Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)

Arbor10Q_Q126.pdf

p1 · table 1 · Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading symbols	Name of each exchange on which registered
Common Stock, par value $0.01 per share	ABR	New York Stock Exchange
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share	ABR-PD	New York Stock Exchange
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share	ABR-PE	New York Stock Exchange
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share	ABR-PF	New York Stock Exchange

p2 · table 2 · Table of Contents

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

p4 · table 3 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

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	March 31, 2026 (Unaudited)	December 31, 2025
Assets:
Cash and cash equivalents	$ 407,126	$ 482,875
Restricted cash	393,529	67,347
Loans and investments, net (allowance for credit losses of $131,223 and $145,971)	11,835,381	11,934,248
Loans held-for-sale, net	443,218	409,081
Capitalized mortgage servicing rights, net	331,929	340,842
Securities held-to-maturity, net (allowance for credit losses of $15,125 and $17,013)	155,469	156,087
Investments in equity affiliates	56,747	57,966
Real estate owned, net	520,766	498,938
Due from related party	35,251	6,534
Goodwill and other intangible assets	86,161	86,553
Other assets	426,908	454,432
Total assets	$ 14,692,485	$ 14,494,903
Liabilities and Equity:
Credit and repurchase facilities	$ 4,967,952	$ 5,149,651
Securitized debt	3,931,468	3,468,258
Senior unsecured notes	2,030,947	2,029,078
Junior subordinated notes to subsidiary trust issuing preferred securities	145,707	145,497
Notes payable - real estate owned	253,189	222,965
Due to related party	1,758	501
Due to borrowers	29,992	33,451
Allowance for loss-sharing obligations	106,773	97,579
Other liabilities	245,649	280,770
Total liabilities	11,713,435	11,427,750
Commitments and contingencies (Note 14)
Equity:
Arbor Realty Trust, Inc. stockholders' equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period:	633,683	633,683
Special voting preferred shares - 16,170,218 and 16,169,858 shares
6.375% Series D - 9,200,000 shares
6.25% Series E - 5,750,000 shares
6.25% Series F - 11,342,000 shares
Common stock, $0.01 par value: 500,000,000 shares authorized - 192,370,465 and 195,491,855 shares issued and outstanding	1,924	1,955
Additional paid-in capital	2,428,500	2,454,312
Accumulated deficit	(194,058)	(136,597)
Total Arbor Realty Trust, Inc. stockholders' equity	2,870,049	2,953,353
Noncontrolling interest	109,001	113,800
Total equity	2,979,050	3,067,153
Total liabilities and equity	$ 14,692,485	$ 14,494,903

p5 · table 4 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

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

p6 · table 5 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

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

p7 · table 6 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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

p8 · table 7 · ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

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	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	$ 482,875	$ 503,803
Restricted cash at beginning of period	67,347	156,376
Cash, cash equivalents and restricted cash at beginning of period	$ 550,222	$ 660,179
Cash and cash equivalents at end of period	$ 407,126	$ 308,842
Restricted cash at end of period	393,529	40,563
Cash, cash equivalents and restricted cash at end of period	$ 800,655	$ 349,405
Supplemental cash flow information:
Cash used to pay interest	$ 165,574	$ 164,417
Cash used to pay taxes	132	864
Supplemental schedule of non-cash investing and financing activities:
Real estate acquired in settlement of loans and investments, net	59,017	190,814
Settlement of loans and investments, net of real estate	(58,925)	(196,457)
Derecognition of real estate owned	34,811	72,044
Loan funded in conjunction with real estate sold	(34,000)	(77,000)
Distributions accrued on preferred stock	7,010	7,010

p10 · table 8 · Note 3 – Loans and Investments

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	March 31, 2026	Percent of Total	Loan Count	Wtd. Avg. Pay Rate (1)	Wtd. Avg. Remaining Months to Maturity (2)	Wtd. Avg. First Dollar LTV Ratio (3)	Wtd. Avg. Last Dollar LTV Ratio (4)
Bridge loans (5)	$ 11,209,443	93 %	439	6.37 %	14.1	0 %	77 %
Mezzanine loans	295,843	3 %	62	8.04 %	48.6	58 %	79 %
Construction - multifamily	289,889	2 %	10	9.12 %	22.6	0 %	62 %
Preferred equity investments	202,118	2 %	34	6.87 %	43.0	62 %	81 %
Total UPB	11,997,293	100 %	545	6.49 %	15.7	2 %	77 %
Allowance for credit losses	(131,223)
Unearned revenue	(30,689)
Loans and investments, net (6)	$ 11,835,381
	December 31, 2025	Percent of Total	Loan Count	Wtd. Avg. Pay Rate (1)	Wtd. Avg. Remaining Months to Maturity (2)	Wtd. Avg. First Dollar LTV Ratio (3)	Wtd. Avg. Last Dollar LTV Ratio (4)
Bridge loans (5)	$ 11,371,758	94 %	524	6.39 %	12.9	0 %	77 %
Mezzanine loans	290,212	2 %	65	7.84 %	52.3	59 %	78 %
Construction - multifamily	249,019	2 %	9	9.13 %	24.6	0 %	60 %
Preferred equity investments	202,118	2 %	34	6.87 %	46.0	62 %	80 %
Total UPB	12,113,107	100 %	632	6.49 %	14.7	2 %	77 %
Allowance for credit losses	(145,971)
Unearned revenue	(32,888)
Loans and investments, net (6)	$ 11,934,248

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

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

p13 · table 10 · A summary of the loan portfolio's internal risk ratings and LTV ratios by asset class at December 31, 2025, and charge-offs recorded during 2025 is as follows

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

p14 · table 11 · Allowance for Credit Losses

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	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	Multifamily	Single-Family Rental	Retail	Commercial	Office	Land	Total	Multifamily	Single-Family Rental	Retail	Commercial	Office	Land	Total
Allowance for credit losses:
Beginning balance	$ 131,924	$ 8,817	$ 2,903	$ 1,700	$ 251	$ 376	$ 145,971	$ 148,139	$ 7,524	$ 3,293	$ 1,700	$ 181	$ 78,130	$ 238,967
Provision for credit losses (net of reversals)	4,746	(907)	—	—	(3)	(376)	3,460	6,772	(1,000)	—	—	328	(130)	5,970
Charge-offs	(18,208)	—	—	—	—	—	(18,208)
Recoveries								(406)	—	—	—	—	—	(406)
Charge-offs, net (1)								(3,594)	—	—	—	—	—	(3,594)
Ending balance	$ 118,462	$ 7,910	$ 2,903	$ 1,700	$ 248	$ —	$ 131,223	$ 150,911	$ 6,524	$ 3,293	$ 1,700	$ 509	$ 78,000	$ 240,937

p15 · table 12 · Impaired Loans by Asset Class

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Asset Class	UPB (1)	Carrying Value	Allowance for Credit Losses	Wtd. Avg. First Dollar LTV Ratio	Wtd. Avg. Last Dollar LTV Ratio
March 31, 2026
Multifamily	$ 318,709	$ 316,068	$ 26,962	0 %	96 %
Retail	16,955	16,911	2,903	0 %	97 %
Commercial	1,700	1,700	1,700	0 %	100 %
Total	$ 337,364	$ 334,679	$ 31,565	0 %	96 %
December 31, 2025
Multifamily	$ 366,275	$ 363,635	$ 38,487	0 %	96 %
Retail	16,955	16,855	2,903	0 %	97 %
Commercial	1,700	1,700	1,700	0 %	100 %
Total	$ 384,930	$ 382,190	$ 43,090	0 %	96 %

p15 · table 13 · A summary of our non-performing loans by asset class

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

p16 · table 14 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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	Three Months Ended March 31, 2026
Beginning balance (3 multifamily bridge loans)	$ 48,311
Loans that progressed to greater than 60 days past due	(1,221)
Loans modified or paid off	(47,090)
Ending balance	$ —
	Three Months Ended March 31, 2025
Beginning balance (9 multifamily bridge loans)	$ 167,428
Loans that progressed to greater than 60 days past due	(82,290)
Loans modified or paid off	(38,490)
Additional loans classified as non-accrual	96,175
Ending balance (5 multifamily bridge loans)	$ 142,823

p16 · table 15 · The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the three months ended March 31, 2026

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Asset Class	Payment Deferrals With/Without Term Extensions (1)	Rate Reductions With/Without Term Extensions (2)	Other (3)	Total (4)(5)(6)
Multifamily	$ 166,786	$ 196,594	$ 115,420	$ 478,800

p17 · table 16 · UPB of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025

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Asset Class	Payment Deferrals With/Without Term Extensions (1)	Other (2)	Total (3)(4)(5)
Multifamily	$ 849,365	$ 83,975	$ 933,340
Single-Family Rental	—	16,490	16,490
Total UPB	$ 849,365	$ 100,465	$ 949,830

p19 · table 17 · Note 4 — Loans Held-for-Sale, Net

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

p19 · table 18 · A summary of our capitalized MSR activity is as follows

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	Three Months Ended March 31, 2026
	Originated	Acquired	Total
Beginning balance	$ 338,174	$ 2,668	$ 340,842
Additions	10,427	—	10,427
Amortization	(17,953)	(340)	(18,293)
Write-downs and payoffs	(1,027)	(20)	(1,047)
Ending balance	$ 329,621	$ 2,308	$ 331,929

p19 · table 19 · Capitalized MSR Activity – Three Months Ended March 31, 2025

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			Three Months Ended March 31, 2025
Beginning balance	$	363,861	$	4,817	$	368,678
Additions		9,406		—		9,406
Amortization		(17,195)		(563)		(17,758)
Write-downs and payoffs		(3,067)		(39)		(3,106)
Ending balance	$	353,005	$	4,215	$	357,220

p20 · table 20 · The expected amortization of capitalized MSRs recorded at March 31, 2026 is as follows

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Year	Amortization
2026 (nine months ending 12/31/2026)	$ 53,739
2027	68,128
2028	61,367
2029	52,504
2030	38,542
Thereafter	57,649
Total	$ 331,929

p20 · table 21 · Product and Geographic Concentrations

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

p21 · table 22 · The components of servicing revenue, net are as follows

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	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Servicing fees	$ 33,948	$ 32,543
Interest earned on escrows	10,219	12,890
Prepayment fees	913	1,034
Write-offs and payoffs of MSRs	(1,047)	(3,106)
Amortization of MSRs	(18,293)	(17,758)
Servicing revenue, net	$ 25,740	$ 25,603

p21 · table 23 · A summary of our securities held-to-maturity is as follows

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	Face Value	Net Carrying Value	Unrealized Gain (Loss)	Estimated Fair Value	Allowance for Credit Losses
March 31, 2026
APL certificates	$ 192,791	$ 142,427	$ (15,817)	$ 126,610	$ 1,473
B Piece bonds	32,670	13,042	9,585	22,627	13,652
Total	$ 225,461	$ 155,469	$ (6,232)	$ 149,237	$ 15,125
December 31, 2025
APL certificates	$ 192,791	$ 140,682	$ (15,143)	$ 125,539	$ 1,664
B Piece bonds	36,730	15,405	9,203	24,608	15,349
Total	$ 229,521	$ 156,087	$ (5,940)	$ 150,147	$ 17,013

p22 · table 24 · A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows

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	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
	APL Certificates	B Piece Bonds	Total	APL Certificates	B Piece Bonds	Total
Beginning balance	$ 1,664	$ 15,349	$ 17,013	$ 1,658	$ 9,188	$ 10,846
Provision for credit loss expense/(reversal)	(191)	2,400	2,209	1	(80)	(79)
Charge-offs	—	(4,097)	(4,097)
Ending balance	$ 1,473	$ 13,652	$ 15,125	$ 1,659	$ 9,108	$ 10,767

p22 · table 25 · Note 8 — Investments in Equity Affiliates

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Equity Affiliates	Investments in Equity Affiliates at March 31, 2026	Investments in Equity Affiliates at December 31, 2025	UPB of Loans to Equity Affiliates at March 31, 2026
AWC Real Estate Opportunity Partners I LP	$ 16,782	$ 17,134	$ 108,450
Fifth Wall Ventures	16,765	17,260	—
AMAC Holdings III LLC	12,259	12,714	33,410
ARSR DPREF I LLC	5,843	5,745	—
Lightstone Value Plus REIT L.P.	1,895	1,895	—
Clarus Berkley	1,500	1,500	67,900
The Park at Via Terrossa	563	578	21,845
Docsumo Pte. Ltd.	450	450	—
JT Prime	425	425	—
The Cypress at Wesley Park	265	265	14,964
Lexford Portfolio	—	—	—
East River Portfolio	—	—	—
Total	$ 56,747	$ 57,966	$ 246,569

p23 · table 26 · Note 9 — Real Estate Owned

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	March 31, 2026				December 31, 2025
	Multifamily	Office	Land	Total	Multifamily	Office	Land	Total
Land	$ 111,566	$ 13,599	$ 7,947	$ 133,112	$ 109,788	$ 13,599	$ 7,947	$ 131,334
Building and intangible assets	395,552	55,132	—	450,684	363,281	48,882	—	412,163
Less: Impairment loss	(33,000)	(2,500)	—	(35,500)	(20,500)	(2,500)	—	(23,000)
Less: Accumulated depreciation and amortization	(23,979)	(3,551)	—	(27,530)	(18,015)	(3,544)	—	(21,559)
Real estate owned, net	$ 450,139	$ 62,680	$ 7,947	$ 520,766	$ 434,554	$ 56,437	$ 7,947	$ 498,938
Number of foreclosed loans	17	2	2	21	15	2	2	19
Number of properties	32	2	2	36	31	2	2	35

p24 · table 27 · Borrowings under our credit and repurchase facilities are as follows

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Facility	Current Maturity	Extended Maturity	March 31, 2026 Debt Carrying Value (1)	March 31, 2026 Collateral Carrying Value	March 31, 2026 Wtd. Avg. Note Rate (2)	December 31, 2025 Debt Carrying Value (1)	December 31, 2025 Collateral Carrying Value
Structured Business
$1.4B joint repurchase facility (3)	Jul. 2027	Jul. 2028	$ 1,031,189	$ 1,569,762	6.36%	$ 882,635	$ 1,468,161
$1.22B repurchase facility (6)		N/A	1,175,995	1,633,307	5.66%	1,149,944	1,555,403
$1B repurchase facility (3)(5)		N/A	774,998	1,082,767	6.47%	879,499	1,207,513
$850M repurchase facility (3)	Dec. 2026	Dec. 2027	356,589	624,309	6.50%	443,880	725,309
$650M repurchase facility (3)	Oct. 2026	N/A	381,913	456,439	6.19%	462,694	549,069
$400M credit facility	Mar. 2027	N/A	59,399	117,164	7.01%	66,479	125,099
$400M repurchase facility	Jan. 2027	Jan. 2028	279,679	379,619	5.98%	291,342	383,195
$350M repurchase facility	Mar. 2027	N/A	124,215	217,645	5.73%	127,199	238,422
$300M credit facility	Mar. 2029	Mar. 2030	7,551	9,476	6.76%	—	—
$250M repurchase facility	Sept. 2027	Sept. 2028	85,803	132,070	6.79%	73,052	113,121
$250M repurchase facility	Oct. 2026	N/A	—	—	—	98,186	126,340
$250M repurchase facility	Oct. 2027	N/A	95,417	124,588	6.25%	78,963	102,758
$200M credit facility	Mar. 2027	Mar. 2028	48,665	65,277	6.30%	41,114	59,147
$22M loan specific credit facility	Jul. 2026	N/A	20,792	26,000	5.84%	63,456	87,000
$40M credit facility (7)	Jul. 2026	N/A	15,570	24,610	6.10%	15,532	24,610
$35M working capital facility (7)	Jul. 2026	N/A	35,000	—	6.66%	35,000	—
Repurchase facility - securities (3)(4)	N/A	N/A	50,312	—	5.09%	50,280	—
Structured Business total (8)			$ 4,543,087	$ 6,463,033	6.15%	$ 4,759,255	$ 6,765,147
Agency Business
$750M ASAP agreement	N/A	N/A	$ 253,768	$ 257,537	4.88%	$ 91,965	$ 92,733
$500M repurchase facility	Nov. 2026	N/A	23,169	23,573	5.16%	89,427	89,573
$200M credit facility (7)	Mar. 2027	N/A	62,162	62,568	5.37%	101,802	102,409
$200M credit facility	Jun. 2026	N/A	20,549	20,738	6.07%	42,887	43,096
$100M joint repurchase facility (3)	Jul. 2027	Jul. 2028	65,217	77,762	6.27%	64,315	77,798
Agency Business total			$ 424,865	$ 442,178	5.24%	$ 390,396	$ 405,609
Consolidated total			$ 4,967,952	$ 6,905,211	6.07%	$ 5,149,651	$ 7,170,756

p25 · table 28 · Borrowings and the corresponding collateral under our securitized debt transactions are as follows

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	Debt			Collateral (3)
	Face Value	Carrying Value (1)	Wtd. Avg. Rate (2)	UPB	Carrying Value	Restricted Cash (4)
March 31, 2026
CLO 21	$ 673,990	$ 667,860	5.47 %	$ 655,335	$ 652,162	$ 100,000
CLO 20	933,187	925,169	5.48 %	971,081	966,871	75,192
BTR CLO 1	567,121	559,749	6.22 %	688,888	687,341	266
CLO 18 (5)	878,266	878,030	5.88 %	1,240,919	1,240,675	30,000
CLO 17 (5)	900,659	900,660	5.73 %	1,173,927	1,173,866	104,235
Total CLOs	$ 3,953,223	$ 3,931,468	5.73 %	$ 4,730,150	$ 4,720,915	$ 309,693
Q Series securitization (6)	—	—	—	24,950	24,950	—
Total securitized debt	$ 3,953,223	$ 3,931,468	5.73 %	$ 4,755,100	$ 4,745,865	$ 309,693
December 31, 2025
CLO 20	$ 933,187	$ 924,504	5.50 %	$ 1,045,664	$ 1,040,984	$ —
BTR CLO 1	525,304	517,395	6.29 %	685,746	683,807	—
CLO 18 (5)	971,595	970,979	6.01 %	1,339,523	1,338,395	21,469
CLO 17 (5)	1,055,700	1,055,380	5.66 %	1,443,820	1,443,845	—
Total CLOs	3,485,786	3,468,258	5.81 %	4,514,753	4,507,031	21,469
Q Series securitization (6)	—	—	—	50,600	50,600	—
Total securitized debt	$ 3,485,786	$ 3,468,258	5.81 %	$ 4,565,353	$ 4,557,631	$ 21,469

p26 · table 29 · Senior Unsecured Notes

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

p27 · table 30 · Cash Flow Triggers

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

p28 · table 31 · Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:

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Determination (1)	CLO 17	CLO 18	BTR CLO 1	CLO 20	CLO 21
April 2026	136.30 %	139.84 %	117.47 %	112.52 %	113.15 %
January 2026	127.77 %	136.54 %	117.47 %	112.52 %	N/A
October 2025	127.02 %	131.38 %	117.47 %	112.52 %	N/A
July 2025	124.46 %	130.03 %	117.47 %	N/A	N/A
April 2025	122.65 %	127.91 %	N/A	N/A	N/A

p28 · table 32 · Allowance for Loss-Sharing Obligations

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	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Beginning balance	$ 97,579	$ 83,150
Provisions for loss sharing (net of reversals)	4,537	1,786
Charge-offs and advances, net of reimbursements	4,657	579
Ending balance	$ 106,773	$ 85,515

p30 · table 33 · A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows

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

p30 · table 34 · Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments

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

p32 · table 35 · Fair Value Measurements Using Fair Value Hierarchy

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

p32 · table 36 · Fair Value Measurements Using Fair Value Hierarchy

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	Net Carrying Value	Fair Value	Level 1	Level 2	Level 3
Financial assets:
Impaired loans, net
Loans held-for-investment (1)	$ 303,114	$ 303,114	$ —	$ —	$ 303,114
Loans held-for-sale (2)	12,993	12,993	—	12,993	—
	$ 316,107	$ 316,107	$ —	$ 12,993	$ 303,114

p33 · table 37 · Quantitative information about Level 3 fair value measurements at March 31, 2026 is as follows

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	Fair Value	Valuation Techniques	Significant Unobservable Inputs	Weighted Average	Minimum / Maximum
Financial assets:
Impaired loans:
Multifamily	$ 289,106	Discounted cash flows	Capitalization rate	5.89 %	5.50 % - 7.00 %
Retail	$ 14,008	Sales comparative	Price per acre	$165	$165
Derivative financial instruments:
Rate lock commitments	$ 633	Discounted cash flows	W/A discount rate	13.82 %	13.82 %

p33 · table 38 · Fair Value Measurements Using Significant Unobservable Inputs

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

p33 · table 39 · 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

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March 31, 2026	Notional/Principal Amount	Fair Value of Servicing Rights	Unrealized Impairment Loss	Total Fair Value Adjustment
Rate lock commitments	$ 55,904	$ 633	$ —	$ 633
Forward sale commitments	420,320	—	—	—
Loans held-for-sale, net (1)	444,956	4,994	1,224	6,218
Total	$ 5,627	$ 1,224	$ 6,851

p34 · table 40 · Fair Value Measurements Using Fair Value Hierarchy

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	Carrying Value	Fair Value	Level 1	Level 2	Level 3
Financial assets:
Loans and investments, net	$ 11,835,381	$ 11,821,573	$ —	$ —	$ 11,821,573
Loans held-for-sale, net	443,218	456,125	—	451,131	4,994
Capitalized mortgage servicing rights, net	331,929	465,856	—	—	465,856
Securities held-to-maturity, net	155,469	149,237	—	—	149,237
Financial liabilities:
Credit and repurchase facilities	$ 4,967,952	$ 4,961,310	$ —	$ 424,865	$ 4,536,445
Securitized debt	3,931,468	3,954,507	—	—	3,954,507
Senior unsecured notes	2,030,947	1,968,663	1,968,663	—	—
Junior subordinated notes	145,707	112,772	—	—	112,772
Notes payable - real estate owned	253,189	252,010	—	—	252,010

p35 · table 41 · Debt Obligations and Operating Leases

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Year	Debt Obligations	Minimum Annual Operating Lease Payments	Total
2026 (nine months ending December 31, 2026)	$ 3,049,470	$ 8,598	$ 3,058,068
2027	4,533,279	9,912	4,543,191
2028	1,654,068	9,226	1,663,294
2029	1,337,841	8,714	1,346,555
2030	659,611	8,756	668,367
2031	—	6,381	6,381
Thereafter	154,336	4,543	158,879
Total	$ 11,388,605	$ 56,130	$ 11,444,735

p37 · table 42 · The assets and liabilities related to these consolidated Securitization Entities are as follows

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	March 31, 2026	December 31, 2025
Assets:
Restricted cash	$ 359,569	$ 35,258
Loans and investments, net	4,745,864	4,557,631
Other assets	65,437	69,132
Total assets	$ 5,170,870	$ 4,662,021
Liabilities:
Securitized debt	$ 3,931,468	$ 3,468,258
Other liabilities	9,688	9,590
Total liabilities	$ 3,941,156	$ 3,477,848

p37 · table 43 · A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at March 31, 2026 is as follows

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Type	Carrying Amount (1)
Loans	$ 1,484,172
APL certificates	143,900
Equity investments	31,477
B Piece bonds	26,694
Agency interest-only strips	8
Total	$ 1,686,251

p38 · table 44 · Distributions

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Declaration Date	Dividend	Declaration Date	Series D	Series E	Series F
Common Stock	Common Stock	Preferred Stock	Preferred Stock	Preferred Stock	Preferred Stock
February 24, 2026	$ 0.30	March 30, 2026	$ 0.3984375	$ 0.390625	$ 0.390625

p39 · table 45 · A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows

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

p40 · table 46 · A summary of our income tax provision is as follows

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	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Current income tax provision	$ (4,665)	$ (3,728)
Deferred income tax benefit	2,580	137
Total income tax provision	$ (2,085)	$ (3,591)

p44 · table 47 · Three Months Ended March 31, 2026

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	Structured Business	Agency Business	Other (1)	Consolidated
Interest income	$ 224,394	$ 10,653	$ —	$ 235,047
Interest expense	170,814	4,388	—	175,202
Net interest income	53,580	6,265	—	59,845
Other revenue:
Gain on sales, including fee-based services, net	—	12,505	—	12,505
Mortgage servicing rights	—	9,660	—	9,660
Servicing revenue	—	44,033	—	44,033
Amortization of MSRs	—	(18,293)	—	(18,293)
Property operating income	8,060	—	—	8,060
Loss on derivative instruments, net	—	(493)	—	(493)
Other income (loss), net	2,223	(149)	—	2,074
Total other revenue	10,283	47,263	—	57,546
Other expenses:
Employee compensation and benefits	18,862	24,963	—	43,825
Commissions	—	3,859	—	3,859
Selling and administrative	9,150	7,803	—	16,953
Property operating expenses	11,964	—	—	11,964
Depreciation and amortization	6,713	391	—	7,104
Impairment loss on real estate owned	12,500	—	—	12,500
Provision for loss sharing, net	—	4,537	—	4,537
Provision for credit losses, net	3,644	2,172	—	5,816
Total other expenses	62,833	43,725	—	106,558
Income before loss on real estate, income from equity affiliates and income taxes	1,030	9,803	—	10,833
Loss on real estate	(2,136)	—	—	(2,136)
Income from equity affiliates	4,411	—	—	4,411
Benefit from (provision for) income taxes	83	(2,168)	—	(2,085)
Net income	3,388	7,635	—	11,023
Preferred stock dividends	10,342	—	—	10,342
Net income attributable to noncontrolling interest	—	—	52	52
Net (loss) income attributable to common stockholders	$ (6,954)	$ 7,635	$ (52)	$ 629

p45 · table 48 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

p46 · table 49 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

p46 · table 50 · December 31, 2025 – Structured Business / Agency Business / Consolidated (Assets & Liabilities)

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

p47 · table 51 · NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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

p48 · table 52 · Key Servicing Metrics for Agency Business:

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	March 31, 2026	March 31, 2026	March 31, 2026	December 31, 2025	December 31, 2025	December 31, 2025
	Servicing Portfolio UPB	Wtd. Avg. Servicing Fee Rate (basis points)	Wtd. Avg. Life of Portfolio (years)	Servicing Portfolio UPB	Wtd. Avg. Servicing Fee Rate (basis points)	Wtd. Avg. Life of Portfolio (years)
Fannie Mae	$ 24,261,724	44.4	5.4	$ 24,085,960	44.7	5.5
Freddie Mac	7,368,979	18.2	5.7	7,455,088	18.3	5.9
Private Label	2,554,209	18.7	4.3	2,558,048	18.7	4.5
FHA	1,584,644	13.8	19.0	1,549,483	13.9	19.1
Bridge	277,523	10.4	2.0	277,738	10.4	2.2
SFR - Fixed Rate	264,008	20.0	3.8	277,490	20.0	4.0
Total	$ 36,311,087	35.5	5.9	$ 36,203,807	35.6	6.1

p52 · table 53 · Activity from our Structured Business portfolio is comprised of the following

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

p52 · table 54 · Loans held-for-sale from the Agency Business

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

p53 · table 55 · Agency Servicing Portfolio

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

p54 · table 56 · Comparison of Results of Operations for the Three Months Ended March 31, 2026 and 2025

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

p55 · table 57 · Net Interest Income

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	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
	Average Carrying Value (1)	Interest Income / Expense	W/A Yield / Financing Cost (2)	Average Carrying Value (1)	Interest Income / Expense	W/A Yield / Financing Cost (2)
Structured Business interest-earning assets:
Bridge loans	$ 11,281,488	$ 204,319	7.35 %	$ 10,976,779	$ 219,010	8.09 %
Mezzanine	294,285	6,301	8.68 %	257,093	6,187	9.76 %
Construction - Multifamily	267,024	6,758	10.26 %	8,115	144	7.20 %
Preferred equity investments	202,118	5,488	11.01 %	148,845	3,668	9.99 %
Other	—	—	—	3,079	73	9.62 %
Core interest-earning assets	12,044,915	222,866	7.50 %	11,393,911	229,082	8.15 %
Cash equivalents	194,371	1,528	3.19 %	110,338	1,005	3.69 %
Total interest-earning assets	$ 12,239,286	$ 224,394	7.44 %	$ 11,504,249	$ 230,087	8.11 %
Structured Business interest-bearing liabilities:
Credit and repurchase facilities	$ 4,723,770	$ 79,681	6.84 %	$ 3,404,758	$ 64,339	7.66 %
CLO	3,455,807	52,209	6.13 %	4,285,662	68,480	6.48 %
Unsecured debt	2,050,000	36,274	7.18 %	1,532,500	24,954	6.60 %
Trust preferred	154,336	2,650	6.96 %	154,336	2,938	7.72 %
Q Series securitization	—	—	—	41,677	868	8.45 %
Total interest-bearing liabilities	$ 10,383,913	170,814	6.67 %	$ 9,418,933	161,579	6.96 %
Net interest income		$ 53,580			$ 68,508

p58 · table 58 · Debt Facilities

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

p58 · table 59 · Quarter Ended – Quarterly Average UPB, End of Period UPB, Maximum UPB at Any Month End

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

p60 · table 60 · Distributable earnings are as follows

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	Three Months Ended March 31, 2026	Three Months Ended March 31, 2025
Net income attributable to common stockholders	$ 629	$ 30,438
Adjustments:
Net income attributable to noncontrolling interest	52	2,602
Income from mortgage servicing rights	(9,660)	(8,131)
Deferred tax benefit	(2,580)	(137)
Amortization and write-offs of MSRs	19,340	20,864
Depreciation and amortization	7,814	4,568
Loss on extinguishment of debt	—	2,319
Provision for credit losses, net	(20,878)	756
Loss (gain) on derivative instruments, net	1,298	(4,697)
Loss on real estate	12,529	2,810
Stock-based compensation	5,904	5,935
Distributable earnings (1)	$ 14,448	$ 57,327
Diluted weighted average shares outstanding (1)(2)	211,735,731	206,862,320
Diluted distributable earnings per share (1)	$ 0.07	$ 0.28

p61 · table 61 · Assets (Liabilities)

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

p62 · table 62 · Common Stock Purchases

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Period	Total Number of Shares Purchased	Average Price Paid Per Share	Total Number of Shares Purchased as Part of a Publicly Announced Program	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
January 1 - 31, 2026	410,173	$ 7.67	410,173	$ 133,440
February 1 - 28, 2026	2,034,687	7.32	2,034,687	$ 118,541
March 1 - 31, 2026	1,673,041	7.58	1,673,041	$ 105,851
	4,117,901	$ 7.46	4,117,901

p63 · table 63 · Item 6. Exhibits

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