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Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share

1. Q4 GAAP net income was $0.32 per share. Dividend of $0.43 per share was declared. 2. Agency loan originations reached $1.38B with a servicing portfolio of ~$33.47B. This underlines core business strength. 3. Structured business reported $684.3M in originations and $900.6M in runoff, with an $11.30B portfolio. The numbers highlight active portfolio management. 4. Full-year GAAP net income and distributable earnings fell compared to 2023. However, deleveraging improved the debt-to-equity ratio to 2.8:1.

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FAQ

Why Neutral?

While quarterly earnings declined compared to the prior year, the maintained dividend, strong agency origination volumes, and improved deleveraging point to operational resiliency. Historically, similar mixed earnings reports have led to muted near-term price movements as investors weigh lower profitability against balance sheet improvements.

How important is it?

The detailed financial metrics, dividend declaration, and deleveraging efforts provide actionable insights for investors, even though mixed performance signals temper immediate price reactions.

Why Short Term?

Earnings releases directly affect investor sentiment and trading in the near term, with the potential for adjustments post-earnings call. The reported figures and forward guidance will likely influence short-term trading activity.

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Fourth Quarter Highlights: GAAP net income of $0.32 and distributable earnings of $0.40, per diluted common share1Declares cash dividend on common stock of $0.43 per shareAgency loan originations of $1.38 billion and a servicing portfolio of ~$33.47 billionStructured loan originations of $684.3 million, runoff of $900.6 million, and a portfolio of ~$11.30 billionIssued $100.0 million of 9.00% senior notes due 2027 Full Year Highlights: GAAP net income of $1.18 and distributable earnings of $1.74 per diluted common share1Agency servicing portfolio growth of 8% from loan originations of $4.47 billionSuccessfully delevered the Company 30% from a peak debt to equity ratio of 4:1 in 2023, to 2.8:1 at December 31, 20242Structured portfolio reduction of 10% with $2.48 billion of multifamily loan runoff, $1.58 billion of which was recaptured into new agency loan originationsRedeemed $200.0 million of our senior notes UNIONDALE, N.Y., Feb. 21, 2025 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the fourth quarter ended December 31, 2024. Arbor reported net income for the quarter of $59.8 million, or $0.32 per diluted common share, compared to net income of $91.7 million, or $0.48 per diluted common share for the quarter ended December 31, 2023. Net income for the year was $223.3 million, or $1.18 per diluted common share, compared to $330.1 million, or $1.75 per diluted common share for the year ended December 31, 2023. Distributable earnings for the quarter was $81.6 million, or $0.40 per diluted common share, compared to $104.1 million, or $0.51 per diluted common share for the quarter ended December 31, 2023. Distributable earnings for the year was $358.0 million, or $1.74 per diluted common share, compared to $452.5 million, or $2.25 per diluted common share for the year ended December 31, 2023. 1 Agency Business Loan Origination Platform  Agency Loan Volume (in thousands) Quarter Ended Year Ended December 31, 2024 September 30, 2024 December 31, 2024 December 31, 2023Fannie Mae$556,676 $616,211 $2,374,040 $3,773,532Freddie Mac 675,244  378,809  1,770,976  756,827Private Label 27,650  74,162  151,936  299,934FHA 119,050  27,457  146,507  257,199SFR - Fixed Rate —  —  27,314  19,328Total Originations$1,378,620 $1,096,639 $4,470,773 $5,106,820        Total Loan Sales$1,270,048 $1,118,977 $4,609,686 $4,889,199        Total Loan Commitments$1,353,527 $1,056,490 $4,443,972 $5,207,148             For the quarter ended December 31, 2024, the Agency Business generated revenues of $78.7 million, compared to $77.4 million for the third quarter of 2024. Gain on sales, including fee-based services, net on the Agency business was $22.2 million for the quarter, reflecting a margin of 1.75%, compared to $18.6 million and 1.67% for the third quarter of 2024. Income from mortgage servicing rights was $13.3 million for the quarter, reflecting a rate of 0.99% as a percentage of loan commitments, compared to $13.2 million and 1.25% for the third quarter of 2024. At December 31, 2024, loans held-for-sale was $435.8 million, with financing associated with these loans totaling $422.7 million. Fee-Based Servicing Portfolio The Company’s fee-based servicing portfolio totaled $33.47 billion at December 31, 2024. Servicing revenue, net was $33.3 million for the quarter and consisted of servicing revenue of $50.9 million, net of amortization of mortgage servicing rights totaling $17.6 million.  Fee-Based Servicing Portfolio ($ in thousands) December 31, 2024 September 30, 2024 December 31, 2023 UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years) UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years) UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years)Fannie Mae$22,730,056 46.4 6.4 $22,526,022 46.6 6.6 $21,264,578 47.4 7.4Freddie Mac 6,077,020 21.5 6.8  5,820,026 21.9 7.1  5,181,933 24.0 8.5Private Label 2,605,980 18.7 5.5  2,619,485 18.7 5.8  2,510,449 19.5 6.7FHA 1,506,948 14.1 19.2  1,390,766 14.2 18.9  1,359,624 14.4 19.2Bridge 278,494 10.4 3.0  380,379 10.9 3.0  379,425 10.9 3.2SFR-Fixed Rate 271,859 20.1 4.4  275,081 20.1 4.6  287,446 20.1 5.1Total$33,470,357 37.8 6.9 $33,011,759 38.0 7.1 $30,983,455 39.1 8.0                      Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $34.8 million for the fair value of the guarantee obligation undertaken at December 31, 2024. The Company recorded a $4.0 million total provision for loss sharing associated with CECL for the fourth quarter of 2024. At December 31, 2024, the Company’s total CECL allowance for loss-sharing obligations was $48.3 million, representing 0.21% of the Fannie Mae servicing portfolio. Structured Business Portfolio and Investment Activity  Structured Portfolio Activity ($ in thousands) Quarter Ended Year Ended December 31, 2024 September 30, 2024 December 31, 2024 December 31, 2023 UPB % UPB % UPB % UPB %Bridge:               Multifamily$371,250 54% $14,500 6% $444,635 31% $415,330 42%SFR 273,087 40%  239,064 92%  869,141 61%  524,060 54%Land — —   — —   10,350 1%  — —   644,337 94%  253,564 98%  1,324,126 93%  939,390 96%                Mezzanine / Preferred Equity 35,592 5%  4,900 2%  97,305 7%  43,953 4%Construction - Multifamily 4,368 1%  — —   4,368 —   — — Total Originations$684,297 100% $258,464 100% $1,425,799 100% $983,343 100%                Number of Loans Originated 28    38    170    150                  Commitments:               SFR$375,894   $374,070   $1,438,841   $1,150,687  Construction - Multifamily 54,000    47,000    101,000    —  Total Commitments$429,894   $421,070   $1,539,841   $1,150,687                  Loan Runoff$900,583   $521,341   $2,691,583   $3,354,055                        Structured Portfolio ($ in thousands) December 31, 2024 September 30, 2024 December 31, 2023 UPB % UPB % UPB %Bridge:           Multifamily$8,725,429 76% $9,208,954 80% $10,789,936 86%SFR 1,993,890 18%  1,783,475 15%  1,316,803 10%Other 173,787 2%  176,855 2%  166,505 1%  10,893,106 96%  11,169,284 97%  12,273,244 97%            Mezzanine/Preferred Equity 404,401 3%  393,168 3%  334,198 3%Construction - Multifamily 4,367 <1%  — —   — — SFR Permanent 3,082 <1%  3,086 <1%  7,564 <1%Total Portfolio$11,304,956 100% $11,565,538 100% $12,615,006 100%                   At December 31, 2024, the loan and investment portfolio’s unpaid principal balance ("UPB"), excluding loan loss reserves, was $11.30 billion, with a weighted average current interest pay rate of 6.90%, compared to $11.57 billion and 7.25% at September 30, 2024. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 7.80% at December 31, 2024, compared to 8.16% at September 30, 2024. The decrease in pay rate was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024. The average balance of the Company’s loan and investment portfolio during the fourth quarter of 2024, excluding loan loss reserves, was $11.46 billion with a weighted average yield of 8.52%, compared to $11.80 billion and 9.04% for the third quarter of 2024. The decrease in yield was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024. During the fourth quarter of 2024, the Company recorded a $3.4 million provision for loan losses associated with CECL, which was net of $5.5 million of net recoveries related to real estate loan foreclosures. At December 31, 2024, the Company’s total allowance for loan losses was $239.0 million. The Company had twenty-six non-performing loans with a UPB of $651.8 million, before related loan loss reserves of $23.8 million, compared to twenty-six loans with a UPB of $625.4 million, before loan loss reserves of $37.3 million at September 30, 2024. In addition, at December 31, 2024, the Company had nine loans with a total UPB of $167.4 million (before related loan loss reserves of $5.0 million) that were less than 60 days past due, compared to ten loans with a total UPB of $319.2 million at September 30, 2024. Interest income on these loans is only being recorded to the extent cash is received. During the fourth quarter of 2024, the Company modified fifteen loans with a total UPB of $466.6 million, the vast majority of which had borrowers investing additional capital to recapitalize their deals. Seven of these loans with a total UPB of $206.3 million contained interest rates based on pricing over SOFR ranging from 3.25% to 4.75% and were modified to provide temporary rate relief through a pay and accrual feature. At December 31, 2024, these modified loans had a weighted average pay rate of 5.51% and a weighted average accrual rate of 2.32%. In addition, of the total modified loans for the fourth quarter, $123.5 million were less than 60 days past due and $15.0 million were non-performing at September 30, 2024, and are now current in accordance with their modified terms. Financing Activity The balance of debt that finances the Company’s loan and investment portfolio at December 31, 2024 was $9.54 billion with a weighted average interest rate including fees of 6.88% as compared to $9.97 billion and a rate of 7.18% at September 30, 2024. The average balance of debt that finances the Company’s loan and investment portfolio for the fourth quarter of 2024 was $9.67 billion, as compared to $10.09 billion for the third quarter of 2024. The average cost of borrowings for the fourth quarter of 2024 was 7.10%, compared to 7.58% for the third quarter of 2024. The decrease in average cost was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024. The Company issued $100.0 million of its 9.00% senior unsecured notes due October 2027 through a private offering. The net proceeds of this offering were used to pay down debt and for general corporate purposes. Dividend The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.43 per share of common stock for the quarter ended December 31, 2024. The dividend is payable on March 21, 2025 to common stockholders of record on March 7, 2025. Earnings Conference Call The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast and replay of the conference call will be available at www.arbor.com in the investor relations section of the Company’s website, or you can access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 579-2543 for domestic callers and (785) 424-1789 for international callers. Please use participant passcode ABRQ424 when prompted by the operator. A telephonic replay of the call will be available until February 28, 2025. The replay dial-in numbers are (800) 839-0866 for domestic callers and (402) 220-0662 for international callers. About Arbor Realty Trust, Inc. Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender and Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan. Safe Harbor Statement Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2024 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based. Notes During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on the last page of this release.Debt to equity ratio reflects junior subordinated notes as equity. ARBOR REALTY TRUST, INC. AND SUBSIDIARIESConsolidated Statements of Income($ in thousands—except share and per share data)  Quarter Ended December 31, Year Ended December 31,  2024   2023   2024   2023  (Unaudited) (Unaudited)    Interest income$262,871  $331,060  $1,167,872  $1,331,219 Interest expense 180,002   227,479   804,615   903,228 Net interest income 82,869   103,581   363,257   427,991         Other revenue:       Gain on sales, including fee-based services, net 22,180   16,727   74,932   72,522 Mortgage servicing rights 13,344   21,144   51,272   69,912 Servicing revenue, net 33,319   33,073   125,896   130,449 Property operating income 2,705   1,447   7,226   5,708 (Loss) gain on derivative instruments, net (3,833)  10,345   (8,543)  6,763 Other income, net 1,129   2,571   8,083   7,667 Total other revenue 68,844   85,307   258,866   293,021         Other expenses:       Employee compensation and benefits 46,283   36,270   181,694   159,788 Selling and administrative 15,034   12,686   54,931   51,260 Property operating expenses 2,446   1,670   7,394   5,897 Depreciation and amortization 2,617   2,446   9,555   9,743 Provision for loss sharing (net of recoveries) 3,996   3,168   11,782   15,695 Provision for credit losses (net of recoveries) 3,641   18,399   68,543   73,446 Total other expenses 74,017   74,639   333,899   315,829         Income before extinguishment of debt, gain on real estate, (loss) income from equity affiliates, and income taxes 77,696   114,249   288,224   405,183 Loss on extinguishment of debt —   —   (412)  (1,561)Gain on real estate —   —   3,813   — (Loss) income from equity affiliates (1,616)  3,586   5,772   24,281 Provision for income taxes (752)  (7,911)  (13,478)  (27,347)        Net income 75,328   109,924   283,919   400,556         Preferred stock dividends 10,342   10,342   41,369   41,369 Net income attributable to noncontrolling interest 5,160   7,923   19,278   29,122 Net income attributable to common stockholders$59,826  $91,659  $223,272  $330,065         Basic earnings per common share$0.32  $0.49  $1.18  $1.79 Diluted earnings per common share$0.32  $0.48  $1.18  $1.75         Weighted average shares outstanding:       Basic 188,924,182   188,503,682   188,701,149   184,641,642 Diluted 205,759,307   222,861,214   205,526,610   218,843,613         Dividends declared per common share$0.43  $0.43  $1.72  $1.68                  ARBOR REALTY TRUST, INC. AND SUBSIDIARIESConsolidated Balance Sheets($ in thousands—except share and per share data)  December 31, 2024 December 31, 2023Assets:   Cash and cash equivalents$503,803 $928,974Restricted cash 156,376  608,233Loans and investments, net (allowance for credit losses of $238,967 and $195,664) 11,033,997  12,377,806Loans held-for-sale, net 435,759  551,707Capitalized mortgage servicing rights, net 368,678  391,254Securities held-to-maturity, net (allowance for credit losses of $10,846 and $6,256) 157,154  155,279Investments in equity affiliates 76,312  79,303Real estate owned, net 176,543  86,991Due from related party 12,792  64,421Goodwill and other intangible assets 88,119  91,378Other assets 481,448  403,290Total assets$13,490,981 $15,738,636    Liabilities and Equity:   Credit and repurchase facilities$3,559,490 $3,237,827Securitized debt 4,622,489  6,935,010Senior unsecured notes 1,236,147  1,333,968Convertible senior unsecured notes 285,853  283,118Junior subordinated notes to subsidiary trust issuing preferred securities 144,686  143,896Mortgage notes payable - real estate owned 74,897  44,339Due to related party 4,474  13,799Due to borrowers 47,627  121,707Allowance for loss-sharing obligations 83,150  71,634Other liabilities 280,198  298,733Total liabilities 10,339,011  12,484,031    Equity:   Arbor Realty Trust, Inc. stockholders' equity:   Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: 633,684  633,684Special voting preferred - 16,293,589 shares   6.375% Series D - 9,200,000 shares   6.25% Series E - 5,750,000 shares   6.25% Series F - 11,342,000 shares   Common stock, $0.01 par value: 500,000,000 shares authorized - 189,259,435 and 188,505,264 shares issued and outstanding 1,893  1,885Additional paid-in capital 2,375,469  2,367,188Retained earnings 13,039  115,216Total Arbor Realty Trust, Inc. stockholders’ equity 3,024,085  3,117,973    Noncontrolling interest 127,885  136,632Total equity 3,151,970  3,254,605    Total liabilities and equity$13,490,981 $15,738,636       ARBOR REALTY TRUST, INC. AND SUBSIDIARIESStatement of Income Segment Information - (Unaudited)(in thousands)  Quarter Ended December 31, 2024 StructuredBusiness AgencyBusiness Other(1) ConsolidatedInterest income$248,696  $14,175  $—  $262,871 Interest expense 173,061   6,941   —   180,002 Net interest income 75,635   7,234   —   82,869         Other revenue:       Gain on sales, including fee-based services, net —   22,180   —   22,180 Mortgage servicing rights —   13,344   —   13,344 Servicing revenue —   50,924   —   50,924 Amortization of MSRs —   (17,605)  —   (17,605)Property operating income 2,705   —   —   2,705 Loss on derivative instruments, net —   (3,833)  —   (3,833)Other income (loss), net 1,617   (488)  —   1,129 Total other revenue 4,322   64,522   —   68,844         Other expenses:       Employee compensation and benefits 16,064   30,219   —   46,283 Selling and administrative 7,953   7,081   —   15,034 Property operating expenses 2,446   —   —   2,446 Depreciation and amortization 2,226   391   —   2,617 Provision for loss sharing (net of recoveries) —   3,996   —   3,996 Provision for credit losses (net of recoveries) 3,359   282   —   3,641 Total other expenses 32,048   41,969   —   74,017         Income before loss from equity affiliates and income taxes 47,909   29,787   —   77,696         Loss from equity affiliates (1,616)  —   —   (1,616)Benefit from (provision for) income taxes 726   (1,478)  —   (752)        Net income 47,019   28,309   —   75,328         Preferred stock dividends 10,342   —   —   10,342 Net income attributable to noncontrolling interest —   —   5,160   5,160 Net income attributable to common stockholders$36,677  $28,309  $(5,160) $59,826                  (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ARBOR REALTY TRUST, INC. AND SUBSIDIARIESBalance Sheet Segment Information - (Unaudited)(in thousands)  December 31, 2024 StructuredBusiness AgencyBusiness ConsolidatedAssets:     Cash and cash equivalents$58,188 $445,615 $503,803Restricted cash 134,320  22,056  156,376Loans and investments, net 11,033,997  —  11,033,997Loans held-for-sale, net —  435,759  435,759Capitalized mortgage servicing rights, net —  368,678  368,678Securities held-to-maturity, net —  157,154  157,154Investments in equity affiliates 76,312  —  76,312Real estate owned, net 176,543  —  176,543Goodwill and other intangible assets 12,500  75,619  88,119Other assets and due from related party 415,310  78,930  494,240Total assets$11,907,170 $1,583,811 $13,490,981      Liabilities:     Debt obligations$9,500,901 $422,661 $9,923,562Allowance for loss-sharing obligations —  83,150  83,150Other liabilities and due to related party 244,948  87,351  332,299Total liabilities$9,745,849 $593,162 $10,339,011          ARBOR REALTY TRUST, INC. AND SUBSIDIARIESReconciliation of Distributable Earnings to GAAP Net Income - (Unaudited)($ in thousands—except share and per share data)  Quarter Ended December 31, Year Ended December 31,  2024   2023   2024   2023 Net income attributable to common stockholders$59,826  $91,659  $223,272  $330,065         Adjustments:       Net income attributable to noncontrolling interest 5,160   7,923   19,278   29,122 Income from mortgage servicing rights (13,344)  (21,144)  (51,272)  (69,912)Deferred tax benefit (2,691)  (719)  (11,613)  (7,349)Amortization and write-offs of MSRs 20,194   19,145   76,922   77,829 Depreciation and amortization 3,238   4,115   12,040   16,425 Loss on extinguishment of debt —   —   412   1,561 Provision for credit losses, net 2,199   11,206   65,537   68,642 Loss (gain) on derivative instruments, net 4,535   (10,880)  9,212   (8,844)Stock-based compensation 2,485   2,799   14,232   14,940 Distributable earnings (1)$81,602  $104,104  $358,020  $452,479         Diluted distributable earnings per share (1)$0.40  $0.51  $1.74  $2.25         Diluted weighted average shares outstanding (1) (2) 205,759,307   205,498,651   205,526,610   201,549,221                  (1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis. (2) The diluted weighted average shares outstanding exclude the potential shares issuable upon conversion and settlement of the Company's convertible senior notes principal balance. The Company is presenting distributable earnings because management believes it is an important supplemental measure of the Company's operating performance and is useful to investors, analysts and other parties in the evaluation of REITs and their ability to provide dividends to stockholders. Dividends are one of the principal reasons investors invest in REITs. To maintain REIT status, REITs are required to distribute at least 90% of their REIT-taxable income. The Company considers distributable earnings in determining its quarterly dividend and believes that, over time, distributable earnings is a useful indicator of the Company's dividends per share. The Company defines distributable earnings as net income (loss) attributable to common stockholders computed in accordance with GAAP, adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from MSRs, amortization and write-offs of MSRs, gains/losses on derivative instruments primarily associated with Private Label loans not yet sold and securitized, changes in fair value of GSE-related derivatives that temporarily flow through earnings, deferred tax provision (benefit), CECL provisions for credit losses (adjusted for realized losses as described below) and gains/losses on the receipt of real estate from the settlement of loans (prior to the sale of the real estate). The Company also adds back one-time charges such as acquisition costs and one-time gains/losses on the early extinguishment of debt and redemption of preferred stock. The Company reduces distributable earnings for realized losses in the period management determines that a loan is deemed nonrecoverable in whole or in part. Loans are deemed nonrecoverable upon the earlier of: (1) when the loan receivable is settled (i.e., when the loan is repaid, or in the case of foreclosure, when the underlying asset is sold); or (2) when management determines that it is nearly certain that all amounts due will not be collected. The realized loss amount is equal to the difference between the cash received, or expected to be received, and the book value of the asset. Distributable earnings is not intended to be an indication of the Company's cash flows from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions. The Company's calculation of distributable earnings may be different from the calculations used by other companies and, therefore, comparability may be limited.

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