Arbor Realty Trust

ABR · NYSE · Financials · Financials, fiscal 2016 to 2025

ABR · Last close · November 6, 2026

$1.61

Arbor Realty Trust's revenue fell 18.0% to $510 million in fiscal 2025. Its operating margin was 34.6%, down from 47.8% a year earlier. It paid out $322 million in dividends and buybacks. The diluted share count rose 2.0%.

Arbor Realty Trust, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001253986-26-000019 Updated November 5, 2026

Revenue

$510M

18.0%

Operating margin

34.6%

13.2 pts

Net income

$158M

44.4%

Free cash flow

—

Return on capital

1.2%

0.9 pts

Market cap

$272M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Arbor Realty Trust does

Arbor Realty Trust is a real estate investment trust, or REIT, that lends money for commercial property, mostly apartment buildings. A REIT generally pays no federal income tax on income it passes on to shareholders. Arbor makes loans and services them across the United States.

It has two segments. The Structured Business invests in loans such as bridge loans, mezzanine loans and preferred equity on apartment, single-family rental and other commercial properties. The Agency Business originates, sells and services apartment loans through Fannie Mae, Freddie Mac and the federal housing agencies Ginnie Mae, FHA and HUD. It keeps the servicing rights on nearly all the loans it sells under those programs.

It makes money from interest on the loans it holds, from fees and gains on loans it sells, and from servicing fees. It also originates its own "Private Label" loans, which it sells or pools into securities, keeping the riskiest slice. Most operations run through its operating partnership, and some income-producing assets sit in taxable subsidiaries.

Its biggest risks, as it describes them

Growing lending on single-family rental and build-to-rent projects carries more credit and development risk.
An economic slowdown or falling property values could hurt its loans and operations.
Changes to the government control of Fannie Mae and Freddie Mac could hurt its agency business.
Borrowers may fall behind, and it must advance payments to investors on many loans it services.
Using loan modifications and owning foreclosed property could lead to losses.

From Arbor Realty Trust's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 4.3% a year and net income grew 10.8% a year, as new shares raised the share count by 306% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	405	534	929	504	483
Debt incl. finance leases	12,132	—	11,986	9,962	11,075
Net debt (negative means net cash)	11,728	—	11,057	9,458	10,592
Net debt to EBITDA	27.2x	—	25.3x	30.8x	53.0x
Debt to equity	5.0x	—	3.8x	3.3x	3.8x
Interest coverage	2.0x	0.7x	0.5x	0.4x	0.3x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for Arbor Realty Trust's filings doesn't give both for any year, so free cash flow is left out.

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Arbor Realty Trust's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Arbor Realty Trust's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 5 insiders bought $1.1 million of Arbor Realty Trust shares on the open market, and 2 insiders sold $201,515.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 31, 2026	William C GreenDirector	Bought	25,951	$5.07	$131,591	Form 4
Jun 4, 2026	George TsunisDirector	Bought	26,700	$5.58	$148,986	Form 4
Jun 4, 2026	George TsunisDirector	Sold	26,700	$5.57	$148,719	Form 4
Jun 1, 2026	George TsunisDirector	Bought	1,000	$5.48	$5,480	Form 4
May 26, 2026	George TsunisDirector	Bought	1,000	$5.50	$5,505	Form 4
May 19, 2026	George TsunisDirector	Bought	3,500	$5.86	$20,509	Form 4
May 14, 2026	George TsunisDirector	Bought	3,510	$5.83	$20,463	Form 4
May 11, 2026	David Erwin FriedmanCCO & Head of Non-Agcy Prod	Bought	8,840	$6.84	$60,466	Form 4
May 11, 2026	David Erwin FriedmanCCO & Head of Non-Agcy Prod	Sold	7,685	$6.87	$52,796	Form 4
Mar 17, 2026	George TsunisDirector	Bought	1,927	$7.85	$15,127	Form 4
Nov 28, 2025	William C GreenDirector	Bought	12,800	$9.02	$115,456	Form 4
Nov 17, 2025	Ivan KaufmanCob, CEO and President, Director	Bought	29,000	$8.34	$241,860	Form 4

The latest 12 of 15 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	1.0%	−1.2%	−1.5%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	—	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Fail
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Arbor Realty Trust side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Arbor Realty Trust	FY25	−18.0%	34.6%	—	1.2%	53.0x	—
PennyMac Mortgage Investment Trust	FY25	−8.0%	—	—	37.6%	—	—	Compare
Franklin BSP Realty Trust	FY25	20.9%	—	108.0%	25.6%	−0.5x	—	Compare
Starwood Property Trust	FY25	−5.3%	—	5.4%	—	—	—	Compare
AGNC Investment	FY25	19.5%	—	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	150	257	331	349	434	587	619	721	622	510
Revenue growth	61.1%	71.5%	29.0%	5.5%	24.4%	35.1%	5.4%	16.5%	−13.7%	−18.0%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	44	111	158	170	236	424	371	428	297	177
Net income	62	98	148	155	196	378	354	401	284	158
Diluted EPS (US$)	0.83	1.12	1.50	1.27	1.41	2.28	1.67	1.75	1.18	0.56
Diluted shares (millions)	52	80	94	116	134	156	199	219	206	210
Cash flow
Cash from operations	−198	460	−38	−226	55	217	1,100	236	462	372
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Free cash flow	—	—	—	—	—	—	—	—	—	—
Dividends paid	32	43	68	139	173	227	322	381	395	320
Share buybacks	0	0	10	12	22	34	0	37	11	2
Acquisitions	63	0	0	0	0	0	0	0	0	0
Stock-based compensation	4	5	6	10	9	10	15	15	14	14
Balance sheet at fiscal year end
Cash and short-term investments	139	104	160	300	340	405	534	929	504	483
Debt incl. finance leases	2,068	2,596	3,367	4,679	5,874	12,132	—	11,986	9,962	11,075
Total assets	2,971	3,626	4,612	6,239	7,661	15,074	17,039	15,739	13,491	14,495
Total liabilities	2,224	2,761	3,547	4,883	6,178	12,524	13,967	12,484	10,339	11,428
Shareholders' equity	587	696	895	1,185	1,344	2,418	2,937	3,118	3,024	2,953
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	29.2%	43.2%	47.7%	48.7%	54.4%	72.2%	60.0%	59.4%	47.8%	34.6%
Net margin	41.8%	38.0%	44.7%	44.4%	45.1%	64.3%	57.2%	55.5%	45.6%	30.9%
Free cash flow margin	—	—	—	—	—	—	—	—	—	—
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—	—	—	—
Return on capital	—	3.2%	3.9%	3.1%	3.1%	3.5%	—	—	2.1%	1.2%
Return on equity	10.8%	15.2%	18.6%	14.9%	15.5%	20.1%	13.2%	13.2%	9.2%	5.3%
Return on assets	2.6%	3.0%	3.6%	2.9%	2.8%	3.3%	2.2%	2.4%	1.9%	1.1%
Net debt to EBITDA	39.7x	21.1x	19.4x	24.6x	22.7x	27.2x	—	25.3x	30.8x	53.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Arbor Realty Trust's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Arbor Realty Trust.