Arbor Realty Trust is a commercial real estate finance company and REIT focused on multifamily lending. Arbor operates two businesses. The first is a balance sheet lending business ("Structured Business") where Arbor originates and holds short-term, floating-rate bridge loans—primarily to multifamily property owners and single-family rental (SFR) investors who need interim capital while repositioning a property before transitioning to permanent financing. This portfolio totaled ~$12.1B at year-end 2025, with multifamily at ~73% and SFR at ~26%. Arbor earns net interest income on this portfolio by borrowing at floating rates through CLOs and bank facilities and lending at a spread. The second is a capital-light agency origination and servicing business ("Agency Business") where Arbor originates multifamily loans through Fannie Mae, Freddie Mac, and HUD programs, sells them to the agencies, and retains the mortgage servicing rights. Arbor is one of 25 approved Fannie Mae DUS lenders, and its agency servicing portfolio totaled ~$36.2B at year-end 2025. Agency revenue comes from gain-on-sale at origination, upfront MSR income, and recurring servicing fees. The two businesses are deliberately linked: Arbor underwrites bridge loans with agency-qualifying exit criteria, then works with borrowers to refinance into permanent agency loans once the property stabilizes—creating a pipeline of agency volume from its own balance sheet book.