2020-04-13 16:24:27 ABR Arbor Realty
04/13/20 04/1316:24 04/13/2016:24 | Arbor Realty announces $1.1B in Q1 agency loansThe company states: "This unprecedented environment has caused significant disruption and liquidity constraints in many market segments, including the financial services, real estate and credit markets. Many commercial mortgage REITs have suffered from reduced available liquidity and significant margin calls on assets and securities that are financed through short-term repurchase facilities. We have always run our business with a heavy focus on the right side of our balance sheet, particularly in financing a large portion of our loans through non-recourse, non-mark-to-market long-dated CLO vehicles, as well as longer term unsecured debt facilities. That commitment to maintaining a strong balance sheet and careful capital management allows me to report that we currently have approximately $350 million in cash and available liquidity. Our balance sheet portfolio is approximately $4.8 billion as of March 31, 2020 with $3.4 billion of debt financing those assets. Approximately $2.6 billion, or 76% of that debt, is in non-recourse CLOs and approximately $800 million is financed through warehouse and repurchase facilities with eight different banks that we have long standing relationships with. Additionally, the majority of the loans being financed in these bank lines are also rated and CLO eligible... We have created a fully integrated diversified operating platform. As a result, we have been very active in providing liquidity to the multifamily market through our sizable agency business. We originated $1.1 billion in agency loans in the first quarter, which is up from $850 million in originations for the first quarter of 2019, and our agency pipeline is up to $1.6 billion compared to $1.2 billion at the same time last year. In this unprecedented environment, our agency platform offers a premium value as it requires limited capital and generates significant, long-dated, predictable income streams. Just as importantly, it allows us to retain our staff and generates significant annual cash flow. Our $20 billion agency servicing portfolio, which is mostly prepayment protected, generates approximately $90 million a year in recurring cash flow, in addition to the strong gain on sale margins we generate from our deep agency origination platform. In our agency business, we have seen positive trends related to April payments with approximately 2% of our portfolio requesting forbearance. With respect to our outlook for May and June payments, we do think there will be some economic stress, although we also think it will be largely mitigated or offset by enhanced unemployment insurance and other economic stimulus programs the government is offering, including the Paycheck Protection Program, which will assist our borrowers with their payroll costs. In addition, the average debt service coverage ratio in our agency portfolio, based mostly on year-end 2019 financial data, is approximately 1.65, which means that borrowers could withstand, on average, a 20% economic vacancy due to the effects of the virus, before it impairs their ability to meet their debt service." | |
---|---|---|
|
Upgrade
|
Land Securities upgraded to Buy from Hold at Deutsche Bank »
21:24 01/21/21 01/2121:24 01/21/2121:24
LDSCY
Land Securities
Deutsche Bank analyst… Story temporarily locked. ShowHide Related Items >><<
|
Upgrade
|
British Land upgraded to Buy from Hold at Deutsche Bank »
21:23 01/21/21 01/2121:23 01/21/2121:23
BTLCY
British Land
Deutsche Bank analyst… Story temporarily locked. ShowHide Related Items >><<
|
Upgrade
|
Alstria Office upgraded to Buy from Hold at Deutsche Bank »
21:21 01/21/21 01/2121:21 01/21/2121:21
ALSRF
Alstria Office
Deutsche Bank analyst… Story temporarily locked. ShowHide Related Items >><<
|
Syndicate
|
Aurora Cannabis 12M share Spot Secondary priced at $10.45 »
21:15 01/21/21 01/2121:15 01/21/2121:15
ACB
Aurora Cannabis
BMO Capital and ATB… Story temporarily locked. ShowHide Related Items >><<
|
Syndicate
|
Silvergate Capital 3.968M share Secondary priced at $63.00 »
21:13 01/21/21 01/2121:13 01/21/2121:13
SI
Silvergate Capital
The deal size was… Story temporarily locked. ShowHide Related Items >><<
|
Syndicate
|
Corsair Gaming 7.5M share Secondary priced at $35.00 »
21:11 01/21/21 01/2121:11 01/21/2121:11
CRSR
Corsair Gaming
Goldman Sachs, Barclays,… Story temporarily locked. ShowHide Related Items >><<
|
Syndicate
|
RLX Technology 116.5M share IPO priced at $12.00 »
21:10 01/21/21 01/2121:10 01/21/2121:10
RLX
RLX Technology
The priced above the… Story temporarily locked. ShowHide Related Items >><<
|
Upgrade
|
Targa Resources upgraded to Buy from Hold at Stifel »
20:55 01/21/21 01/2120:55 01/21/2120:55
TRGP
Targa Resources
Stifel analyst Selman… Story temporarily locked. ShowHide Related Items >><<
|
Syndicate
|
Invitae 7.77M share Secondary priced at $51.50 »
20:42 01/21/21 01/2120:42 01/21/2120:42
NVTA
Invitae
The deal priced below the… Story temporarily locked. ShowHide Related Items >><<
|
Earnings
|
Notable companies reporting before tomorrow's open »
20:25 01/21/21 01/2120:25 01/21/2120:25
SLB
Schlumberger
Kansas City Southern
Regions Financial
Ally Financial
Huntington Bancshares
First Horizon
Notable companies… Notable companies reporting before tomorrow's open, with earnings consensus, include Schlumberger (SLB), consensus 17c... Kansas City Southern (KSU), consensus $1.92... Regions Financial (RF), consensus 42c... Ally Financial (ALLY), consensus $1.05... Huntington Bancshares (HBAN), consensus 29c... First Horizon (FHN), consensus 33c. ShowHide Related Items >><<
|
Syndicate
|
Passage Bio 7M share Secondary priced at $22.00 »
19:53 01/21/21 01/2119:53 01/21/2119:53
PASG
Passage Bio
The deal priced below the… The deal priced below the last closing price of $22.82. JPMorgan, Goldman Sachs and Cowen are acting as joint book running managers for the offering. ShowHide Related Items >><<
|
Hot Stocks
|
Aclaris gets orphan drug designation in cryopyrin-associated periodic syndrome »
19:50 01/21/21 01/2119:50 01/21/2119:50
ACRS
Aclaris Therapeutics
Aclaris announced that… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Novartis Gene Therapies gets FDA Orphan Drug Designation in Friedreich's Ataxia »
19:48 01/21/21 01/2119:48 01/21/2119:48
NVS
Novartis
Novartis Gene Therapies… Novartis Gene Therapies announced that the U.S. Food and Drug Administration has granted Orphan Drug Designation for its "Adeno-associated virus isoform 9 gene vector construct expressing the human Frataxin gene" for the treatment of Friedreich's Ataxia. Reference Link ShowHide Related Items >><<
|
Syndicate
|
BJ's Restaurants announces at-the-market equity program for $25M »
19:46 01/21/21 01/2119:46 01/21/2119:46
BJRI
BJ's Restaurants
The company currently… Story temporarily locked. ShowHide Related Items >><<
|
Earnings
|
BJ's Restaurants sees Q4 revenue $197.0M, consensus $210.97M »
19:45 01/21/21 01/2119:45 01/21/2119:45
BJRI
BJ's Restaurants
Sees Q4 SSS down 32.3%. … Sees Q4 SSS down 32.3%. Sees Q4 adj. EBITDA $2.0M-$3.0M. Sees Q4 restaurant level operating margin $12.5M-$13.5M. CEO Greg Trojan says: "BJ's fourth quarter results were impressive in light of the increasing restrictions on our dining room capacity. October results were strong with weekly sales per restaurant averaging over $83,000 and comparable restaurant sales of -20.6%, despite being limited to only outdoor seating and off-premise sales at 34 of our 62 California restaurants for at least part of the month and dining room capacity limitations at our remaining 175 restaurants. Beginning in November, rising COVID-19 cases caused numerous states to rollback dine-in re-openings, while in December, California closed all outdoor patio seating, limiting our sales in the state to only delivery and take-out. As such, sales in November and December averaged $77,600 and $60,300 per restaurant week, respectively, which equated to comparable restaurant sales of -27.0% in November and -45.3% in December. Despite these challenges, the productivity and efficiency initiatives implemented at the start of the pandemic allowed us to generate positive cash flow from operations for the quarter. Sales have been improving in the new year, which we believe reflects both high levels of pent-up guest demand and the easing of certain capacity restrictions. Comparable restaurant sales improved significantly to -37.2% for the first three weeks of January from -45.3% in December. Notably, excluding California where most restaurants remain limited to only delivery and take-out, comparable restaurant sales improved to -22.5% for the first three weeks of January. In Texas, Florida and Ohio, our three largest markets after California, comparable restaurant sales improved to -14.3% in aggregate during this same period. Colorado and Pennsylvania, where we have 10 total restaurants, re-opened their dining rooms for limited seating starting in the first week of January and outdoor seating resumed last week at five of our California restaurants. Our teams are excited to continue re-opening dining rooms when conditions permit. As we experienced in 2020 when our dining rooms re-opened for a limited time, our guests are eager to return to the differentiated, high quality and high energy BJ's dining experience." ShowHide Related Items >><<
|
Hot Stocks
|
Amgen granted FDA Orphan Drug Designation for carfilzomib »
19:41 01/21/21 01/2119:41 01/21/2119:41
AMGN
Amgen
Amgen announced that the… Story temporarily locked. ShowHide Related Items >><<
|
Initiation
|
Autodesk initiated with a Sell at Goldman Sachs »
18:55 01/21/21 01/2118:55 01/21/2118:55
ADSK
Autodesk
Goldman Sachs analyst… Goldman Sachs analyst Kash Rangan initiated coverage of Autodesk with a Sell rating and $270 price target. The company is a "category leader" and looks poised to grow into a dominant design, automation software company in the cloud in key end markets including architecture, engineering, construction, and manufacturing, the analyst tells investors in a research note. Rangan is concerned however that the health of Autodesk's end markets remains uncertain, adding that the company's medium-term revenue and free cash flow targets are "increasingly back end loaded". ShowHide Related Items >><<
|
Initiation
|
Oracle initiated with a Sell at Goldman Sachs »
18:53 01/21/21 01/2118:53 01/21/2118:53
ORCL
Oracle
Goldman Sachs analyst… Story temporarily locked. ShowHide Related Items >><<
|
Initiation
|
VMware initiated with a Neutral at Goldman Sachs »
18:52 01/21/21 01/2118:52 01/21/2118:52
VMW
VMware
Goldman Sachs analyst… Goldman Sachs analyst Kash Rangan initiated coverage of VMware with a Neutral rating and $150 price target. The analyst is confident the company can hit a $20B revenue target, though there are "several" near-term headwinds. Rangan added that VMware is the "most successful" infrastructure software company to have attained scale and profitability. ShowHide Related Items >><<
|
Initiation
|
Snowflake initiated with a Neutral at Goldman Sachs »
18:51 01/21/21 01/2118:51 01/21/2118:51
SNOW
Snowflake
Goldman Sachs analyst… Story temporarily locked. ShowHide Related Items >><<
|
Initiation
|
Elastic initiated with a Neutral at Goldman Sachs »
18:50 01/21/21 01/2118:50 01/21/2118:50
ESTC
Elastic
Goldman Sachs analyst… Goldman Sachs analyst Kash Rangan initiated coverage of Elastic with a Neutral rating and $190 price target. The analyst said his price target is based on the firm's fundamental valuation framework, adding that his thesis is that Elastic's combination of technology and differentiated customer approach has the potential to disrupt the "fragmented" IT Operations market. ShowHide Related Items >><<
|
Initiation
|
Intuit assumed with a Neutral at Goldman Sachs »
18:49 01/21/21 01/2118:49 01/21/2118:49
INTU
Intuit
Goldman Sachs analyst… Story temporarily locked. ShowHide Related Items >><<
|
Initiation
|
ServiceNow assumed with a Buy at Goldman Sachs »
18:47 01/21/21 01/2118:47 01/21/2118:47
NOW
ServiceNow
Goldman Sachs analyst… Goldman Sachs analyst Kash Rangan assumed coverage of ServiceNow with a Buy rating and $670 price target. The company stands "well positioned" to become an over $15B revenue cloud applications software firm by 2026, the analyst tells investors in a research note. Rangan adds that ServiceNow's operating margins could then hit 30%-35% and free cash flow margins could potentially reach 35%-40% thanks to its "very efficient" customer acquisition economics and expansion beyond its core ITSM market into adjacent markets. ShowHide Related Items >><<
|
Initiation
|
Splunk assumed with a Buy at Goldman Sachs »
18:46 01/21/21 01/2118:46 01/21/2118:46
SPLK
Splunk
Goldman Sachs analyst… Story temporarily locked. ShowHide Related Items >><<
|
Hot Stocks
|
Blue Ridge Bankshares and Bay Banks of Virginia shareholders approve merger »
18:45 01/21/21 01/2118:45 01/21/2118:45
BRBS
Blue Ridge Bankshares
Blue Ridge Bankshares and… Blue Ridge Bankshares and Bay Banks of Virginia shareholders approved the previously announced merger of Bay Banks into Blue Ridge. The combined company would have approximately $2.8B in assets, $1.9B in deposits, and $2.1B in loans. ShowHide Related Items >><<
|