Overview

• US real estate lender's Q1 net income and EPS missed analyst expectations

• Company's agency loan originations declined from prior quarter

• Company repurchased $30.7 mln of stock at 66% of book value

Outlook

• Company did not provide specific guidance or outlook for the current or future periods

Result Drivers

• AGENCY BUSINESS SLOWDOWN - Agency loan originations declined from the prior quarter

• STRUCTURED LOAN RUNOFF - Structured loan originations fell and portfolio runoff exceeded new originations

• LOAN MODIFICATIONS AND CREDIT COSTS - Co modified 13 loans for borrowers in financial difficulty and recorded $3.6 mln provision for loan losses and $12.5 mln of impairments on real estate owned

Company press release: ID:nGNX5WBhsp

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS	Miss	$0	$0.12 (5 Analysts)
Q1 Net Income	Miss	$11.02 mln	$27.50 mln (3 Analysts)
Q1 Net Interest Income		$59.85 mln

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the specialized reits peer group is "buy."

• Wall Street's median 12-month price target for Arbor Realty Trust Inc is $8.00, about 2.1% below its May 7 closing price of $8.17

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 9 three months ago

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