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:
公司亮點:
- 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
- 每股稀釋後普通股淨利潤爲0.25美元和可分配收益爲0.45美元
- 宣佈每股普通股現金股利爲0.43美元
- 強大的流動性,現金和流動性約爲72500萬美元,CLO限制性現金約21500萬美元
- 機構貸款發放額爲11.5億美元;服務組合約爲322.8億美元,增長了3%
- 結構化貸款發放額爲22720萬美元,回籠爲62960萬美元,組合約爲118.7億美元
- 在到期日以約9000萬美元贖回了5.75%的優先票據
- 以每股12.19美元的平均價格回購了1140萬美元普通股
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.
紐交所ABR股份的阿伯房地產信託於2024年8月2日公佈了截至2024年6月30日的第二季度財務業績,淨利潤爲4740萬美元,每股稀釋後普通股爲0.25美元,而2023年6月30日的季度淨利潤爲7620萬美元,每股稀釋後普通股爲0.41美元。第二季度的可分配收益爲9160萬美元,每股稀釋後普通股爲0.45美元,而2023年6月30日的可分配收益爲11400萬美元,每股稀釋後普通股爲0.57美元。
Agency Business
代理業務
Loan Origination Platform
貸款起始平台
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 |
代理貸款成交量(千美元) | ||||||
季度結束 | ||||||
2024年6月30日 | 酒精飲料銷售 $ 32,907 45.5% $ 30,136 42.1% $ 66,223 | |||||
房地產業美國房利美公司 | $ | 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 | ||||
總髮起 | $ | 1,149,255 | $ | 846,259 | ||
貸款總銷售額 | $ | 1,135,287 | $ | 1,085,374 | ||
貸款總承諾額 | $ | 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,業務產生的收入爲7680萬美元,相比2024年第一季度的6660萬美元有所增長。銷售收入淨增加1740萬美元,反映出季度邊際爲1.54%,而2024年第一季度的邊際爲1.54%。抵押貸款服務權的收入爲1450萬美元,反映出作爲貸款承諾的1.32%的費率,而2024年第一季度的費率爲1.32%(不包括16020萬美元的不受服務費用的貸款承諾)。
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,待售貸款總額爲34290萬美元,與這些貸款相關聯的融資總額爲33520萬美元。
Fee-Based Servicing Portfolio
收費服務組合
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 $16.9 million.
截至2024年6月30日,公司的基於費用的服務組合總額爲322.8億美元。第二季度淨服務收入爲2990萬美元,其中包括4680萬美元的服務收入,減去抵押服務權攤銷費用的1690萬美元。營業收入爲2990萬美元。
Fee-Based Servicing Portfolio ($ 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 |
收費服務組合(千美元) | ||||||||||||||
2024年6月30日 | 酒精飲料銷售 $ 32,907 45.5% $ 30,136 42.1% $ 66,223 | |||||||||||||
未償本金餘額(UPB) | 加權平均費用 (點子) |
加權平均 期限(年) |
未償本金餘額(UPB) | 加權平均費用 (點子) |
加權平均 期限(年) |
|||||||||
房地產業美國房利美公司 | $ | 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 | ||||||||
總費用 | $ | 截至2024年6月30日,擔保貸款下的房地產公司計劃包含部分保證貸款的表現(“分擔損失責任”),其中包括截至2024年6月30日承擔的3480萬美元保證責任的公允價值。公司記錄了第二季度與CECL相關的淨損失分擔撥備440萬美元。截至2024年6月30日,公司的Fannie Mae服務組合的分擔損失責任總CECL撥備爲4180萬美元,佔Fannie Mae服務組合總額的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 $41.8 million, representing 0.19% of the Fannie Mae servicing portfolio.
Structured Business
結構化業務
Portfolio and Investment Activity
投資組合和業務活動
Structured Portfolio Activity ($ 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 |
結構化組合活動(千美元) | ||||||||||||
截至2023年10月1日的季度 | ||||||||||||
2024年6月30日 | 酒精飲料銷售 $ 32,907 45.5% $ 30,136 42.1% $ 66,223 | |||||||||||
未償本金餘額(UPB) | % | 未償本金餘額(UPB) | % | |||||||||
橋樑資產: | ||||||||||||
多戶住宅 | $ | 19,650 | 9% | $ | 39,235 | 15% | ||||||
住宅房地產開發公司 | 185,500 | 82% | 171,490 | 67% | ||||||||
土地 | 10,350 | 4% | — | —% | ||||||||
215,500 | 95% | 210,725 | 82% | |||||||||
. | ||||||||||||
次級股權/優先股權 | 11,684 | 5% | 45,129 | 18% | ||||||||
總髮起 | $ | 227,184 | 100% | $ | 255,854 | 100% | ||||||
起始貸款數 | 45 | 59 | ||||||||||
單戶住宅開發承諾額 | $ | 277,260 | $ | 411,617 | ||||||||
貸款回籠 | $ | 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% |
結構化資產組合(單位:千美元) | ||||||||||||
2024年6月30日 | 酒精飲料銷售 $ 32,907 45.5% $ 30,136 42.1% $ 66,223 | |||||||||||
未償本金餘額(UPB) | % | 未償本金餘額(UPB) | % | |||||||||
橋樑資產: | ||||||||||||
多戶住宅 | $ | 9,679,128 | 82% | $ | 10,254,756 | 84% | ||||||
住宅房地產開發公司 | 1,622,269 | 14% | 1,445,028 | 12% | ||||||||
其他 | 176,855 | 1% | 166,505 | 1% | ||||||||
11,478,252 | 97% | 11,866,289 | 97% | |||||||||
次級股權/優先股權 | 389,981 | 3% | 377,845 | 3% | ||||||||
SFR 永久 | 4,975 | 5,728 | ||||||||||
總投資組合 | $ | 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,貸款和投資組合的未償本金餘額(“UPB”),不包括貸款損失準備金,爲118.7億美元,加權平均利率爲7.79%,而2024年3月31日則爲122.5億美元和8.07%。考慮到貸款和投資組合的某些費用和成本,截至2024年6月30日的加權平均利率爲8.60%,而2024年3月31日爲8.81%。利率下降主要是由於2024年第二季度不良貸款和新的非應計貸款增加導致的。
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.
公司貸款和投資組合在2024年第二季度的平均餘額,不包括貸款損失準備金,爲121.5億美元,加權平均收益率爲8.99%,與2024年第一季度的125.2億美元和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,公司根據CECL錄入了2890萬美元的貸款損失準備金。截至2024年6月30日,公司的貸款損失準備總額爲2.389億美元。公司有24個不良貸款,未償本金676.2億美元,減去相關的貸款損失準備金2810萬美元,而2024年3月31日則有21個貸款,未償本金爲4648億美元,減去貸款損失準備金3290萬美元。
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筆貸款的未償本金總額爲3679萬美元(扣除相關的貸款損失準備金1500萬美元),逾期不足60天,而2024年3月31日則有12筆貸款,未償本金總額爲4894萬美元。只有收到現金才會記入這些貸款的利息收入。
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,公司修改了總額爲733.3億美元的28筆貸款。其中15筆貸款的利率是基於SOFR的定價,利率範圍爲3.25%至5.25%。根據貸款修改條款,借款人投資了額外的資本,以換取我們提供的暫時性利率減免和應計利率特徵。截至2024年6月30日,這些修改後的貸款的加權平均付息率爲7.18%,加權平均應計利率爲2.14%。其中一部分貸款總額爲9270萬美元,未償本金逾期不足60天,而6200萬美元則是非表現貸款,截至2024年3月31日,根據修改後的條款,這些貸款現在應爲現行貸款。
Financing Activity
融資活動
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,用於公司貸款和投資組合的債務餘額爲102.6億美元,包括費用在內的加權平均利率爲7.53%,而2024年3月31日爲111.1億美元,利率爲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.
用於公司貸款和投資組合的債務在2024年第二季度平均餘額爲108.1億美元,而2024年第一季度爲113.7億美元。2024年第二季度的平均借款成本爲7.54%,與2024年第一季度的7.50%相比。
Dividend
分紅
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.
公司今天宣佈,其董事會已宣佈截至2024年6月30日結束的季度股息爲每股普通股0.43美元。股息將於2024年8月30日支付給截至2024年8月16日的普通股股東。
Earnings Conference Call
業績會議電話
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.
公司將在東部時間上午10:00舉行電話會議。電話會議的現場網絡廣播和重播將在公司網站的投資者關係部分提供,你還可以在電話會議開始前至少10分鐘的時間段內通過電話接入。撥號號碼爲(800)274-8461(美國國內調用者)和(203)518-9843(國際調用者)。當運營商提示時,請使用參與者密碼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.
電話會議的重播將在2024年8月9日之前提供。重播撥打電話號碼爲國內的(800) 938-2487,國際的(402) 220-9026。
About Arbor Realty Trust, Inc.
關於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.(紐約證券交易所:ABR)是一家跨國房地產投資信託和直接貸款人,爲多家公寓、單家庭租賃(SFR)組合和其他多元化商業房地產資產提供貸款發放和服務。公司總部位於紐約,管理着一個數十億美元的服務組合,專門從事政府支持的企業產品。Arbor是富國房貸DUS的主要放貸人,弗雷迪·馬克Optigo的賣方/服務商,以及獲批的FHA多家庭快速處理(MAP)放貸人。Arbor的產品平台還包括橋樑、商業抵押貸款支持證券(CMBS)、夾層和優先股權貸款。根據標準普爾和惠譽評級,Arbor致力於建立其服務、質量和定製解決方案的聲譽,並致力於提供卓越的客戶服務。
Safe Harbor Statement
Safe Harbor聲明
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.
本新聞稿中的某些內容可能構成《1995年證券訴訟改革法》"safe harbor"條款下的前瞻性陳述。這些陳述基於管理層目前的預期和信念,並受到一系列趨勢和不確定性的影響,這些趨勢和不確定性可能導致實際結果與在前瞻性陳述中描述的結果有所不同。Arbor不能保證其預期會得到實現。導致Arbor預期獲得的結果有所不同的因素包括(但不限於)一般經濟條件和特定的房地產市場條件的變化,繼續能夠找到新的投資、利率和/或信貸利差的變化以及Arbor爲期至2023年12月31日的年度報告提交的報告中詳細說明的其他風險。這些前瞻性陳述僅作爲本新聞稿發表之日的陳述。Arbor明確否認在此之後公開發布任何更新或修訂以反映與此相關的任何預期變化,或根據任何此類聲明所依據的任何事件、情況或情形的變化。
Notes
票據
- 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.
- 在季度業績電話會議上,公司可能會討論SEC G條例定義的非GAAP財務指標。另外,公司已在本新聞稿中使用非GAAP財務指標。非GAAP財務指標及其可比的GAAP財務指標的補充清單可以在本報告的最後一頁找到。
- 金額反映了截至2024年7月31日的近似餘額。
Contact: | Arbor Realty Trust, Inc. Paul Elenio, Chief Financial Officer 516-506-4422 pelenio@arbor.com |
聯繫方式: | Arbor Realty Trust, Inc. Paul Elenio,致富金融(臨時代碼)的首席財務官 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 |
阿伯房地產信託和附屬公司 綜合利潤表 - (未經審計) (以千爲單位,股數和每股數據除外) | ||||||||||||||||
截至6月30日的季度 | 截至6月30日的六個月 | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
利息收入 | $ | 297,188 | $ | 335,737 | $ | 618,480 | $ | 663,685 | ||||||||
利息費用 | 209,227 | 227,195 | 426,903 | 446,569 | ||||||||||||
淨利息收入 | 87,961 | 108,542 | 191,577 | 217,116 | ||||||||||||
其他營業收入: | ||||||||||||||||
銷售收益,包括基於費用的服務,淨增收益 | 17,448 | 22,587 | 34,114 | 37,176 | ||||||||||||
按揭服務權 | 14,534 | 16,201 | 24,733 | 34,659 | ||||||||||||
服務費淨收入 | 29,910 | 32,347 | 61,436 | 61,913 | ||||||||||||
資產運營收入 | 1,444 | 1,430 | 3,014 | 2,811 | ||||||||||||
衍生工具虧損,淨額 | (275) | (7,384) | (5,533) | (3,161) | ||||||||||||
其他收入,淨額 | 2,081 | 45 | 4,414 | 4,923 | ||||||||||||
其他總收入 | 65,142 | 65,226 | 122,178 | 138,321 | ||||||||||||
其他費用: | ||||||||||||||||
員工薪酬福利 | 42,836 | 41,310 | 90,529 | 83,708 | ||||||||||||
銷售和行政 | 12,823 | 12,584 | 26,756 | 26,207 | ||||||||||||
房地產經營費用 | 1,584 | 1,365 | 3,262 | 2,747 | ||||||||||||
折舊和攤銷 | 2,423 | 2,387 | 4,994 | 5,011 | ||||||||||||
淨損失分擔準備金(扣除恢復) | 4,333 | 7,672 | 4,607 | 10,848 | ||||||||||||
淨信貸損失撥備(扣除恢復) | 29,564 | 13,878 | 48,682 | 36,395 | ||||||||||||
其他支出總額 | 93,563 | 79,196 | 178830 | 164,916 | ||||||||||||
房地產業、貸款業務及託管業務等營收淨額 | 59,540 | 94,572 | 134,925 | 190,521 | ||||||||||||
債務清償損失 | (412) | (1,247) | (412) | (1,247) | ||||||||||||
房地產業出售收益 | 3,813 | — | 3,813 | — | ||||||||||||
股權投資收益 | 2,793 | 5,560 | 4,211 | 19,886 | ||||||||||||
所得稅費用 | (3,901) | (5,553) | (7,493) | (13,582) | ||||||||||||
淨收入 | 61,833 | 93,332 | 135,044 | 195,578 | ||||||||||||
優先股股息 | 10,342 | 10,342 | 20,684 | 20,684 | ||||||||||||
非控制權益淨收益 | 4,094 | 6,826 | 9,090 | 14,411 | ||||||||||||
歸屬於普通股股東的淨收益 | $ | 47,397 | $ | 76,164 | $ | 105,270 | $ | 160,483 | ||||||||
基本每股收益 | $ | 0.25 | $ | 0.42 | $ | 0.56 | $ | 0.88 | ||||||||
稀釋每股收益 | $ | 0.25 | $ | 0.41 | $ | 0.56 | $ | 0.87 | ||||||||
加權平均股數: | ||||||||||||||||
基本 | 1.88655801億 | 1.81815469億 | 1.88683095億 | 1.81468002億 | ||||||||||||
攤薄 | 205,487,711 | 2.16061876億 | 205,499,619 | 2.15489604億 | ||||||||||||
每股普通股宣佈的分紅派息 | $ | 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 |
阿伯房地產信託和附屬公司 合併資產負債表 (以千爲單位,股數和每股數據除外) | ||||||
2024年6月30日 | 2023年12月31日 | |||||
(未經審計) | ||||||
資產: | ||||||
現金及現金等價物 | $ | 737,485 | $ | 928,974 | ||
受限現金 | 作爲2024年5月31日和2023年11月30日的資產負債表中與客戶持有的基金相關的其他應計負債的相應流動負債約爲$218,228。 | 608,233 | ||||
貸款和投資淨額(撥備減值238,923美元和195,664美元,分別) | 11,603,944 | 12,377,806 | ||||
待售貸款,淨額 | 342,870 | 551,707 | ||||
資本化的抵押貸款服務權利,淨值 | 380,719 | 391,254 | ||||
持有至到期投資證券、淨值(包括$9,132 和 $6,256 的信用減值) | 156,080 | 155,279 | ||||
股權投資 | 72,872 | 79,303 | ||||
應收關聯方款項 | 105,097 | 64,421 | ||||
商譽及其他無形資產 | 89,032 | 91,378 | ||||
其他 | 490,885 | 490,281 | ||||
總資產 | $ | 14,197,212 | $ | 15,738,636 | ||
負債和權益: | ||||||
信貸與回購設施 | $ | 3,160,384 | $ | 3,237,827 | ||
證券化債務 | 5,716,513 | 6,935,010 | ||||
高級無擔保票據 | 1,245,956 | 1,333,968 | ||||
可轉換普通無抵押債券 | 284,473 | 283,118 | ||||
向子公司信託發行優先證券的次級下屬票據 | 144,275 | 143,896 | ||||
應相關方付款 | 2,709 | 股權補償獎勵 | ||||
到借款人的款項 | 75,837 | 121,707 | ||||
損失分擔義務的津貼 | 76,561 | 71,634 | ||||
其他負債 | 303,865 | 343,072 | ||||
負債合計 | 11,010,573 | 12,484,031 | ||||
股東權益: | ||||||
Arbor Realty Trust, Inc. 股東權益: | ||||||
優先股,累積,可贖回,面值 $0.01:覈准發行100,000,000股,根據時間發行和流通的股票數: | 633,684 | 633,684 | ||||
特殊投票優先股 - 16,293,589股 | ||||||
6.375% D股系列-920萬股 | ||||||
6.25% E股系列-575萬股 | ||||||
6.25% F股系列-1134.2萬股 | ||||||
普通股,面值 $0.01:覈准發行500,000,000股,已發行和流通188,548,879股和188,505,264股 | 1,885 | 1,885 | ||||
額外實收資本 | 2,361,466 | 2,367,188 | ||||
保留盈餘 | 57,894 | 115,216 | ||||
Arbor Realty Trust, Inc.總股東權益 | 3,054,929 | 3,117,973 | ||||
非控股權益 | 131,710 | 136,632 | ||||
股東權益總計 | 3,186,639 | 3,254,605 | ||||
負債和股東權益總額 | $ | 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 |
阿伯房地產信託和附屬公司 分部信息的損益表 - (未經審計) (以千爲單位) | ||||||||||||||||
2024年6月30日季度結束 | ||||||||||||||||
結構化的 按照我們所處的風險和不確定性的假設,結果和在本招股書或在任何文檔中引用的前瞻性陳述中討論的事件可能不會發生。投資者應謹慎對待這些前瞻性陳述,它們僅在本招股書或在文檔中通過引用作爲參考,其僅在本招股書或在文檔中通過引用作爲參考的文件的日期發表時存在。我們沒有任何義務,並明確聲明不承擔任何義務,更新或更改任何前瞻性陳述,無論是基於新信息、未來事件或其他原因。我們或代表我們行事的任何人作出的所有後續前瞻性陳述,都受到本節中所包含或所提到的警示性聲明的明確限制。 |
代理 按照我們所處的風險和不確定性的假設,結果和在本招股書或在任何文檔中引用的前瞻性陳述中討論的事件可能不會發生。投資者應謹慎對待這些前瞻性陳述,它們僅在本招股書或在文檔中通過引用作爲參考,其僅在本招股書或在文檔中通過引用作爲參考的文件的日期發表時存在。我們沒有任何義務,並明確聲明不承擔任何義務,更新或更改任何前瞻性陳述,無論是基於新信息、未來事件或其他原因。我們或代表我們行事的任何人作出的所有後續前瞻性陳述,都受到本節中所包含或所提到的警示性聲明的明確限制。 |
其他(1) | 合併後的 | |||||||||||||
利息收入 | $ | 282,077 | $ | 15,111 | $ | — | $ | 297,188 | ||||||||
利息費用 | 203,062 | 6,165 | — | 209,227 | ||||||||||||
淨利息收入 | 79,015 | 8,946 | — | 87,961 | ||||||||||||
其他營業收入: | ||||||||||||||||
銷售收益,包括基於費用的服務,淨增收益 | — | 17,448 | — | 17,448 | ||||||||||||
按揭服務權 | — | 14,534 | — | 14,534 | ||||||||||||
營業收入 | — | 46,797 | — | 46,797 | ||||||||||||
抵押貸款服務收入攤銷 | — | (16,887) | — | (16,887) | ||||||||||||
資產運營收入 | 1,444 | — | — | 1,444 | ||||||||||||
衍生工具虧損,淨額 | — | (275) | — | (275) | ||||||||||||
其他收入,淨額 | 1,975 | 106 | — | 2,081 | ||||||||||||
其他總收入 | 3,419 | 61,723 | — | 65,142 | ||||||||||||
其他費用: | ||||||||||||||||
員工薪酬福利 | 15,805 | 27,031 | — | 42,836 | ||||||||||||
銷售和行政 | 5,828 | 6,995 | — | 12,823 | ||||||||||||
房地產經營費用 | 1,584 | — | — | 1,584 | ||||||||||||
折舊和攤銷 | 1,250 | 1,173 | — | 2,423 | ||||||||||||
淨損失分擔準備金(扣除恢復) | — | 4,333 | — | 4,333 | ||||||||||||
淨信貸損失撥備(扣除恢復) | 28,030 | 1,534 | — | 29,564 | ||||||||||||
其他支出總額 | 52,497 | 41,066 | — | 93,563 | ||||||||||||
房地產業、貸款業務及託管業務等營收淨額 | 29,937 | 29,603 | — | 59,540 | ||||||||||||
債務清償損失 | (412) | — | — | (412) | ||||||||||||
房地產業出售收益 | 3,813 | — | — | 3,813 | ||||||||||||
股權投資收益 | 2,793 | — | — | 2,793 | ||||||||||||
因(預提)所得稅受益 | 865 | (4,766) | — | (3,901) | ||||||||||||
淨收入 | 36,996 | 24,837 | — | 61,833 | ||||||||||||
優先股股息 | 10,342 | — | — | 10,342 | ||||||||||||
非控制權益淨收益 | — | — | 4,094 | 4,094 | ||||||||||||
歸屬於普通股股東的淨收益 | $ | 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) 包含分配給非控股權益持有人而未分配給兩個報告段的收入。
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 |
阿伯房地產信託和附屬公司 資產負債表分部信息 - (未經審計) (以千爲單位) | |||||||||
2024年6月30日 | |||||||||
結構化的 按照我們所處的風險和不確定性的假設,結果和在本招股書或在任何文檔中引用的前瞻性陳述中討論的事件可能不會發生。投資者應謹慎對待這些前瞻性陳述,它們僅在本招股書或在文檔中通過引用作爲參考,其僅在本招股書或在文檔中通過引用作爲參考的文件的日期發表時存在。我們沒有任何義務,並明確聲明不承擔任何義務,更新或更改任何前瞻性陳述,無論是基於新信息、未來事件或其他原因。我們或代表我們行事的任何人作出的所有後續前瞻性陳述,都受到本節中所包含或所提到的警示性聲明的明確限制。 |
代理 按照我們所處的風險和不確定性的假設,結果和在本招股書或在任何文檔中引用的前瞻性陳述中討論的事件可能不會發生。投資者應謹慎對待這些前瞻性陳述,它們僅在本招股書或在文檔中通過引用作爲參考,其僅在本招股書或在文檔中通過引用作爲參考的文件的日期發表時存在。我們沒有任何義務,並明確聲明不承擔任何義務,更新或更改任何前瞻性陳述,無論是基於新信息、未來事件或其他原因。我們或代表我們行事的任何人作出的所有後續前瞻性陳述,都受到本節中所包含或所提到的警示性聲明的明確限制。 |
合併後的 | |||||||
資產: | |||||||||
現金及現金等價物 | $ | 272,614 | $ | 464,871 | $ | 737,485 | |||
受限現金 | 203,223 | 15,005 | 作爲2024年5月31日和2023年11月30日的資產負債表中與客戶持有的基金相關的其他應計負債的相應流動負債約爲$218,228。 | ||||||
貸款和投資,淨額 | 11,603,944 | — | 11,603,944 | ||||||
待售貸款,淨額 | — | 342,870 | 342,870 | ||||||
資本化的抵押貸款服務權利,淨值 | — | 380,719 | 380,719 | ||||||
持有至到期日的證券,淨值 | — | 156,080 | 156,080 | ||||||
股權投資 | 72,872 | — | 72,872 | ||||||
商譽及其他無形資產 | 12,500 | 76,532 | 89,032 | ||||||
其他資產和來自關聯方的應收款項 | 521,039 | 74,943 | 595,982 | ||||||
總資產 | $ | 12,686,192 | $ | 1,511,020 | $ | 14,197,212 | |||
負債: | |||||||||
債務 | $ | 10,216,430 | $ | 335,171 | $ | 10,551,601 | |||
損失分擔義務的津貼 | — | 76,561 | 76,561 | ||||||
其他負債和相關方應付款項 | 305,813 | 76,598 | 382,411 | ||||||
負債合計 | $ | 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 |
阿伯房地產信託和附屬公司 可分配收益與GAAP淨收益的調節-(未經審計) (以千爲單位,股數和每股數據除外) | ||||||||||||||||
截至6月30日的季度 | 截至6月30日的六個月 | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
歸屬於普通股股東的淨收益 | $ | 47,397 | $ | 76,164 | $ | 105,270 | $ | 160,483 | ||||||||
調整: | ||||||||||||||||
非控制權益淨收益 | 4,094 | 6,826 | 9,090 | 14,411 | ||||||||||||
按揭服務權益收入 | (14,534) | (16,201) | (24,733) | (34,659) | ||||||||||||
遞延所得稅收益 | (2,944) | (7,360) | (6,896) | (4,197) | ||||||||||||
MSRs的攤銷和核銷 | 19,518 | 21,204 | 37,936 | 39,927 | ||||||||||||
折舊和攤銷 | 3,044 | 4,058 | 6,239 | 8,353 | ||||||||||||
債務清償損失 | 412 | 1,247 | 412 | 1,247 | ||||||||||||
2021年12月31日截止的三個月內的虧損主要包括其他應收賬款的小額預備。 | 31,457 | 16,810 | 46,260 | 40,515 | ||||||||||||
衍生工具虧損,淨額 | 371 | 8,085 | 5,894 | 1,034 | ||||||||||||
以股票爲基礎的報酬計劃 | 2,750 | 3,193 | 8,772 | 9,094 | ||||||||||||
可分配收益(1) | $ | 91,565 | $ | 114,026 | $ | 188,244 | $ | 236,208 | ||||||||
每股攤薄可分配收益(1) | $ | 0.45 | $ | 0.57 | $ | 0.92 | $ | 1.19 | ||||||||
攤薄加權平均股份(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)金額可歸屬於普通股股東和OP單位持有人。OP單位可在公司的選擇下以一比一的比例兌換現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)已稀釋加權平均流通股不包括公司可轉換的優先股本金餘額的潛在股份。
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.
公司公佈可分配收益,因爲管理層認爲這是衡量公司運營績效重要的補充指標,對投資者、分析師和其他各方在評估信託和它們向股東分紅的能力方面是有用的。分紅是投資者投資信託的主要原因之一。爲保持信託資格,需要把至少90%的信託應稅收入分配出去。公司在確定季度股息時會考慮分配收益,並且認爲隨着時間的推移,可分配收益是公司每股分紅的有用指標。
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.
公司將可分配收益定義爲根據GAAP計算的歸屬於普通股股東的淨利潤(虧損),並對會計項目進行調整,如折舊和攤銷(對非一體化合營進行調整),非現金股票補償費用,來自MSRs的收入,MSRs的攤銷和攤銷,主要涉及尚未出售和證券化的私人貸款的衍生工具的收益/損失,流經收入的與政府支持實體相關的衍生工具的公允價值變化,遞延稅款準備(盈餘),CECL的信貸損失準備(根據如下所述實現損失進行調整)和因貸款解決而收到房地產的一次性收益/損失。公司還會將收購成本和提前償還債務以及贖回優先股的一次性獲利/損失等特殊費用加回。
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.
如果管理層認定某筆貸款全部或部分無法收回,那麼公司會在期間內減少可分配收益。貸款被認定爲無法收回的時間取決於:(1)貸款應收款結算的時間(即,貸款償還的時間,或在清算的情況下,當基礎資產售出時);或(2)管理層認定幾乎確定所有款項都無法收回的時間。實現虧損金額等於已收到或預計將收到的現金與資產賬面價值之間的差額。
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標並不意味着公司的經營活動現金流(根據GAAP確定)或其流動性情況,也不完全表明資金來源是否能夠滿足公司的現金需求,包括其發放現金分配的能力。公司計算可分配收益的方式可能與其他公司的計算方式不同,因此可能存在比較性較弱的情況。
Source: Arbor Realty Trust
資料來源:Arbor Realty Trust