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Arbor Realty Trust's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Stocks in this article: ABR

Additionally, our pipeline remained strong and will continue to put our capital into new investment opportunities with a targeted return of 15% on non-leverage or leverage basis. We will look to achieve these targeted returns by continuing for leverage certain of these investments with a low cost CDO debt when appropriate as well as with additional financing facilities when available including the new $50 million bridge loan financing facility we obtained in July.

This facility provides leverage of up to 75% depending on the assets finance and as of today, we have utilized approximately $25 million of the capacity. We remained disciplined in selective and a pleased with the opportunities we are seeing in this recovering market to buildup our portfolio with high quality assets and increased our core earnings overtime.

We also continued to be successful in recycling our capital through run off and monetization of our non-performing and unencumbered assets, which is increased our available of liquidity to deploy into new investment opportunities. Our cash position as of today is approximately $55 million not including approximately $23 million of cash posted against our swaps and approximately $35 million of cash available for reinvestment in our CDOs.

We also have around $125 million of net unencumbered assets, many of which are either CDO eligible or able to be financed through other facilities which could produce additional liquidity. In fact in October, we entered into an agreement to sell one of these unlevered assets for approximately $28 million, which is closed prior to year end.

These assets combined with cash on hand and cash posted against our swaps gives us approximately $205 million of value. This is in addition to approximately $245 million of value between the equity in our CDO vehicles and real-estate on assets for total value of approximately $450 million. Effective management of our CDO vehicles remains the top priority, we will continue to receive all of the cash distributions from these vehicles to-date.

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