ARBOR REALTY TRUST INC

For the period ended Dec 31, 2025. Filed Feb 27, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 27, 2026

ABR$1.47-8.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2025	2024	2023
Operating activities:
Net income	$157,829	$283,919	$400,556
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	23,214	9,555	9,743
Stock-based compensation	13,789	14,232	14,940
Amortization and accretion of interest and fees, net	14,033	(705)	(3,612)
Originations of loans held-for-sale	(5,081,397)	(4,501,081)	(5,074,445)
Proceeds from sales of loans held-for-sale, net of gain on sale	5,104,490	4,609,686	4,878,021
Payoffs and paydowns of loans held-for-sale	6,754	5,487	987
Mortgage servicing rights	(54,532)	(51,272)	(69,912)
Amortization of capitalized mortgage servicing rights	71,512	68,422	63,093
Write-off of capitalized mortgage servicing rights from payoffs	9,601	8,500	14,736
Provision for loss sharing, net	24,259	11,782	15,695
Provision for credit losses, net	42,696	68,543	73,446
Net charge-offs for loss-sharing obligations	(9,830)	(266)	(1,229)
Deferred tax provision (benefit)	3,773	(11,613)	(7,349)
Income from equity affiliates	(50,880)	(5,772)	(24,281)
Distributions from operations of equity affiliates	56,965	17,131	27,542
Loss on extinguishment of debt	2,919	412	1,561
Impairment loss on real estate owned	20,500	—	—
Change in fair value of held-for-sale loans	(2,794)	(609)	(2,536)
(Gain) loss on derivative instruments, net	(1,259)	8,543	(6,763)
Loss (gain) on real estate	9,151	(3,813)	—
Changes in operating assets and liabilities	11,588	(69,564)	(74,336)
Net cash provided by operating activities	372,381	461,517	235,857
Investing Activities:
Loans and investments funded, originated and purchased, net	(3,693,370)	(1,600,461)	(1,362,171)
Payoffs and paydowns of loans and investments	2,421,342	2,781,658	3,359,810
Deferred fees	33,662	25,792	21,299
Proceeds from sale of real estate, net	—	14,103	—
Contributions to equity affiliates	(11,706)	(19,593)	(18,986)
Distributions from equity affiliates	23,966	11,224	15,552
Payoffs and paydowns of securities held-to-maturity	222	483	4,626
Investments in real estate, net	(40,716)	(3,471)	—
Change in due to borrowers and reserves	(14,493)	(57,966)	(141,152)
Net cash (used in) provided by investing activities	(1,281,093)	1,151,769	1,878,978
Financing activities:
Proceeds from credit and repurchase facilities	12,840,802	9,350,727	9,148,451
Payoffs and paydowns of credit and repurchase facilities	(11,201,066)	(9,025,305)	(9,747,252)
Proceeds from notes payable - REO	299,361	39,547	—
Payoffs and paydowns of notes payable - REO	(197,682)	(8,989)	—
Proceeds from issuance of securitized debt	1,533,238	—	—
Payoffs and paydowns of securitized debt	(2,681,799)	(2,324,269)	(929,782)
Payoff of convertible senior unsecured notes	(287,500)	—	—
Proceeds from issuance of common stock	70,518	10,030	193,661
Proceeds from issuance of senior unsecured notes	900,000	100,000	95,000
Payoffs and paydowns of senior unsecured notes	(95,000)	(200,000)	(149,600)
Redemption of OP Units	(1,605)	—	—
Payments of withholding taxes on net settlement of vested stock	(3,395)	(4,565)	(8,360)
Repurchase of common stock	(2,007)	(11,408)	(37,431)
Distributions to stockholders and noncontrolling interest	(319,946)	(394,843)	(380,640)
Payment of deferred financing costs	(55,164)	(21,239)	(9,840)

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

Net cash provided by (used in) financing activities	798,755	(2,490,314)	(1,825,793)
Net (decrease) increase in cash, cash equivalents and restricted cash	(109,957)	(877,028)	289,042
Cash, cash equivalents and restricted cash at beginning of period	660,179	1,537,207	1,248,165
Cash, cash equivalents and restricted cash at end of period	$550,222	$660,179	$1,537,207

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

	Year Ended December 31,
	2025	2024	2023
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	$503,803	$928,974	$534,357
Restricted cash at beginning of period	156,376	608,233	713,808
Cash, cash equivalents and restricted cash at beginning of period	$660,179	$1,537,207	$1,248,165
Cash and cash equivalents at end of period	$482,875	$503,803	$928,974
Restricted cash at end of period	67,347	156,376	608,233
Cash, cash equivalents and restricted cash at end of period	$550,222	$660,179	$1,537,207
Supplemental cash flow information:
Cash used to pay interest	$665,723	$782,047	$861,141
Cash used to pay taxes	26,698	28,813	30,129
Supplemental schedule of non-cash investing and financing activities:
Real estate acquired in settlement of loans and investments, net	583,123	278,330	39,400
Settlement of loans and investments, net of real estate	(603,176)	(279,480)	(39,400)
Derecognition of real estate owned	260,414	177,146	—
Loan funded in conjunction with real estate sold	(271,075)	(182,485)	—
Distributions accrued on preferred stock	7,010	7,010	7,010

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