Company: ABR-PF
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001253986-25-000014
Chunk: 221

Company: ARBOR REALTY TRUST INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 221
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 Note 10 for details. We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the Securitization Entities.Unconsolidated VIEs. We determined that we are not the primary beneficiary of 63 VIEs in which we have a variable interest at June 30, 2025 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity's economic performance or substantially all of the activities do not involve, or are not conducted on behalf of, the Company.A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at June 30, 2025 is as follows (in thousands):TypeCarrying Amount (1)Loans$1,639,936 APL certificates139,365 Equity investments33,390 B Piece bonds31,214 Agency interest only strips69 Total$1,843,974 ________________________(1)Represents the carrying amount of loans and investments before reserves. At June 30, 2025, $252.1 million of loans to VIEs had corresponding specific loan loss reserves of $90.7 million. The maximum loss exposure at June 30, 2025 would not exceed the carrying amount of our investment.These unconsolidated VIEs have exposure to real estate debt of approximately $4.81 billion at June 30, 2025.

Note 16 — Equity

Common Stock. We have an equity distribution agreement with Citizens JMP Securities, LLC ("JMP"). In accordance with the terms of the agreement, we may offer and sell up to 30,000,000 shares of our common stock in "At-The-Market" equity offerings through JMP by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. During the six months ended June 30, 2025, we sold 2,508,750 shares of our common stock at an average price of $12.31 per share for net proceeds of $30.9 million. At June 30, 2025, we had 26,829,542 shares available under the agreement.We have a share repurchase program providing for the repurchase of up to $150.0 million of our outstanding common stock. The repurchase of our common stock may be made from time to time in the open market, through privately negotiated transactions,