Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)
Left: the page cropped around the table with its final boundary (content_region, the corrected end of the table) drawn; the crop extends a little below so any footnotes sit visibly outside the box. Right: the final corrected markdown. One row per table.
Arbor10K_Q425.pdf
85 tables
p1 · table 1 · Securities registered pursuant to Section 12(b) of the Act:
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| 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 |
p2 · table 2 · Table of Contents
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| INDEX | PAGE |
|---|
| PART I | |
| Item 1. Business | 2 |
| Item 1A. Risk Factors | 11 |
| Item 1B. Unresolved Staff Comments | 31 |
| Item 1C. Cybersecurity | 31 |
| Item 2. Properties | 32 |
| Item 3. Legal Proceedings | 32 |
| PART II | |
| Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 33 |
| Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations | 35 |
| Item 7A. Quantitative and Qualitative Disclosures About Market Risk | 47 |
| Item 8. Financial Statements and Supplementary Data | 50 |
| Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 119 |
| Item 9A. Controls and Procedures | 119 |
| Item 9B. Other Information | 121 |
| PART III | |
| Item 10. Directors, Executive Officers and Corporate Governance | 121 |
| Item 11. Executive Compensation | 121 |
| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 122 |
| Item 13. Certain Relationships and Related Transactions, and Director Independence | 122 |
| Item 14. Principal Accountant Fees and Services | 122 |
| PART IV | |
| Item 15. Exhibits and Financial Statement Schedules | 123 |
| Signatures | 126 |
p7 · table 3 · Loan and investment portfolio product type and asset class information at December 31, 2025 is as follows
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| Type | Asset Class | Number | Unpaid Principal | Wtd. Avg. Pay Rate (1) | Wtd. Avg. Remaining Months to Maturity (2) |
|---|
| Bridge Loans | Multifamily | 224 | $ 8,143,114 | 5.83 % | 12.9 |
| Single-Family Rental | 298 | 3,184,910 | 7.88 % | 12.8 |
| Office | 1 | 33,410 | 1.01 % | 30.0 |
| Retail | 1 | 10,324 | 9.32 % | 5.1 |
| | 524 | 11,371,758 | 6.39 % | 12.9 |
| Mezzanine Loans | Multifamily | 63 | 283,581 | 7.82 % | 53.4 |
| Other | 2 | 6,631 | 8.57 % | 4.7 |
| | 65 | 290,212 | 7.84 % | 52.3 |
| Construction | Multifamily | 9 | 249,019 | 9.13 % | 24.6 |
| Preferred Equity | Multifamily | 32 | 198,127 | 7.01 % | 46.8 |
| Other | 2 | 3,991 | — | 2.5 |
| | 34 | 202,118 | 6.87 % | 46.0 |
| Total | | 632 | $ 12,113,107 | 6.49 % | 14.7 |
p7 · table 4 · Loan and investment portfolio asset class and geographic concentration information at December 31, 2025
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| Asset Class | UPB | Percentage | Geographic Concentrations | UPB | Percentage |
|---|
| Multifamily | $ 8,873,841 | 73 % | Texas | $ 2,808,834 | 23 % |
| Single-Family Rental | 3,184,910 | 26 % | Florida | 2,094,006 | 17 % |
| Office | 33,410 | <1 % | Arizona | 982,786 | 8 % |
| Land | 2,291 | <1 % | New York | 962,795 | 8 % |
| Other | 18,655 | <1 % | Georgia | 892,794 | 7 % |
| Total | $ 12,113,107 | 100 % | Other (1) | 4,371,892 | 37 % |
| | | Total | $ 12,113,107 | 100 % |
p8 · table 5 · Product Concentrations and Geographic Concentrations
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| Loan Count | UPB (1) | % of Total | Wtd. Avg. Servicing Fee Rate (basis points) | Wtd. Avg. Life of Portfolio (years) | State | UPB % of Total |
|---|
| 2,702 | $ 24,085,960 | 66 % | 44.7 | 5.5 | New York | 13 % |
| 1,109 | 7,455,088 | 21 % | 18.3 | 5.9 | Texas | 10 % |
| 159 | 2,558,048 | 7 % | 18.7 | 4.5 | North Carolina | 8 % |
| 107 | 1,549,483 | 4 % | 13.9 | 19.1 | California | 7 % |
| 3 | 277,738 | 1 % | 10.4 | 2.2 | Florida | 7 % |
| 51 | 277,490 | 1 % | 20.0 | 4.0 | Georgia | 5 % |
| 4,131 | $ 36,203,807 | 100 % | 35.6 | 6.1 | New Jersey | 5 % |
| | | | | Illinois | 4 % |
| | | | | Other (3) | 41 % |
| | | | | Total | 100 % |
p35 · table 6 · Stockholder Return
units=($ in thousands, except share and per share data) · flavor=stream · camelot_accuracy=89.7 · llm_corrected=True
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| Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program |
|---|
| October 1 - 31, 2025 | — | $ — | — | $ 138,591 |
| November 1 - 30, 2025 | 71,800 | $ 8.72 | — | $ 138,591 |
| December 1 - 31, 2025 | 257,796 | $ 7.78 | 257,796 | $ 136,585 |
| 329,596 | $ 7.98 | 257,796 | |
p36 · table 7 · Stockholder Return
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| Index | 12/31/20 | 12/31/21 | 12/31/22 | 12/31/23 | 12/31/24 | 12/31/25 |
|---|
| Arbor Realty Trust, Inc | $ 100.00 | $ 139.42 | $ 110.57 | $ 143.93 | $ 148.67 | $ 94.07 |
| Russell 2000 | $ 100.00 | $ 114.82 | $ 91.35 | $ 106.82 | $ 119.14 | $ 134.40 |
| FTSE Nareit Mortgage REITs | $ 100.00 | $ 115.64 | $ 84.86 | $ 97.89 | $ 98.24 | $ 113.98 |
| FTSE Nareit All REITs | $ 100.00 | $ 139.88 | $ 104.76 | $ 116.79 | $ 121.85 | $ 123.88 |
p40 · table 8 · Activity from our Structured Business portfolio is comprised of the following
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Loans originated | $ 3,523,538 | $ 1,425,799 |
| Number of loans | 98 | 170 |
| Weighted average interest rate | 8.42 % | 8.93 % |
| Loan runoff | $ 2,213,378 | $ 2,691,583 |
| Number of loans | 119 | 156 |
| Weighted average interest rate | 8.46 % | 8.51 % |
| Loans modified | $ 1,712,203 | $ 3,712,804 |
| Number of loans | 43 | 99 |
| Loans extended | $ 5,139,692 | $ 5,998,103 |
| Number of loans | 294 | 318 |
p40 · table 9 · Activity from Agency Business portfolio (Year Ended December 31, 2025 - Loan Originations vs Loan Sales)
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| Loan Originations | Loan Sales |
|---|
| Fannie Mae | $ 2,982,659 | $ 2,850,697 |
| Freddie Mac | 1,924,773 | 2,081,749 |
| FHA | 78,145 | 128,282 |
| Private Label | 44,925 | — |
| SFR - Fixed Rate | 43,762 | 43,762 |
| Total | $ 5,074,264 | $ 5,104,490 |
p41 · table 10 · Loan Servicing Portfolio Characteristics
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| 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) |
|---|
| 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 % |
| December 31, 2024 | | | | | | | | | |
| Fannie Mae | $ 22,730,056 | 2,644 | 3.9 | 6.4 | 96 % | 4 % | 4.60 % | 2.19 % | 1.27 % |
| Freddie Mac | 6,077,020 | 1,159 | 3.3 | 6.8 | 86 % | 14 % | 4.91 % | 5.78 % | 3.63 % |
| Private Label | 2,605,980 | 161 | 3.4 | 5.5 | 100 % | — | 4.15 % | — | 0.43 % |
| FHA | 1,506,948 | 106 | 3.6 | 19.2 | 100 % | — | 3.79 % | — | — |
| Bridge | 278,494 | 3 | 2.0 | 3.0 | 85 % | 15 % | 6.41 % | — | — |
| SFR - Fixed Rate | 271,859 | 52 | 2.8 | 4.4 | 100 % | — | 5.47 % | 9.02 % | 1.66 % |
| Total | $ 33,470,357 | 4,125 | 3.7 | 6.9 | 95 % | 5 % | 4.60 % | 2.61 % | 1.57 % |
p42 · table 11 · Comparison of Results of Operations for Years Ended December 31, 2025 and 2024
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Increase / (Decrease) Amount | Increase / (Decrease) Percent |
|---|
| Interest income | $ 940,008 | $ 1,167,872 | $ (227,864) | (20) % |
| Interest expense | 701,836 | 804,615 | (102,779) | (13) % |
| Net interest income | 238,172 | 363,257 | (125,085) | (34) % |
| Other revenue: | | | | |
| Gain on sales, including fee-based services, net | 70,669 | 74,932 | (4,263) | (6) % |
| Mortgage servicing rights | 54,532 | 51,272 | 3,260 | 6 % |
| Servicing revenue, net | 109,617 | 125,896 | (16,279) | (13) % |
| Property operating income | 21,347 | 7,226 | 14,121 | 195 % |
| Gain (loss) on derivative instruments, net | 1,259 | (8,543) | 9,802 | nm |
| Other income, net | 14,801 | 8,083 | 6,718 | 83 % |
| Total other revenue | 272,225 | 258,866 | 13,359 | 5 % |
| Other expenses: | | | | |
| Employee compensation and benefits | 174,145 | 181,694 | (7,549) | (4) % |
| Selling and administrative | 59,805 | 54,931 | 4,874 | 9 % |
| Property operating expenses | 27,980 | 7,394 | 20,586 | nm |
| Depreciation and amortization | 23,214 | 9,555 | 13,659 | 143 % |
| Impairment loss on real estate owned | 20,500 | — | 20,500 | nm |
| Provision for loss sharing, net | 24,259 | 11,782 | 12,477 | 106 % |
| Provision for credit losses, net | 42,696 | 68,543 | (25,847) | (38) % |
| Total other expenses | 372,599 | 333,899 | 38,700 | 12 % |
| Income before extinguishment of debt, (loss) gain on real estate, income from equity affiliates and income taxes | 137,798 | 288,224 | (150,426) | (52) % |
| Loss on extinguishment of debt | (2,919) | (412) | (2,507) | nm |
| (Loss) gain on real estate | (9,151) | 3,813 | (12,964) | nm |
| Income from equity affiliates | 50,880 | 5,772 | 45,108 | nm |
| Provision for income taxes | (18,779) | (13,478) | (5,301) | 39 % |
| Net income | 157,829 | 283,919 | (126,090) | (44) % |
| Preferred stock dividends | 41,369 | 41,369 | — | — |
| Net income attributable to noncontrolling interest | 9,033 | 19,278 | (10,245) | (53) % |
| Net income attributable to common stockholders | $ 107,427 | $ 223,272 | $ (115,845) | (52) % |
p43 · table 12 · 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
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| Year ended December 31, 2025 | | | Year ended December 31, 2024 | | |
|---|
| 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 | $ 11,084,014 | $ 827,404 | 7.46 % | $ 11,593,718 | $ 1,045,057 | 8.99 % |
| Mezzanine | 270,052 | 27,322 | 10.12 % | 264,241 | 27,414 | 10.35 % |
| Preferred equity investments | 165,157 | 16,925 | 10.25 % | 117,131 | 9,082 | 7.73 % |
| Other | 114,049 | 12,421 | 10.89 % | 4,601 | 481 | 10.43 % |
| Core interest-earning assets | 11,633,272 | 884,072 | 7.60 % | 11,979,691 | 1,082,034 | 9.01 % |
| Cash equivalents | 193,730 | 6,861 | 3.54 % | 624,908 | 30,729 | 4.90 % |
| Total interest-earning assets | $ 11,827,002 | $ 890,933 | 7.53 % | $ 12,604,599 | $ 1,112,763 | 8.80 % |
| Structured Business interest-bearing liabilities: | | | | | | |
| Credit and repurchase facilities | $ 4,111,154 | $ 304,341 | 7.40 % | $ 2,827,184 | $ 235,909 | 8.32 % |
| CLO | 3,787,182 | 247,124 | 6.53 % | 5,762,959 | 420,137 | 7.27 % |
| Unsecured debt | 1,670,096 | 111,281 | 6.66 % | 1,564,112 | 98,187 | 6.26 % |
| Trust preferred | 154,336 | 11,670 | 7.56 % | 154,336 | 13,205 | 8.53 % |
| Q Series securitization | 26,501 | 2,225 | 8.40 % | 172,965 | 14,230 | 8.20 % |
| Total interest-bearing liabilities | $ 9,749,269 | 676,641 | 6.94 % | $ 10,481,556 | 781,668 | 7.44 % |
| Net interest income | | $ 214,292 | | | $ 331,095 | |
p46 · table 13 · Debt Facilities
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| Debt Instruments | Commitment | UPB (1) | Available | Maturity Dates (2) |
|---|
| Structured Business | | | | |
| Credit and repurchase facilities (3) | $ 7,481,388 | $ 4,770,994 | $ 2,710,394 | 2026 - 2028 |
| Securitized debt (4) | 3,485,786 | 3,485,786 | — | 2026 - 2029 |
| 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 | 222,965 | 222,965 | — | 2026 - 2027 |
| Structured Business total | 13,394,475 | 10,684,081 | 2,710,394 | |
| Agency Business | | | | |
| Credit and repurchase facilities (3)(5) | 1,775,000 | 390,713 | 1,384,287 | 2026 - 2027 |
| Consolidated total | $ 15,169,475 | $ 11,074,794 | $ 4,094,681 | |
p47 · table 14 · Quarter Ended / Quarterly Average UPB / End of Period UPB / Maximum UPB at Any Month End
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| Quarter Ended | Quarterly Average UPB | End of Period UPB | Maximum UPB at Any Month End |
|---|
| 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 |
| December 31, 2024 | 3,412,416 | 3,607,907 | 3,793,231 |
| September 30, 2024 | 3,082,185 | 3,264,033 | 3,299,414 |
| June 30, 2024 | 3,078,714 | 3,167,067 | 3,280,998 |
| March 31, 2024 | 3,010,216 | 2,921,206 | 3,132,279 |
| December 31, 2023 | 3,274,139 | 3,242,938 | 3,251,330 |
| September 30, 2023 | 3,432,725 | 3,398,451 | 3,463,825 |
| June 30, 2023 | 3,565,377 | 3,588,538 | 3,677,755 |
| March 31, 2023 | 3,691,191 | 3,662,756 | 3,696,760 |
p49 · table 15 · Distributable earnings are as follows
units=($ in thousands, except share and per share data) · flavor=stream · camelot_accuracy=96.3 · llm_corrected=True
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Net income attributable to common stockholders | $ 107,427 | $ 223,272 | $ 330,065 |
| Adjustments: | | | |
| Net income attributable to noncontrolling interest | 9,033 | 19,278 | 29,122 |
| Income from mortgage servicing rights | (54,532) | (51,272) | (69,912) |
| Deferred tax provision (benefit) | 3,773 | (11,613) | (7,349) |
| Amortization and write-offs of MSRs | 81,113 | 76,922 | 77,829 |
| Depreciation and amortization | 26,217 | 12,040 | 16,425 |
| Loss on extinguishment of debt | 2,919 | 412 | 1,561 |
| Provision for credit losses, net | 9,872 | 65,537 | 68,642 |
| (Gain) loss on derivative instruments, net | (3,379) | 9,212 | (8,844) |
| Loss on real estate | 27,338 | — | — |
| Stock-based compensation | 13,789 | 14,232 | 14,940 |
| Distributable earnings (1) | $ 223,570 | $ 358,020 | $ 452,479 |
| Diluted weighted average shares outstanding - GAAP (1) | 209,733,331 | 205,526,610 | 218,843,613 |
| Less: Convertible notes dilution (2) | — | — | (17,294,392) |
| Diluted weighted average shares outstanding (1)(2) | 209,733,331 | 205,526,610 | 201,549,221 |
| Diluted distributable earnings per share (1) | $ 1.07 | $ 1.74 | $ 2.25 |
p50 · table 16 · Assets (Liabilities)
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| Subject to Interest Rate Sensitivity (1) | 50 Basis Point Increase | 50 Basis Point Decrease | 100 Basis Point Decrease |
|---|
| Interest income from loans and investments | $ 12,113,107 | $ 45,880 | $ (38,868) | $ (67,732) |
| Interest expense from debt obligations | (10,684,081) | 41,464 | (40,875) | (80,632) |
| Impact to net interest income from loans and investments | | 4,416 | 2,007 | 12,900 |
| Interest income from cash, restricted cash and escrow balances (2) | $ 1,887,177 | 9,436 | (9,436) | (18,872) |
| Total impact from hypothetical changes in interest rates | | $ 13,852 | $ (7,429) | $ (5,972) |
p52 · table 17 · Table of Contents
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| Page |
|---|
| Report of Independent Registered Public Accounting Firm (PCAOB ID 42) | 51 |
| Consolidated Balance Sheets | 53 |
| Consolidated Statements of Income | 54 |
| Consolidated Statements of Changes in Equity | 55 |
| Consolidated Statements of Cash Flows | 56 |
| Notes to Consolidated Financial Statements | 59 |
| Schedule IV — Loans and Other Lending Investments | 117 |
p55 · table 18 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
units=($ in thousands, except share and per share data) · flavor=stream · camelot_accuracy=99.1 · llm_corrected=True
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| 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 |
| Commitments and contingencies (Note 15) | | |
| 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 |
p56 · table 19 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
units=($ in thousands, except share and per share data) · flavor=stream · camelot_accuracy=98.3 · llm_corrected=True
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Interest income | $ 940,008 | $ 1,167,872 | $ 1,331,219 |
| Interest expense | 701,836 | 804,615 | 903,228 |
| Net interest income | 238,172 | 363,257 | 427,991 |
| Other revenue: | | | |
| Gain on sales, including fee-based services, net | 70,669 | 74,932 | 72,522 |
| Mortgage servicing rights | 54,532 | 51,272 | 69,912 |
| Servicing revenue, net | 109,617 | 125,896 | 130,449 |
| Property operating income | 21,347 | 7,226 | 5,708 |
| Gain (loss) on derivative instruments, net | 1,259 | (8,543) | 6,763 |
| Other income, net | 14,801 | 8,083 | 7,667 |
| Total other revenue | 272,225 | 258,866 | 293,021 |
| Other expenses: | | | |
| Employee compensation and benefits | 174,145 | 181,694 | 159,788 |
| Selling and administrative | 59,805 | 54,931 | 51,260 |
| Property operating expenses | 27,980 | 7,394 | 5,897 |
| Depreciation and amortization | 23,214 | 9,555 | 9,743 |
| Impairment loss on real estate owned | 20,500 | — | — |
| Provision for loss sharing, net | 24,259 | 11,782 | 15,695 |
| Provision for credit losses, net | 42,696 | 68,543 | 73,446 |
| Total other expenses | 372,599 | 333,899 | 315,829 |
| Income before extinguishment of debt, (loss) gain on real estate, income from equity affiliates and income taxes | 137,798 | 288,224 | 405,183 |
| Loss on extinguishment of debt | (2,919) | (412) | (1,561) |
| (Loss) gain on real estate | (9,151) | 3,813 | — |
| Income from equity affiliates | 50,880 | 5,772 | 24,281 |
| Provision for income taxes | (18,779) | (13,478) | (27,347) |
| Net income | 157,829 | 283,919 | 400,556 |
| Preferred stock dividends | 41,369 | 41,369 | 41,369 |
| Net income attributable to noncontrolling interest | 9,033 | 19,278 | 29,122 |
| Net income attributable to common stockholders | $ 107,427 | $ 223,272 | $ 330,065 |
| Basic earnings per common share | $ 0.56 | $ 1.18 | $ 1.79 |
| Diluted earnings per common share | $ 0.56 | $ 1.18 | $ 1.75 |
| Weighted average shares outstanding: | | | |
| Basic | 192,956,154 | 188,701,149 | 184,641,642 |
| Diluted | 209,733,331 | 205,526,610 | 218,843,613 |
p57 · table 20 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
units=($ in thousands, except shares) · flavor=stream · camelot_accuracy=98.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Preferred Stock Shares | Preferred Stock Value | Common Stock Shares | Common Stock Par Value | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Total Arbor Realty Trust, Inc. Stockholders' Equity | Noncontrolling Interest | Total Equity |
|---|
| 42,585,589 | $ 633,684 | 178,230,522 | $ 1,782 | $ 2,204,481 | $ 97,049 | $ 2,936,996 | $ 134,883 | $ 3,071,879 |
| — | — | 13,113,296 | 131 | 193,530 | — | 193,661 | — | 193,661 |
| — | — | (3,545,604) | (35) | (37,396) | — | (37,431) | — | (37,431) |
| — | — | 707,050 | 7 | 6,573 | — | 6,580 | — | 6,580 |
| — | — | — | — | — | (311,884) | (311,884) | — | (311,884) |
| — | — | — | — | — | (41,383) | (41,383) | — | (41,383) |
| — | — | — | — | — | — | — | (27,373) | (27,373) |
| — | — | — | — | — | 371,434 | 371,434 | 29,122 | 400,556 |
| 42,585,589 | 633,684 | 188,505,264 | 1,885 | 2,367,188 | 115,216 | 3,117,973 | 136,632 | 3,254,605 |
| — | — | 661,708 | 7 | 10,023 | — | 10,030 | — | 10,030 |
| — | — | (935,739) | (9) | (11,399) | — | (11,408) | — | (11,408) |
| — | — | 1,028,202 | 10 | 9,657 | — | 9,667 | — | 9,667 |
| — | — | — | — | — | (325,435) | (325,435) | — | (325,435) |
| — | — | — | — | — | (41,383) | (41,383) | — | (41,383) |
| — | — | — | — | — | — | — | (28,025) | (28,025) |
| — | — | — | — | — | 264,641 | 264,641 | 19,278 | 283,919 |
| 42,585,589 | 633,684 | 189,259,435 | 1,893 | 2,375,469 | 13,039 | 3,024,085 | 127,885 | 3,151,970 |
| — | — | 5,898,957 | 59 | 70,459 | — | 70,518 | — | 70,518 |
| — | — | (257,796) | (3) | (2,004) | — | (2,007) | — | (2,007) |
| — | — | 591,259 | 6 | 10,388 | — | 10,394 | — | 10,394 |
| — | — | — | — | — | (257,049) | (257,049) | — | (257,049) |
| — | — | — | — | — | (41,383) | (41,383) | — | (41,383) |
| — | — | — | — | — | — | — | (21,514) | (21,514) |
| (123,731) | (1) | — | — | — | — | (1) | (1,604) | (1,605) |
| — | — | — | — | — | 148,796 | 148,796 | 9,033 | 157,829 |
| 42,461,858 | $ 633,683 | 195,491,855 | $ 1,955 | $ 2,454,312 | $ (136,597) | $ 2,953,353 | $ 113,800 | $ 3,067,153 |
p58 · table 21 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
units=(in thousands) · flavor=stream · camelot_accuracy=99.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Operating activities: | | | |
| Net income | $ 157,829 | $ 283,919 | $ 400,556 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | |
| Depreciation and amortization | 23,214 | 9,555 | 9,743 |
| Stock-based compensation | 13,789 | 14,232 | 14,940 |
| Amortization and accretion of interest and fees, net | 14,033 | (705) | (3,612) |
| Originations of loans held-for-sale | (5,081,397) | (4,501,081) | (5,074,445) |
| Proceeds from sales of loans held-for-sale, net of gain on sale | 5,104,490 | 4,609,686 | 4,878,021 |
| Payoffs and paydowns of loans held-for-sale | 6,754 | 5,487 | 987 |
| Mortgage servicing rights | (54,532) | (51,272) | (69,912) |
| Amortization of capitalized mortgage servicing rights | 71,512 | 68,422 | 63,093 |
| Write-off of capitalized mortgage servicing rights from payoffs | 9,601 | 8,500 | 14,736 |
| Provision for loss sharing, net | 24,259 | 11,782 | 15,695 |
| Provision for credit losses, net | 42,696 | 68,543 | 73,446 |
| Net charge-offs for loss-sharing obligations | (9,830) | (266) | (1,229) |
| Deferred tax provision (benefit) | 3,773 | (11,613) | (7,349) |
| Income from equity affiliates | (50,880) | (5,772) | (24,281) |
| Distributions from operations of equity affiliates | 56,965 | 17,131 | 27,542 |
| Loss on extinguishment of debt | 2,919 | 412 | 1,561 |
| Impairment loss on real estate owned | 20,500 | — | — |
| Change in fair value of held-for-sale loans | (2,794) | (609) | (2,536) |
| (Gain) loss on derivative instruments, net | (1,259) | 8,543 | (6,763) |
| Loss (gain) on real estate | 9,151 | (3,813) | — |
| Changes in operating assets and liabilities | 11,588 | (69,564) | (74,336) |
| Net cash provided by operating activities | 372,381 | 461,517 | 235,857 |
| Investing Activities: | | | |
| Loans and investments funded, originated and purchased, net | (3,693,370) | (1,600,461) | (1,362,171) |
| Payoffs and paydowns of loans and investments | 2,421,342 | 2,781,658 | 3,359,810 |
| Deferred fees | 33,662 | 25,792 | 21,299 |
| Proceeds from sale of real estate, net | — | 14,103 | — |
| Contributions to equity affiliates | (11,706) | (19,593) | (18,986) |
| Distributions from equity affiliates | 23,966 | 11,224 | 15,552 |
| Payoffs and paydowns of securities held-to-maturity | 222 | 483 | 4,626 |
| Investments in real estate, net | (40,716) | (3,471) | — |
| Change in due to borrowers and reserves | (14,493) | (57,966) | (141,152) |
| Net cash (used in) provided by investing activities | (1,281,093) | 1,151,769 | 1,878,978 |
| Financing activities: | | | |
| Proceeds from credit and repurchase facilities | 12,840,802 | 9,350,727 | 9,148,451 |
| Payoffs and paydowns of credit and repurchase facilities | (11,201,066) | (9,025,305) | (9,747,252) |
| Proceeds from notes payable - REO | 299,361 | 39,547 | — |
| Payoffs and paydowns of notes payable - REO | (197,682) | (8,989) | — |
| Proceeds from issuance of securitized debt | 1,533,238 | — | — |
| Payoffs and paydowns of securitized debt | (2,681,799) | (2,324,269) | (929,782) |
| Payoff of convertible senior unsecured notes | (287,500) | — | — |
| Proceeds from issuance of common stock | 70,518 | 10,030 | 193,661 |
| Proceeds from issuance of senior unsecured notes | 900,000 | 100,000 | 95,000 |
| Payoffs and paydowns of senior unsecured notes | (95,000) | (200,000) | (149,600) |
| Redemption of OP Units | (1,605) | — | — |
| Payments of withholding taxes on net settlement of vested stock | (3,395) | (4,565) | (8,360) |
| Repurchase of common stock | (2,007) | (11,408) | (37,431) |
| Distributions to stockholders and noncontrolling interest | (319,946) | (394,843) | (380,640) |
| Payment of deferred financing costs | (55,164) | (21,239) | (9,840) |
p59 · table 22 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
units=(none) · flavor=stream · camelot_accuracy=94.5 · llm_corrected=False
before — table + bounding box
after — final markdown
| ARBOR REALTY TRUST, INC. AND SUBSIDIARIES | | | | | |
|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) | | | | | |
| (in thousands) | | | | | |
| Net cash provided by (used in) financing activities | | 798,755 | | (2,490,314) | | (1,825,793) |
| Net (decrease) increase in cash, cash equivalents and restricted cash | | (109,957) | | (877,028) | | 289,042 |
| Cash, cash equivalents and restricted cash at beginning of period | | 660,179 | | 1,537,207 | | 1,248,165 |
| Cash, cash equivalents and restricted cash at end of period | $ | 550,222 | $ | 660,179 | $ | 1,537,207 |
p60 · table 23 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
units=(in thousands) · flavor=stream · camelot_accuracy=96.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Reconciliation of cash, cash equivalents and restricted cash: | | | |
| Cash and cash equivalents at beginning of period | $ 503,803 | $ 928,974 | $ 534,357 |
| Restricted cash at beginning of period | 156,376 | 608,233 | 713,808 |
| Cash, cash equivalents and restricted cash at beginning of period | $ 660,179 | $ 1,537,207 | $ 1,248,165 |
| Cash and cash equivalents at end of period | $ 482,875 | $ 503,803 | $ 928,974 |
| Restricted cash at end of period | 67,347 | 156,376 | 608,233 |
| Cash, cash equivalents and restricted cash at end of period | $ 550,222 | $ 660,179 | $ 1,537,207 |
| Supplemental cash flow information: | | | |
| Cash used to pay interest | $ 665,723 | $ 782,047 | $ 861,141 |
| Cash used to pay taxes | 26,698 | 28,813 | 30,129 |
| Supplemental schedule of non-cash investing and financing activities: | | | |
| Real estate acquired in settlement of loans and investments, net | 583,123 | 278,330 | 39,400 |
| Settlement of loans and investments, net of real estate | (603,176) | (279,480) | (39,400) |
| Derecognition of real estate owned | 260,414 | 177,146 | — |
| Loan funded in conjunction with real estate sold | (271,075) | (182,485) | — |
| Distributions accrued on preferred stock | 7,010 | 7,010 | 7,010 |
p68 · table 24 · Recently Adopted Accounting Pronouncements
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Description | Effective Date | Effect on Financial Statements |
|---|
| In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU focuses on disclosures around effective tax rates and cash income taxes paid and to improve the usefulness of income tax disclosures for investors. The ASU requires public entities to disclose, on an annual basis, a rate reconciliation presented in both dollars and percentages and to include specific categories and provides further guidance on disaggregation of those categories based on a quantitative threshold equal to 5% or more. The ASU also makes changes to annual disclosures of income taxes paid for all entities by requiring disclosure of the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction. | Fiscal year of 2025, with early adoption permitted | The adoption of this guidance did not have a material impact on our consolidated financial statements and we have included the required enhanced disclosures within Note 18. |
p69 · table 25 · Recently Issued Accounting Pronouncements
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Description | Effective Date | Effect on Financial Statements |
|---|
| In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU is intended to make the interim reporting guidance easier to apply and to clarify when Topic 270 applies and what is required to be disclosed, without changing the basic approach to interim reporting or meaningfully expanding or reducing interim disclosure requirements. The ASU's main provisions (in plain terms) include: (1) clarifying that Topic 270 applies to any entity that issues interim financial statements and related notes in accordance with GAAP (including "condensed" interim financial statements); (2) clarifying the form and content expectations for interim financial statements (including direction for SEC registrants to follow the applicable SEC Regulation S-X interim requirements); (3) adding to Topic 270 a comprehensive list of interim disclosures required by other ASC Topics and making related conforming amendments; and (4) adding a disclosure principle that requires disclosure of events and changes since the most recent fiscal year-end that have a material impact on the entity so interim financial statements are not misleading. | First quarter of 2028, with early adoption permitted | We are not planning on early adoption and this guidance is not expected to have a material impact on our consolidated financial statements. |
| In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. This guidance clarifies certain aspects of hedge accounting and addresses incremental hedge accounting issues arising from reference rate reform. Key provisions focus on five areas that are intended to enable hedge accounting to be achieved and maintained for a broader set of highly effective economic hedges: (1) replacing the "shared" risk exposure criterion with a "similar" risk exposure criterion for cash flow hedges of groups of forecasted transactions (with assessment at inception and ongoing), (2) a model to facilitate cash flow hedges of forecasted interest payments on "choose-your-rate" variable-rate debt, (3) updates related to cash flow hedges of nonfinancial forecasted transactions (including pricing components), (4) revisions to the net written option guidance in certain hedging relationships, and (5) changes related to dual hedges involving foreign-currency-denominated debt. | First quarter of 2027, with early adoption permitted | We are not planning on early adoption and this guidance is not expected to have a material impact on our consolidated financial statements. |
| In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The ASU simplifies the accounting for internal-use software by removing the prescribed project stages and requiring capitalization of costs once management authorizes the project, commits funding, and determines completion is probable. It also brings website development costs under the same guidance and aligns related disclosures with those for property, plant and equipment. | First quarter of 2028, with early adoption permitted | We are not planning on early adoption and this guidance is not expected to have a material impact on our consolidated financial statements. |
p70 · table 26 · Note 3 – Loans and Investments
units=($ in thousands) · flavor=stream · camelot_accuracy=91.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | Percent of Total | Loan Count | Wtd. Avg. Pay Rate (1) | Wtd. Avg. Remaining Months to Maturity (2) | Wtd. Avg. First Dollar LTV Ratio (3) | Wtd. Avg. Last Dollar LTV Ratio (4) |
|---|
| Bridge loans (5) | $ 11,371,758 | 94 % | 524 | 6.39 % | 12.9 | 0 % | 77 % |
| Mezzanine loans | 290,212 | 2 % | 65 | 7.84 % | 52.3 | 59 % | 78 % |
| Construction - multifamily | 249,019 | 2 % | 9 | 9.13 % | 24.6 | 0 % | 60 % |
| Preferred equity investments | 202,118 | 2 % | 34 | 6.87 % | 46.0 | 62 % | 80 % |
| Total UPB | 12,113,107 | 100 % | 632 | 6.49 % | 14.7 | 2 % | 77 % |
| Allowance for credit losses | (145,971) | | | | | | |
| Unearned revenue | (32,888) | | | | | | |
| Loans and investments, net (6) | $ 11,934,248 | | | | | | |
| December 31, 2024 | Percent of Total | Loan Count | Wtd. Avg. Pay Rate (1) | Wtd. Avg. Remaining Months to Maturity (2) | Wtd. Avg. First Dollar LTV Ratio (3) | Wtd. Avg. Last Dollar LTV Ratio (4) |
| Bridge loans (5) | $ 10,893,106 | 96 % | 688 | 6.89 % | 11.6 | 0 % | 80 % |
| Mezzanine loans | 255,556 | 2 % | 58 | 7.52 % | 51.8 | 51 % | 82 % |
| Preferred equity investments | 148,845 | 1 % | 27 | 6.42 % | 53.9 | 62 % | 79 % |
| Construction - multifamily | 4,367 | <1 % | 2 | 9.97 % | 20.8 | 0 % | 42 % |
| SFR permanent loans | 3,082 | <1 % | 1 | 9.36 % | 10.3 | 0 % | 40 % |
| Total UPB | 11,304,956 | 100 % | 776 | 6.90 % | 13.1 | 2 % | 80 % |
| Allowance for credit losses | (238,967) | | | | | | |
| Unearned revenue | (31,992) | | | | | | |
| Loans and investments, net (6) | $ 11,033,997 | | | | | | |
p71 · table 27 · UPB by Origination Year
units=($ in thousands) · flavor=stream · camelot_accuracy=98.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| 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, net | $ — | $ 3,000 | $ — | $ 24,476 | $ 31,968 | $ 68,893 | $ 128,337 | | |
p72 · table 28 · UPB by Origination Year
units=($ in thousands) · flavor=stream · camelot_accuracy=98.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Asset Class / Risk Rating | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | Wtd. Avg. First Dollar LTV Ratio | Wtd. Avg. Last Dollar LTV Ratio |
|---|
| Multifamily: | | | | | | | | | |
| Pass | $ 308,228 | $ 41,713 | $ 69,000 | $ 10,205 | $ 2,010 | $ 24,823 | $ 455,979 | | |
| Pass/Watch | 357,724 | 308,353 | 1,012,593 | 462,709 | 119,860 | 113,100 | 2,374,339 | | |
| Special Mention | 79,618 | 31,344 | 2,340,782 | 2,958,064 | — | 94,529 | 5,504,337 | | |
| Substandard | — | 658 | 159,100 | 206,277 | — | 21,700 | 387,735 | | |
| Doubtful | 12,460 | — | 193,850 | 159,379 | 14,800 | 9,765 | 390,254 | | |
| Total Multifamily | $ 758,030 | $ 382,068 | $ 3,775,325 | $ 3,796,634 | $ 136,670 | $ 263,917 | $ 9,112,644 | 2 % | 83 % |
| Single-Family Rental: | | | | | | | Percentage of portfolio | 81 % | |
| Pass | $ 246,234 | $ 32,875 | $ 10,683 | $ — | $ — | $ — | $ 289,792 | | |
| Pass/Watch | 422,063 | 410,419 | 356,567 | 94,503 | 41,848 | — | 1,325,400 | | |
| Special Mention | — | 31,043 | 139,125 | 107,155 | 87,967 | — | 365,290 | | |
| Doubtful | 5,704 | 10,786 | — | — | — | — | 16,490 | | |
| Total Single-Family Rental | $ 674,001 | $ 485,123 | $ 506,375 | $ 201,658 | $ 129,815 | $ — | $ 1,996,972 | 0 % | 61 % |
| Land: | | | | | | | Percentage of portfolio | 18% | |
| Pass | $ 7,282 | $ — | $ — | $ — | $ — | $ — | $ 7,282 | | |
| Special Mention | — | — | — | — | 3,500 | — | 3,500 | | |
| Substandard | — | — | — | — | — | 127,928 | 127,928 | | |
| Total Land | $ 7,282 | $ — | $ — | $ — | $ 3,500 | $ 127,928 | $ 138,710 | 0 % | 96 % |
| Office: | | | | | | | Percentage of portfolio | 1% | |
| Special Mention | $ — | $ — | $ — | $ — | $ 35,410 | $ — | $ 35,410 | | |
| Total Office | $ — | $ — | $ — | $ — | $ 35,410 | $ — | $ 35,410 | 0 % | 94 % |
| Retail: | | | | | | | Percentage of portfolio | < 1% | |
| Substandard | $ — | $ — | $ — | $ — | $ — | $ 19,520 | $ 19,520 | | |
| Total Retail | $ — | $ — | $ — | $ — | $ — | $ 19,520 | $ 19,520 | 0 % | 88 % |
| Commercial: | | | | | | | Percentage of portfolio | < 1% | |
| Doubtful | $ — | $ — | $ — | $ — | $ — | $ 1,700 | $ 1,700 | | |
| Total Commercial | $ — | $ — | $ — | $ — | $ — | $ 1,700 | $ 1,700 | 0 % | 100 % |
| Grand Total | $ 1,439,313 | $ 867,191 | $ 4,281,700 | $ 3,998,292 | $ 305,395 | $ 413,065 | $ 11,304,956 | 2 % | 80 % |
| Charge-offs | $ 464 | $ — | $ 4,077 | $ 7,668 | $ — | $ — | $ 12,209 | | |
p73 · table 29 · Allowance for Credit Losses
units=($ in thousands) · flavor=stream · camelot_accuracy=95.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Multifamily | Single-Family Rental | Retail | Commercial | Land | Office | Other | Total |
|---|
| Allowance for credit losses: | | | | | | | | |
| Beginning balance | $ 148,139 | $ 7,524 | $ 3,293 | $ 1,700 | $ 78,130 | $ 181 | $ — | $ 238,967 |
| Provision for credit losses (net of reversals) | 43,635 | 1,293 | (390) | — | (8,861) | 70 | — | 35,747 |
| Recoveries | (406) | — | — | — | — | — | — | (406) |
| Charge-offs, net (1) | (59,444) | — | — | — | (68,893) | — | — | (128,337) |
| Ending balance | $ 131,924 | $ 8,817 | $ 2,903 | $ 1,700 | $ 376 | $ 251 | $ — | $ 145,971 |
| Year Ended December 31, 2024 | Multifamily | Single-Family Rental | Retail | Commercial | Land | Office | Other | Total |
| Allowance for credit losses: | | | | | | | | |
| Beginning balance | $ 110,847 | $ 1,624 | $ 3,293 | $ 1,700 | $ 78,058 | $ 142 | $ — | $ 195,664 |
| Provision for credit losses (net of reversals) | 49,501 | 5,900 | — | — | 72 | 39 | — | 55,512 |
| Charge-offs (2) | (12,209) | — | — | — | — | — | — | (12,209) |
| Ending balance | $ 148,139 | $ 7,524 | $ 3,293 | $ 1,700 | $ 78,130 | $ 181 | $ — | $ 238,967 |
| Year Ended December 31, 2023 | Multifamily | Single-Family Rental | Retail | Commercial | Land | Office | Other | Total |
| Allowance for credit losses: | | | | | | | | |
| Beginning balance | $ 37,961 | $ 780 | $ 5,819 | $ 1,700 | $ 78,068 | $ 8,162 | $ 69 | $ 132,559 |
| Provision for credit losses (net of reversals) | 72,886 | 844 | (2,526) | — | (10) | (2,320) | (69) | 68,805 |
| Charge-offs | — | — | — | — | — | (5,700) | — | (5,700) |
| Ending balance | $ 110,847 | $ 1,624 | $ 3,293 | $ 1,700 | $ 78,058 | $ 142 | $ — | $ 195,664 |
p74 · table 30 · Impaired Loans by Asset Class
units=($ in thousands) · flavor=stream · camelot_accuracy=97.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Asset Class | UPB (1) | Carrying Value | Allowance for Credit Losses | Wtd. Avg. First Dollar LTV Ratio | Wtd. Avg. Last Dollar LTV Ratio |
|---|
| December 31, 2025 | | | | | |
| Multifamily | $ 366,275 | $ 363,635 | $ 38,487 | 0 % | 96 % |
| Retail | 16,955 | 16,855 | 2,903 | 0 % | 97 % |
| Commercial | 1,700 | 1,700 | 1,700 | 0 % | 100 % |
| Total | $ 384,930 | $ 382,190 | $ 43,090 | 0 % | 96 % |
| December 31, 2024 | | | | | |
| Multifamily | $ 456,261 | $ 444,400 | $ 60,887 | 0 % | 99 % |
| Land | 134,215 | 127,868 | 77,869 | 0 % | 99 % |
| Retail | 19,520 | 15,068 | 3,293 | 0 % | 87 % |
| Commercial | 1,700 | 1,700 | 1,700 | 0 % | 100 % |
| Total | $ 611,696 | $ 589,036 | $ 143,749 | 0 % | 99 % |
p74 · table 31 · A summary of our non-performing loans by asset class is as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=95.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | | December 31, 2024 | |
|---|
| UPB | Carrying Value | UPB | Carrying Value |
| Multifamily | $ 566,906 | $ 553,016 | $ 649,227 | $ 620,072 |
| Commercial | 1,700 | 1,700 | 1,700 | 1,700 |
| Retail | 531 | 531 | 920 | 910 |
| Total | $ 569,137 | $ 555,247 | $ 651,847 | $ 622,682 |
p75 · table 32 · Beginning/Ending balance of multifamily bridge loans (Year Ended December 31, 2025 and 2024)
units=(none) · flavor=stream · camelot_accuracy=93.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Beginning balance (9 and 24 multifamily bridge loans, respectively) | $ 167,428 | $ 956,917 |
| Loans that progressed to greater than 60 days past due | (185,302) | (676,881) |
| Loans modified or paid off | (128,465) | (1,103,676) |
| Loans transferred to REO | (96,139) | — |
| Additional loans classified as non-accrual | 290,789 | 991,068 |
| Ending balance (3 and 9 multifamily bridge loans, respectively) | $ 48,311 | $ 167,428 |
p75 · table 33 · The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the year ended December 31, 2025
units=($ in thousands) · flavor=stream · camelot_accuracy=94.2 · llm_corrected=True
before — table + bounding box
after — final markdown
| Asset Class | Payment Deferrals With/Without Term Extensions (1) | Rate Reductions With/Without Term Extensions (2) | Other (3) | Total (4)(5)(6) |
|---|
| Multifamily | $ 1,351,453 | $ 226,875 | $ 83,975 | $ 1,662,303 |
| Office | — | 33,410 | — | 33,410 |
| Single-Family Rental | — | — | 16,490 | 16,490 |
| Total UPB | $ 1,351,453 | $ 260,285 | $ 100,465 | $ 1,712,203 |
p76 · table 34 · The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the year ended December 31, 2024
units=($ in thousands) · flavor=stream · camelot_accuracy=78.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Asset Class | Payment Deferrals With/Without Term Extensions (1) | Term Extensions (2) | Rate Reductions With/Without Term Extensions (3) | Other (4) | Total (5)(6)(7) |
|---|
| Multifamily | $ 2,197,385 | $ 874,090 | $ 134,630 | $ 394,142 | $ 3,600,247 |
| Single-Family Rental | 74,078 | — | 38,479 | — | 112,557 |
| Total UPB | $ 2,271,463 | $ 874,090 | $ 173,109 | $ 394,142 | $ 3,712,804 |
p77 · table 35 · Payment Deferrals With/Without Term Extensions
units=($ in thousands) · flavor=stream · camelot_accuracy=65.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| Asset Class | Payment Deferrals With/Without Term Extensions (1)(2) |
|---|
| Multifamily | $ 398,461 |
p79 · table 36 · Loans held-for-sale, net
units=($ in thousands) · flavor=stream · camelot_accuracy=98.4 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | December 31, 2024 |
|---|
| Fannie Mae | $ 303,196 | $ 171,235 |
| Private Label | 77,798 | 38,962 |
| FHA | 22,390 | 65,589 |
| SFR - Fixed Rate | 2,777 | 3,246 |
| Freddie Mac | 2,225 | 159,201 |
| 408,386 | 438,233 |
| Fair value of future MSR | 5,921 | 5,138 |
| Unrealized impairment recovery (loss) | 1,414 | (1,381) |
| Unearned discount | (6,640) | (6,231) |
| Loans held-for-sale, net | $ 409,081 | $ 435,759 |
p80 · table 37 · A summary of our capitalized MSR activity is as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=92.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | | | Year Ended December 31, 2024 | | |
|---|
| Originated | Acquired | Total | Originated | Acquired | Total |
| Beginning balance | $ 363,861 | $ 4,817 | $ 368,678 | $ 382,582 | $ 8,672 | $ 391,254 |
| Additions | 53,277 | — | 53,277 | 54,346 | — | 54,346 |
| Amortization | (69,619) | (1,893) | (71,512) | (65,570) | (2,852) | (68,422) |
| Write-downs and payoffs | (9,345) | (256) | (9,601) | (7,497) | (1,003) | (8,500) |
| Ending balance | $ 338,174 | $ 2,668 | $ 340,842 | $ 363,861 | $ 4,817 | $ 368,678 |
p80 · table 38 · The expected amortization of capitalized MSRs recorded at December 31, 2025 is as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=97.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year | Amortization |
|---|
| 2026 | $ 70,956 |
| 2027 | 66,829 |
| 2028 | 59,867 |
| 2029 | 50,954 |
| 2030 | 37,199 |
| Thereafter | 55,037 |
| Total | $ 340,842 |
p81 · table 39 · Product and Geographic Concentrations
units=($ in thousands) · flavor=stream · camelot_accuracy=96.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | | | | | |
|---|
| Product | UPB (1) | % of Total | State | UPB % of Total | |
| 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 % | |
| December 31, 2024 | | | | | |
| Fannie Mae | $ 22,730,056 | 67 % | Texas | 11 % | |
| Freddie Mac | 6,077,020 | 18 % | New York | 11 % | |
| Private Label | 2,605,980 | 8 % | California | 8 % | |
| FHA | 1,506,948 | 5 % | North Carolina | 7 % | |
| Bridge (2) | 278,494 | 1 % | Georgia | 6 % | |
| SFR - Fixed Rate | 271,859 | 1 % | Florida | 6 % | |
| Total | $ 33,470,357 | 100 % | New Jersey | 5 % | |
| | | Other (3) | 46 % | |
| | | Total | 100 % | |
p82 · table 40 · The components of servicing revenue, net are as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=97.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Servicing fees | $ 133,067 | $ 129,092 | $ 123,975 |
| Interest earned on escrows | 54,186 | 70,742 | 77,916 |
| Prepayment fees | 3,477 | 2,984 | 6,387 |
| Write-offs and payoffs of MSRs | (9,601) | (8,500) | (14,736) |
| Amortization of MSRs | (71,512) | (68,422) | (63,093) |
| Servicing revenue, net | $ 109,617 | $ 125,896 | $ 130,449 |
p82 · table 41 · A summary of our securities held-to-maturity is as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=97.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| Face Value | Net Carrying Value | Unrealized Gain (Loss) | Estimated Fair Value | Allowance for Credit Losses |
|---|
| December 31, 2025 | | | | | |
| APL certificates | $ 192,791 | $ 140,682 | $ (15,143) | $ 125,539 | $ 1,664 |
| B Piece bonds | 36,730 | 15,405 | 9,203 | 24,608 | 15,349 |
| Total | $ 229,521 | $ 156,087 | $ (5,940) | $ 150,147 | $ 17,013 |
| December 31, 2024 | | | | | |
| APL certificates | $ 192,791 | $ 134,834 | $ (22,803) | $ 112,031 | $ 1,658 |
| B Piece bonds | 37,221 | 22,320 | 10,157 | 32,477 | 9,188 |
| Total | $ 230,012 | $ 157,154 | $ (12,646) | $ 144,508 | $ 10,846 |
p82 · table 42 · A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=91.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | | | Year Ended December 31, 2024 | | |
|---|
| APL Certificates | B Piece Bonds | Total | APL Certificates | B Piece Bonds | Total |
| Beginning balance | $ 1,658 | $ 9,188 | $ 10,846 | $ 2,272 | $ 3,984 | $ 6,256 |
| Provision for credit loss expense/(reversal) | 6 | 6,161 | 6,167 | (614) | 5,204 | 4,590 |
| Ending balance | $ 1,664 | $ 15,349 | $ 17,013 | $ 1,658 | $ 9,188 | $ 10,846 |
p83 · table 43 · Note 6 — Investments in Equity Affiliates
units=($ in thousands) · flavor=stream · camelot_accuracy=98.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| Equity Affiliates | Investments in Equity Affiliates at December 31, 2025 | Investments in Equity Affiliates at December 31, 2024 | UPB of Loans to Equity Affiliates at December 31, 2025 |
|---|
| Fifth Wall Ventures | $ 17,260 | $ 14,490 | $ — |
| AWC Real Estate Opportunity Partners I LP | 17,134 | 13,562 | 108,450 |
| AMAC Holdings III LLC | 12,714 | 15,413 | 33,410 |
| ARSR DPREF I LLC | 5,745 | 5,603 | — |
| Lightstone Value Plus REIT L.P. | 1,895 | 1,895 | — |
| Clarus Berkley | 1,500 | — | 67,900 |
| The Park at Via Terrossa | 578 | 606 | 21,845 |
| Docsumo Pte. Ltd. | 450 | 450 | — |
| JT Prime | 425 | 425 | — |
| The Cypress at Wesley Park | 265 | — | 14,964 |
| Lexford Portfolio | — | — | — |
| East River Portfolio | — | — | — |
| Arbor Residential Investor LLC | — | 23,868 | — |
| West Shore Café | — | — | — |
| Total | $ 57,966 | $ 76,312 | $ 246,569 |
p85 · table 44 · Note 9 — Real Estate Owned
units=($ in thousands) · flavor=stream · camelot_accuracy=96.2 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | | | | December 31, 2024 | | | |
|---|
| Multifamily | Office | Land | Total | Multifamily | Office | Land | Total |
| Land | $ 109,788 | $ 13,599 | $ 7,947 | $ 131,334 | $ 29,171 | $ 13,599 | $ 7,947 | $ 50,717 |
| Building and intangible assets | 363,281 | 48,882 | — | 412,163 | 99,812 | 35,561 | — | 135,373 |
| Less: Impairment loss | (20,500) | (2,500) | — | (23,000) | — | (2,500) | — | (2,500) |
| Less: Accumulated depreciation and amortization | (18,015) | (3,544) | — | (21,559) | (4,497) | (2,550) | — | (7,047) |
| Real estate owned, net | $ 434,554 | $ 56,437 | $ 7,947 | $ 498,938 | $ 124,486 | $ 44,110 | $ 7,947 | $ 176,543 |
| Number of properties | 15 | 2 | 2 | 19 | 4 | 2 | 2 | 8 |
p86 · table 45 · Other Intangible Assets
units=($ in thousands) · flavor=stream · camelot_accuracy=95.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | | | December 31, 2024 | | |
|---|
| Gross Carrying Value | Accumulated Amortization | Total | Gross Carrying Value | Accumulated Amortization | Total |
| Finite-lived intangible assets: | | | | | | |
| Borrower relationships | $ 14,400 | $ (13,620) | $ 780 | $ 14,400 | $ (12,180) | $ 2,220 |
| Below market leases | 4,010 | (3,863) | 147 | 4,010 | (3,737) | 273 |
| Infinite-lived intangible assets: | | | | | | |
| Fannie Mae DUS license | 17,100 | — | 17,100 | 17,100 | — | 17,100 |
| Freddie Mac Program Plus license | 8,700 | — | 8,700 | 8,700 | — | 8,700 |
| FHA license | 3,200 | — | 3,200 | 3,200 | — | 3,200 |
| $ 47,410 | $ (17,483) | $ 29,927 | $ 47,410 | $ (15,917) | $ 31,493 |
p86 · table 46 · At December 31, 2025, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated annual amortization expense are as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=92.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Wtd. Avg. Remaining Life (in years) | Estimated Amortization Expense for the Years Ending December 31, 2026 | Estimated Amortization Expense for the Years Ending December 31, 2027 |
|---|
| Finite-lived intangible assets: | | | |
| Borrower relationships | 0.3 | $ 780 | $ — |
| Below market leases | 1.0 | 126 | 21 |
| 0.4 | $ 906 | $ 21 |
p87 · table 47 · Borrowings under our credit and repurchase facilities are as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=96.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Facility | December 31, 2025 UPB | December 31, 2025 Debt Carrying Value (1) | December 31, 2025 Collateral Carrying Value | December 31, 2025 Wtd. Avg. Note Rate | December 31, 2024 UPB | December 31, 2024 Debt Carrying Value (1) | December 31, 2024 Collateral Carrying Value | December 31, 2024 Wtd. Avg. Note Rate |
|---|
| Structured Business | | | | | | | | |
| $1.4B joint repurchase facility (2) | $ 885,119 | $ 882,635 | $ 1,468,161 | 6.36 % | $ 661,159 | $ 657,690 | $ 1,104,791 | 6.76 % |
| $1.22B repurchase facility | 1,153,313 | 1,149,944 | 1,555,403 | 5.67 % | — | — | — | — |
| $1B repurchase facility (2)(6) | — | — | — | — | 215,832 | 215,459 | 336,193 | 6.97 % |
| $1B repurchase facility | 880,380 | 879,499 | 1,207,513 | 6.45 % | 782,956 | 781,812 | 1,055,321 | 7.20 % |
| $850M repurchase facility (2) | 444,452 | 443,880 | 725,309 | 6.29 % | 203,348 | 202,798 | 362,695 | 7.28 % |
| $650M repurchase facility (2)(3) | 462,702 | 462,694 | 549,069 | 6.33 % | 499,039 | 499,017 | 678,017 | 6.98 % |
| $400M credit facility | 67,959 | 66,479 | 125,099 | 7.03 % | 140,412 | 138,695 | 237,123 | 7.69 % |
| $400M repurchase facility | 292,232 | 291,342 | 383,195 | 5.86 % | 74,925 | 74,896 | 109,920 | 6.59 % |
| $350M repurchase facility | 127,253 | 127,199 | 238,422 | 5.77 % | 134,368 | 134,189 | 203,135 | 6.53 % |
| $250M repurchase facility | 73,680 | 73,052 | 113,121 | 6.82 % | — | — | — | — |
| $250M repurchase facility | 98,848 | 98,186 | 126,340 | 5.22 % | — | — | — | — |
| $250M credit facility | 79,220 | 78,963 | 102,758 | 6.27 % | 108,861 | 108,696 | 145,148 | 7.43 % |
| $200M repurchase facility | 41,480 | 41,114 | 59,147 | 6.32 % | 156,329 | 155,676 | 214,441 | 6.98 % |
| $64M loan specific credit facilities | 63,500 | 63,456 | 87,000 | 5.70 % | 134,131 | 133,965 | 181,108 | 6.59 % |
| $40M credit facility | 15,576 | 15,532 | 24,610 | 6.12 % | 15,576 | 15,387 | 24,610 | 6.77 % |
| $35M working capital facility | 35,000 | 35,000 | — | 6.69 % | — | — | — | — |
| Repurchase facility - securities (2)(4) | 50,280 | 50,280 | — | 5.11 % | 18,549 | 18,549 | — | 6.12 % |
| Structured Business total (5) | $ 4,770,994 | $ 4,759,255 | $ 6,765,147 | 6.12 % | $ 3,145,485 | $ 3,136,829 | $ 4,652,502 | 7.00 % |
| Agency Business | | | | | | | | |
| $750M ASAP agreement | $ 91,965 | $ 91,965 | $ 92,733 | 4.91 % | $ 62,196 | $ 62,196 | $ 62,372 | 5.48 % |
| $500M repurchase facility | 89,431 | 89,427 | 89,573 | 5.19 % | 40,878 | 40,872 | 41,165 | 5.81 % |
| $200M credit facility | 101,849 | 101,802 | 102,409 | 5.55 % | 141,217 | 141,169 | 141,971 | 5.89 % |
| $200M credit facility | 43,023 | 42,887 | 43,096 | 5.76 % | 137,878 | 137,762 | 138,793 | 5.84 % |
| $100M joint repurchase facility (2) | 64,445 | 64,315 | 77,798 | 6.24 % | 28,656 | 28,611 | 38,962 | 6.34 % |
| $50M credit facility (7) | — | — | — | — | 11,723 | 11,723 | 11,723 | 5.84 % |
| $1M repurchase facility (2)(3) | — | — | — | — | 328 | 328 | 469 | 6.83 % |
| Agency Business total | $ 390,713 | $ 390,396 | $ 405,609 | 5.45 % | $ 422,876 | $ 422,661 | $ 435,455 | 5.84 % |
| Consolidated total | $ 5,161,707 | $ 5,149,651 | $ 7,170,756 | 6.07 % | $ 3,568,361 | $ 3,559,490 | $ 5,087,957 | 6.86 % |
p90 · table 48 · Borrowings and the corresponding collateral under our securitized debt transactions are as follows
units=(none) · flavor=stream · camelot_accuracy=93.3 · llm_corrected=True
before — table + bounding box
after — final markdown
| Debt | | | | Collateral (3) | | | |
|---|
| Face Value | Carrying Value (1) | Wtd. Avg. Rate (2) | UPB | Carrying Value | Restricted Cash (4) | | |
| December 31, 2025 | | | | | | | | |
| CLO 20 | $ 933,187 | $ 924,504 | 5.50 % | $ 1,045,664 | $ 1,040,984 | $ — | | |
| BTR CLO 1 | 525,304 | 517,395 | 6.29 % | 685,746 | 683,807 | — | | |
| CLO 18 (5) | 971,595 | 970,979 | 6.01 % | 1,339,523 | 1,338,395 | 21,469 | | |
| CLO 17 (5) | 1,055,700 | 1,055,380 | 5.66 % | 1,443,820 | 1,443,845 | — | | |
| Total CLOs | 3,485,786 | 3,468,258 | 5.81 % | 4,514,753 | 4,507,031 | 21,469 | | |
| Q Series securitization (6) | — | — | — | 50,600 | 50,600 | — | | |
| Total securitized debt | $ 3,485,786 | $ 3,468,258 | 5.81 % | $ 4,565,353 | $ 4,557,631 | $ 21,469 | | |
| December 31, 2024 | | | | | | | | |
| CLO 19 | $ 753,987 | $ 751,364 | 7.02 % | $ 912,935 | $ 912,392 | $ — | | |
| CLO 18 | 1,335,647 | 1,332,950 | 6.47 % | 1,684,765 | 1,684,285 | 37,090 | | |
| CLO 17 | 1,482,657 | 1,480,495 | 6.15 % | 1,811,391 | 1,810,463 | 50,910 | | |
| CLO 16 | 682,845 | 681,008 | 5.93 % | 944,660 | 943,542 | — | | |
| CLO 14 | 326,238 | 326,238 | 6.11 % | 452,751 | 452,526 | — | | |
| Total CLOs (5) | 4,581,374 | 4,572,055 | 6.35 % | 5,806,502 | 5,803,208 | 88,000 | | |
| Q Series securitization | 50,641 | 50,434 | 6.49 % | 94,940 | 94,895 | — | | |
| Total securitized debt | $ 4,632,015 | $ 4,622,489 | 6.35 % | $ 5,901,442 | $ 5,898,103 | $ 88,000 | | |
p92 · table 49 · Senior Unsecured Notes
units=($ in thousands) · flavor=stream · camelot_accuracy=92.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| Senior Unsecured Notes | Issuance Date | Maturity | December 31, 2025 UPB | December 31, 2025 Carrying Value (1) | December 31, 2025 Wtd. Avg. Rate (2) | December 31, 2024 UPB | December 31, 2024 Carrying Value (1) | December 31, 2024 Wtd. Avg. Rate (2) |
|---|
| 8.50% Notes (3) | Dec. 2025 | Dec. 2028 | $ 400,000 | $ 394,340 | 8.50 % | $ — | $ — | — |
| 7.875% Notes (4) | Jul. 2025 | Jul. 2030 | 500,000 | 489,397 | 7.88 % | — | — | — |
| 9.00% Notes (3) | Oct. 2024 | Oct. 2027 | 100,000 | 98,934 | 9.00 % | 100,000 | 98,352 | 9.00 % |
| 8.50% Notes (3) | Oct. 2022 | Oct. 2027 | 150,000 | 149,041 | 8.50 % | 150,000 | 148,531 | 8.50 % |
| 5.00% Notes (3) | Dec. 2021 | Dec. 2028 | 180,000 | 178,725 | 5.00 % | 180,000 | 178,300 | 5.00 % |
| 4.50% Notes (3) | Aug. 2021 | Sept. 2026 | 270,000 | 269,439 | 4.50 % | 270,000 | 268,601 | 4.50 % |
| 5.00% Notes (3) | Apr. 2021 | Apr. 2026 | 175,000 | 174,790 | 5.00 % | 175,000 | 174,161 | 5.00 % |
| 4.50% Notes (3) | Mar. 2020 | Mar. 2027 | 275,000 | 274,412 | 4.50 % | 275,000 | 273,927 | 4.50 % |
| 7.75% Notes | Mar. 2023 | Mar. 2026 | — | — | — | 95,000 | 94,275 | 7.75 % |
| | | $ 2,050,000 | $ 2,029,078 | 6.70 % | $ 1,245,000 | $ 1,236,147 | 5.73 % |
p93 · table 50 · The UPB and net carrying value of our convertible notes at December 31, 2024 were as follows
units=(none) · flavor=stream · camelot_accuracy=83.9 · llm_corrected=True
before — table + bounding box
after — final markdown
| UPB | Unamortized Deferred Financing Fees | Net Carrying Value |
|---|
| $287,500 | $1,647 | $285,853 |
p94 · table 51 · Cash Flow Triggers
units=(none) · flavor=stream · camelot_accuracy=91.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Cash Flow Triggers | CLO 17 | CLO 18 | BTR CLO 1 | CLO 20 |
|---|
| Overcollateralization (1) | | | | |
| Current | 127.77 % | 136.54 % | 117.47 % | 112.52 % |
| Limit | 121.51 % | 123.03 % | 115.47 % | 110.52 % |
| Pass / Fail | Pass | Pass | Pass | Pass |
| Interest Coverage (2) | | | | |
| Current | 136.59 % | 130.82 % | 170.68 % | 139.22 % |
| Limit | 120.00 % | 120.00 % | 120.00 % | 120.00 % |
| Pass / Fail | Pass | Pass | Pass | Pass |
p94 · table 52 · Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:
units=(none) · flavor=stream · camelot_accuracy=93.5 · llm_corrected=True
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| Determination (1) | CLO 17 | CLO 18 | BTR CLO 1 | CLO 20 |
|---|
| January 2026 | 127.77 % | 136.54 % | 117.47 % | 112.52 % |
| October 2025 | 127.02 % | 131.38 % | 117.47 % | 112.52 % |
| July 2025 | 124.46 % | 130.03 % | 117.47 % | N/A |
| April 2025 | 122.65 % | 127.91 % | N/A | N/A |
| January 2025 | 122.10 % | 123.89 % | N/A | N/A |
p95 · table 53 · Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=93.7 · llm_corrected=True
before — table + bounding box
after — final markdown
| Year Ended December 31, 2025 | Year Ended December 31, 2024 |
|---|
| Beginning balance | $ 83,150 | $ 71,634 |
| Provision for loss sharing (net of reversals) | 24,259 | 12,555 |
| Charge-offs, net | (9,830) | (1,039) |
| Ending balance | $ 97,579 | $ 83,150 |
p96 · table 54 · A summary of our non-qualifying derivative financial instruments in our Agency Business
units=($ in thousands) · flavor=stream · camelot_accuracy=98.7 · llm_corrected=True
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| Derivative | Count | Notional Value | Balance Sheet Location | Derivative Assets | Derivative Liabilities |
|---|
| 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 | | — | — |
| | $ 448,753 | | $ 585 | $ (1,082) |
| December 31, 2024 | | | | | |
| Forward sale commitments | 44 | $ 396,024 | Other assets/other liabilities | $ 95 | $ (4,209) |
| Treasury futures | 82 | 8,200 | | — | — |
| | $ 404,224 | | $ 95 | $ (4,209) |
p97 · table 55 · Fair Value of Financial Instruments (Principal/Notional Amount, Carrying Value, Estimated Fair Value)
units=($ in thousands) · flavor=stream · camelot_accuracy=98.3 · llm_corrected=True
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| December 31, 2025 | | | December 31, 2024 | | |
|---|
| Principal / Notional Amount | Carrying Value | Estimated Fair Value | Principal / Notional Amount | Carrying Value | Estimated Fair Value |
| Financial assets: | | | | | | |
| Loans and investments, net | $ 12,113,107 | $ 11,934,248 | $ 11,964,280 | $ 11,304,956 | $ 11,033,997 | $ 11,122,205 |
| Loans held-for-sale, net | 408,386 | 409,081 | 421,398 | 438,233 | 435,759 | 449,339 |
| Capitalized mortgage servicing rights, net | n/a | 340,842 | 474,767 | n/a | 368,678 | 511,282 |
| Securities held-to-maturity, net | 229,521 | 156,087 | 150,147 | 230,012 | 157,154 | 144,508 |
| Derivative financial instruments | 94,319 | 585 | 585 | 41,724 | 95 | 95 |
| Financial liabilities: | | | | | | |
| Credit and repurchase facilities | $ 5,161,707 | $ 5,149,651 | $ 5,143,472 | $ 3,568,361 | $ 3,559,490 | $ 3,592,120 |
| Securitized debt | 3,485,786 | 3,468,258 | 3,487,773 | 4,632,015 | 4,622,489 | 4,616,409 |
| Senior unsecured notes | 2,050,000 | 2,029,078 | 2,009,938 | 1,245,000 | 1,236,147 | 1,160,154 |
| Convertible senior unsecured notes | — | — | — | 287,500 | 285,853 | 287,500 |
| Junior subordinated notes | 154,336 | 145,497 | 111,992 | 154,336 | 144,686 | 109,099 |
| Notes payable - real estate owned | 222,965 | 222,965 | 221,893 | 74,897 | 74,897 | 74,495 |
| Derivative financial instruments | 292,734 | 1,082 | 1,082 | 354,300 | 4,209 | 4,209 |
p98 · table 56 · Fair Value Measurements Using Fair Value Hierarchy
units=($ in thousands) · flavor=stream · camelot_accuracy=91.3 · llm_corrected=True
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| Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |
|---|
| Financial assets: | | | | | |
| Derivative financial instruments | $ 585 | $ 585 | $ — | $ 112 | $ 473 |
| Financial liabilities: | | | | | |
| Derivative financial instruments | $ 1,082 | $ 1,082 | $ — | $ 1,082 | $ — |
p99 · table 57 · Fair Value Measurements Using Fair Value Hierarchy
units=($ in thousands) · flavor=stream · camelot_accuracy=87.3 · llm_corrected=True
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| Net Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |
|---|
| Financial assets: | | | | | |
| Impaired loans, net | | | | | |
| Loans held-for-investment (1) | $ 339,100 | $ 339,100 | $ — | $ — | $ 339,100 |
| Loans held-for-sale (2) | 12,989 | 12,989 | — | 12,989 | — |
| $ 352,089 | $ 352,089 | $ — | $ 12,989 | $ 339,100 |
p99 · table 58 · Quantitative information about Level 3 fair value measurements at December 31, 2025 is as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=96.3 · llm_corrected=True
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| Fair Value | Valuation Techniques | Significant Unobservable Inputs | Weighted Average | Minimum / Maximum |
|---|
| Financial assets: | | | | | |
| Impaired loans: | | | | | |
| Multifamily | $ 302,297 | Discounted cash flows | Capitalization rate | 5.92% | 5.50% - 7.00% |
| 22,851 | Price quotes | N/A | N/A | N/A |
| $ 325,148 | | | | |
| Retail | $ 13,952 | Sales comparative | Price per acre | $165 | $165 |
| Derivative financial instruments: | | | | | |
| Rate lock commitments | $ 473 | Discounted cash flows | W/A discount rate | 13.87% | 13.87% |
p100 · table 59 · Fair Value Measurements Using Significant Unobservable Inputs
units=($ in thousands) · flavor=stream · camelot_accuracy=93.0 · llm_corrected=True
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| Derivative assets and liabilities, net | 2025 | 2024 | 2023 |
|---|
| Beginning balance | $ — | $ 428 | $ 354 |
| Settlements | (54,059) | (50,492) | (66,407) |
| Realized gains recorded in earnings | 54,059 | 50,064 | 66,053 |
| Unrealized gains recorded in earnings | 473 | — | 428 |
| Ending balance | $ 473 | $ — | $ 428 |
p100 · table 60 · The components of fair value and other relevant information associated with our forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale
units=($ in thousands) · flavor=stream · camelot_accuracy=98.1 · llm_corrected=True
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| December 31, 2025 | Notional/Principal Amount | Fair Value of Servicing Rights | Unrealized Impairment Loss | Total Fair Value Adjustment |
|---|
| Rate lock commitments | $ 29,621 | $ 473 | $ — | $ 473 |
| Forward sale commitments | 357,432 | — | — | — |
| Loans held-for-sale, net (1) | 408,386 | 5,921 | 1,414 | 7,335 |
| Total | | $ 6,394 | $ 1,414 | $ 7,808 |
p100 · table 61 · Fair Value Measurements Using Fair Value Hierarchy
units=($ in thousands) · flavor=stream · camelot_accuracy=97.1 · llm_corrected=True
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| Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |
|---|
| Financial assets: | | | | | |
| Loans and investments, net | $ 11,934,248 | $ 11,964,280 | $ — | $ — | $ 11,964,280 |
| Loans held-for-sale, net | 409,081 | 421,398 | — | 415,477 | 5,921 |
| Capitalized mortgage servicing rights, net | 340,842 | 474,767 | — | — | 474,767 |
| Securities held-to-maturity, net | 156,087 | 150,147 | — | — | 150,147 |
| Financial liabilities: | | | | | |
| Credit and repurchase facilities | $ 5,149,651 | $ 5,143,472 | $ — | $ 390,396 | $ 4,753,076 |
| Securitized debt | 3,468,258 | 3,487,773 | — | — | 3,487,773 |
| Senior unsecured notes | 2,029,078 | 2,009,938 | 2,009,938 | — | — |
| Junior subordinated notes | 145,497 | 111,992 | — | — | 111,992 |
| Notes payable - real estate owned | 222,965 | 221,893 | — | — | 221,893 |
p101 · table 62 · Debt Obligations and Operating Leases
units=($ in thousands) · flavor=stream · camelot_accuracy=96.4 · llm_corrected=True
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| Year | Debt Obligations | Minimum Annual Operating Lease Payments | Total |
|---|
| 2026 | $ 4,931,405 | $ 11,424 | $ 4,942,829 |
| 2027 | 3,067,110 | 9,912 | 3,077,022 |
| 2028 | 2,368,357 | 9,226 | 2,377,583 |
| 2029 | 53,586 | 8,714 | 62,300 |
| 2030 | 500,000 | 8,756 | 508,756 |
| Thereafter | 154,336 | 10,924 | 165,260 |
| Total | $ 11,074,794 | $ 58,956 | $ 11,133,750 |
p103 · table 63 · The assets and liabilities related to these consolidated Securitization Entities are as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=97.4 · llm_corrected=True
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| December 31, 2025 | December 31, 2024 |
|---|
| Assets: | | |
| Restricted cash | $ 35,258 | $ 131,381 |
| Loans and investments, net | 4,557,631 | 5,898,102 |
| Other assets | 69,132 | 95,442 |
| Total assets | $ 4,662,021 | $ 6,124,925 |
| Liabilities: | | |
| Securitized debt | $ 3,468,258 | $ 4,622,489 |
| Other liabilities | 9,590 | 15,255 |
| Total liabilities | $ 3,477,848 | $ 4,637,744 |
p104 · table 64 · A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at December 31, 2025 is as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=91.9 · llm_corrected=True
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| Type | Carrying Amount (1) |
|---|
| Loans | $ 1,469,312 |
| APL certificates | 142,346 |
| Equity investments | 32,433 |
| B Piece bonds | 30,754 |
| Agency interest only strips | 21 |
| Total | $ 1,674,866 |
p105 · table 65 · Distributions
units=(none) · flavor=stream · camelot_accuracy=97.3 · llm_corrected=True
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| Common Stock | | Preferred Stock | | | |
|---|
| Declaration Date | Dividend | Declaration Date | Series D | Series E | Series F |
| February 19, 2025 | $ 0.43 | March 28, 2025 | $ 0.3984375 | $ 0.390625 | $ 0.390625 |
| April 30, 2025 | $ 0.30 | June 27, 2025 | $ 0.3984375 | $ 0.390625 | $ 0.390625 |
| July 30, 2025 | $ 0.30 | September 29, 2025 | $ 0.3984375 | $ 0.390625 | $ 0.390625 |
| October 29, 2025 | $ 0.30 | December 29, 2025 | $ 0.3984375 | $ 0.390625 | $ 0.390625 |
p106 · table 66 · A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows
units=($ in thousands, except share and per share data) · flavor=stream · camelot_accuracy=96.8 · llm_corrected=True
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| Year Ended December 31, 2025 | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2023 |
|---|
| Basic | Diluted | Basic | Diluted | Basic | Diluted |
| Net income attributable to common stockholders (1) | $ 107,427 | $ 107,427 | $ 223,272 | $ 223,272 | $ 330,065 | $ 330,065 |
| Net income attributable to noncontrolling interest (2) | — | 9,033 | — | 19,278 | — | 29,122 |
| Interest expense on convertible notes (3) | — | — | — | — | — | 24,832 |
| Net income attributable to common stockholders and noncontrolling interest | $ 107,427 | $ 116,460 | $ 223,272 | $ 242,550 | $ 330,065 | $ 384,019 |
| Weighted average shares outstanding | 192,956,154 | 192,956,154 | 188,701,149 | 188,701,149 | 184,641,642 | 184,641,642 |
| Dilutive effect of OP Units (2) | — | 16,192,287 | — | 16,293,589 | — | 16,293,589 |
| Dilutive effect of convertible notes (3) | — | — | — | — | — | 17,294,392 |
| Dilutive effect of RSUs (4) | — | 584,890 | — | 531,872 | — | 613,990 |
| Weighted average shares outstanding | 192,956,154 | 209,733,331 | 188,701,149 | 205,526,610 | 184,641,642 | 218,843,613 |
| Net income per common share (1) | $ 0.56 | $ 0.56 | $ 1.18 | $ 1.18 | $ 1.79 | $ 1.75 |
p107 · table 67 · A summary of our pre-tax GAAP income is as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=96.3 · llm_corrected=True
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Pre-tax GAAP income: | | | |
| REIT | $ 110,382 | $ 247,068 | $ 320,045 |
| TRS Consolidated Group | 66,226 | 50,329 | 107,858 |
| Total pre-tax GAAP income | $ 176,608 | $ 297,397 | $ 427,903 |
p107 · table 68 · Our provision for income taxes is comprised as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=98.0 · llm_corrected=True
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Current tax provision: | | | |
| Federal | $ 10,799 | $ 18,880 | $ 26,269 |
| State | 4,207 | 6,211 | 8,427 |
| Total | 15,006 | 25,091 | 34,696 |
| Deferred tax provision (benefit): | | | |
| Federal | $ 3,001 | $ (8,795) | $ (5,272) |
| State | 772 | (2,818) | (1,783) |
| Valuation allowance | — | — | (294) |
| Total | 3,773 | (11,613) | (7,349) |
| Total income tax expense | $ 18,779 | $ 13,478 | $ 27,347 |
p108 · table 69 · A reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate
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| Year Ended December 31, 2025 | | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | |
|---|
| $ | % | $ | % | $ | % |
| U.S. federal statutory rate | 37,924 | 21.0 % | 62,453 | 21.0 % | 89,860 | 21.0 % |
| State and local income taxes, net of federal tax effect (1) | 3,853 | 2.1 % | 2,707 | 0.9 % | 5,255 | 1.2 % |
| Changes in valuation allowances | — | — | — | — | (294) | (0.1)% |
| Nontaxable or nondeductible items: | | | | | | |
| REIT non-taxable income | (24,017) | (13.3)% | (51,885) | (17.4)% | (67,212) | (15.7)% |
| Other | 346 | 0.2 % | (10) | — | (351) | (0.1)% |
| Other adjustments | 673 | 0.4 % | 213 | 0.1 % | 89 | 0.1 % |
| Effective income tax rate | 18,779 | 10.4 % | 13,478 | 4.6 % | 27,347 | 6.4 % |
p108 · table 70 · The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=98.8 · llm_corrected=True
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| December 31, 2025 | December 31, 2024 |
|---|
| Deferred tax assets: | | |
| Expenses not currently deductible | $ 35,812 | $ 33,189 |
| Loan loss reserves | 455 | 7,084 |
| Net operating loss carryforwards | 274 | 234 |
| Other | 531 | 396 |
| Deferred tax assets, net | $ 37,072 | $ 40,903 |
| Deferred tax liabilities: | | |
| Mortgage servicing rights | $ 24,878 | $ 24,420 |
| Intangibles | 5,255 | 5,106 |
| Interest in equity affiliates, net | 904 | 1,568 |
| Deferred tax liabilities, net | $ 31,037 | $ 31,094 |
p108 · table 71 · Income taxes paid (net of refund) is comprised as follows
units=($ in thousands) · flavor=stream · camelot_accuracy=95.5 · llm_corrected=True
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Federal | $ 19,128 | $ 19,300 | $ 22,900 |
| State | 6,595 | 7,807 | 6,849 |
| Total | $ 25,723 | $ 27,107 | $ 29,749 |
p108 · table 72 · Jurisdictions with income taxes paid (net of refunds) exceeding 5% of total income taxes paid
units=($ in thousands) · flavor=stream · camelot_accuracy=94.7 · llm_corrected=True
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| New York | $ 599 | $ 1,991 | $ 1,837 |
p113 · table 73 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
units=(none) · flavor=stream · camelot_accuracy=99.2 · llm_corrected=True
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| Structured Business | Agency Business | Other (1) | Consolidated |
|---|
| Interest income | $ 890,933 | $ 49,075 | $ — | $ 940,008 |
| Interest expense | 676,641 | 25,195 | — | 701,836 |
| Net interest income | 214,292 | 23,880 | — | 238,172 |
| Other revenue: | | | | |
| Gain on sales, including fee-based services, net | — | 70,669 | — | 70,669 |
| Mortgage servicing rights | — | 54,532 | — | 54,532 |
| Servicing revenue | — | 181,129 | — | 181,129 |
| Amortization of MSRs | — | (71,512) | — | (71,512) |
| Property operating income | 21,347 | — | — | 21,347 |
| Gain on derivative instruments, net | — | 1,259 | — | 1,259 |
| Other income, net | 10,537 | 4,264 | — | 14,801 |
| Total other revenue | 31,884 | 240,341 | — | 272,225 |
| Other expenses: | | | | |
| Employee compensation and benefits | 65,897 | 87,055 | — | 152,952 |
| Commissions | — | 21,193 | — | 21,193 |
| Selling and administrative | 30,368 | 29,437 | — | 59,805 |
| Property operating expenses | 27,980 | — | — | 27,980 |
| Depreciation and amortization | 21,648 | 1,566 | — | 23,214 |
| Impairment loss on real estate owned | 20,500 | — | — | 20,500 |
| Provision for loss sharing, net | — | 24,259 | — | 24,259 |
| Provision for loan losses, net | 36,259 | 6,437 | — | 42,696 |
| Total other expenses | 202,652 | 169,947 | — | 372,599 |
| Income before extinguishment on debt, loss on real estate, income from equity affiliates and income taxes | 43,524 | 94,274 | — | 137,798 |
| Loss on extinguishment of debt | (2,919) | — | — | (2,919) |
| Loss on real estate | (9,151) | — | — | (9,151) |
| Income from equity affiliates | 50,880 | — | — | 50,880 |
| Provision for income taxes | (1,634) | (17,145) | — | (18,779) |
| Net income | 80,700 | 77,129 | — | 157,829 |
| Preferred stock dividends | 41,369 | — | — | 41,369 |
| Net income attributable to noncontrolling interest | — | — | 9,033 | 9,033 |
| Net income attributable to common stockholders | $ 39,331 | $ 77,129 | $ (9,033) | $ 107,427 |
p114 · table 74 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
units=(none) · flavor=stream · camelot_accuracy=99.2 · llm_corrected=True
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| Year Ended December 31, 2024 | | | |
|---|
| Structured Business | Agency Business | Other (1) | Consolidated |
| Interest income | $ 1,112,763 | $ 55,109 | $ — | $ 1,167,872 |
| Interest expense | 781,668 | 22,947 | — | 804,615 |
| Net interest income | 331,095 | 32,162 | — | 363,257 |
| Other revenue: | | | | |
| Gain on sales, including fee-based services, net | — | 74,932 | — | 74,932 |
| Mortgage servicing rights | — | 51,272 | — | 51,272 |
| Servicing revenue | — | 194,318 | — | 194,318 |
| Amortization of MSRs | — | (68,422) | — | (68,422) |
| Property operating income | 7,226 | — | — | 7,226 |
| Loss on derivative instruments, net | — | (8,543) | — | (8,543) |
| Other income, net | 7,255 | 828 | — | 8,083 |
| Total other revenue | 14,481 | 244,385 | — | 258,866 |
| Other expenses: | | | | |
| Employee compensation and benefits | 67,187 | 87,728 | — | 154,915 |
| Commissions | — | 26,779 | — | 26,779 |
| Selling and administrative | 26,922 | 28,009 | — | 54,931 |
| Property operating expenses | 7,394 | — | — | 7,394 |
| Depreciation and amortization | 6,296 | 3,259 | — | 9,555 |
| Provision for loss sharing, net | — | 11,782 | — | 11,782 |
| Provision for credit losses, net | 63,953 | 4,590 | — | 68,543 |
| Total other expenses | 171,752 | 162,147 | — | 333,899 |
| Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes | 173,824 | 114,400 | — | 288,224 |
| Loss on extinguishment of debt | (412) | — | — | (412) |
| Gain of real estate | 3,813 | — | — | 3,813 |
| Income from equity affiliates | 5,772 | — | — | 5,772 |
| Benefit from (provision for) income taxes | 3,590 | (17,068) | — | (13,478) |
| Net income | 186,587 | 97,332 | — | 283,919 |
| Preferred stock dividends | 41,369 | — | — | 41,369 |
| Net income attributable to noncontrolling interest | — | — | 19,278 | 19,278 |
| Net income attributable to common stockholders | $ 145,218 | $ 97,332 | $ (19,278) | $ 223,272 |
p115 · table 75 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
units=(none) · flavor=stream · camelot_accuracy=98.7 · llm_corrected=True
before — table + bounding box
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| Structured Business | Agency Business | Other (1) | Consolidated |
|---|
| Interest income | $ 1,279,433 | $ 51,786 | $ — | $ 1,331,219 |
| Interest expense | 880,602 | 22,626 | — | 903,228 |
| Net interest income | 398,831 | 29,160 | — | 427,991 |
| Other revenue: | | | | |
| Gain on sales, including fee-based services, net | — | 72,522 | — | 72,522 |
| Mortgage servicing rights | — | 69,912 | — | 69,912 |
| Servicing revenue | — | 193,542 | — | 193,542 |
| Amortization of MSRs | — | (63,093) | — | (63,093) |
| Property operating income | 5,708 | — | — | 5,708 |
| Gain on derivative instruments, net | — | 6,763 | — | 6,763 |
| Other income, net | 4,868 | 2,799 | — | 7,667 |
| Total other revenue | 10,576 | 282,445 | — | 293,021 |
| Other expenses: | | | | |
| Employee compensation and benefits | 53,507 | 87,760 | — | 141,267 |
| Commissions | — | 18,521 | — | 18,521 |
| Selling and administrative | 23,234 | 28,026 | — | 51,260 |
| Property operating expenses | 5,897 | — | — | 5,897 |
| Depreciation and amortization | 5,052 | 4,691 | — | 9,743 |
| Provision for loss sharing, net | — | 15,695 | — | 15,695 |
| Provision for credit losses, net | 70,344 | 3,102 | — | 73,446 |
| Total other expenses | 158,034 | 157,795 | — | 315,829 |
| Income before extinguishment of debt, income from equity affiliates and income taxes | 251,373 | 153,810 | — | 405,183 |
| Loss on extinguishment of debt | (1,561) | — | — | (1,561) |
| Income from equity affiliates | 24,281 | — | — | 24,281 |
| Benefit from (provision for) income taxes | 803 | (28,150) | — | (27,347) |
| Net income | 274,896 | 125,660 | — | 400,556 |
| Preferred stock dividends | 41,369 | — | — | 41,369 |
| Net income attributable to noncontrolling interest | — | — | 29,122 | 29,122 |
| Net income attributable to common stockholders | $ 233,527 | $ 125,660 | $ (29,122) | $ 330,065 |
p116 · table 76 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
units=(none) · flavor=stream · camelot_accuracy=99.4 · llm_corrected=True
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| December 31, 2025 | | | December 31, 2024 | | |
|---|
| Structured Business | Agency Business | Consolidated | Structured Business | Agency Business | Consolidated |
| Assets: | | | | | | |
| Cash and cash equivalents | $ 124,141 | $ 358,734 | $ 482,875 | $ 58,188 | $ 445,615 | $ 503,803 |
| Restricted cash | 35,258 | 32,089 | 67,347 | 134,320 | 22,056 | 156,376 |
| Loans and investments, net | 11,934,248 | — | 11,934,248 | 11,033,997 | — | 11,033,997 |
| Loans held-for-sale, net | — | 409,081 | 409,081 | — | 435,759 | 435,759 |
| Capitalized mortgage servicing rights, net | — | 340,842 | 340,842 | — | 368,678 | 368,678 |
| Securities held-to-maturity, net | — | 156,087 | 156,087 | — | 157,154 | 157,154 |
| Investments in equity affiliates | 57,966 | — | 57,966 | 76,312 | — | 76,312 |
| Real estate owned, net | 498,938 | — | 498,938 | 176,543 | — | 176,543 |
| Goodwill and other intangible assets | 12,500 | 74,053 | 86,553 | 12,500 | 75,619 | 88,119 |
| Other assets and due from related party | 382,735 | 78,231 | 460,966 | 415,310 | 78,930 | 494,240 |
| Total assets | $ 13,045,786 | $ 1,449,117 | $ 14,494,903 | $ 11,907,170 | $ 1,583,811 | $ 13,490,981 |
| Liabilities: | | | | | | |
| Debt obligations | $ 10,625,053 | $ 390,396 | $ 11,015,449 | $ 9,500,901 | $ 422,661 | $ 9,923,562 |
| Allowance for loss-sharing obligations | — | 97,579 | 97,579 | — | 83,150 | 83,150 |
| Other liabilities and due to related parties | 241,873 | 72,849 | 314,722 | 244,948 | 87,351 | 332,299 |
| Total liabilities | $ 10,866,926 | $ 560,824 | $ 11,427,750 | $ 9,745,849 | $ 593,162 | $ 10,339,011 |
p117 · table 77 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Origination Data: | | | |
| Structured Business | | | |
| Bridge: | | | |
| SFR | $ 1,947,107 | $ 869,141 | $ 524,060 |
| Multifamily | 1,183,945 | 444,635 | 415,330 |
| Land | — | 10,350 | — |
| 3,131,052 | 1,324,126 | 939,390 |
| Construction - Multifamily | 242,844 | 4,368 | — |
| Mezzanine / Preferred Equity | 149,642 | 97,305 | 43,953 |
| Total New Loan Originations | $ 3,523,538 | $ 1,425,799 | $ 983,343 |
| Number of Loans Originated | 98 | 170 | 150 |
| Commitments: | | | |
| SFR | $ 665,834 | $ 1,438,841 | $ 1,150,687 |
| Construction - Multifamily | 470,500 | 101,000 | — |
| Total Commitments | $ 1,136,334 | $ 1,539,841 | $ 1,150,687 |
| Loan Runoff | $ 2,213,378 | $ 2,691,583 | $ 3,354,055 |
| Agency Business | | | |
| Origination Volumes by Investor: | | | |
| Fannie Mae | $ 2,982,659 | $ 2,374,040 | $ 3,773,532 |
| Freddie Mac | 1,924,773 | 1,770,976 | 756,827 |
| FHA | 78,145 | 146,507 | 257,199 |
| Private Label | 44,925 | 151,936 | 299,934 |
| SFR - Fixed Rate | 43,762 | 27,314 | 19,328 |
| Total New Loan Originations | $ 5,074,264 | $ 4,470,773 | $ 5,106,820 |
| Total Loan Commitment Volume | $ 5,103,885 | $ 4,443,972 | $ 5,207,148 |
| Agency Business Loan Sales Data: | | | |
| Fannie Mae | $ 2,850,697 | $ 2,680,018 | $ 3,469,340 |
| Freddie Mac | 2,081,749 | 1,662,010 | 715,530 |
| FHA | 128,282 | 116,058 | 240,079 |
| SFR - Fixed Rate | 43,762 | 27,314 | 22,931 |
| Private Label | — | 124,286 | 441,319 |
| Total Loan Sales | $ 5,104,490 | $ 4,609,686 | $ 4,889,199 |
| Sales Margin (fee-based services as a % of loan sales) | 1.38% | 1.63% | 1.48% |
| MSR Rate (MSR income as a % of loan commitments) | 1.07% | 1.15% | 1.34% |
p118 · table 78 · Key Servicing Metrics for Agency Business:
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| December 31, 2025 | December 31, 2025 | December 31, 2025 | | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|---|
| Servicing Portfolio UPB | Wtd. Avg. Servicing Fee Rate (basis points) | Wtd. Avg. Life of Portfolio (years) | | Servicing Portfolio UPB | Wtd. Avg. Servicing Fee Rate (basis points) | Wtd. Avg. Life of Portfolio (years) |
| Fannie Mae | $ 24,085,960 | 44.7 | 5.5 | | $ 22,730,056 | 46.4 | 6.4 |
| Freddie Mac | 7,455,088 | 18.3 | 5.9 | | 6,077,020 | 21.5 | 6.8 |
| Private Label | 2,558,048 | 18.7 | 4.5 | | 2,605,980 | 18.7 | 5.5 |
| FHA | 1,549,483 | 13.9 | 19.1 | | 1,506,948 | 14.1 | 19.2 |
| Bridge | 277,738 | 10.4 | 2.2 | | 278,494 | 10.4 | 3.0 |
| SFR - Fixed Rate | 277,490 | 20.0 | 4.0 | | 271,859 | 20.1 | 4.4 |
| Total | $ 36,203,807 | 35.6 | 6.1 | | $ 33,470,357 | 37.8 | 6.9 |
p119 · table 79 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
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| Type | Location | Periodic Payment Terms (1) | Maturity Date (2) | Interest Pay Rate Index (3) | Prior Liens | Face Amount (4) | Carrying Amount (5) | Carrying Amount Subject to Delinquent Interest |
|---|
| Bridge Loans: | | | | | | | | |
| Bridge loans less than 3% of carrying amount of total loans (6): | | | | | | | | |
| Multifamily | Various | IO / PI | 2026 - 2031 | SOFR+ -1.35% to 5.75% SOFR Floor 0.10% to 5.33% Fixed 0.00% to 11.00% | $ — | $ 8,143,114 | $ 8,029,392 | $ 470,439 |
| Single‑Family Rental | Various | IO / PI | 2026 - 2028 | SOFR+ 1.70% to 6.20% SOFR Floor 0.10% to 5.36% | — | 3,184,910 | 3,157,927 | — |
| Office | NY | IO / PI | 2028 | Fixed 1.00% | — | 33,410 | 33,159 | — |
| Retail | CT | IO / PI | 2026 | SOFR+ 5.50% SOFR Floor 1.00% | — | 10,324 | 10,324 | — |
| Total Bridge Loans | | | | | — | 11,371,758 | 11,230,802 | 470,439 |
| Mezzanine Loans: | | | | | | | | |
| Mezzanine loans less than 3% of carrying amount of total loans (6): | | | | | | | | |
| Multifamily | Various | IO / PI | 2026 - 2034 | Fixed 0.00% to 14.00% | 1,941,429 | 283,581 | 264,622 | — |
| Retail | Various | IO / PI | 2026 | SOFR+ 5.50% SOFR Floor 1.00% Fixed 12.00% | — | 6,631 | 3,727 | 531 |
| Total Mezzanine Loans | | | | | 1,941,429 | 290,212 | 268,349 | 531 |
| Preferred Equity Investments: | | | | | | | | |
| Preferred equity investments less than 3% of carrying amount of total loans (6): | | | | | | | | |
| Multifamily | Various | IO | 2026 - 2033 | Fixed 0.00% to 16.00% | 1,162,113 | 198,127 | 189,066 | — |
| Land | TX | IO / PI | 2026 | Fixed 0.00% | — | 2,291 | 1,915 | — |
| Commercial | NY | IO | 2026 | Fixed 6.00% | 29,792 | 1,700 | — | 1,700 |
| Total Preferred Equity Investments | | | | | 1,191,905 | 202,118 | 190,981 | 1,700 |
| Other Loans: | | | | | | | | |
| Other loans less than 3% of carrying amount of total loans (6): | | | | | | | | |
| Construction - Multifamily | Various | IO | 2026 - 2030 | SOFR+ 4.25% to 5.75% SOFR Floor 3.50% to 4.00% | — | 249,019 | 244,116 | — |
| Total Other Loans | | | | | — | 249,019 | 244,116 | — |
| Total Loans | | | | | $ 3,133,334 | $ 12,113,107 | $ 11,934,248 | $ 472,670 |
p120 · table 80 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
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| Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |
|---|
| Balance at beginning of year | $ 11,033,997 | $ 12,377,806 | $ 14,254,674 |
| Additions during period: | | | |
| New loan originations | 3,523,538 | 1,425,799 | 983,343 |
| Funding of unfunded loan commitments (1) | 1,341,948 | 627,790 | 835,484 |
| Accretion of unearned revenue | 22,418 | 33,501 | 41,125 |
| Reversals/recoveries of reserves | 406 | 12,959 | 4,776 |
| Loan charge-offs | 128,337 | 15,709 | — |
| Deductions during period: | | | |
| Loan payoffs and paydowns | (2,213,378) | (2,691,583) | (3,354,055) |
| Unfunded loan commitments (1) | (1,112,444) | (564,777) | (260,789) |
| Unearned revenue and costs | (23,314) | (19,001) | (13,772) |
| Reclassification to real estate owned, net | (603,176) | (100,025) | (39,400) |
| Provision for loan losses | (35,747) | (68,472) | (73,580) |
| Use of loan charge-offs | (128,337) | (15,709) | — |
| Balance at end of year | $ 11,934,248 | $ 11,033,997 | $ 12,377,806 |
p125 · table 81 · Exhibits
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| Exhibit # | Description | Form | Exhibit # | Filing Date |
|---|
| 3.1 | Articles of Incorporation of Arbor Realty Trust, Inc. | S-11 | 3.1 | 11/13/2003 |
| 3.2 | Articles of Amendment to Articles of Incorporation of Arbor Realty Trust, Inc. | 10-Q | 3.2 | 8/7/2007 |
| 3.3 | Articles Supplementary of Arbor Realty Trust, Inc. | S-11 | 3.2 | 11/13/2003 |
| 3.4 | Articles Supplementary of 6.375% Series D Cumulative Redeemable Preferred Stock. | 8-A | 3.7 | 6/2/2021 |
| 3.5 | Articles Supplementary of 6.25% Series E Cumulative Redeemable Preferred Stock. | 8-A | 3.5 | 8/11/2021 |
| 3.6 | Articles Supplementary of 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock. | 8-A | 3.6 | 10/12/2021 |
| 3.7 | New Articles Supplementary classifying 3,565,000 shares of 6.25% Series F Cumulative Redeemable Preferred Stock | 8-K | 3.2 | 2/7/2022 |
| 3.8 | Articles Supplementary designating Special Voting Preferred Stock. | 8-K | 3.1 | 7/15/2016 |
| 3.9 | Amended and Restated Bylaws of Arbor Realty Trust, Inc. | | | |
| 4.1 | Form of Certificate for Common Stock. | S-11/A | | 12/31/2003 |
| 4.2 | Specimen 6.375% Series D Cumulative Redeemable Preferred Stock Certificate. | 8-A | 4.1 | 6/2/2021 |
| 4.3 | Specimen 6.25% Series E Cumulative Redeemable Preferred Stock Certificate. | 8-A | 4.1 | 8/11/2021 |
| 4.4 | Specimen 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock Certificate. | 8-A | 4.1 | 10/12/2021 |
| 4.5 | Indenture, dated as of April 30, 2021, between Arbor Realty Trust, Inc. and UMB Bank, NA, as trustee. | 8-K | 4.1 | 5/4/2021 |
| 4.6 | Description of securities of Arbor Realty Trust, Inc. | 10-K | 4.8 | 2/21/2025 |
| 4.7 | Indenture, dated as of October 11, 2022, among Arbor Realty SR, Inc., Arbor Realty Trust, Inc. and UMB Bank, N.A., as trustee. | 8-K | 4.1 | 10/11/2022 |
| 4.8 | Indenture, dated as of July 9, 2025, among Arbor Realty SR, Inc., Arbor Realty Trust, Inc. and UMB Bank, N.A., as trustee. | 8-K | 4.1 | 7/9/2025 |
| 4.9 | Indenture, dated as of December 16, 2025, among Arbor Realty SR, Inc., Arbor Realty Trust, Inc. and UMB Bank, N.A., as trustee. | 8-K | 4.1 | 12/16/2025 |
| 10.1 | Non-Competition Agreement, dated July 14, 2016, by and among Arbor Realty Trust, Inc., Arbor Realty Limited Partnership, Arbor Commercial Mortgage, LLC and Ivan Kaufman. | 8-K | 10.3 | 7/15/2016 |
| 10.2 | Registration Rights Agreement, dated July 1, 2003, between Arbor Realty Trust, Inc. and Arbor Commercial Mortgage, LLC. | S-11 | 10.6 | 11/13/2003 |
| 10.3 | Form of Restricted Stock Agreement. | S-11 | 10.9 | 11/13/2003 |
| 10.4 | Benefits Participation Agreement, dated July 1, 2003, between Arbor Realty Trust, Inc. and Arbor Management, LLC. | S-11 | 10.10 | 11/13/2003 |
| 10.5 | Junior Subordinated Indenture, dated May 6, 2009, between Arbor Realty SR, Inc. and The Bank of New York Mellon Trust Company, National Association, as Trustee relating to $29,400,000 aggregate principal amount of Junior Subordinated Notes due 2034. | 10-Q | 10.30 | 5/11/2009 |
p126 · table 82 · Table of Contents
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| Exhibit # | Description | Form | Exhibit # | Filing Date |
|---|
| 10.6 | Junior Subordinated Indenture, dated May 6, 2009, between Arbor Realty SR, Inc. and The Bank of New York Mellon Trust Company, National Association, as Trustee relating to $168,000,000 aggregate principal amount of Junior Subordinated Notes due 2034. | 10-Q | 10.31 | 5/11/2009 |
| 10.7 | Junior Subordinated Indenture, dated May 6, 2009, among Arbor Realty SR, Inc., Arbor Realty Trust, Inc., as Guarantor, and Wilmington Trust Company, as Trustee, relating to $21,224,000 aggregate principal amount of Junior Subordinated Notes due 2035. | 10-Q | 10.32 | 5/11/2009 |
| 10.8 | Junior Subordinated Indenture, dated May 6, 2009, among Arbor Realty SR, Inc., Arbor Realty Trust, Inc., as Guarantor, and Wilmington Trust Company, as Trustee, relating to $2,632,000 aggregate principal amount of Junior Subordinated Notes due 2036. | 10-Q | 10.33 | 5/11/2009 |
| 10.9 | Junior Subordinated Indenture, dated May 6, 2009, among Arbor Realty SR, Inc., Arbor Realty Trust, Inc., as Guarantor, and Wilmington Trust Company, as Trustee, relating to $47,180,000 aggregate principal amount of Junior Subordinated Notes due 2037. | 10-Q | 10.34 | 5/11/2009 |
| 10.10 | Amended and restated Annual Incentive Agreement, dated March 31, 2017, by and between Arbor Realty Trust, Inc. and Ivan Kaufman. | 10-Q | 10.4 | 5/5/2017 |
| 10.11 | First Amendment to Amended and restated Annual Incentive Agreement, dated October 31, 2018, by and between Arbor Realty Trust, Inc. and Ivan Kaufman. | 10-K | 10.12 | 2/15/2019 |
| 10.12 | Second amended and restated Annual Incentive Agreement, dated April 22, 2021, by and between Arbor Realty Trust, Inc. and Ivan Kaufman. | 10-Q | 10.1 | 7/30/2021 |
| 10.13 | Asset Purchase Agreement, dated February 25, 2016, by and among Arbor Realty Trust, Inc., Arbor Realty Limited Partnership, ARSR Acquisition Company, LLC, Arbor Commercial Funding, LLC and Arbor Commercial Mortgage, LLC (the schedules are omitted pursuant to Item 601(b)(2) of Regulation S-K). | 8-K | 2.1 | 3/2/2016 |
| 10.14 | Voting and Standstill Agreement, dated February 25, 2016, by and among Arbor Realty Trust, Inc., Arbor Commercial Mortgage, LLC, Arbor Commercial Funding, LLC and the other Persons whose names appear on the signature pages hereto. | 8-K | 10.1 | 3/2/2016 |
| 10.15 | Option Agreement, dated July14, 2016, by and among Arbor Realty Trust, Inc., Arbor Realty Limited Partnership, Arbor Realty SR, Inc. and Arbor Commercial Mortgage, LLC. | 8-K | 10.1 | 7/15/2016 |
| 10.16 | Amendment No. 1 to the Option Agreement, dated May 9, 2017, by and among Arbor Realty Trust, Inc., Arbor Realty Limited Partnership, Arbor Realty SR, Inc. and Arbor Commercial Mortgage, LLC. | 8-K | 1.1 | 5/10/2017 |
| 10.17 | Pairing Agreement, dated July 14, 2016, by and among Arbor Realty Trust, Inc., Arbor Realty Limited Partnership and Arbor Commercial Mortgage, LLC. | 8-K | 10.5 | 7/15/2016 |
| 10.18 | Amended and Restated Limited Liability Company Operating Agreement of ARSR PE, LLC, dated July 14, 2016, by and between Arbor Multifamily Lending, LLC and Arbor Commercial Mortgage, LLC. | 8-K | 10.6 | 7/15/2016 |
| 10.19 | Pooling and Servicing Agreement, dated as of May 1, 2020, by and among Arbor Private Label Depositor, LLC, Midland Loan Services and Wells Fargo Bank, National Association. | 10-Q | 10.1 | 7/31/2020 |
| 10.20 | Pooling and Servicing Agreement, dated as of June 1, 2021, by and among Arbor Private Label Depositor, LLC, Midland Loan Services and Wells Fargo Bank, National Association. | 10-Q | 10.2 | 7/30/2021 |
| 10.21 | Pooling and Servicing Agreement, dated as of February 1, 2022, by and among Arbor Private Label Depositor, LLC, Midland Loan Services, Computershare Trust Company and Wilmington Trust. | 10-Q | 10.1 | 5/6/2022 |
p127 · table 83 · Table of Contents
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| Exhibit # | Description | Form | Exhibit # | Filing Date |
|---|
| 10.22 | Form of Registration Rights Agreement relating to the 5.00% Senior Notes due 2026, dated as of April 30, 2021, among Arbor Realty Trust, Inc. and the several purchasers of the Notes party thereto. | 8-K | 10.1 | 5/4/2021 |
| 10.23 | Fourth Amended and Restated Agreement of Limited Partnership of Arbor Realty Limited Partnership, dated June 25, 2021, by and among Arbor Realty GPOP, Inc., Arbor Realty LPOP, Inc., Arbor Commercial Mortgage, LLC and Arbor Realty Trust, Inc. | S-4 | 10.2 | 6/28/2021 |
| 10.24 | First Amendment dated August 25, 2021 to the Fourth Amended and Restated Agreement of Limited Partnership of Arbor Realty Limited Partnership, dated June 25, 2021, by and among Arbor Realty GPOP, Inc., Arbor Realty LPOP, Inc., Arbor Commercial Mortgage, LLC and Arbor Realty Trust, Inc. | 10-Q | 10.2 | 10/29/2021 |
| 10.25 | Second Amendment dated October 12, 2021 to the Fourth Amended and Restated Agreement of Limited Partnership of Arbor Realty Limited Partnership, dated June 25, 2021, by and among Arbor Realty GPOP, Inc., Arbor Realty LPOP, Inc., Arbor Commercial Mortgage, LLC and Arbor Realty Trust, Inc. | 10-Q | 10.1 | 10/29/2021 |
| 10.26 | Third Amendment dated February 7, 2022 to the Fourth Amended and Restated Agreement of Limited Partnership of Arbor Realty Limited Partnership, dated June 25, 2021, by and among Arbor Realty GPOP, Inc., Arbor Realty LPOP, Inc., Arbor Commercial Mortgage, LLC and Arbor Realty Trust, Inc. | 10-Q | 10.2 | 5/6/2022 |
| 10.27 | Third Amended and Restated Annual Incentive Agreement, dated April 5, 2024, by and between Arbor Realty Trust, Inc. and Ivan Kaufman. | 10-Q | 10.1 | 5/3/2024 |
| 97 | Arbor Realty Trust, Inc. Clawback Policy. | 10-K | 97 | 2/20/2024 |
| 19 | Insider Trading Policy. | 10-K | 19 | 2/21/2025 |
| 21.1 | List of Significant Subsidiaries of Arbor Realty Trust, Inc. | | | |
| 23.1 | Consent of Ernst & Young LLP. | | | |
| 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. | | | |
| 101.1 | Financial statements from the Annual Report on Form 10-K of Arbor Realty Trust, Inc. for the year ended December 31, 2025, filed on February 27, 2026, formatted in XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Changes in Equity, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements and (vi) Schedule IV. | | | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | | | |
p128 · table 84 · Chief Executive Officer
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| Signature | Title | Date |
|---|
| /s/ Ivan Kaufman Ivan Kaufman | Chairman of the Board of Directors, Chief Executive Officer and President (Principal Executive Officer) | February 27, 2026 |
| /s/ Paul Elenio Paul Elenio | Chief Financial Officer (Principal Financial and Accounting Officer) | February 27, 2026 |
| /s/ Kenneth J. Bacon Kenneth J. Bacon | Director | February 27, 2026 |
| /s/ Caryn Effron Caryn Effron | Director | February 27, 2026 |
| /s/ Edward Farrell Edward Farrell | Director | February 27, 2026 |
| /s/ William C. Green William C. Green | Director | February 27, 2026 |
| /s/ Melvin F. Lazar Melvin F. Lazar | Director | February 27, 2026 |
| /s/ John Natalone John Natalone | Director | February 27, 2026 |
| /s/ Elliot Schwartz Elliot Schwartz | Director | February 27, 2026 |
| /s/ George Tsunis George Tsunis | Director | February 27, 2026 |
| /s/ Carrie Wilkens Carrie Wilkens | Director | February 27, 2026 |
p155 · table 85 · Arbor Realty Trust, Inc.
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| Name | Jurisdiction of Organization |
|---|
| Arbor Realty GPOP, Inc. | Delaware |
| Arbor Realty Limited Partnership | Delaware |
| ARSR Holdings, LLC | Delaware |
| Arbor Realty SR, Inc. | Maryland |
| Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. | Cayman Islands |
| Arbor Realty Commercial Real Estate Notes 2022-FL1, Ltd. | Cayman Islands |
| Arbor Realty Commercial Real Estate Notes 2025-BTR1, LLC | Delaware |
| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC | Delaware |
| Arbor Q021 Investor LLC | Delaware |
| ARSR Alpine LLC | Delaware |
| Arbor Private Label, LLC | Delaware |
| Arbor Private Investment LLC | Delaware |
| ARSR TRS Holdings LLC | Delaware |