ARBOR REALTY TRUST INC ABR
Arbor is a Maryland corporation formed in 2003. We are a nationwide real estate investment trust ("REIT") and direct lender, providing loan origination and servicing for commercial real estate assets. We operate through two business segments: our Structured Loan Origination and Investment Business, or "Structured Business," and our Agency Loan Origination and Servicing Business, or "Agency Business."
Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, single-family rental ("SFR") and commercial real estate markets, primarily consisting of bridge loans, in addition to mezzanine loans, junior participating interests in first mortgages and preferred equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| SG&A | $59.8M | $54.9M | $51.3M | $54.0M | $45.6M | $37.3M | $40.3M | $37.1M | $30.7M | $17.6M |
| Total operating expenses | $372.6M | $333.9M | $315.8M | $257.1M | $198.0M | $270.2M | $182.3M | $169.5M | $149.9M | $110.9M |
| Operating income | $176.6M | $297.4M | $427.9M | $371.3M | $424.1M | $236.6M | $170.3M | $157.8M | $110.9M | $43.6M |
| Interest expense | $238.2M | $363.3M | $428.0M | $390.8M | $212.0M | $169.2M | $186.4M | $153.8M | $90.1M | $63.6M |
| Pre-tax income | $176.6M | $297.4M | $427.9M | $371.3M | $424.1M | $236.6M | $170.3M | $157.8M | $110.9M | $63.3M |
| Income tax | $18.8M | $13.5M | $27.3M | $17.5M | $46.3M | $40.4M | $15.0M | $9.7M | $13.4M | $825.0K |
| Net income | $157.8M | $283.9M | $400.6M | $353.8M | $377.8M | $196.2M | $155.2M | $148.1M | $97.5M | $62.5M |
| EPS, basic | 0.56 | 1.18 | 1.79 | 1.72 | 2.30 | 1.44 | 1.30 | 1.54 | 1.14 | 0.83 |
| EPS, diluted | 0.56 | 1.18 | 1.75 | 1.67 | 2.28 | 1.41 | 1.27 | 1.50 | 1.12 | 0.83 |
| Shares, diluted (wtd. avg.) | $209.7M | $205.5M | $218.8M | $199.1M | $156.1M | $134.0M | $116.2M | $93.6M | $80.3M | $51.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $482.9M | $503.8M | $929.0M | $534.4M | $404.6M | $339.5M | $299.7M | $160.1M | $104.4M | $138.6M |
| Goodwill | $56.6M | $56.6M | $56.6M | $56.6M | $56.6M | $56.6M | $56.6M | $56.6M | $56.6M | $26.7M |
| Other intangibles | $29.9M | $31.5M | $34.8M | $39.4M | $44.1M | $48.8M | $54.1M | $59.5M | $65.1M | $70.7M |
| Total assets | $14.49B | $13.49B | $15.74B | $17.04B | $15.07B | $7.66B | $6.24B | $4.61B | $3.63B | $2.97B |
| Long-term debt | $11.07B | $9.96B | $11.99B | — | $12.13B | $5.87B | $4.68B | $3.37B | $2.60B | $2.07B |
| Total liabilities | $11.43B | $10.34B | $12.48B | $13.97B | $12.52B | $6.18B | $4.88B | $3.55B | $2.76B | $2.22B |
| Retained earnings | -$136.6M | $13.0M | $115.2M | $97.0M | $62.5M | -$63.4M | -$60.9M | -$74.1M | -$101.9M | -$125.1M |
| Total equity | $2.95B | $3.02B | $3.25B | $3.07B | $2.55B | $1.48B | $1.33B | $1.07B | $864.6M | $747.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $372.4M | $461.5M | $235.9M | $1.10B | $216.8M | $55.2M | -$226.5M | -$37.7M | $459.7M | -$198.5M |
| Stock-based compensation | $13.8M | $14.2M | $14.9M | $15.0M | $9.9M | $9.0M | $9.5M | $6.1M | $4.8M | $3.5M |
| Investing cash flow | -$1.28B | $1.15B | $1.88B | -$2.32B | -$6.75B | -$1.16B | -$994.7M | -$681.9M | -$906.8M | -$196.9M |
| Financing cash flow | $798.8M | -$2.49B | -$1.83B | $1.57B | $6.89B | $1.13B | $1.39B | $816.5M | $523.0M | $326.4M |
| Dividends paid | $319.9M | $394.8M | $380.6M | $321.7M | $227.1M | $173.1M | $138.8M | $68.1M | $42.6M | $31.8M |
| Buybacks | $2.0M | $11.4M | $37.4M | $0 | $34.4M | $21.5M | $11.6M | $10.1M | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001253986-26-000027.
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