Arbor Realty Trust Reports Strong Q2 Results

By Bobby Samwell • Friday, August 02 15:23 • Permanent Link

Arbor Realty Trust, Inc. (NYSE: ABR) has reported its financial results for the second quarter ended June 30, 2024. The company declared a cash dividend on common stock of $0.43 per share, and its liquidity position remains strong with approximately $725 million in cash and liquidity, along with around $215 million of CLO restricted cash.

In terms of agency loan originations, the company saw significant growth with Fannie Mae loan volume reaching $742.7 million, up from $458.4 million in the previous quarter, and Freddie Mac loan volume at $346.8 million, compared to $370.1 million in the previous quarter. The total loan commitments also increased to $1.1 billion from $934.2 million in the previous quarter.

The fee-based servicing portfolio totaled $32.28 billion at the end of June 30, 2024, with servicing revenue, net at $29.9 million for the quarter. The company recorded a $4.4 million net provision for loss sharing associated with CECL for the second quarter of 2024.

In the structured business portfolio, the company originated loans totaling $227.2 million, down from $255.9 million in the previous quarter. The loan and investment portfolio’s unpaid principal balance was $11.87 billion, down from $12.25 billion at the end of March 31, 2024.

The balance of debt that finances the company’s loan and investment portfolio at June 30, 2024, was $10.26 billion, down from $11.11 billion at the end of March 31, 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 same period last year. Distributable earnings for the quarter were $91.6 million, or $0.45 per diluted common share, compared to $114.0 million, or $0.57 per diluted common share for the same period last year.

The company also repurchased $11.4 million of common stock at an average price of $12.19 per share during this quarter.

Arbor Realty Trust will host a conference call at 10:00 a.m. Eastern Time today to discuss these results. Today the company's shares have moved 1.3% to a price of $13.37. For more information, read the company's full 8-K submission here.

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