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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 21, 2025
Arbor Realty Trust, Inc.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Maryland
(STATE OF INCORPORATION)
001-32136
20-0057959
(COMMISSION FILE NUMBER) (IRS EMPLOYER ID. NUMBER)
333 Earle Ovington Boulevard, Suite 900
11553
Uniondale, New York
(ZIP CODE)
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) 
(516) 506-4200
(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Common Stock, par value $0.01 per shareABRNew York Stock Exchange
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per shareABR-PDNew York Stock Exchange
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per shareABR-PENew York Stock Exchange
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per shareABR-PFNew York Stock Exchange


Item 2.02    Results of Operations and Financial Condition.
On February 21, 2025, Arbor Realty Trust, Inc. issued a press release announcing its earnings for the fourth quarter and full year ended December 31, 2024, a copy of which is attached hereto as Exhibit 99.1.
Item 9.01    Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberExhibit
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ARBOR REALTY TRUST, INC.
By:/s/ Paul Elenio
Name:Paul Elenio
Title:Chief Financial Officer
Date: February 21, 2025


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Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share

Fourth Quarter Highlights:

•GAAP net income of $0.32 and distributable earnings of $0.40, per diluted common share1
•Declares cash dividend on common stock of $0.43 per share
•Agency loan originations of $1.38 billion and a servicing portfolio of ~$33.47 billion
•Structured loan originations of $684.3 million, runoff of $900.6 million, and a portfolio of ~$11.30 billion
•Issued $100.0 million of 9.00% senior notes due 2027
Full Year Highlights:

•GAAP net income of $1.18 and distributable earnings of $1.74 per diluted common share1
•Agency servicing portfolio growth of 8% from loan originations of $4.47 billion
•Successfully delevered the Company 30% from a peak debt to equity ratio of 4:1 in 2023, to 2.8:1 at December 31, 20242
•Structured portfolio reduction of 10% with $2.48 billion of multifamily loan runoff, $1.58 billion of which was recaptured into new agency loan originations
•Redeemed $200.0 million of our senior notes






Uniondale, NY, February 21, 2025 -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the fourth quarter ended December 31, 2024. Arbor reported net income for the quarter of $59.8 million, or $0.32 per diluted common share, compared to net income of $91.7 million, or $0.48 per diluted common share for the quarter ended December 31, 2023. Net income for the year was $223.3 million, or $1.18 per diluted common share, compared to $330.1 million, or $1.75 per diluted common share for the year ended December 31, 2023. Distributable earnings for the quarter was $81.6 million, or $0.40 per diluted common share, compared to $104.1 million, or $0.51 per diluted common share for the quarter ended December 31, 2023. Distributable earnings for the year was $358.0 million, or $1.74 per diluted common share, compared to $452.5 million, or $2.25 per diluted common share for the year ended December 31, 2023. 1

Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 2

Agency Business
Loan Origination Platform
 Agency Loan Volume (in thousands)
 Quarter EndedYear Ended
 December 31, 2024September 30, 2024December 31, 2024December 31, 2023
Fannie Mae$556,676 $616,211 $2,374,040 $3,773,532 
Freddie Mac675,244 378,809 1,770,976 756,827 
Private Label27,650 74,162 151,936 299,934 
FHA119,050 27,457 146,507 257,199 
SFR - Fixed Rate— — 27,314 19,328 
Total Originations$1,378,620 $1,096,639 $4,470,773 $5,106,820 
 
Total Loan Sales$1,270,048 $1,118,977 $4,609,686 $4,889,199 
  
Total Loan Commitments$1,353,527 $1,056,490 $4,443,972 $5,207,148 
For the quarter ended December 31, 2024, the Agency Business generated revenues of $78.7 million, compared to $77.4 million for the third quarter of 2024. Gain on sales, including fee-based services, net on the Agency business was $22.2 million for the quarter, reflecting a margin of 1.75%, compared to $18.6 million and 1.67% for the third quarter of 2024. Income from mortgage servicing rights was $13.3 million for the quarter, reflecting a rate of 0.99% as a percentage of loan commitments, compared to $13.2 million and 1.25% for the third quarter of 2024.
At December 31, 2024, loans held-for-sale was $435.8 million, with financing associated with these loans totaling $422.7 million.









Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 3

Fee-Based Servicing Portfolio
The Company’s fee-based servicing portfolio totaled $33.47 billion at December 31, 2024. Servicing revenue, net was $33.3 million for the quarter and consisted of servicing revenue of $50.9 million, net of amortization of mortgage servicing rights totaling $17.6 million.
 Fee-Based Servicing Portfolio ($ in thousands)
 December 31, 2024September 30, 2024December 31, 2023
 UPBWtd. Avg. Fee (bps)Wtd. Avg. Life (years)UPBWtd. Avg. Fee (bps)Wtd. Avg. Life (years)UPBWtd. Avg. Fee (bps)Wtd. Avg. Life (years)
Fannie Mae$22,730,056 46.46.4$22,526,022 46.66.6$21,264,578 47.47.4
Freddie Mac6,077,020 21.56.85,820,026 21.97.15,181,933 24.08.5
Private Label2,605,980 18.75.52,619,485 18.75.82,510,449 19.56.7
FHA1,506,948 14.119.21,390,766 14.218.91,359,624 14.419.2
Bridge278,494 10.43.0380,379 10.93.0379,425 10.93.2
SFR-Fixed Rate271,859 20.14.4275,081 20.14.6287,446 20.15.1
Total$33,470,357 37.86.9$33,011,759 38.07.1$30,983,455 39.18.0
Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $34.8 million for the fair value of the guarantee obligation undertaken at December 31, 2024. The Company recorded a $4.0 million total provision for loss sharing associated with CECL for the fourth quarter of 2024. At December 31, 2024, the Company’s total CECL allowance for loss-sharing obligations was $48.3 million, representing 0.21% of the Fannie Mae servicing portfolio.













Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 4

Structured Business
Portfolio and Investment Activity
 Structured Portfolio Activity ($ in thousands)
 Quarter Ended Year Ended
 December 31, 2024September 30, 2024December 31, 2024December 31, 2023
 UPB% UPB%UPB%UPB%
Bridge: 
Multifamily$371,250 54 %$14,500 6 %$444,635 31 %$415,330 42 %
SFR273,087 40 %239,064 92 %869,141 61 %524,060 54 %
Land— — — — 10,350 1 %— — 
644,337 94 %253,564 98 %1,324,126 93 %939,390 96 %
Mezzanine / Preferred Equity35,592 5 %4,900 2 %97,305 7 %43,953 4 %
Construction - Multifamily4,368 1 %— — 4,368 — — — 
Total Originations$684,297 100 %$258,464 100 %$1,425,799 100 %$983,343 100 %
 
Number of Loans Originated28 38170150
 
Commitments:
SFR$375,894  $374,070 $1,438,841 $1,150,687 
Construction - Multifamily54,000 47,000 101,000 — 
Total Commitments$429,894 $421,070 $1,539,841 $1,150,687 
 
Loan Runoff$900,583  $521,341 $2,691,583 $3,354,055 
Structured Portfolio ($ in thousands)
December 31, 2024September 30, 2024December 31, 2023
UPB% UPB% UPB%
Bridge:  
Multifamily$8,725,429 76 %$9,208,954 80 %$10,789,936 86 %
SFR1,993,890 18 %1,783,475 15 %1,316,803 10 %
Other173,787 2 %176,855 2 %166,505 1 %
10,893,106 96 %11,169,284 97 %12,273,244 97 %
 
Mezzanine/Preferred Equity404,401 3 %393,168 3 %334,198 3 %
Construction - Multifamily4,367 <1%— — — — 
SFR Permanent3,082 <1%3,086 <1%7,564 <1%
Total Portfolio$11,304,956 100 %$11,565,538 100 %$12,615,006 100 %
At December 31, 2024, the loan and investment portfolio’s unpaid principal balance ("UPB"), excluding loan loss reserves, was $11.30 billion, with a weighted average current interest pay rate of 6.90%, compared to $11.57 billion and 7.25% at September 30, 2024. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 7.80% at December 31, 2024, compared to 8.16% at September 30, 2024. The decrease in pay rate was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024.
The average balance of the Company’s loan and investment portfolio during the fourth quarter of 2024, excluding loan loss reserves, was $11.46 billion with a weighted average yield of 8.52%,

Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 5

compared to $11.80 billion and 9.04% for the third quarter of 2024. The decrease in yield was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024.
During the fourth quarter of 2024, the Company recorded a $3.4 million provision for loan losses associated with CECL, which was net of $5.5 million of net recoveries related to real estate loan foreclosures. At December 31, 2024, the Company’s total allowance for loan losses was $239.0 million. The Company had twenty-six non-performing loans with a UPB of $651.8 million, before related loan loss reserves of $23.8 million, compared to twenty-six loans with a UPB of $625.4 million, before loan loss reserves of $37.3 million at September 30, 2024.
In addition, at December 31, 2024, the Company had nine loans with a total UPB of $167.4 million (before related loan loss reserves of $5.0 million) that were less than 60 days past due, compared to ten loans with a total UPB of $319.2 million at September 30, 2024. Interest income on these loans is only being recorded to the extent cash is received.
During the fourth quarter of 2024, the Company modified fifteen loans with a total UPB of $466.6 million, the vast majority of which had borrowers investing additional capital to recapitalize their deals. Seven of these loans with a total UPB of $206.3 million contained interest rates based on pricing over SOFR ranging from 3.25% to 4.75% and were modified to provide temporary rate relief through a pay and accrual feature. At December 31, 2024, these modified loans had a weighted average pay rate of 5.51% and a weighted average accrual rate of 2.32%. In addition, of the total modified loans for the fourth quarter, $123.5 million were less than 60 days past due and $15.0 million were non-performing at September 30, 2024, and are now current in accordance with their modified terms.
Financing Activity
The balance of debt that finances the Company’s loan and investment portfolio at December 31, 2024 was $9.54 billion with a weighted average interest rate including fees of 6.88% as compared to $9.97 billion and a rate of 7.18% at September 30, 2024.
The average balance of debt that finances the Company’s loan and investment portfolio for the fourth quarter of 2024 was $9.67 billion, as compared to $10.09 billion for the third quarter of 2024. The average cost of borrowings for the fourth quarter of 2024 was 7.10%, compared to 7.58% for the third quarter of 2024. The decrease in average cost was primarily due to an decrease in the SOFR rate in the fourth quarter of 2024.
The Company issued $100.0 million of its 9.00% senior unsecured notes due October 2027 through a private offering. The net proceeds of this offering were used to pay down debt and for general corporate purposes.
Dividend
The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.43 per share of common stock for the quarter ended December 31, 2024. The dividend is payable on March 21, 2025 to common stockholders of record on March 7, 2025.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 6

Earnings Conference Call
The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast and replay of the conference call will be available at www.arbor.com in the investor relations section of the Company’s website, or you can access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 579-2543 for domestic callers and (785) 424-1789 for international callers. Please use participant passcode ABRQ424 when prompted by the operator.
A telephonic replay of the call will be available until February 28, 2025. The replay dial-in numbers are (800) 839-0866 for domestic callers and (402) 220-0662 for international callers.
About Arbor Realty Trust, Inc.
Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender and Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.
Safe Harbor Statement
Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2024 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
Notes
1.During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on the last page of this release.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 7

2.Debt to equity ratio reflects junior subordinated notes as equity.
Contact:
Arbor Realty Trust, Inc.
Investor Relations
516-506-4200
InvestorRelations@arbor.com

Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 8

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Consolidated Statements of Income
($ in thousands—except share and per share data)
 Quarter Ended December 31,Year Ended December 31,
 2024202320242023
(Unaudited)(Unaudited)
Interest income$262,871 $331,060 $1,167,872 $1,331,219 
Interest expense180,002 227,479 804,615 903,228 
Net interest income82,869 103,581 363,257 427,991 
Other revenue:  
Gain on sales, including fee-based services, net22,180 16,727 74,932 72,522 
Mortgage servicing rights13,344 21,144 51,272 69,912 
Servicing revenue, net33,319 33,073 125,896 130,449 
Property operating income2,705 1,447 7,226 5,708 
(Loss) gain on derivative instruments, net(3,833)10,345 (8,543)6,763 
Other income, net1,129 2,571 8,083 7,667 
Total other revenue68,844 85,307 258,866 293,021 
Other expenses:  
Employee compensation and benefits46,283 36,270 181,694 159,788 
Selling and administrative15,034 12,686 54,931 51,260 
Property operating expenses2,446 1,670 7,394 5,897 
Depreciation and amortization2,617 2,446 9,555 9,743 
Provision for loss sharing (net of recoveries)3,996 3,168 11,782 15,695 
Provision for credit losses (net of recoveries)3,641 18,399 68,543 73,446 
Total other expenses74,017 74,639 333,899 315,829 
Income before extinguishment of debt, gain on real estate, (loss) income from equity affiliates, and income taxes77,696 114,249 288,224 405,183 
Loss on extinguishment of debt— — (412)(1,561)
Gain on real estate— — 3,813 — 
(Loss) income from equity affiliates(1,616)3,586 5,772 24,281 
Provision for income taxes(752)(7,911)(13,478)(27,347)
Net income75,328 109,924 283,919 400,556 
Preferred stock dividends10,342 10,342 41,369 41,369 
Net income attributable to noncontrolling interest5,160 7,923 19,278 29,122 
Net income attributable to common stockholders$59,826 $91,659 $223,272 $330,065 
Basic earnings per common share$0.32 $0.49 $1.18 $1.79 
Diluted earnings per common share$0.32 $0.48 $1.18 $1.75 
Weighted average shares outstanding:  
Basic188,924,182188,503,682188,701,149184,641,642
Diluted205,759,307222,861,214205,526,610218,843,613
Dividends declared per common share$0.43 $0.43 $1.72 $1.68 

Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 9

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands—except share and per share data)
 December 31, 2024December 31, 2023
Assets:  
Cash and cash equivalents$503,803 $928,974 
Restricted cash156,376 608,233 
Loans and investments, net (allowance for credit losses of $238,967 and $195,664)
11,033,997 12,377,806 
Loans held-for-sale, net435,759 551,707 
Capitalized mortgage servicing rights, net368,678 391,254 
Securities held-to-maturity, net (allowance for credit losses of $10,846 and $6,256)
157,154 155,279 
Investments in equity affiliates76,312 79,303 
Real estate owned, net176,543 86,991 
Due from related party12,792 64,421 
Goodwill and other intangible assets88,119 91,378 
Other assets481,448 403,290 
Total assets$13,490,981 $15,738,636 
Liabilities and Equity:  
Credit and repurchase facilities$3,559,490 $3,237,827 
Securitized debt4,622,489 6,935,010 
Senior unsecured notes1,236,147 1,333,968 
Convertible senior unsecured notes285,853 283,118 
Junior subordinated notes to subsidiary trust issuing preferred securities144,686 143,896 
Mortgage notes payable - real estate owned74,897 44,339 
Due to related party4,474 13,799 
Due to borrowers47,627 121,707 
Allowance for loss-sharing obligations83,150 71,634 
Other liabilities280,198 298,733 
Total liabilities10,339,011 12,484,031 
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:633,684 633,684 
Special voting preferred - 16,293,589 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 - 189,259,435 and 188,505,264 shares issued and outstanding
1,893 1,885 
Additional paid-in capital2,375,469 2,367,188 
Retained earnings13,039 115,216 
Total Arbor Realty Trust, Inc. stockholders’ equity3,024,085 3,117,973 
Noncontrolling interest127,885 136,632 
Total equity3,151,970 3,254,605 
Total liabilities and equity$13,490,981 $15,738,636 

Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 10

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Statement of Income Segment Information - (Unaudited)
(in thousands)
 
Quarter Ended December 31, 2024
 Structured
Business		Agency
Business
Other(1)
Consolidated
Interest income$248,696 $14,175 $— $262,871 
Interest expense173,061 6,941 — 180,002 
Net interest income75,635 7,234 — 82,869 
     
Other revenue:    
Gain on sales, including fee-based services, net— 22,180 — 22,180 
Mortgage servicing rights— 13,344 — 13,344 
Servicing revenue— 50,924 — 50,924 
Amortization of MSRs— (17,605)— (17,605)
Property operating income2,705 — — 2,705 
Loss on derivative instruments, net— (3,833)— (3,833)
Other income (loss), net1,617 (488)— 1,129 
Total other revenue4,322 64,522 — 68,844 
     
Other expenses:    
Employee compensation and benefits16,064 30,219 — 46,283 
Selling and administrative7,953 7,081 — 15,034 
Property operating expenses2,446 — — 2,446 
Depreciation and amortization2,226 391 — 2,617 
Provision for loss sharing (net of recoveries)— 3,996 — 3,996 
Provision for credit losses (net of recoveries)3,359 282 — 3,641 
Total other expenses32,048 41,969 — 74,017 
     
Income before loss from equity affiliates and income taxes47,909 29,787 — 77,696 
     
Loss from equity affiliates(1,616)— — (1,616)
Benefit from (provision for) income taxes726 (1,478)— (752)
     
Net income47,019 28,309 — 75,328 
     
Preferred stock dividends10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 5,160 5,160 
Net income attributable to common stockholders$36,677 $28,309 $(5,160)$59,826 
(1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.

Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 11

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Balance Sheet Segment Information - (Unaudited)
(in thousands)
 December 31, 2024
 Structured
Business		Agency
Business		Consolidated
Assets:   
Cash and cash equivalents$58,188 $445,615 $503,803 
Restricted cash134,320 22,056 156,376 
Loans and investments, net11,033,997 — 11,033,997 
Loans held-for-sale, net— 435,759 435,759 
Capitalized mortgage servicing rights, net— 368,678 368,678 
Securities held-to-maturity, net— 157,154 157,154 
Investments in equity affiliates76,312 — 76,312 
Real estate owned, net176,543 — 176,543 
Goodwill and other intangible assets12,500 75,619 88,119 
Other assets and due from related party415,310 78,930 494,240 
 Total assets$11,907,170 $1,583,811 $13,490,981 
    
Liabilities:   
Debt obligations$9,500,901 $422,661 $9,923,562 
Allowance for loss-sharing obligations— 83,150 83,150 
Other liabilities and due to related party244,948 87,351 332,299 
 Total liabilities$9,745,849 $593,162 $10,339,011 

Arbor Realty Trust Reports Fourth Quarter and Full Year 2024 Results and Declares Dividend of $0.43 per Share
February 21, 2025
Page 12

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
Reconciliation of Distributable Earnings to GAAP Net Income - (Unaudited)
($ in thousands—except share and per share data)
 Quarter Ended December 31,Year Ended December 31,
 2024202320242023
Net income attributable to common stockholders$59,826 $91,659 $223,272 $330,065 
  
Adjustments: 
Net income attributable to noncontrolling interest5,160 7,923 19,278 29,122 
Income from mortgage servicing rights(13,344)(21,144)(51,272)(69,912)
Deferred tax benefit(2,691)(719)(11,613)(7,349)
Amortization and write-offs of MSRs20,194 19,145 76,922 77,829 
Depreciation and amortization3,238 4,115 12,040 16,425 
Loss on extinguishment of debt— — 412 1,561 
Provision for credit losses, net2,199 11,206 65,537 68,642 
Loss (gain) on derivative instruments, net4,535 (10,880)9,212 (8,844)
Stock-based compensation2,485 2,799 14,232 14,940 
Distributable earnings (1)$81,602 $104,104 $358,020 $452,479 
   
Diluted distributable earnings per share (1)$0.40 $0.51 $1.74 $2.25 
   
Diluted weighted average shares outstanding (1) (2)205,759,307205,498,651205,526,610201,549,221
(1)Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis.
(2)The diluted weighted average shares outstanding exclude the potential shares issuable upon conversion and settlement of the Company's convertible senior notes principal balance.
The Company is presenting distributable earnings because management believes it is an important supplemental measure of the Company's operating performance and is useful to investors, analysts and other parties in the evaluation of REITs and their ability to provide dividends to stockholders. Dividends are one of the principal reasons investors invest in REITs. To maintain REIT status, REITs are required to distribute at least 90% of their REIT-taxable income. The Company considers distributable earnings in determining its quarterly dividend and believes that, over time, distributable earnings is a useful indicator of the Company's dividends per share.
The Company defines distributable earnings as net income (loss) attributable to common stockholders computed in accordance with GAAP, adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from MSRs, amortization and write-offs of MSRs, gains/losses on derivative instruments primarily associated with Private Label loans not yet sold and securitized, changes in fair value of GSE-related derivatives that temporarily flow through earnings, deferred tax provision (benefit), CECL provisions for credit losses (adjusted for realized losses as described below) and gains/losses on the receipt of real estate from the settlement of loans (prior to the sale of the real estate). The Company also adds back one-time charges such as acquisition costs and one-time gains/losses on the early extinguishment of debt and redemption of preferred stock.
The Company reduces distributable earnings for realized losses in the period management determines that a loan is deemed nonrecoverable in whole or in part. Loans are deemed nonrecoverable upon the earlier of: (1) when the loan receivable is settled (i.e., when the loan is repaid, or in the case of foreclosure, when the underlying asset is sold); or (2) when management determines that it is nearly certain that all amounts due will not be collected. The realized loss amount is equal to the difference between the cash received, or expected to be received, and the book value of the asset.
Distributable earnings is not intended to be an indication of the Company's cash flows from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions. The Company's calculation of distributable earnings may be different from the calculations used by other companies and, therefore, comparability may be limited.

v3.25.0.1
Cover
Feb. 21, 2025
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Feb. 21, 2025
Entity Registrant Name Arbor Realty Trust, Inc.
Entity Incorporation, State or Country Code MD
Entity File Number 001-32136
Entity Tax Identification Number 20-0057959
Entity Address, Address Line One 333 Earle Ovington Boulevard
Entity Address, Address Line Two Suite 900
Entity Address, City or Town Uniondale
Entity Address, State or Province NY
Entity Address, Postal Zip Code 11553
City Area Code 516
Local Phone Number 506-4200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001253986
Amendment Flag false
Common Stock, par value $0.01 per share  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol ABR
Security Exchange Name NYSE
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share  
Document Information [Line Items]  
Title of 12(b) Security Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share
Trading Symbol ABR-PD
Security Exchange Name NYSE
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share  
Document Information [Line Items]  
Title of 12(b) Security Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Trading Symbol ABR-PE
Security Exchange Name NYSE
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share  
Document Information [Line Items]  
Title of 12(b) Security Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Trading Symbol ABR-PF
Security Exchange Name NYSE
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