Arbor Realty Trust (ABR) 2025 earnings fall as dividend reset and credit costs rise

Rhea-AI Filing Summary

Arbor Realty Trust reported significantly lower results for the fourth quarter and full year 2025 but continued to grow its lending and servicing platforms. Fourth quarter net income was $14.6 million, or $0.07 per diluted common share, down from $59.8 million, or $0.32, a year earlier. Full year net income was $107.4 million, or $0.56 per diluted share, compared with $223.3 million, or $1.18, for 2024.

Distributable earnings for the quarter were $41.2 million, or $0.19 per diluted share, versus $81.6 million, or $0.40, a year earlier; for the full year they were $223.6 million, or $1.07, compared with $358.0 million, or $1.74. The board declared a quarterly cash dividend of $0.30 per common share for the quarter ended December 31, 2025.

Operationally, Arbor originated $1.63 billion of agency loans and $1.10 billion of structured loans in the quarter, and its fee-based servicing portfolio reached $36.20 billion of unpaid principal balance at December 31, 2025. The structured loan and investment portfolio had unpaid principal of $12.11 billion with a weighted average current pay rate of 6.49%. The company issued $400 million of 8.50% senior unsecured notes due 2028 and, over the year, issued $900.0 million of senior unsecured notes, repaid $557.5 million of unsecured debt and added approximately $340 million of liquidity, while also unwinding several CLO vehicles to generate additional liquidity.

Insights

REIT and credit analyst

ABR’s 2025 earnings and dividend step down, while liquidity and platforms expand.

Arbor Realty Trust showed weaker profitability in 2025 despite solid origination and servicing activity. Full year net income fell to $107.4 million, or $0.56 per diluted share, from $223.3 million, or $1.18, as higher credit costs, impairments on real estate owned and loss-sharing provisions weighed on results.

Distributable earnings, a key REIT cash-flow proxy, dropped to $223.6 million, or $1.07 per diluted share, from $358.0 million, or $1.74. The common dividend declared for the quarter ended December 31, 2025 was $0.30 per share, below the prior year’s $0.43 quarterly level, indicating a reset closer to current earning power.

At the same time, Arbor continued to scale its agency and structured platforms, with the fee-based servicing portfolio reaching $36.20 billion in unpaid principal and the structured portfolio at $12.11 billion. Management emphasized balance sheet actions, including issuing $900.0 million of senior unsecured notes in 2025 to refinance $557.5 million of debt and add about $340 million of liquidity, plus CLO unwinds that generated additional liquidity. Actual credit performance, non-performing loan trends and future dividend levels will depend on how legacy assets and modified loans behave in subsequent periods.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2026

Arbor Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland			001-32136			20-0057959
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

333 Earle Ovington Boulevard, Suite 900 Uniondale, New York						11553
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (516) 506-4200

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbols

Name of each exchange on which registered

Common Stock, par value $0.01 per share

ABR

New York Stock Exchange

Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share

ABR-PD

New York Stock Exchange

Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share

ABR-PE

New York Stock Exchange

Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share

ABR-PF

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02    Results of Operations and Financial Condition.

On February 27, 2026, Arbor Realty Trust, Inc. issued a press release announcing its earnings for the fourth quarter and full year ended December 31, 2025, a copy of which is attached hereto as Exhibit 99.1.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number						Exhibit
99.1						Press Release, dated February 27, 2026
104						Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ARBOR REALTY TRUST, INC.
			By:			/s/ Paul Elenio
			Name:			Paul Elenio
			Title:			Chief Financial Officer
Date: February 27, 2026

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share

Fourth Quarter Highlights:

•GAAP net income of $0.07 per diluted common share

•Distributable earnings1 of $0.19, or $0.22 per diluted common share, excluding $5.1 million of net realized losses from the resolution of certain legacy assets previously reserved for

•Declares cash dividend on common stock of $0.30 per share

•Agency loan originations of $1.63 billion

•Structured loan originations of $1.10 billion, our strongest quarter in over three years

•Issued $400.0 million of 8.50% senior unsecured notes due 2028

•Unwound CLO 16 with $482.1 million of outstanding notes generating ~$90 million of liquidity

•Foreclosed on six loans totaling $139.0 million and sold three real estate owned properties totaling $77.6 million

•Repurchased $20.0 million of stock at an average price of $7.40 per share, or 64% of book value, between December 2025 and February 2026

Full Year Highlights:

•GAAP net income of $0.56 per diluted common share

•Distributable earnings1 of $1.07, or $1.17 per diluted common share, excluding $22.6 million of net realized losses from the resolution of certain legacy assets previously reserved for

•Agency servicing portfolio of ~$36.20 billion on growth of 8% from loan originations of $5.07 billion

•Structured portfolio of $12.11 billion on growth of 7% from loan originations of $3.52 billion

•Recognized significant cash gains totaling $56.0 million from an equity investment

•Continued success from our industry-leading securitization platform:

◦Closed our first build-to-rent collateralized securitization vehicle totaling $801.9 million with improved terms over our warehouse lines

◦Closed a $1.05 billion collateralized securitization vehicle with initial pricing of 1.82% over SOFR and leverage of 89%

•Generated significant liquidity through improvements to the right side of our balance sheet:

◦Issued $900.0 million of senior unsecured notes to repay $557.5 million of unsecured debt and add ~$340 million of liquidity

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 2

◦Unwound three CLO vehicles, financing assets with a new $1.15 billion repurchase facility and existing lines, enhancing leverage, reducing pricing and generating ~$170 million of liquidity

Uniondale, NY, February 27, 2026 -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the fourth quarter ended December 31, 2025. Arbor reported net income for the quarter of $14.6 million, or $0.07 per diluted common share, compared to net income of $59.8 million, or $0.32 per diluted common share for the quarter ended December 31, 2024. Net income for the year was $107.4 million, or $0.56 per diluted common share, compared to $223.3 million, or $1.18 per diluted common share for the year ended December 31, 2024. Distributable earnings for the quarter was $41.2 million, or $0.19 per diluted common share, compared to $81.6 million, or $0.40 per diluted common share for the quarter ended December 31, 2024. Distributable earnings for the year was $223.6 million, or $1.07 per diluted common share, compared to $358.0 million, or $1.74 per diluted common share for the year ended December 31, 2024.1

Agency Business

Loan Origination Platform

			Agency Loan Volume (in thousands)
			Quarter Ended												Year Ended
			December 31, 2025						September 30, 2025						December 31, 2025						December 31, 2024
Fannie Mae			$	1,068,889					$	872,753					$	2,982,659					$	2,374,040
Freddie Mac			493,294						1,103,120						1,924,773						1,770,976
FHA			62,104						—						78,145						146,507
SFR - Fixed Rate			3,857						7,242						43,762						27,314
Private Label			—						—						44,925						151,936
Total Originations			$	1,628,144					$	1,983,115					$	5,074,264					$	4,470,773
Total Loan Sales			$	1,539,801					$	2,026,815					$	5,104,490					$	4,609,686
Total Loan Commitments			$	1,602,180					$	2,003,538					$	5,103,885					$	4,443,972

For the quarter ended December 31, 2025, the Agency Business generated revenues of $81.0 million, compared to $81.1 million for the third quarter of 2025. Gain on sales, including fee-based services, net on the Agency business was $20.9 million for the quarter, reflecting a margin of 1.36%, compared to $23.3 million and 1.15% for the third quarter of 2025. Income from mortgage servicing rights was $19.9 million for the quarter, reflecting a rate of 1.24% as a percentage of loan commitments, compared to $15.5 million and 0.78% for the third quarter of 2025.

At December 31, 2025, loans held-for-sale was $409.1 million, with financing associated with these loans totaling $390.4 million.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 3

Fee-Based Servicing Portfolio

The Company’s fee-based servicing portfolio totaled $36.20 billion at December 31, 2025. Servicing revenue, net was $26.9 million for the quarter and consisted of servicing revenue of $45.1 million, net of amortization of mortgage servicing rights totaling $18.2 million.

			Fee-Based Servicing Portfolio ($ in thousands)
			December 31, 2025																		September 30, 2025																		December 31, 2024
			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			$	24,085,960					44.7						5.5						$	23,468,256					45.3						5.7						$	22,730,056					46.4						6.4
Freddie Mac			7,455,088						18.3						5.9						7,090,516						19.1						6.2						6,077,020						21.5						6.8
Private Label			2,558,048						18.7						4.5						2,561,736						18.7						4.8						2,605,980						18.7						5.5
FHA			1,549,483						13.9						19.1						1,492,536						14.0						19.1						1,506,948						14.1						19.2
Bridge			277,738						10.4						2.2						277,935						10.4						2.3						278,494						10.4						3.0
SFR-Fixed Rate			277,490						20.0						4.0						279,650						20.0						4.1						271,859						20.1						4.4
Total			$	36,203,807					35.6						6.1						$	35,170,629					36.2						6.3						$	33,470,357					37.8						6.9

Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $35.7 million for the fair value of the guarantee obligation undertaken at December 31, 2025. The Company recorded a $9.7 million net provision for loss sharing associated with CECL for the fourth quarter of 2025. At December 31, 2025, the Company’s total CECL allowance for loss-sharing obligations was $61.9 million, representing 0.26% of the Fannie Mae servicing portfolio.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 4

Structured Business

Portfolio and Investment Activity

			Structured Portfolio Activity ($ in thousands)
			Quarter Ended																								Year Ended
			December 31, 2025												September 30, 2025												December 31, 2025												December 31, 2024
			UPB						%						UPB						%						UPB						%						UPB						%
Bridge:
SFR			$	668,059					61		%				$	391,768					41		%				$	1,947,107					55		%				$	869,141					61		%
Multifamily			336,945						30		%				375,950						39		%				1,183,945						34		%				444,635						31		%
Land			—						—						—						—						—						—						10,350						1		%
			1,005,004						91		%				767,718						80		%				3,131,052						89		%				1,324,126						93		%
Construction - Multifamily			61,206						6		%				87,742						9		%				242,844						7		%				4,368						—
Mezzanine / Preferred Equity			36,922						3		%				101,281						11		%				149,642						4		%				97,305						7		%
Total Originations			$	1,103,132					100		%				$	956,741					100		%				$	3,523,538					100		%				$	1,425,799					100		%
Number of Loans Originated			29												30												98												170
Commitments:
SFR			$	245,750											$	25,300											$	665,834											$	1,438,841
Construction - Multifamily			62,000												143,500												470,500												101,000
Total Commitments			$	307,750											$	168,800											$	1,136,334											$	1,539,841
Loan Runoff			$	537,519											$	734,209											$	2,213,378											$	2,691,583

			Structured Portfolio ($ in thousands)
			December 31, 2025												September 30, 2025												December 31, 2024
			UPB						%						UPB						%						UPB						%
Bridge:
Multifamily			$	8,143,114					67		%				$	8,109,058					69		%				$	8,725,429					76		%
SFR			3,184,910						26		%				2,766,284						24		%				1,993,890						18		%
Other			43,734						<1%						164,505						1		%				173,787						2		%
			11,371,758						94		%				11,039,847						94		%				10,893,106						96		%
Mezzanine/Preferred Equity			492,330						4		%				481,102						4		%				404,401						3		%
Construction - Multifamily			249,019						2		%				187,813						2		%				4,367						<1%
SFR Permanent			—						—						—						—						3,082						<1%
Total Portfolio			$	12,113,107					100		%				$	11,708,762					100		%				$	11,304,956					100		%

At December 31, 2025, the loan and investment portfolio’s unpaid principal balance ("UPB"), excluding loan loss reserves, was $12.11 billion, with a weighted average current interest pay rate of 6.49%, compared to $11.71 billion and 6.64% at September 30, 2025. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 7.08% at December 31, 2025, compared to 7.27% at September 30, 2025. The decrease in pay rate was largely due to an decrease in the SOFR rate in the fourth quarter of 2025.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 5

The average balance of the Company’s loan and investment portfolio during the fourth quarter of 2025, excluding loan loss reserves, was $11.84 billion with a weighted average yield of 7.38%, compared to $11.76 billion and 6.95% for the third quarter of 2025. The increase in the weighted average yield was primarily due to an $18 million one-time reversal of accrued interest on previously modified loans, along with additional delinquencies and rate modifications, in the third quarter of 2025, partially offset by a decrease in the SOFR rate in the fourth quarter of 2025.

During the fourth quarter of 2025, the Company recorded a $6.5 million reversal of provision for loan losses associated with CECL. At December 31, 2025, the Company’s total allowance for loan losses was $146.0 million, compared to $246.3 million at September 30, 2025. The decrease in the allowance was primarily due to the resolution of a portfolio of legacy loans with a total UPB of $127.9 million and a previously recorded reserve of $77.9 million, resulting in a $68.9 million charge-off and a $9.0 million provision reversal. In addition, the Company recorded $20.5 million of impairments on real estate owned with a carry value of $158.2 million.

The Company had twenty-six non-performing loans with a UPB of $569.1 million, before related loan loss reserves of $10.2 million, compared to twenty-five loans with a UPB of $566.1 million, before loan loss reserves of $22.9 million at September 30, 2025.

In addition, at December 31, 2025, the Company had three non-accrual loans with a UPB of $48.3 million (before a related loan loss reserves of $10.7 million) that were less than 60 days past due, compared to eight non-accrual loans with a total UPB of $183.1 million (before related loan loss reserves of $15.3 million) at September 30, 2025.

During the fourth quarter of 2025, the Company modified seven loans to borrowers experiencing financial difficulty with a total UPB of $251.1 million, the vast majority of which had borrowers investing additional capital to recapitalize their deals. Five of these loans with a total UPB of $131.2 million contained interest rates based on pricing over SOFR ranging from 3.35% to 4.15% and were modified to provide temporary rate relief through a pay and accrual feature. At December 31, 2025, these modified loans had a weighted average pay rate of 5.52% and a weighted average accrual rate of 1.69%. In addition, of the total modified loans for the fourth quarter, one loan with a UPB of $12.0 million was non-performing at September 30, 2025, and is now current in accordance with its modified terms.

Financing Activity

The balance of debt that finances the Company’s loan and investment portfolio at December 31, 2025 was $10.46 billion with a weighted average interest rate including fees of 6.45% as compared to $9.49 billion and a rate of 6.72% at September 30, 2025. The decrease in the weighted average interest rate was primarily due to a decline in the SOFR rate during the fourth quarter of 2025.

The average balance of debt that finances the Company’s loan and investment portfolio for the fourth quarter of 2025 was $10.09 billion, as compared to $9.96 billion for the third quarter of 2025. The average cost of borrowings for the fourth quarter of 2025 was 6.81%, compared to 7.02% for the third quarter of 2025. The decrease in average cost was primarily due to an decrease in the SOFR rate in the fourth quarter of 2025.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 6

The Company issued $400 million of its 8.50% senior unsecured notes due December 2028 through a private offering. The Company is using the net proceeds of this offering to pay down debt and for general corporate purposes.

Dividend

The Company announced today that its Board of Directors declared a quarterly cash dividend of $0.30 per share of common stock for the quarter ended December 31, 2025. The dividend is payable on March 24, 2026 to common stockholders of record on March 10, 2026.

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) 267-6316 for domestic callers and (203) 518-9783 for international callers. Please use participant passcode ABRQ425 when prompted by the operator.

A telephonic replay of the call will be available until March 6, 2026. The replay dial-in numbers are (800) 839-1192 for domestic callers and (402) 220-0402 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, 2025 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

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 7

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

1.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 two pages of this release.

Contact: Arbor Realty Trust, Inc. Investor Relations 516-506-4200 InvestorRelations@arbor.com

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 8

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Income

($ in thousands—except share and per share data)

			Quarter Ended December 31,												Year Ended December 31,
			2025						2024						2025						2024
			(Unaudited)						(Unaudited)
Interest income			$	236,011					$	262,871					$	940,008					$	1,167,872
Interest expense			180,272						180,002						701,836						804,615
Net interest income			55,739						82,869						238,172						363,257
Other revenue:
Gain on sales, including fee-based services, net			20,891						22,180						70,669						74,932
Mortgage servicing rights			19,933						13,344						54,532						51,272
Servicing revenue, net			26,925						33,319						109,617						125,896
Property operating income			7,319						2,705						21,347						7,226
(Loss) gain on derivative instruments, net			(155)						(3,833)						1,259						(8,543)
Other income, net			2,743						1,129						14,801						8,083
Total other revenue			77,656						68,844						272,225						258,866
Other expenses:
Employee compensation and benefits			42,759						46,283						174,145						181,694
Selling and administrative			14,937						15,034						59,805						54,931
Property operating expenses			10,408						2,446						27,980						7,394
Depreciation and amortization			8,267						2,617						23,214						9,555
Impairment loss on real estate owned			20,500						—						20,500						—
Provision for loss sharing, net			10,001						3,996						24,259						11,782
Provision for credit losses, net			(5,077)						3,641						42,696						68,543
Total other expenses			101,795						74,017						372,599						333,899
Income before extinguishment of debt, (loss) gain on real estate, income (loss) from equity affiliates, and income taxes			31,600						77,696						137,798						288,224
Loss on extinguishment of debt			(601)						—						(2,919)						(412)
(Loss) gain on real estate			(4,338)						—						(9,151)						3,813
Income (loss) from equity affiliates			3,656						(1,616)						50,880						5,772
Provision for income taxes			(4,196)						(752)						(18,779)						(13,478)
Net income			26,121						75,328						157,829						283,919
Preferred stock dividends			10,342						10,342						41,369						41,369
Net income attributable to noncontrolling interest			1,204						5,160						9,033						19,278
Net income attributable to common stockholders			$	14,575					$	59,826					$	107,427					$	223,272
Basic earnings per common share			$	0.07					$	0.32					$	0.56					$	1.18
Diluted earnings per common share			$	0.07					$	0.32					$	0.56					$	1.18
Weighted average shares outstanding:
Basic			195,708,401						188,924,182						192,956,154						188,701,149
Diluted			212,479,888						205,759,307						209,733,331						205,526,610
Dividends declared per common share			$	0.30					$	0.43					$	1.20					$	1.72

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 9

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

($ in thousands—except share and per share data)

			December 31, 2025						December 31, 2024
Assets:
Cash and cash equivalents			$	482,875					$	503,803
Restricted cash			67,347						156,376
Loans and investments, net (allowance for credit losses of $145,971 and $238,967)			11,934,248						11,033,997
Loans held-for-sale, net			409,081						435,759
Capitalized mortgage servicing rights, net			340,842						368,678
Securities held-to-maturity, net (allowance for credit losses of $17,013 and $10,846)			156,087						157,154
Investments in equity affiliates			57,966						76,312
Real estate owned, net			498,938						176,543
Due from related party			6,534						12,792
Goodwill and other intangible assets			86,553						88,119
Other assets			454,432						481,448
Total assets			$	14,494,903					$	13,490,981
Liabilities and Equity:
Credit and repurchase facilities			$	5,149,651					$	3,559,490
Securitized debt			3,468,258						4,622,489
Senior unsecured notes			2,029,078						1,236,147
Convertible senior unsecured notes			—						285,853
Junior subordinated notes to subsidiary trust issuing preferred securities			145,497						144,686
Notes payable - real estate owned			222,965						74,897
Due to related party			501						4,474
Due to borrowers			33,451						47,627
Allowance for loss-sharing obligations			97,579						83,150
Other liabilities			280,770						280,198
Total liabilities			11,427,750						10,339,011
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:			633,683						633,684
Special voting preferred - 16,169,858 and 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 - 195,491,855 and 189,259,435 shares issued and outstanding			1,955						1,893
Additional paid-in capital			2,454,312						2,375,469
(Accumulated deficit) retained earnings			(136,597)						13,039
Total Arbor Realty Trust, Inc. stockholders’ equity			2,953,353						3,024,085
Noncontrolling interest			113,800						127,885
Total equity			3,067,153						3,151,970
Total liabilities and equity			$	14,494,903					$	13,490,981

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 10

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Statement of Income Segment Information - (Unaudited)

(in thousands)

			Quarter Ended December 31, 2025
			Structured Business						Agency Business						Other(1)						Consolidated
Interest income			$	222,612					$	13,399					$	—					$	236,011
Interest expense			173,046						7,226						—						180,272
Net interest income			49,566						6,173						—						55,739
Other revenue:
Gain on sales, including fee-based services, net			—						20,891						—						20,891
Mortgage servicing rights			—						19,933						—						19,933
Servicing revenue			—						45,093						—						45,093
Amortization of MSRs			—						(18,168)						—						(18,168)
Property operating income			7,319						—						—						7,319
Loss on derivative instruments, net			—						(155)						—						(155)
Other income (loss), net			2,757						(14)						—						2,743
Total other revenue			10,076						67,580						—						77,656
Other expenses:
Employee compensation and benefits			15,598						27,161						—						42,759
Selling and administrative			7,426						7,511						—						14,937
Property operating expenses			10,408						—						—						10,408
Depreciation and amortization			7,876						391						—						8,267
Impairment loss on real estate owned			20,500						—						—						20,500
Provision for loss sharing, net			—						10,001						—						10,001
Provision for credit losses, net			(6,477)						1,400						—						(5,077)
Total other expenses			55,331						46,464						—						101,795
Income before extinguishment of debt, loss on real estate, income from equity affiliates and income taxes			4,311						27,289						—						31,600
Loss on extinguishment of debt			(601)						—						—						(601)
Loss on real estate			(4,338)						—						—						(4,338)
Income from equity affiliates			3,656						—						—						3,656
Benefit from (provision for) income taxes			317						(4,513)						—						(4,196)
Net income			3,345						22,776						—						26,121
Preferred stock dividends			10,342						—						—						10,342
Net income attributable to noncontrolling interest			—						—						1,204						1,204
Net (loss) income attributable to common stockholders			$	(6,997)					$	22,776					$	(1,204)					$	14,575

(1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 11

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Balance Sheet Segment Information - (Unaudited)

(in thousands)

			December 31, 2025
			Structured Business						Agency Business						Consolidated
Assets:
Cash and cash equivalents			$	124,141					$	358,734					$	482,875
Restricted cash			35,258						32,089						67,347
Loans and investments, net			11,934,248						—						11,934,248
Loans held-for-sale, net			—						409,081						409,081
Capitalized mortgage servicing rights, net			—						340,842						340,842
Securities held-to-maturity, net			—						156,087						156,087
Investments in equity affiliates			57,966						—						57,966
Real estate owned, net			498,938						—						498,938
Goodwill and other intangible assets			12,500						74,053						86,553
Other assets and due from related party			382,735						78,231						460,966
Total assets			$	13,045,786					$	1,449,117					$	14,494,903
Liabilities:
Debt obligations			$	10,625,053					$	390,396					$	11,015,449
Allowance for loss-sharing obligations			—						97,579						97,579
Other liabilities and due to related party			241,873						72,849						314,722
Total liabilities			$	10,866,926					$	560,824					$	11,427,750

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 12

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Reconciliation of Distributable Earnings to GAAP Net Income - (Unaudited)

($ in thousands—except share and per share data)

			Quarter Ended December 31,												Year Ended December 31,
			2025						2024						2025						2024
Net income attributable to common stockholders			$	14,575					$	59,826					$	107,427					$	223,272
Adjustments:
Net income attributable to noncontrolling interest			1,204						5,160						9,033						19,278
Income from mortgage servicing rights			(19,933)						(13,344)						(54,532)						(51,272)
Deferred tax provision (benefit)			7,305						(2,691)						3,773						(11,613)
Amortization and write-offs of MSRs			21,517						20,194						81,113						76,922
Depreciation and amortization			8,977						3,238						26,217						12,040
Loss on extinguishment of debt			601						—						2,919						412
Provision for credit losses, net			(17,701)						2,199						9,872						65,537
(Gain) loss on derivative instruments, net			(118)						4,535						(3,379)						9,212
Loss on real estate			22,303						—						27,338						—
Stock-based compensation			2,505						2,485						13,789						14,232
Distributable earnings (1)			$	41,235					$	81,602					$	223,570					$	358,020
Diluted distributable earnings per share (1)			$	0.19					$	0.40					$	1.07					$	1.74
Diluted weighted average shares outstanding (1) (2)			212,479,888						205,759,307						209,733,331						205,526,610

(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

Arbor Realty Trust Reports Fourth Quarter and Full Year 2025 Results and Declares Dividend of $0.30 per Share
February 27, 2026			Page 13

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.

FAQ

How did Arbor Realty Trust (ABR) perform financially in the fourth quarter of 2025?

Arbor reported weaker fourth quarter 2025 results, with net income of $14.6 million, or $0.07 per diluted share. This compares with $59.8 million, or $0.32 per diluted share, for the same quarter in 2024, reflecting higher credit costs and real estate impairments.

What were Arbor Realty Trust’s full year 2025 earnings and distributable earnings?

For 2025, Arbor generated net income of $107.4 million, or $0.56 per diluted share. Distributable earnings totaled $223.6 million, or $1.07 per diluted share, compared with $358.0 million, or $1.74, in 2024, indicating a notable decline in cash-flow-based performance.

What dividend did Arbor Realty Trust declare for the quarter ended December 31, 2025?

The board declared a quarterly cash dividend of $0.30 per common share for the quarter ended December 31, 2025. The dividend is payable on March 24, 2026 to stockholders of record on March 10, 2026, representing a lower payout than the prior-year quarterly dividend.

How large are Arbor Realty Trust’s agency and structured loan portfolios?

At December 31, 2025, Arbor’s fee-based agency servicing portfolio totaled $36.20 billion of unpaid principal balance. Its structured loan and investment portfolio had $12.11 billion in unpaid principal, with a weighted average current interest pay rate of 6.49%, plus additional fees bringing the pay rate to 7.08%.

What capital markets and liquidity actions did Arbor Realty Trust take in 2025?

Arbor issued $900.0 million of senior unsecured notes in 2025, using proceeds to repay $557.5 million of unsecured debt and add about $340 million of liquidity. It also unwound three CLO vehicles, refinancing assets into a $1.15 billion repurchase facility and existing lines, generating around $170 million of liquidity.

Did Arbor Realty Trust issue any new debt in the fourth quarter of 2025?

Yes. Arbor issued $400 million of 8.50% senior unsecured notes due December 2028 through a private offering. The company is using the net proceeds to pay down debt and for general corporate purposes, further reshaping the liability side of its balance sheet.

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