Company: ABR-PF
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001253986-25-000014
Chunk: 192

Company: ARBOR REALTY TRUST INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 192
---
$49,722 $7,947 $365,186 $124,486 $44,110 $7,947 $176,543 At June 30, 2025, our REO assets were comprised of eleven multifamily properties, two office buildings and two land parcels. At December 31, 2024, our REO assets were comprised of four multifamily properties, two office buildings and two land parcels.During the three and six months ended June 30, 2025, we foreclosed on three and ten, respectively, multifamily bridge loans with an aggregate net carrying value of $67.6 million and $260.3 million, respectively, (net of specific CECL reserves of $5.1 million and $9.1 million, respectively) and received ownership of the underlying collateral as REO assets. Upon foreclosure, during the three and six months ended June 30, 2025, we recognized a gain of $0.8 million and a loss of $1.0 million, respectively, which was recorded through (loss) gain on real estate on the consolidated statements of income.During the three and six months ended June 30, 2025, we sold one and three, respectively, multifamily REO assets for $7.0 million and $84.0 million, respectively, and repaid the mortgage notes outstanding of $49.1 million. During the three and six months ended June 30, 2025, we recognized a loss of $0.1 million and $1.0 million, respectively. Additionally, we provided new bridge loan financing to the new borrowers totaling $6.5 million and $83.5 million, respectively. The bridge loans bear interest as follows: One loan has a fixed rate of 4.75% for the first year, 5.50% for the second year and 6.00% for the third year, another loan bears interest at a rate of SOFR plus 2.00%, and the third loan bears interest at a rate of 7.32%, subject to a floor of SOFR plus 3.00%. Two of the new financings provided were deemed to be a significant financing component of the transactions and, as a result, for the six months ended June 30, 2025, we recorded a loss and corresponding liability $2.8 million, as an adjustment to the purchase price, which will be accreted into interest income over the life