House Scorecards
Dividend cuts and suspensions log
This log records dividend cuts and suspensions announced after a House Scorecards card for the payer already existed, with the checks the card showed beforehand. Each entry gives the date, the old and new distribution, the filing that states it, and the card checks as published before the announcement.
A cut announced before its card existed is not listed here, because the site holds no record of what the checks showed beforehand. Earlier cuts stay on the individual cards, where the history is stated.
This log is a record of what happened. It states facts from filings and from the site's own cards. It does not grade the payer again and it does not say what happens next.
Last updated October 31, 2026
ABR — Arbor Realty Trust, Inc.
Date: October 30, 2026
Event: Suspension
Distribution: $0.17 per quarter to No dividend declared — quarterly common-stock dividend suspended
Source: Form 8-K, Exhibit 99.1 (third-quarter 2026 earnings release), filed October 30, 2026 (accession 0001253986-26-000062).
Suspends quarterly cash dividend on common stock during this challenging environment to preserve capital and maintain financial flexibility.
Beforehand, as published
Quoted from the ABR card as published October 25, 2026, snapshot Week of October 19, 2026. House verdict at the time: warn — Cut twice, still uncovered.
This is the mortgage REIT the House watches with its hand on the exit: the quarterly dividend has been cut twice in 18 months, from $0.43 to $0.30 in 2025 and then to $0.17 in May 2026, and even the reduced rate is not covered — second-quarter distributable earnings of $0.10 a share, or $0.15 excluding $9.6 million of realized losses on legacy-asset resolutions, against a $0.17 dividend. Delinquencies and REO totaled roughly $1.07 billion at quarter-end, and the share price has fallen about 75% in a year to $2.92. That is a distress yield, not a trap verdict on this evidence alone: no verified return-of-capital funding of the payout was found, so the card grades warn and states the evidence rather than claiming principal destruction is proven. For a mortgage REIT the House grades core-earnings coverage, book-value trend, and leverage — and on coverage this one fails.
Dividend as published: $0.17 per quarter, cut from $0.30 in May 2026
DE payout 170% in Q2 2026 ($0.17 dividend against $0.10 distributable earnings)
Book value about $11.59 per share, pro forma, after July buybacks
Indicated yield about 23.3% at the $2.92 close on October 23, 2026
Distributable-earnings coverage check: Reported distributable earnings of $0.10 a share do not cover the $0.17 dividend, and even the $0.15 ex-realized-loss figure falls short — the payout is being paid ahead of earnings, quarter after quarter.
Credit check: Roughly $1.07 billion of delinquencies and REO at June 30, 2026, with management guiding to $15–$25 million a quarter of realized losses as it works through the legacy book over four to six quarters.
Price-versus-book check: The $2.92 close is about a quarter of pro forma book value of ~$11.59 — the market is pricing further book erosion, not a bargain, and the dividend has already been cut twice.
Changes if: Distributable earnings stay below $0.17, the dividend is cut a third time, or nonperforming assets stop shrinking. A return to coverage above $0.17 would be the first reason to revisit the warning.
BXMT — Blackstone Mortgage Trust, Inc.
Date: October 29, 2026
Event: Cut
Distribution: $0.47 per quarter to $0.30 per quarter
Payable: January 15, 2027, to holders of record December 31, 2026.
Source: Form 8-K, Exhibit 99.1 (third-quarter 2026 earnings release), filed October 29, 2026 (accession 0001061630-26-000099).
BXMT declared a dividend of $0.30 per share of class A common stock with respect to the fourth quarter of 2026. This dividend is payable on January 15, 2027, to stockholders of record as of December 31, 2026.
Beforehand, as published
Quoted from the BXMT card as published October 25, 2026, snapshot Week of October 19, 2026. House verdict at the time: warn — Covered by a cent before losses — not after them.
The same shape as AGNC’s warning, with credit rather than rates doing the damage: second-quarter distributable earnings before realized gains and losses of $0.48 a share covered the $0.47 quarterly dividend by a single cent, but after $29 million of realized losses — mostly a foreclosed Dallas multifamily loan — distributable earnings were $0.31, well short of the payout. Book value fell 4% in the quarter to $19.31 a share, driven by an $0.80-a-share increase in CECL reserves to $2.43 a share after three new impairments led by a $345 million Chicago office loan. The $0.47 rate was reaffirmed for the third quarter, payable October 15, 2026, but a $0.01 pre-loss margin on a book that just took a reserve hit is a warning with very little room. For a mortgage REIT the House grades core-earnings coverage, book-value trend, and leverage — and management itself warned third-quarter distributable earnings would feel the new impairments and July repayments.
Dividend as published: $0.47 per quarter, reaffirmed September 15, 2026, paid October 15, 2026
DE payout 152% in Q2 2026 ($0.47 dividend against $0.31 distributable earnings)
Book value $19.31 per share at June 30, 2026, down 4% in the quarter
Indicated yield about 17.7% at the $10.60 close on October 23, 2026
Distributable-earnings coverage check: Distributable earnings before realized losses of $0.48 covered the $0.47 dividend by $0.01, but reported distributable earnings of $0.31 did not — realized credit losses are the gap between covered and uncovered.
Book-value check: Book value fell 4% in one quarter to $19.31, on an $0.80-a-share CECL reserve increase tied to office impairments; the share price at $10.60 is roughly half of book.
Leverage and portfolio check: Debt-to-equity rose to 3.9× from 3.7×, office exposure is down to 21% from a 36% peak, and 97% of the $17 billion loan portfolio was performing — the rotation is real, but the watchlist is still about $1 billion.
Changes if: Distributable earnings fall below $0.47 for a second quarter, book value falls again, or CECL reserves rise past $2.43 a share. Any of those turns a thin coverage margin into a cut question.
How an entry is built
An entry is added only when a filing or an issuer announcement states the cut or suspension with an exact date and the old and new distribution, and the card for the payer already existed with its checks published. New cuts and suspensions are logged with the pre-cut card state captured at announcement time, and entries are listed newest first.
Variable monthly distributions from covered-call funds are not cuts and are not logged here. A distribution that moves month to month by design is stated on the fund card and in the Weekly House Score, not in this log.