Arbor Realty Trust Inc (ABR, Financial) released its earnings report for the third quarter ended September 30, 2023, on October 27, 2023. The company reported a GAAP net income of $0.41 per diluted common share, compared to $0.36 per diluted common share for the same quarter in 2022. Distributable earnings for the quarter were $0.55 per diluted common share, compared to $0.56 per diluted common share for the same period in 2022.
Financial Highlights
ABR declared a cash dividend on common stock of $0.43 per share, representing an annualized dividend of $1.72 per share. The company maintains a strong liquidity position with approximately $1 billion in cash and liquidity, and around $500 million of restricted cash in replenishable CLO vehicles with a weighted average cost of 1.70% over benchmark rates.
Loan Originations and Servicing Portfolio
For Q3 2023, ABR reported agency loan originations of $1.15 billion and a servicing portfolio of approximately $29.94 billion, up 2%. Structured loan originations were $240.2 million, and the portfolio was approximately $13.12 billion.
Agency Business Performance
The Agency Business generated revenues of $80.8 million for Q3 2023, compared to $76.7 million for Q2 2023. Income from mortgage servicing rights was $14.1 million for the quarter, reflecting a rate of 1.16% as a percentage of loan commitments.
Structured Business Performance
At the end of Q3 2023, the loan and investment portfolio’s unpaid principal balance, excluding loan loss reserves, was $13.12 billion, with a weighted average current interest pay rate of 8.80%. The average balance of the Company’s loan and investment portfolio during the third quarter of 2023, excluding loan loss reserves, was $13.40 billion with a weighted average yield of 9.25%.
Dividend Declaration
ABR's Board of Directors declared a quarterly cash dividend of $0.43 per share of common stock for the quarter ended September 30, 2023. The dividend is payable on November 30, 2023, to common stockholders of record on November 17, 2023.
For more detailed financial information, please refer to Arbor Realty Trust Inc's official earnings release.
Explore the complete 8-K earnings release (here) from Arbor Realty Trust Inc for further details.
