Arbor Realty Trust Reports Q2 Earnings Amid Restructuring and Cost-Cutting Efforts
Arbor Realty Trust (NYSE:ABR) reported second-quarter distributable earnings of $31 million, or $0.15 per share, as the mortgage real estate investment trust continues to address non-performing loans and restructure its funding profile. The company unwound a legacy collateralized loan obligation, refinanced at lower rates, and generated additional liquidity through capital market transactions. Arbor also completed a $375 million convertible debt offering in early July, using part of the proceeds for share repurchases that increased pro forma book value per share by 6% to $11.59. The company reduced its workforce in certain areas, aiming for annual savings of about $10 million or $0.05 per share after one-time severance costs. Management expects continued earnings between $0.15–$0.17 per share over the next two to three quarters due to asset resolution losses but remains focused on resolving non-performing assets, which totaled roughly $1.07 billion at quarter-end.
Tickers: $ABR
Topics: capital_structure_changes non-performing_assets real_estate_investment_trust