文章核心观点 - 宏观环境发生有利变化,使得房地产投资信托基金(mREITs)的前景显著改善[2] - 主要有4个积极变化:RMBS利差缩小、负凸性缓解、资本成本下降、收益率曲线正常化[2] - 这些变化可能使大部分mREITs在2024年第三季度报告业绩强劲,并提升优先股股息的可靠性[1] RMBS利差缩小 - RMBS收益率与国债收益率相关,但两者之间的利差是可变的[3] - 利差从疫情初期的200个基点下降至目前的132个基点[4] - 利差下降有两个主要影响:1)现有资产市值增加 2)新投资收益率下降[4] - 大部分mREITs应在2024年第三季度报告显著的账面价值增长[4] 负凸性缓解 - RMBS的久期会随收益率变化而变化,这种负凸性在低收益率环境下会对RMBS价格产生不利影响[5][6] - 但目前大部分RMBS折价交易,提前偿还对其有利,负凸性问题得到缓解[6] 资本成本下降 - 回购利率与联储利率相关,但通常会先于联储调整[7][8] - 随着联储进一步降息,mREITs的资本成本有望继续下降,投资收益率利差将改善[8] 收益率曲线正常化 - 近年来收益率曲线倒挂给mREITs带来挑战,因为它们依赖于短期借款投资长期资产[9] - 随着收益率曲线重新正常化,mREITs将从正收益率曲线中获益[9]

文章核心观点 - 艾伯瑞信托公司(ABR)预计将在2024年10月25日报告第三季度业绩,公司的利息收入和盈利可能同比下降[1] - 公司在上一个季度的可分配收益为每股45美分,超过了Zacks共识预估,但净服务收入却低于预期[2] - 公司在过去四个季度中均超过了Zacks共识预估,平均超出幅度为7.48%[2] 行业和公司表现分析 行业表现 - 固定收益市场波动性增加,可能增加了ABR的资产减值风险和对冲错配[3] - 收益率曲线变陡峭,可能提高了抵押贷款REITs的估值,增加了ABR的每股账面价值[3] 公司表现 - 新的机构贷款发放有所增加,有利于公司的收费服务组合[3] - 公司贷款组合大量投资于多户家庭资产,受到了不利的利率环境影响[4] - 30年期固定抵押贷款利率下降,导致再融资活动大幅增加,公司的抵押贷款支持证券(MBS)持有量可能出现较高的提前偿还率,导致抵押贷款服务权摊销有所上升[4] - 主-次利差有所扩大,但由于市场波动加剧,获利空间可能略有下降[5] - 融资成本上升,可能影响了净利息收入的增长[6] - 在第三季度报告前缺乏任何可能带来乐观情绪的重大催化剂[6] 财务数据 - 预计第三季度利息收入为2.273亿美元,同比下降17.6%[6] - 预计第三季度净服务收入为3150万美元,同比下降11.2%[3] - 预计第三季度抵押贷款服务权收入为1617万美元,同比增长14.6%[5] - 预计第三季度获利收入为1860万美元,略低于上年同期[5] - 预计第三季度每股收益为0.42美元,同比下降23.64%[6]

Arbor Realty Trust (ABR) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.Shares of this real estate investment trust have returned +3.3% over the past month versus the Zacks S&P 500 composite's +3.5% change. The Zacks REIT and Equity Trust industry, to which Arbor Realty Trust belongs, has lost 2.2% over this period. Now the key question is: Where could the stock be headed in th ...

The latest trading session saw Arbor Realty Trust (ABR) ending at $15.24, denoting a +1.26% adjustment from its last day's close. The stock's change was more than the S&P 500's daily gain of 0.77%. Elsewhere, the Dow gained 0.47%, while the tech-heavy Nasdaq added 0.87%.Shares of the real estate investment trust witnessed a gain of 4.08% over the previous month, beating the performance of the Finance sector with its loss of 2.93% and underperforming the S&P 500's gain of 4.87%.Analysts and investors alike w ...

文章核心观点 - 该文章是一篇研究分析师的投资组合披露,主要介绍了分析师在RIET、HOMZ、IRET和ALL等公司股票上的持仓情况 [1] - 文章作者为Hoya Capital Research & Index Innovations,是Hoya Capital Real Estate的附属机构,提供市场评论、研究和指数管理等非咨询服务 [2] - Hoya Capital Real Estate是一家位于康涅狄格州罗韦顿的注册投资顾问公司,为ETF、个人和机构提供投资咨询服务 [2] 公司相关内容 - 作者在RIET、HOMZ、IRET和ALL等公司股票上拥有实益长头寸,可能通过股票所有权、期权或其他衍生工具持有 [1] - Hoya Capital Real Estate及其附属机构Hoya Capital Research & Index Innovations与文中提及的任何公司都没有业务关系,也未从这些公司获得任何报酬 [2] - Hoya Capital Real Estate、其附属机构及其客户/员工可能持有文中讨论或提及的证券或基金的头寸 [2] 行业相关内容 - Hoya Capital Research & Index Innovations专注于公开交易的房地产行业证券,提供市场评论、研究和指数管理等服务 [2] - 投资房地产公司和/或房地产行业公司存在独特的风险,与投资ETF也存在风险 [2]

UNIONDALE, N.Y., Oct. 10, 2024 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (the “Parent” or “Arbor”) (NYSE:ABR) announced today that its subsidiary, Arbor Realty SR, Inc. (the “Company”), has closed the private placement of $100 million aggregate principal amount of 9.00% senior notes due October 15, 2027 (the “Notes”). The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by the Parent. The Company expects that the net proceeds of this offering will be used to pay down debt an ...

Arbor Realty Trust (ABR) is looking like an interesting pick from a technical perspective, as the company reached a key level of support. Recently, ABR crossed above the 20-day moving average, suggesting a short-term bullish trend.The 20-day simple moving average is a popular investing tool. Traders like this SMA because it offers a look back at a stock's price over a shorter period and helps smooth out price fluctuations. The 20-day can also show more trend reversal signals than longer-term moving averages ...

文章核心观点 - 公司面临宏观环境挑战导致部分贷款违约,产生减值损失,但损失可控,公司仍将保持较好的经营状况 [1][3][4] - 公司优先股折价较大,主要是由于做空者攻击,但从基本面来看优先股风险并不高,具有较高的收益潜力 [1][15][17][19] - 公司优先股在控制权变更时有较好的保护条款,为股东权益提供保障 [21][22] 根据目录分别总结 公司概况和历史表现 - 公司过去20年表现较好,经历了3次明显的下滑期:2008年金融危机、2020年疫情、2024年第二季度 [2][3] - 公司在2008年金融危机时受到较大冲击,主要是因为当时公司杠杆较高以及行业集中在房地产 [3] - 2020年疫情对公司影响较小,主要是因为公司杠杆大幅降低 [3] 当前面临的挑战 - 近几个季度公司有更多贷款被划分为高风险类别,信用损失准备金和逾期贷款余额增加 [5][6] - 这些问题是正常的业务风险,并非短卖者宣称的腐败或阴谋 [7][8] - 公司主要从事高风险的公寓、单户出租房开发贷款,这类贷款本身就有一定比例会违约 [7][8] 贷款违约对公司的影响 - 违约贷款本金规模较大,约占公司总资产的7%,但实际损失不会如此严重 [11][12] - 因为这些贷款都有房地产抵押,即使部分资产价值下跌,公司也能通过修改贷款条件或收回抵押物来减少损失 [12] - 即使在2024年第二季度这个最困难的时期,公司仍实现了正的GAAP收益 [13] 未来展望 - 公司将在未来一段时间内业绩低于正常水平,但仍将保持盈利 [14] - 公司的贷款业务仍有较好的发展前景,整体前景与同行业相当 [14] 优先股投资机会 - 公司优先股目前交易价格大幅折价,收益率超过8%,且有25%以上的资本增值潜力 [15][17][18][19] - 优先股在资本结构中地位较高,有较好的违约保护,风险相对较低 [17][20] - 优先股条款中有较为有利于股东的控制权变更条款 [21][22]

If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Arbor Realty Trust (ABR) . This company, which is in the Zacks REIT and Equity Trust industry, shows potential for another earnings beat.When looking at the last two reports, this real estate investment trust has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 4.55%, on average, i ...

Arbor Realty Trust (ABR) closed at $14.76 in the latest trading session, marking a -1.47% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.96%. On the other hand, the Dow registered a loss of 0.94%, and the technology-centric Nasdaq decreased by 1.18%.The real estate investment trust's stock has climbed by 11.79% in the past month, exceeding the Finance sector's gain of 1.74% and the S&P 500's gain of 4.3%.The investment community will be paying close attention to the ...