Arbor Realty Trust, Inc. is a nationwide real estate investment trust and direct lender that was formed in 2003 and operates as a Maryland corporation. The company originates and services loans for commercial real estate assets and operates through its operating partnership Arbor Realty Limited Partnership. As a REIT, Arbor distributes at least 90% of its taxable income to shareholders to maintain its tax exempt status. It conducts substantially all of its operations through the operating partnership and its subsidiaries. The company focuses on providing financing solutions across the multifamily, single family rental and broader commercial real estate sectors through two distinct business segments: Structured Business and Agency Business.

Arbor generates revenue primarily from interest income earned on its loan and investment portfolio, which totaled $12.1 billion in unpaid principal balance at the end of 2025 and produced a weighted average pay rate of 6.49% and an overall yield of 7.60% on average assets. The company also recognizes gains and fees from the origination and sale of mortgage loans, with a sales margin of 138 basis points on loan sales volume in 2025. In addition, Arbor retains servicing rights on substantially all loans it originates and sells, generating servicing revenue that contributed an MSR rate of 107 basis points on loan commitment volume in the same year. Revenue is further supported by interest income from mortgage related securities and returns on joint venture investments. The company’s cost of funds was 6.94% on average borrowings of $9.75 billion in 2025, contributing to a net interest margin that supports earnings.

The company operates through the following segments: Structured Business and Agency Business.

• Through its Structured Business, Arbor invests in a diversified portfolio of structured finance assets that includes bridge loans, mezzanine loans, junior participating interests in first mortgages and preferred equity, as well as joint ventures, direct real estate acquisitions and certain mortgage related securities. At the end of 2025, the structured portfolio consisted of $11.4 billion in bridge loans, $290 million in mezzanine loans and $202 million in preferred equity investments, with the majority of exposure in multifamily and single family rental properties. The portfolio’s geographic concentration showed the largest holdings in Texas, Florida, Arizona, New York and Georgia, reflecting a focus on high growth markets. The structured business emphasizes short term bridge financing to support property acquisitions and value add strategies, while also offering longer term mezzanine and preferred equity positions that provide additional yield enhancements through fees, deferred interest and participating interests.

• Through its Agency Business, Arbor originates, sells and services multifamily finance products under programs sponsored by Fannie Mae, Freddie Mac, Ginnie Mae, FHA and HUD, retaining servicing rights on substantially all loans it originates and sells. The agency platform also includes Private Label loans, SFR fixed rate loans and commercial mortgage backed securities conduit programs. At the end of 2025, the agency servicing portfolio comprised $36.2 billion in unpaid principal balance, with product concentrations of 66% in Fannie Mae loans, 21% in Freddie Mac loans, 7% in Private Label loans, 4% in FHA loans, 1% in bridge loans and 1% in SFR fixed rate loans. Geographically, the servicing portfolio had the largest exposures in New York (13%), Texas (10%), North Carolina (8%), California (7%), Georgia (5%), New Jersey (5%), Illinois (4%) and the remaining 41% spread across other states. The company earns origination gains and fees from loan sales and generates ongoing servicing revenue from the retained mortgage servicing rights.

Arbor holds a competitive position in the commercial real estate lending market by combining structured loan origination with agency lending capabilities, which allows it to offer borrowers a full suite of financing products. The company differentiates itself through its long standing relationships with Fannie Mae, Freddie Mac and HUD, its rapid execution of transactions, its in house underwriting expertise and its focus on credit quality management. While it faces competition from other mortgage REITs, specialty finance companies, savings and loan associations, banks, mortgage bankers, mutual funds, institutional investors, investment banking firms, other lenders and governmental bodies, Arbor’s integrated model and deep borrower relationships provide it with distinct advantages in originating and servicing loans across multiple channels. Its ability to refinance bridge loans into agency financing and to recycle capital through its servicing platform further strengthens its market stance.

Arbor serves a diverse customer base that includes real estate developers, property owners, sponsors of multifamily and single family rental projects, mortgage loan brokers and investors seeking exposure to mortgage backed securities. The company’s agency lending activities also involve working with government sponsored enterprises such as Fannie Mae, Freddie Mac and HUD to originate loans that are subsequently sold to third party investors. In its structured business, Arbor works closely with experienced sponsors who seek short term bridge financing for acquisitions, value add projects and construction financing, as well as investors interested in mezzanine and preferred equity positions that offer additional yield. The firm’s private label and SFR fixed rate products attract borrowers looking for longer term permanent financing outside the traditional agency programs, while its conduit and commercial mortgage backed securities offerings provide alternative channels for capital market investors. Overall, Arbor’s customer base spans a wide range of property types, geographic locations and investment strategies, reflecting its role as a comprehensive commercial real estate lender.