Company: ABR-PF
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001253986-25-000022
Chunk: 177

Company: ARBOR REALTY TRUST INC
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 8
Chunk 177
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 30, 2025, respectively, and $5.0 million and $21.6 million during the three and nine months ended September 30, 2024, respectively.We have ten bridge loans to the same borrower collateralized by multifamily properties with a UPB and net carrying value totaling $444.8 million and $442.1 million at September 30, 2025, respectively, and a weighted average interest rate of SOFR plus 3.25%. In the first quarter of 2025, the borrower was experiencing financial difficulty, and we modified these loans to a weighted average pay rate and weighted average deferred rate of SOFR plus 1.70% and 1.55%, respectively, which stepped up to a weighted average pay rate and weighted average deferred rate of SOFR plus 2.20% and 1.05%, respectively, at June 30, 2025. In the third quarter of 2025, as the borrower continued to experience financial difficulty, we entered into a second modification that granted a forbearance of the borrower’s third quarter pay rate of interest, which totaled approximately $8 million for the three months ended September 30, 2025, and deferred payment of this amount until the maturity date of the loans. We also further modified these loans to a weighted average pay rate equal to SOFR and a weighted average deferred rate of 3.25%, with payments beginning in the fourth quarter of 2025. In connection with the second modification, we reversed certain amounts of previously accrued interest income, which is included in the $17.6 million interest income reversal disclosed in the “Loan Modifications” section below. These loans were not classified as non-performing loans at September 30, 2025, as the borrower is compliant with all of the terms and conditions of the new modification.In addition, we have six loans with a carrying value totaling $121.4 million at September 30, 2025, that are collateralized by a land development project. The loans do not carry a current pay rate of interest, however, five of the loans with a carrying value totaling $112.1 million entitle us to a weighted average accrual rate of interest of 9.93%. In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful. At both September 30, 2025 and December 31, 2024,