Arbor Realty Trust

Liquidity and funding access are positives: ABR closed a $762.6 million CRE CLO in March 2026, continues to term assets, and indicates about 78% of secured indebtedness is non‑recourse with a sizable non‑mark‑to‑market, long‑dated component.

Management cites deleveraging to ~3.3x debt/equity since 2023. Offsetting this is a still‑elevated level of non‑performers (26 loans, $569.1 million UPB) and active REO dispositions; the allowance fell to $146.0 million at year‑end 2025 due to resolutions and charge‑offs, which reduces loss absorption if new problems emerge.

Sensitivity to rate paths and funding costs remains material.