Company: ABR-PF
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001253986-25-000014
Chunk: 204

Company: ARBOR REALTY TRUST INC
Filing Date: 2025-08-01
Form: 10-Q
Item: Part I, Item 8
Chunk 204
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4) sale of assets, or (5) accessing the equity or debt capital markets, if available. We have the right to cure covenant breaches which would resume normal residual payments to us by purchasing non-performing loans out of the CLOs. However, we may not have sufficient liquidity available to do so at such time.     Our CLO compliance tests as of the most recent determination dates in July 2025 are as follows:Cash Flow TriggersCLO 16 CLO 17 CLO 18 BTR CLO 1Overcollateralization (1)Current140.90 %124.46 %130.03 %117.47 %Limit120.21 %121.51 %123.03 %115.47 %Pass / FailPassPassPass PassInterest Coverage (2)Current170.20 %151.24 %144.01 %139.43 %Limit120.00 %120.00 %120.00 %120.00 %Pass / FailPass PassPass Pass________________________(1)The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g., CCC-) as defined in each CLO vehicle.

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Table of ContentsARBOR REALTY TRUST, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(2)The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:Determination (1)CLO 16 CLO 17 CLO 18 BTR CLO 1July 2025140.90 %124.46 %130.03 %117.47 %April 2025142.15 %122.65