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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 June 30, 2022

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, 6.375% Series D Cumulative
Redeemable, par value $0.01 per share

ABR-PD

New York Stock Exchange

Preferred Stock, 6.25% Series E Cumulative
Redeemable, par value $0.01 per share

ABR-PE

New York Stock Exchange

Preferred Stock, 6.25% Series F Fixed-to-
Floating Rate Cumulative Redeemable, par value
$0.01 per share

ABR-PF

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 170,302,444 shares of common stock outstanding at July 22, 2022.

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, as well as information in our annual report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”) filed with the SEC on February 18, 2022 and in our other reports and filings with the SEC.

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.

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

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)

    

June 30, 

    

December 31, 

2022

2021

(Unaudited)

Assets:

Cash and cash equivalents

$

341,991

$

404,580

Restricted cash

 

787,952

 

486,690

Loans and investments, net (allowance for credit losses of $121,331 and $113,241)

14,832,302

11,981,048

Loans held-for-sale, net

518,935

1,093,609

Capitalized mortgage servicing rights, net

411,534

422,734

Securities held-to-maturity, net (allowance for credit losses of $2,022 and $1,753)

159,686

140,484

Investments in equity affiliates

 

90,855

 

89,676

Due from related party

 

53,037

 

84,318

Goodwill and other intangible assets

98,414

100,760

Other assets

 

284,884

 

269,946

Total assets

$

17,579,590

$

15,073,845

Liabilities and Equity:

Credit and repurchase facilities

$

4,549,460

$

4,481,579

Collateralized loan obligations

 

7,968,495

 

5,892,810

Senior unsecured notes

 

1,282,498

 

1,280,545

Convertible senior unsecured notes, net

263,126

259,385

Junior subordinated notes to subsidiary trust issuing preferred securities

 

142,758

 

142,382

Due to related party

 

27,014

 

26,570

Due to borrowers

 

115,990

 

96,641

Allowance for loss-sharing obligations

53,053

56,064

Other liabilities

 

264,200

 

287,885

Total liabilities

 

14,666,594

 

12,523,861

Commitments and contingencies (Note 13)

 

 

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

 

556,163

Special voting preferred shares - 16,293,589 and 16,325,095 shares

6.375% Series D - 9,200,000 shares

6.25% Series E - 5,750,000 shares

6.25% Series F - 11,342,000 and 8,050,000 shares

Common stock, $0.01 par value: 500,000,000 shares authorized - 168,454,805 and 151,362,181 shares issued and outstanding

 

1,685

 

1,514

Additional paid-in capital

 

2,060,837

 

1,797,913

Retained earnings

 

83,271

 

62,532

Total Arbor Realty Trust, Inc. stockholders equity

2,779,477

2,418,122

Noncontrolling interest

133,519

131,862

Total equity

 

2,912,996

 

2,549,984

Total liabilities and equity

$

17,579,590

$

15,073,845

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 June 30, 2022 and December 31, 2021, assets of our consolidated VIEs totaled $9,714,376 and $7,144,806, respectively, and the liabilities of our consolidated VIEs totaled $7,986,250 and $5,902,623, respectively. See Note 14 for discussion of our VIEs.

See Notes to Consolidated Financial Statements.

2

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

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

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2022

    

2021

    

2022

    

2021

Interest income

$

201,328

$

105,148

$

368,026

$

196,292

Interest expense

107,067

 

46,378

 

189,627

 

88,562

Net interest income

94,261

 

58,770

 

178,399

 

107,730

Other revenue:

Gain on sales, including fee-based services, net

16,510

40,901

18,166

69,768

Mortgage servicing rights

17,567

26,299

32,879

63,235

Servicing revenue, net

20,714

15,315

41,769

30,850

Property operating income

290

586

Gain (loss) on derivative instruments, net

8,606

(2,607)

25,992

(5,828)

Other income, net

(13,249)

 

1,263

 

(10,048)

 

1,943

Total other revenue

50,438

 

81,171

 

109,344

 

159,968

Other expenses:

Employee compensation and benefits

38,900

43,700

80,925

 

86,674

Selling and administrative

13,188

11,133

27,735

 

21,947

Property operating expenses

542

129

1,077

 

272

Depreciation and amortization

2,031

1,788

4,014

 

3,543

Provision for loss sharing (net of recoveries)

(1,949)

549

(2,611)

2,201

Provision for credit losses (net of recoveries)

5,067

(7,815)

7,426

 

(8,890)

Total other expenses

 

57,779

 

49,484

 

118,566

 

105,747

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

 

86,920

 

90,457

 

169,177

 

161,951

Loss on extinguishment of debt

(1,350)

(1,370)

Gain on sale of real estate

1,228

Income from equity affiliates

6,547

4,759

13,759

27,010

Provision for income taxes

(5,352)

(10,959)

(13,540)

(23,451)

Net income

 

88,115

 

84,257

 

168,046

 

165,368

Preferred stock dividends

 

11,214

 

6,414

 

20,270

 

8,303

Net income attributable to noncontrolling interest

6,992

8,717

13,808

18,459

Net income attributable to common stockholders

$

69,909

$

69,126

$

133,968

$

138,606

Basic earnings per common share

$

0.43

$

0.51

$

0.85

$

1.06

Diluted earnings per common share

$

0.41

$

0.51

$

0.82

$

1.06

Weighted average shares outstanding:

Basic

163,044,217

 

135,262,197

 

158,258,813

 

130,276,499

Diluted

195,013,810

153,616,591

190,357,030

148,818,030

Dividends declared per common share

$

0.38

$

0.34

$

0.75

$

0.67

See Notes to Consolidated Financial Statements.

3

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

($ in thousands, except shares)

Three Months Ended June 30, 2022

Total Arbor

Preferred

Preferred

Common

Common

Additional 

Realty Trust, Inc.

Stock 

Stock 

Stock 

Stock 

Paid-in

Retained

Stockholders’

Noncontrolling

    

Shares

    

Value

    

Shares

    

Par Value

    

Capital

    

Earnings

    

Equity

    

Interest

    

Total Equity

Balance – April 1, 2022

 

42,617,095

$

633,734

 

160,198,115

$

1,602

$

1,927,621

$

75,828

$

2,638,785

$

133,263

$

2,772,048

Issuance of common stock

 

 

8,229,350

82

130,361

130,443

130,443

Issuance of Series F preferred stock

 

 

(49)

(130)

(179)

(179)

Stock-based compensation, net

 

 

 

27,340

 

1

 

2,985

 

 

2,986

 

 

2,986

Distributions - common stock

 

 

 

 

 

 

(62,463)

 

(62,463)

 

 

(62,463)

Distributions - preferred stock

 

 

 

 

 

 

(11,217)

 

(11,217)

 

 

(11,217)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(6,191)

 

(6,191)

Redemption of operating partnership units

(31,506)

(1)

(1)

(545)

(546)

Net income

 

 

 

 

 

 

81,123

 

81,123

 

6,992

 

88,115

Balance – June 30, 2022

 

42,585,589

$

633,684

 

168,454,805

$

1,685

$

2,060,837

$

83,271

$

2,779,477

$

133,519

$

2,912,996

Six Months Ended June 30, 2022

Balance - January 1, 2022

    

39,325,095

    

$

556,163

    

151,362,181

    

$

1,514

    

$

1,797,913

    

$

62,532

    

$

2,418,122

    

$

131,862

    

$

2,549,984

Cummulative-effect adjustment (Note 2)

(8,684)

5,612

(3,072)

625

(2,447)

Balance - January 1, 2022 (as adjusted for the adoption of ASU 2020-06)

39,325,095

556,163

151,362,181

1,514

1,789,229

68,144

2,415,050

132,487

2,547,537

Issuance of common stock

 

 

16,455,100

164

268,079

268,243

268,243

Issuance of Series F preferred stock

3,292,000

77,522

(130)

77,392

77,392

Stock-based compensation, net

 

 

 

637,524

 

7

 

3,659

 

 

3,666

 

 

3,666

Distributions - common stock

 

 

 

 

 

 

(118,838)

 

(118,838)

 

 

(118,838)

Distributions - preferred stock

 

 

 

 

 

 

(20,273)

 

(20,273)

 

 

(20,273)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(12,231)

 

(12,231)

Redemption of operating partnership units

(31,506)

(1)

(1)

(545)

(546)

Net income

 

 

 

 

 

 

154,238

 

154,238

 

13,808

 

168,046

Balance – June 30, 2022

 

42,585,589

$

633,684

 

168,454,805

$

1,685

$

2,060,837

$

83,271

$

2,779,477

$

133,519

$

2,912,996

See Notes to Consolidated Financial Statements.

4

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Continued)

($ in thousands, except shares)

Three Months Ended June 30, 2021

Total Arbor

Preferred

Preferred 

Common

Common

Additional

Realty Trust, Inc.

Stock 

Stock 

Stock 

Stock

 Paid-in

Accumulated

Stockholders’

Noncontrolling

    

Shares

    

Value

    

Shares

    

Par Value

    

 Capital

    

Deficit

    

Equity

    

Interest

    

Total Equity

Balance - April 1, 2021

    

21,272,133

$

89,472

 

133,690,060

$

1,337

$

1,473,120

$

(35,498)

$

1,528,431

$

142,261

$

1,670,692

Issuance of common stock

 

 

9,282,479

93

169,488

169,581

169,581

Repurchase of common stock

(1,399,999)

(14)

(23,446)

(23,460)

(23,460)

Issuance of Series D preferred stock

9,200,000

222,463

222,463

222,463

Redemption of preferred stock

(3,711,500)

(89,296)

(89,296)

(89,296)

Stock-based compensation, net

 

 

 

166,069

 

1

 

1,736

 

 

1,737

 

 

1,737

Distributions - common stock

 

 

 

 

 

 

(45,710)

 

(45,710)

 

 

(45,710)

Distributions - preferred stock

 

 

 

 

 

 

(6,416)

 

(6,416)

 

 

(6,416)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(5,971)

 

(5,971)

Redemption of operating partnership units

(1,208,400)

 

(12)

 

 

 

 

 

(12)

 

(21,098)

 

(21,110)

Net income

 

 

 

 

 

 

75,540

 

75,540

 

8,717

 

84,257

Balance – June 30, 2021

 

25,552,233

$

222,627

 

141,738,609

$

1,417

$

1,620,898

$

(12,084)

$

1,832,858

$

123,909

$

1,956,767

Six Months Ended June 30, 2021

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

19,422,879

194

327,820

328,014

328,014

Repurchase of common stock

(1,399,999)

(14)

(23,446)

(23,460)

(23,460)

Issuance of Series D preferred stock

 

9,200,000

 

222,463

 

 

 

 

 

222,463

 

 

222,463

Redemption of preferred stock

(3,711,500)

(89,296)

(89,296)

(89,296)

Stock-based compensation, net

 

 

 

534,556

 

5

 

(585)

 

 

(580)

 

 

(580)

Distributions - common stock

 

 

 

 

 

 

(87,240)

 

(87,240)

 

 

(87,240)

Distributions - preferred stock

 

 

 

 

 

 

(8,311)

 

(8,311)

 

 

(8,311)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(11,766)

 

(11,766)

Redemption of operating partnership units

 

(1,208,400)

 

(12)

 

 

 

 

 

(12)

 

(21,098)

 

(21,110)

Net income

 

 

 

 

 

 

146,909

 

146,909

 

18,459

 

165,368

Balance – June 30, 2021

 

25,552,233

$

222,627

 

141,738,609

$

1,417

$

1,620,898

$

(12,084)

$

1,832,858

$

123,909

$

1,956,767

See Notes to Consolidated Financial Statements.

5

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

Six Months Ended June 30, 

    

2022

    

2021

Operating activities:

Net income

$

168,046

$

165,368

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

 

4,014

 

3,543

Stock-based compensation

 

9,241

 

5,375

Amortization and accretion of interest and fees, net

 

(6,782)

 

354

Amortization of capitalized mortgage servicing rights

29,750

28,871

Originations of loans held-for-sale

(2,117,624)

(2,741,453)

Proceeds from sales of loans held-for-sale, net of gain on sale

2,617,418

3,324,001

Mortgage servicing rights

(32,879)

(63,235)

Write-off of capitalized mortgage servicing rights from payoffs

25,545

9,459

Provision for loss sharing (net of recoveries)

(2,611)

2,201

Provision for credit losses (net of recoveries)

7,426

(8,890)

Net charge-offs for loss sharing obligations

(400)

(859)

Deferred tax (benefit) provision

(2,426)

4,439

Income from equity affiliates

 

(13,759)

(27,010)

Distributions from operations of equity affiliates

11,438

18,923

Loss on extinguishment of debt

1,350

1,370

Payoffs and paydowns of loans held-for-sale

58,327

2,322

Loss on sale of loans

9,180

Change in fair value of held-for-sale loans

4,380

Changes in operating assets and liabilities

(5,086)

2,802

Net cash provided by operating activities

764,548

727,581

Investing Activities:

Loans and investments funded, originated and purchased, net

 

(4,661,893)

(2,814,170)

Payoffs and paydowns of loans and investments

1,686,546

773,163

Proceeds from sale of loans and investments

102,228

110,000

Deferred fees

 

39,514

20,141

Contributions to equity affiliates

 

(15,003)

 

(21,074)

Distributions from equity affiliates

16,144

17,181

Purchase of securities held-to-maturity, net

(27,598)

(23,747)

Payoffs and paydowns of securities held-to-maturity

9,083

5,487

Due to borrowers and reserves

9,364

(80,986)

Net cash used in investing activities

(2,841,615)

(2,014,005)

Financing activities:

Proceeds from credit and repurchase facilities

 

6,120,513

6,393,023

Paydowns and payoffs of credit and repurchase facilities

 

(6,052,818)

(6,610,333)

Proceeds from issuance of collateralized loan obligations

2,525,624

1,329,887

Payoffs and paydowns of collateralized loan obligations

(441,000)

(356,150)

Proceeds from issuance of common stock

268,243

328,014

Proceeds from issuance of preferred stock

77,392

222,463

Proceeds from issuance of senior unsecured notes

175,000

Redemption of preferred stock

(89,296)

Redemption of operating partnership units

(546)

(21,110)

Payments of withholding taxes on net settlement of vested stock

(5,575)

(5,955)

Repurchase of common stock

(23,460)

Distributions to stockholders

(151,099)

(107,317)

Payment of deferred financing costs

 

(24,994)

 

(20,592)

Net cash provided by financing activities

2,315,740

1,214,174

Net increase (decrease) in cash, cash equivalents and restricted cash

 

238,673

(72,250)

Cash, cash equivalents and restricted cash at beginning of period

891,270

536,998

Cash, cash equivalents and restricted cash at end of period

$

1,129,943

$

464,748

See Notes to Consolidated Financial Statements.

6

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)

(in thousands)

Six Months Ended June 30, 

    

2022

    

2021

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents at beginning of period

$

404,580

$

339,528

Restricted cash at beginning of period

486,690

197,470

Cash, cash equivalents and restricted cash at beginning of period

$

891,270

$

536,998

Cash and cash equivalents at end of period

$

341,991

$

215,658

Restricted cash at end of period

787,952

249,090

Cash, cash equivalents and restricted cash at end of period

$

1,129,943

$

464,748

Supplemental cash flow information:

Cash used to pay interest

$

164,402

$

75,568

Cash used to pay taxes

20,733

25,739

Supplemental schedule of non-cash investing and financing activities:

Distributions accrued on preferred stock

$

7,010

$

1,181

Cummulative-effect adjustment (Note 2)

2,447

Loans transferred from loans and investment, net to loans held-for-sale

65,204

See Notes to Consolidated Financial Statements.

7

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1 — Description of Business

Arbor Realty Trust, Inc. (“we,” “us,” or “our”) is a Maryland corporation formed in 2003. We are a nationwide REIT and direct lender, providing loan origination and servicing for commercial real estate assets. We operate through two business segments: our Structured Loan Origination and Investment Business, or “Structured Business,” and our Agency Loan Origination and Servicing Business, or “Agency Business.”

Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, single-family rental (“SFR”) and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages and preferred and direct equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities.

Through our Agency Business, we originate, sell and service a range of multifamily finance products through the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the government-sponsored enterprises, or “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), Federal Housing Authority (“FHA”) and the U.S. Department of Housing and Urban Development (together with Ginnie Mae and FHA, “HUD”). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing (“DUS”) lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and small balance loan (“SBL”) lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and service permanent financing loans underwritten using the guidelines of our existing agency loans sold to the GSEs, which we refer to as “Private Label” loans, and originate and sell finance products through conduit/commercial mortgage-backed securities (“CMBS”) programs. We pool and securitize the Private Label loans and sell certificates in the securitizations to third-party investors, while retaining the servicing rights and the highest risk bottom tranche certificate of the securitization (“APL certificates”).

Substantially all of our operations are conducted through our operating partnership, Arbor Realty Limited Partnership (“ARLP”), for which we serve as the indirect general partner, and ARLP’s subsidiaries. We are organized to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. A REIT is generally not subject to federal income tax on that portion of its REIT-taxable income that is distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. Certain of our assets that produce non-qualifying REIT income, primarily within the Agency Business, are operated through taxable REIT subsidiaries (“TRS”), which are part of our TRS consolidated group (the “TRS Consolidated Group”) and are subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business.

Note 2 — Basis of Presentation and Significant Accounting Policies

Basis of Presentation

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2021 Annual Report.

8

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Principles of Consolidation

These consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 14. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Since early 2020, there has been a global outbreak of COVID-19, which had forced many countries, including the United States, to declare national emergencies, to institute “stay-at-home” orders, to close financial markets and to restrict operations of non-essential businesses. Such actions have created significant disruptions in global supply chains, and adversely impacted many industries. COVID-19 has had, and may continue to have, a continued and prolonged adverse impact on economic and market conditions, which could continue a period of global economic slowdown. The impact of COVID-19 on companies continues to evolve, and the extent and duration of the economic fallout from this pandemic, both globally and to our business, remain unclear, making any estimate or assumption as of June 30, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19.

Recently Adopted Accounting Pronouncements

Description

    

Adoption Date

    

Effect on Financial Statements

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). Upon adoption of this guidance, convertible debt proceeds will no longer be allocated between debt and equity components, reducing the unamortized debt discount and lowering interest expense. This guidance also changes the method used to calculate diluted earnings per share when an instrument may be settled in cash or shares, if the effect is dilutive.

First quarter of 2022

We adopted this guidance on January 1, 2022 using the modified retrospective method of transition. Upon adoption, we reclassified the remaining equity component from equity to our convertible senior unsecured notes liability and ceased amortization of the debt discount through interest expense. Additionally, this guidance and the adoption method chosen requires the use of the if-converted method for the diluted net income per share calculation for our convertible instruments on a retrospective basis, regardless of our settlement intent. The adoption of this guidance resulted in a $2.5 million increase to the carrying value of our convertible debt, an $8.7 million decrease to our additional paid-in capital and a $5.6 million increase to our retained earnings at January 1, 2022. Additionally, the adoption of this guidance has reduced our diluted earnings per share for the three and six months ended June 30, 2022 by $0.02 per share, mainly due to the dilutive affect of 15.1 million shares from the assumption that we will redeem the principal balance with common stock.

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Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Recently Issued Accounting Pronouncements

Description

    

Effective Date

    

Effect on Financial Statements

In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the accounting guidance on troubled debt restructurings and amends existing disclosures, including the requirment to disclose current period gross write-offs by year of origination. The guidance also updates the requirements related to accounting for credit losses and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty.

First quarter of 2023, with early adoption permitted

We have not early adopted this guidance and will make all the necessary additional disclosure requirements once adopted. We are currently evaluating the impact the changes, other than the disclosure changes, will have on our consolidated financial statements.

Significant Accounting Policies

See Item 8 – Financial Statements and Supplementary Data in our 2021 Annual Report for a description of our significant accounting policies. Except for the adoption of ASU 2020-06 described above, there have been no significant changes to our significant accounting policies since December 31, 2021.

Note 3 — Loans and Investments

Our Structured Business loan and investment portfolio consists of ($ in thousands):

    

    

    

    

    

Wtd. Avg.

    

    

Remaining

Wtd. Avg.

Wtd. Avg.

Percent of

Loan

Wtd. Avg.

Months to

First Dollar

Last Dollar

June 30, 2022

Total

Count

Pay Rate (1)

Maturity

LTV Ratio (2)

LTV Ratio (3)

Bridge loans (4)

$

14,668,418

98

%  

674

 

5.47

%  

23.6

 

0

%  

76

%

Mezzanine loans

 

181,019

 

1

%  

36

 

7.63

%  

64.2

 

41

%  

79

%

Preferred equity investments

148,254

1

%  

9

5.48

%  

34.7

58

%  

87

%

Other loans (5)

 

36,120

 

<1

%  

3

 

6.12

%  

38.7

 

0

%  

67

%

 

15,033,811

 

100

%  

722

 

5.49

%  

24.2

 

1

%  

76

%

Allowance for credit losses

(121,331)

Unearned revenue

 

(80,178)

Loans and investments, net

$

14,832,302

    

December 31, 2021