Arbor(US:ABR)2025-02-21 13:30Financial Performance - Arbor Realty Trust reported Q4 2024 net income of $59.8 million, or $0.32 per diluted common share, down from $91.7 million, or $0.48 per diluted common share in Q4 2023[3]. - Full year net income for 2024 was $223.3 million, or $1.18 per diluted common share, compared to $330.1 million, or $1.75 per diluted common share in 2023[3]. - Distributable earnings for Q4 2024 were $81.6 million, or $0.40 per diluted common share, compared to $104.1 million, or $0.51 per diluted common share in Q4 2023[3]. - Interest income for Q4 2024 was $262.87 million, down from $331.06 million in Q4 2023, while net income attributable to common stockholders was $59.83 million, compared to $91.66 million in the prior year[26]. - The Company reported a net interest income of $82.87 million for Q4 2024, compared to $103.58 million in Q4 2023[26]. - Net income attributable to common stockholders for Q4 2024 was $59.826 million, a decrease of 34.8% compared to $91.659 million in Q4 2023[35]. - Distributable earnings for Q4 2024 were $81.602 million, down from $104.104 million in Q4 2023, with diluted distributable earnings per share at $0.40[35]. Loan and Investment Portfolio - The agency loan originations for Q4 2024 totaled $1.38 billion, with a servicing portfolio of approximately $33.47 billion[4]. - The structured loan originations for Q4 2024 were $684.3 million, with a runoff of $900.6 million[4]. - The average balance of the loan and investment portfolio during Q4 2024 was $11.46 billion, with a weighted average yield of 8.52%[10][11]. - At December 31, 2024, the company had 26 non-performing loans with a UPB of $651.8 million[12]. - Total assets as of December 31, 2024, amounted to $13.491 billion, with loans and investments net totaling $11.034 billion[33]. Debt and Financing - The company successfully reduced its debt-to-equity ratio from 4:1 in 2023 to 2.8:1 by December 31, 2024[4]. - The balance of debt financing the Company's loan and investment portfolio as of December 31, 2024, was $9.54 billion, with a weighted average interest rate of 6.88%, down from $9.97 billion and 7.18% on September 30, 2024[15]. - The average balance of debt for Q4 2024 was $9.67 billion, compared to $10.09 billion in Q3 2024, with a decrease in average cost of borrowings from 7.58% to 7.10%[16]. - The Company issued $100 million of 9.00% senior unsecured notes due October 2027, with net proceeds used to pay down debt and for general corporate purposes[17]. - Total liabilities were $10.34 billion as of December 31, 2024, down from $12.48 billion in 2023[29]. - Total liabilities as of December 31, 2024, were $10.339 billion, with debt obligations comprising $9.924 billion[33]. Provisions and Losses - The company recorded a $3.4 million provision for loan losses in Q4 2024, with a total allowance for loan losses of $239.0 million[12]. - The Company experienced a decrease in provision for credit losses, reporting $68.54 million for the year ended December 31, 2024, compared to $73.45 million in 2023[26]. - The provision for credit losses (net of recoveries) was $3.641 million for Q4 2024[31]. - The company experienced a loss from equity affiliates of $1.616 million in Q4 2024[31]. Dividends - Arbor Realty Trust declared a cash dividend of $0.43 per share[4]. - A quarterly cash dividend of $0.43 per share was declared for the quarter ended December 31, 2024, payable on March 21, 2025[18]. - The company declared a dividend of $0.43 per share for Q4 2024[34].