[ { "title": "Securities registered pursuant to Section 12(b) of the Act:", "subtitle": "", "markdown": "| Title of each class | Trading symbols | Name of each exchange on which registered |\n| --- | --- | --- |\n| Common Stock, par value $0.01 per share | ABR | New York Stock Exchange |\n| Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share | ABR-PD | New York Stock Exchange |\n| Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share | ABR-PE | New York Stock Exchange |\n| Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share | ABR-PF | New York Stock Exchange |", "footnotes": [], "footnote_refs": [], "units": "", "page": 1, "bbox": [ 21.1, 407.5, 523.1, 523.3 ], "som_region": [ 0.035437646135178476, 0.3784064496948206, 0.8792315084884585, 0.5159711634399174 ], "content_region": [ 0.035437646135178476, 0.3784064496948206, 0.8792315084884585, 0.4885704432581169 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 95.73, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Table of Contents", "subtitle": "", "markdown": "| INDEX | PAGE |\n| --- | --- |\n| PART I | |\n| Item 1. Business | 2 |\n| Item 1A. Risk Factors | 11 |\n| Item 1B. Unresolved Staff Comments | 31 |\n| Item 1C. Cybersecurity | 31 |\n| Item 2. Properties | 32 |\n| Item 3. Legal Proceedings | 32 |\n| PART II | |\n| Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 33 |\n| Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations | 35 |\n| Item 7A. Quantitative and Qualitative Disclosures About Market Risk | 47 |\n| Item 8. Financial Statements and Supplementary Data | 50 |\n| Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 119 |\n| Item 9A. Controls and Procedures | 119 |\n| Item 9B. Other Information | 121 |\n| PART III | |\n| Item 10. Directors, Executive Officers and Corporate Governance | 121 |\n| Item 11. Executive Compensation | 121 |\n| Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 122 |\n| Item 13. Certain Relationships and Related Transactions, and Director Independence | 122 |\n| Item 14. Principal Accountant Fees and Services | 122 |\n| PART IV | |\n| Item 15. Exhibits and Financial Statement Schedules | 123 |\n| Signatures | 126 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 2, "bbox": [ 10.4, 429.4, 522.4, 840.8 ], "som_region": [ 0.017480164034557866, 0.0012851846836929364, 0.8779800497013487, 0.48997677761307673 ], "content_region": [ 0.017480164034557866, 0.0012851846836929364, 0.8779800497013487, 0.4828502096234911 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 99.42, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Loan and investment portfolio product type and asset class information at December 31, 2025 is as follows", "subtitle": "", "markdown": "| Type | Asset Class | Number | Unpaid Principal | Wtd. Avg. Pay Rate (1) | Wtd. Avg. Remaining Months to Maturity (2) |\n| --- | --- | --- | --- | --- | --- |\n| Bridge Loans | Multifamily | 224 | $ 8,143,114 | 5.83 % | 12.9 |\n| | Single-Family Rental | 298 | 3,184,910 | 7.88 % | 12.8 |\n| | Office | 1 | 33,410 | 1.01 % | 30.0 |\n| | Retail | 1 | 10,324 | 9.32 % | 5.1 |\n| | | 524 | 11,371,758 | 6.39 % | 12.9 |\n| Mezzanine Loans | Multifamily | 63 | 283,581 | 7.82 % | 53.4 |\n| | Other | 2 | 6,631 | 8.57 % | 4.7 |\n| | | 65 | 290,212 | 7.84 % | 52.3 |\n| Construction | Multifamily | 9 | 249,019 | 9.13 % | 24.6 |\n| Preferred Equity | Multifamily | 32 | 198,127 | 7.01 % | 46.8 |\n| | Other | 2 | 3,991 | \u2014 | 2.5 |\n| | | 34 | 202,118 | 6.87 % | 46.0 |\n| Total | | 632 | $ 12,113,107 | 6.49 % | 14.7 |", "footnotes": [ "\"Weighted Average Pay Rate\" is a weighted average, based on the unpaid principal balance (\"UPB\") of each loan in our portfolio, of the interest rate required to be paid as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table. Including certain fees earned and costs associated with the structured portfolio, the weighted average current interest rate was 7.08%.", "Including extension options, the weighted average remaining months to maturity was 19.9." ], "footnote_refs": [ "(1)", "(2)" ], "units": "($ in thousands)", "page": 7, "bbox": [ 10.4, 460.6, 582.4, 776.0 ], "som_region": [ 0.017480164034557866, 0.07825254057610628, 0.978951712710447, 0.4528807308269955 ], "content_region": [ 0.017480164034557866, 0.07825254057610628, 0.978951712710447, 0.36018456407585986 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 94.53, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Loan and investment portfolio asset class and geographic concentration information at December 31, 2025", "subtitle": "", "markdown": "| Asset Class | UPB | Percentage | Geographic Concentrations | UPB | Percentage |\n| --- | --- | --- | --- | --- | --- |\n| Multifamily | $ 8,873,841 | 73 % | Texas | $ 2,808,834 | 23 % |\n| Single-Family Rental | 3,184,910 | 26 % | Florida | 2,094,006 | 17 % |\n| Office | 33,410 | <1 % | Arizona | 982,786 | 8 % |\n| Land | 2,291 | <1 % | New York | 962,795 | 8 % |\n| Other | 18,655 | <1 % | Georgia | 892,794 | 7 % |\n| Total | $ 12,113,107 | 100 % | Other (1) | 4,371,892 | 37 % |\n| | | | Total | $ 12,113,107 | 100 % |", "footnotes": [ "(1) No other individual state represented 4% or more of the total." ], "footnote_refs": [ "(1)" ], "units": "($ in thousands)", "page": 7, "bbox": [ 10.4, 280.2, 582.4, 460.6 ], "som_region": [ 0.017480164034557866, 0.4528807308269955, 0.9789487376875085, 0.6671611322503083 ], "content_region": [ 0.017480164034557866, 0.4528807308269955, 0.9789487376875085, 0.6600345642607226 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 95.92, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Product Concentrations and Geographic Concentrations", "subtitle": "Agency Business servicing portfolio product and geographic concentration information at December 31, 2025", "markdown": "| Loan Count | UPB (1) | % of Total | Wtd. Avg. Servicing Fee Rate (basis points) | Wtd. Avg. Life of Portfolio (years) | State | UPB % of Total |\n| --- | --- | --- | --- | --- | --- | --- |\n| 2,702 | $ 24,085,960 | 66 % | 44.7 | 5.5 | New York | 13 % |\n| 1,109 | 7,455,088 | 21 % | 18.3 | 5.9 | Texas | 10 % |\n| 159 | 2,558,048 | 7 % | 18.7 | 4.5 | North Carolina | 8 % |\n| 107 | 1,549,483 | 4 % | 13.9 | 19.1 | California | 7 % |\n| 3 | 277,738 | 1 % | 10.4 | 2.2 | Florida | 7 % |\n| 51 | 277,490 | 1 % | 20.0 | 4.0 | Georgia | 5 % |\n| 4,131 | $ 36,203,807 | 100 % | 35.6 | 6.1 | New Jersey | 5 % |\n| | | | | | Illinois | 4 % |\n| | | | | | Other (3) | 41 % |\n| | | | | | Total | 100 % |", "footnotes": [ "(1) Excludes loans in which we are not collecting a servicing fee.", "(2) Represents bridge loans sold by our Structured Business that we are servicing.", "(3) No other individual state represented 4% or more of the total." ], "footnote_refs": [ "(1)", "(2)", "(3)" ], "units": "($ in thousands)", "page": 8, "bbox": [ 10.4, 447.6, 582.4, 687.4 ], "som_region": [ 0.017480164034557866, 0.1835840676432398, 0.9789487376875085, 0.4683300013331867 ], "content_region": [ 0.017480164034557866, 0.1835840676432398, 0.9789487376875085, 0.4612034333436011 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 93.69, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Stockholder Return", "subtitle": "", "markdown": "| 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 |\n| --- | --- | --- | --- | --- |\n| October 1 - 31, 2025 | \u2014 | $ \u2014 | \u2014 | $ 138,591 |\n| November 1 - 30, 2025 | 71,800 | $ 8.72 | \u2014 | $ 138,591 |\n| December 1 - 31, 2025 | 257,796 | $ 7.78 | 257,796 | $ 136,585 |\n| | 329,596 | $ 7.98 | 257,796 | |", "footnotes": [ "Amount represents the total amount available under our share repurchase program approved by our Board of Directors in 2023." ], "footnote_refs": [ "(1)" ], "units": "($ in thousands, except share and per share data)", "page": 35, "bbox": [ 26.6, 384.8, 578.4, 546.5 ], "som_region": [ 0.04470888836318752, 0.3508437752396565, 0.9721152125848804, 0.5428916029319089 ], "content_region": [ 0.04470888836318752, 0.3508437752396565, 0.9721152125848804, 0.4740316037018078 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 89.69, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Stockholder Return", "subtitle": "", "markdown": "| Index | 12/31/20 | 12/31/21 | 12/31/22 | 12/31/23 | 12/31/24 | 12/31/25 |\n| --- | --- | --- | --- | --- | --- | --- |\n| Arbor Realty Trust, Inc | $ 100.00 | $ 139.42 | $ 110.57 | $ 143.93 | $ 148.67 | $ 94.07 |\n| Russell 2000 | $ 100.00 | $ 114.82 | $ 91.35 | $ 106.82 | $ 119.14 | $ 134.40 |\n| FTSE Nareit Mortgage REITs | $ 100.00 | $ 115.64 | $ 84.86 | $ 97.89 | $ 98.24 | $ 113.98 |\n| FTSE Nareit All REITs | $ 100.00 | $ 139.88 | $ 104.76 | $ 116.79 | $ 121.85 | $ 123.88 |", "footnotes": [ "In accordance with SEC rules, this \"Stockholder Return\" section shall not be incorporated by reference into any of our future filings under the Securities Act or the Exchange Act and shall not be deemed to be soliciting material or to be filed under the Securities Act or the Exchange Act." ], "footnote_refs": [], "units": "", "page": 36, "bbox": [ 11.3, 361.2, 579.7, 476.1 ], "som_region": [ 0.018986961859385233, 0.43452820886040666, 0.9744046466165167, 0.5709524643909023 ], "content_region": [ 0.018986961859385233, 0.43452820886040666, 0.9744046466165167, 0.5309536736108126 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.05, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Activity from our Structured Business portfolio is comprised of the following", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 |\n| --- | --- | --- |\n| Loans originated | $ 3,523,538 | $ 1,425,799 |\n| Number of loans | 98 | 170 |\n| Weighted average interest rate | 8.42 % | 8.93 % |\n| Loan runoff | $ 2,213,378 | $ 2,691,583 |\n| Number of loans | 119 | 156 |\n| Weighted average interest rate | 8.46 % | 8.51 % |\n| Loans modified | $ 1,712,203 | $ 3,712,804 |\n| Number of loans | 43 | 99 |\n| Loans extended | $ 5,139,692 | $ 5,998,103 |\n| Number of loans | 294 | 318 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 40, "bbox": [ 11.3, 413.9, 582.4, 646.4 ], "som_region": [ 0.018986961859385233, 0.23219057581268748, 0.9789487376875085, 0.5084210060057197 ], "content_region": [ 0.018986961859385233, 0.23219057581268748, 0.9789487376875085, 0.501294438016134 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 91.52, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Activity from Agency Business portfolio (Year Ended December 31, 2025 - Loan Originations vs Loan Sales)", "subtitle": "Year Ended December 31, 2025", "markdown": "| | Loan Originations | Loan Sales |\n| --- | --- | --- |\n| Fannie Mae | $ 2,982,659 | $ 2,850,697 |\n| Freddie Mac | 1,924,773 | 2,081,749 |\n| FHA | 78,145 | 128,282 |\n| Private Label | 44,925 | \u2014 |\n| SFR - Fixed Rate | 43,762 | 43,762 |\n| Total | $ 5,074,264 | $ 5,104,490 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 40, "bbox": [ 11.3, 257.3, 579.7, 373.5 ], "som_region": [ 0.018986961859385233, 0.556399017052103, 0.9744046466165167, 0.6944239665646346 ], "content_region": [ 0.018986961859385233, 0.556399017052103, 0.9744046466165167, 0.6872973985750489 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.49, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Loan Servicing Portfolio Characteristics", "subtitle": "", "markdown": "| 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) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| December 31, 2025 | | | | | | | | | |\n| Fannie Mae | $ 24,085,960 | 2,702 | 4.2 | 5.5 | 97 % | 3 % | 4.68 % | 3.58 % | 2.59 % |\n| Freddie Mac | 7,455,088 | 1,109 | 3.1 | 5.9 | 90 % | 10 % | 4.98 % | 3.63 % | 3.96 % |\n| Private Label | 2,558,048 | 159 | 4.4 | 4.5 | 100 % | \u2014 | 4.16 % | 0.44 % | 1.35 % |\n| FHA | 1,549,483 | 107 | 4.3 | 19.1 | 100 % | \u2014 | 3.91 % | 1.11 % | \u2014 |\n| Bridge | 277,738 | 3 | 3.0 | 2.2 | 85 % | 15 % | 6.31 % | \u2014 | \u2014 |\n| SFR - Fixed Rate | 277,490 | 51 | 3.3 | 4.0 | 100 % | \u2014 | 5.62 % | 2.42 % | 1.62 % |\n| Total | $ 36,203,807 | 4,131 | 4.0 | 6.1 | 96 % | 4 % | 4.69 % | 3.22 % | 2.65 % |\n| December 31, 2024 | | | | | | | | | |\n| Fannie Mae | $ 22,730,056 | 2,644 | 3.9 | 6.4 | 96 % | 4 % | 4.60 % | 2.19 % | 1.27 % |\n| Freddie Mac | 6,077,020 | 1,159 | 3.3 | 6.8 | 86 % | 14 % | 4.91 % | 5.78 % | 3.63 % |\n| Private Label | 2,605,980 | 161 | 3.4 | 5.5 | 100 % | \u2014 | 4.15 % | \u2014 | 0.43 % |\n| FHA | 1,506,948 | 106 | 3.6 | 19.2 | 100 % | \u2014 | 3.79 % | \u2014 | \u2014 |\n| Bridge | 278,494 | 3 | 2.0 | 3.0 | 85 % | 15 % | 6.41 % | \u2014 | \u2014 |\n| SFR - Fixed Rate | 271,859 | 52 | 2.8 | 4.4 | 100 % | \u2014 | 5.47 % | 9.02 % | 1.66 % |\n| Total | $ 33,470,357 | 4,125 | 3.7 | 6.9 | 95 % | 5 % | 4.60 % | 2.61 % | 1.57 % |", "footnotes": [ "Prepayments reflect loans repaid prior to six months from loan maturity. The majority of our loan servicing portfolio has a prepayment protection term and therefore, we may collect a prepayment fee which is included as a component of servicing revenue, net. See Note 5 for details.", "Delinquent loans reflect loans that are contractually 60 days or more past due. At December 31, 2025 and 2024, delinquent loans totaled $959.0 million and $524.5 million, respectively. At December 31, 2025, there were five loans totaling $56.0 million in bankruptcy and nineteen loans totaling $176.5 million were foreclosed. At December 31, 2024, there were two loans totaling $4.8 million in bankruptcy and six loans totaling $28.2 million were foreclosed." ], "footnote_refs": [ "(1)", "(2)" ], "units": "($ in thousands)", "page": 41, "bbox": [ 10.4, 184.4, 582.4, 516.6 ], "som_region": [ 0.017480164034557866, 0.3864238749307037, 0.9789426850546338, 0.7810099117610193 ], "content_region": [ 0.017480164034557866, 0.3864238749307037, 0.9789426850546338, 0.6748082882600478 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 95.38, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Comparison of Results of Operations for Years Ended December 31, 2025 and 2024", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Increase / (Decrease) Amount | Increase / (Decrease) Percent |\n| --- | --- | --- | --- | --- |\n| Interest income | $ 940,008 | $ 1,167,872 | $ (227,864) | (20) % |\n| Interest expense | 701,836 | 804,615 | (102,779) | (13) % |\n| Net interest income | 238,172 | 363,257 | (125,085) | (34) % |\n| Other revenue: | | | | |\n| Gain on sales, including fee-based services, net | 70,669 | 74,932 | (4,263) | (6) % |\n| Mortgage servicing rights | 54,532 | 51,272 | 3,260 | 6 % |\n| Servicing revenue, net | 109,617 | 125,896 | (16,279) | (13) % |\n| Property operating income | 21,347 | 7,226 | 14,121 | 195 % |\n| Gain (loss) on derivative instruments, net | 1,259 | (8,543) | 9,802 | nm |\n| Other income, net | 14,801 | 8,083 | 6,718 | 83 % |\n| Total other revenue | 272,225 | 258,866 | 13,359 | 5 % |\n| Other expenses: | | | | |\n| Employee compensation and benefits | 174,145 | 181,694 | (7,549) | (4) % |\n| Selling and administrative | 59,805 | 54,931 | 4,874 | 9 % |\n| Property operating expenses | 27,980 | 7,394 | 20,586 | nm |\n| Depreciation and amortization | 23,214 | 9,555 | 13,659 | 143 % |\n| Impairment loss on real estate owned | 20,500 | \u2014 | 20,500 | nm |\n| Provision for loss sharing, net | 24,259 | 11,782 | 12,477 | 106 % |\n| Provision for credit losses, net | 42,696 | 68,543 | (25,847) | (38) % |\n| Total other expenses | 372,599 | 333,899 | 38,700 | 12 % |\n| Income before extinguishment of debt, (loss) gain on real estate, income from equity affiliates and income taxes | 137,798 | 288,224 | (150,426) | (52) % |\n| Loss on extinguishment of debt | (2,919) | (412) | (2,507) | nm |\n| (Loss) gain on real estate | (9,151) | 3,813 | (12,964) | nm |\n| Income from equity affiliates | 50,880 | 5,772 | 45,108 | nm |\n| Provision for income taxes | (18,779) | (13,478) | (5,301) | 39 % |\n| Net income | 157,829 | 283,919 | (126,090) | (44) % |\n| Preferred stock dividends | 41,369 | 41,369 | \u2014 | \u2014 |\n| Net income attributable to noncontrolling interest | 9,033 | 19,278 | (10,245) | (53) % |\n| Net income attributable to common stockholders | $ 107,427 | $ 223,272 | $ (115,845) | (52) % |", "footnotes": [ "nm \u2013 not meaningful" ], "footnote_refs": [], "units": "($ in thousands)", "page": 42, "bbox": [ 10.4, 285.6, 574.7, 754.4 ], "som_region": [ 0.017480164034557866, 0.10391236106204595, 0.9659310631788182, 0.6607490769367618 ], "content_region": [ 0.017480164034557866, 0.10391236106204595, 0.9659310631788182, 0.618686565342061 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.65, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "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", "subtitle": "", "markdown": "| | Year ended December 31, 2025 | | | Year ended December 31, 2024 | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | 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) |\n| Structured Business interest-earning assets: | | | | | | |\n| Bridge loans | $ 11,084,014 | $ 827,404 | 7.46 % | $ 11,593,718 | $ 1,045,057 | 8.99 % |\n| Mezzanine | 270,052 | 27,322 | 10.12 % | 264,241 | 27,414 | 10.35 % |\n| Preferred equity investments | 165,157 | 16,925 | 10.25 % | 117,131 | 9,082 | 7.73 % |\n| Other | 114,049 | 12,421 | 10.89 % | 4,601 | 481 | 10.43 % |\n| Core interest-earning assets | 11,633,272 | 884,072 | 7.60 % | 11,979,691 | 1,082,034 | 9.01 % |\n| Cash equivalents | 193,730 | 6,861 | 3.54 % | 624,908 | 30,729 | 4.90 % |\n| Total interest-earning assets | $ 11,827,002 | $ 890,933 | 7.53 % | $ 12,604,599 | $ 1,112,763 | 8.80 % |\n| Structured Business interest-bearing liabilities: | | | | | | |\n| Credit and repurchase facilities | $ 4,111,154 | $ 304,341 | 7.40 % | $ 2,827,184 | $ 235,909 | 8.32 % |\n| CLO | 3,787,182 | 247,124 | 6.53 % | 5,762,959 | 420,137 | 7.27 % |\n| Unsecured debt | 1,670,096 | 111,281 | 6.66 % | 1,564,112 | 98,187 | 6.26 % |\n| Trust preferred | 154,336 | 11,670 | 7.56 % | 154,336 | 13,205 | 8.53 % |\n| Q Series securitization | 26,501 | 2,225 | 8.40 % | 172,965 | 14,230 | 8.20 % |\n| Total interest-bearing liabilities | $ 9,749,269 | 676,641 | 6.94 % | $ 10,481,556 | 781,668 | 7.44 % |\n| Net interest income | | $ 214,292 | | | $ 331,095 | |", "footnotes": [ "(1) Based on UPB for loans, amortized cost for securities and principal amount for debt.", "(2) Weighted average yield calculated based on annualized interest income or expense divided by average carrying value." ], "footnote_refs": [ "(1)", "(2)" ], "units": "($ in thousands)", "page": 43, "bbox": [ 10.4, 362.6, 582.4, 797.6 ], "som_region": [ 0.017480164034557866, 0.05260199947556973, 0.9789487376875085, 0.569356410101568 ], "content_region": [ 0.017480164034557866, 0.05260199947556973, 0.9789487376875085, 0.5622298421119823 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 97.55, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Debt Facilities", "subtitle": "December 31, 2025", "markdown": "| Debt Instruments | Commitment | UPB (1) | Available | Maturity Dates (2) |\n| --- | --- | --- | --- | --- |\n| Structured Business | | | | |\n| Credit and repurchase facilities (3) | $ 7,481,388 | $ 4,770,994 | $ 2,710,394 | 2026 - 2028 |\n| Securitized debt (4) | 3,485,786 | 3,485,786 | \u2014 | 2026 - 2029 |\n| Senior unsecured notes | 2,050,000 | 2,050,000 | \u2014 | 2026 - 2030 |\n| Junior subordinated notes | 154,336 | 154,336 | \u2014 | 2034 - 2037 |\n| Notes payable - real estate owned | 222,965 | 222,965 | \u2014 | 2026 - 2027 |\n| Structured Business total | 13,394,475 | 10,684,081 | 2,710,394 | |\n| Agency Business | | | | |\n| Credit and repurchase facilities (3)(5) | 1,775,000 | 390,713 | 1,384,287 | 2026 - 2027 |\n| Consolidated total | $ 15,169,475 | $ 11,074,794 | $ 4,094,681 | |", "footnotes": [ "(1) Excludes the impact of deferred financing costs.", "(2) See Note 15 for a breakdown of debt maturities by year. These maturity dates exclude extension options.", "(3) Commitment totals include available overadvances.", "(4) Maturity dates represent the weighted average remaining maturity based on the underlying collateral at December 31, 2025.", "(5) The $750 million As Soon as Pooled \u00ae Plus (\"ASAP\") agreement we have with Fannie Mae has no expiration date." ], "footnote_refs": [ "(1)", "(2)", "(3)", "(4)", "(5)" ], "units": "($ in thousands)", "page": 46, "bbox": [ 10.4, 345.0, 583.6, 646.4 ], "som_region": [ 0.017480164034557866, 0.23218593611998592, 0.9809386176853419, 0.5901979097169447 ], "content_region": [ 0.017480164034557866, 0.23218593611998592, 0.9809386176853419, 0.4972834236756414 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 93.11, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Quarter Ended / Quarterly Average UPB / End of Period UPB / Maximum UPB at Any Month End", "subtitle": "", "markdown": "| Quarter Ended | Quarterly Average UPB | End of Period UPB | Maximum UPB at Any Month End |\n| --- | --- | --- | --- |\n| December 31, 2025 | $ 4,917,924 | $ 5,161,707 | $ 5,556,285 |\n| September 30, 2025 | 4,633,344 | 4,133,965 | 5,553,722 |\n| June 30, 2025 | 4,846,239 | 4,730,120 | 4,922,270 |\n| March 31, 2025 | 3,609,646 | 4,791,967 | 4,803,572 |\n| December 31, 2024 | 3,412,416 | 3,607,907 | 3,793,231 |\n| September 30, 2024 | 3,082,185 | 3,264,033 | 3,299,414 |\n| June 30, 2024 | 3,078,714 | 3,167,067 | 3,280,998 |\n| March 31, 2024 | 3,010,216 | 2,921,206 | 3,132,279 |\n| December 31, 2023 | 3,274,139 | 3,242,938 | 3,251,330 |\n| September 30, 2023 | 3,432,725 | 3,398,451 | 3,463,825 |\n| June 30, 2023 | 3,565,377 | 3,588,538 | 3,677,755 |\n| March 31, 2023 | 3,691,191 | 3,662,756 | 3,696,760 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 47, "bbox": [ 11.3, 563.7, 579.7, 773.8 ], "som_region": [ 0.018986961859385233, 0.08096508435505045, 0.9744002353756079, 0.33043543443508877 ], "content_region": [ 0.018986961859385233, 0.08096508435505045, 0.9744002353756079, 0.32330886644550316 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Distributable earnings are as follows", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Net income attributable to common stockholders | $ 107,427 | $ 223,272 | $ 330,065 |\n| Adjustments: | | | |\n| Net income attributable to noncontrolling interest | 9,033 | 19,278 | 29,122 |\n| Income from mortgage servicing rights | (54,532) | (51,272) | (69,912) |\n| Deferred tax provision (benefit) | 3,773 | (11,613) | (7,349) |\n| Amortization and write-offs of MSRs | 81,113 | 76,922 | 77,829 |\n| Depreciation and amortization | 26,217 | 12,040 | 16,425 |\n| Loss on extinguishment of debt | 2,919 | 412 | 1,561 |\n| Provision for credit losses, net | 9,872 | 65,537 | 68,642 |\n| (Gain) loss on derivative instruments, net | (3,379) | 9,212 | (8,844) |\n| Loss on real estate | 27,338 | \u2014 | \u2014 |\n| Stock-based compensation | 13,789 | 14,232 | 14,940 |\n| Distributable earnings (1) | $ 223,570 | $ 358,020 | $ 452,479 |\n| Diluted weighted average shares outstanding - GAAP (1) | 209,733,331 | 205,526,610 | 218,843,613 |\n| Less: Convertible notes dilution (2) | \u2014 | \u2014 | (17,294,392) |\n| Diluted weighted average shares outstanding (1)(2) | 209,733,331 | 205,526,610 | 201,549,221 |\n| Diluted distributable earnings per share (1) | $ 1.07 | $ 1.74 | $ 2.25 |", "footnotes": [ "(1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at our option for shares of our common stock on a one-for-one basis.", "(2) The diluted weighted average shares outstanding were adjusted to exclude the potential shares issuable upon conversion and settlement of our convertible senior notes principal balance, which were fully settled in the third quarter of 2025. No adjustments were necessary for the years ended December 31, 2025 and 2024, as their effect was anti-dilutive and not reflected in the diluted weighted average shares outstanding." ], "footnote_refs": [ "(1)", "(2)" ], "units": "($ in thousands, except share and per share data)", "page": 49, "bbox": [ 10.4, 328.8, 582.0, 732.8 ], "som_region": [ 0.017480164034557866, 0.12956522200893328, 0.9781909275341861, 0.6094387153502856 ], "content_region": [ 0.017480164034557866, 0.12956522200893328, 0.9781909275341861, 0.6023121473606999 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.3, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Assets (Liabilities)", "subtitle": "", "markdown": "| | Subject to Interest Rate Sensitivity (1) | 50 Basis Point Increase | 50 Basis Point Decrease | 100 Basis Point Decrease |\n| --- | --- | --- | --- | --- |\n| Interest income from loans and investments | $ 12,113,107 | $ 45,880 | $ (38,868) | $ (67,732) |\n| Interest expense from debt obligations | (10,684,081) | 41,464 | (40,875) | (80,632) |\n| Impact to net interest income from loans and investments | | 4,416 | 2,007 | 12,900 |\n| Interest income from cash, restricted cash and escrow balances (2) | $ 1,887,177 | 9,436 | (9,436) | (18,872) |\n| Total impact from hypothetical changes in interest rates | | $ 13,852 | $ (7,429) | $ (5,972) |", "footnotes": [ "(1) Represents the UPB of our structured loan portfolio, the principal balance of our debt and the account balances of our cash, restricted cash and escrows at December 31, 2025.", "(2) Our cash, restricted cash and escrows are currently earning interest at a weighted average blended rate of approximately 3.5%, or approximately $66.0 million annually. Interest income earned on our cash and restricted cash is included as a component of interest income and interest income earned on escrows is included as a component of servicing revenue, net in the consolidated statements of income. The interest earned on our cash, restricted cash and escrows is based on an average daily balance and may be different from the end of period balance." ], "footnote_refs": [ "(1)", "(2)" ], "units": "", "page": 50, "bbox": [ 10.4, 245.8, 582.4, 471.4 ], "som_region": [ 0.017480164034557866, 0.44014223702928595, 0.9788650266972403, 0.7080553837217977 ], "content_region": [ 0.017480164034557866, 0.44014223702928595, 0.9788650266972403, 0.7137529263593049 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 88.93, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Table of Contents", "subtitle": "Item 8. Financial Statements and Supplementary Data", "markdown": "| | Page |\n| --- | --- |\n| Report of Independent Registered Public Accounting Firm (PCAOB ID 42) | 51 |\n| Consolidated Balance Sheets | 53 |\n| Consolidated Statements of Income | 54 |\n| Consolidated Statements of Changes in Equity | 55 |\n| Consolidated Statements of Cash Flows | 56 |\n| Notes to Consolidated Financial Statements | 59 |\n| Schedule IV \u2014 Loans and Other Lending Investments | 117 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 52, "bbox": [ 10.4, 658.2, 582.4, 840.8 ], "som_region": [ 0.017480164034557866, 0.0012869970636544817, 0.9789532515154151, 0.21819198859911512 ], "content_region": [ 0.017480164034557866, 0.0012869970636544817, 0.9789532515154151, 0.21106542060952949 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES", "subtitle": "CONSOLIDATED BALANCE SHEETS", "markdown": "| | December 31, 2025 | December 31, 2024 |\n| --- | --- | --- |\n| Assets: | | |\n| Cash and cash equivalents | $ 482,875 | $ 503,803 |\n| Restricted cash | 67,347 | 156,376 |\n| Loans and investments, net (allowance for credit losses of $145,971 and $238,967) | 11,934,248 | 11,033,997 |\n| Loans held-for-sale, net | 409,081 | 435,759 |\n| Capitalized mortgage servicing rights, net | 340,842 | 368,678 |\n| Securities held-to-maturity, net (allowance for credit losses of $17,013 and $10,846) | 156,087 | 157,154 |\n| Investments in equity affiliates | 57,966 | 76,312 |\n| Real estate owned, net | 498,938 | 176,543 |\n| Due from related party | 6,534 | 12,792 |\n| Goodwill and other intangible assets | 86,553 | 88,119 |\n| Other assets | 454,432 | 481,448 |\n| Total assets | $ 14,494,903 | $ 13,490,981 |\n| Liabilities and Equity: | | |\n| Credit and repurchase facilities | $ 5,149,651 | $ 3,559,490 |\n| Securitized debt | 3,468,258 | 4,622,489 |\n| Senior unsecured notes | 2,029,078 | 1,236,147 |\n| Convertible senior unsecured notes | \u2014 | 285,853 |\n| Junior subordinated notes to subsidiary trust issuing preferred securities | 145,497 | 144,686 |\n| Notes payable - real estate owned | 222,965 | 74,897 |\n| Due to related party | 501 | 4,474 |\n| Due to borrowers | 33,451 | 47,627 |\n| Allowance for loss-sharing obligations | 97,579 | 83,150 |\n| Other liabilities | 280,770 | 280,198 |\n| Total liabilities | 11,427,750 | 10,339,011 |\n| Commitments and contingencies (Note 15) | | |\n| Equity: | | |\n| Arbor Realty Trust, Inc. stockholders' equity: | | |\n| Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: | 633,683 | 633,684 |\n| Special voting preferred - 16,169,858 and 16,293,589 shares | | |\n| 6.375% Series D - 9,200,000 shares | | |\n| 6.25% Series E - 5,750,000 shares | | |\n| 6.25% Series F - 11,342,000 shares | | |\n| 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 |\n| Additional paid-in capital | 2,454,312 | 2,375,469 |\n| (Accumulated deficit) retained earnings | (136,597) | 13,039 |\n| Total Arbor Realty Trust, Inc. stockholders' equity | 2,953,353 | 3,024,085 |\n| Noncontrolling interest | 113,800 | 127,885 |\n| Total equity | 3,067,153 | 3,151,970 |\n| Total liabilities and equity | $ 14,494,903 | $ 13,490,981 |", "footnotes": [ "Note: Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At December 31, 2025 and 2024, assets of our consolidated VIEs totaled $4,662,021 and $6,124,925, respectively, and the liabilities of our" ], "footnote_refs": [], "units": "($ in thousands, except share and per share data)", "page": 55, "bbox": [ 10.4, 199.9, 580.2, 819.2 ], "som_region": [ 0.017480164034557866, 0.026944498835980844, 0.9751667654237499, 0.7625717729650471 ], "content_region": [ 0.017480164034557866, 0.026944498835980844, 0.9751667654237499, 0.7682739552952559 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 99.07, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Interest income | $ 940,008 | $ 1,167,872 | $ 1,331,219 |\n| Interest expense | 701,836 | 804,615 | 903,228 |\n| Net interest income | 238,172 | 363,257 | 427,991 |\n| Other revenue: | | | |\n| Gain on sales, including fee-based services, net | 70,669 | 74,932 | 72,522 |\n| Mortgage servicing rights | 54,532 | 51,272 | 69,912 |\n| Servicing revenue, net | 109,617 | 125,896 | 130,449 |\n| Property operating income | 21,347 | 7,226 | 5,708 |\n| Gain (loss) on derivative instruments, net | 1,259 | (8,543) | 6,763 |\n| Other income, net | 14,801 | 8,083 | 7,667 |\n| Total other revenue | 272,225 | 258,866 | 293,021 |\n| Other expenses: | | | |\n| Employee compensation and benefits | 174,145 | 181,694 | 159,788 |\n| Selling and administrative | 59,805 | 54,931 | 51,260 |\n| Property operating expenses | 27,980 | 7,394 | 5,897 |\n| Depreciation and amortization | 23,214 | 9,555 | 9,743 |\n| Impairment loss on real estate owned | 20,500 | \u2014 | \u2014 |\n| Provision for loss sharing, net | 24,259 | 11,782 | 15,695 |\n| Provision for credit losses, net | 42,696 | 68,543 | 73,446 |\n| Total other expenses | 372,599 | 333,899 | 315,829 |\n| Income before extinguishment of debt, (loss) gain on real estate, income from equity affiliates and income taxes | 137,798 | 288,224 | 405,183 |\n| Loss on extinguishment of debt | (2,919) | (412) | (1,561) |\n| (Loss) gain on real estate | (9,151) | 3,813 | \u2014 |\n| Income from equity affiliates | 50,880 | 5,772 | 24,281 |\n| Provision for income taxes | (18,779) | (13,478) | (27,347) |\n| Net income | 157,829 | 283,919 | 400,556 |\n| Preferred stock dividends | 41,369 | 41,369 | 41,369 |\n| Net income attributable to noncontrolling interest | 9,033 | 19,278 | 29,122 |\n| Net income attributable to common stockholders | $ 107,427 | $ 223,272 | $ 330,065 |\n| Basic earnings per common share | $ 0.56 | $ 1.18 | $ 1.79 |\n| Diluted earnings per common share | $ 0.56 | $ 1.18 | $ 1.75 |\n| Weighted average shares outstanding: | | | |\n| Basic | 192,956,154 | 188,701,149 | 184,641,642 |\n| Diluted | 209,733,331 | 205,526,610 | 218,843,613 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands, except share and per share data)", "page": 56, "bbox": [ 11.3, 215.4, 582.4, 819.2 ], "som_region": [ 0.018986961859385233, 0.026944498835980844, 0.9789383764007229, 0.744133634169075 ], "content_region": [ 0.018986961859385233, 0.026944498835980844, 0.9789383764007229, 0.7370070661794893 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.27, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY", "subtitle": "", "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 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| 42,585,589 | $ 633,684 | 178,230,522 | $ 1,782 | $ 2,204,481 | $ 97,049 | $ 2,936,996 | $ 134,883 | $ 3,071,879 |\n| \u2014 | \u2014 | 13,113,296 | 131 | 193,530 | \u2014 | 193,661 | \u2014 | 193,661 |\n| \u2014 | \u2014 | (3,545,604) | (35) | (37,396) | \u2014 | (37,431) | \u2014 | (37,431) |\n| \u2014 | \u2014 | 707,050 | 7 | 6,573 | \u2014 | 6,580 | \u2014 | 6,580 |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (311,884) | (311,884) | \u2014 | (311,884) |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (41,383) | (41,383) | \u2014 | (41,383) |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (27,373) | (27,373) |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 371,434 | 371,434 | 29,122 | 400,556 |\n| 42,585,589 | 633,684 | 188,505,264 | 1,885 | 2,367,188 | 115,216 | 3,117,973 | 136,632 | 3,254,605 |\n| \u2014 | \u2014 | 661,708 | 7 | 10,023 | \u2014 | 10,030 | \u2014 | 10,030 |\n| \u2014 | \u2014 | (935,739) | (9) | (11,399) | \u2014 | (11,408) | \u2014 | (11,408) |\n| \u2014 | \u2014 | 1,028,202 | 10 | 9,657 | \u2014 | 9,667 | \u2014 | 9,667 |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (325,435) | (325,435) | \u2014 | (325,435) |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (41,383) | (41,383) | \u2014 | (41,383) |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (28,025) | (28,025) |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 264,641 | 264,641 | 19,278 | 283,919 |\n| 42,585,589 | 633,684 | 189,259,435 | 1,893 | 2,375,469 | 13,039 | 3,024,085 | 127,885 | 3,151,970 |\n| \u2014 | \u2014 | 5,898,957 | 59 | 70,459 | \u2014 | 70,518 | \u2014 | 70,518 |\n| \u2014 | \u2014 | (257,796) | (3) | (2,004) | \u2014 | (2,007) | \u2014 | (2,007) |\n| \u2014 | \u2014 | 591,259 | 6 | 10,388 | \u2014 | 10,394 | \u2014 | 10,394 |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (257,049) | (257,049) | \u2014 | (257,049) |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (41,383) | (41,383) | \u2014 | (41,383) |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (21,514) | (21,514) |\n| (123,731) | (1) | \u2014 | \u2014 | \u2014 | \u2014 | (1) | (1,604) | (1,605) |\n| \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 148,796 | 148,796 | 9,033 | 157,829 |\n| 42,461,858 | $ 633,683 | 195,491,855 | $ 1,955 | $ 2,454,312 | $ (136,597) | $ 2,953,353 | $ 113,800 | $ 3,067,153 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands, except shares)", "page": 57, "bbox": [ 11.3, 472.0, 582.0, 819.2 ], "som_region": [ 0.018986961859385233, 0.026944498835980844, 0.9781749239625172, 0.43934652973096955 ], "content_region": [ 0.018986961859385233, 0.026944498835980844, 0.9781749239625172, 0.4306192677593481 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.55, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Operating activities: | | | |\n| Net income | $ 157,829 | $ 283,919 | $ 400,556 |\n| Adjustments to reconcile net income to net cash provided by operating activities: | | | |\n| Depreciation and amortization | 23,214 | 9,555 | 9,743 |\n| Stock-based compensation | 13,789 | 14,232 | 14,940 |\n| Amortization and accretion of interest and fees, net | 14,033 | (705) | (3,612) |\n| Originations of loans held-for-sale | (5,081,397) | (4,501,081) | (5,074,445) |\n| Proceeds from sales of loans held-for-sale, net of gain on sale | 5,104,490 | 4,609,686 | 4,878,021 |\n| Payoffs and paydowns of loans held-for-sale | 6,754 | 5,487 | 987 |\n| Mortgage servicing rights | (54,532) | (51,272) | (69,912) |\n| Amortization of capitalized mortgage servicing rights | 71,512 | 68,422 | 63,093 |\n| Write-off of capitalized mortgage servicing rights from payoffs | 9,601 | 8,500 | 14,736 |\n| Provision for loss sharing, net | 24,259 | 11,782 | 15,695 |\n| Provision for credit losses, net | 42,696 | 68,543 | 73,446 |\n| Net charge-offs for loss-sharing obligations | (9,830) | (266) | (1,229) |\n| Deferred tax provision (benefit) | 3,773 | (11,613) | (7,349) |\n| Income from equity affiliates | (50,880) | (5,772) | (24,281) |\n| Distributions from operations of equity affiliates | 56,965 | 17,131 | 27,542 |\n| Loss on extinguishment of debt | 2,919 | 412 | 1,561 |\n| Impairment loss on real estate owned | 20,500 | \u2014 | \u2014 |\n| Change in fair value of held-for-sale loans | (2,794) | (609) | (2,536) |\n| (Gain) loss on derivative instruments, net | (1,259) | 8,543 | (6,763) |\n| Loss (gain) on real estate | 9,151 | (3,813) | \u2014 |\n| Changes in operating assets and liabilities | 11,588 | (69,564) | (74,336) |\n| Net cash provided by operating activities | 372,381 | 461,517 | 235,857 |\n| Investing Activities: | | | |\n| Loans and investments funded, originated and purchased, net | (3,693,370) | (1,600,461) | (1,362,171) |\n| Payoffs and paydowns of loans and investments | 2,421,342 | 2,781,658 | 3,359,810 |\n| Deferred fees | 33,662 | 25,792 | 21,299 |\n| Proceeds from sale of real estate, net | \u2014 | 14,103 | \u2014 |\n| Contributions to equity affiliates | (11,706) | (19,593) | (18,986) |\n| Distributions from equity affiliates | 23,966 | 11,224 | 15,552 |\n| Payoffs and paydowns of securities held-to-maturity | 222 | 483 | 4,626 |\n| Investments in real estate, net | (40,716) | (3,471) | \u2014 |\n| Change in due to borrowers and reserves | (14,493) | (57,966) | (141,152) |\n| Net cash (used in) provided by investing activities | (1,281,093) | 1,151,769 | 1,878,978 |\n| Financing activities: | | | |\n| Proceeds from credit and repurchase facilities | 12,840,802 | 9,350,727 | 9,148,451 |\n| Payoffs and paydowns of credit and repurchase facilities | (11,201,066) | (9,025,305) | (9,747,252) |\n| Proceeds from notes payable - REO | 299,361 | 39,547 | \u2014 |\n| Payoffs and paydowns of notes payable - REO | (197,682) | (8,989) | \u2014 |\n| Proceeds from issuance of securitized debt | 1,533,238 | \u2014 | \u2014 |\n| Payoffs and paydowns of securitized debt | (2,681,799) | (2,324,269) | (929,782) |\n| Payoff of convertible senior unsecured notes | (287,500) | \u2014 | \u2014 |\n| Proceeds from issuance of common stock | 70,518 | 10,030 | 193,661 |\n| Proceeds from issuance of senior unsecured notes | 900,000 | 100,000 | 95,000 |\n| Payoffs and paydowns of senior unsecured notes | (95,000) | (200,000) | (149,600) |\n| Redemption of OP Units | (1,605) | \u2014 | \u2014 |\n| Payments of withholding taxes on net settlement of vested stock | (3,395) | (4,565) | (8,360) |\n| Repurchase of common stock | (2,007) | (11,408) | (37,431) |\n| Distributions to stockholders and noncontrolling interest | (319,946) | (394,843) | (380,640) |\n| Payment of deferred financing costs | (55,164) | (21,239) | (9,840) |", "footnotes": [], "footnote_refs": [], "units": "(in thousands)", "page": 58, "bbox": [ 11.3, 179.6, 582.0, 819.2 ], "som_region": [ 0.018986961859385233, 0.026944498835980844, 0.9781909275341861, 0.7867329002131866 ], "content_region": [ 0.018986961859385233, 0.026944498835980844, 0.9781909275341861, 0.779606332223601 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 99.33, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)", "subtitle": "", "markdown": "| | ARBOR REALTY TRUST, INC. AND SUBSIDIARIES | | | | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) | | | | | |\n| | (in thousands) | | | | | |\n| Net cash provided by (used in) financing activities | | 798,755 | | (2,490,314) | | (1,825,793) |\n| Net (decrease) increase in cash, cash equivalents and restricted cash | | (109,957) | | (877,028) | | 289,042 |\n| Cash, cash equivalents and restricted cash at beginning of period | | 660,179 | | 1,537,207 | | 1,248,165 |\n| Cash, cash equivalents and restricted cash at end of period | $ | 550,222 | $ | 660,179 | $ | 1,537,207 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 59, "bbox": [ 11.3, 706.1, 582.0, 819.2 ], "som_region": [ 0.018986961859385233, 0.026944498835980844, 0.9781865162932774, 0.1613719375581457 ], "content_region": [ 0.018986961859385233, 0.026944498835980844, 0.9781865162932774, 0.15424536956856005 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 94.46, "classifier_decision": null, "llm_corrected": false, "extraction_record": null }, { "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Reconciliation of cash, cash equivalents and restricted cash: | | | |\n| Cash and cash equivalents at beginning of period | $ 503,803 | $ 928,974 | $ 534,357 |\n| Restricted cash at beginning of period | 156,376 | 608,233 | 713,808 |\n| Cash, cash equivalents and restricted cash at beginning of period | $ 660,179 | $ 1,537,207 | $ 1,248,165 |\n| Cash and cash equivalents at end of period | $ 482,875 | $ 503,803 | $ 928,974 |\n| Restricted cash at end of period | 67,347 | 156,376 | 608,233 |\n| Cash, cash equivalents and restricted cash at end of period | $ 550,222 | $ 660,179 | $ 1,537,207 |\n| Supplemental cash flow information: | | | |\n| Cash used to pay interest | $ 665,723 | $ 782,047 | $ 861,141 |\n| Cash used to pay taxes | 26,698 | 28,813 | 30,129 |\n| Supplemental schedule of non-cash investing and financing activities: | | | |\n| Real estate acquired in settlement of loans and investments, net | 583,123 | 278,330 | 39,400 |\n| Settlement of loans and investments, net of real estate | (603,176) | (279,480) | (39,400) |\n| Derecognition of real estate owned | 260,414 | 177,146 | \u2014 |\n| Loan funded in conjunction with real estate sold | (271,075) | (182,485) | \u2014 |\n| Distributions accrued on preferred stock | 7,010 | 7,010 | 7,010 |", "footnotes": [], "footnote_refs": [], "units": "(in thousands)", "page": 60, "bbox": [ 11.3, 465.8, 582.0, 819.2 ], "som_region": [ 0.018986961859385233, 0.026944498835980844, 0.9781909275341861, 0.4466875747652043 ], "content_region": [ 0.018986961859385233, 0.026944498835980844, 0.9781909275341861, 0.4395610067756187 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.44, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Recently Adopted Accounting Pronouncements", "subtitle": "", "markdown": "| Description | Effective Date | Effect on Financial Statements |\n| --- | --- | --- |\n| 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. |", "footnotes": [], "footnote_refs": [], "units": "", "page": 68, "bbox": [ 10.4, 314.6, 576.0, 478.4 ], "som_region": [ 0.017480164034557866, 0.43182265180621426, 0.9680837487422834, 0.6262761601642219 ], "content_region": [ 0.017480164034557866, 0.43182265180621426, 0.9680837487422834, 0.6191495921746363 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Recently Issued Accounting Pronouncements", "subtitle": "", "markdown": "| Description | Effective Date | Effect on Financial Statements |\n| --- | --- | --- |\n| 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. |\n| 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. |\n| In September 2025, the FASB issued ASU 2025-06, Intangibles\u2014Goodwill and Other\u2014Internal-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. |", "footnotes": [], "footnote_refs": [], "units": "", "page": 69, "bbox": [ 10.4, 310.6, 580.3, 778.7 ], "som_region": [ 0.017480164034557866, 0.07504419307298228, 0.9752944862361077, 0.631082881803031 ], "content_region": [ 0.017480164034557866, 0.07504419307298228, 0.9752944862361077, 0.6239563138134453 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Note 3 \u2013 Loans and Investments", "subtitle": "Our Structured Business loan and investment portfolio consists of ($ in thousands):", "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) |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Bridge loans (5) | $ 11,371,758 | 94 % | 524 | 6.39 % | 12.9 | 0 % | 77 % |\n| Mezzanine loans | 290,212 | 2 % | 65 | 7.84 % | 52.3 | 59 % | 78 % |\n| Construction - multifamily | 249,019 | 2 % | 9 | 9.13 % | 24.6 | 0 % | 60 % |\n| Preferred equity investments | 202,118 | 2 % | 34 | 6.87 % | 46.0 | 62 % | 80 % |\n| Total UPB | 12,113,107 | 100 % | 632 | 6.49 % | 14.7 | 2 % | 77 % |\n| Allowance for credit losses | (145,971) | | | | | | |\n| Unearned revenue | (32,888) | | | | | | |\n| Loans and investments, net (6) | $ 11,934,248 | | | | | | |\n| | 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) |\n| Bridge loans (5) | $ 10,893,106 | 96 % | 688 | 6.89 % | 11.6 | 0 % | 80 % |\n| Mezzanine loans | 255,556 | 2 % | 58 | 7.52 % | 51.8 | 51 % | 82 % |\n| Preferred equity investments | 148,845 | 1 % | 27 | 6.42 % | 53.9 | 62 % | 79 % |\n| Construction - multifamily | 4,367 | <1 % | 2 | 9.97 % | 20.8 | 0 % | 42 % |\n| SFR permanent loans | 3,082 | <1 % | 1 | 9.36 % | 10.3 | 0 % | 40 % |\n| Total UPB | 11,304,956 | 100 % | 776 | 6.90 % | 13.1 | 2 % | 80 % |\n| Allowance for credit losses | (238,967) | | | | | | |\n| Unearned revenue | (31,992) | | | | | | |\n| Loans and investments, net (6) | $ 11,033,997 | | | | | | |", "footnotes": [ "(1) \"Weighted Average Pay Rate\" is a weighted average, based on the UPB of each loan in our portfolio, of the interest rate required to be paid as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table.", "(2) Including extension options, the weighted average remaining months to maturity at December 31, 2025 and 2024 was 19.9 and 22.7, respectively.", "(3) The \"First Dollar Loan-to-Value (\"LTV\") Ratio\" is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.", "(4) The \"Last Dollar LTV Ratio\" is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.", "(5) At December 31, 2025 and 2024, bridge loans included 298 and 423, respectively, of SFR loans with a total gross loan commitment of $4.73 billion and $4.18 billion, respectively, of which $3.18 billion and $1.99 billion, respectively, was funded.", "(6) Excludes exit fee receivables of $43.0 million and $46.6 million at December 31, 2025 and 2024, respectively, which is included in other assets on the consolidated balance sheets." ], "footnote_refs": [ "(1)", "(2)", "(3)", "(4)", "(5)", "(6)" ], "units": "($ in thousands)", "page": 70, "bbox": [ 10.4, 270.1, 582.4, 727.9 ], "som_region": [ 0.017480164034557866, 0.1354814735982999, 0.9789487376875085, 0.6791918554254356 ], "content_region": [ 0.017480164034557866, 0.1354814735982999, 0.9789487376875085, 0.6592365371160555 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 91.71, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "UPB by Origination Year", "subtitle": "A summary of the loan portfolio's internal risk ratings and LTV ratios by asset class at December 31, 2025, and charge-offs recorded during 2025", "markdown": "| Asset Class / Risk Rating | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | Wtd. Avg. First Dollar LTV Ratio | Wtd. Avg. Last Dollar LTV Ratio |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Multifamily: | | | | | | | | | |\n| Pass | $ 556,801 | $ 87,533 | $ 22,253 | $ 9,832 | $ 34,843 | $ 26,758 | $ 738,020 | | |\n| Pass/Watch | 1,195,412 | 429,300 | 108,276 | 376,064 | 526,961 | 159,810 | 2,795,823 | | |\n| Special Mention | 211,404 | 186,984 | 185,088 | 1,788,580 | 2,028,742 | 44,479 | 4,445,277 | | |\n| Substandard | 4,990 | 47,258 | 21,100 | 297,729 | 307,350 | \u2014 | 678,427 | | |\n| Doubtful | \u2014 | 9,460 | \u2014 | 153,443 | 28,826 | 24,565 | 216,294 | | |\n| Total Multifamily | $ 1,968,607 | $ 760,535 | $ 336,717 | $ 2,625,648 | $ 2,926,722 | $ 255,612 | $ 8,873,841 | 3 % | 81 % |\n| Single-Family Rental: | | | | | | | | Percentage of portfolio | 73 % |\n| Pass | $ 98,510 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 98,510 | | |\n| Pass/Watch | 859,819 | 1,006,016 | 571,891 | 448,769 | 71,916 | 34,216 | 2,992,627 | | |\n| Special Mention | 36,230 | \u2014 | \u2014 | 52,943 | \u2014 | 4,600 | 93,773 | | |\n| Total Single-Family Rental | $ 994,559 | $ 1,006,016 | $ 571,891 | $ 501,712 | $ 71,916 | $ 38,816 | $ 3,184,910 | 0 % | 64 % |\n| Office: | | | | | | | | Percentage of portfolio | 26 % |\n| Pass/Watch | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 33,410 | $ 33,410 | | |\n| Total Office | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 33,410 | $ 33,410 | 0 % | 88 % |\n| Retail: | | | | | | | | Percentage of portfolio | <1% |\n| Substandard | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 16,424 | $ 16,424 | | |\n| Doubtful | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 531 | 531 | | |\n| Total Retail | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 16,955 | $ 16,955 | 0 % | 97 % |\n| Land: | | | | | | | | Percentage of portfolio | < 1% |\n| Pass/Watch | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 2,291 | $ 2,291 | | |\n| Total Land | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 2,291 | $ 2,291 | 0 % | 77 % |\n| Commercial: | | | | | | | | Percentage of portfolio | <1% |\n| Doubtful | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 1,700 | $ 1,700 | | |\n| Total Commercial | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 1,700 | $ 1,700 | 0 % | 100 % |\n| | | | | | | | | Percentage of portfolio | < 1% |\n| Grand Total | $ 2,963,166 | $ 1,766,551 | $ 908,608 | $ 3,127,360 | $ 2,998,638 | $ 348,784 | $ 12,113,107 | 2 % | 77 % |\n| Charge-offs, net | $ \u2014 | $ 3,000 | $ \u2014 | $ 24,476 | $ 31,968 | $ 68,893 | $ 128,337 | | |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 71, "bbox": [ 11.3, 163.8, 583.1, 556.4 ], "som_region": [ 0.018986961859385233, 0.3391268475310709, 0.980077194664163, 0.8054017187306642 ], "content_region": [ 0.018986961859385233, 0.3391268475310709, 0.980077194664163, 0.7982751507410786 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.08, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "UPB by Origination Year", "subtitle": "", "markdown": "| Asset Class / Risk Rating | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | Wtd. Avg. First Dollar LTV Ratio | Wtd. Avg. Last Dollar LTV Ratio |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Multifamily: | | | | | | | | | |\n| Pass | $ 308,228 | $ 41,713 | $ 69,000 | $ 10,205 | $ 2,010 | $ 24,823 | $ 455,979 | | |\n| Pass/Watch | 357,724 | 308,353 | 1,012,593 | 462,709 | 119,860 | 113,100 | 2,374,339 | | |\n| Special Mention | 79,618 | 31,344 | 2,340,782 | 2,958,064 | \u2014 | 94,529 | 5,504,337 | | |\n| Substandard | \u2014 | 658 | 159,100 | 206,277 | \u2014 | 21,700 | 387,735 | | |\n| Doubtful | 12,460 | \u2014 | 193,850 | 159,379 | 14,800 | 9,765 | 390,254 | | |\n| Total Multifamily | $ 758,030 | $ 382,068 | $ 3,775,325 | $ 3,796,634 | $ 136,670 | $ 263,917 | $ 9,112,644 | 2 % | 83 % |\n| Single-Family Rental: | | | | | | | Percentage of portfolio | 81 % | |\n| Pass | $ 246,234 | $ 32,875 | $ 10,683 | $ \u2014 | $ \u2014 | $ \u2014 | $ 289,792 | | |\n| Pass/Watch | 422,063 | 410,419 | 356,567 | 94,503 | 41,848 | \u2014 | 1,325,400 | | |\n| Special Mention | \u2014 | 31,043 | 139,125 | 107,155 | 87,967 | \u2014 | 365,290 | | |\n| Doubtful | 5,704 | 10,786 | \u2014 | \u2014 | \u2014 | \u2014 | 16,490 | | |\n| Total Single-Family Rental | $ 674,001 | $ 485,123 | $ 506,375 | $ 201,658 | $ 129,815 | $ \u2014 | $ 1,996,972 | 0 % | 61 % |\n| Land: | | | | | | | Percentage of portfolio | 18% | |\n| Pass | $ 7,282 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 7,282 | | |\n| Special Mention | \u2014 | \u2014 | \u2014 | \u2014 | 3,500 | \u2014 | 3,500 | | |\n| Substandard | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 127,928 | 127,928 | | |\n| Total Land | $ 7,282 | $ \u2014 | $ \u2014 | $ \u2014 | $ 3,500 | $ 127,928 | $ 138,710 | 0 % | 96 % |\n| Office: | | | | | | | Percentage of portfolio | 1% | |\n| Special Mention | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 35,410 | $ \u2014 | $ 35,410 | | |\n| Total Office | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 35,410 | $ \u2014 | $ 35,410 | 0 % | 94 % |\n| Retail: | | | | | | | Percentage of portfolio | < 1% | |\n| Substandard | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 19,520 | $ 19,520 | | |\n| Total Retail | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 19,520 | $ 19,520 | 0 % | 88 % |\n| Commercial: | | | | | | | Percentage of portfolio | < 1% | |\n| Doubtful | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 1,700 | $ 1,700 | | |\n| Total Commercial | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 1,700 | $ 1,700 | 0 % | 100 % |\n| Grand Total | $ 1,439,313 | $ 867,191 | $ 4,281,700 | $ 3,998,292 | $ 305,395 | $ 413,065 | $ 11,304,956 | 2 % | 80 % |\n| Charge-offs | $ 464 | $ \u2014 | $ 4,077 | $ 7,668 | $ \u2014 | $ \u2014 | $ 12,209 | | |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 72, "bbox": [ 11.3, 312.3, 582.4, 731.9 ], "som_region": [ 0.018986961859385233, 0.1306701122667893, 0.9789426850546338, 0.6290191609884199 ], "content_region": [ 0.018986961859385233, 0.1306701122667893, 0.9789426850546338, 0.6218925929988343 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.05, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Allowance for Credit Losses", "subtitle": "A summary of the changes in the allowance for credit losses is as follows", "markdown": "| Year Ended December 31, 2025 | Multifamily | Single-Family Rental | Retail | Commercial | Land | Office | Other | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Allowance for credit losses: | | | | | | | | |\n| Beginning balance | $ 148,139 | $ 7,524 | $ 3,293 | $ 1,700 | $ 78,130 | $ 181 | $ \u2014 | $ 238,967 |\n| Provision for credit losses (net of reversals) | 43,635 | 1,293 | (390) | \u2014 | (8,861) | 70 | \u2014 | 35,747 |\n| Recoveries | (406) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (406) |\n| Charge-offs, net (1) | (59,444) | \u2014 | \u2014 | \u2014 | (68,893) | \u2014 | \u2014 | (128,337) |\n| Ending balance | $ 131,924 | $ 8,817 | $ 2,903 | $ 1,700 | $ 376 | $ 251 | $ \u2014 | $ 145,971 |\n| Year Ended December 31, 2024 | Multifamily | Single-Family Rental | Retail | Commercial | Land | Office | Other | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Allowance for credit losses: | | | | | | | | |\n| Beginning balance | $ 110,847 | $ 1,624 | $ 3,293 | $ 1,700 | $ 78,058 | $ 142 | $ \u2014 | $ 195,664 |\n| Provision for credit losses (net of reversals) | 49,501 | 5,900 | \u2014 | \u2014 | 72 | 39 | \u2014 | 55,512 |\n| Charge-offs (2) | (12,209) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (12,209) |\n| Ending balance | $ 148,139 | $ 7,524 | $ 3,293 | $ 1,700 | $ 78,130 | $ 181 | $ \u2014 | $ 238,967 |\n| Year Ended December 31, 2023 | Multifamily | Single-Family Rental | Retail | Commercial | Land | Office | Other | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Allowance for credit losses: | | | | | | | | |\n| Beginning balance | $ 37,961 | $ 780 | $ 5,819 | $ 1,700 | $ 78,068 | $ 8,162 | $ 69 | $ 132,559 |\n| Provision for credit losses (net of reversals) | 72,886 | 844 | (2,526) | \u2014 | (10) | (2,320) | (69) | 68,805 |\n| Charge-offs | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (5,700) | \u2014 | (5,700) |\n| Ending balance | $ 110,847 | $ 1,624 | $ 3,293 | $ 1,700 | $ 78,058 | $ 142 | $ \u2014 | $ 195,664 |", "footnotes": [ "Includes $40.3 million of specific reserves on six multifamily bridge loans and a multifamily mezzanine loan that were charged-off in connection with the foreclosure of the underlying collateral as REO assets at fair value.", "Includes $8.4 million of specific reserves on two multifamily bridge loans that were charged-off in connection with the foreclosure of the underlying collateral as REO assets at fair value." ], "footnote_refs": [ "(1)", "(2)" ], "units": "($ in thousands)", "page": 73, "bbox": [ 10.4, 301.1, 582.0, 773.3 ], "som_region": [ 0.017480164034557866, 0.08146088807923028, 0.9781909275341861, 0.6423109381407897 ], "content_region": [ 0.017480164034557866, 0.08146088807923028, 0.9781909275341861, 0.5373703686170606 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 95.88, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Impaired Loans by Asset Class", "subtitle": "", "markdown": "| Asset Class | UPB (1) | Carrying Value | Allowance for Credit Losses | Wtd. Avg. First Dollar LTV Ratio | Wtd. Avg. Last Dollar LTV Ratio |\n| --- | --- | --- | --- | --- | --- |\n| December 31, 2025 | | | | | |\n| Multifamily | $ 366,275 | $ 363,635 | $ 38,487 | 0 % | 96 % |\n| Retail | 16,955 | 16,855 | 2,903 | 0 % | 97 % |\n| Commercial | 1,700 | 1,700 | 1,700 | 0 % | 100 % |\n| Total | $ 384,930 | $ 382,190 | $ 43,090 | 0 % | 96 % |\n| December 31, 2024 | | | | | |\n| Multifamily | $ 456,261 | $ 444,400 | $ 60,887 | 0 % | 99 % |\n| Land | 134,215 | 127,868 | 77,869 | 0 % | 99 % |\n| Retail | 19,520 | 15,068 | 3,293 | 0 % | 87 % |\n| Commercial | 1,700 | 1,700 | 1,700 | 0 % | 100 % |\n| Total | $ 611,696 | $ 589,036 | $ 143,749 | 0 % | 99 % |", "footnotes": [ "Represents the UPB of 20 and 27 impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2025 and 2024, respectively." ], "footnote_refs": [ "(1)" ], "units": "($ in thousands)", "page": 74, "bbox": [ 10.4, 477.3, 582.4, 729.9 ], "som_region": [ 0.017480164034557866, 0.1330734730861938, 0.9789487376875085, 0.43305151791533963 ], "content_region": [ 0.017480164034557866, 0.1330734730861938, 0.9789487376875085, 0.35537378270593695 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 97.46, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "A summary of our non-performing loans by asset class is as follows", "subtitle": "", "markdown": "| | December 31, 2025 | | December 31, 2024 | |\n| --- | --- | --- | --- | --- |\n| | UPB | Carrying Value | UPB | Carrying Value |\n| Multifamily | $ 566,906 | $ 553,016 | $ 649,227 | $ 620,072 |\n| Commercial | 1,700 | 1,700 | 1,700 | 1,700 |\n| Retail | 531 | 531 | 920 | 910 |\n| Total | $ 569,137 | $ 555,247 | $ 651,847 | $ 622,682 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 74, "bbox": [ 11.3, 290.3, 579.7, 379.6 ], "som_region": [ 0.018986961859385233, 0.5491750155157848, 0.9744091604444233, 0.6551350487678825 ], "content_region": [ 0.018986961859385233, 0.5491750155157848, 0.9744091604444233, 0.6480084807782969 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 95.37, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Beginning/Ending balance of multifamily bridge loans (Year Ended December 31, 2025 and 2024)", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 |\n| --- | --- | --- |\n| Beginning balance (9 and 24 multifamily bridge loans, respectively) | $ 167,428 | $ 956,917 |\n| Loans that progressed to greater than 60 days past due | (185,302) | (676,881) |\n| Loans modified or paid off | (128,465) | (1,103,676) |\n| Loans transferred to REO | (96,139) | \u2014 |\n| Additional loans classified as non-accrual | 290,789 | 991,068 |\n| Ending balance (3 and 9 multifamily bridge loans, respectively) | $ 48,311 | $ 167,428 |", "footnotes": [ "At December 31, 2025 and 2024, there were three loans and one loan, respectively, included in the table above with a UPB of $48.3 million and $32.0 million, respectively, that had specific reserves totaling $10.7 million and $5.0 million, respectively." ], "footnote_refs": [], "units": "", "page": 75, "bbox": [ 11.3, 642.0, 582.0, 773.1 ], "som_region": [ 0.018986961859385233, 0.08176311149971759, 0.9781820024653707, 0.237432794232456 ], "content_region": [ 0.018986961859385233, 0.08176311149971759, 0.9781820024653707, 0.24313033686996327 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 93.32, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "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", "subtitle": "", "markdown": "| Asset Class | Payment Deferrals With/Without Term Extensions (1) | Rate Reductions With/Without Term Extensions (2) | Other (3) | Total (4)(5)(6) |\n| --- | --- | --- | --- | --- |\n| Multifamily | $ 1,351,453 | $ 226,875 | $ 83,975 | $ 1,662,303 |\n| Office | \u2014 | 33,410 | \u2014 | 33,410 |\n| Single-Family Rental | \u2014 | \u2014 | 16,490 | 16,490 |\n| Total UPB | $ 1,351,453 | $ 260,285 | $ 100,465 | $ 1,712,203 |", "footnotes": [], "footnote_refs": [ "(1)", "(2)", "(3)", "(4)", "(5)", "(6)" ], "units": "($ in thousands)", "page": 75, "bbox": [ 10.4, 191.1, 579.7, 334.6 ], "som_region": [ 0.017480164034557866, 0.6025911813795792, 0.9744002353756079, 0.7729925227727354 ], "content_region": [ 0.017480164034557866, 0.6025911813795792, 0.9744002353756079, 0.7450198154750716 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 94.22, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "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", "subtitle": "", "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) |\n| --- | --- | --- | --- | --- | --- |\n| Multifamily | $ 2,197,385 | $ 874,090 | $ 134,630 | $ 394,142 | $ 3,600,247 |\n| Single-Family Rental | 74,078 | \u2014 | 38,479 | \u2014 | 112,557 |\n| Total UPB | $ 2,271,463 | $ 874,090 | $ 173,109 | $ 394,142 | $ 3,712,804 |", "footnotes": [ "(1) These loans were modified to a weighted average pay rate and deferred rate of 5.99% and 2.05%, respectively, at December 31, 2024. A significant portion of these loans (total UPB of $1.81 billion) were also modified to extend the weighted average term by 19.1 months. These modifications also include loans with a total UPB of $379.0 million in which the pay rate increases from time-to-time throughout the loans' maturities.", "(2) These loans were modified to extend the weighted average term by 12.7 months.", "(3) These loans were modified to extend the weighted average term by 35.2 months and to reduce the weighted average interest rate by 0.62%.", "(4) These loan modifications included amending certain terms, such as reallocating and/or replenishment of reserves.", "(5) The total UPB of these loan modifications were $3.56 billion at December 31, 2024 and represented 31% of our total Structured Business loans and investments portfolio at December 31, 2024.", "(6) At December 31, 2024, modified loans with a total UPB of $380.8 million have specific reserves totaling $41.3 million.", "(7) Loans with a total UPB of $410.2 million were modified more than once in 2024 and were only included once in the table and disclosures above. These loans were classified according to the nature of their most recent modification." ], "footnote_refs": [ "(1)", "(2)", "(3)", "(4)", "(5)", "(6)", "(7)" ], "units": "($ in thousands)", "page": 76, "bbox": [ 10.4, 361.2, 576.6, 629.6 ], "som_region": [ 0.017480164034557866, 0.25223404828339707, 0.9690924866924147, 0.5709571040836038 ], "content_region": [ 0.017480164034557866, 0.25223404828339707, 0.9690924866924147, 0.5518044526115924 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 78.74, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Payment Deferrals With/Without Term Extensions", "subtitle": "", "markdown": "| Asset Class | Payment Deferrals With/Without Term Extensions (1)(2) |\n| --- | --- |\n| Multifamily | $ 398,461 |", "footnotes": [ "These loans were modified to a weighted average pay rate and deferred rate of 5.92% and 2.16%, respectively, at December 31, 2023 and the weighted average term was extended by 14.6 months.", "The total UPB of these loan modifications were $351.8 million at December 31, 2023 and represented 3% of our total Structured Business loans and investments portfolio at December 31, 2023." ], "footnote_refs": [ "(1)", "(2)" ], "units": "($ in thousands)", "page": 77, "bbox": [ 10.4, 618.4, 581.5, 750.4 ], "som_region": [ 0.017480164034557866, 0.10871908270085501, 0.9774055214784345, 0.26548901599874786 ], "content_region": [ 0.017480164034557866, 0.10871908270085501, 0.9774055214784345, 0.15734705851094719 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 65.85, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Loans held-for-sale, net", "subtitle": "", "markdown": "| | December 31, 2025 | December 31, 2024 |\n| --- | --- | --- |\n| Fannie Mae | $ 303,196 | $ 171,235 |\n| Private Label | 77,798 | 38,962 |\n| FHA | 22,390 | 65,589 |\n| SFR - Fixed Rate | 2,777 | 3,246 |\n| Freddie Mac | 2,225 | 159,201 |\n| | 408,386 | 438,233 |\n| Fair value of future MSR | 5,921 | 5,138 |\n| Unrealized impairment recovery (loss) | 1,414 | (1,381) |\n| Unearned discount | (6,640) | (6,231) |\n| Loans held-for-sale, net | $ 409,081 | $ 435,759 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 79, "bbox": [ 11.3, 313.3, 582.0, 472.0 ], "som_region": [ 0.018986961859385233, 0.4393395701919173, 0.9781820024653707, 0.6278768541462578 ], "content_region": [ 0.018986961859385233, 0.4393395701919173, 0.9781820024653707, 0.6207502861566722 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.38, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "A summary of our capitalized MSR activity is as follows", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | | | Year Ended December 31, 2024 | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | Originated | Acquired | Total | Originated | Acquired | Total |\n| Beginning balance | $ 363,861 | $ 4,817 | $ 368,678 | $ 382,582 | $ 8,672 | $ 391,254 |\n| Additions | 53,277 | \u2014 | 53,277 | 54,346 | \u2014 | 54,346 |\n| Amortization | (69,619) | (1,893) | (71,512) | (65,570) | (2,852) | (68,422) |\n| Write-downs and payoffs | (9,345) | (256) | (9,601) | (7,497) | (1,003) | (8,500) |\n| Ending balance | $ 338,174 | $ 2,668 | $ 340,842 | $ 363,861 | $ 4,817 | $ 368,678 |\n\nWe collected prepayment fees totaling $3.5 million, $3.0 million and $6.4 million during 2025, 2024 and 2023, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. At December 31, 2025 and 2024, no MSRs were considered impaired.", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 80, "bbox": [ 11.3, 617.7, 582.0, 773.3 ], "som_region": [ 0.018986961859385233, 0.08146088807923028, 0.9781909275341861, 0.26629168283611654 ], "content_region": [ 0.018986961859385233, 0.08146088807923028, 0.9781909275341861, 0.22469219807399107 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 92.28, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "The expected amortization of capitalized MSRs recorded at December 31, 2025 is as follows", "subtitle": "", "markdown": "| Year | Amortization |\n| --- | --- |\n| 2026 | $ 70,956 |\n| 2027 | 66,829 |\n| 2028 | 59,867 |\n| 2029 | 50,954 |\n| 2030 | 37,199 |\n| Thereafter | 55,037 |\n| Total | $ 340,842 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 80, "bbox": [ 11.3, 465.8, 579.7, 607.3 ], "som_region": [ 0.018986961859385233, 0.27868493637495156, 0.9744046466165167, 0.4466829350725028 ], "content_region": [ 0.018986961859385233, 0.27868493637495156, 0.9744046466165167, 0.4395563670829172 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 97.66, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Product and Geographic Concentrations", "subtitle": "", "markdown": "| December 31, 2025 | | | | | |\n| --- | --- | --- | --- | --- | --- |\n| Product | UPB (1) | % of Total | State | UPB % of Total | |\n| Fannie Mae | $ 24,085,960 | 66 % | New York | 13 % | |\n| Freddie Mac | 7,455,088 | 21 % | Texas | 10 % | |\n| Private Label | 2,558,048 | 7 % | North Carolina | 8 % | |\n| FHA | 1,549,483 | 4 % | California | 7 % | |\n| Bridge (2) | 277,738 | 1 % | Florida | 7 % | |\n| SFR - Fixed Rate | 277,490 | 1 % | Georgia | 5 % | |\n| Total | $ 36,203,807 | 100 % | New Jersey | 5 % | |\n| | | | Illinois | 4 % | |\n| | | | Other (3) | 41 % | |\n| | | | Total | 100 % | |\n| December 31, 2024 | | | | | |\n| Fannie Mae | $ 22,730,056 | 67 % | Texas | 11 % | |\n| Freddie Mac | 6,077,020 | 18 % | New York | 11 % | |\n| Private Label | 2,605,980 | 8 % | California | 8 % | |\n| FHA | 1,506,948 | 5 % | North Carolina | 7 % | |\n| Bridge (2) | 278,494 | 1 % | Georgia | 6 % | |\n| SFR - Fixed Rate | 271,859 | 1 % | Florida | 6 % | |\n| Total | $ 33,470,357 | 100 % | New Jersey | 5 % | |\n| | | | Other (3) | 46 % | |\n| | | | Total | 100 % | |", "footnotes": [ "(1) Excludes loans which we are not collecting a servicing fee.", "(2) Represents bridge loans sold by our Structured Business that we are servicing.", "(3) No other individual state represented 4% or more of the total." ], "footnote_refs": [ "(1)", "(2)", "(3)" ], "units": "($ in thousands)", "page": 81, "bbox": [ 10.4, 341.6, 582.4, 727.9 ], "som_region": [ 0.017480164034557866, 0.1354814735982999, 0.9789487376875085, 0.5942066042110866 ], "content_region": [ 0.017480164034557866, 0.1354814735982999, 0.9789487376875085, 0.587080036221501 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.93, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "The components of servicing revenue, net are as follows", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Servicing fees | $ 133,067 | $ 129,092 | $ 123,975 |\n| Interest earned on escrows | 54,186 | 70,742 | 77,916 |\n| Prepayment fees | 3,477 | 2,984 | 6,387 |\n| Write-offs and payoffs of MSRs | (9,601) | (8,500) | (14,736) |\n| Amortization of MSRs | (71,512) | (68,422) | (63,093) |\n| Servicing revenue, net | $ 109,617 | $ 125,896 | $ 130,449 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 82, "bbox": [ 11.3, 636.6, 582.0, 775.4 ], "som_region": [ 0.018986961859385233, 0.07905752725982576, 0.9781909275341861, 0.24384484954600244 ], "content_region": [ 0.018986961859385233, 0.07905752725982576, 0.9781909275341861, 0.2367182815564168 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 97.46, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "A summary of our securities held-to-maturity is as follows", "subtitle": "", "markdown": "| | Face Value | Net Carrying Value | Unrealized Gain (Loss) | Estimated Fair Value | Allowance for Credit Losses |\n| --- | --- | --- | --- | --- | --- |\n| December 31, 2025 | | | | | |\n| APL certificates | $ 192,791 | $ 140,682 | $ (15,143) | $ 125,539 | $ 1,664 |\n| B Piece bonds | 36,730 | 15,405 | 9,203 | 24,608 | 15,349 |\n| Total | $ 229,521 | $ 156,087 | $ (5,940) | $ 150,147 | $ 17,013 |\n| December 31, 2024 | | | | | |\n| APL certificates | $ 192,791 | $ 134,834 | $ (22,803) | $ 112,031 | $ 1,658 |\n| B Piece bonds | 37,221 | 22,320 | 10,157 | 32,477 | 9,188 |\n| Total | $ 230,012 | $ 157,154 | $ (12,646) | $ 144,508 | $ 10,846 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 82, "bbox": [ 11.3, 281.6, 579.7, 446.6 ], "som_region": [ 0.018986961859385233, 0.46950623592822893, 0.9744046466165167, 0.665565077960974 ], "content_region": [ 0.018986961859385233, 0.46950623592822893, 0.9744046466165167, 0.6584385099713883 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 97.6, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | | | Year Ended December 31, 2024 | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | APL Certificates | B Piece Bonds | Total | APL Certificates | B Piece Bonds | Total |\n| Beginning balance | $ 1,658 | $ 9,188 | $ 10,846 | $ 2,272 | $ 3,984 | $ 6,256 |\n| Provision for credit loss expense/(reversal) | 6 | 6,161 | 6,167 | (614) | 5,204 | 4,590 |\n| Ending balance | $ 1,664 | $ 15,349 | $ 17,013 | $ 1,658 | $ 9,188 | $ 10,846 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 82, "bbox": [ 11.3, 174.9, 579.7, 274.5 ], "som_region": [ 0.018986961859385233, 0.6739496551294666, 0.9744046466165167, 0.7922379680987779 ], "content_region": [ 0.018986961859385233, 0.6739496551294666, 0.9744046466165167, 0.7851114001091922 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 91.1, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Note 6 \u2014 Investments in Equity Affiliates", "subtitle": "", "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 |\n| --- | --- | --- | --- |\n| Fifth Wall Ventures | $ 17,260 | $ 14,490 | $ \u2014 |\n| AWC Real Estate Opportunity Partners I LP | 17,134 | 13,562 | 108,450 |\n| AMAC Holdings III LLC | 12,714 | 15,413 | 33,410 |\n| ARSR DPREF I LLC | 5,745 | 5,603 | \u2014 |\n| Lightstone Value Plus REIT L.P. | 1,895 | 1,895 | \u2014 |\n| Clarus Berkley | 1,500 | \u2014 | 67,900 |\n| The Park at Via Terrossa | 578 | 606 | 21,845 |\n| Docsumo Pte. Ltd. | 450 | 450 | \u2014 |\n| JT Prime | 425 | 425 | \u2014 |\n| The Cypress at Wesley Park | 265 | \u2014 | 14,964 |\n| Lexford Portfolio | \u2014 | \u2014 | \u2014 |\n| East River Portfolio | \u2014 | \u2014 | \u2014 |\n| Arbor Residential Investor LLC | \u2014 | 23,868 | \u2014 |\n| West Shore Caf\u00e9 | \u2014 | \u2014 | \u2014 |\n| Total | $ 57,966 | $ 76,312 | $ 246,569 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 83, "bbox": [ 11.3, 403.7, 577.9, 641.5 ], "som_region": [ 0.018986961859385233, 0.23810219677125233, 0.9713586334755325, 0.5204447696417948 ], "content_region": [ 0.018986961859385233, 0.23810219677125233, 0.9713586334755325, 0.5133182016522091 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.57, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Note 9 \u2014 Real Estate Owned", "subtitle": "", "markdown": "| | December 31, 2025 | | | | December 31, 2024 | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Multifamily | Office | Land | Total | Multifamily | Office | Land | Total |\n| Land | $ 109,788 | $ 13,599 | $ 7,947 | $ 131,334 | $ 29,171 | $ 13,599 | $ 7,947 | $ 50,717 |\n| Building and intangible assets | 363,281 | 48,882 | \u2014 | 412,163 | 99,812 | 35,561 | \u2014 | 135,373 |\n| Less: Impairment loss | (20,500) | (2,500) | \u2014 | (23,000) | \u2014 | (2,500) | \u2014 | (2,500) |\n| Less: Accumulated depreciation and amortization | (18,015) | (3,544) | \u2014 | (21,559) | (4,497) | (2,550) | \u2014 | (7,047) |\n| Real estate owned, net | $ 434,554 | $ 56,437 | $ 7,947 | $ 498,938 | $ 124,486 | $ 44,110 | $ 7,947 | $ 176,543 |\n| Number of properties | 15 | 2 | 2 | 19 | 4 | 2 | 2 | 8 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 85, "bbox": [ 11.3, 421.3, 580.0, 573.5 ], "som_region": [ 0.018986961859385233, 0.31877189944017037, 0.9747784736367829, 0.49960327002641797 ], "content_region": [ 0.018986961859385233, 0.31877189944017037, 0.9747784736367829, 0.49247670203683236 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.18, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Other Intangible Assets", "subtitle": "The following table sets forth the other intangible assets activity", "markdown": "| | December 31, 2025 | | | December 31, 2024 | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | Gross Carrying Value | Accumulated Amortization | Total | Gross Carrying Value | Accumulated Amortization | Total |\n| Finite-lived intangible assets: | | | | | | |\n| Borrower relationships | $ 14,400 | $ (13,620) | $ 780 | $ 14,400 | $ (12,180) | $ 2,220 |\n| Below market leases | 4,010 | (3,863) | 147 | 4,010 | (3,737) | 273 |\n| Infinite-lived intangible assets: | | | | | | |\n| Fannie Mae DUS license | 17,100 | \u2014 | 17,100 | 17,100 | \u2014 | 17,100 |\n| Freddie Mac Program Plus license | 8,700 | \u2014 | 8,700 | 8,700 | \u2014 | 8,700 |\n| FHA license | 3,200 | \u2014 | 3,200 | 3,200 | \u2014 | 3,200 |\n| | $ 47,410 | $ (17,483) | $ 29,927 | $ 47,410 | $ (15,917) | $ 31,493 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 86, "bbox": [ 11.3, 423.3, 579.7, 597.2 ], "som_region": [ 0.018986961859385233, 0.2907202992427804, 0.9744091604444233, 0.4971999092070134 ], "content_region": [ 0.018986961859385233, 0.2907202992427804, 0.9744091604444233, 0.4900733412174278 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 95.92, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "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", "subtitle": "", "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 |\n| --- | --- | --- | --- |\n| Finite-lived intangible assets: | | | |\n| Borrower relationships | 0.3 | $ 780 | $ \u2014 |\n| Below market leases | 1.0 | 126 | 21 |\n| | 0.4 | $ 906 | $ 21 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 86, "bbox": [ 10.4, 262.0, 579.7, 382.5 ], "som_region": [ 0.017480164034557866, 0.5456714313169253, 0.9744012612455867, 0.6888099383957552 ], "content_region": [ 0.017480164034557866, 0.5456714313169253, 0.9744012612455867, 0.6816833704061696 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 92.14, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Borrowings under our credit and repurchase facilities are as follows", "subtitle": "", "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 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Structured Business | | | | | | | | |\n| $1.4B joint repurchase facility (2) | $ 885,119 | $ 882,635 | $ 1,468,161 | 6.36 % | $ 661,159 | $ 657,690 | $ 1,104,791 | 6.76 % |\n| $1.22B repurchase facility | 1,153,313 | 1,149,944 | 1,555,403 | 5.67 % | \u2014 | \u2014 | \u2014 | \u2014 |\n| $1B repurchase facility (2)(6) | \u2014 | \u2014 | \u2014 | \u2014 | 215,832 | 215,459 | 336,193 | 6.97 % |\n| $1B repurchase facility | 880,380 | 879,499 | 1,207,513 | 6.45 % | 782,956 | 781,812 | 1,055,321 | 7.20 % |\n| $850M repurchase facility (2) | 444,452 | 443,880 | 725,309 | 6.29 % | 203,348 | 202,798 | 362,695 | 7.28 % |\n| $650M repurchase facility (2)(3) | 462,702 | 462,694 | 549,069 | 6.33 % | 499,039 | 499,017 | 678,017 | 6.98 % |\n| $400M credit facility | 67,959 | 66,479 | 125,099 | 7.03 % | 140,412 | 138,695 | 237,123 | 7.69 % |\n| $400M repurchase facility | 292,232 | 291,342 | 383,195 | 5.86 % | 74,925 | 74,896 | 109,920 | 6.59 % |\n| $350M repurchase facility | 127,253 | 127,199 | 238,422 | 5.77 % | 134,368 | 134,189 | 203,135 | 6.53 % |\n| $250M repurchase facility | 73,680 | 73,052 | 113,121 | 6.82 % | \u2014 | \u2014 | \u2014 | \u2014 |\n| $250M repurchase facility | 98,848 | 98,186 | 126,340 | 5.22 % | \u2014 | \u2014 | \u2014 | \u2014 |\n| $250M credit facility | 79,220 | 78,963 | 102,758 | 6.27 % | 108,861 | 108,696 | 145,148 | 7.43 % |\n| $200M repurchase facility | 41,480 | 41,114 | 59,147 | 6.32 % | 156,329 | 155,676 | 214,441 | 6.98 % |\n| $64M loan specific credit facilities | 63,500 | 63,456 | 87,000 | 5.70 % | 134,131 | 133,965 | 181,108 | 6.59 % |\n| $40M credit facility | 15,576 | 15,532 | 24,610 | 6.12 % | 15,576 | 15,387 | 24,610 | 6.77 % |\n| $35M working capital facility | 35,000 | 35,000 | \u2014 | 6.69 % | \u2014 | \u2014 | \u2014 | \u2014 |\n| Repurchase facility - securities (2)(4) | 50,280 | 50,280 | \u2014 | 5.11 % | 18,549 | 18,549 | \u2014 | 6.12 % |\n| 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 % |\n| Agency Business | | | | | | | | |\n| $750M ASAP agreement | $ 91,965 | $ 91,965 | $ 92,733 | 4.91 % | $ 62,196 | $ 62,196 | $ 62,372 | 5.48 % |\n| $500M repurchase facility | 89,431 | 89,427 | 89,573 | 5.19 % | 40,878 | 40,872 | 41,165 | 5.81 % |\n| $200M credit facility | 101,849 | 101,802 | 102,409 | 5.55 % | 141,217 | 141,169 | 141,971 | 5.89 % |\n| $200M credit facility | 43,023 | 42,887 | 43,096 | 5.76 % | 137,878 | 137,762 | 138,793 | 5.84 % |\n| $100M joint repurchase facility (2) | 64,445 | 64,315 | 77,798 | 6.24 % | 28,656 | 28,611 | 38,962 | 6.34 % |\n| $50M credit facility (7) | \u2014 | \u2014 | \u2014 | \u2014 | 11,723 | 11,723 | 11,723 | 5.84 % |\n| $1M repurchase facility (2)(3) | \u2014 | \u2014 | \u2014 | \u2014 | 328 | 328 | 469 | 6.83 % |\n| Agency Business total | $ 390,713 | $ 390,396 | $ 405,609 | 5.45 % | $ 422,876 | $ 422,661 | $ 435,455 | 5.84 % |\n| Consolidated total | $ 5,161,707 | $ 5,149,651 | $ 7,170,756 | 6.07 % | $ 3,568,361 | $ 3,559,490 | $ 5,087,957 | 6.86 % |", "footnotes": [ "(1) At December 31, 2025 and 2024, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $11.7 million and $8.6 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.3 million and $0.2 million, respectively.", "(2) These facilities are subject to margin call provisions associated with changes in interest spreads.", "(3) A portion of this facility was used to finance a fixed-rate SFR permanent loan reported through our Agency Business, which has been paid off.", "(4) At December 31, 2025 and 2024, this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (\"Q Series securitization\") with a principal balance of $26.5 million and $26.6 million, respectively. At December 31, 2025, this facility was also collateralized by investment grade notes we retained from our BTR CLO 1 securitization with a principal balance of $41.0 million.", "(5) These amounts exclude outstanding notes payable on our REO assets with a debt carrying value of $223.0 million and $74.9 million at December 31, 2025 and 2024, respectively.", "(6) This facility matured in October 2025 and was not renewed.", "(7) This facility matured in December 2025 and was not renewed." ], "footnote_refs": [ "(1)", "(2)", "(3)", "(4)", "(5)", "(6)", "(7)" ], "units": "($ in thousands)", "page": 87, "bbox": [ 10.4, 179.6, 582.9, 730.1 ], "som_region": [ 0.017480164034557866, 0.13277588935840806, 0.9797174220626059, 0.7866239399298987 ], "content_region": [ 0.017480164034557866, 0.13277588935840806, 0.9797174220626059, 0.6291073151497494 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.3, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Borrowings and the corresponding collateral under our securitized debt transactions are as follows", "subtitle": "($ in thousands)", "markdown": "| | Debt | | | | Collateral (3) | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Face Value | Carrying Value (1) | Wtd. Avg. Rate (2) | UPB | Carrying Value | Restricted Cash (4) |\n| December 31, 2025 | | | | | | |\n| CLO 20 | $ 933,187 | $ 924,504 | 5.50 % | $ 1,045,664 | $ 1,040,984 | $ \u2014 |\n| BTR CLO 1 | 525,304 | 517,395 | 6.29 % | 685,746 | 683,807 | \u2014 |\n| CLO 18 (5) | 971,595 | 970,979 | 6.01 % | 1,339,523 | 1,338,395 | 21,469 |\n| CLO 17 (5) | 1,055,700 | 1,055,380 | 5.66 % | 1,443,820 | 1,443,845 | \u2014 |\n| Total CLOs | 3,485,786 | 3,468,258 | 5.81 % | 4,514,753 | 4,507,031 | 21,469 |\n| Q Series securitization (6) | \u2014 | \u2014 | \u2014 | 50,600 | 50,600 | \u2014 |\n| Total securitized debt | $ 3,485,786 | $ 3,468,258 | 5.81 % | $ 4,565,353 | $ 4,557,631 | $ 21,469 |\n| December 31, 2024 | | | | | | |\n| CLO 19 | $ 753,987 | $ 751,364 | 7.02 % | $ 912,935 | $ 912,392 | $ \u2014 |\n| CLO 18 | 1,335,647 | 1,332,950 | 6.47 % | 1,684,765 | 1,684,285 | 37,090 |\n| CLO 17 | 1,482,657 | 1,480,495 | 6.15 % | 1,811,391 | 1,810,463 | 50,910 |\n| CLO 16 | 682,845 | 681,008 | 5.93 % | 944,660 | 943,542 | \u2014 |\n| CLO 14 | 326,238 | 326,238 | 6.11 % | 452,751 | 452,526 | \u2014 |\n| Total CLOs (5) | 4,581,374 | 4,572,055 | 6.35 % | 5,806,502 | 5,803,208 | 88,000 |\n| Q Series securitization | 50,641 | 50,434 | 6.49 % | 94,940 | 94,895 | \u2014 |\n| Total securitized debt | $ 4,632,015 | $ 4,622,489 | 6.35 % | $ 5,901,442 | $ 5,898,103 | $ 88,000 |", "footnotes": [ "(1) Debt carrying value is net of $17.5 million and $9.5 million of deferred financing fees at December 31, 2025 and 2024, respectively.", "(2) At December 31, 2025 and 2024, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 6.07% and 6.59%, respectively, and the Q Series securitization was 7.46% at December 31, 2024.", "(3) At December 31, 2025 and 2024, 39 and 46 loans, respectively, with a total UPB of $1.69 billion and $1.60 billion, respectively, were deemed a \"credit risk\" as defined by the CLO indentures. A credit risk asset is generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset.", "(4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $10.1 million and $43.4 million at December 31, 2025 and 2024, respectively.", "(5) The replenishment period for the following CLOs has ended: CLO 14 - September 2023, CLO 16 \u2013 March 2024, CLO 19 \u2013 May 2024, CLO 17 \u2013 June 2024, and CLO 18 \u2013 August 2024.", "(6) All third-party amounts have been paid down and only our tranches remain." ], "footnote_refs": [ "(1)", "(2)", "(3)", "(4)", "(5)", "(6)" ], "units": "", "page": 90, "bbox": [ 10.4, 324.1, 582.7, 749.5 ], "som_region": [ 0.017480164034557866, 0.109823972958711, 0.9793864764074526, 0.6150481038264634 ], "content_region": [ 0.017480164034557866, 0.109823972958711, 0.9793864764074526, 0.5197302569657555 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 93.26, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Senior Unsecured Notes", "subtitle": "", "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) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| 8.50% Notes (3) | Dec. 2025 | Dec. 2028 | $ 400,000 | $ 394,340 | 8.50 % | $ \u2014 | $ \u2014 | \u2014 |\n| 7.875% Notes (4) | Jul. 2025 | Jul. 2030 | 500,000 | 489,397 | 7.88 % | \u2014 | \u2014 | \u2014 |\n| 9.00% Notes (3) | Oct. 2024 | Oct. 2027 | 100,000 | 98,934 | 9.00 % | 100,000 | 98,352 | 9.00 % |\n| 8.50% Notes (3) | Oct. 2022 | Oct. 2027 | 150,000 | 149,041 | 8.50 % | 150,000 | 148,531 | 8.50 % |\n| 5.00% Notes (3) | Dec. 2021 | Dec. 2028 | 180,000 | 178,725 | 5.00 % | 180,000 | 178,300 | 5.00 % |\n| 4.50% Notes (3) | Aug. 2021 | Sept. 2026 | 270,000 | 269,439 | 4.50 % | 270,000 | 268,601 | 4.50 % |\n| 5.00% Notes (3) | Apr. 2021 | Apr. 2026 | 175,000 | 174,790 | 5.00 % | 175,000 | 174,161 | 5.00 % |\n| 4.50% Notes (3) | Mar. 2020 | Mar. 2027 | 275,000 | 274,412 | 4.50 % | 275,000 | 273,927 | 4.50 % |\n| 7.75% Notes | Mar. 2023 | Mar. 2026 | \u2014 | \u2014 | \u2014 | 95,000 | 94,275 | 7.75 % |\n| | | | $ 2,050,000 | $ 2,029,078 | 6.70 % | $ 1,245,000 | $ 1,236,147 | 5.73 % |", "footnotes": [ "(1) At December 31, 2025 and 2024, the carrying value is net of deferred financing fees of $20.9 million and $8.9 million, respectively.", "(2) At December 31, 2025 and 2024, the aggregate weighted average note rate, including certain fees and costs, was 7.06% and 6.02%, respectively.", "(3) These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a \"make-whole\" premium and accrued and unpaid interest. We have the right to redeem the notes within three months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.", "(4) These notes can be redeemed by us prior to six months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a \"make-whole\" premium and accrued and unpaid interest. We have the right to redeem the notes within six months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest." ], "footnote_refs": [ "(1)", "(2)", "(3)", "(4)" ], "units": "($ in thousands)", "page": 92, "bbox": [ 10.4, 336.9, 581.1, 630.7 ], "som_region": [ 0.017480164034557866, 0.2509355867837484, 0.9766735632485773, 0.599820632379966 ], "content_region": [ 0.017480164034557866, 0.2509355867837484, 0.9766735632485773, 0.439102619635745 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 92.81, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "The UPB and net carrying value of our convertible notes at December 31, 2024 were as follows", "subtitle": "($ in thousands)", "markdown": "| UPB | Unamortized Deferred Financing Fees | Net Carrying Value |\n| --- | --- | --- |\n| $287,500 | $1,647 | $285,853 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 93, "bbox": [ 26.6, 358.5, 576.3, 423.4 ], "som_region": [ 0.04470888836318752, 0.49706198709194, 0.96859822253664, 0.574153852354974 ], "content_region": [ 0.04470888836318752, 0.49706198709194, 0.96859822253664, 0.530949033918111 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 83.86, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Cash Flow Triggers", "subtitle": "", "markdown": "| Cash Flow Triggers | CLO 17 | CLO 18 | BTR CLO 1 | CLO 20 |\n| --- | --- | --- | --- | --- |\n| Overcollateralization (1) | | | | |\n| Current | 127.77 % | 136.54 % | 117.47 % | 112.52 % |\n| Limit | 121.51 % | 123.03 % | 115.47 % | 110.52 % |\n| Pass / Fail | Pass | Pass | Pass | Pass |\n| Interest Coverage (2) | | | | |\n| Current | 136.59 % | 130.82 % | 170.68 % | 139.22 % |\n| Limit | 120.00 % | 120.00 % | 120.00 % | 120.00 % |\n| Pass / Fail | Pass | Pass | Pass | Pass |", "footnotes": [ "The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset's principal balance for purposes of the overcollateralization test is the lesser of the asset's market value or the principal balance of the defaulted asset multiplied by the asset's recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g., CCC-) as defined in each CLO vehicle.", "The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us." ], "footnote_refs": [ "(1)", "(2)" ], "units": "", "page": 94, "bbox": [ 10.4, 374.1, 582.4, 609.1 ], "som_region": [ 0.017480164034557866, 0.27658380803793414, 0.978951712710447, 0.5557157135590017 ], "content_region": [ 0.017480164034557866, 0.27658380803793414, 0.978951712710447, 0.43874906055284696 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 90.97, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:", "subtitle": "", "markdown": "| Determination (1) | CLO 17 | CLO 18 | BTR CLO 1 | CLO 20 |\n| --- | --- | --- | --- | --- |\n| January 2026 | 127.77 % | 136.54 % | 117.47 % | 112.52 % |\n| October 2025 | 127.02 % | 131.38 % | 117.47 % | 112.52 % |\n| July 2025 | 124.46 % | 130.03 % | 117.47 % | N/A |\n| April 2025 | 122.65 % | 127.91 % | N/A | N/A |\n| January 2025 | 122.10 % | 123.89 % | N/A | N/A |", "footnotes": [ "This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.", "The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs. No payment due under the junior subordinated indentures may be paid if" ], "footnote_refs": [ "(1)" ], "units": "", "page": 94, "bbox": [ 10.4, 200.6, 582.4, 350.1 ], "som_region": [ 0.017480164034557866, 0.5841437631982039, 0.9789487376875085, 0.7617644664349769 ], "content_region": [ 0.017480164034557866, 0.5841437631982039, 0.9789487376875085, 0.6840867312255741 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 93.51, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 |\n| --- | --- | --- |\n| Beginning balance | $ 83,150 | $ 71,634 |\n| Provision for loss sharing (net of reversals) | 24,259 | 12,555 |\n| Charge-offs, net | (9,830) | (1,039) |\n| Ending balance | $ 97,579 | $ 83,150 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 95, "bbox": [ 11.3, 638.6, 582.0, 751.7 ], "som_region": [ 0.018986961859385233, 0.10711838871881918, 0.9781820024653707, 0.24144148872659793 ], "content_region": [ 0.018986961859385233, 0.10711838871881918, 0.9781820024653707, 0.2343149207370123 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 93.69, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "A summary of our non-qualifying derivative financial instruments in our Agency Business", "subtitle": "", "markdown": "| Derivative | Count | Notional Value | Balance Sheet Location | Derivative Assets | Derivative Liabilities |\n| --- | --- | --- | --- | --- | --- |\n| December 31, 2025 | | | | | |\n| Rate lock commitments | 4 | $ 29,621 | Other assets/other liabilities | $ 473 | $ (66) |\n| Forward sale commitments | 32 | 357,432 | Other assets/other liabilities | 112 | (1,016) |\n| Treasury futures | 617 | 61,700 | | \u2014 | \u2014 |\n| | | $ 448,753 | | $ 585 | $ (1,082) |\n| December 31, 2024 | | | | | |\n| Forward sale commitments | 44 | $ 396,024 | Other assets/other liabilities | $ 95 | $ (4,209) |\n| Treasury futures | 82 | 8,200 | | \u2014 | \u2014 |\n| | | $ 404,224 | | $ 95 | $ (4,209) |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 96, "bbox": [ 11.3, 364.6, 582.0, 532.8 ], "som_region": [ 0.018986961859385233, 0.3671877089900643, 0.9781820024653707, 0.5669437698967603 ], "content_region": [ 0.018986961859385233, 0.3671877089900643, 0.9781820024653707, 0.5598172019071747 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.69, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Fair Value of Financial Instruments (Principal/Notional Amount, Carrying Value, Estimated Fair Value)", "subtitle": "", "markdown": "| | December 31, 2025 | | | December 31, 2024 | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | Principal / Notional Amount | Carrying Value | Estimated Fair Value | Principal / Notional Amount | Carrying Value | Estimated Fair Value |\n| Financial assets: | | | | | | |\n| Loans and investments, net | $ 12,113,107 | $ 11,934,248 | $ 11,964,280 | $ 11,304,956 | $ 11,033,997 | $ 11,122,205 |\n| Loans held-for-sale, net | 408,386 | 409,081 | 421,398 | 438,233 | 435,759 | 449,339 |\n| Capitalized mortgage servicing rights, net | n/a | 340,842 | 474,767 | n/a | 368,678 | 511,282 |\n| Securities held-to-maturity, net | 229,521 | 156,087 | 150,147 | 230,012 | 157,154 | 144,508 |\n| Derivative financial instruments | 94,319 | 585 | 585 | 41,724 | 95 | 95 |\n| Financial liabilities: | | | | | | |\n| Credit and repurchase facilities | $ 5,161,707 | $ 5,149,651 | $ 5,143,472 | $ 3,568,361 | $ 3,559,490 | $ 3,592,120 |\n| Securitized debt | 3,485,786 | 3,468,258 | 3,487,773 | 4,632,015 | 4,622,489 | 4,616,409 |\n| Senior unsecured notes | 2,050,000 | 2,029,078 | 2,009,938 | 1,245,000 | 1,236,147 | 1,160,154 |\n| Convertible senior unsecured notes | \u2014 | \u2014 | \u2014 | 287,500 | 285,853 | 287,500 |\n| Junior subordinated notes | 154,336 | 145,497 | 111,992 | 154,336 | 144,686 | 109,099 |\n| Notes payable - real estate owned | 222,965 | 222,965 | 221,893 | 74,897 | 74,897 | 74,495 |\n| Derivative financial instruments | 292,734 | 1,082 | 1,082 | 354,300 | 4,209 | 4,209 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 97, "bbox": [ 11.3, 462.5, 579.7, 706.3 ], "som_region": [ 0.018986961859385233, 0.16113897423788878, 0.9744106992493915, 0.4506916295666447 ], "content_region": [ 0.018986961859385233, 0.16113897423788878, 0.9744106992493915, 0.4435650615770591 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.32, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Fair Value Measurements Using Fair Value Hierarchy", "subtitle": "at December 31, 2025", "markdown": "| | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |\n| --- | --- | --- | --- | --- | --- |\n| Financial assets: | | | | | |\n| Derivative financial instruments | $ 585 | $ 585 | $ \u2014 | $ 112 | $ 473 |\n| Financial liabilities: | | | | | |\n| Derivative financial instruments | $ 1,082 | $ 1,082 | $ \u2014 | $ 1,082 | $ \u2014 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 98, "bbox": [ 10.4, 271.5, 579.7, 406.1 ], "som_region": [ 0.017480164034557866, 0.5176012904725288, 0.9744091604444233, 0.6775818820579966 ], "content_region": [ 0.017480164034557866, 0.5176012904725288, 0.9744091604444233, 0.670455314068411 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 91.35, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Fair Value Measurements Using Fair Value Hierarchy", "subtitle": "We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at December 31, 2025", "markdown": "| | Net Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |\n| --- | --- | --- | --- | --- | --- |\n| Financial assets: | | | | | |\n| Impaired loans, net | | | | | |\n| Loans held-for-investment (1) | $ 339,100 | $ 339,100 | $ \u2014 | $ \u2014 | $ 339,100 |\n| Loans held-for-sale (2) | 12,989 | 12,989 | \u2014 | 12,989 | \u2014 |\n| | $ 352,089 | $ 352,089 | $ \u2014 | $ 12,989 | $ 339,100 |", "footnotes": [ "(1) We had an allowance for credit losses of $43.1 million relating to 20 impaired loans with an aggregate carrying value, before loan loss reserves, of $382.2 million at December 31, 2025. The fair values of these impaired loans are based on the value of the underlying collateral.", "(2) We have an impairment of $1.0 million related to three loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $14.0 million." ], "footnote_refs": [ "(1)", "(2)" ], "units": "($ in thousands)", "page": 99, "bbox": [ 10.4, 575.2, 579.7, 762.5 ], "som_region": [ 0.017480164034557866, 0.09428499870632318, 0.9744046466165167, 0.3167993775852241 ], "content_region": [ 0.017480164034557866, 0.09428499870632318, 0.9744046466165167, 0.23511294788167944 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 87.3, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Quantitative information about Level 3 fair value measurements at December 31, 2025 is as follows", "subtitle": "", "markdown": "| | Fair Value | Valuation Techniques | Significant Unobservable Inputs | Weighted Average | Minimum / Maximum |\n| --- | --- | --- | --- | --- | --- |\n| Financial assets: | | | | | |\n| Impaired loans: | | | | | |\n| Multifamily | $ 302,297 | Discounted cash flows | Capitalization rate | 5.92% | 5.50% - 7.00% |\n| | 22,851 | Price quotes | N/A | N/A | N/A |\n| | $ 325,148 | | | | |\n| Retail | $ 13,952 | Sales comparative | Price per acre | $165 | $165 |\n| Derivative financial instruments: | | | | | |\n| Rate lock commitments | $ 473 | Discounted cash flows | W/A discount rate | 13.87% | 13.87% |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 99, "bbox": [ 11.3, 214.1, 575.3, 402.8 ], "som_region": [ 0.018986961859385233, 0.5216099849666707, 0.9669688332493488, 0.7457296884584093 ], "content_region": [ 0.018986961859385233, 0.5216099849666707, 0.9669688332493488, 0.7386031204688236 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.33, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Fair Value Measurements Using Significant Unobservable Inputs", "subtitle": "for the Year Ended December 31,", "markdown": "| Derivative assets and liabilities, net | 2025 | 2024 | 2023 |\n| --- | --- | --- | --- |\n| Beginning balance | $ \u2014 | $ 428 | $ 354 |\n| Settlements | (54,059) | (50,492) | (66,407) |\n| Realized gains recorded in earnings | 54,059 | 50,064 | 66,053 |\n| Unrealized gains recorded in earnings | 473 | \u2014 | 428 |\n| Ending balance | $ 473 | $ \u2014 | $ 428 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 100, "bbox": [ 10.4, 614.3, 582.0, 762.5 ], "som_region": [ 0.017480164034557866, 0.09428499870632318, 0.9781909275341861, 0.27030037733025847 ], "content_region": [ 0.017480164034557866, 0.09428499870632318, 0.9781909275341861, 0.26317380934067286 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 92.98, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "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", "subtitle": "", "markdown": "| December 31, 2025 | Notional/Principal Amount | Fair Value of Servicing Rights | Unrealized Impairment Loss | Total Fair Value Adjustment |\n| --- | --- | --- | --- | --- |\n| Rate lock commitments | $ 29,621 | $ 473 | $ \u2014 | $ 473 |\n| Forward sale commitments | 357,432 | \u2014 | \u2014 | \u2014 |\n| Loans held-for-sale, net (1) | 408,386 | 5,921 | 1,414 | 7,335 |\n| Total | | $ 6,394 | $ 1,414 | $ 7,808 |", "footnotes": [ "(1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs." ], "footnote_refs": [ "(1)" ], "units": "($ in thousands)", "page": 100, "bbox": [ 10.4, 447.6, 579.7, 572.6 ], "som_region": [ 0.017480164034557866, 0.3198814022050285, 0.9744091604444233, 0.46833174121794974 ], "content_region": [ 0.017480164034557866, 0.3198814022050285, 0.9744091604444233, 0.4147061729733985 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.09, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Fair Value Measurements Using Fair Value Hierarchy", "subtitle": "We measure certain assets and liabilities for which fair value is only disclosed. The fair values of these assets and liabilities are determined using the following input levels at December 31, 2025", "markdown": "| | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |\n| --- | --- | --- | --- | --- | --- |\n| Financial assets: | | | | | |\n| Loans and investments, net | $ 11,934,248 | $ 11,964,280 | $ \u2014 | $ \u2014 | $ 11,964,280 |\n| Loans held-for-sale, net | 409,081 | 421,398 | \u2014 | 415,477 | 5,921 |\n| Capitalized mortgage servicing rights, net | 340,842 | 474,767 | \u2014 | \u2014 | 474,767 |\n| Securities held-to-maturity, net | 156,087 | 150,147 | \u2014 | \u2014 | 150,147 |\n| Financial liabilities: | | | | | |\n| Credit and repurchase facilities | $ 5,149,651 | $ 5,143,472 | $ \u2014 | $ 390,396 | $ 4,753,076 |\n| Securitized debt | 3,468,258 | 3,487,773 | \u2014 | \u2014 | 3,487,773 |\n| Senior unsecured notes | 2,029,078 | 2,009,938 | 2,009,938 | \u2014 | \u2014 |\n| Junior subordinated notes | 145,497 | 111,992 | \u2014 | \u2014 | 111,992 |\n| Notes payable - real estate owned | 222,965 | 221,893 | \u2014 | \u2014 | 221,893 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 100, "bbox": [ 10.4, 218.8, 579.7, 437.2 ], "som_region": [ 0.017480164034557866, 0.4807250128805844, 0.9744046466165167, 0.7401156602895299 ], "content_region": [ 0.017480164034557866, 0.4807250128805844, 0.9744046466165167, 0.7329890922999442 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 97.08, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Debt Obligations and Operating Leases", "subtitle": "At December 31, 2025, the maturities of our debt obligations and the minimum annual operating lease payments under leases with a term in excess of one year are as follows", "markdown": "| Year | Debt Obligations | Minimum Annual Operating Lease Payments | Total |\n| --- | --- | --- | --- |\n| 2026 | $ 4,931,405 | $ 11,424 | $ 4,942,829 |\n| 2027 | 3,067,110 | 9,912 | 3,077,022 |\n| 2028 | 2,368,357 | 9,226 | 2,377,583 |\n| 2029 | 53,586 | 8,714 | 62,300 |\n| 2030 | 500,000 | 8,756 | 508,756 |\n| Thereafter | 154,336 | 10,924 | 165,260 |\n| Total | $ 11,074,794 | $ 58,956 | $ 11,133,750 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 101, "bbox": [ 10.4, 234.3, 579.7, 384.5 ], "som_region": [ 0.017480164034557866, 0.5432587911121176, 0.9744046466165167, 0.7216775214935577 ], "content_region": [ 0.017480164034557866, 0.5432587911121176, 0.9744046466165167, 0.714550953503972 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.39, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "The assets and liabilities related to these consolidated Securitization Entities are as follows", "subtitle": "", "markdown": "| | December 31, 2025 | December 31, 2024 |\n| --- | --- | --- |\n| Assets: | | |\n| Restricted cash | $ 35,258 | $ 131,381 |\n| Loans and investments, net | 4,557,631 | 5,898,102 |\n| Other assets | 69,132 | 95,442 |\n| Total assets | $ 4,662,021 | $ 6,124,925 |\n| Liabilities: | | |\n| Securitized debt | $ 3,468,258 | $ 4,622,489 |\n| Other liabilities | 9,590 | 15,255 |\n| Total liabilities | $ 3,477,848 | $ 4,637,744 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 103, "bbox": [ 11.3, 307.2, 579.7, 491.9 ], "som_region": [ 0.018986961859385233, 0.4157785944442435, 0.9744046466165167, 0.6350915762971729 ], "content_region": [ 0.018986961859385233, 0.4157785944442435, 0.9744046466165167, 0.6279650083075873 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 97.4, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at December 31, 2025 is as follows", "subtitle": "", "markdown": "| Type | Carrying Amount (1) |\n| --- | --- |\n| Loans | $ 1,469,312 |\n| APL certificates | 142,346 |\n| Equity investments | 32,433 |\n| B Piece bonds | 30,754 |\n| Agency interest only strips | 21 |\n| Total | $ 1,674,866 |", "footnotes": [ "(1) Represents the carrying amount of loans and investments before reserves. At December 31, 2025, $91.0 million of loans to VIEs had corresponding specific loan loss reserves of $7.8 million. The maximum loss exposure at December 31, 2025 would not exceed the carrying amount of our investment." ], "footnote_refs": [ "(1)" ], "units": "($ in thousands)", "page": 104, "bbox": [ 10.4, 584.0, 579.7, 762.5 ], "som_region": [ 0.017480164034557866, 0.09428499870632318, 0.9744046466165167, 0.3063786277775357 ], "content_region": [ 0.017480164034557866, 0.09428499870632318, 0.9744046466165167, 0.23912164237582134 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 91.92, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Distributions", "subtitle": "Dividends declared (on a per share basis) for the year ended December 31, 2025 are as follows:", "markdown": "| Common Stock | | Preferred Stock | | | |\n| --- | --- | --- | --- | --- | --- |\n| Declaration Date | Dividend | Declaration Date | Series D | Series E | Series F |\n| February 19, 2025 | $ 0.43 | March 28, 2025 | $ 0.3984375 | $ 0.390625 | $ 0.390625 |\n| April 30, 2025 | $ 0.30 | June 27, 2025 | $ 0.3984375 | $ 0.390625 | $ 0.390625 |\n| July 30, 2025 | $ 0.30 | September 29, 2025 | $ 0.3984375 | $ 0.390625 | $ 0.390625 |\n| October 29, 2025 | $ 0.30 | December 29, 2025 | $ 0.3984375 | $ 0.390625 | $ 0.390625 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 105, "bbox": [ 11.3, 617.7, 579.7, 740.9 ], "som_region": [ 0.018986961859385233, 0.11994249934591206, 0.9743958241346992, 0.26629168283611654 ], "content_region": [ 0.018986961859385233, 0.11994249934591206, 0.9743958241346992, 0.25916511484653093 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 97.35, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows", "subtitle": "", "markdown": "| | 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 |\n| --- | --- | --- | --- | --- | --- | --- |\n| | Basic | Diluted | Basic | Diluted | Basic | Diluted |\n| Net income attributable to common stockholders (1) | $ 107,427 | $ 107,427 | $ 223,272 | $ 223,272 | $ 330,065 | $ 330,065 |\n| Net income attributable to noncontrolling interest (2) | \u2014 | 9,033 | \u2014 | 19,278 | \u2014 | 29,122 |\n| Interest expense on convertible notes (3) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 24,832 |\n| Net income attributable to common stockholders and noncontrolling interest | $ 107,427 | $ 116,460 | $ 223,272 | $ 242,550 | $ 330,065 | $ 384,019 |\n| Weighted average shares outstanding | 192,956,154 | 192,956,154 | 188,701,149 | 188,701,149 | 184,641,642 | 184,641,642 |\n| Dilutive effect of OP Units (2) | \u2014 | 16,192,287 | \u2014 | 16,293,589 | \u2014 | 16,293,589 |\n| Dilutive effect of convertible notes (3) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 17,294,392 |\n| Dilutive effect of RSUs (4) | \u2014 | 584,890 | \u2014 | 531,872 | \u2014 | 613,990 |\n| Weighted average shares outstanding | 192,956,154 | 209,733,331 | 188,701,149 | 205,526,610 | 184,641,642 | 218,843,613 |\n| Net income per common share (1) | $ 0.56 | $ 0.56 | $ 1.18 | $ 1.18 | $ 1.79 | $ 1.75 |", "footnotes": [ "(1) Net of preferred stock dividends." ], "footnote_refs": [ "(1)", "(2)", "(3)", "(4)" ], "units": "($ in thousands, except share and per share data)", "page": 106, "bbox": [ 10.4, 165.5, 582.4, 447.3 ], "som_region": [ 0.017480164034557866, 0.46869892939815866, 0.9789471988825403, 0.8034567450511334 ], "content_region": [ 0.017480164034557866, 0.46869892939815866, 0.9789471988825403, 0.7963301770615477 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.76, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "A summary of our pre-tax GAAP income is as follows", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Pre-tax GAAP income: | | | |\n| REIT | $ 110,382 | $ 247,068 | $ 320,045 |\n| TRS Consolidated Group | 66,226 | 50,329 | 107,858 |\n| Total pre-tax GAAP income | $ 176,608 | $ 297,397 | $ 427,903 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 107, "bbox": [ 11.3, 409.0, 579.7, 521.6 ], "som_region": [ 0.018986961859385233, 0.3805076505270365, 0.9744046466165167, 0.514241464252219 ], "content_region": [ 0.018986961859385233, 0.3805076505270365, 0.9744046466165167, 0.5071148962626333 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.31, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Our provision for income taxes is comprised as follows", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Current tax provision: | | | |\n| Federal | $ 10,799 | $ 18,880 | $ 26,269 |\n| State | 4,207 | 6,211 | 8,427 |\n| Total | 15,006 | 25,091 | 34,696 |\n| Deferred tax provision (benefit): | | | |\n| Federal | $ 3,001 | $ (8,795) | $ (5,272) |\n| State | 772 | (2,818) | (1,783) |\n| Valuation allowance | \u2014 | \u2014 | (294) |\n| Total | 3,773 | (11,613) | (7,349) |\n| Total income tax expense | $ 18,779 | $ 13,478 | $ 27,347 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 107, "bbox": [ 11.3, 207.3, 582.0, 402.1 ], "som_region": [ 0.018986961859385233, 0.5224172914967409, 0.9781864137062795, 0.7537563568320962 ], "content_region": [ 0.018986961859385233, 0.5224172914967409, 0.9781864137062795, 0.7466297888425105 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.04, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "A reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate", "subtitle": "($ in thousands)", "markdown": "| | Year Ended December 31, 2025 | | Year Ended December 31, 2024 | | Year Ended December 31, 2023 | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | $ | % | $ | % | $ | % |\n| U.S. federal statutory rate | 37,924 | 21.0 % | 62,453 | 21.0 % | 89,860 | 21.0 % |\n| State and local income taxes, net of federal tax effect (1) | 3,853 | 2.1 % | 2,707 | 0.9 % | 5,255 | 1.2 % |\n| Changes in valuation allowances | \u2014 | \u2014 | \u2014 | \u2014 | (294) | (0.1)% |\n| Nontaxable or nondeductible items: | | | | | | |\n| REIT non-taxable income | (24,017) | (13.3)% | (51,885) | (17.4)% | (67,212) | (15.7)% |\n| Other | 346 | 0.2 % | (10) | \u2014 | (351) | (0.1)% |\n| Other adjustments | 673 | 0.4 % | 213 | 0.1 % | 89 | 0.1 % |\n| Effective income tax rate | 18,779 | 10.4 % | 13,478 | 4.6 % | 27,347 | 6.4 % |", "footnotes": [ "State taxes in New York, Florida, New Jersey, Massachusetts and Georgia in 2023 and New York, Florida, New Jersey, Massachusetts and Connecticut in 2024 and New York, North Carolina, Florida, Maryland and Georgia in 2025 made up the majority (greater than 50%) of the tax effect in this category." ], "footnote_refs": [ "(1)" ], "units": "", "page": 108, "bbox": [ 10.4, 555.6, 582.4, 749.5 ], "som_region": [ 0.017480164034557866, 0.109823972958711, 0.9789487376875085, 0.34004423802000533 ], "content_region": [ 0.017480164034557866, 0.109823972958711, 0.9789487376875085, 0.32009355940332684 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 96.72, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows", "subtitle": "", "markdown": "| | December 31, 2025 | December 31, 2024 |\n| --- | --- | --- |\n| Deferred tax assets: | | |\n| Expenses not currently deductible | $ 35,812 | $ 33,189 |\n| Loan loss reserves | 455 | 7,084 |\n| Net operating loss carryforwards | 274 | 234 |\n| Other | 531 | 396 |\n| Deferred tax assets, net | $ 37,072 | $ 40,903 |\n| Deferred tax liabilities: | | |\n| Mortgage servicing rights | $ 24,878 | $ 24,420 |\n| Intangibles | 5,255 | 5,106 |\n| Interest in equity affiliates, net | 904 | 1,568 |\n| Deferred tax liabilities, net | $ 31,037 | $ 31,094 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 108, "bbox": [ 11.3, 343.9, 579.7, 532.1 ], "som_region": [ 0.018986961859385233, 0.3679764567493284, 0.9744091604444233, 0.5915785445240498 ], "content_region": [ 0.018986961859385233, 0.3679764567493284, 0.9744091604444233, 0.5806587015225514 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.76, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Income taxes paid (net of refund) is comprised as follows", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Federal | $ 19,128 | $ 19,300 | $ 22,900 |\n| State | 6,595 | 7,807 | 6,849 |\n| Total | $ 25,723 | $ 27,107 | $ 29,749 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 108, "bbox": [ 11.3, 241.1, 579.7, 343.9 ], "som_region": [ 0.018986961859385233, 0.5915785445240498, 0.9744046466165167, 0.7136601325052738 ], "content_region": [ 0.018986961859385233, 0.5915785445240498, 0.9744046466165167, 0.7065335645156882 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 95.45, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Jurisdictions with income taxes paid (net of refunds) exceeding 5% of total income taxes paid", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| New York | $ 599 | $ 1,991 | $ 1,837 |", "footnotes": [], "footnote_refs": [], "units": "($ in thousands)", "page": 108, "bbox": [ 11.3, 163.5, 579.7, 210.1 ], "som_region": [ 0.018986961859385233, 0.750407803615147, 0.9744046466165167, 0.8058601058705379 ], "content_region": [ 0.018986961859385233, 0.750407803615147, 0.9744046466165167, 0.7987335378809522 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 94.71, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (Continued)", "subtitle": "Year Ended December 31, 2025", "markdown": "| | Structured Business | Agency Business | Other (1) | Consolidated |\n| --- | --- | --- | --- | --- |\n| Interest income | $ 890,933 | $ 49,075 | $ \u2014 | $ 940,008 |\n| Interest expense | 676,641 | 25,195 | \u2014 | 701,836 |\n| Net interest income | 214,292 | 23,880 | \u2014 | 238,172 |\n| Other revenue: | | | | |\n| Gain on sales, including fee-based services, net | \u2014 | 70,669 | \u2014 | 70,669 |\n| Mortgage servicing rights | \u2014 | 54,532 | \u2014 | 54,532 |\n| Servicing revenue | \u2014 | 181,129 | \u2014 | 181,129 |\n| Amortization of MSRs | \u2014 | (71,512) | \u2014 | (71,512) |\n| Property operating income | 21,347 | \u2014 | \u2014 | 21,347 |\n| Gain on derivative instruments, net | \u2014 | 1,259 | \u2014 | 1,259 |\n| Other income, net | 10,537 | 4,264 | \u2014 | 14,801 |\n| Total other revenue | 31,884 | 240,341 | \u2014 | 272,225 |\n| Other expenses: | | | | |\n| Employee compensation and benefits | 65,897 | 87,055 | \u2014 | 152,952 |\n| Commissions | \u2014 | 21,193 | \u2014 | 21,193 |\n| Selling and administrative | 30,368 | 29,437 | \u2014 | 59,805 |\n| Property operating expenses | 27,980 | \u2014 | \u2014 | 27,980 |\n| Depreciation and amortization | 21,648 | 1,566 | \u2014 | 23,214 |\n| Impairment loss on real estate owned | 20,500 | \u2014 | \u2014 | 20,500 |\n| Provision for loss sharing, net | \u2014 | 24,259 | \u2014 | 24,259 |\n| Provision for loan losses, net | 36,259 | 6,437 | \u2014 | 42,696 |\n| Total other expenses | 202,652 | 169,947 | \u2014 | 372,599 |\n| Income before extinguishment on debt, loss on real estate, income from equity affiliates and income taxes | 43,524 | 94,274 | \u2014 | 137,798 |\n| Loss on extinguishment of debt | (2,919) | \u2014 | \u2014 | (2,919) |\n| Loss on real estate | (9,151) | \u2014 | \u2014 | (9,151) |\n| Income from equity affiliates | 50,880 | \u2014 | \u2014 | 50,880 |\n| Provision for income taxes | (1,634) | (17,145) | \u2014 | (18,779) |\n| Net income | 80,700 | 77,129 | \u2014 | 157,829 |\n| Preferred stock dividends | 41,369 | \u2014 | \u2014 | 41,369 |\n| Net income attributable to noncontrolling interest | \u2014 | \u2014 | 9,033 | 9,033 |\n| Net income attributable to common stockholders | $ 39,331 | $ 77,129 | $ (9,033) | $ 107,427 |", "footnotes": [], "footnote_refs": [ "(1)" ], "units": "", "page": 113, "bbox": [ 11.3, 294.4, 582.0, 771.1 ], "som_region": [ 0.018986961859385233, 0.08417575170452522, 0.9781909275341861, 0.6503283271290734 ], "content_region": [ 0.018986961859385233, 0.08417575170452522, 0.9781909275341861, 0.6432017591394877 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 99.22, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (Continued)", "subtitle": "", "markdown": "| | Year Ended December 31, 2024 | | | |\n| --- | --- | --- | --- | --- |\n| | Structured Business | Agency Business | Other (1) | Consolidated |\n| Interest income | $ 1,112,763 | $ 55,109 | $ \u2014 | $ 1,167,872 |\n| Interest expense | 781,668 | 22,947 | \u2014 | 804,615 |\n| Net interest income | 331,095 | 32,162 | \u2014 | 363,257 |\n| Other revenue: | | | | |\n| Gain on sales, including fee-based services, net | \u2014 | 74,932 | \u2014 | 74,932 |\n| Mortgage servicing rights | \u2014 | 51,272 | \u2014 | 51,272 |\n| Servicing revenue | \u2014 | 194,318 | \u2014 | 194,318 |\n| Amortization of MSRs | \u2014 | (68,422) | \u2014 | (68,422) |\n| Property operating income | 7,226 | \u2014 | \u2014 | 7,226 |\n| Loss on derivative instruments, net | \u2014 | (8,543) | \u2014 | (8,543) |\n| Other income, net | 7,255 | 828 | \u2014 | 8,083 |\n| Total other revenue | 14,481 | 244,385 | \u2014 | 258,866 |\n| Other expenses: | | | | |\n| Employee compensation and benefits | 67,187 | 87,728 | \u2014 | 154,915 |\n| Commissions | \u2014 | 26,779 | \u2014 | 26,779 |\n| Selling and administrative | 26,922 | 28,009 | \u2014 | 54,931 |\n| Property operating expenses | 7,394 | \u2014 | \u2014 | 7,394 |\n| Depreciation and amortization | 6,296 | 3,259 | \u2014 | 9,555 |\n| Provision for loss sharing, net | \u2014 | 11,782 | \u2014 | 11,782 |\n| Provision for credit losses, net | 63,953 | 4,590 | \u2014 | 68,543 |\n| Total other expenses | 171,752 | 162,147 | \u2014 | 333,899 |\n| Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes | 173,824 | 114,400 | \u2014 | 288,224 |\n| Loss on extinguishment of debt | (412) | \u2014 | \u2014 | (412) |\n| Gain of real estate | 3,813 | \u2014 | \u2014 | 3,813 |\n| Income from equity affiliates | 5,772 | \u2014 | \u2014 | 5,772 |\n| Benefit from (provision for) income taxes | 3,590 | (17,068) | \u2014 | (13,478) |\n| Net income | 186,587 | 97,332 | \u2014 | 283,919 |\n| Preferred stock dividends | 41,369 | \u2014 | \u2014 | 41,369 |\n| Net income attributable to noncontrolling interest | \u2014 | \u2014 | 19,278 | 19,278 |\n| Net income attributable to common stockholders | $ 145,218 | $ 97,332 | $ (19,278) | $ 223,272 |", "footnotes": [], "footnote_refs": [ "(1)" ], "units": "", "page": 114, "bbox": [ 11.3, 307.9, 582.0, 771.1 ], "som_region": [ 0.018986961859385233, 0.08416647231912212, 0.9781909275341861, 0.6342842697671027 ], "content_region": [ 0.018986961859385233, 0.08416647231912212, 0.9781909275341861, 0.6271577017775171 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 99.23, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (Continued)", "subtitle": "Year Ended December 31, 2023", "markdown": "| | Structured Business | Agency Business | Other (1) | Consolidated |\n| --- | --- | --- | --- | --- |\n| Interest income | $ 1,279,433 | $ 51,786 | $ \u2014 | $ 1,331,219 |\n| Interest expense | 880,602 | 22,626 | \u2014 | 903,228 |\n| Net interest income | 398,831 | 29,160 | \u2014 | 427,991 |\n| Other revenue: | | | | |\n| Gain on sales, including fee-based services, net | \u2014 | 72,522 | \u2014 | 72,522 |\n| Mortgage servicing rights | \u2014 | 69,912 | \u2014 | 69,912 |\n| Servicing revenue | \u2014 | 193,542 | \u2014 | 193,542 |\n| Amortization of MSRs | \u2014 | (63,093) | \u2014 | (63,093) |\n| Property operating income | 5,708 | \u2014 | \u2014 | 5,708 |\n| Gain on derivative instruments, net | \u2014 | 6,763 | \u2014 | 6,763 |\n| Other income, net | 4,868 | 2,799 | \u2014 | 7,667 |\n| Total other revenue | 10,576 | 282,445 | \u2014 | 293,021 |\n| Other expenses: | | | | |\n| Employee compensation and benefits | 53,507 | 87,760 | \u2014 | 141,267 |\n| Commissions | \u2014 | 18,521 | \u2014 | 18,521 |\n| Selling and administrative | 23,234 | 28,026 | \u2014 | 51,260 |\n| Property operating expenses | 5,897 | \u2014 | \u2014 | 5,897 |\n| Depreciation and amortization | 5,052 | 4,691 | \u2014 | 9,743 |\n| Provision for loss sharing, net | \u2014 | 15,695 | \u2014 | 15,695 |\n| Provision for credit losses, net | 70,344 | 3,102 | \u2014 | 73,446 |\n| Total other expenses | 158,034 | 157,795 | \u2014 | 315,829 |\n| Income before extinguishment of debt, income from equity affiliates and income taxes | 251,373 | 153,810 | \u2014 | 405,183 |\n| Loss on extinguishment of debt | (1,561) | \u2014 | \u2014 | (1,561) |\n| Income from equity affiliates | 24,281 | \u2014 | \u2014 | 24,281 |\n| Benefit from (provision for) income taxes | 803 | (28,150) | \u2014 | (27,347) |\n| Net income | 274,896 | 125,660 | \u2014 | 400,556 |\n| Preferred stock dividends | 41,369 | \u2014 | \u2014 | 41,369 |\n| Net income attributable to noncontrolling interest | \u2014 | \u2014 | 29,122 | 29,122 |\n| Net income attributable to common stockholders | $ 233,527 | $ 125,660 | $ (29,122) | $ 330,065 |", "footnotes": [ "(1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments." ], "footnote_refs": [ "(1)" ], "units": "", "page": 115, "bbox": [ 10.4, 292.4, 582.0, 771.1 ], "som_region": [ 0.017480164034557866, 0.08416647231912212, 0.9781909275341861, 0.652731687948478 ], "content_region": [ 0.017480164034557866, 0.08416647231912212, 0.9781909275341861, 0.6456051199588924 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.68, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (Continued)", "subtitle": "", "markdown": "| | December 31, 2025 | | | December 31, 2024 | |\n| --- | --- | --- | --- | --- | --- |\n| | Structured Business | Agency Business | Consolidated | Structured Business | Agency Business | Consolidated |\n| Assets: | | | | | | |\n| Cash and cash equivalents | $ 124,141 | $ 358,734 | $ 482,875 | $ 58,188 | $ 445,615 | $ 503,803 |\n| Restricted cash | 35,258 | 32,089 | 67,347 | 134,320 | 22,056 | 156,376 |\n| Loans and investments, net | 11,934,248 | \u2014 | 11,934,248 | 11,033,997 | \u2014 | 11,033,997 |\n| Loans held-for-sale, net | \u2014 | 409,081 | 409,081 | \u2014 | 435,759 | 435,759 |\n| Capitalized mortgage servicing rights, net | \u2014 | 340,842 | 340,842 | \u2014 | 368,678 | 368,678 |\n| Securities held-to-maturity, net | \u2014 | 156,087 | 156,087 | \u2014 | 157,154 | 157,154 |\n| Investments in equity affiliates | 57,966 | \u2014 | 57,966 | 76,312 | \u2014 | 76,312 |\n| Real estate owned, net | 498,938 | \u2014 | 498,938 | 176,543 | \u2014 | 176,543 |\n| Goodwill and other intangible assets | 12,500 | 74,053 | 86,553 | 12,500 | 75,619 | 88,119 |\n| Other assets and due from related party | 382,735 | 78,231 | 460,966 | 415,310 | 78,930 | 494,240 |\n| Total assets | $ 13,045,786 | $ 1,449,117 | $ 14,494,903 | $ 11,907,170 | $ 1,583,811 | $ 13,490,981 |\n| Liabilities: | | | | | | |\n| Debt obligations | $ 10,625,053 | $ 390,396 | $ 11,015,449 | $ 9,500,901 | $ 422,661 | $ 9,923,562 |\n| Allowance for loss-sharing obligations | \u2014 | 97,579 | 97,579 | \u2014 | 83,150 | 83,150 |\n| Other liabilities and due to related parties | 241,873 | 72,849 | 314,722 | 244,948 | 87,351 | 332,299 |\n| Total liabilities | $ 10,866,926 | $ 560,824 | $ 11,427,750 | $ 9,745,849 | $ 593,162 | $ 10,339,011 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 116, "bbox": [ 11.3, 218.1, 579.7, 771.1 ], "som_region": [ 0.018986961859385233, 0.08416647231912212, 0.9744091604444233, 0.7409229668196001 ], "content_region": [ 0.018986961859385233, 0.08416647231912212, 0.9744091604444233, 0.7337963988300145 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 99.39, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (Continued)", "subtitle": "", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Origination Data: | | | |\n| Structured Business | | | |\n| Bridge: | | | |\n| SFR | $ 1,947,107 | $ 869,141 | $ 524,060 |\n| Multifamily | 1,183,945 | 444,635 | 415,330 |\n| Land | \u2014 | 10,350 | \u2014 |\n| | 3,131,052 | 1,324,126 | 939,390 |\n| Construction - Multifamily | 242,844 | 4,368 | \u2014 |\n| Mezzanine / Preferred Equity | 149,642 | 97,305 | 43,953 |\n| Total New Loan Originations | $ 3,523,538 | $ 1,425,799 | $ 983,343 |\n| Number of Loans Originated | 98 | 170 | 150 |\n| Commitments: | | | |\n| SFR | $ 665,834 | $ 1,438,841 | $ 1,150,687 |\n| Construction - Multifamily | 470,500 | 101,000 | \u2014 |\n| Total Commitments | $ 1,136,334 | $ 1,539,841 | $ 1,150,687 |\n| Loan Runoff | $ 2,213,378 | $ 2,691,583 | $ 3,354,055 |\n| Agency Business | | | |\n| Origination Volumes by Investor: | | | |\n| Fannie Mae | $ 2,982,659 | $ 2,374,040 | $ 3,773,532 |\n| Freddie Mac | 1,924,773 | 1,770,976 | 756,827 |\n| FHA | 78,145 | 146,507 | 257,199 |\n| Private Label | 44,925 | 151,936 | 299,934 |\n| SFR - Fixed Rate | 43,762 | 27,314 | 19,328 |\n| Total New Loan Originations | $ 5,074,264 | $ 4,470,773 | $ 5,106,820 |\n| Total Loan Commitment Volume | $ 5,103,885 | $ 4,443,972 | $ 5,207,148 |\n| Agency Business Loan Sales Data: | | | |\n| Fannie Mae | $ 2,850,697 | $ 2,680,018 | $ 3,469,340 |\n| Freddie Mac | 2,081,749 | 1,662,010 | 715,530 |\n| FHA | 128,282 | 116,058 | 240,079 |\n| SFR - Fixed Rate | 43,762 | 27,314 | 22,931 |\n| Private Label | \u2014 | 124,286 | 441,319 |\n| Total Loan Sales | $ 5,104,490 | $ 4,609,686 | $ 4,889,199 |\n| Sales Margin (fee-based services as a % of loan sales) | 1.38% | 1.63% | 1.48% |\n| MSR Rate (MSR income as a % of loan commitments) | 1.07% | 1.15% | 1.34% |", "footnotes": [], "footnote_refs": [], "units": "", "page": 117, "bbox": [ 11.3, 182.3, 582.0, 771.1 ], "som_region": [ 0.018986961859385233, 0.08417575170452522, 0.9782928990100765, 0.7834132725804238 ], "content_region": [ 0.018986961859385233, 0.08417575170452522, 0.9782928990100765, 0.7762867045908382 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 99.5, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Key Servicing Metrics for Agency Business:", "subtitle": "", "markdown": "| | December 31, 2025 | December 31, 2025 | December 31, 2025 | | December 31, 2024 | December 31, 2024 | December 31, 2024 |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | 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) |\n| Fannie Mae | $ 24,085,960 | 44.7 | 5.5 | | $ 22,730,056 | 46.4 | 6.4 |\n| Freddie Mac | 7,455,088 | 18.3 | 5.9 | | 6,077,020 | 21.5 | 6.8 |\n| Private Label | 2,558,048 | 18.7 | 4.5 | | 2,605,980 | 18.7 | 5.5 |\n| FHA | 1,549,483 | 13.9 | 19.1 | | 1,506,948 | 14.1 | 19.2 |\n| Bridge | 277,738 | 10.4 | 2.2 | | 278,494 | 10.4 | 3.0 |\n| SFR - Fixed Rate | 277,490 | 20.0 | 4.0 | | 271,859 | 20.1 | 4.4 |\n| Total | $ 36,203,807 | 35.6 | 6.1 | | $ 33,470,357 | 37.8 | 6.9 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 118, "bbox": [ 11.3, 502.3, 582.4, 771.1 ], "som_region": [ 0.018986961859385233, 0.08417575170452522, 0.978951712710447, 0.40339460216701195 ], "content_region": [ 0.018986961859385233, 0.08417575170452522, 0.978951712710447, 0.39626803417742634 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 99.26, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES", "subtitle": "SCHEDULE IV \u2014 LOANS AND OTHER LENDING INVESTMENTS", "markdown": "| 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 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Bridge Loans: | | | | | | | | |\n| Bridge loans less than 3% of carrying amount of total loans (6): | | | | | | | | |\n| 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% | $ \u2014 | $ 8,143,114 | $ 8,029,392 | $ 470,439 |\n| Single\u2011Family Rental | Various | IO / PI | 2026 - 2028 | SOFR+ 1.70% to 6.20% SOFR Floor 0.10% to 5.36% | \u2014 | 3,184,910 | 3,157,927 | \u2014 |\n| Office | NY | IO / PI | 2028 | Fixed 1.00% | \u2014 | 33,410 | 33,159 | \u2014 |\n| Retail | CT | IO / PI | 2026 | SOFR+ 5.50% SOFR Floor 1.00% | \u2014 | 10,324 | 10,324 | \u2014 |\n| Total Bridge Loans | | | | | \u2014 | 11,371,758 | 11,230,802 | 470,439 |\n| Mezzanine Loans: | | | | | | | | |\n| Mezzanine loans less than 3% of carrying amount of total loans (6): | | | | | | | | |\n| Multifamily | Various | IO / PI | 2026 - 2034 | Fixed 0.00% to 14.00% | 1,941,429 | 283,581 | 264,622 | \u2014 |\n| Retail | Various | IO / PI | 2026 | SOFR+ 5.50% SOFR Floor 1.00% Fixed 12.00% | \u2014 | 6,631 | 3,727 | 531 |\n| Total Mezzanine Loans | | | | | 1,941,429 | 290,212 | 268,349 | 531 |\n| Preferred Equity Investments: | | | | | | | | |\n| Preferred equity investments less than 3% of carrying amount of total loans (6): | | | | | | | | |\n| Multifamily | Various | IO | 2026 - 2033 | Fixed 0.00% to 16.00% | 1,162,113 | 198,127 | 189,066 | \u2014 |\n| Land | TX | IO / PI | 2026 | Fixed 0.00% | \u2014 | 2,291 | 1,915 | \u2014 |\n| Commercial | NY | IO | 2026 | Fixed 6.00% | 29,792 | 1,700 | \u2014 | 1,700 |\n| Total Preferred Equity Investments | | | | | 1,191,905 | 202,118 | 190,981 | 1,700 |\n| Other Loans: | | | | | | | | |\n| Other loans less than 3% of carrying amount of total loans (6): | | | | | | | | |\n| Construction - Multifamily | Various | IO | 2026 - 2030 | SOFR+ 4.25% to 5.75% SOFR Floor 3.50% to 4.00% | \u2014 | 249,019 | 244,116 | \u2014 |\n| Total Other Loans | | | | | \u2014 | 249,019 | 244,116 | \u2014 |\n| Total Loans | | | | | $ 3,133,334 | $ 12,113,107 | $ 11,934,248 | $ 472,670 |", "footnotes": [ "(1) IO = Interest Only, PI = Principal and Interest.", "(2) Maturity date does not include possible extensions.", "(3) References to SOFR are to one-month SOFR unless specifically stated otherwise.", "(4) During 2025, $5.14 billion of loans were extended.", "(5) The federal income tax basis is approximately $12.11 billion.", "(6) Individual loans each have a carrying value less than 3% of total loans." ], "footnote_refs": [ "(1)", "(2)", "(3)", "(4)", "(5)", "(6)" ], "units": "($ in thousands)", "page": 119, "bbox": [ 10.4, 332.9, 580.6, 819.2 ], "som_region": [ 0.017480164034557866, 0.026935219450577738, 0.9759060073304565, 0.604627354018775 ], "content_region": [ 0.017480164034557866, 0.026935219450577738, 0.9759060073304565, 0.5975007860291893 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 94.37, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES", "subtitle": "SCHEDULE IV \u2014 LOANS AND OTHER LENDING INVESTMENTS (Continued)", "markdown": "| | Year Ended December 31, 2025 | Year Ended December 31, 2024 | Year Ended December 31, 2023 |\n| --- | --- | --- | --- |\n| Balance at beginning of year | $ 11,033,997 | $ 12,377,806 | $ 14,254,674 |\n| Additions during period: | | | |\n| New loan originations | 3,523,538 | 1,425,799 | 983,343 |\n| Funding of unfunded loan commitments (1) | 1,341,948 | 627,790 | 835,484 |\n| Accretion of unearned revenue | 22,418 | 33,501 | 41,125 |\n| Reversals/recoveries of reserves | 406 | 12,959 | 4,776 |\n| Loan charge-offs | 128,337 | 15,709 | \u2014 |\n| Deductions during period: | | | |\n| Loan payoffs and paydowns | (2,213,378) | (2,691,583) | (3,354,055) |\n| Unfunded loan commitments (1) | (1,112,444) | (564,777) | (260,789) |\n| Unearned revenue and costs | (23,314) | (19,001) | (13,772) |\n| Reclassification to real estate owned, net | (603,176) | (100,025) | (39,400) |\n| Provision for loan losses | (35,747) | (68,472) | (73,580) |\n| Use of loan charge-offs | (128,337) | (15,709) | \u2014 |\n| Balance at end of year | $ 11,934,248 | $ 11,033,997 | $ 12,377,806 |", "footnotes": [ "(1) In accordance with certain loans and investments, we have outstanding unfunded commitments that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements." ], "footnote_refs": [ "(1)" ], "units": "($ in thousands)", "page": 120, "bbox": [ 10.4, 449.0, 582.0, 819.2 ], "som_region": [ 0.017480164034557866, 0.026944498835980844, 0.9781909275341861, 0.4667264075432124 ], "content_region": [ 0.017480164034557866, 0.026944498835980844, 0.9781909275341861, 0.399469422141498 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 94.39, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Exhibits", "subtitle": "", "markdown": "| Exhibit # | Description | Form | Exhibit # | Filing Date |\n| --- | --- | --- | --- | --- |\n| 3.1 | Articles of Incorporation of Arbor Realty Trust, Inc. | S-11 | 3.1 | 11/13/2003 |\n| 3.2 | Articles of Amendment to Articles of Incorporation of Arbor Realty Trust, Inc. | 10-Q | 3.2 | 8/7/2007 |\n| 3.3 | Articles Supplementary of Arbor Realty Trust, Inc. | S-11 | 3.2 | 11/13/2003 |\n| 3.4 | Articles Supplementary of 6.375% Series D Cumulative Redeemable Preferred Stock. | 8-A | 3.7 | 6/2/2021 |\n| 3.5 | Articles Supplementary of 6.25% Series E Cumulative Redeemable Preferred Stock. | 8-A | 3.5 | 8/11/2021 |\n| 3.6 | Articles Supplementary of 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock. | 8-A | 3.6 | 10/12/2021 |\n| 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 |\n| 3.8 | Articles Supplementary designating Special Voting Preferred Stock. | 8-K | 3.1 | 7/15/2016 |\n| 3.9 | Amended and Restated Bylaws of Arbor Realty Trust, Inc. | | | |\n| 4.1 | Form of Certificate for Common Stock. | S-11/A | | 12/31/2003 |\n| 4.2 | Specimen 6.375% Series D Cumulative Redeemable Preferred Stock Certificate. | 8-A | 4.1 | 6/2/2021 |\n| 4.3 | Specimen 6.25% Series E Cumulative Redeemable Preferred Stock Certificate. | 8-A | 4.1 | 8/11/2021 |\n| 4.4 | Specimen 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock Certificate. | 8-A | 4.1 | 10/12/2021 |\n| 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 |\n| 4.6 | Description of securities of Arbor Realty Trust, Inc. | 10-K | 4.8 | 2/21/2025 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 10.3 | Form of Restricted Stock Agreement. | S-11 | 10.9 | 11/13/2003 |\n| 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 |\n| 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 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 125, "bbox": [ 20.1, 206.0, 577.0, 686.9 ], "som_region": [ 0.03380676292473069, 0.18408160219028294, 0.9698348062090575, 0.7553524111214305 ], "content_region": [ 0.03380676292473069, 0.18408160219028294, 0.9698348062090575, 0.7482258431318448 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Table of Contents", "subtitle": "", "markdown": "| Exhibit # | Description | Form | Exhibit # | Filing Date |\n| --- | --- | --- | --- | --- |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 126, "bbox": [ 20.1, 235.7, 577.0, 794.9 ], "som_region": [ 0.03380676292473069, 0.05580338743964141, 0.9698348062090575, 0.7200721878188203 ], "content_region": [ 0.03380676292473069, 0.05580338743964141, 0.9698348062090575, 0.7129456198292347 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Table of Contents", "subtitle": "", "markdown": "| Exhibit # | Description | Form | Exhibit # | Filing Date |\n| --- | --- | --- | --- | --- |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 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 |\n| 97 | Arbor Realty Trust, Inc. Clawback Policy. | 10-K | 97 | 2/20/2024 |\n| 19 | Insider Trading Policy. | 10-K | 19 | 2/21/2025 |\n| 21.1 | List of Significant Subsidiaries of Arbor Realty Trust, Inc. | | | |\n| 23.1 | Consent of Ernst & Young LLP. | | | |\n| 31.1 | Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14. | | | |\n| 31.2 | Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14. | | | |\n| 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. | | | |\n| 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. | | | |\n| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | | | |", "footnotes": [], "footnote_refs": [], "units": "", "page": 127, "bbox": [ 20.1, 335.6, 577.0, 794.9 ], "som_region": [ 0.03380676292473069, 0.05580338743964141, 0.9698348062090575, 0.6014166866693003 ], "content_region": [ 0.03380676292473069, 0.05580338743964141, 0.9698348062090575, 0.5942901186797146 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Chief Executive Officer", "subtitle": "Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.", "markdown": "| Signature | Title | Date |\n| --- | --- | --- |\n| /s/ Ivan Kaufman Ivan Kaufman | Chairman of the Board of Directors, Chief Executive Officer and President (Principal Executive Officer) | February 27, 2026 |\n| /s/ Paul Elenio Paul Elenio | Chief Financial Officer (Principal Financial and Accounting Officer) | February 27, 2026 |\n| /s/ Kenneth J. Bacon Kenneth J. Bacon | Director | February 27, 2026 |\n| /s/ Caryn Effron Caryn Effron | Director | February 27, 2026 |\n| /s/ Edward Farrell Edward Farrell | Director | February 27, 2026 |\n| /s/ William C. Green William C. Green | Director | February 27, 2026 |\n| /s/ Melvin F. Lazar Melvin F. Lazar | Director | February 27, 2026 |\n| /s/ John Natalone John Natalone | Director | February 27, 2026 |\n| /s/ Elliot Schwartz Elliot Schwartz | Director | February 27, 2026 |\n| /s/ George Tsunis George Tsunis | Director | February 27, 2026 |\n| /s/ Carrie Wilkens Carrie Wilkens | Director | February 27, 2026 |", "footnotes": [], "footnote_refs": [], "units": "", "page": 128, "bbox": [ 10.4, 194.5, 563.4, 647.8 ], "som_region": [ 0.017480164034557866, 0.23058988183065166, 0.9470289984718641, 0.7689838282785936 ], "content_region": [ 0.017480164034557866, 0.23058988183065166, 0.9470289984718641, 0.7618572602890079 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 98.85, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Arbor Realty Trust, Inc.", "subtitle": "List of Significant Subsidiaries", "markdown": "| Name | Jurisdiction of Organization |\n| --- | --- |\n| Arbor Realty GPOP, Inc. | Delaware |\n| Arbor Realty Limited Partnership | Delaware |\n| ARSR Holdings, LLC | Delaware |\n| Arbor Realty SR, Inc. | Maryland |\n| Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. | Cayman Islands |\n| Arbor Realty Commercial Real Estate Notes 2022-FL1, Ltd. | Cayman Islands |\n| Arbor Realty Commercial Real Estate Notes 2025-BTR1, LLC | Delaware |\n| Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC | Delaware |\n| Arbor Q021 Investor LLC | Delaware |\n| ARSR Alpine LLC | Delaware |\n| Arbor Private Label, LLC | Delaware |\n| Arbor Private Investment LLC | Delaware |\n| ARSR TRS Holdings LLC | Delaware |", "footnotes": [], "footnote_refs": [], "units": "", "page": 155, "bbox": [ 11.3, 586.2, 519.7, 776.7 ], "som_region": [ 0.018986961859385233, 0.07746147297049148, 0.8735128988787652, 0.30375390286962817 ], "content_region": [ 0.018986961859385233, 0.07746147297049148, 0.8735128988787652, 0.29662733488004256 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/arbor/Arbor10K_Q425.pdf", "camelot_accuracy": 100.0, "classifier_decision": null, "llm_corrected": true, "extraction_record": null } ]