押服务权摊销费用的1690万美元。营业收入为2990万美元。
Fee-Based Servicing Portfolio ($ in thousands) | ||||||||||||||
June 30, 2024 | March 31, 2024 | |||||||||||||
UPB | Wtd. Avg. Fee (bps) |
Wtd. Avg. Life (years) |
UPB | Wtd. Avg. Fee (bps) |
Wtd. Avg. Life (years) |
|||||||||
Fannie Mae | $ | 22,114,193 | 46.7 | 7.0 | $ | 21,548,221 | 47.1 | 7.2 | ||||||
Freddie Mac | 5,587,178 | 22.7 | 7.4 | 5,301,291 | 23.4 | 7.7 | ||||||||
Private Label | 2,547,308 | 18.9 | 6.0 | 2,524,013 | 18.9 | 6.3 | ||||||||
FHA | 1,369,507 | 14.4 | 18.9 | 1,365,329 | 14.4 | 19.0 | ||||||||
Bridge | 380,547 | 10.9 | 3.4 | 380,712 | 10.9 | 3.6 | ||||||||
SFR-Fixed Rate | 279,962 | 20.1 | 4.9 | 265,429 | 20.1 | 5.0 | ||||||||
Total | $ | 32,278,695 | 38.4 | 7.5 | $ | 31,384,995 | 38.8 | 7.7 |
收费服务组合(千美元) | ||||||||||||||
2024年6月30日 | 酒精饮料销售 $ 32,907 45.5% $ 30,136 42.1% $ 66,223 | |||||||||||||
未偿本金余额(UPB) | 加权平均费用 (基点) |
加权平均 期限(年) |
未偿本金余额(UPB) | 加权平均费用 (基点) |
加权平均 期限(年) |
|||||||||
房地产业美国房利美公司 | $ | 22,114,193 | 46.7 | 7.0 | $ | 21,548,221 | 47.1 | 7.2 | ||||||
房利美公司 | 5,587,178 | 22.7 | 7.4 | 5,301,291 | 23.4 | 7.7美元 | ||||||||
自有品牌 | 2,547,308 | 18.9 | 6.0 | 2,524,013 | 18.9 | 6.3 | ||||||||
FHA | 1,369,507 | 14.4 | 18.9 | 1,365,329 | 14.4 | 19.0 | ||||||||
Bridge | 380,547 | 10.9 | 3.4 | 380,712 | 10.9 | 3.6 | ||||||||
SFR-固定利率 | 279,962 | 20.1 | 4.9 | 265,429 | 20.1 | 5.0 | ||||||||
总费用 | $ | 截至2024年6月30日,担保贷款下的房地产公司计划包含部分保证贷款的表现(“分担损失责任”),其中包括截至2024年6月30日承担的3480万美元保证责任的公允价值。公司记录了第二季度与CECL相关的净损失分担拨备440万美元。截至2024年6月30日,公司的Fannie Mae服务组合的分担损失责任总CECL拨备为4180万美元,占Fannie Mae服务组合总额的0.19%。 | 38.4 | 7.5 | $ | 31,384,995 | 38.8 | 7.7美元 |
Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan ("loss-sharing obligations") and includes $34.8 million for the fair value of the guarantee obligation undertaken at June 30, 2024. The Company recorded a $4.4 million net provision for loss sharing associated with CECL for the second quarter of 2024. At June 30, 2024, the Company's total CECL allowance for loss-sharing obligations was $41.8 million, representing 0.19% of the Fannie Mae servicing portfolio.
Structured Business
结构化业务
Portfolio and Investment Activity
投资组合和业务活动
Structured Portfolio Activity ($ in thousands) | ||||||||||||
Quarter Ended | ||||||||||||
June 30, 2024 | March 31, 2024 | |||||||||||
UPB | % | UPB | % | |||||||||
Bridge: | ||||||||||||
Multifamily | $ | 19,650 | 9% | $ | 39,235 | 15% | ||||||
SFR | 185,500 | 82% | 171,490 | 67% | ||||||||
Land | 10,350 | 4% | — | —% | ||||||||
215,500 | 95% | 210,725 | 82% | |||||||||
. | ||||||||||||
Mezzanine/Preferred Equity | 11,684 | 5% | 45,129 | 18% | ||||||||
Total Originations | $ | 227,184 | 100% | $ | 255,854 | 100% | ||||||
Number of Loans Originated | 45 | 59 | ||||||||||
SFR Commitments | $ | 277,260 | $ | 411,617 | ||||||||
Loan Runoff | $ | 629,641 | $ | 640,018 |
结构化组合活动(千美元) | ||||||||||||
截至2023年10月1日的季度 | ||||||||||||
2024年6月30日 | 酒精饮料销售 $ 32,907 45.5% $ 30,136 42.1% $ 66,223 | |||||||||||
未偿本金余额(UPB) | % | 未偿本金余额(UPB) | % | |||||||||
桥梁资产: | ||||||||||||
多户住宅 | $ | 19,650 | 9% | $ | 39,235 | 15% | ||||||
住宅房地产开发公司 | 185,500 | 82% | 171,490 | 67% | ||||||||
土地 | 10,350 | 4% | — | —% | ||||||||
215,500 | 95% | 210,725 | 82% | |||||||||
. | ||||||||||||
次级股权/优先股权 | 11,684 | 5% | 45,129 | 18% | ||||||||
总发起 | $ | 227,184 | 100% | $ | 255,854 | 100% | ||||||
起始贷款数 | 45 | 59 | ||||||||||
单户住宅开发承诺额 | $ | 277,260 | $ | 411,617 | ||||||||
贷款回笼 | $ | 629,641 | $ | 640,018 |
Structured Portfolio ($ in thousands) | ||||||||||||
June 30, 2024 | March 31, 2024 | |||||||||||
UPB | % | UPB | % | |||||||||
Bridge: | ||||||||||||
Multifamily | $ | 9,679,128 | 82% | $ | 10,254,756 | 84% | ||||||
SFR | 1,622,269 | 14% | 1,445,028 | 12% | ||||||||
Other | 176,855 | 1% | 166,505 | 1% | ||||||||
11,478,252 | 97% | 11,866,289 | 97% | |||||||||
Mezzanine/Preferred Equity | 389,981 | 3% | 377,845 | 3% | ||||||||
SFR Permanent | 4,975 | <1% | 5,728 | <1% | ||||||||
Total Portfolio | $ | 11,873,208 | 100% | $ | 12,249,862 | 100% |
结构化资产组合(单位:千美元) | ||||||||||||
2024年6月30日 | 酒精饮料销售 $ 32,907 45.5% $ 30,136 42.1% $ 66,223 | |||||||||||
未偿本金余额(UPB) | % | 未偿本金余额(UPB) | % | |||||||||
桥梁资产: | ||||||||||||
多户住宅 | $ | 9,679,128 | 82% | $ | 10,254,756 | 84% | ||||||
住宅房地产开发公司 | 1,622,269 | 14% | 1,445,028 | 12% | ||||||||
其他 | 176,855 | 1% | 166,505 | 1% | ||||||||
11,478,252 | 97% | 11,866,289 | 97% | |||||||||
次级股权/优先股权 | 389,981 | 3% | 377,845 | 3% | ||||||||
SFR 永久 | 4,975 | 5,728 | ||||||||||
总投资组合 | $ | 11,873,208 | 100% | $ | 12,249,862 | 100% |
At June 30, 2024, the loan and investment portfolio's unpaid principal balance ("UPB"), excluding loan loss reserves, was $11.87 billion, with a weighted average interest rate of 7.79%, compared to $12.25 billion and 8.07% at March 31, 2024. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average interest rate was 8.60% at June 30, 2024, compared to 8.81% at March 31, 2024. The decrease in rate was primarily due to an increase in non-performing loans and new non-accrual loans in the second quarter of 2024.
截至2024年6月30日,贷款和投资组合的未偿本金余额(“UPB”),不包括贷款损失准备金,为118.7亿美元,加权平均利率为7.79%,而2024年3月31日则为122.5亿美元和8.07%。考虑到贷款和投资组合的某些费用和成本,截至2024年6月30日的加权平均利率为8.60%,而2024年3月31日为8.81%。利率下降主要是由于2024年第二季度不良贷款和新的非应计贷款增加导致的。
The average balance of the Company's loan and investment portfolio during the second quarter of 2024, excluding loan loss reserves, was $12.15 billion with a weighted average yield of 8.99%, compared to $12.52 billion and 9.44% for the first quarter of 2024.
公司贷款和投资组合在2024年第二季度的平均余额,不包括贷款损失准备金,为121.5亿美元,加权平均收益率为8.99%,与2024年第一季度的125.2亿美元和9.44%相比。
During the second quarter of 2024, the Company recorded a $28.9 million provision for loan losses associated with CECL. At June 30, 2024, the Company's total allowance for loan losses was $238.9 million. The Company had 24 non-performing loans with a UPB of $676.2 million, before related loan loss reserves of $28.1 million, compared to twenty-one loans with a UPB of $464.8 million, before loan loss reserves of $32.9 million at March 31, 2024.
在2024年第二季度,公司根据CECL录入了2890万美元的贷款损失准备金。截至2024年6月30日,公司的贷款损失准备总额为2.389亿美元。公司有24个不良贷款,未偿本金676.2亿美元,减去相关的贷款损失准备金2810万美元,而2024年3月31日则有21个贷款,未偿本金为4648亿美元,减去贷款损失准备金3290万美元。
In addition, at June 30, 2024, the Company had fourteen loans with a total UPB of $367.9 million (before related loan loss reserves of $15.0 million) that were less than 60 days past due, compared to twelve loans with a total UPB of $489.4 million at March 31, 2024. Interest income on these loans is only being recorded to the extent cash is received.
此外,截至2024年6月30日,公司有14笔贷款的未偿本金总额为3679万美元(扣除相关的贷款损失准备金1500万美元),逾期不足60天,而2024年3月31日则有12笔贷款,未偿本金总额为4894万美元。只有收到现金才会记入这些贷款的利息收入。
During the second quarter of 2024, the Company modified twenty-eight loans with a total UPB of $733.3 million. Fifteen of these loans with a total UPB of $398.1 million, contained interest rates based on pricing over SOFR ranging from 3.25% to 5.25%. Under the loan modification terms, borrowers invested additional capital to recapitalize their deals in exchange for temporary rate relief, which we provided through a pay and accrual feature. At June 30, 2024, these modified loans had a weighted average pay rate of 7.18% and a weighted average accrual rate of 2.14%. A portion of these loans totaling $92.7 million were less than 60 days past due and $62.0 million were non-performing at March 31, 2024, and are now current in accordance with their modified terms.
在2024年第二季度,公司修改了总额为733.3亿美元的28笔贷款。其中15笔贷款的利率是基于SOFR的定价,利率范围为3.25%至5.25%。根据贷款修改条款,借款人投资了额外的资本,以换取我们提供的暂时性利率减免和应计利率特征。截至2024年6月30日,这些修改后的贷款的加权平均付息率为7.18%,加权平均应计利率为2.14%。其中一部分贷款总额为9270万美元,未偿本金逾期不足60天,而6200万美元则是非表现贷款,截至2024年3月31日,根据修改后的条款,这些贷款现在应为现行贷款。
Financing Activity
融资活动
The balance of debt that finances the Company's loan and investment portfolio at June 30, 2024 was $10.26 billion with a weighted average interest rate including fees of 7.53%, as compared to $11.11 billion and a rate of 7.44% at March 31, 2024.
截至2024年6月30日,用于公司贷款和投资组合的债务余额为102.6亿美元,包括费用在内的加权平均利率为7.53%,而2024年3月31日为111.1亿美元,利率为7.44%。
The average balance of debt that finances the Company's loan and investment portfolio for the second quarter of 2024 was $10.81 billion, as compared to $11.37 billion for the first quarter of 2024. The average cost of borrowings for the second quarter of 2024 was 7.54%, compared to 7.50% for the first quarter of 2024.
用于公司贷款和投资组合的债务在2024年第二季度平均余额为108.1亿美元,而2024年第一季度为113.7亿美元。2024年第二季度的平均借款成本为7.54%,与2024年第一季度的7.50%相比。
Dividend
分红
The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.43 per share of common stock for the quarter ended June 30, 2024. The dividend is payable on August 30, 2024 to common stockholders of record on August 16, 2024.
公司今天宣布,其董事会已宣布截至2024年6月30日结束的季度股息为每股普通股0.43美元。股息将于2024年8月30日支付给截至2024年8月16日的普通股股东。
Earnings Conference Call
业绩会议电话
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 in the investor relations section of the Company's website, or you can access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 274-8461 for domestic callers and (203) 518-9843 for international callers. Please use participant passcode ABRQ224 when prompted by the operator.
公司将在东部时间上午10:00举行电话会议。电话会议的现场网络广播和重播将在公司网站的投资者关系部分提供,你还可以在电话会议开始前至少10分钟的时间段内通过电话接入。拨号号码为(800)274-8461(美国国内调用者)和(203)518-9843(国际调用者)。当运营商提示时,请使用参与者密码ABRQ224。
A telephonic replay of the call will be available until August 9, 2024. The replay dial-in numbers are (800) 938-2487 for domestic callers and (402) 220-9026 for international callers.
电话会议的重播将在2024年8月9日之前提供。重播拨打电话号码为国内的(800) 938-2487,国际的(402) 220-9026。
About Arbor Realty Trust, Inc.
关于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.
Arbor Realty Trust, Inc.(纽约证券交易所:ABR)是一家跨国房地产投资信托和直接贷款人,为多家公寓、单家庭租赁(SFR)组合和其他多元化商业房地产资产提供贷款发放和服务。公司总部位于纽约,管理着一个数十亿美元的服务组合,专门从事政府支持的企业产品。Arbor是富国房贷DUS的主要放贷人,弗雷迪·马克Optigo的卖方/服务商,以及获批的FHA多家庭快速处理(MAP)放贷人。Arbor的产品平台还包括桥梁、商业抵押贷款支持证券(CMBS)、夹层和优先股权贷款。根据标准普尔和惠誉评级,Arbor致力于建立其服务、质量和定制解决方案的声誉,并致力于提供卓越的客户服务。
Safe Harbor Statement
Safe Harbor声明
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, 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, 2023 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.
本新闻稿中的某些内容可能构成《1995年证券诉讼改革法》"safe harbor"条款下的前瞻性陈述。这些陈述基于管理层目前的预期和信念,并受到一系列趋势和不确定性的影响,这些趋势和不确定性可能导致实际结果与在前瞻性陈述中描述的结果有所不同。Arbor不能保证其预期会得到实现。导致Arbor预期获得的结果有所不同的因素包括(但不限于)一般经济条件和特定的房地产市场条件的变化,继续能够找到新的投资、利率和/或信贷利差的变化以及Arbor为期至2023年12月31日的年度报告提交的报告中详细说明的其他风险。这些前瞻性陈述仅作为本新闻稿发表之日的陈述。Arbor明确否认在此之后公开发布任何更新或修订以反映与此相关的任何预期变化,或根据任何此类声明所依据的任何事件、情况或情形的变化。
Notes
票据
- 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.
- Amounts reflect approximate balances as of July 31, 2024.
- 在季度业绩电话会议上,公司可能会讨论SEC G条例定义的非GAAP财务指标。另外,公司已在本新闻稿中使用非GAAP财务指标。非GAAP财务指标及其可比的GAAP财务指标的补充清单可以在本报告的最后一页找到。
- 金额反映了截至2024年7月31日的近似余额。
Contact: | Arbor Realty Trust, Inc. Paul Elenio, Chief Financial Officer 516-506-4422 pelenio@arbor.com |
联系方式: | Arbor Realty Trust, Inc. Paul Elenio,致富金融(临时代码)的首席财务官 516-506-4422 pelenio@arbor.com |
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Consolidated Statements of Income - (Unaudited) ($ in thousands—except share and per share data) | ||||||||||||||||
Quarter Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Interest income | $ | 297,188 | $ | 335,737 | $ | 618,480 | $ | 663,685 | ||||||||
Interest expense | 209,227 | 227,195 | 426,903 | 446,569 | ||||||||||||
Net interest income | 87,961 | 108,542 | 191,577 | 217,116 | ||||||||||||
Other revenue: | ||||||||||||||||
Gain on sales, including fee-based services, net | 17,448 | 22,587 | 34,114 | 37,176 | ||||||||||||
Mortgage servicing rights | 14,534 | 16,201 | 24,733 | 34,659 | ||||||||||||
Servicing revenue, net | 29,910 | 32,347 | 61,436 | 61,913 | ||||||||||||
Property operating income | 1,444 | 1,430 | 3,014 | 2,811 | ||||||||||||
Loss on derivative instruments, net | (275) | (7,384) | (5,533) | (3,161) | ||||||||||||
Other income, net | 2,081 | 45 | 4,414 | 4,923 | ||||||||||||
Total other revenue | 65,142 | 65,226 | 122,178 | 138,321 | ||||||||||||
Other expenses: | ||||||||||||||||
Employee compensation and benefits | 42,836 | 41,310 | 90,529 | 83,708 | ||||||||||||
Selling and administrative | 12,823 | 12,584 | 26,756 | 26,207 | ||||||||||||
Property operating expenses | 1,584 | 1,365 | 3,262 | 2,747 | ||||||||||||
Depreciation and amortization | 2,423 | 2,387 | 4,994 | 5,011 | ||||||||||||
Provision for loss sharing (net of recoveries) | 4,333 | 7,672 | 4,607 | 10,848 | ||||||||||||
Provision for credit losses (net of recoveries) | 29,564 | 13,878 | 48,682 | 36,395 | ||||||||||||
Total other expenses | 93,563 | 79,196 | 178,830 | 164,916 | ||||||||||||
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes | 59,540 | 94,572 | 134,925 | 190,521 | ||||||||||||
Loss on extinguishment of debt | (412) | (1,247) | (412) | (1,247) | ||||||||||||
Gain on sale of real estate | 3,813 | — | 3,813 | — | ||||||||||||
Income from equity affiliates | 2,793 | 5,560 | 4,211 | 19,886 | ||||||||||||
Provision for income taxes | (3,901) | (5,553) | (7,493) | (13,582) | ||||||||||||
Net income | 61,833 | 93,332 | 135,044 | 195,578 | ||||||||||||
Preferred stock dividends | 10,342 | 10,342 | 20,684 | 20,684 | ||||||||||||
Net income attributable to noncontrolling interest | 4,094 | 6,826 | 9,090 | 14,411 | ||||||||||||
Net income attributable to common stockholders | $ | 47,397 | $ | 76,164 | $ | 105,270 | $ | 160,483 | ||||||||
Basic earnings per common share | $ | 0.25 | $ | 0.42 | $ | 0.56 | $ | 0.88 | ||||||||
Diluted earnings per common share | $ | 0.25 | $ | 0.41 | $ | 0.56 | $ | 0.87 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic | 188,655,801 | 181,815,469 | 188,683,095 | 181,468,002 | ||||||||||||
Diluted | 205,487,711 | 216,061,876 | 205,499,619 | 215,489,604 | ||||||||||||
Dividends declared per common share | $ | 0.43 | $ | 0.42 | $ | 0.86 | $ | 0.82 |
阿伯房地产信托和附属公司 综合利润表 - (未经审计) (以千为单位,股数和每股数据除外) | ||||||||||||||||
截至6月30日的季度 | 截至6月30日的六个月 | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
利息收入 | $ | 297,188 | $ | 335,737 | $ | 618,480 | $ | 663,685 | ||||||||
利息费用 | 209,227 | 227,195 | 426,903 | 446,569 | ||||||||||||
净利息收入 | 87,961 | 108,542 | 191,577 | 217,116 | ||||||||||||
其他营业收入: | ||||||||||||||||
销售收益,包括基于费用的服务,净增收益 | 17,448 | 22,587 | 34,114 | 37,176 | ||||||||||||
按揭服务权 | 14,534 | 16,201 | 24,733 | 34,659 | ||||||||||||
服务费净收入 | 29,910 | 32,347 | 61,436 | 61,913 | ||||||||||||
资产运营收入 | 1,444 | 1,430 | 3,014 | 2,811 | ||||||||||||
衍生工具亏损,净额 | (275) | (7,384) | (5,533) | (3,161) | ||||||||||||
其他收入,净额 | 2,081 | 45 | 4,414 | 4,923 | ||||||||||||
其他总收入 | 65,142 | 65,226 | 122,178 | 138,321 | ||||||||||||
其他费用: | ||||||||||||||||
员工薪酬福利 | 42,836 | 41,310 | 90,529 | 83,708 | ||||||||||||
销售和行政 | 12,823 | 12,584 | 26,756 | 26,207 | ||||||||||||
房地产经营费用 | 1,584 | 1,365 | 3,262 | 2,747 | ||||||||||||
折旧和摊销 | 2,423 | 2,387 | 4,994 | 5,011 | ||||||||||||
净损失分担准备金(扣除恢复) | 4,333 | 7,672 | 4,607 | 10,848 | ||||||||||||
净信贷损失拨备(扣除恢复) | 29,564 | 13,878 | 48,682 | 36,395 | ||||||||||||
其他支出总额 | 93,563 | 79,196 | 178830 | 164,916 | ||||||||||||
房地产业、贷款业务及托管业务等营收净额 | 59,540 | 94,572 | 134,925 | 190,521 | ||||||||||||
债务清偿损失 | (412) | (1,247) | (412) | (1,247) | ||||||||||||
房地产业出售收益 | 3,813 | — | 3,813 | — | ||||||||||||
股权投资收益 | 2,793 | 5,560 | 4,211 | 19,886 | ||||||||||||
所得税费用 | (3,901) | (5,553) | (7,493) | (13,582) | ||||||||||||
净收入 | 61,833 | 93,332 | 135,044 | 195,578 | ||||||||||||
优先股股息 | 10,342 | 10,342 | 20,684 | 20,684 | ||||||||||||
非控制权益净收益 | 4,094 | 6,826 | 9,090 | 14,411 | ||||||||||||
归属于普通股股东的净收益 | $ | 47,397 | $ | 76,164 | $ | 105,270 | $ | 160,483 | ||||||||
基本每股收益 | $ | 0.25 | $ | 0.42 | $ | 0.56 | $ | 0.88 | ||||||||
稀释每股收益 | $ | 0.25 | $ | 0.41 | $ | 0.56 | $ | 0.87 | ||||||||
加权平均股数: | ||||||||||||||||
基本 | 1.88655801亿 | 1.81815469亿 | 1.88683095亿 | 1.81468002亿 | ||||||||||||
摊薄 | 205,487,711 | 2.16061876亿 | 205,499,619 | 2.15489604亿 | ||||||||||||
每股普通股宣布的分红派息 | $ | 0.43 | $ | 0.42 | $ | 0.86 | $ | 0.82 |
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Consolidated Balance Sheets ($ in thousands—except share and per share data) | ||||||
June 30, 2024 | December 31, 2023 | |||||
(Unaudited) | ||||||
Assets: | ||||||
Cash and cash equivalents | $ | 737,485 | $ | 928,974 | ||
Restricted cash | 218,228 | 608,233 | ||||
Loans and investments, net (allowance credit losses of $238,923 and $195,664) | 11,603,944 | 12,377,806 | ||||
Loans held-for-sale, net | 342,870 | 551,707 | ||||
Capitalized mortgage servicing rights, net | 380,719 | 391,254 | ||||
Securities held-to-maturity, net (allowance credit losses of $9,132 and $6,256) | 156,080 | 155,279 | ||||
Investments in equity affiliates | 72,872 | 79,303 | ||||
Due from related party | 105,097 | 64,421 | ||||
Goodwill and other intangible assets | 89,032 | 91,378 | ||||
Other assets | 490,885 | 490,281 | ||||
Total assets | $ | 14,197,212 | $ | 15,738,636 | ||
Liabilities and Equity: | ||||||
Credit and repurchase facilities | $ | 3,160,384 | $ | 3,237,827 | ||
Securitized debt | 5,716,513 | 6,935,010 | ||||
Senior unsecured notes | 1,245,956 | 1,333,968 | ||||
Convertible senior unsecured notes | 284,473 | 283,118 | ||||
Junior subordinated notes to subsidiary trust issuing preferred securities | 144,275 | 143,896 | ||||
Due to related party | 2,709 | 13,799 | ||||
Due to borrowers | 75,837 | 121,707 | ||||
Allowance for loss-sharing obligations | 76,561 | 71,634 | ||||
Other liabilities | 303,865 | 343,072 | ||||
Total liabilities | 11,010,573 | 12,484,031 | ||||
Equity: | ||||||
Arbor Realty Trust, Inc. stockholders' equity: | ||||||
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: | 633,684 | 633,684 | ||||
Special voting preferred shares - 16,293,589 shares | ||||||
6.375% Series D - 9,200,000 shares | ||||||
6.25% Series E - 5,750,000 shares | ||||||
6.25% Series F - 11,342,000 shares | ||||||
Common stock, $0.01 par value: 500,000,000 shares authorized - 188,548,879 and 188,505,264 shares issued and outstanding | 1,885 | 1,885 | ||||
Additional paid-in capital | 2,361,466 | 2,367,188 | ||||
Retained earnings | 57,894 | 115,216 | ||||
Total Arbor Realty Trust, Inc. stockholders' equity | 3,054,929 | 3,117,973 | ||||
Noncontrolling interest | 131,710 | 136,632 | ||||
Total equity | 3,186,639 | 3,254,605 | ||||
Total liabilities and equity | $ | 14,197,212 | $ | 15,738,636 |
阿伯房地产信托和附属公司 合并资产负债表 (以千为单位,股数和每股数据除外) | ||||||
2024年6月30日 | 2023年12月31日 | |||||
(未经审计) | ||||||
资产: | ||||||
现金及现金等价物 | $ | 737,485 | $ | 928,974 | ||
受限现金 | 作为2024年5月31日和2023年11月30日的资产负债表中与客户持有的基金相关的其他应计负债的相应流动负债约为$218,228。 | 608,233 | ||||
贷款和投资净额(拨备减值238,923美元和195,664美元,分别) | 11,603,944 | 12,377,806 | ||||
待售贷款,净额 | 342,870 | 551,707 | ||||
资本化的抵押贷款服务权利,净值 | 380,719 | 391,254 | ||||
持有至到期投资证券、净值(包括$9,132 和 $6,256 的信用减值) | 156,080 | 155,279 | ||||
股权投资 | 72,872 | 79,303 | ||||
应收关联方款项 | 105,097 | 64,421 | ||||
商誉及其他无形资产 | 89,032 | 91,378 | ||||
其他 | 490,885 | 490,281 | ||||
总资产 | $ | 14,197,212 | $ | 15,738,636 | ||
负债和权益: | ||||||
信贷与回购设施 | $ | 3,160,384 | $ | 3,237,827 | ||
证券化债务 | 5,716,513 | 6,935,010 | ||||
高级无担保票据 | 1,245,956 | 1,333,968 | ||||
可转换普通无抵押债券 | 284,473 | 283,118 | ||||
向子公司信托发行优先证券的次级下属票据 | 144,275 | 143,896 | ||||
应相关方付款 | 2,709 | 股权补偿奖励 | ||||
到借款人的款项 | 75,837 | 121,707 | ||||
损失分担义务的津贴 | 76,561 | 71,634 | ||||
其他负债 | 303,865 | 343,072 | ||||
负债合计 | 11,010,573 | 12,484,031 | ||||
股东权益: | ||||||
Arbor Realty Trust, Inc. 股东权益: | ||||||
优先股,累积,可赎回,面值 $0.01:核准发行100,000,000股,根据时间发行和流通的股票数: | 633,684 | 633,684 | ||||
特殊投票优先股 - 16,293,589股 | ||||||
6.375% D股系列-920万股 | ||||||
6.25% E股系列-575万股 | ||||||
6.25% F股系列-1134.2万股 | ||||||
普通股,面值 $0.01:核准发行500,000,000股,已发行和流通188,548,879股和188,505,264股 | 1,885 | 1,885 | ||||
额外实收资本 | 2,361,466 | 2,367,188 | ||||
保留盈余 | 57,894 | 115,216 | ||||
Arbor Realty Trust, Inc.总股东权益 | 3,054,929 | 3,117,973 | ||||
非控股权益 | 131,710 | 136,632 | ||||
股东权益总计 | 3,186,639 | 3,254,605 | ||||
负债和股东权益总额 | $ | 14,197,212 | $ | 15,738,636 |
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Statement of Income Segment Information - (Unaudited) (in thousands) | ||||||||||||||||
Quarter Ended June 30, 2024 | ||||||||||||||||
Structured Business |
Agency Business |
Other (1) | Consolidated | |||||||||||||
Interest income | $ | 282,077 | $ | 15,111 | $ | — | $ | 297,188 | ||||||||
Interest expense | 203,062 | 6,165 | — | 209,227 | ||||||||||||
Net interest income | 79,015 | 8,946 | — | 87,961 | ||||||||||||
Other revenue: | ||||||||||||||||
Gain on sales, including fee-based services, net | — | 17,448 | — | 17,448 | ||||||||||||
Mortgage servicing rights | — | 14,534 | — | 14,534 | ||||||||||||
Servicing revenue | — | 46,797 | — | 46,797 | ||||||||||||
Amortization of MSRs | — | (16,887) | — | (16,887) | ||||||||||||
Property operating income | 1,444 | — | — | 1,444 | ||||||||||||
Loss on derivative instruments, net | — | (275) | — | (275) | ||||||||||||
Other income, net | 1,975 | 106 | — | 2,081 | ||||||||||||
Total other revenue | 3,419 | 61,723 | — | 65,142 | ||||||||||||
Other expenses: | ||||||||||||||||
Employee compensation and benefits | 15,805 | 27,031 | — | 42,836 | ||||||||||||
Selling and administrative | 5,828 | 6,995 | — | 12,823 | ||||||||||||
Property operating expenses | 1,584 | — | — | 1,584 | ||||||||||||
Depreciation and amortization | 1,250 | 1,173 | — | 2,423 | ||||||||||||
Provision for loss sharing (net of recoveries) | — | 4,333 | — | 4,333 | ||||||||||||
Provision for credit losses (net of recoveries) | 28,030 | 1,534 | — | 29,564 | ||||||||||||
Total other expenses | 52,497 | 41,066 | — | 93,563 | ||||||||||||
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes | 29,937 | 29,603 | — | 59,540 | ||||||||||||
Loss on extinguishment of debt | (412) | — | — | (412) | ||||||||||||
Gain on sale of real estate | 3,813 | — | — | 3,813 | ||||||||||||
Income from equity affiliates | 2,793 | — | — | 2,793 | ||||||||||||
Benefit from (provision for) income taxes | 865 | (4,766) | — | (3,901) | ||||||||||||
Net income | 36,996 | 24,837 | — | 61,833 | ||||||||||||
Preferred stock dividends | 10,342 | — | — | 10,342 | ||||||||||||
Net income attributable to noncontrolling interest | — | — | 4,094 | 4,094 | ||||||||||||
Net income attributable to common stockholders | $ | 26,654 | $ | 24,837 | $ | (4,094) | $ | 47,397 |
阿伯房地产信托和附属公司 分部信息的损益表 - (未经审计) (以千为单位) | ||||||||||||||||
2024年6月30日季度结束 | ||||||||||||||||
结构化的 按照我们所处的风险和不确定性的假设,结果和在本招股书或在任何文档中引用的前瞻性陈述中讨论的事件可能不会发生。投资者应谨慎对待这些前瞻性陈述,它们仅在本招股书或在文档中通过引用作为参考,其仅在本招股书或在文档中通过引用作为参考的文件的日期发表时存在。我们没有任何义务,并明确声明不承担任何义务,更新或更改任何前瞻性陈述,无论是基于新信息、未来事件或其他原因。我们或代表我们行事的任何人作出的所有后续前瞻性陈述,都受到本节中所包含或所提到的警示性声明的明确限制。 |
代理 按照我们所处的风险和不确定性的假设,结果和在本招股书或在任何文档中引用的前瞻性陈述中讨论的事件可能不会发生。投资者应谨慎对待这些前瞻性陈述,它们仅在本招股书或在文档中通过引用作为参考,其仅在本招股书或在文档中通过引用作为参考的文件的日期发表时存在。我们没有任何义务,并明确声明不承担任何义务,更新或更改任何前瞻性陈述,无论是基于新信息、未来事件或其他原因。我们或代表我们行事的任何人作出的所有后续前瞻性陈述,都受到本节中所包含或所提到的警示性声明的明确限制。 |
其他(1) | 合并后的 | |||||||||||||
利息收入 | $ | 282,077 | $ | 15,111 | $ | — | $ | 297,188 | ||||||||
利息费用 | 203,062 | 6,165 | — | 209,227 | ||||||||||||
净利息收入 | 79,015 | 8,946 | — | 87,961 | ||||||||||||
其他营业收入: | ||||||||||||||||
销售收益,包括基于费用的服务,净增收益 | — | 17,448 | — | 17,448 | ||||||||||||
按揭服务权 | — | 14,534 | — | 14,534 | ||||||||||||
营业收入 | — | 46,797 | — | 46,797 | ||||||||||||
抵押贷款服务收入摊销 | — | (16,887) | — | (16,887) | ||||||||||||
资产运营收入 | 1,444 | — | — | 1,444 | ||||||||||||
衍生工具亏损,净额 | — | (275) | — | (275) | ||||||||||||
其他收入,净额 | 1,975 | 106 | — | 2,081 | ||||||||||||
其他总收入 | 3,419 | 61,723 | — | 65,142 | ||||||||||||
其他费用: | ||||||||||||||||
员工薪酬福利 | 15,805 | 27,031 | — | 42,836 | ||||||||||||
销售和行政 | 5,828 | 6,995 | — | 12,823 | ||||||||||||
房地产经营费用 | 1,584 | — | — | 1,584 | ||||||||||||
折旧和摊销 | 1,250 | 1,173 | — | 2,423 | ||||||||||||
净损失分担准备金(扣除恢复) | — | 4,333 | — | 4,333 | ||||||||||||
净信贷损失拨备(扣除恢复) | 28,030 | 1,534 | — | 29,564 | ||||||||||||
其他支出总额 | 52,497 | 41,066 | — | 93,563 | ||||||||||||
房地产业、贷款业务及托管业务等营收净额 | 29,937 | 29,603 | — | 59,540 | ||||||||||||
债务清偿损失 | (412) | — | — | (412) | ||||||||||||
房地产业出售收益 | 3,813 | — | — | 3,813 | ||||||||||||
股权投资收益 | 2,793 | — | — | 2,793 | ||||||||||||
因(预提)所得税受益 | 865 | (4,766) | — | (3,901) | ||||||||||||
净收入 | 36,996 | 24,837 | — | 61,833 | ||||||||||||
优先股股息 | 10,342 | — | — | 10,342 | ||||||||||||
非控制权益净收益 | — | — | 4,094 | 4,094 | ||||||||||||
归属于普通股股东的净收益 | $ | 26,654 | $ | 24,837 | $ | (4,094) | $ | 47,397 |
(1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
(1) 包含分配给非控股权益持有人而未分配给两个报告段的收入。
ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Balance Sheet Segment Information - (Unaudited) (in thousands) | |||||||||
June 30, 2024 | |||||||||
Structured Business |
Agency Business |
Consolidated | |||||||
Assets: | |||||||||
Cash and cash equivalents | $ | 272,614 | $ | 464,871 | $ | 737,485 | |||
Restricted cash | 203,223 | 15,005 | 218,228 | ||||||
Loans and investments, net | 11,603,944 | — | 11,603,944 | ||||||
Loans held-for-sale, net | — | 342,870 | 342,870 | ||||||
Capitalized mortgage servicing rights, net | — | 380,719 | 380,719 | ||||||
Securities held-to-maturity, net | — | 156,080 | 156,080 | ||||||
Investments in equity affiliates | 72,872 | — | 72,872 | ||||||
Goodwill and other intangible assets | 12,500 | 76,532 | 89,032 | ||||||
Other assets and due from related party | 521,039 | 74,943 | 595,982 | ||||||
Total assets | $ | 12,686,192 | $ | 1,511,020 | $ | 14,197,212 | |||
Liabilities: | |||||||||
Debt obligations | $ | 10,216,430 | $ | 335,171 | $ | 10,551,601 | |||
Allowance for loss-sharing obligations | — | 76,561 | 76,561 | ||||||
Other liabilities and due to related party | 305,813 | 76,598 | 382,411 | ||||||
Total liabilities | $ | 10,522,243 | $ | 488,330 | $ | 11,010,573 |
阿伯房地产信托和附属公司 资产负债表分部信息 - (未经审计) (以千为单位) | |||||||||
2024年6月30日 | |||||||||
结构化的 按照我们所处的风险和不确定性的假设,结果和在本招股书或在任何文档中引用的前瞻性陈述中讨论的事件可能不会发生。投资者应谨慎对待这些前瞻性陈述,它们仅在本招股书或在文档中通过引用作为参考,其仅在本招股书或在文档中通过引用作为参考的文件的日期发表时存在。我们没有任何义务,并明确声明不承担任何义务,更新或更改任何前瞻性陈述,无论是基于新信息、未来事件或其他原因。我们或代表我们行事的任何人作出的所有后续前瞻性陈述,都受到本节中所包含或所提到的警示性声明的明确限制。 |
代理 按照我们所处的风险和不确定性的假设,结果和在本招股书或在任何文档中引用的前瞻性陈述中讨论的事件可能不会发生。投资者应谨慎对待这些前瞻性陈述,它们仅在本招股书或在文档中通过引用作为参考,其仅在本招股书或在文档中通过引用作为参考的文件的日期发表时存在。我们没有任何义务,并明确声明不承担任何义务,更新或更改任何前瞻性陈述,无论是基于新信息、未来事件或其他原因。我们或代表我们行事的任何人作出的所有后续前瞻性陈述,都受到本节中所包含或所提到的警示性声明的明确限制。 |
合并后的 | |||||||
资产: | |||||||||
现金及现金等价物 | $ | 272,614 | $ | 464,871 | $ | 737,485 | |||
受限现金 | 203,223 | 15,005 | 作为2024年5月31日和2023年11月30日的资产负债表中与客户持有的基金相关的其他应计负债的相应流动负债约为$218,228。 | ||||||
贷款和投资,净额 | 11,603,944 | — | 11,603,944 | ||||||
待售贷款,净额 | — | 342,870 | 342,870 | ||||||
资本化的抵押贷款服务权利,净值 | — | 380,719 | 380,719 | ||||||
持有至到期日的证券,净值 | — | 156,080 | 156,080 | ||||||
股权投资 | 72,872 | — | 72,872 | ||||||
商誉及其他无形资产 | 12,500 | 76,532 | 89,032 | ||||||
其他资产和来自关联方的应收款项 | 521,039 | 74,943 | 595,982 | ||||||
总资产 | $ | 12,686,192 | $ | 1,511,020 | $ | 14,197,212 | |||
负债: | |||||||||
债务 | $ | 10,216,430 | $ | 335,171 | $ | 10,551,601 | |||
损失分担义务的津贴 | — | 76,561 | 76,561 | ||||||
其他负债和相关方应付款项 | 305,813 | 76,598 | 382,411 | ||||||
负债合计 | $ | 10,522,243 | $ | 488,330 | $ | 11,010,573 |
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, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income attributable to common stockholders | $ | 47,397 | $ | 76,164 | $ | 105,270 | $ | 160,483 | ||||||||
Adjustments: | ||||||||||||||||
Net income attributable to noncontrolling interest | 4,094 | 6,826 | 9,090 | 14,411 | ||||||||||||
Income from mortgage servicing rights | (14,534) | (16,201) | (24,733) | (34,659) | ||||||||||||
Deferred tax benefit | (2,944) | (7,360) | (6,896) | (4,197) | ||||||||||||
Amortization and write-offs of MSRs | 19,518 | 21,204 | 37,936 | 39,927 | ||||||||||||
Depreciation and amortization | 3,044 | 4,058 | 6,239 | 8,353 | ||||||||||||
Loss on extinguishment of debt | 412 | 1,247 | 412 | 1,247 | ||||||||||||
Provision for credit losses, net | 31,457 | 16,810 | 46,260 | 40,515 | ||||||||||||
Loss on derivative instruments, net | 371 | 8,085 | 5,894 | 1,034 | ||||||||||||
Stock-based compensation | 2,750 | 3,193 | 8,772 | 9,094 | ||||||||||||
Distributable earnings (1) | $ | 91,565 | $ | 114,026 | $ | 188,244 | $ | 236,208 | ||||||||
Diluted distributable earnings per share (1) | $ | 0.45 | $ | 0.57 | $ | 0.92 | $ | 1.19 | ||||||||
Diluted weighted average shares outstanding (1) (2) | 205,487,711 | 198,791,261 | 205,499,619 | 198,239,006 |
阿伯房地产信托和附属公司 可分配收益与GAAP净收益的调节-(未经审计) (以千为单位,股数和每股数据除外) | ||||||||||||||||
截至6月30日的季度 | 截至6月30日的六个月 | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
归属于普通股股东的净收益 | $ | 47,397 | $ | 76,164 | $ | 105,270 | $ | 160,483 | ||||||||
调整: | ||||||||||||||||
非控制权益净收益 | 4,094 | 6,826 | 9,090 | 14,411 | ||||||||||||
按揭服务权益收入 | (14,534) | (16,201) | (24,733) | (34,659) | ||||||||||||
递延所得税收益 | (2,944) | (7,360) | (6,896) | (4,197) | ||||||||||||
MSRs的摊销和核销 | 19,518 | 21,204 | 37,936 | 39,927 | ||||||||||||
折旧和摊销 | 3,044 | 4,058 | 6,239 | 8,353 | ||||||||||||
债务清偿损失 | 412 | 1,247 | 412 | 1,247 | ||||||||||||
2021年12月31日截止的三个月内的亏损主要包括其他应收账款的小额预备。 | 31,457 | 16,810 | 46,260 | 40,515 | ||||||||||||
衍生工具亏损,净额 | 371 | 8,085 | 5,894 | 1,034 | ||||||||||||
以股票为基础的报酬计划 | 2,750 | 3,193 | 8,772 | 9,094 | ||||||||||||
可分配收益(1) | $ | 91,565 | $ | 114,026 | $ | 188,244 | $ | 236,208 | ||||||||
每股摊薄可分配收益(1) | $ | 0.45 | $ | 0.57 | $ | 0.92 | $ | 1.19 | ||||||||
摊薄加权平均股份(1)(2) | 205,487,711 | 198,791,261 | 205,499,619 | 198,239,006 |
(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.
(1)金额可归属于普通股股东和OP单位持有人。OP单位可在公司的选择下以一比一的比例兑换现金或公司普通股股份。
(2) The diluted weighted average shares outstanding exclude the potential shares issuable upon conversion and settlement of the Company's convertible senior notes principal balance.
(2)已稀释加权平均流通股不包括公司可转换的优先股本金余额的潜在股份。
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.
公司公布可分配收益,因为管理层认为这是衡量公司运营绩效重要的补充指标,对投资者、分析师和其他各方在评估信托和它们向股东分红的能力方面是有用的。分红是投资者投资信托的主要原因之一。为保持信托资格,需要把至少90%的信托应税收入分配出去。公司在确定季度股息时会考虑分配收益,并且认为随着时间的推移,可分配收益是公司每股分红的有用指标。
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, 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 gains/losses on the receipt of real estate from the settlement of loans (prior to the sale of the real estate). 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.
公司将可分配收益定义为根据GAAP计算的归属于普通股股东的净利润(亏损),并对会计项目进行调整,如折旧和摊销(对非一体化合营进行调整),非现金股票补偿费用,来自MSRs的收入,MSRs的摊销和摊销,主要涉及尚未出售和证券化的私人贷款的衍生工具的收益/损失,流经收入的与政府支持实体相关的衍生工具的公允价值变化,递延税款准备(盈余),CECL的信贷损失准备(根据如下所述实现损失进行调整)和因贷款解决而收到房地产的一次性收益/损失。公司还会将收购成本和提前偿还债务以及赎回优先股的一次性获利/损失等特殊费用加回。
The Company reduces distributable earnings for realized losses in the period management determines that a loan is deemed nonrecoverable in whole or in part. Loans are deemed nonrecoverable upon the earlier of: (1) 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 (2) 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.
如果管理层认定某笔贷款全部或部分无法收回,那么公司会在期间内减少可分配收益。贷款被认定为无法收回的时间取决于:(1)贷款应收款结算的时间(即,贷款偿还的时间,或在清算的情况下,当基础资产售出时);或(2)管理层认定几乎确定所有款项都无法收回的时间。实现亏损金额等于已收到或预计将收到的现金与资产账面价值之间的差额。
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.
公司的可分配收益指标并不意味着公司的经营活动现金流(根据GAAP确定)或其流动性情况,也不完全表明资金来源是否能够满足公司的现金需求,包括其发放现金分配的能力。公司计算可分配收益的方式可能与其他公司的计算方式不同,因此可能存在比较性较弱的情况。
Source: Arbor Realty Trust
资料来源:Arbor Realty Trust