ARBOR REALTY TRUST INC
For the period ended Dec 31, 2023. Filed Feb 20, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 20, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Schedule IV — Loans and Other Lending Investments
($ in thousands)
| Type | Location | PeriodicPaymentTerms (1) | MaturityDate (2) | Interest PayRateIndex (3) | Prior Liens | FaceAmount (4) | CarryingAmount (5) | CarryingAmountSubject toDelinquentInterest |
|---|---|---|---|---|---|---|---|---|
| Bridge Loans: | ||||||||
| Bridge loans less than 3% of carrying amount of total loans (6): | ||||||||
| Multifamily | Various | IO / PI | 2024 - 2026 | SOFR+ 0.00% to 5.75% | $— | $10,789,936 | $10,665,252 | $— |
| SOFR Floor 0.10% to 5.36% | ||||||||
| Fixed 3.00% to 12.00% | ||||||||
| Single‑Family Rental | Various | IO / PI | 2024 - 2026 | SOFR+ 0.00% to 6.25% | — | 1,316,803 | 1,301,522 | — |
| SOFR Floor 0.10% to 5.36% | ||||||||
| Land | CA | IO | 2025 | SOFR+ 4.00% | — | 118,595 | 40,726 | — |
| SOFR Floor 0.15% | ||||||||
| Fixed 0.00% | ||||||||
| Office | NY | IO | 2024 | SOFR+ 3.50% | — | 35,410 | 35,268 | — |
| Retail | CT | IO | 2024 | SOFR+ 3.50% | — | 12,500 | 10,127 | — |
| SOFR Floor 1.00% | ||||||||
| Total Bridge Loans less than 3% of carrying amount of total loans | — | 12,273,244 | 12,052,895 | — | ||||
| Total Bridge Loans | — | 12,273,244 | 12,052,895 | — | ||||
| Mezzanine Loans: | ||||||||
| Mezzanine loans less than 3% of carrying amount of total loans (6): | ||||||||
| Multifamily | Various | IO / PI | 2024 - 2034 | Fixed 3.50% to 14.00% | 1,203,261 | 232,104 | 223,008 | — |
| Land | CA | IO | 2024 | Fixed 0.00% | — | 9,333 | 9,333 | — |
| Retail | Various | IO | 2024 | SOFR+ 3.50% | — | 7,020 | 6,100 | — |
| SOFR Floor 1.00% | ||||||||
| Fixed 12.00% | ||||||||
| Total Mezzanine Loans | 1,203,261 | 248,457 | 238,441 | — | ||||
| Preferred Equity Investments: | ||||||||
| Preferred equity investments less than 3% of carrying amount of total loans (6): | ||||||||
| Multifamily | Various | IO / PI | 2024 - 2033 | Fixed 0.00% to 16.00% | 439,722 | 75,941 | 71,020 | — |
| Land | TX | IO | 2024 - 2025 | Fixed 0.00% | — | 8,100 | 7,910 | — |
| Commercial | NY | IO | 2024 | Fixed 6.00% | 29,792 | 1,700 | — | — |
| Total Preferred Equity Investments | 469,514 | 85,741 | 78,930 | — | ||||
| Other Loans: | ||||||||
| Other loans less than 3% of carrying amount of total loans (6): | ||||||||
| Single‑Family Rental | Various | IO / PI | 2024 - 2025 | SOFR + 3.98% to 4.90% | — | 7,564 | 7,540 | — |
| SOFR Floor 0.25% | ||||||||
| — | 7,564 | 7,540 | — | |||||
| Total Loans | $1,672,775 | $12,615,006 | $12,377,806 | $— | ||||
(1)IO = Interest Only, PI = Principal and Interest.
(2)Maturity date does not include possible extensions.
(3)References to SOFR are to one-month SOFR unless specifically stated otherwise.
(4)During 2023, $1.74 billion of loans were extended.
(5)The federal income tax basis is approximately $12.62 billion.
(6)Individual loans each have a carrying value less than 3% of total loans.
SCHEDULE IV — LOANS AND OTHER LENDING INVESTMENTS (Continued)
($ in thousands)
The following table reconciles our loans and investments carrying amounts for the periods indicated (in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Balance at beginning of year | $14,254,674 | $11,981,048 | $5,285,868 |
| Additions during period: | |||
| New loan originations | 983,343 | 6,151,647 | 9,720,515 |
| Funding of unfunded loan commitments (1) | 835,484 | 381,831 | 200,694 |
| Accretion of unearned revenue | 41,125 | 37,468 | 25,618 |
| Recoveries of reserves | 4,776 | 1,500 | 24,315 |
| Loan charge‑offs | — | — | 10,773 |
| Deductions during period: | |||
| Loan payoffs and paydowns | (3,354,055) | (3,818,554) | (2,516,771) |
| Unfunded loan commitments (1) | (260,789) | (376,404) | (623,639) |
| Unearned revenue and costs | (13,772) | (51,808) | (69,528) |
| Reclassification to real estate owned | (39,400) | (31,200) | (880) |
| Provision for loan losses | (73,580) | (20,818) | — |
| Reclassification to held-for-sale loans | — | (36) | (65,144) |
| Use of loan charge‑offs | — | — | (10,773) |
| Balance at end of year | $12,377,806 | $14,254,674 | $11,981,048 |
(1)In accordance with certain loans and investments, we have outstanding unfunded commitments that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.