Company: ABR-PF
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021683
Chunk: 50

Company: ARBOR REALTY TRUST INC
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 (in thousands).

13

Table of ContentsARBOR REALTY TRUST, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Three Months Ended March 31, 2025Beginning balance (9 multifamily bridge loans)$167,428 Loans that progressed to greater than 60 days past due(82,290)Loans modified or paid off (1)(38,490)Additional loans that are now less than 60 days past due experiencing late and partial payments96,175 Ending balance (5 multifamily bridge loans)$142,823 Three Months Ended March 31, 2024Beginning balance (24 multifamily bridge loans)$956,917 Loans that progressed to greater than 60 days past due(174,860)Loans modified or paid off (1)(712,922)Additional loans that are now less than 60 days past due experiencing late and partial payments420,303 Ending balance (12 multifamily bridge loans)$489,438 ________________________(1)The modifications included bringing the loans current by paying past due interest owed (see Loan Modifications section below).During the three months ended March 31, 2025 and 2024, we recorded $4.5 million and $8.7 million, respectively, of interest income on non-performing and other non-accrual loans.In addition, we have six loans with a carrying value totaling $121.4 million at March 31, 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 9.95%. 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 March 31, 2025 and December 31, 2024, we had a cumulative allowance for credit losses of $71.4 million related to these loans. The loans are subject to certain risks associated with a development project including, but not limited to, availability of construction financing, increases in projected construction costs, demand for the development’s outputs upon completion of the project, and litigation risk. Additionally, these loans were not classified as non-performing as the borrower is compliant with all of the terms and conditions of