Company Highlights: GAAP net income of $0.31 per diluted common share Distributable earnings¹ of $0.47, or $0.48 per diluted common share, excluding a $1.6 million realized loss on a non-performing loan that was previously reserved for Declares cash dividend on common stock of $0.43 per share representing a 91% payout ratio Strong liquidity position with ~$800 million in cash and liquidity and ~$600 million of restricted cash in CLO vehicles with a cost of debt below the current market² Agency loan originations of $846.3 million; a servicing portfolio of ~$31.38 billion, up 9% from 1Q23 Structured loan originations of $255.9 million, runoff of $640.0 million and a portfolio of ~$12.25 billion Repurchased $11.4 million of common stock in April 2024 at an average price of $12.19 per share, reflecting an ~4% discount to book value UNIONDALE, N.Y., May 03, 2024 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE:ABR), today announced financial results for the first quarter ended March 31, 2024. Arbor reported net income for the quarter of $57.9 million, or $0.31 per diluted common share, compared to net income of $84.3 million, or $0.46 per diluted common share for the quarter ended March 31, 2023. Distributable earnings for the quarter was $96.7 million, or $0.47 per diluted common share, compared to $122.2 million, or $0.62 per diluted common share for the quarter ended March 31, 2023. Agency Business Loan Origination Platform     Agency Loan Volume (in thousands)     Quarter Ended     March 31, 2024   December 31, 2023 Fannie Mae   $ 458,429     $ 1,177,203   Freddie Mac     370,102       98,370   FHA     —       26,493   Private Label     15,410       140,606   SFR-Fixed Rate     2,318       —   Total Originations   $ 846,259     $ 1,442,672             Total Loan Sales   $ 1,085,374     $ 1,270,356             Total Loan Commitments   $ 934,243     $ 1,362,379                     For the quarter ended March 31, 2024, the Agency Business generated revenues of $66.6 million, compared to $96.3 million for the fourth quarter of 2023. Gain on sales, including fee-based services, net was $16.7 million for the quarter, reflecting a margin of 1.54%, compared to $16.7 million and 1.32% for the fourth quarter of 2023. Income from mortgage servicing rights was $10.2 million for the quarter, reflecting a rate of 1.32% as a percentage of loan commitments (excluding $160.2 million of loan commitments not serviced for a fee), compared to $21.1 million and 1.55% for the fourth quarter of 2023. At March 31, 2024, loans held-for-sale was $322.9 million, with financing associated with these loans totaling $312.0 million. Fee-Based Servicing Portfolio The Company's fee-based servicing portfolio totaled $31.38 billion at March 31, 2024. Servicing revenue, net was $31.5 million for the quarter and consisted of servicing revenue of $48.2 million, net of amortization of mortgage servicing rights totaling $16.6 million.     Fee-Based Servicing Portfolio ($ in thousands)     March 31, 2024   December 31, 2023     UPB   Wtd. Avg. Fee (bps)   Wtd. Avg. Life (years)   UPB   Wtd. Avg. Fee (bps)   Wtd. Avg. Life (years) Fannie Mae   $ 21,548,221     47.1   7.2   $ 21,264,578     47.4   7.4 Freddie Mac     5,301,291     23.4   7.7     5,181,933     24.0   8.5 Private Label     2,524,013     18.9   6.3     2,510,449     19.5   6.7 FHA     1,365,329     14.4   19.0     1,359,624     14.4   19.2 Bridge     380,712     10.9   3.6     379,425     10.9   3.2 SFR-Fixed Rate     265,429     20.1   5.0     287,446     20.1   5.1 Total   $ 31,384,995     38.8   7.7   $ 30,983,455     39.1   8.0                                   Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan ("loss-sharing obligations") and includes $34.7 million for the fair value of the guarantee obligation undertaken at March 31, 2024. The Company recorded a $0.3 million net provision for loss sharing associated with CECL for the first quarter of 2024. At March 31, 2024, the Company's total CECL allowance for loss-sharing obligations was $38.1 million, representing 0.18% of the Fannie Mae servicing portfolio. Structured Business Portfolio and Investment Activity     Structured Portfolio Activity ($ in thousands)     Quarter Ended     March 31, 2024   December 31, 2023     UPB   %   UPB   % Bridge:                 Multifamily   $ 39,235     15 %   $ 38,700     14 % SFR     171,490     67 %     198,629     75 %       210,725     82 %     237,329     89 %             .     Mezzanine/Preferred Equity     45,129     18 %     28,829     11 % Total Originations   $ 255,854     100 %   $ 266,158     100 %                   Number of Loans Originated     59           58                         SFR Commitments   $ 411,617         $ 466,703                         Loan Runoff   $ 640,018         $ 817,394           Structured Portfolio ($ in thousands)     March 31, 2024   December 31, 2023     UPB   %   UPB   % Bridge:                 Multifamily   $ 10,254,756     84 %   $ 10,789,936     86 % SFR     1,445,028     12 %     1,316,803     10 % Other     166,505     1 %     166,505     1 %       11,866,289     97 %     12,273,244     97 %                   Mezzanine/Preferred Equity     377,845     3 %     334,198     3 % SFR Permanent     5,728     <1 %     7,564     <1 % Total Portfolio   $ 12,249,862     100 %   $ 12,615,006     100 %                               At March 31, 2024, the loan and investment portfolio's unpaid principal balance ("UPB"), excluding loan loss reserves, was $12.25 billion, with a weighted average current interest pay rate of 8.07%, compared to $12.62 billion and 8.42% at December 31, 2023. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 8.81% at March 31, 2024, compared to 8.98% at December 31, 2023. The average balance of the Company's loan and investment portfolio during the first quarter of 2024, excluding loan loss reserves, was $12.52 billion with a weighted average yield of 9.44%, compared to $12.96 billion and 9.31% for the fourth quarter of 2023. During the first quarter of 2024, the Company recorded a $17.8 million provision for loan losses associated with CECL. At March 31, 2024, the Company's total allowance for loan losses was $211.9 million. The Company had twenty-one non-performing loans with a UPB of $464.8 million, before related loan loss reserves of $32.9 million, compared to sixteen loans with a carrying value of $274.2 million, before loan loss reserves of $27.1 million at December 31, 2023. In addition, at March 31, 2024, the Company had twelve loans with a total UPB of $489.4 million that were less than 60 days past due, compared to twenty-four loans with a total UPB of $956.9 million at December 31, 2023. Interest income on these loans is only being recorded to the extent cash is received. During the first quarter of 2024, the Company modified thirty-nine loans with a total ...