Arbor Realty Trust, Inc. (NYSE:ABR) Q1 2024 Earnings Call Transcript

So it’s very hard to predict what that’s going to look like. We’re going to keep an eye on it. But that’s kind of how I would run it out, take your billion one at 1.86 and run it out on a run rate. And then there’s some portion of that that we’re not accruing, as I mentioned, because we look at it on an individual basis.

Crispin Love: Okay, great. Just to be clear, are you saying that 4 million of the 320 was picked? I just want to make sure I have that number correctly.

Ivan Kaufman: Give or take. I’d have to look at the numbers, but that’s about right.

Crispin Love: Okay, perfect. And then can you just disclose what your average net interest margins are on the modified loans just before and after the modifications on approximate levels?

Paul Elenio: Well, I tried to get that data the best I could. So these were 325 to 425 floating deals. And so that’s anywhere with SOFR 533, that’s anywhere from, call it, you know, 8.5 to 9.5. And now they’re paying 6.95 and we’re deferring 1.86. So it’s the same number, it’s just split between a pay and a recall, right?

Crispin Love: Okay, That makes sense. And that’s against kind of cost of borrowing in the 7.5% range or so, right?

Paul Elenio: Plus the total borrowings, but, again, a lot of these loans are in the vehicles, which borrowings are at, you know, 170 over, which is a lot less than that number. But give or take.

Crispin Love: All right, perfect. Thank you. I appreciate you taking my questions.

Paul Elenio: No problem.

Operator: That will conclude the question-and-answer session. I will now turn the call over to Ivan Kaufman CEO for any additional closing remarks.

Ivan Kaufman: Okay. Thank you everybody for your time. And I wish everybody a good weekend. Take care.

Operator: This does conclude today’s conference call. Thank you for your participation