Company: ABR-PF
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001253986-25-000022
Chunk: 112

Company: ARBOR REALTY TRUST INC
Filing Date: 2025-10-31
Form: 10-Q
Item: Part I, Item 1
Chunk 112
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ated VIEs. We determined that we are not the primary beneficiary of 66 VIEs in which we have a variable interest at September 30, 2025 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity's economic performance or substantially all of the activities do not involve, or are not conducted on behalf of, the Company.

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

A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at September 30, 2025 is as follows (in thousands):TypeCarrying Amount (1)Loans$1,569,850 APL certificates140,829 Equity investments34,257 B Piece bonds31,023 Agency interest only strips54 Total$1,776,013 ________________________(1)Represents the carrying amount of loans and investments before reserves. At September 30, 2025, $253.0 million of loans to VIEs had corresponding specific loan loss reserves of $95.8 million. The maximum loss exposure at September 30, 2025 would not exceed the carrying amount of our investment.These unconsolidated VIEs have exposure to real estate debt of approximately $5.01 billion at September 30, 2025.

Note 16 — Equity

Common Stock. We have an equity distribution agreement with Citizens JMP Securities, LLC ("JMP"). In accordance with the terms of the agreement, we may offer and sell up to 30,000,000 shares of our common stock in "At-The-Market" equity offerings through JMP by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. During the nine months ended September 30, 2025, we sold 5,898,957 shares of our common stock at an average price of $11.97 per share for net proceeds of $70.6 million. At September 30, 2025, we had 23,439,335 shares available under the agreement.We have a share repurchase program providing for the repurchase of up to $150.0 million of our outstanding common stock. The repurchase of our common stock may be made from time to time in the open market, through privately negotiated transactions,