Table of Contents PART I. FINANCIAL INFORMATION Item 1. Financial Statements ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ($ in thousands, except share and per share data)

	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

Note: Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs,") as we are the primary beneficiary of these VIEs. At March 31, 2026 and December 31, 2025, assets of our consolidated VIEs totaled $5,170,870 and $4,662,021, respectively, and the liabilities of our consolidated VIEs totaled $3,941,156 and $3,477,848, respectively. See Note 15 for discussion of our VIEs. See Notes to Consolidated Financial Statements. 2 Table of Contents ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) ($ in thousands, except share and per share data)

	Three Months Ended March 31,
	2026	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

See Notes to Consolidated Financial Statements. 3 Table of Contents ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) ($ in thousands, except shares) Three Months Ended March 31, 2026

	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
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	S 1,922	$2,410,499	$ (38,600)	$ 3,007,503	$ 121,956	$ 3,129,459

See Notes to Consolidated Financial Statements. 4 Table of Contents ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)

	Three Months Ended March 31,
	2026	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

See Notes to Consolidated Financial Statements. 5 Table of Contents ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued) (in thousands)

	Three Months Ended March 31,
	2026	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

See Notes to Consolidated Financial Statements. 6