Company: ABR-PF
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021683
Chunk: 154

Company: ARBOR REALTY TRUST INC
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 8
Chunk 154
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 months ended March 31, 2025, we sold two multifamily REO assets for $77.0 million, repaid the mortgage notes outstanding of $49.1 million, and recognized a $1.9 million gain. Additionally, we provided full financing to the new borrowers through two new bridge loans totaling $77.0 million. One bridge 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, while the other bridge loan bears interest at a rate of SOFR plus 2.00%. The new financings provided were deemed to be a significant financing component of the transactions and, as a result, we recorded a loss and corresponding liability totaling $2.8 million as an adjustment to the purchase price, which will be accreted into interest income over the life of the loan. The gains and losses of these transactions were recorded through loss on real estate on the consolidated statements of income.At March 31, 2025 and December 31, 2024, we had mortgage notes payable totaling $123.9 million and $74.9 million, respectively, which are collateralized by our REO assets. Interest rates on the mortgage notes range from PRIME plus 1.10% to SOFR plus 3.25%, with maturities spanning from June 2025 to March 2026.At March 31, 2025 and December 31, 2024, our nine multifamily REO properties had a weighted average occupancy rate of approximately 48% and 77%, respectively. At both March 31, 2025 and December 31, 2024, both our office buildings were vacant.We recorded depreciation expense related to the REO assets of $2.7 million and  $0.8 million for the three months ended March 31, 2025 and 2024, respectively.Our REO assets had restricted cash balances due to escrow requirements totaling $1.5 million and $2.9 million at March 31, 2025 and December 31, 2024, respectively.

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

Note 10 — Debt Obligations

Credit and Repurchase FacilitiesBorrowings under our credit and repurchase facilities are as follows ($ in thousands):March