Arbor Realty Trust, Inc.

Worth knowing

• Buybacks largely absorbed by stock pay. Stock-based pay expense $43M vs $51M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +4.7% from December 2022 to July 2026.

  Over three fiscal years Arbor Realty Trust recorded $43M of stock-based pay expense and spent $51M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (+4.7%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Arbor Realty Trust recorded $43M of stock-based pay expense and spent $51M repurchasing shares. The share count barely moved (+4.7%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Much more borrowing than peers. Debt is 4.0× equity vs a peer median of 0.8×.Debt is 4.0× equity vs peers 0.8×.

  Debt is 4.0× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 4.0× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

• Valuation signals disagree. Cheaper than 95% of peers on free cash flow, but only 19% on operating cash profit (EBITDA).Cheaper than 95% of peers on free cash flow, but only 19% on operating cash profit.

  Relative to its free cash flow, Arbor Realty Trust looks cheaper than 95% of peers; relative to its operating cash profit (EBITDA), cheaper than only 19%. The valuation score blends the two, so look at which measure fits this business best.Relative to its free cash flow, Arbor Realty Trust looks cheaper than 95% of peers; relative to its operating cash profit, cheaper than only 19%. The valuation score blends the two, so look at which measure fits this business best.

• Cash flow well above reported profit. Free cash flow is 4.7× reported profit.

  Free cash flow is 4.7× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.