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 "markdown": "Legal Disclosures\n\n\nThis presentation and the information contained herein (together, this \u201cPresentation\u201d) are for the benefit of the stockholders of Arbor Realty Trust, Inc.\n(together with its direct and indirect subsidiaries, \u201cwe,\u201d \u201cus,\u201d \u201cour,\u201d \u201cArbor,\u201d or the \u201cCompany\u201d). This Presentation is solely for informational purposes and is\nnot all inclusive and may not contain all of the information required in order to evaluate the Company. This Presentation does not constitute or form part of,\nand should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company, nor shall there be any sale\nof securities in any state or other jurisdiction to any person or entity to which it is unlawful to make such offer, solicitation or sale in such state or jurisdiction.\n\n\n**Forward-Looking Statements**\nThis Presentation includes \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking\nstatements relate to, among other things, the operating performance of our investments and financing needs. We use words such as \u201canticipate,\u201d \u201cexpect,\u201d\n\u201cbelieve,\u201d \u201cintend,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cwill,\u201d \u201cmay,\u201d \u201ctarget\u201d and similar expressions to identify forward-looking statements, although not all forward-\nlooking statements include these words. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans\nand strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Our ability to predict results\nor the actual effect of future plans or strategies is inherently uncertain. These forward-looking statements involve risks, uncertainties and other factors that\nmay cause our actual results in future periods to differ materially from forecasted results. Factors that could have a material adverse effect on our results of\noperations, financial condition and future prospects include, but are not limited to, changes in economic, macroeconomic and geopolitical conditions\ngenerally, and the real estate market specifically; adverse changes in our status with government-sponsored enterprises affecting our ability to originate\nloans through such programs; changes in interest rates; the quality and size of the investment pipeline and the rate at which we can invest our cash;\nimpairments in the value of the collateral underlying our loans and investments; inflation; changes in federal and state laws and regulations, including\nchanges in tax laws; the availability and cost of capital for future investments; competition; and other risks and uncertainties described in our Annual Report\non Form 10-K for the fiscal year ended December 31, 2025, and other periodic reports we file with the U.S. Securities and Exchange Commission from time to\ntime. Undue reliance should not be placed on the forward-looking statements in this Presentation, which are based on information available to us on, and\nwhich speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances\nafter the date they were made, unless required by applicable law.\n\n\n# Non-GAAP Financial Measures\n\nThis Presentation includes certain financial information that is not required by, or presented in accordance with U.S. generally accepted accounting principles\n(\"GAAP\"), including Distributable Earnings. These non-GAAP financial measures are provided to enhance the user's overall understanding of the Company's\ncurrent financial performance and its prospects for the future. These non-GAAP financial measures are used by management to assess the Company's\nperformance, allocate resources and plan for future periods. These non-GAAP financial measures should only be considered as supplemental to results\nprepared in accordance with GAAP, and not considered as a substitute or replacement for, or superior to, GAAP results. These non-GAAP measures may\ndiffer from the non-GAAP measures reported by other companies. Refer to the slide \"Historical Reconciliation of Distributable Earnings to GAAP Net Income\"\nfor a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.\n\n\n[Vertical bar graph icon]\n\n\n2\n\n<!-- doc_id=parse-01m2p7m21bt2p4n1xfhh9gkmj9 -->",
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