Arbor Realty Trust
28 named things its latest annual report says its results depend on, each in the company's own words. 20 of them are also named by other companies we've read.
Customers
Fannie Mae
earns from · $24,085,960 (66% of servicing portfolio)named as a riskThe loss of such status would, or changes in our relationships could, prevent us from being able to originate real estate loans for sale through the particular GSE or HUD, which would materially and adversely affect us.Risk factors (Item 1A)
Also named by AGNC, BAC, CBRE, DX, FICO, FSUN, JLL, LEN and 7 more
Freddie Mac
earns from · $7,455,088 (21% of servicing portfolio)named as a riskOur Agency Business sells loans directly to Freddie Mac who may choose to hold, sell or later securitize such loans.Risk factors (Item 1A)
Also named by AGNC, BAC, CBRE, DX, FICO, FSUN, LEN, NLY and 5 more
Private Label/CMBS investment banks
earns from · $2,558,048 (7%)named as a riskIf these investment banks discontinue their relationship with us and replacement investors cannot be found on a timely basis, we could be adversely affected.Risk factors (Item 1A)
Suppliers
Fannie Mae letter of credit facility
depends on · $70.0 million letter of creditnamed as a riskAt December 31, 2025, this requirement totaled $100.9 million and was satisfied with a $70.0 million letter of credit and cash issued to Fannie Mae.Risk factors (Item 1A)
Partners and platforms
Ginnie Mae
depends onnamed as a riskUnder the HUD program, we are obligated to advance tax and insurance escrow amounts and principal and interest payments on the underlying loan until the Ginnie Mae security has been fully paid.Risk factors (Item 1A)
Collateralized loan obligations (CLOs)
depends onnamed as a riskOur ability to obtain financing through CLOs is subject to conditions in the debt capital markets which are impacted by factors beyond our control that may reduce the level of investor demand for such securities.Risk factors (Item 1A)
Other companies
Arbor Commercial Mortgage, LLC (ACM)
approximately 6% of the voting interestnamed as a riskACM has approximately 6% of the voting interest in our stock at December 31, 2025.Business (Item 1)
Single-family rental and build-to-rent lending
concentrated in · 3,184,910 (26%)named as a riskA growing portion of our Structured Business consists of loans secured by SFR and construction or BTR properties.Risk factors (Item 1A)
Places
Texas
concentrated in · $2,808,834 (23%)Loan and investment portfolio asset class and geographic concentration information at December 31, 2025 is as follows ($ in thousands):Business (Item 1)
Also named by AFRM, ALLY, AN, ASO, ASTS, ATO, AXP, AZO and 70 more
Florida
concentrated in · $2,094,006 (17%)Loan and investment portfolio asset class and geographic concentration information at December 31, 2025 is as follows ($ in thousands):Business (Item 1)
Also named by ALLY, AN, AXP, AZO, BBY, BJ, BRO, CELH and 54 more
New York
concentrated in · $962,795 (8%); 13% of servicing portfolioAgency Business servicing portfolio product and geographic concentration information at December 31, 2025 is as follows ($ in thousands):Business (Item 1)
Also named by AXP, BJ, BPOP, BRO, BWA, CHE, CINF, CNC and 12 more
Georgia
concentrated in · $892,794 (7%)Loan and investment portfolio asset class and geographic concentration information at December 31, 2025 is as follows ($ in thousands):Business (Item 1)
Also named by ACHR, AXP, BRO, CNC, ELV, IMKTA, MKL, MLM and 7 more
Arizona
concentrated in · $982,786 (8%)Loan and investment portfolio asset class and geographic concentration information at December 31, 2025 is as follows ($ in thousands):Business (Item 1)
Also named by AMKR, AXON, BBSI, BRK/B, DJCO, ELS, ENSG, GDDY and 5 more
North Carolina
concentrated in · 8%Agency Business servicing portfolio product and geographic concentration information at December 31, 2025 is as follows ($ in thousands):Business (Item 1)
Also named by AUB, DUK, FCNCA, FHN, GLW, IMKTA, MLM, PNFP and 5 more
Tonawanda, New York
operates inWe service all loans and investments through our internal loan servicing department in Tonawanda, New York.Business (Item 1)
Commodities and inputs
Treasury futures (5-year and 10-year Treasury rates)
exposed to its price · gain of $1.6 million and $3.1 millionOur treasury futures are tied to the 5-year and 10-year treasury rates and hedge our exposure to Private Label loans, until the time they are securitized, and changes in the fair value of our held-for-sale Agency Business SFR – fixed rate loans.Market risk (Item 7A)
Regulators
Federal Housing Finance Agency (FHFA)
subject to · $88 billion for each enterprisenamed as a riskFHFA set its 2026 loan origination caps for Fannie Mae and Freddie Mac at $88 billion for each enterprise for a total opportunity of $176 billion (the “2026 Caps”), which is an increase from its 2025 Caps of $73 billion for each enterprise.Risk factors (Item 1A)
Also named by AGNC, DHI, DX, ELS, FICO, NLY, RITM, RKT and 1 more
Laws and programs
Investment Company Act of 1940
subject to · at least 55% of its assetsnamed as a riskWe conduct our business in a manner that allows us to avoid being regulated as an investment company under the Investment Company Act of 1940 (the “Act”).Risk factors (Item 1A)
Also named by AMG, AMP, ARCC, ARES, BAM, BCSF, BEN, BX and 28 more
REIT qualification (Internal Revenue Code)
subject to · at least 90% of our taxable incomenamed as a riskIf we fail to remain qualified as a REIT, we will be subject to corporate tax and could face a substantial tax liability.Risk factors (Item 1A)
Also named by AMT, CCI, DLR, ENSG, FPI, KIM, LAMR, O and 6 more
Fannie Mae DUS program
subject to · $24.09 billion of loans outstanding that are subject to risk-sharing obligationsnamed as a riskAt December 31, 2025, the Agency Business had pledged $100.9 million in restricted liquidity as collateral against future losses under $24.09 billion of loans outstanding that are subject to risk-sharing obligations.Risk factors (Item 1A)
Also named by AGNC
Dodd-Frank Act risk retention rules
subject to · at least 5% of the risknamed as a riskIn particular, pursuant to the Dodd-Frank Act, various federal agencies have promulgated rules that require issuers in securitizations to retain at least 5% of the risk associated with the securities.Risk factors (Item 1A)
Federal Housing Administration (FHA)
earns from · $1,549,483 (4% of servicing portfolio)Through our Agency Business, we originate, sell and service a range of multifamily finance products through the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the government-sponsored enterprises, or “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), Federal Housing Authority (“FHA”) and the U.S. Department of Housing and Urban Development (together with Ginnie Mae and FHA, “HUD”).Business (Item 1)
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskAlthough these limitations were not applicable to us in prior periods, changes to the definition of a controlled group under the One Big Beautiful Bill Act enacted in July 2025 (the “OBBBA”) will subject both the REIT and our TRSs to the compensation deduction limitations under Section 162(m) of the Internal Revenue Code, including the expanded group of covered employees.Risk factors (Item 1A)
Also named by AA, ADI, ADM, ALB, AMAT, AMGN, AMKR, AMRC and 121 more
Investment Advisers Act of 1940
subject tonamed as a riskOne of our subsidiaries is subject to the extensive regulation prescribed by the Investment Advisers Act of 1940 (the “Advisers Act”).Risk factors (Item 1A)
Also named by AMG, BAM, BEN, BX, CG, HTGC, KKR, MAIN and 3 more
GSE conservatorship
subject tonamed as a riskChanges in the business charters, structure, or existence of one or both of the GSEs could eliminate or substantially reduce the number of loans we may originate with the GSEs, which in turn would lead to a reduction in our fee and interest income and our servicing revenue.Risk factors (Item 1A)
Also named by AGNC
Fannie Mae As Soon as Pooled Plus (ASAP) agreement
depends onnamed as a riskWe finance our Agency Business loan originations, prior to sale to, or securitization by, an agency, through credit facilities provided by commercial banks, as well as the As Soon as Pooled ® Plus ("ASAP") agreement we have with Fannie Mae.Risk factors (Item 1A)