Review queue — flagged extraction decisions

Each section shows one table with flagged decisions: the table as printed, the extraction output with the flagged cells highlighted — red where the page contradicts the output (defect), gold where the output could not be verified against the page (unverified), green where the extraction added a conventional label the page does not print (total_label_added / header_label_added) — and the reasoning recorded for each. Printed text that reached no output cell is listed as 'header_text_dropped'.

9df78c83fcebc851-p2-t1: INDEX

As printed (page 2)

Extraction output (red = defect, gold = unverified, green = added label)

INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)	2
Consolidated Balance Sheets	2
Consolidated Statements of Income	3
Consolidated Statements of Changes in Equity	4
Consolidated Statements of Cash Flows	5
Notes to Consolidated Financial Statements	7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3. Quantitative and Qualitative Disclosures about Market Risk	58
Item 4. Controls and Procedures	59
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	59
Item 1A. Risk Factors	59
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	59
Item 3. Defaults Upon Senior Securities	59
Item 5. Other Information	59
Item 6. Exhibits	61
Signatures	62

Flagged decisions

• (8,0) defect 'Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations': The image shows the text 'Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations' printed at this position in the table of contents.

9df78c83fcebc851-p5-t1: ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

As printed (page 5)

Extraction output (red = defect, gold = unverified, green = added label)

Line Item	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Interest income	$ 235,047	$ 240,693
Interest expense	175,202	165,251
Net interest income	59,845	75,442
Other revenue:
Gain on sales, including fee-based services, net	12,505	12,781
Mortgage servicing rights	9,660	8,131
Servicing revenue, net	25,740	25,603
Property operating income	8,060	4,387
(Loss) gain on derivative instruments, net	(493)	3,400
Other income, net	2,074	4,419
Total other revenue	57,546	58,721
Other expenses:
Employee compensation and benefits	47,684	46,036
Selling and administrative	16,953	16,312
Property operating expenses	11,964	3,474
Depreciation and amortization	7,104	3,744
Impairment loss on real estate owned	12,500	—
Provision for loss sharing, net	4,537	1,786
Provision for credit losses, net	5,816	9,075
Total other expenses	106,558	80,427
Income before extinguishment of debt, loss on real estate, income (loss) from equity affiliates and income taxes	10,833	53,736
Loss on extinguishment of debt	—	(2,319)
Loss on real estate	(2,136)	(2,810)
Income (loss) from equity affiliates	4,411	(1,634)
Provision for income taxes	(2,085)	(3,591)
Net income	11,023	43,382
Preferred stock dividends	10,342	10,342
Net income attributable to noncontrolling interest	52	2,602
Net income attributable to common stockholders	$ 629	$ 30,438
Basic earnings per common share	$ 0.00	$ 0.16
Diluted earnings per common share	$ 0.00	$ 0.16
Weighted average shares outstanding:
Basic	194,194,906	190,060,776
Diluted	211,735,731	206,862,320
Dividends declared per common share	$ 0.30	$ 0.43

Flagged decisions

• (0,0) unverified 'Line Item': The image shows no printed text in the leftmost column header position; the table begins directly with the line item descriptions in the first column.

9df78c83fcebc851-p6-t1: ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

As printed (page 6)

Extraction output (red = defect, gold = unverified, green = added label)

Row Label	Preferred Stock Shares	Preferred Stock Value	Common Stock Shares	Common Stock Par Value	Additional Paid-in Capital	Accumulated Deficit	Total Arbor Realty Trust, Inc. Stockholders' Equity	Noncontrolling Interest	Total Equity
Three Months Ended March 31, 2026
Balance – January 1, 2026	42,461,858	$ 633,683	195,491,855	$ 1,955	$2,454,312	$ (136,597)	$ 2,953,353	$ 113,800	$ 3,067,153
Repurchase - common stock	—	—	(4,117,901)	(41)	(30,692)	—	(30,733)	—	(30,733)
Stock-based compensation, net	—	—	996,511	10	4,880	—	4,890	—	4,890
Distributions - common stock	—	—	—	—	—	(58,085)	(58,085)	—	(58,085)
Distributions - preferred stock	—	—	—	—	—	(10,347)	(10,347)	—	(10,347)
Distributions - noncontrolling interest	—	—	—	—	—	—	—	(4,851)	(4,851)
Redemption of operating partnership units	360	—	—	—	—	—	—	—	—
Net income	—	—	—	—	—	10,971	10,971	52	11,023
Balance – March 31, 2026	42,462,218	$ 633,683	192,370,465	$ 1,924	$2,428,500	$ (194,058)	$ 2,870,049	$ 109,001	$ 2,979,050
Three Months Ended March 31, 2025
Balance – January 1, 2025	42,585,589	$ 633,684	189,259,435	$ 1,893	$2,375,469	$ 13,039	$ 3,024,085	$ 127,885	$ 3,151,970
Issuance - common stock	—	—	2,363,750	24	29,184	—	29,208	—	29,208
Stock-based compensation, net	—	—	538,522	5	5,846	—	5,851	—	5,851
Distributions - common stock	—	—	—	—	—	(82,072)	(82,072)	—	(82,072)
Distributions - preferred stock	—	—	—	—	—	(10,347)	(10,347)	—	(10,347)
Distributions - noncontrolling interest	—	—	—	—	—	—	—	(6,956)	(6,956)
Redemption of operating partnership units	(119,828)	(2)	—	—	—	—	(2)	(1,575)	(1,577)
Net income	—	—	—	—	—	40,780	40,780	2,602	43,382
Balance – March 31, 2025	42,465,761	$ 633,682	192,161,707	$ 1,922	$2,410,499	$ (38,600)	$ 3,007,503	$ 121,956	$ 3,129,459

Flagged decisions

• (0,0) unverified 'Row Label': The image shows no text printed in the header position for the first column; the column contains only row labels like 'Balance – January 1, 2026' and 'Repurchase - common stock' below.
• (0,7) defect 'Total Arbor Realty Trust, Inc. Stockholders' Equity': The image prints 'Total Arbor Realty Trust, Inc. Stockholders' Equity' as a multi-line header spanning the column at row 0.
• (table) header_text_dropped 'Stockholders’': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p7-t1: ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

As printed (page 7)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Operating activities:
Net income	$ 11,023	$ 43,382
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,104	3,744
Stock-based compensation	5,933	5,935
Amortization and accretion of interest and fees, net	3,094	2,975
Originations of loans held-for-sale	(707,577)	(608,808)
Proceeds from sales of loans held-for-sale, net of gain on sale	670,972	730,854
Payoffs and paydowns of loans held-for-sale	36	487
Mortgage servicing rights	(9,660)	(8,131)
Amortization of capitalized mortgage servicing rights	18,293	17,758
Write-off of capitalized mortgage servicing rights from payoffs	1,047	3,106
Provision for loss sharing, net	4,537	1,786
Provision for credit losses, net	5,816	9,075
Charge-offs and advances, net of reimbursements	4,657	579
Deferred tax benefit	(2,580)	(137)
(Income) loss from equity affiliates	(4,411)	1,634
Distributions from operations of equity affiliates	5,962	640
Loss on extinguishment of debt	—	2,319
Impairment loss on real estate owned	12,500	—
Change in fair value of held-for-sale loans	189	(1,962)
Loss (gain) on derivative instruments, net	493	(3,400)
Loss on real estate	2,136	2,810
Changes in operating assets and liabilities	(37,838)	(54,098)
Net cash (used in) provided by operating activities	(8,274)	150,548
Investing Activities:
Loans and investments funded, originated and purchased, net	(826,093)	(733,121)
Payoffs and paydowns of loans and investments	893,995	418,646
Deferred fees	6,982	8,308
Contributions to equity affiliates	(331)	(4,022)
Distributions from equity affiliates	—	965
Payoffs and paydowns of securities held-to-maturity	—	50
Investment in real estate, net	(16,209)	(7,671)
Change in due to borrowers and reserves	—	2,027
Net cash provided by (used in) investing activities	58,344	(314,818)
Financing activities:
Proceeds from credit and repurchase facilities	2,355,048	2,615,705
Payoffs and paydowns of credit and repurchase facilities	(2,526,042)	(1,392,099)
Proceeds from issuance of securitized debt	754,532	—
Payoffs and paydowns of securitized debt	(287,095)	(1,340,282)
Proceeds from notes payable - REO	17,369	98,089
Payoffs and paydowns of notes payable - REO	—	(49,134)
Proceeds from issuance of common stock	—	29,208
Redemption of operating partnership units	—	(1,577)
Payments of withholding taxes on net settlement of vested stock	(1,043)	(84)
Repurchase of common stock	(30,733)	—
Distributions to stockholders and noncontrolling interest	(73,283)	(99,375)
Payment of deferred financing costs	(8,390)	(6,955)
Net cash provided by (used in) financing activities	200,363	(146,504)
Net increase (decrease) in cash, cash equivalents and restricted cash	250,433	(310,774)
Cash, cash equivalents and restricted cash at beginning of period	550,222	660,179
Cash, cash equivalents and restricted cash at end of period	$ 800,655	$ 349,405

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with no printed header row; the first visible row contains 'Operating activities:' as a section label in the leftmost column, with no column heading printed above it.

9df78c83fcebc851-p12-t1: A summary of the loan portfolio's internal risk ratings and LTV ratios by asset class at March 31, 2026, and charge-offs recorded for the three months ended March 31, 2026 is as follows

As printed (page 12)

Extraction output (red = defect, gold = unverified, green = added label)

Asset Class / Risk Rating	2026	2025	2024	2023	2022	Prior	Total	Wtd. Avg. First Dollar LTV Ratio	Wtd. Avg. Last Dollar LTV Ratio
Multifamily:
Pass	$ 430,100	$ 600,924	$ 47,468	$ 38,673	$ 79,883	$ 174,014	$ 1,371,062
Pass/Watch	46,000	999,872	273,570	86,290	344,490	736,622	2,486,844
Special Mention	—	408,273	206,869	25,654	1,547,788	1,755,859	3,944,443
Substandard	—	4,980	22,758	—	282,250	168,820	478,808
Doubtful	—	—	9,460	21,100	205,533	157,101	393,194
Total Multifamily	$ 476,100	$ 2,014,049	$ 560,125	$ 171,717	$ 2,459,944	$ 2,992,416	$ 8,674,351	3 %	82 %
Single-Family Rental: (Percentage of portfolio: 72 %)
Pass	$ —	$ 27,000	$ —	$ —	$ —	$ —	$ 27,000
Pass/Watch	36,400	878,166	934,628	550,457	486,043	106,080	2,991,774
Special Mention	39,510	113,755	17,079	46,183	25,900	6,891	249,318
Total Single-Family Rental	$ 75,910	$ 1,018,921	$ 951,707	$ 596,640	$ 511,943	$ 112,971	$ 3,268,092	0 %	64 %
Office: (Percentage of portfolio: 27 %)
Pass/Watch	$ —	$ —	$ —	$ —	$ —	$ 33,410	$ 33,410
Total Office	$ —	$ —	$ —	$ —	$ —	$ 33,410	$ 33,410	0 %	88 %
Retail: (Percentage of portfolio: < 1%)
Substandard	$ —	$ —	$ —	$ —	$ —	$ 16,424	$ 16,424
Doubtful	—	—	—	—	—	531	531
Total Retail	$ —	$ —	$ —	$ —	$ —	$ 16,955	$ 16,955	0 %	100 %
Land: (Percentage of portfolio: < 1%)
Pass/Watch	$ —	$ —	$ —	$ —	$ —	$ 2,785	$ 2,785
Total Land	$ —	$ —	$ —	$ —	$ —	$ 2,785	$ 2,785	0 %	14 %
Commercial: (Percentage of portfolio: < 1%)
Doubtful	$ —	$ —	$ —	$ —	$ —	$ 1,700	$ 1,700
Total Commercial	$ —	$ —	$ —	$ —	$ —	$ 1,700	$ 1,700	0 %	100 %
(Percentage of portfolio: < 1%)
Grand Total	$ 552,010	$ 3,032,970	$ 1,511,832	$ 768,357	$ 2,971,887	$ 3,160,237	$ 11,997,293	2 %	77 %
Charge-offs	$ —	$ —	$ 3,829	$ —	$ 11,322	$ 3,057	$ 18,208

Flagged decisions

• (8,0) defect 'Single-Family Rental: (Percentage of portfolio: 72 %)': The image shows 'Single-Family Rental:' printed as a section header, with 'Percentage of portfolio' and '72 %' printed on the same line to the right.
• (13,0) defect 'Office: (Percentage of portfolio: 27 %)': The image shows 'Office:' printed as a section header, with 'Percentage of portfolio' and '27 %' printed on the same line to the right.
• (16,0) defect 'Retail: (Percentage of portfolio: < 1%)': The image shows 'Retail:' printed as a section header, with 'Percentage of portfolio' and '< 1%' printed on the same line to the right.
• (20,0) defect 'Land: (Percentage of portfolio: < 1%)': The image shows 'Land:' printed as a section header, with 'Percentage of portfolio' and '< 1%' printed on the same line to the right.
• (23,0) defect 'Commercial: (Percentage of portfolio: < 1%)': The image shows 'Commercial:' printed as a section header, with 'Percentage of portfolio' and '< 1%' printed on the same line to the right.
• (26,0) unverified '(Percentage of portfolio: < 1%)': The image shows 'Percentage of portfolio' and '< 1%' printed on a line with no asset class name preceding it.
• (table) header_text_dropped 'UPB by Origination Year': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p13-t1: A summary of the loan portfolio's internal risk ratings and LTV ratios by asset class at December 31, 2025, and charge-offs recorded during 2025 is as follows

As printed (page 13)

Extraction output (red = defect, gold = unverified, green = added label)

Asset Class / Risk Rating	2025	2024	2023	2022	2021	Prior	Total	Wtd. Avg. First Dollar LTV Ratio	Wtd. Avg. Last Dollar LTV Ratio
Multifamily:
Pass	$ 556,801	$ 87,533	$ 22,253	$ 9,832	$ 34,843	$ 26,758	$ 738,020
Pass/Watch	1,195,412	429,300	108,276	376,064	526,961	159,810	2,795,823
Special Mention	211,404	186,984	185,088	1,788,580	2,028,742	44,479	4,445,277
Substandard	4,990	47,258	21,100	297,729	307,350	—	678,427
Doubtful	—	9,460	—	153,443	28,826	24,565	216,294
Total Multifamily	$ 1,968,607	$ 760,535	$ 336,717	$ 2,625,648	$ 2,926,722	$ 255,612	$ 8,873,841	3 %	81 %
Single-Family Rental: Percentage of portfolio							73 %
Pass	$ 98,510	$ —	$ —	$ —	$ —	$ —	$ 98,510
Pass/Watch	859,819	1,006,016	571,891	448,769	71,916	34,216	2,992,627
Special Mention	36,230	—	—	52,943	—	4,600	93,773
Total Single-Family Rental	$ 994,559	$ 1,006,016	$ 571,891	$ 501,712	$ 71,916	$ 38,816	$ 3,184,910	0 %	64 %
Office: Percentage of portfolio							26 %
Pass/Watch	$ —	$ —	$ —	$ —	$ —	$ 33,410	$ 33,410
Total Office	$ —	$ —	$ —	$ —	$ —	$ 33,410	$ 33,410	0 %	88 %
Retail: Percentage of portfolio							< 1%
Substandard	$ —	$ —	$ —	$ —	$ —	$ 16,424	$ 16,424
Doubtful	—	—	—	—	—	531	531
Total Retail	$ —	$ —	$ —	$ —	$ —	$ 16,955	$ 16,955	0 %	97 %
Land: Percentage of portfolio							< 1%
Pass/Watch	$ —	$ —	$ —	$ —	$ —	$ 2,291	$ 2,291
Total Land	$ —	$ —	$ —	$ —	$ —	$ 2,291	$ 2,291	0 %	77 %
Commercial: Percentage of portfolio							< 1%
Doubtful	$ —	$ —	$ —	$ —	$ —	$ 1,700	$ 1,700
Total Commercial	$ —	$ —	$ —	$ —	$ —	$ 1,700	$ 1,700	0 %	100 %
Percentage of portfolio							< 1%
Grand Total	$ 2,963,166	$ 1,766,551	$ 908,608	$ 3,127,360	$ 2,998,638	$ 348,784	$ 12,113,107	2 %	77 %
Charge-offs	$ —	$ 3,000	$ —	$ 24,476	$ 31,968	$ 68,893	$ 128,337

Flagged decisions

• (table) header_text_dropped 'UPB by Origination Year': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p15-t2: A summary of our non-performing loans by asset class is as follows

As printed (page 15)

Extraction output (red = defect, gold = unverified, green = added label)

Asset Class	March 31, 2026 UPB	March 31, 2026 Carrying Value	December 31, 2025 UPB	December 31, 2025 Carrying Value
Multifamily	$ 479,219	$ 473,919	$ 566,906	$ 553,016
Commercial	1,700	1,700	1,700	1,700
Retail	531	531	531	531
Total	$ 481,450	$ 476,150	$ 569,137	$ 555,247

Flagged decisions

• (0,0) unverified 'Asset Class': The image shows no text printed in the top-left header position where 'Asset Class' would appear; the first column header is blank, with the asset class labels (Multifamily, Commercial, Retail, Total) appearing as row labels in the leftmost column below.
• (table) header_text_dropped 'of $10.2 million, were classified as non-performing.': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p16-t2: Three Months Ended March 31, 2025 - Multifamily bridge loans reconciliation

As printed (page 16)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Three Months Ended March 31, 2025
Beginning balance (9 multifamily bridge loans)	$ 167,428
Loans that progressed to greater than 60 days past due	(82,290)
Loans modified or paid off	(38,490)
Additional loans classified as non-accrual	96,175
Ending balance (5 multifamily bridge loans)	$ 142,823

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text in the header position above the leftmost column of the table; the column contains row labels like 'Beginning balance' but has no header.

9df78c83fcebc851-p19-t1: Loans held-for-sale, net consists of the following

As printed (page 19)

Extraction output (red = defect, gold = unverified, green = added label)

Item	March 31, 2026	December 31, 2025
Fannie Mae	$ 302,433	$ 303,196
Private Label	77,762	77,798
FHA	45,507	22,390
Freddie Mac	16,477	2,225
SFR - Fixed Rate	2,777	2,777
Total	444,956	408,386
Fair value of future MSR	4,994	5,921
Unrealized impairment recovery (loss)	1,224	1,414
Unearned discount	(7,956)	(6,640)
Loans held-for-sale, net	$ 443,218	$ 409,081

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no header row above the table; the first printed row contains 'Fannie Mae' in the leftmost column with date headers 'March 31, 2026' and 'December 31, 2025' to the right.
• (6,0) total_label_added 'Total': The image shows a blank cell in the leftmost column at the row containing the values 444,956 and 408,386, which are the sums of the five loan categories above.

9df78c83fcebc851-p20-t2: Product and geographic concentrations that impact our servicing revenue are as follows

As printed (page 20)

Extraction output (red = defect, gold = unverified, green = added label)

Product	UPB (1)	% of Total	State	UPB % of Total
March 31, 2026
Fannie Mae	$ 24,261,724	67 %	New York	13 %
Freddie Mac	7,368,979	20 %	Texas	10 %
Private Label	2,554,209	7 %	North Carolina	8 %
FHA	1,584,644	4 %	California	7 %
Bridge (2)	277,523	1 %	Florida	6 %
SFR - Fixed Rate	264,008	1 %	New Jersey	6 %
Total	$ 36,311,087	100 %	Georgia	5 %
			Other (3)	45 %
			Total	100 %
December 31, 2025
Fannie Mae	$ 24,085,960	66 %	New York	13 %
Freddie Mac	7,455,088	21 %	Texas	10 %
Private Label	2,558,048	7 %	North Carolina	8 %
FHA	1,549,483	4 %	California	7 %
Bridge (2)	277,738	1 %	Florida	7 %
SFR - Fixed Rate	277,490	1 %	Georgia	5 %
Total	$ 36,203,807	100 %	New Jersey	5 %
			Illinois	4 %
			Other (3)	41 %
			Total	100 %

Flagged decisions

• (table) header_text_dropped 'Geographic Concentrations': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p26-t1: Senior Unsecured Notes

As printed (page 26)

Extraction output (red = defect, gold = unverified, green = added label)

Senior Unsecured Notes	Issuance Date	Maturity	UPB (Mar. 31, 2026)	Carrying Value (1) (Mar. 31, 2026)	Wtd. Avg. Rate (2) (Mar. 31, 2026)	UPB (Dec. 31, 2025)	Carrying Value (1) (Dec. 31, 2025)	Wtd. Avg. Rate (2) (Dec. 31, 2025)
8.50% Notes (3)	Dec. 2025	Dec. 2028	$ 400,000	$ 394,762	8.50 %	$ 400,000	$ 394,340	8.50 %
7.875% Notes (4)	Jul. 2025	Jul. 2030	500,000	489,975	7.88 %	500,000	489,397	7.88 %
9.00% Notes (3)	Oct. 2024	Oct. 2027	100,000	99,078	9.00 %	100,000	98,934	9.00 %
8.50% Notes (3)	Oct. 2022	Oct. 2027	150,000	149,172	8.50 %	150,000	149,041	8.50 %
5.00% Notes (3)	Dec. 2021	Dec. 2028	180,000	178,831	5.00 %	180,000	178,725	5.00 %
4.50% Notes (3)	Aug. 2021	Sept. 2026	270,000	269,650	4.50 %	270,000	269,439	4.50 %
5.00% Notes (3)	Apr. 2021	Apr. 2026	175,000	174,948	5.00 %	175,000	174,790	5.00 %
4.50% Notes (3)	Mar. 2020	Mar. 2027	275,000	274,531	4.50 %	275,000	274,412	4.50 %
Total			$ 2,050,000	$ 2,030,947	6.70 %	$ 2,050,000	$ 2,029,078	6.70 %

Flagged decisions

• (9,0) total_label_added 'Total': The final row is blank in the first column (no label printed), but the row contains totals across all numeric columns ($2,050,000, $2,030,947, 6.70%, etc.), visibly summarizing the section above.

9df78c83fcebc851-p27-t1: Cash Flow Triggers

As printed (page 27)

Extraction output (red = defect, gold = unverified, green = added label)

Cash Flow Triggers	CLO 17	CLO 18	BTR CLO 1	CLO 20	CLO 21
Overcollateralization (1)
Current	136.30 %	139.84 %	117.47 %	112.52 %	113.15 %
Limit	121.51 %	123.03 %	115.47 %	110.52 %	111.15 %
Pass / Fail	Pass	Pass	Pass	Pass	Pass
Interest Coverage (2)
Current	155.42 %	134.63 %	151.92 %	135.00 %	130.39 %
Limit	120.00 %	120.00 %	120.00 %	120.00 %	120.00 %
Pass / Fail	Pass	Pass	Pass	Pass	Pass

Flagged decisions

• (table) header_text_dropped 'sufficient liquidity available to do so at such time.': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p30-t1: A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows

As printed (page 30)

Extraction output (red = defect, gold = unverified, green = added label)

Derivative	Count	Notional Value	Balance Sheet Location	Derivative Assets	Derivative Liabilities
March 31, 2026
Rate lock commitments	3	$ 55,904	Other assets/other liabilities	$ 633	$ (121)
Forward sale commitments	18	420,320	Other assets/other liabilities	189	(2,336)
Total		$ 476,224		$ 822	$ (2,457)
December 31, 2025
Rate lock commitments	4	$ 29,621	Other assets/other liabilities	$ 473	$ (66)
Forward sale commitments	32	357,432	Other assets/other liabilities	112	(1,016)
Treasury futures	617	61,700		—	—
Total		$ 448,753		$ 585	$ (1,082)

Flagged decisions

• (4,0) total_label_added 'Total': The image shows a row with light blue shading containing totals ($476,224 in Notional Value, $822 in Derivative Assets, $(2,457) in Derivative Liabilities), but the first column is blank with no label printed.
• (9,0) total_label_added 'Total': The image shows a row with light blue shading containing totals ($448,753 in Notional Value, $585 in Derivative Assets, $(1,082) in Derivative Liabilities), but the first column is blank with no label printed.

9df78c83fcebc851-p30-t2: Note 13 — Fair Value

As printed (page 30)

Extraction output (red = defect, gold = unverified, green = added label)

	March 31, 2026 Principal / Notional Amount	March 31, 2026 Carrying Value	March 31, 2026 Estimated Fair Value	December 31, 2025 Principal / Notional Amount	December 31, 2025 Carrying Value	December 31, 2025 Estimated Fair Value
Financial assets:
Loans and investments, net	$ 11,997,293	$ 11,835,381	$ 11,821,573	$ 12,113,107	$ 11,934,248	$ 11,964,280
Loans held-for-sale, net	444,956	443,218	456,125	408,386	409,081	421,398
Capitalized mortgage servicing rights, net	n/a	331,929	465,856	n/a	340,842	474,767
Securities held-to-maturity, net	225,461	155,469	149,237	229,521	156,087	150,147
Derivative financial instruments	88,438	822	822	94,319	585	585
Financial liabilities:
Credit and repurchase facilities	$ 4,977,857	$ 4,967,952	$ 4,961,310	$ 5,161,707	$ 5,149,651	$ 5,143,472
Securitized debt	3,953,223	3,931,468	3,954,507	3,485,786	3,468,258	3,487,773
Senior unsecured notes	2,050,000	2,030,947	1,968,663	2,050,000	2,029,078	2,009,938
Junior subordinated notes	154,336	145,707	112,772	154,336	145,497	111,992
Notes payable - real estate owned	253,189	253,189	252,010	222,965	222,965	221,893
Derivative financial instruments	387,786	2,457	2,457	292,734	1,082	1,082

Flagged decisions

• (table) header_text_dropped 'thousands):': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p32-t1: Fair Value Measurements Using Fair Value Hierarchy

As printed (page 32)

Extraction output (red = defect, gold = unverified, green = added label)

	Carrying Value	Fair Value	Level 1	Level 2	Level 3
Financial assets:
Derivative financial instruments	$ 822	$ 822	$ —	$ 189	$ 633
Financial liabilities:
Derivative financial instruments	$ 2,457	$ 2,457	$ —	$ 2,457	$ —

Flagged decisions

• (table) header_text_dropped 'determined using the following input levels at March 31, 2026 ($ in thousands):': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p33-t2: Fair Value Measurements Using Significant Unobservable Inputs

As printed (page 33)

Extraction output (red = defect, gold = unverified, green = added label)

	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Derivative assets and liabilities, net
Beginning balance	$ 473	$ —
Settlements	(9,500)	(7,822)
Realized gains recorded in earnings	9,027	7,822
Unrealized gains recorded in earnings	633	309
Ending balance	$ 633	$ 309

Flagged decisions

• (table) header_text_dropped 'The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'derivative instruments is as follows ($ in thousands):': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p39-t1: A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows

As printed (page 39)

Extraction output (red = defect, gold = unverified, green = added label)

	Three Months Ended March 31, 2026 Basic	Three Months Ended March 31, 2026 Diluted	Three Months Ended March 31, 2025 Basic	Three Months Ended March 31, 2025 Diluted
Net income attributable to common stockholders (1)	$ 629	$ 629	$ 30,438	$ 30,438
Net income attributable to noncontrolling interest (2)	—	52	—	2,602
Net income attributable to common stockholders and noncontrolling interest (3)	$ 629	$ 681	$ 30,438	$ 33,040
Weighted average shares outstanding	194,194,906	194,194,906	190,060,776	190,060,776
Dilutive effect of OP Units (2)	—	16,170,218	—	16,249,284
Dilutive effect of RSUs (4)	—	1,370,607	—	552,260
Weighted average shares outstanding (3)	194,194,906	211,735,731	190,060,776	206,862,320
Net income per common share (1)	$ 0.00	$ 0.00	$ 0.16	$ 0.16

Flagged decisions

• (table) header_text_dropped 'data):': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p45-t1: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

As printed (page 45)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Structured Business	Agency Business	Other (1)	Consolidated
Interest income	$ 230,087	$ 10,606	$ —	$ 240,693
Interest expense	161,579	3,672	—	165,251
Net interest income	68,508	6,934	—	75,442
Other revenue:
Gain on sales, including fee-based services, net	—	12,781	—	12,781
Mortgage servicing rights	—	8,131	—	8,131
Servicing revenue	—	43,361	—	43,361
Amortization of MSRs	—	(17,758)	—	(17,758)
Property operating income	4,387	—	—	4,387
Gain on derivative instruments, net	—	3,400	—	3,400
Other income, net	2,078	2,341	—	4,419
Total other revenue	6,465	52,256	—	58,721
Other expenses:
Employee compensation and benefits	18,157	23,266	—	41,423
Commissions	—	4,613	—	4,613
Selling and administrative	8,932	7,380	—	16,312
Property operating expenses	3,474	—	—	3,474
Depreciation and amortization	3,352	392	—	3,744
Provision for loss sharing, net	—	1,786	—	1,786
Provision for credit losses, net	9,154	(79)	—	9,075
Total other expenses	43,069	37,358	—	80,427
Income before extinguishment of debt, loss on real estate, loss from equity affiliates and income taxes	31,904	21,832	—	53,736
Loss on extinguishment of debt	(2,319)	—	—	(2,319)
Loss on real estate	(2,810)	—	—	(2,810)
Loss from equity affiliates	(1,634)	—	—	(1,634)
Benefit from (provision for) income taxes	639	(4,230)	—	(3,591)
Net income	25,780	17,602	—	43,382
Preferred stock dividends	10,342	—	—	10,342
Net income attributable to noncontrolling interest	—	—	2,602	2,602
Net income attributable to common stockholders	$ 15,438	$ 17,602	$ (2,602)	$ 30,438

Flagged decisions

• (0,0) header_label_added 'Item': The leftmost column header position in the image is blank—no text is printed there above the 'Interest income' row label.

9df78c83fcebc851-p46-t1: ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

As printed (page 46)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Structured Business	Agency Business	Consolidated
March 31, 2026
Assets:
Cash and cash equivalents	$ 89,285	$ 317,841	$ 407,126
Restricted cash	359,569	33,960	393,529
Loans and investments, net	11,835,381	—	11,835,381
Loans held-for-sale, net	—	443,218	443,218
Capitalized mortgage servicing rights, net	—	331,929	331,929
Securities held-to-maturity, net	—	155,469	155,469
Investments in equity affiliates	56,747	—	56,747
Real estate owned, net	520,766	—	520,766
Goodwill and other intangible assets	12,500	73,661	86,161
Other assets and due from related party	387,609	74,550	462,159
Total assets	$ 13,261,857	$ 1,430,628	$ 14,692,485
Liabilities:
Debt obligations	$ 10,904,398	$ 424,865	$ 11,329,263
Allowance for loss-sharing obligations	—	106,773	106,773
Other liabilities and due to related parties	212,622	64,777	277,399
Total liabilities	$ 11,117,020	$ 596,415	$ 11,713,435
December 31, 2025
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 parties	241,873	72,849	314,722
Total liabilities	$ 10,866,926	$ 560,824	$ 11,427,750

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text at the top-left position where a column header would appear; the first column contains row labels like 'Assets:', 'Cash and cash equivalents', etc., with no header printed above them.

9df78c83fcebc851-p47-t1: ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

As printed (page 47)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Origination Data:
Structured Business
Bridge:
Multifamily	$ 405,600	$ 367,750
SFR	321,122	356,294
	726,722	724,044
Construction - Multifamily	40,870	18,637
Mezzanine / Preferred Equity	—	4,440
Total New Loan Originations	$ 767,592	$ 747,121
Number of Loans Originated	6	20
Commitments:
Construction - Multifamily	$ 113,070	$ 92,000
SFR	53,000	162,400
Total Commitments	$ 166,070	$ 254,400
Loan Runoff	$ 861,033	$ 421,941
Agency Business
Origination Volumes by Investor:
Fannie Mae	$ 570,815	$ 357,811
Freddie Mac	91,255	178,020
FHA	45,507	16,041
Private Label	—	44,925
SFR - Fixed Rate	—	9,111
Total New Loan Originations	$ 707,577	$ 605,908
Total Loan Commitment Volume	$ 733,860	$ 645,401
Agency Business Loan Sales Data:
Fannie Mae	$ 571,579	$ 355,716
Freddie Mac	77,003	298,485
FHA	22,390	67,542
SFR - Fixed Rate	—	9,111
Total Loan Sales	$ 670,972	$ 730,854
Sales Margin (fee-based services as a % of loan sales)	1.86 %	1.75 %
MSR Rate (MSR income as a % of loan commitments)	1.32 %	1.26 %

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with no printed header row; the leftmost column contains row labels like 'Origination Data:', 'Structured Business', 'Bridge:', etc., with no header text above them.

9df78c83fcebc851-p52-t1: Activity from our Structured Business portfolio is comprised of the following

As printed (page 52)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Three Months Ended March 31, 2026
Loans originated	$ 767,592
Number of loans	6
Weighted average interest rate	7.56 %
Loan runoff	$ 861,033
Number of loans	26
Weighted average interest rate	7.72 %
Loans modified	$ 478,800
Number of loans	13
Loans extended	$ 1,423,733
Number of loans	71

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text in the top-left header position; the table begins with row labels like 'Loans originated' in the left column without a header above them.

9df78c83fcebc851-p52-t2: Loans held-for-sale from Agency Business

As printed (page 52)

Extraction output (red = defect, gold = unverified, green = added label)

	Three Months Ended March 31, 2026 Loan Originations	Three Months Ended March 31, 2026 Loan Sales
Fannie Mae	$ 570,815	$ 571,579
Freddie Mac	91,255	77,003
FHA	45,507	22,390
Total	$ 707,577	$ 670,972

Flagged decisions

• (table) header_text_dropped 'Loans held-for-sale from the Agency Business increased $34.1 million, primarily from loan originations exceeding sales by $36.6 million as noted in the': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped 'following table ($ in thousands):': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p53-t1: Agency Servicing Portfolio

As printed (page 53)

Extraction output (red = defect, gold = unverified, green = added label)

Product	Portfolio UPB	Loan Count	Wtd. Avg. Age of Portfolio (years)	Wtd. Avg. Life of Portfolio (years)	Interest Rate Type Fixed	Interest Rate Type Adjustable	Wtd. Avg. Note Rate	Annualized Prepayments as a % of Portfolio (1)	Delinquencies as a % of Portfolio (2)
March 31, 2026
Fannie Mae	$ 24,261,724	2,690	4.3	5.4	97 %	3 %	4.68 %	2.55 %	2.75 %
Freddie Mac	7,368,979	1,078	3.3	5.7	91 %	9 %	4.96 %	5.02 %	3.65 %
Private Label	2,554,209	159	4.6	4.3	100 %	—	4.16 %	—	1.36 %
FHA	1,584,644	108	4.4	19.0	100 %	—	3.94 %	0.92 %	—
Bridge	277,523	3	3.3	2.0	85 %	15 %	6.28 %	—	—
SFR - Fixed Rate	264,008	49	3.5	3.8	100 %	—	5.62 %	—	1.70 %
Total	$ 36,311,087	4,087	4.1	5.9	96 %	4 %	4.68 %	2.76 %	2.69 %
December 31, 2025
Fannie Mae	$ 24,085,960	2,702	4.2	5.5	97 %	3 %	4.68 %	3.58 %	2.59 %
Freddie Mac	7,455,088	1,109	3.1	5.9	90 %	10 %	4.98 %	3.63 %	3.96 %
Private Label	2,558,048	159	4.4	4.5	100 %	—	4.16 %	0.44 %	1.35 %
FHA	1,549,483	107	4.3	19.1	100 %	—	3.91 %	1.11 %	—
Bridge	277,738	3	3.0	2.2	85 %	15 %	6.31 %	—	—
SFR - Fixed Rate	277,490	51	3.3	4.0	100 %	—	5.62 %	2.42 %	1.62 %
Total	$ 36,203,807	4,131	4.0	6.1	96 %	4 %	4.69 %	3.22 %	2.65 %

Flagged decisions

• (table) header_text_dropped 'thousands):': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p54-t1: Comparison of Results of Operations for the Three Months Ended March 31, 2026 and 2025

As printed (page 54)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025	Increase / (Decrease) Amount	Increase / (Decrease) Percent
Interest income	$ 235,047	$ 240,693	$ (5,646)	(2) %
Interest expense	175,202	165,251	9,951	6 %
Net interest income	59,845	75,442	(15,597)	(21) %
Other revenue:
Gain on sales, including fee-based services, net	12,505	12,781	(276)	(2) %
Mortgage servicing rights	9,660	8,131	1,529	19 %
Servicing revenue, net	25,740	25,603	137	1 %
Property operating income	8,060	4,387	3,673	84 %
(Loss) gain on derivative instruments, net	(493)	3,400	(3,893)	nm
Other income, net	2,074	4,419	(2,345)	(53) %
Total other revenue	57,546	58,721	(1,175)	(2) %
Other expenses:
Employee compensation and benefits	47,684	46,036	1,648	4 %
Selling and administrative	16,953	16,312	641	4 %
Property operating expenses	11,964	3,474	8,490	nm
Depreciation and amortization	7,104	3,744	3,360	90 %
Impairment loss on real estate owned	12,500	—	12,500	nm
Provision for loss sharing, net	4,537	1,786	2,751	154 %
Provision for credit losses, net	5,816	9,075	(3,259)	(36) %
Total other expenses	106,558	80,427	26,131	32 %
Income before extinguishment of debt, loss on real estate, income (loss) from equity affiliates and income taxes	10,833	53,736	(42,903)	(80) %
Loss on extinguishment of debt	—	(2,319)	2,319	nm
Loss on real estate	(2,136)	(2,810)	674	(24) %
Income (loss) from equity affiliates	4,411	(1,634)	6,045	nm
Provision for income taxes	(2,085)	(3,591)	1,506	(42) %
Net income	11,023	43,382	(32,359)	(75) %
Preferred stock dividends	10,342	10,342	—	—
Net income attributable to noncontrolling interest	52	2,602	(2,550)	(98) %
Net income attributable to common stockholders	$ 629	$ 30,438	$ (29,809)	(98) %

Flagged decisions

• (0,0) header_label_added 'Item': The image shows the table with row labels like 'Interest income', 'Interest expense', etc. printed in the leftmost column, but no header text is printed above this column.

9df78c83fcebc851-p55-t1: The following table presents the average balance of our Structured Business interest-earning assets and interest-bearing liabilities, associated interest income (expense) and the corresponding weighted average yields

As printed (page 55)

Extraction output (red = defect, gold = unverified, green = added label)

	Average Carrying Value (1)	Interest Income / Expense	W/A Yield / Financing Cost (2)	Average Carrying Value (1)	Interest Income / Expense	W/A Yield / Financing Cost (2)
Structured Business interest-earning assets:
Bridge loans	$ 11,281,488	$ 204,319	7.35 %	$ 10,976,779	$ 219,010	8.09 %
Mezzanine	294,285	6,301	8.68 %	257,093	6,187	9.76 %
Construction - Multifamily	267,024	6,758	10.26 %	8,115	144	7.20 %
Preferred equity investments	202,118	5,488	11.01 %	148,845	3,668	9.99 %
Other	—	—	—	3,079	73	9.62 %
Core interest-earning assets	12,044,915	222,866	7.50 %	11,393,911	229,082	8.15 %
Cash equivalents	194,371	1,528	3.19 %	110,338	1,005	3.69 %
Total interest-earning assets	$ 12,239,286	$ 224,394	7.44 %	$ 11,504,249	$ 230,087	8.11 %
Structured Business interest-bearing liabilities:
Credit and repurchase facilities	$ 4,723,770	$ 79,681	6.84 %	$ 3,404,758	$ 64,339	7.66 %
CLO	3,455,807	52,209	6.13 %	4,285,662	68,480	6.48 %
Unsecured debt	2,050,000	36,274	7.18 %	1,532,500	24,954	6.60 %
Trust preferred	154,336	2,650	6.96 %	154,336	2,938	7.72 %
Q Series securitization	—	—	—	41,677	868	8.45 %
Total interest-bearing liabilities	$ 10,383,913	170,814	6.67 %	$ 9,418,933	161,579	6.96 %
Net interest income		$ 53,580			$ 68,508

Flagged decisions

• (table) header_text_dropped '2026': printed above the table's first value row but carried into no output cell.
• (table) header_text_dropped '2025': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p58-t1: Debt Facilities

As printed (page 58)

Extraction output (red = defect, gold = unverified, green = added label)

Debt Instruments	Commitment	UPB (1)	Available	Maturity Dates (2)
Structured Business
Credit and repurchase facilities (3)	$ 7,738,720	$ 4,552,686	$ 3,186,034	2026 - 2029
Securitized debt (4)	3,953,223	3,953,223	—	2026 - 2030
Senior unsecured notes	2,050,000	2,050,000	—	2026 - 2030
Junior subordinated notes	154,336	154,336	—	2034 - 2037
Notes payable - real estate owned	253,189	253,189	—	2026 - 2027
Structured Business total	14,149,468	10,963,434	3,186,034
Agency Business
Credit and repurchase facilities (3)(5)	1,775,000	425,171	1,349,829	2026 - 2027
Consolidated total	$ 15,924,468	$ 11,388,605	$ 4,535,863

Flagged decisions

• (table) header_text_dropped '($ in thousands):': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p58-t2: Quarterly Borrowings Balances ($ in thousands)

As printed (page 58)

Extraction output (red = defect, gold = unverified, green = added label)

Quarter Ended	Quarterly Average UPB	End of Period UPB	Maximum UPB at Any Month End
March 31, 2026	$ 5,005,616	$ 4,977,857	$ 5,319,936
December 31, 2025	4,917,924	5,161,707	5,556,285
September 30, 2025	4,633,344	4,133,965	5,553,722
June 30, 2025	4,846,239	4,730,120	4,922,270
March 31, 2025	3,609,646	4,791,967	4,803,572

Flagged decisions

• (table) header_text_dropped 'provides additional information regarding the balances of our borrowings ($ in thousands):': printed above the table's first value row but carried into no output cell.

9df78c83fcebc851-p61-t1: Interest Rate Sensitivity

As printed (page 61)

Extraction output (red = defect, gold = unverified, green = added label)

Item	Assets (Liabilities) Subject to Interest Rate Sensitivity (1)	50 Basis Point Increase	50 Basis Point Decrease	100 Basis Point Decrease
Interest income from loans and investments	$ 11,997,293	$ 46,532	$ (39,149)	$ (66,973)
Interest expense from debt obligations	(10,963,434)	44,050	(42,631)	(84,352)
Impact to net interest income from loans and investments		2,482	3,482	17,379
Interest income from cash, restricted cash and escrow balances (2)	2,007,509	10,038	(10,038)	(20,075)
Total impact from hypothetical changes in interest rates		$ 12,520	$ (6,556)	$ (2,696)

Flagged decisions

• (0,0) header_label_added 'Item': The image shows the table begins with row labels in the leftmost column (e.g., 'Interest income from loans and investments'), with no printed header text above this column.

9df78c83fcebc851-p63-t1: Item 6. Exhibits

As printed (page 63)

Extraction output (red = defect, gold = unverified, green = added label)

Exhibit #	Description	Form	Exhibit #	Filing Date
3.1	Articles of Incorporation of Arbor Realty Trust, Inc.	S-11	3.1	11/13/03
3.2	Articles of Amendment to Articles of Incorporation of Arbor Realty Trust, Inc.	10-Q	3.2	08/07/07
3.3	Amended and Restated Bylaws of Arbor Realty Trust, Inc.	8-K	3.1	12/01/20
10.1	Employment Agreement by and between Arbor Realty Trust, Inc. and Yoni Goodman	8-K	10.1	02/17/26
10.2	Amendment to Employment Agreement by and between Arbor Realty Trust, Inc. and Yoni Goodman	8-K	10.2	02/17/26
31.1	Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14
31.2	Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14
32	Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	Financial statements from the Quarterly Report on Form 10-Q of Arbor Realty Trust, Inc. for the quarter ended March 31, 2026, filed on May 8, 2026, formatted in Inline Extensible Business Reporting Language (“XBRL”): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Changes in Equity, (4) the Consolidated Statements of Cash Flows and (5) the Notes to Consolidated Financial Statements.
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

Flagged decisions

• (table) header_text_dropped 'Incorporated by Reference': printed above the table's first value row but carried into no output cell.