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Arbor Realty Trust, Inc. Q2 2010 Earnings Call Transcript

We continue to focus on maximizing liquidity and using that liquidity strategically to meet corporate objectives. As of today, we have approximately $40 million of cash on hand, around $25 million of cash collateral posted against our swaps, and approximately $195 million of unencumbered assets. We are also pleased with our ability to manage our CDO vehicles effectively receiving all of the cash distributions from these vehicles in 2009 and the first two quarters of 2010. And while there can be no assurances that our CDO vehicles will continue to cash flow in the future, we will remain focused on optimizing and utilizing these facilities by transferring assets, and originating new loans when available and appropriate.

As we have stated in the past several calls, the aim of our strategy culminating with Wachovia’s debt retirement has been to improve the right side of our balance sheet, and substantially reduce leverage and recourse debt, all to position ourselves to return to our core commercial lending business and take advantage of opportunities in the market. During the second quarter, we originated two loans totalling $5 million with a weighted average unleveraged yield of approximately 11%, have committed to fund approximately $10 million of additional loans with an average yield of around 10%, and continue to build our pipeline for new investments.

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