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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-32136

Arbor Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland

    

20-0057959

(State or other jurisdiction of
incorporation)

(I.R.S. Employer
Identification No.)

333 Earle Ovington Boulevard, Suite 900
Uniondale, NY
(Address of principal executive offices)

11553
(Zip Code)

(Registrant’s telephone number, including area code): (516506-4200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading symbols

    

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ABR

New York Stock Exchange

Preferred Stock, 8.25% Series A Cumulative Redeemable, par value $0.01 per share

ABR-PA

New York Stock Exchange

Preferred Stock, 7.75% Series B Cumulative Redeemable, par value $0.01 per share

ABR-PB

New York Stock Exchange

Preferred Stock, 8.50% Series C Cumulative Redeemable, par value $0.01 per share

ABR-PC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common stock, $0.01 par value per share: 112,213,035 outstanding as of July 24, 2020.

Table of Contents

INDEX

PART I. FINANCIAL INFORMATION

    

Item 1. Financial Statements (Unaudited)

2

Consolidated Balance Sheets

2

Consolidated Statements of Operations

3

Consolidated Statements of Changes in Equity

4

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements

8

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

53

Item 3. Quantitative and Qualitative Disclosures about Market Risk

68

Item 4. Controls and Procedures

69

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

69

Item 1A. Risk Factors

69

Item 6. Exhibits

71

Signatures

72

Table of Contents

Forward-Looking Statements

The information contained in this quarterly report on Form 10-Q is not a complete description of our business or the risks associated with an investment in Arbor Realty Trust, Inc.  We urge you to carefully review and consider the various disclosures made by us in this report.

This report contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, among other things, the operating performance of our investments and financing needs. We use words such as “anticipate,” “expect,” “believe,” “intend,” “should,” “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 COVID-19 pandemic; the potential impact of the COVID-19 pandemic on our business, results of operations and financial condition; adverse changes in our status with government-sponsored enterprises affecting our ability to originate loans through such programs; changes in interest rates; the quality and size of the investment pipeline and the rate at which we can invest our cash; impairments in the value of the collateral underlying our loans and investments; changes in federal and state laws and regulations, including changes in tax laws; the availability and cost of capital for future investments; and competition. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which reflect our views as of the date of this report.  The factors noted above could cause our actual results to differ significantly from those contained in any forward-looking statement.

Additional information regarding these and other risks and uncertainties we face is contained in our annual report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”) filed with the Securities and Exchange Commission (“SEC”) on February 14, 2020 and in our other reports and filings with the SEC.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.  We are under no duty to update any of the forward-looking statements after the date of this report to conform these statements to actual results.

i

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

    

June 30, 

    

December 31, 

2020

2019

(Unaudited)

Assets:

Cash and cash equivalents

$

384,182

$

299,687

Restricted cash

 

94,847

 

210,875

Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)

4,800,176

4,189,960

Loans held-for-sale, net

360,372

861,360

Capitalized mortgage servicing rights, net

313,288

286,420

Securities held-to-maturity, net (allowance for credit losses of $3,148 and $0, respectively)

119,019

88,699

Investments in equity affiliates

 

64,991

 

41,800

Real estate owned, net

 

12,990

 

13,220

Due from related party

 

8,416

 

10,651

Goodwill and other intangible assets

108,040

110,700

Other assets

 

123,803

 

125,788

Total assets

$

6,390,124

$

6,239,160

Liabilities and Equity:

Credit facilities and repurchase agreements

$

1,235,613

$

1,678,288

Collateralized loan obligations

 

2,514,524

 

2,130,121

Debt fund

68,629

Senior unsecured notes

 

661,757

 

319,799

Convertible senior unsecured notes, net

265,244

284,152

Junior subordinated notes to subsidiary trust issuing preferred securities

 

141,295

 

140,949

Due to related party

 

584

 

13,100

Due to borrowers

 

70,132

 

79,148

Allowance for loss-sharing obligations

73,220

34,648

Other liabilities

 

169,979

 

134,299

Total liabilities

 

5,132,348

 

4,883,133

Commitments and contingencies (Note 14)

 

 

Equity:

Arbor Realty Trust, Inc. stockholders' equity:

Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; special voting preferred shares; 20,369,265 and 20,484,094 shares issued and outstanding, respectively; 8.25% Series A, $38,788 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500 aggregate liquidation preference; 900,000 shares issued and outstanding

89,500

 

89,501

Common stock, $0.01 par value: 500,000,000 shares authorized; 112,211,461 and 109,706,214 shares issued and outstanding, respectively

 

1,122

 

1,097

Additional paid-in capital

 

1,182,449

 

1,154,932

Accumulated deficit

 

(167,165)

 

(60,920)

Total Arbor Realty Trust, Inc. stockholders' equity

1,105,906

1,184,610

Noncontrolling interest

151,870

171,417

Total equity

 

1,257,776

 

1,356,027

Total liabilities and equity

$

6,390,124

$

6,239,160

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, 2020 and December 31, 2019, assets of our consolidated VIEs totaled $3,127,169 and $2,784,756, respectively, and the liabilities of our consolidated VIEs totaled $2,517,315 and $2,209,599, respectively. See Note 15 for discussion of our VIEs.

See Notes to Consolidated Financial Statements.

2

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

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

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

Interest income

$

83,080

$

82,171

$

171,606

$

153,448

Interest expense

 

41,302

 

48,284

 

91,284

 

90,149

Net interest income

 

41,778

 

33,887

 

80,322

 

63,299

Other revenue:

Gain on sales, including fee-based services, net

26,366

14,211

40,671

30,600

Mortgage servicing rights

32,417

18,709

54,351

32,941

Servicing revenue, net

13,506

12,612

26,809

26,164

Property operating income

751

3,147

2,943

5,950

(Loss) gain on derivative instruments, net

(7,368)

742

(58,099)

(1,723)

Other income, net

 

1,049

 

651

 

2,351

 

989

Total other revenue

 

66,721

 

50,072

 

69,026

 

94,921

Other expenses:

Employee compensation and benefits

34,438

29,022

68,690

 

60,786

Selling and administrative

8,606

10,481

19,658

 

20,242

Property operating expenses

1,035

2,691

3,478

 

5,086

Depreciation and amortization

1,961

1,909

3,908

 

3,821

Impairment loss on real estate owned

1,000

1,000

Provision for loss sharing (net of recoveries)

2,395

368

23,932

822

Provision for credit losses (net of recoveries)

12,714

67,096

 

Total other expenses

 

61,149

 

45,471

 

186,762

 

91,757

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

 

47,350

 

38,488

 

(37,414)

 

66,463

Loss on extinguishment of debt

(1,592)

(3,546)

(128)

Income from equity affiliates

20,408

3,264

24,401

5,415

(Provision for) benefit from income taxes

(12,077)

(4,350)

2,293

(4,341)

Net income (loss)

 

54,089

 

37,402

 

(14,266)

 

67,409

Preferred stock dividends

 

1,888

 

1,888

 

3,777

 

3,777

Net income (loss) attributable to noncontrolling interest

8,110

6,598

(2,824)

12,066

Net income (loss) attributable to common stockholders

$

44,091

$

28,916

$

(15,219)

$

51,566

Basic earnings (loss) per common share

$

0.40

$

0.32

$

(0.14)

$

0.59

Diluted earnings (loss) per common share

$

0.40

$

0.31

$

(0.14)

$

0.57

Weighted average shares outstanding:

Basic

110,745,572

 

89,955,923

 

110,768,992

 

87,567,171

Diluted

131,882,398

 

113,624,384

 

131,166,018

 

110,779,680

Dividends declared per common share

$

0.30

$

0.28

$

0.60

$

0.55

See Notes to Consolidated Financial Statements.

3

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

($ in thousands, except shares)

Three Months Ended June 30, 2020

Total Arbor

Common

Realty Trust, Inc.

Preferred

Preferred 

Common

Stock Par

Additional Paid-

Accumulated

Stockholders'

Noncontrolling

    

Stock Shares

    

Stock Value

    

Stock Shares

    

Value

    

in Capital

    

Deficit

    

Equity

    

Interest

    

Total Equity

Balance - April 1, 2020

 

24,080,765

$

89,500

 

110,608,903

$

1,106

$

1,163,161

$

(177,589)

$

1,076,178

$

149,872

$

1,226,050

Issuance of common stock

 

 

1,958,008

19

18,565

18,584

18,584

Repurchase of common stock

(376,000)

(3)

(1,467)

(1,470)

(1,470)

Issuance of common stock from convertible debt

 

 

 

2,153

 

 

276

 

 

276

 

 

276

Stock-based compensation, net

 

 

 

18,397

 

 

1,914

 

 

1,914

 

 

1,914

Distributions - common stock

 

 

 

 

 

 

(33,671)

 

(33,671)

 

 

(33,671)

Distributions - preferred stock

 

 

 

 

 

 

(1,884)

 

(1,884)

 

 

(1,884)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(6,112)

 

(6,112)

Net income

 

 

 

 

 

 

45,979

 

45,979

 

8,110

 

54,089

Balance – June 30, 2020

 

24,080,765

$

89,500

 

112,211,461

$

1,122

$

1,182,449

$

(167,165)

$

1,105,906

$

151,870

$

1,257,776

Six Months Ended June 30, 2020

Total Arbor

Common

Realty Trust, Inc.

Preferred

Preferred 

Common

Stock Par

Additional Paid-

Accumulated

Stockholders'

Noncontrolling

    

Stock Shares

    

Stock Value

    

Stock Shares

    

Value

    

in Capital

    

Deficit

    

Equity

    

Interest

    

Total Equity

Balance - January 1, 2020

 

24,195,594

$

89,501

 

109,706,214

$

1,097

$

1,154,932

$

(60,920)

$

1,184,610

$

171,417

$

1,356,027

Cummulative-effect adjustment (Note 2)

(24,106)

(24,106)

(4,501)

(28,607)

Balance - January 1, 2020 (as adjusted for the adoption of ASU 2016-13)

24,195,594

$

89,501

109,706,214

$

1,097

$

1,154,932

$

(85,026)

$

1,160,504

$

166,916

$

1,327,420

Issuance of common stock

 

 

3,308,008

33

37,975

38,008

38,008

Repurchase of common stock

(1,625,777)

(16)

(12,745)

(12,761)

(12,761)

Issuance of common stock from convertible debt

 

 

 

363,013

 

3

 

90

 

 

93

 

 

93

Stock-based compensation, net

 

 

 

460,003

 

5

 

3,796

 

 

3,801

 

 

3,801

Distributions - common stock

 

 

 

 

 

 

(66,920)

 

(66,920)

 

 

(66,920)

Distributions - preferred stock

 

 

 

 

 

 

(3,777)

 

(3,777)

 

 

(3,777)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(12,222)

 

(12,222)

Redemption of operating partnership units

(114,829)

(1)

(1,599)

(1,600)

(1,600)

Net loss

 

 

 

 

 

 

(11,442)

 

(11,442)

 

(2,824)

 

(14,266)

Balance – June 30, 2020

 

24,080,765

$

89,500

 

112,211,461

$

1,122

$

1,182,449

$

(167,165)

$

1,105,906

$

151,870

$

1,257,776

See Notes to Consolidated Financial Statements.

4

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

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

($ in thousands, except shares)

Three Months Ended June 30, 2019

Total Arbor

Common

Realty Trust, Inc.

Preferred

Preferred 

Common

Stock Par

Additional Paid-

Accumulated

Stockholders'

Noncontrolling

    

Stock Shares

    

Stock Value

    

Stock Shares

    

Value

    

in Capital

    

Deficit

    

Equity

    

Interest

    

Total Equity

Balance - April 1, 2019

 

24,199,044

$

89,501

 

85,955,995

$

860

$

893,471

$

(74,589)

909,243

$

168,140

$

1,077,383

Issuance of common stock

 

 

9,200,000

91

115,494

115,585

115,585

Repurchase of common stock

(920,000)

(9)

(11,565)

(11,574)

(11,574)

Extinguishment of convertible senior unsecured notes

 

 

 

 

 

(6)

 

 

(6)

 

 

(6)

Stock-based compensation, net

 

 

 

(10,428)

 

 

1,503

 

 

1,503

 

 

1,503

Distributions - common stock

 

 

 

 

 

 

(26,645)

 

(26,645)

 

 

(26,645)

Distributions - preferred stock

 

 

 

 

 

 

(1,891)

 

(1,891)

 

 

(1,891)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(5,736)

 

(5,736)

Redemption of operating partnership units

(43)

(43)

Net income

 

 

 

 

 

 

30,804

 

30,804

 

6,598

 

37,402

Balance – June 30, 2019

 

24,199,044

$

89,501

 

94,225,567

$

942

$

998,897

$

(72,321)

$

1,017,019

$

168,959

$

1,185,978

Six Months Ended June 30, 2019

Total Arbor

Common

Realty Trust, Inc.

Preferred

Preferred 

Common

Stock Par

Additional Paid-

Accumulated

Stockholders'

Noncontrolling

    

Stock Shares

    

Stock Value

    

Stock Shares

    

Value

    

in Capital

    

Deficit

    

Equity

    

Interest

    

Total Equity

Balance – January 1, 2019

    

24,365,084

    

$

89,502

    

83,987,707

    

$

840

    

$

879,029

    

$

(74,133)

    

895,238

    

$

170,328

    

$

1,065,566

Issuance of common stock

9,200,000

91

115,494

115,585

115,585

Repurchase of common stock

(920,000)

(9)

(11,565)

(11,574)

(11,574)

Issuance of common stock upon vesting of restricted stock units

203,492

2

(2,904)

(2,902)

(2,902)

Issuance of common stock from convertible debt

 

 

 

210,466

 

2

 

2,505

 

 

2,507

 

 

2,507

Extinguishment of convertible senior unsecured notes

 

 

 

 

 

(1,337)

 

 

(1,337)

 

 

(1,337)

Stock-based compensation, net

 

 

 

383,793

 

4

 

4,669

 

 

4,673

 

 

4,673

Issuance of common stock from special dividend

 

 

 

901,432

 

9

 

10,070

 

 

10,079

 

 

10,079

Issuance of operating partnership units and special voting preferred stock from special dividend

 

221,666

 

2

 

 

 

 

 

2

 

2,476

 

2,478

Distributions - common stock

 

 

 

 

 

 

(49,746)

 

(49,746)

 

 

(49,746)

Distributions - preferred stock

 

 

 

 

 

 

(3,785)

 

(3,785)

 

 

(3,785)

Distributions - noncontrolling interest

 

 

 

 

 

 

 

 

(11,302)

 

(11,302)

Redemption of operating partnership units

 

(387,706)

 

(3)

 

258,677

 

3

 

2,936

 

 

2,936

 

(4,609)

 

(1,673)

Net income

 

 

 

 

 

 

55,343

 

55,343

 

12,066

 

67,409

Balance – June 30, 2019

 

24,199,044

$

89,501

 

94,225,567

$

942

$

998,897

$

(72,321)

$

1,017,019

$

168,959

$

1,185,978

See Notes to Consolidated Financial Statements.

5

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(in thousands)

Six Months Ended June 30, 

2020

    

2019

Operating activities:

Net (loss) income

$

(14,266)

$

67,409

Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:

Depreciation and amortization

 

3,908

 

3,821

Stock-based compensation

 

3,801

 

5,258

Amortization and accretion of interest and fees, net

 

3,007

 

2,092

Amortization of capitalized mortgage servicing rights

23,713

24,606

Originations of loans held-for-sale

(2,452,745)

(1,971,876)

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

2,949,949

1,847,488

Payoffs and paydowns of loans held-for-sale

62

66

Mortgage servicing rights

(54,351)

(32,941)

Write-off of capitalized mortgage servicing rights from payoffs

9,570

9,048

Impairment loss on real estate owned

1,000

Provision for loss sharing (net of recoveries)

23,932

822

Provision for credit losses (net of recoveries)

67,096

Net recoveries (charge-offs) for loss sharing obligations

233

(703)

Deferred tax benefit

(9,025)

(3,250)

Income from equity affiliates

 

(24,401)

 

(5,415)

Loss on extinguishment of debt

3,546

128

Changes in operating assets and liabilities

(297)

(25,251)

Net cash provided by (used in) operating activities

533,732

(77,698)

Investing Activities:

Loans and investments funded, originated and purchased, net

 

(1,117,004)

 

(1,398,834)

Payoffs and paydowns of loans and investments

 

459,489

 

796,652

Deferred fees

 

5,835

 

11,505

Investments in real estate, net

 

(129)

 

(287)

Contributions to equity affiliates

 

(60)

 

(6,105)

Distributions from equity affiliates

77

Purchase of securities held-to-maturity, net

(37,927)

(10,000)

Payoffs and paydowns of securities held-to-maturity

5,823

2,679

Due to borrowers and reserves

(44,028)

(24,052)

Net cash used in investing activities

(727,924)

(628,442)

Financing activities:

Proceeds from repurchase agreements and credit facilities

 

4,781,801

 

4,126,430

Paydowns and payoffs of repurchase agreements and credit facilities

 

(5,222,038)

 

(3,640,107)

Proceeds from issuance of collateralized loan obligations

668,000

533,000

Payoffs and paydowns of collateralized loan obligations

(282,874)

(250,250)

Payoffs and paydowns of debt fund

(70,000)

Proceeds from issuance of common stock

38,008

115,736

Settlements of convertible senior unsecured notes

(22,145)

(3,037)

Proceeds from issuance of senior unsecured notes

345,750

90,000

Redemption of operating partnership units

(1,600)

(1,673)

Payments of withholding taxes on net settlement of vested stock

(3,487)

Repurchase of common stock

(12,761)

(11,574)

Distributions paid on common stock

 

(33,249)

 

(49,746)

Distributions paid on noncontrolling interest

(6,110)

(11,302)

Distributions paid on preferred stock

(3,781)

(3,785)

Payment of deferred financing costs

 

(16,342)

 

(9,362)

Net cash provided by financing activities

162,659

880,843

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

(31,533)

174,703

Cash, cash equivalents and restricted cash at beginning of period

 

510,562

 

340,669

Cash, cash equivalents and restricted cash at end of period

$

479,029

$

515,372

See Notes to Consolidated Financial Statements.

6

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)

(in thousands)

Six Months Ended June 30, 

    

2020

    

2019

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents at beginning of period

$

299,687

$

160,063

Restricted cash at beginning of period

210,875

180,606

Cash, cash equivalents and restricted cash at beginning of period

$

510,562

$

340,669

Cash and cash equivalents at end of period

$

384,182

$

198,917

Restricted cash at end of period

94,847

316,455

Cash, cash equivalents and restricted cash at end of period

$

479,029

$

515,372

Supplemental cash flow information:

Cash used to pay interest

$

76,294

$

85,776

Cash used to pay taxes

2,832

13,186

Supplemental schedule of non-cash investing and financing activities:

Dividends declared on common stock and operating partnership units

$

39,778

$

Cummulative-effect adjustment (Note 2)

28,607

Issuance of common stock from convertible debt

93

2,507

Distributions accrued on 8.25% Series A preferred stock

267

267

Distributions accrued on 7.75% Series B preferred stock

203

203

Distributions accrued on 8.50% Series C preferred stock

159

159

Settlements of convertible senior unsecured notes

(4,778)

(1,337)

Fair value of conversion feature of convertible senior unsecured notes

(185)

1,175

Special dividend - common stock issued

10,079

Special dividend - special voting preferred stock and operating partnership units issued

2,478

See Notes to Consolidated Financial Statements.

7

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

June 30, 2020

Note 1 — Description of Business

Arbor Realty Trust, Inc. (“we,” “us,” or “our”) is a Maryland corporation formed in 2003. 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 and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity. We may also 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 sell finance products through conduit/commercial mortgage-backed securities ("CMBS") programs and during the second half of 2019, we began to 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. We pool and securitize the Private Label loans and sell certain securities in the securitizations to third-party investors, while retaining the highest risk bottom tranche certificate.

Substantially all of our operations are conducted through our operating partnership, Arbor Realty Limited Partnership ("ARLP"), for which we serve as the 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 is part of our TRS consolidated group (the "TRS Consolidated Group") and is 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. See Note 17 for details.

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 2019 Annual Report.

8

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

June 30, 2020

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 15. All significant inter-company transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. During the first half of 2020, there has been a global outbreak of a novel coronavirus ("COVID-19"), which has 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 are creating significant disruptions in global supply chains, and adversely impacting many industries. COVID-19 could have a continued and prolonged adverse impact on economic and market conditions and could trigger a period of global economic slowdown. The impact of COVID-19 on companies is evolving rapidly, 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, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from those estimates.

Reclassification

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. The net gain/loss from changes in fair value of derivative instruments previously recorded to other income, net is now recorded to (loss) gain on derivative instruments, net. These reclassifications had no effect on the previously reported net income.

Recently Adopted Accounting Pronouncements

Credit Losses

On January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which utilizes a current expected credit loss methodology (“CECL”) for the recognition of credit losses for our structured loans and investments, held-to-maturity debt securities and our loss-sharing obligations related to the Fannie Mae DUS program, at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected credit losses. This methodology replaces the multiple existing impairment methods in GAAP and generally requires that a loss be incurred before it is recognized. We adopted ASU 2016-13 using the modified retrospective method, therefore, the results for reporting periods prior to January 1, 2020 have been unadjusted and reported in accordance with previously applicable GAAP. In connection with the adoption of ASU 2016-13, we recorded a $28.6 million increase to accumulated deficit, which is net of a deferred tax asset of $3.6 million as of January 1, 2020.

9

Table of Contents

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

June 30, 2020

The following table illustrates the impact of adopting ASU 2016-13 (in thousands):

January 1, 2020

    

As Reported

    

    

    

    

 

Under

 

As Reported

 

Impact of

 

ASU 2016-13

 

Pre-Adoption

 

Adoption

Assets:

 

  

 

  

 

  

Allowance for credit losses:

 

  

 

  

 

  

Structured loans and investments (1)

$

88,363

$

71,069

$

17,294

Held-to-maturity debt securities

 

501

501

Deferred tax assets

27,307

23,713

3,594

Liabilities:

 

  

 

  

 

  

Allowance for loss-sharing obligations

 

16,847