Arbor Realty Trust reported a second quarter GAAP net loss of $(37.3) million, or $(0.20) per diluted common share, a significant shift from a net income of $24.0 million in the same quarter last year. The company's distributable earnings, a non-GAAP metric, were $0.10 per diluted share, down from $0.25 a year ago. Despite the loss, the company declared a quarterly dividend of $0.17 per share.
Key Highlights
- The GAAP net loss was primarily driven by a $38.2 million provision for credit losses in its Structured Business and a $13.5 million provision for loss sharing in its Agency Business.
- The Structured loan portfolio ended the quarter at $12.11 billion, with originations of $689.0 million and runoff of $539.7 million.
- The company's Agency Business originated $1.08 billion in loans, and its fee-based servicing portfolio grew to $36.70 billion.
- Arbor generated approximately $500 million in additional liquidity through capital markets transactions and repurchased a total of $135.1 million of its common stock.