ABR - Earnings call transcript Q3 2018 | Arbor Realty Trust, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Third Quarter 2018 Arbor Realty Trust Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to introduce your host for today’s conference, Paul Elenio, Chief Financial Officer. sir. begin, Please

Paul Elenio

September Norma, and the you, This morning, and Ivan quarter everyone, we’ll the me Okay, today Executive call earnings and Officer. call to is ended the for quarterly the our Trust. XXXX. for welcome With discuss on President thank Kaufman, results good XX, Chief Arbor morning, Realty

cause results business, financial information statements assumptions Before operations, condition, about future the and Factors call These objectives. may earnings made statements of could in no materially available expectations based these we in begin, liquidity, in this not actual Arbor’s on performance, reliance our results which Arbor of over future CEO, or I’ll beliefs, forward-looking turn reports. risks events today. of forward-looking call assumed detailed I or to our currently need to plans to Listeners into deemed possible to SEC account reflect us. that unanticipated from forward-looking President to Arbor’s today are revise circumstances results information cautioned speak occurrences only inform forward-looking statements now update obligation uncertainties, and on subject after including to you taking that our statements or are statements our are undue to are and be of events. or as differ expectations the these Ivan the undertakes statements, Kaufman. place these and to publicly of that

Ivan Kaufman

everyone call. and Thank today’s to thanks for joining you, on us Paul,

of with morning’s to which many our the another see have strong can demonstrate our quarter had value and continues this franchise. from of we accomplishments, release, brand operating you As the strength press significant very

or increased we allowing than substantial an months exceeds of $X.XX well is consistent to dividend per earnings rate with at quarterly were dividend now $X.XX cushion dividend created us X%, originally $X.XX increase annual that run quarter the dividend another current in dividend, new of earlier This dividend. comes run core our third again significant in share have a our earnings our projected, increase our we share. continually quarterly six and to our Our excess once our base and above rate even a

streams highest on and we very And in annuity special ability quarter our our our mentioned of our large diversified and the have also we very increase be result, separate special quarter, gain we the a third a last in increase us future. recorded our long-dated confident to Additionally, will end mentioned year agency to of earnings, related both is as with the to in I this providing We a business to in growth total volume to that the we billion from in agency would in produce margins. emphasize our originations here In strong with quarterly like in continue increased history. in quarter, quarterly third continue In significant making pay are our expect dividend we experience addition dividend. dividend Furthermore, income reoccurring to originated – settlement. our loans of platforms. litigation the a business, and this income. we a the before our third predictable a $X.X core as comfortable and tremendous call, to from dividend which dividend

based expect in record we last origination current billion for loans on far, pipeline, our year exceed we addition, In have and volumes year. XXXX our originations to our the from so originated $X.X

over the basis portfolio has XX% almost life fee X% which and remaining duration portfolio gone and points stands years, of two of generates servicing $XX.X an has the a and at over XX% now last another service years. XX Additionally, reflects this two years our This nine last in quarter and increase billion. a in average

confident prepayment our As to created income generate and grew and $X.X XX% growing, remain for these of income over $XX is strong a another our to our the we component income from this to is very our with a ability predictable nine from generated million our of stream mostly the diversity in based we tremendous certainty stream originations, This billion in grow growth. to to sheet we first of long-dated also and of originations. significant has balance sources. over from fee the of to costs With income combined year XXXX on income our pipeline, which high-level new gross scale, significant annually XX% result, our portfolio in This experience continue we created service the we of continue portfolio, debt this months investment our significant business, We in have protected. in income our respect borrowing reduce and and in assets achieve, facilities. with have and substantially along with a ability annuity economies able future. And our been earnings, our

margins environment. have levered very XX%, excess despite of successful in returns maintaining an in generating We and been our extremely competitive

in our will share. have as last additional anticipate great accretive AFFO did which debt to annual call, cost job our we fund on we to increase by a our business, quarter convertible we issuances third in our our $X.XX the debt Additionally, that $X.XX capital and new with growth the discussed reduced generated per

grow to in our which pleased also and significant liquidity cap, future we efficiently made the market increasing with us earnings. are and allow effectively continue float, We in capital the more will have access progress to our and

the within create and for the shareholders. value generated certainty us very in this in diversify done progress in to the make of ability made Overall, and it business business. great job a income our grow and our with has long-data success continuing to continue the we’re future, comfortable growing and returns our significant growth streams and to and dividend we pleased continue current have franchise have extremely we we and All increasing to of with our our had

results have consistently been remarkable and truly have peers. outperformed our Our

We increase and create with our consistently a significant allowed operating long-dated predictable, and income us stable are a complete to streams. agency and capital-light earnings business, has franchise diverse which more

with to cushion our dividend, We to our I and Paul through over pleased take to we’re build in extremely very lower also in the dividend resulting payout call to a committed working above are the shareholders. confident future. substantial earnings and to to ratio the our grow our Again, of continue results. dividend to we ability maximize now the to you continue results and returns core turn remain financial continue will in hard our

Paul Elenio

Ivan. Okay. Thank you,

we release $XX.X press a with quarter per our morning or share. $X.XX very adjusted of third AFFO strong had indicated, As million, this

approximately from We common September for average we in an the $X.XX of and litigation up also has and excluding for very pleased earnings last quarter from on in us earlier we dividend, we well experiencing, $X.XX and core to increase quarter once XX% same the months increase our year This excess to the confident allowed nine of expected equity These remain and produced dividend of first ROEs ended of than our annualized future. return ability due XX% over third again continue per our core are the gain settlement the debt. share and to very earnings our we which for to generated to balance by of non-cash portion one-time business. nine extinguishment time our current of XX% reflects as business our dividend rapidly a the XX, third generate continue sheet And year. fees months in as growing cost significant with ability acceleration to early and AFFO our being are are of we efficiencies and scale additional Ivan agency capital-light that are mentioned, our the

billion results margin quarter including both agency of business, of quarter third our in approximately recorded sale. on X.XX% miscellaneous compared approximately to and in on our gains the $XX and we third commission sales, approximately originations from sales XX% second billion margin third our our and was expense at all-in quarter our loan Looking The second X.XX%, sales. on generated $X.X quarter we on in and income million $X.X fees,

We volumes mortgage of third representing committed third loan in in may billion resulting changes loan compared of higher decrease mortgage quarter recorded of mix the future. X.XX%, second fees. around of margins $X.X related the Sales the product of due our to and was This and average type rate MSR quarter, origination during $X.X on GSE quarter, mix or shift in these income the increase billion. in committed Therefore, loans million rights by also X.XX% servicing a $XX.X servicing to servicing to fluctuate primarily in size. an percentages rights rates loans mainly

average weighted to points a predictable estimated $XX.X during years. income of forward X% servicing XX Our approximately $XX of at to with approximately grew portfolio another life generate fee gross portfolio September and of billion XX, a continue the going annuity will also annually. around This basis of million an remaining nine significant quarter servicing

runoff have on of third the up corresponding provisions. write-off million fees the early the that for revenue, prepayment loans. million was reported yield certain $X.X maintenance accounted from are servicing for to produce net second quarter. these in in related of Additionally, to loans book These in prepayment fees our quarter, MSRs servicing $X.X continues This in fees a which

less over earnings agency balances $XXX servicing which continue a to escrow deposits earning significant also slightly as generate These hedge will We business, our rates, rates than one-month rising they interest to power LIBOR. as interest-earning continue with against are rise. increase provide balances natural our million from of additional

an billion portfolio confident X% ability lending significant continue investment run and based thus our XXXX. we have annually. every network, grown $X.X portfolio increase In we share rate, to in billion future. the additional our grow $X.X XX% balance balance our an fact, interest in a rates, sheet growth earnings earn current and to core our our deposits originations our these on in This remain to earnings operation, in far $X.XX on could in deep extremely pipeline additional increase sheet origination continues In to

fees third both our million investment XX, in a mainly our up expense yield lower-cost CLO Overall, had for X.XX% our the unsecured quarter debt increased LIBOR. billion in the expensed significant This due $X.X an mainly The third despite experienced for terms X.XX% and quarter. And non-cash quarter, new financing basis to quarter of in originations, average of due and of growth debt, approximately in and in X.XX% an the of of increased debt quarter the interest net an at third facility primarily due increase our which approximately quarters. early average debt on from core our quarter for yield second our increase yield second originations the quarter, mainly second on all-in core balance approximately debt to second third from our to runoff the this payoff LIBOR assets replacement improved the investments compared a an last of of funds Our to lines, debt with is average XX, early $X.X X.XX%, for quarter, to for approximately from portfolio at $X.X spreads unsecured compared to third September we the quarter, cost the in in reduction was decreased increase the $X.X of was related quarter, due our in with debt these interest The the billion debt $X.X $X.X cost in investments cost from approximately an $X.X the significant X.XX% to the second to in to billion to on experienced LIBOR. quarter, second debt. excluding we third new on core the June timing our at billion warehouse increased certain September X.XX% approximately costs X.XX% the in XX, execution higher-cost is to X.XX% approximately at billion the average and second X.XX% all-in excluding of have and of during from the compared third for assets and the quarter. debt due June to facilities around from quarter. to payoff a billion mainly reduced balance to fees due non-cash approximately quarter, XX, for cost our Total GAAP we in the

in approximately rate in spread was floating at September portfolio spread, X.XX% X.XX% interest up spot loans, will XX% June increase income overall to as from comprised rise And Our we with net XX at rates to our the future. interest also interest see of XX. continue an of

execution versus of AFFO rates leverage assets, the AFO $X.XX mentioned and preferreds – our lastly, on relatively the at by equity we new average July Additionally, increase flat to XX% earlier, as you in including And stock $X.XX perpetual our in lower the debt-to-equity September convertible trust XX% overall as and Norma? the at this may flat on including third core this equity operator as completes our at Ivan a lending trust believe preferred take share. annual back ratio debt the was That issued will it turn preferred quarter stock and preferreds at spot now our ratio XX. June and the both quarter, our I’ll have the second morning. in for basis, to X.X:X a any questions prepared at was remarks to time. XX

Operator

first Instructions] [Operator from comes Our you. Jade Thank of Rahmani question KBW.

Your line open. is

Ryan Tomasello

actually on Jade. is This Ryan Tomasello Good morning, for everyone.

fees higher quarter. in firstly, prepayment the called Just out you the

view question over first few the income? The what been is taxable as increasing fees sense? of driving more normalized then prepayment as that, what my as that you quarters. level you past considered prepayment do a view a this follow-up fees? to And So sequentially factors have And is, do

Paul Elenio

Okay. predict. It’s really hard to Hey, it’s Paul.

we’re growing. the portfolio one, seeing fee of part think, increases reason prepayment are, I is some our

percentage, of and values, higher getting don’t it where prepaying It’s it hard it growing. a not seems yield spiking are settled probably it’s at people would be transacting growing just much. but would know out I maintenance that then that this at have up. are deals lot There’s there, a as to I as debt predict. is So out still off writing and done point, check. goes, and portfolio thought have I transactions mean, to still

should percentage, flat. could So relatively it a it as over end up increasing time stay

as, taxable to. it’s related or depends far As not, prepayment on it the fees whether what

fee we is not our – you prepayment primary. the sell to servicing have taxable. TRS of a to If from and REIT, prepayment servicing the we that the related excess place, is to when know, servicing the and in therefore, of allocate where related excess our we the fee prepayment As strategy – off the excess received, portion the the

into it a goes So is and not, into of it taxable piece the TRS it piece of is and REIT. goes

Ryan Tomasello

maybe to originations Okay, the loans types you I the some that’s spread in the switching helpful color. And business. the balance property average geography? if was us color sheet just on can of then give and wondering the size, on quarter, those, type,

Ivan Kaufman

you the have Paul, numbers.

over terms So consistent. portfolio but the hasn’t that, why you go balance our with to detail? base business borrower of sheet continues of and don’t be It fairly changed the the in our material mix

Paul Elenio

right, We of haven’t a that’s really Yes, change. seen Ivan much is right.

for consistent and our pretty our where the on with quarter. pretty is it’s We’re portfolio originations consistent

pretty originations XX% to and that’s rate $XX portfolio it So loans about almost the loans, were size XX and we originated XX%, multi-family bridge consistent debt just all-in how we loan loans, the loan But tail billion well. mezzanine laid has with pretty with it’s were And geographically, out that’s been bridge small as of did $X.X quarter. the of as on senior one average spoke. about as we $XXX was so million originations about of loans, an the of with we a loan million. The at – on been top of those the portfolio XX% during returns X.X% were our the is XX% all where portfolio consistent the quarter.

Ryan Tomasello

it’s the looks – the stronger going servicing continues your to amount to few And quarters, the average just servicing accelerating which is contribute nice at to just Fannie in an the it’s pace by earnings, book, to looking which past driven But be back recurring. increasingly declined the book. margins given at over the rate, an

that expect was us I to could if wondering And if what’s continue? some rate you color fee compression give driving on just trend? the So you this in

Paul Elenio

more Yes. related It’s actually Freddie less related to and Fannie Mae Mac. to

on the business, past, dominant fees the Mae we’ve Mac fees. those portfolio the Fannie are servicing player still very a servicing in is Freddie smaller it than SBL but So in – our side was Fannie by dominant Mae, been and the

maintain been that’s it able to what XX as XX We pretty mix, XX. I high really But basis points, with sit is happy to we’re just it’s we’ve as here. So think, it. changing at

much servicing to So more It’s the mix, is and The in considering the book. doing. much been our fees servicing just we’re a it’s it not type really of really fee. declining product Fannie has mix we’ve than relative of mind where for done that overall product the Freddie, it’s Freddie per holding how

Ryan Tomasello

taking Great. the questions. Thanks for

Operator

you. Thank

from comes of Zucker BTIG. question next Our Ben

line Your open. is

Benjamin Zucker

and drove getting in want were prospect morning, Good above guess, forward, rates obviously, billion range you right seeing the up well volumes. level. what Is a XQ what just $X or accustomed was this minus in in plus you came Thanks agency million focus something think business to really so – what higher questions. now? on I’m sudden curious my guys, $XXX We the surge? guys pretty the for taking putting are I market guys or the what or I you origination that And pulling of just that’s to

Ivan Kaufman

I a originations say, bit think, lumpy. can to really be hard it’s

movement in move the along. Sometimes rates things

in Sometimes quarters, it’s say behind where a maybe were were prior first the and originating got we moved. slightly just two slowness. it would little I bit years that we of

occurred, In you and that. And there good there and not it’s We I have things, some was lumpiness it a things. stalls there pipeline, for various to this facilitation. little can facilitate sometimes factors are clearly, sometimes that that rate unusual of from the kind that a be external have think quarter-to-quarter case, when create move

Benjamin Zucker

another could I a upward the quarters? Yes. the mark you billion to you I referenced relative would pull you rather guys. sustainable $X going the if we’ve $X.X at over origination to push looking maybe I understand than and there, I’m not an and But level ask annually recent hear just have from is for that five and If and bias way. ask you guys on quarterly. that we that say you last things billion seen

Ivan Kaufman

be I as a interest I originating that our pipeline. year’s XXXX, on comment strong, other and we said what a where we don’t can’t growing, external But on say for want healthy continues last good in going. prepared has that have to know trend volume a we really are. have and exceed our factors remarks, we really I – that. debt. as rates And to will to origination be we expect can’t lot the of comment we franchise

tremendous repeat borrow and have a We loyalty amount of business.

So to we have environment the proceed I us. we’ll go business, that think, grow for to our continue competitive but And caution, exists fundamentals especially today. to in it’s going with quarter-to-quarter a

Benjamin Zucker

as look Okay, that’s I’m liability already was just answered. the about looking that Because Are my our March. we last XXXX a off unwinding at other of or and CLOs to or like kick But on on margins there an trying the XXXX? is as what you sheet February asked until helpful. might question able asked then balance time And side, are – was close? get idea comes any to this speaking to outstanding

Ivan Kaufman

a the of think and that think, I we ends do end in I the first core protection core which quarter. is have protected, CLO, the

in goes where this and overall that out the one that we’ll volume has of on to a really have that originations those our a do with runoff origination We are that side core our But the and point. at outside basis would protection. quarter-to-quarter But just of we the moment measure next utilization be lot and at and facilities. evaluate to the

Benjamin Zucker

questions congrats my Well, thanks and Perfect, raise. for on dividend the Ivan. taking

Ivan Kaufman

Thank you.

Paul Elenio

Ben. Thanks,

Operator

Thank you.

comes Laws question next James. Stephen Raymond Our of from

Your line is open.

Stephen Laws

morning. good Hi,

have guys you was but mentioned, have a at earlier those kind you going are for an think that morning, wanted But occurring on of of A quarter I specific you portion go, article guys of something your I reading comment to this to caps. GSEs year? asked. on the is what where good impact will dividend congratulations of caps maybe increase I know have But questions been business? about on and can last kind in about others those number then follow-up anticipated. maybe your those As touched the volume than the and that’s of think next is outside you what on outlook and their product it

Ivan Kaufman

in going in There’s situation. it. level intend. cap, involved really any they’re that change somewhat to what are decrease to terms increase in it that radical be to they or planned. what’s the whether indication GSE go, Right which on going movements some no the no But now, there going are of We consistency there’s appears way it’s of

looking If GSEs is Watt’s a know new replacement. they’re follow for now term and up, you

housing. done affordable philosophy. the outstanding of hope steward a maintains consistent Now an we job as a Watt’s And and being new appointment good housing

Stephen Laws

Great. Thank I appreciate the you. color there.

Operator

you. Thank

Our of next DeLaney question comes Securities. from Steve JMP

Your line is open.

Steven DeLaney

look on two between it? and you UPB. you percent? way the see my thanks and guys Thank the question. what look might $XXX are all years? on like looks you to X% for of kind thanks taking Obviously, couple As If kind million for in a that like a that your going Good think the color. of Paul, lot’s your X.X% grow MSRs, balances. about covered. grow for of at As it it escrow by escrows, morning, been I a of Is update percentage just billion, $X.X somewhere

Paul Elenio

sounds Yes, Steven, a and little This bit. does good It right. about down it’s question. a go up

in insurance. the the decline, As because get kind you’re taxes escrow you all of the the paying first to balances quarter, end close and of year your

So little bit a lumpy. it’s

Steven DeLaney

Yes.

Paul Elenio

is that, could range percentage we grow. that where in say this probably But would see what the of on I

So, same yes, accurate. percentage probably that if our portfolio grows, is adding

Steven DeLaney

But the if in the the your to curious that opportunities and and any Thanks. or expand for three to years about Okay, is platform you’ve what extremely that a you you of today the possibly change, conditions I versus maybe sort are look five diversify, of if working that’s obviously, you got you under to at you maybe Just ahead vision couple just years? helpful. Arbor brand for be what to well business – guys will, or reduce platform it diversify building come the further are some have. line congratulated mean, changes operating product could GSEs? the risk of of seeing

Ivan Kaufman

on comments of that. couple a So

announced a that we did was entering business single-family a quarters they Freddie then a wanted As Mac the Freddie homes. for approved since business. ago, rental And not became Mac seller in. we good a decided job few on We FHFA that

We are sheet, in investing good that we background now of that business. with and entering to market, in very heavily develop tremendous now record balance And build we’ll that believe a line. player product a infrastructure a be active a good that and along single family lending track

proper and securitization them Even an market. will is, if help to and in we’re right think, always With they the having very not, on prepared the basis balance that with We and I agencies the agencies, what be execution to produce produce and hear player we a respect develop do or consistent figure they go away, between effective out the business loans we sheet. to how – line that’ll happens diversify. multifamily whether we the we what

think, regulated I advantage because having ability strategic capital our securitize. pieces not in a and a the of have we effectively peers the of our environment hold and base to being to some

to and efficient don’t think I We of execute are shift a into securitizers production the able be brand CLO markets of have affectively. we sort on the has able be the side. to one anybody most

think, real over advantage peers. our a I have we

Steven DeLaney

to – sale opportunities. program, producers force, pilot the the Mac. your sales On it and the tie Freddie rental, to with the exposed country In would out your are you around single assume in those there originating family obviously, does

and as the subordinate, of books hold where you you a get forward, would the those sort retain hold you use securitized Going the efficient and $XXX warehouse portfolios? private to of on an securitization – see you your size in market million then risk them

Ivan Kaufman

bridging was be we’re now. similar they’re business would in the two leased right place originate feeding is what until It component the right up be them staff Yes. securitization, putting loans and – multifamily side would securitization things. second on to very securitization. loans of do the And which we be would these then It into for that

So we’ll in business. do components both that

Steven DeLaney

to plays this out Thanks forward look comments for XXXX. we’ll but that Great, how seeing morning. the in

Paul Elenio

Thank you, Steve.

Ivan Kaufman

you. thank Okay,

Operator

you. Thank

Shane next from comes Rick question Our of JPMorgan.

line is open. Your

Richard Shane

profitable this and and add Freddie my morning. MSR about how curious How in think what to like increase sort Guys, we for Obviously, Fannie, we that? was looks it how of one-third that sequentially, the it’s we taking questions originate do income about much it balance When MSRs should was thanks this at the of volume-driven two-thirds be to look sheet. about mix-driven. you I’m mix? mix? more Fannie you thinking for – drive Externally, should the

Ivan Kaufman

active that we’ve for up lot side, and historically, And systems First, SBL be from on side, lender, an Mae been there the except very very a processes efficient set two and origination side. But Fannie are to the different typically lot is million different of driven models. are a been is by be. Fannie A size. continues the has sectors. to to Mae million $XX extremely more larger loan agencies have on generally our and Freddie on competitive which in in desire to compete businesses Mac $X a competitive range, which

on with to we But aggressive it’ll side. in on on and and general be loans, the I dictated the with be a Mac which Freddie think, side. be the more which market based to on margins forces type. in Fannie the of That SBL business that we will profitability do wants is we agency competitive it have Freddie. product greater to the on tendency more The is somewhat consistent the balanced more shift if loans, be larger side Mae

Richard Shane

interesting. that’s it, Got

borrower-driven agency-driven? So it’s more and actually less

Ivan Kaufman

very other. really not dominating more some much But say, There I’d borrowers are the factor that’s are comfortable in it’s who than the the agency-driven. with agency one marketplace.

particular brand more who doesn’t that often. attractive a to happen have but is always too You somebody won’t and move,

Richard Shane

converts? legal the thank you. quick that does or the settlement AFFO cleanup When look refinance Ivan, Paul, you. number, the question we exclude the not of Okay. either at just for

Paul Elenio

that’s was I why a Rick, we today $X.XX. gave Correct. We few numbers, AFFO. And you produced out a put

core back came the well. and reported you out extinguishment figure the the the gain so and number way look – and XX, as number we that’s of debt in it. gain. and the AFFO you the that gave If the we includes The both litigation But out charge back at at charge

Richard Shane

We Yes. different with to numbers, looking the Thank well, as at getting make whole sure number deck? the a all I we’re but were earnings want $X.XX to you. just

Paul Elenio

right. it have you Yes,

Operator

Thank you.

comes of Omega Advisors. Our next question Lee Cooperman from

open. Your line is

Leon Cooperman

very Thank you Okay. much.

in XXX%, real First, on And quarter, the you, job of detecting done company me your excellent voice, quickly. but just so the last years be is the you’re the let hope to congratulate Ivan, not couple congratulated. better also, get over you’ve you positioning

about now Do questions. One, one? Number you company, to XX% the look you that the have opportunities capital given So do determined size And we run capital Do lending third, feel that the extent number at [indiscernible] it yet? see, you sustainable of two, just adequacy? how at, kind given is or what the you’ve that business? the the the XX% we’re think income, nature repositioned you to as if of my enough ROE. looking

Paul Elenio

Sure.

Leon Cooperman

Thank you, done. great you’ve again, for the job

Paul Elenio

you and Hey, comments, Lee, Paul. for it’s thank the

impressed much It did a about knew the your really acquisition was where the ROE, we really acquired ROEs the ROEs we when the when less we it this We business, One, business. gone. we much questions. and we’re things capital-intensive, So with it to couple was a spoke higher pleased ROE of have that went. agency where

full-scale as far think business actually this We of yet. haven’t hit do sustainable. As sustainable, we it’s think we the

accomplishment not and side both if will scale sheet sustainable, the continue easily we So ROEs real us. agency a and on to think be that’s the as balance we improves, for side, those business, on the

stewards CLOs. right good use as and think slightly and of slows, Secondly, runoff needs we’ve of more We’ve accretive and and we it’s runoff a some you’ll that And know. could from third where only we’re cash goes, good our amount restricted here a to we’ll where a it. in that’s quarter, depends We have with of on our And quarter pipeline, than immediately look in we think capital, significant really goes. our a for spot. as depend fourth had obviously obviously, and change. all the if the you cash raise it on will earnings, our and really in bigger been that we really as runway But sitting capital. we goes – we to we’re in where good we’re capital now is far Obviously, If originations a pipeline of runoff, have approached the capital big in nice pipeline shape way a standpoint runoff if capital. capital,

time we As from It talked but $X.XX now. gain settlement. ago, mostly up quarters which little a we’re get related I pegging probably don’t range move But which to of or the bit could the exact have range yet. two by that’s we dividend, we do in we $X.XX, is to about, the down far the it’s litigation right is the to year-end, the as think, the what special think, number

Leon Cooperman

a the And answers. for you and Great. I’ve Thank you’ve done on time. job shareholders. all you been shareholder long again, your the able for happy, Very great I congratulate a for really

Paul Elenio

Lee. you, Thank

Ivan Kaufman

comments. you, for support your Thank Lee, and

Operator

to over turn to the remarks. like Ivan for Mr. now closing back I’d Kaufman call you. Thank

Ivan Kaufman

It’s in everybody, our increase put day, in with an for Have another your the year-to-date. great you, a and outstanding very the confident dividend fourth year. quarter good what outstanding forth support. earnings we’re forward we our and concluding and in our everybody. quarter thank an participating Well, core to And look quarter and and been

Paul Elenio

Thanks, everyone.

Operator

in Ladies and conference. for you thank today’s gentlemen, your participation

Have disconnect. wonderful a day. may You

Arbor Realty Trust (ABR) 2 Nov 182018 Q3 Earnings call transcript