Form 8-K

8-K — ARBOR REALTY TRUST INC

Accession: 0001253986-26-000047

Filed: 2026-07-31

Period: 2026-07-31

CIK: 0001253986

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — abr-20260731.htm (Primary)

EX-99.1 (abr-06302026xearningsrelea.htm)

GRAPHIC (arbormulti-brandxlogox3cxc.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: abr-20260731.htm · Sequence: 1

abr-20260731

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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): July 31, 2026

Arbor Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-32136

20-0057959

(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

333 Earle Ovington Boulevard, Suite 900, Uniondale, NY

11553

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (516) 506-4200

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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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

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

Item 2.02 Results of Operations and Financial Condition.

On July 31, 2026, Arbor Realty Trust, Inc. issued a press release announcing its earnings for the quarter ended June 30, 2026, a copy of which is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number Description

99.1

Press Release, dated July 31, 2026

104 Cover Page Interactive Data File (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.

Date: July 31, 2026

By: /s/ Paul Elenio

Name: Paul Elenio

Title: Chief Financial Officer

EX-99.1

Filename: abr-06302026xearningsrelea.htm · Sequence: 2

Document

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

Company Highlights:

•GAAP net loss of $(37.3) million, or $(0.20) per diluted common share

•Distributable earnings1 of $0.10 per diluted common share, or $0.15 excluding $9.6 million of net realized losses from the resolution of certain legacy assets

•Generated ~$500 million of additional liquidity through two recent capital markets transactions with a portion of the proceeds used to:

◦Repurchase $114.3 million of common stock at $5.42 per share, or 49% of book value in July 2026

◦Redeem $270 million of senior notes in July 2026

•Repurchased an additional $20.8 million of stock at $5.85 per share, or 53% of book value

•Declares cash dividend on common stock of $0.17 per share

•Servicing portfolio of ~$36.70 billion, agency loan originations of $1.08 billion

•Structured loan portfolio of ~$12.11 billion, originations of $689.0 million and runoff of $539.7 million

Uniondale, NY, July 31, 2026 -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the second quarter ended June 30, 2026. Arbor reported a net loss for the quarter of $(37.3) million, or $(0.20) per diluted common share, compared to net income of $24.0 million, or $0.12 per diluted common share for the quarter ended June 30, 2025. Distributable earnings for the quarter was $21.7 million, or $0.10 per diluted common share, compared to $52.1 million, or $0.25 per diluted common share for the quarter ended June 30, 2025.

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 2

Agency Business

Loan Origination Platform

Agency Loan Volume (in thousands)

Quarter Ended

June 30, 2026 March 31, 2026

Fannie Mae $ 619,130 $ 570,815

Freddie Mac 428,278 91,255

SFR-Fixed Rate 21,272 —

FHA 8,083 45,507

Total Originations $ 1,076,763 $ 707,577

Total Loan Sales $ 1,143,438 $ 670,972

Total Loan Commitments $ 1,211,900 $ 733,860

For the quarter ended June 30, 2026, the Agency Business generated revenues of $64.5 million, compared to $57.9 million for the first quarter of 2026. Gain on sales, including fee-based services, net was $15.2 million for the quarter, reflecting a margin of 1.33%, compared to $12.5 million and 1.86% for the first quarter of 2026. Income from mortgage servicing rights was $12.1 million for the quarter, reflecting a rate of 1.00% as a percentage of loan commitments, compared to $9.7 million and 1.32% for the first quarter of 2026.

At June 30, 2026, loans held-for-sale was $375.8 million, with financing associated with these loans totaling $359.3 million.

Fee-Based Servicing Portfolio

The Company’s fee-based servicing portfolio totaled $36.70 billion at June 30, 2026. Servicing revenue, net was $23.9 million for the quarter and consisted of servicing revenue of $42.1 million, net of amortization of mortgage servicing rights totaling $18.2 million.

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 3

Fee-Based Servicing Portfolio ($ in thousands)

June 30, 2026 March 31, 2026

UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years) UPB Wtd. Avg. Fee (bps) Wtd. Avg. Life (years)

Fannie Mae $ 24,419,734 43.9 5.2 $ 24,261,724 44.4 5.4

Freddie Mac 7,672,121 17.6 5.7 7,368,979 18.2 5.7

Private Label 2,477,077 18.7 4.1 2,554,209 18.7 4.3

FHA 1,585,871 13.8 18.9 1,584,644 13.8 19.0

Bridge 277,333 10.4 1.7 277,523 10.4 2.0

SFR-Fixed Rate 272,226 20.0 3.8 264,008 20.0 3.8

Total $ 36,704,362 35.0 5.8 $ 36,311,087 35.5 5.9

Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $36.6 million for the fair value of the guarantee obligation undertaken at June 30, 2026. The Company recorded a $12.9 million net provision for loss sharing associated with CECL for the second quarter of 2026. At June 30, 2026, the Company’s total CECL allowance for loss-sharing obligations was $82.3 million, representing 0.34% of the Fannie Mae servicing portfolio.

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 4

Structured Business

Portfolio and Investment Activity

Structured Portfolio Activity ($ in thousands)

Quarter Ended

June 30, 2026 March 31, 2026

UPB % UPB %

Bridge:

SFR $ 490,617 71 % $ 321,122 42 %

Multifamily 159,550 23 % 405,600 53 %

650,167 94 % 726,722 95 %

Construction - Multifamily 38,810 6 % 40,870 5 %

Total Originations $ 688,977 100 % $ 767,592 100 %

Number of Loans Originated 14 6

Commitments:

SFR $ 48,785 $ 53,000

Construction - Multifamily — 113,070

Total Commitments $ 48,785 $ 166,070

Loan Runoff $ 539,745 $ 861,033

Structured Portfolio ($ in thousands)

June 30, 2026 March 31, 2026

UPB % UPB %

Bridge:

Multifamily $ 7,895,187 65 % $ 7,897,122 66 %

SFR 3,376,845 28 % 3,265,802 27 %

Other 46,519 <1% 46,519 <1%

11,318,551 94 % 11,209,443 94 %

Mezzanine/Preferred Equity 502,998 4 % 497,961 4 %

Construction - Multifamily 285,482 2 % 289,889 2 %

Total Portfolio $ 12,107,031 100 % $ 11,997,293 100 %

At June 30, 2026, the loan and investment portfolio’s unpaid principal balance ("UPB"), excluding loan loss reserves, was $12.11 billion, with a weighted average interest rate of 6.50%, compared to

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 5

$12.00 billion and 6.49% at March 31, 2026. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average interest rate was 6.95% at June 30, 2026, compared to 7.03% at March 31, 2026.

The average balance of the Company’s loan and investment portfolio during the second quarter of 2026, excluding loan loss reserves, was $12.08 billion with a weighted average yield of 7.21%, compared to $12.04 billion and 7.50% for the first quarter of 2026. The decrease in the weighted average yield was primarily due to less default and back interest collected in the second quarter of 2026, as well as from additional delinquencies and rate modifications in the second quarter of 2026.

During the second quarter of 2026, the Company recorded a $38.2 million net provision for loan losses associated with CECL. At June 30, 2026, the Company’s total allowance for loan losses was $163.4 million. The Company had nineteen non-performing loans with a UPB of $428.8 million, before related loan loss reserves of $31.1 million, compared to nineteen non-performing loans with a UPB of $481.5 million, before loan loss reserves of $16.1 million at March 31, 2026. In addition, the Company recorded $13.6 million of impairments on two real estate owned properties.

In addition, at June 30, 2026, the Company had three non-accrual loans with a UPB of $94.9 million that were less than 60 days past due, compared to none at March 31, 2026.

During the second quarter of 2026, the Company modified 7 loans to borrowers experiencing financial difficulty with a total UPB of $386.9 million, the majority of which had borrowers investing additional capital to recapitalize their deals.

The Company foreclosed on five loans with a UPB totaling $121.4 million, selling two of these foreclosed properties and three existing REO properties for $79.8 million.

Financing Activity

The balance of debt that finances the Company’s loan and investment portfolio at June 30, 2026 was $10.48 billion with a weighted average interest rate including fees of 6.38%, as compared to $10.71 billion and a rate of 6.40% at March 31, 2026.

The average balance of debt that finances the Company’s loan and investment portfolio for the second quarter of 2026 was $10.51 billion, as compared to $10.38 billion for the first quarter of 2026. The average cost of borrowings for the second quarter of 2026 was 6.56%, compared to 6.67% for the first quarter of 2026. The decrease in average cost was primarily due to reduced pricing associated with CLO activity, as well as a decrease in the average SOFR rate in the second quarter of 2026.

The Company redeemed in full and at par a legacy CLO with $787.0 million of outstanding notes, financing the underlying assets through existing repurchase facilities with significantly improved terms. The transaction enhanced leverage, reduced financing costs and generated approximately $132.3 million of additional liquidity.

In July 2026, the Company completed an upsized $375.0 million offering of 6.25% convertible senior notes due 2029. The Company is using the offering proceeds to redeem its $270.0 million of 4.50% senior notes due 2026 and to repurchase common stock through two separate transactions: $11.6

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 6

million to repurchase ~2.1 million shares concurrently with the pricing of the offering and $102.7 million to repurchase ~18.9 million shares pursuant to a prepaid forward stock repurchase transaction.

Dividend

The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.17 per share of common stock for the quarter ended June 30, 2026. The dividend is payable on August 28, 2026 to common stockholders of record on August 14, 2026.

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 (833) 419-0865 for domestic callers and (785) 838-9333 for international callers. Please use participant passcode ABRQ226 when prompted by the operator.

A telephonic replay of the call will be available until August 7, 2026. The replay dial-in numbers are (800) 925-9416 for domestic callers and (402) 220-5387 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, 2025 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

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 7

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 two pages of this release.

Contact:

Arbor Realty Trust, Inc.

Investor Relations

516-506-4200

InvestorRelations@arbor.com

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 8

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Consolidated Statements of Operations - (Unaudited)

($ in thousands—except share and per share data)

Quarter Ended June 30,

Six Months Ended June 30,

2026 2025 2026 2025

Interest income $ 230,858 $ 240,303 $ 465,905 $ 480,997

Interest expense 177,761 171,578 352,963 336,829

Net interest income 53,097 68,725 112,942 144,168

Other revenue:

Gain on sales, including fee-based services, net 15,176 13,658 27,681 26,439

Mortgage servicing rights 12,110 10,930 21,770 19,061

Servicing revenue, net 23,879 27,437 49,619 53,040

Property operating income 8,313 5,452 16,373 9,839

Gain on derivative instruments, net 1,041 219 548 3,619

Other income, net 2,260 3,989 4,336 8,407

Total other revenue 62,779 61,685 120,327 120,405

Other expenses:

Employee compensation and benefits 45,096 41,181 92,779 87,217

Selling and administrative 15,868 14,859 32,821 31,171

Property operating expenses 12,670 6,802 24,635 10,276

Depreciation and amortization 5,929 5,848 13,033 9,592

Impairment loss on real estate owned 13,650 — 26,150 —

Provision for loss sharing, net 13,472 4,215 18,009 6,002

Provision for credit losses, net 38,163 19,004 43,979 28,079

Total other expenses 144,848 91,909 251,406 172,337

(Loss) income before extinguishment of debt, gain (loss) on real estate, income from equity affiliates and income taxes (28,972) 38,501 (18,137) 92,236

Loss on extinguishment of debt — — — (2,319)

Gain (loss) on real estate 64 (1,448) (2,073) (4,258)

Income from equity affiliates 1,893 2,654 6,304 1,020

Provision for income taxes (3,150) (3,398) (5,235) (6,989)

Net (loss) income (30,165) 36,309 (19,141) 79,690

Preferred stock dividends 10,342 10,342 20,684 20,684

Net (loss) income attributable to noncontrolling interest (3,165) 2,015 (3,112) 4,617

Net (loss) income attributable to common stockholders $ (37,342) $ 23,952 $ (36,713) $ 54,389

Basic (loss) earnings per common share $ (0.20) $ 0.12 $ (0.19) $ 0.28

Diluted (loss) earnings per common share $ (0.20) $ 0.12 $ (0.19) $ 0.28

Weighted average shares outstanding:

Basic 190,806,800 192,236,206 192,491,494 191,154,501

Diluted 190,806,800 209,003,002 192,491,494 207,938,574

Dividends declared per common share $ 0.17 $ 0.30 $ 0.47 $ 0.73

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 9

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

($ in thousands—except share and per share data)

June 30, 2026

(Unaudited) December 31, 2025

Assets:

Cash and cash equivalents $ 287,525 $ 482,875

Restricted cash 138,382 67,347

Loans and investments, net (allowance for credit losses of $163,431 and $145,971)

11,915,216 11,934,248

Loans held-for-sale, net 375,797 409,081

Capitalized mortgage servicing rights, net 323,887 340,842

Securities held-to-maturity, net (allowance for credit losses of $14,343 and $17,013)

157,137 156,087

Investments in equity affiliates 82,762 57,966

Real estate owned, net 545,946 498,938

Goodwill and other intangible assets 85,770 86,553

Other assets 440,403 460,966

Total assets $ 14,352,825 $ 14,494,903

Liabilities and Equity:

Credit and repurchase facilities $ 5,812,258 $ 5,149,651

Securitized debt 2,972,246 3,468,258

Senior unsecured notes 1,857,769 2,029,078

Junior subordinated notes to subsidiary trust issuing preferred securities 145,907 145,497

Notes payable - real estate owned 270,410 222,965

Due to borrowers 27,562 33,451

Allowance for loss-sharing obligations 118,898 97,579

Other liabilities 266,752 281,271

Total liabilities 11,471,802 11,427,750

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 - 188,981,757 and 195,491,855 shares issued and outstanding

1,890 1,955

Additional paid-in capital 2,409,539 2,454,312

Accumulated deficit (267,177) (136,597)

Total Arbor Realty Trust, Inc. stockholders' equity 2,777,935 2,953,353

Noncontrolling interest 103,088 113,800

Total equity 2,881,023 3,067,153

Total liabilities and equity $ 14,352,825 $ 14,494,903

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 10

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Statement of Operations Segment Information - (Unaudited)

(in thousands)

Quarter Ended June 30, 2026

Structured

Business Agency

Business

Other (1)

Consolidated

Interest income $ 219,211 $ 11,647 $ — $ 230,858

Interest expense 172,066 5,695 — 177,761

Net interest income 47,145 5,952 — 53,097

Other revenue:

Gain on sales, including fee-based services, net — 15,176 — 15,176

Mortgage servicing rights — 12,110 — 12,110

Servicing revenue — 42,126 — 42,126

Amortization of MSRs — (18,247) — (18,247)

Property operating income 8,313 — — 8,313

Gain on derivative instruments, net — 1,041 — 1,041

Other income, net 1,638 622 — 2,260

Total other revenue 9,951 52,828 — 62,779

Other expenses:

Employee compensation and benefits 18,667 26,429 — 45,096

Selling and administrative 8,269 7,599 — 15,868

Property operating expenses 12,670 — — 12,670

Depreciation and amortization 5,537 392 — 5,929

Impairment loss on real estate owned 13,650 — — 13,650

Provision for loss sharing, net — 13,472 — 13,472

Provision for credit losses, net 38,245 (82) — 38,163

Total other expenses 97,038 47,810 — 144,848

(Loss) income before gain on real estate, income from equity affiliates and income taxes (39,942) 10,970 — (28,972)

Gain on real estate 64 — — 64

Income from equity affiliates 1,893 — — 1,893

Provision for income taxes (626) (2,524) — (3,150)

Net (loss) income (38,611) 8,446 — (30,165)

Preferred stock dividends 10,342 — — 10,342

Net loss attributable to noncontrolling interest — — (3,165) (3,165)

Net (loss) income attributable to common stockholders $ (48,953) $ 8,446 $ 3,165 $ (37,342)

(1)Includes income (loss) allocated to the noncontrolling interest holders not allocated to the two reportable segments.

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 11

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Balance Sheet Segment Information - (Unaudited)

(in thousands)

June 30, 2026

Structured Business Agency Business Consolidated

Assets:

Cash and cash equivalents $ 58,886 $ 228,639 $ 287,525

Restricted cash 103,077 35,305 138,382

Loans and investments, net 11,915,216 — 11,915,216

Loans held-for-sale, net — 375,797 375,797

Capitalized mortgage servicing rights, net — 323,887 323,887

Securities held-to-maturity, net — 157,137 157,137

Investments in equity affiliates 82,762 — 82,762

Real estate owned, net 545,946 — 545,946

Goodwill and other intangible assets 12,500 73,270 85,770

Other assets 345,603 94,800 440,403

Total assets $ 13,063,990 $ 1,288,835 $ 14,352,825

Liabilities:

Debt obligations $ 10,699,313 $ 359,277 $ 11,058,590

Allowance for loss-sharing obligations — 118,898 118,898

Other liabilities 211,266 83,048 294,314

Total liabilities $ 10,910,579 $ 561,223 $ 11,471,802

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 12

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Reconciliation of Distributable Earnings to GAAP Net (Loss) Income - (Unaudited)

($ in thousands—except share and per share data)

Quarter Ended June 30,

Six Months Ended June 30,

2026 2025 2026 2025

Net (loss) income attributable to common stockholders $ (37,342) $ 23,952 $ (36,713) $ 54,389

Adjustments:

Net (loss) income attributable to noncontrolling interest (3,165) 2,015 (3,112) 4,617

Income from mortgage servicing rights (12,110) (10,930) (21,770) (19,061)

Deferred tax benefit (2,211) (1,603) (4,791) (1,741)

Amortization and write-offs of MSRs 21,093 19,825 40,433 40,689

Depreciation and amortization 6,876 6,582 14,692 11,149

Loss on extinguishment of debt — — — 2,319

Provision for credit losses, net 40,532 8,435 19,654 9,192

(Gain) loss on derivative instruments, net (477) (674) 821 (5,371)

Loss on real estate 5,388 1,857 17,917 4,667

Stock-based compensation 3,125 2,610 9,029 8,545

Distributable earnings (1) $ 21,709 $ 52,069 $ 36,160 $ 109,394

Diluted weighted average shares outstanding (1) (2) 207,661,095 209,003,002 209,687,157 207,938,574

Diluted distributable earnings per share (1) $ 0.10 $ 0.25 $ 0.17 $ 0.53

(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)For the quarter and six months ended June 30, 2025, 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), gains/losses on the receipt of real estate from the settlement of loans and subsequent impairment losses on real estate owned 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 repaid, or in the case of foreclosure, when the underlying asset is sold at which time any impairments and/or cumulative depreciation expense are realized; or (2) when management determines that it is nearly certain that all amounts due will not

Arbor Realty Trust Reports Second Quarter 2026 Results and Declares Dividend of $0.17 per Share

July 31, 2026

Page 13

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.

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