Arbor(US:ABR)2025-05-02 12:31Financial Performance - Arbor Realty Trust reported net income of $30.4 million, or $0.16 per diluted common share, for Q1 2025, down from $57.9 million, or $0.31 per diluted common share in Q1 2024[2]. - Distributable earnings for the quarter were $57.3 million, or $0.28 per diluted common share, compared to $96.7 million, or $0.47 per diluted common share in the same quarter last year[3]. - Net income attributable to common stockholders for Q1 2025 was $30,438,000, a decrease of 47.4% compared to $57,873,000 in Q1 2024[34]. - Distributable earnings for Q1 2025 were $57,327,000, down 40.7% from $96,677,000 in Q1 2024[34]. - Basic earnings per common share for Q1 2025 was $0.16, compared to $0.31 in Q1 2024, reflecting a decline of 48.4%[26]. - Diluted distributable earnings per share for Q1 2025 were $0.28, a decline of 40.4% from $0.47 in Q1 2024[34]. Dividends - The company declared a cash dividend of $0.30 per share for the quarter ended March 31, 2025[3]. - The company declared a dividend of $0.30 per share for Q1 2025, consistent with the previous quarter[31]. - The company considers distributable earnings an important measure for evaluating its ability to provide dividends to stockholders[35]. - The company aims to maintain REIT status by distributing at least 90% of its REIT-taxable income[35]. Loan and Portfolio Information - The servicing portfolio totaled approximately $33.48 billion, with servicing revenue of $25.6 million for the quarter[6]. - Agency loan originations amounted to $605.9 million, a decrease from $1.38 billion in the previous quarter[4]. - The structured loan portfolio was approximately $11.49 billion, with originations of $747.1 million and runoff of $421.9 million[3]. - The total allowance for loan losses was $240.9 million, with a net provision for loan losses of $8.4 million recorded during the quarter[11]. - Provision for credit losses (net of recoveries) was $9.075 million in Q1 2025, significantly lower than $19.118 million in Q1 2024, indicating improved credit quality[26]. - The company reported a provision for credit losses, net of $756,000 in Q1 2025, significantly lower than $14,804,000 in Q1 2024[34]. Financial Position - Total assets decreased to $13.367 billion as of March 31, 2025, from $13.491 billion at the end of 2024, a reduction of 0.9%[28]. - Total liabilities were $10.238 billion as of March 31, 2025, down from $10.339 billion at the end of 2024, a decrease of 1.0%[28]. - Cash and cash equivalents decreased to $308.842 million from $503.803 million at the end of 2024, a decline of 38.6%[28]. Interest and Borrowing - The weighted average interest rate of the loan and investment portfolio was 6.94%, compared to 6.90% at the end of the previous quarter[9]. - The average cost of borrowings for Q1 2025 was 6.96%, down from 7.10% in Q4 2024[15]. - Interest income for Q1 2025 was $240.693 million, a decrease of 25.1% from $321.292 million in Q1 2024[26]. Share Information - The weighted average shares outstanding for diluted shares decreased to 206.862 million in Q1 2025 from 222.926 million in Q1 2024[26]. - The diluted weighted average shares outstanding increased to 206,862,320 in Q1 2025 from 205,511,529 in Q1 2024[34]. Other Financial Metrics - The company closed on a new $1.15 billion repurchase facility, enhancing leverage and generating approximately $80 million of additional liquidity[3][17]. - The company reported a loss on extinguishment of debt of $2.319 million in Q1 2025, with no such loss reported in Q1 2024[26]. - Amortization and write-offs of mortgage servicing rights (MSRs) were $20,864,000 in Q1 2025, compared to $18,418,000 in Q1 2024[34].