Arbor Realty Trust

In agency lending, fee schedules and gain‑on‑sale margins are bounded by program economics; 4Q25 agency gain‑on‑sale margin was 1.36%. In bridge lending, spreads can widen in tight markets, but competition and borrower alternatives constrain sustainable take‑rate expansion.

Rising and volatile base rates pass through with lags, and credit costs can swamp spread gains. We see limited latent pricing power outside episodic stress.