# EDGAR Filing Document

**Accession Number:** 0001253986
**File Stem:** 0001253986-25-000017
**Filing Date:** 2025-8
**Character Count:** 23614
**Document Hash:** 06743ed49e67371ec2bf5fa8b4425ed0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001253986-25-000017.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001253986-25-000017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250812

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARBOR REALTY TRUST INC
- **CENTRAL INDEX KEY:** 0001253986
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 200057959
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32136
- **FILM NUMBER:** 251206771

**BUSINESS ADDRESS:**
- **STREET 1:** 333 EARLE OVINGTON BOULEVARD
- **STREET 2:** SUITE 900
- **CITY:** UNIONDALE
- **STATE:** NY
- **ZIP:** 11553
- **BUSINESS PHONE:** 516-506-4200

**MAIL ADDRESS:**
- **STREET 1:** 333 EARLE OVINGTON BLVD STE.900
- **CITY:** UNIONDALE
- **STATE:** NY
- **ZIP:** 11553

?xml version='1.0' encoding='ASCII'? abr-20250812

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 12, 2025**

**Arbor Realty Trust, Inc.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Maryland** | **001-32136** | **20-0057959** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

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| | |
|:---|:---|
| **333 Earle Ovington Boulevard, Suite 900**<br>**Uniondale, NY** | **11553** |
| (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code: **(516) 506-4200**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbols** | **Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | ABR | **New York Stock Exchange** |
| Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share | ABR-PD | **New York Stock Exchange** |
| Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share | ABR-PE | **New York Stock Exchange** |
| Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share | ABR-PF | **New York Stock Exchange** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 1.01&nbsp;&nbsp;&nbsp;&nbsp;Entry into a Material Definitive Agreement.**

On August 12, 2025, Arbor Realty Trust, Inc. ("Arbor") announced that its consolidated subsidiary, Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC (the "Issuer"), issued $933,187,000 principal amount of investment grade-rated notes (the "Offered Notes") and $116,813,000 principal amount of below investment grade-rated notes (collectively with the Offered Notes, the "Notes"), evidencing a commercial real estate mortgage loan securitization (the "Securitization"), and sold such Notes in a private placement. The $116,813,000 of below investment grade-rated notes were purchased by a consolidated subsidiary of Arbor.

The Notes were issued pursuant to an indenture, dated as of August 12, 2025 (the "Indenture"), by and among the Issuer, Arbor Realty SR, Inc., as advancing agent, Wilmington Trust, National Association, as trustee (the "Trustee") and Computershare Trust Company, National Association, as note administrator, paying agent, calculation agent, transfer agent, securities intermediary, backup advancing agent and notes registrar and Computershare Trust Company, National Association, as custodian. The information contained in Item 2.03 of this Form 8-K regarding the terms of the Indenture and the Notes is incorporated by reference into this Item 1.01.

The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

The proceeds of this Securitization will be used to repay borrowings under Arbor's current credit facilities, pay transaction expenses and fund future loans and investments.

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**Item 2.03&nbsp;&nbsp;&nbsp;&nbsp;Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The aggregate principal amounts of the following nine classes of Notes (each, a "Class") were issued pursuant to the terms of the Indenture: (1) $577,500,000 aggregate principal amount of Class A Senior Secured Floating Rate Notes ("Class A Notes"); (2) $168,000,000 aggregate principal amount of Class A-S Secured Floating Rate Notes ("Class A-S Notes"); (3) $69,562,000 aggregate principal amount of Class B Secured Floating Rate Notes ("Class B Notes"); (4) $51,188,000 aggregate principal amount of Class C Secured Floating Rate Notes ("Class C Notes"); (5) $42,000,000 aggregate principal amount of Class D Secured Floating Rate Notes ("Class D Notes"); (6) $24,937,000 aggregate principal amount of Class E Secured Floating Rate Notes ("Class E Notes"); (7) $42,000,000 aggregate principal amount of Class F Secured Floating Rate Notes ("Class F Notes"); (8) $22,313,000 aggregate principal amount of Class G Secured Floating Rate Notes ("Class G Notes" and, together with the Class F Notes and the Offered Notes, the "Secured Notes"); and (9) $52,500,000 aggregate principal amount of Income Notes ("Income Notes"). The Class F Notes, Class G Notes and Income Notes were purchased by a consolidated subsidiary of Arbor.

As of August 12, 2025 (the "Closing Date"), the Secured Notes are secured by a portfolio of real estate related assets and cash with a face value of approximately $1,050,000,000, with real estate related assets consisting primarily of first-lien mortgage bridge loans. Through its ownership of the equity of the Issuer, Arbor intends to own the portfolio of collateral interests until its maturity and will account for the issuance of the Offered Notes on its balance sheet as a financing. The financing has a replenishment period of approximately two years and six months that allows the principal proceeds and sale proceeds (if any) of the collateral interests to be reinvested in qualifying replacement collateral interests, subject to the satisfaction of certain conditions set forth in the Indenture. The proceeds of the issuance of the securities also includes $123,235,425 for the purpose of acquiring additional collateral interests for a period of up to 180 days from the Closing Date (or an additional 30 days in the case of collateral interests for which binding commitments to purchase have been entered into during the 180-day period), at which point it is expected that the Issuer will own collateral interests with a face value of approximately $1,050,000,000. If the Issuer is unable to invest any financing capacity in suitable collateral interests within such time period, remaining cash and cash equivalents (excluding, at the election of the Collateral Manager (as defined below), an amount up to $10,000,000 to be held for the purchase of collateral interests during the replenishment period) will be used to redeem the Notes in order of seniority pursuant to the Indenture.

The collateral interests acquired on the Closing Date were purchased by the Issuer from a consolidated subsidiary of Arbor, and the seller made certain representations and warranties to the Issuer with respect to the collateral interests it sold. If any such representations or warranties are materially inaccurate, the Issuer may compel the seller to repurchase the affected collateral interests from it for an amount not exceeding par plus accrued interest and certain additional charges, if then applicable. Additional collateral interests and replacement collateral interests are expected to be purchased on similar terms, pursuant to criteria and conditions set forth in the Indenture.

The Issuer entered into a Collateral Management Agreement with Arbor Realty Collateral Management, LLC, a consolidated subsidiary of Arbor (the "Collateral Manager") pursuant to which the Collateral Manager has agreed to advise the Issuer on certain matters regarding the collateral interests and other eligible investments securing the Notes. The Collateral Manager has waived its right to receive a management fee for the services rendered under the Collateral Management Agreement.

The Issuer, the Collateral Manager and the Trustee entered into a Servicing Agreement with Arbor Multifamily Lending, LLC, a majority-owned subsidiary of Arbor (the "Servicer") pursuant to which the Servicer has agreed to act as the servicer and special servicer for the collateral interests. In connection with its duties under the Servicing Agreement, the Servicer has waived its right to servicing and special servicing fees but will be entitled to reimbursement of certain costs and expenses.

The Secured Notes were issued by the Issuer and are payable solely from the collateral interests and certain other assets pledged under the Indenture. To the extent the collateral interests and other pledged assets are insufficient to make payments in respect of the Notes, the Issuer will have no obligation to pay any further amounts in respect of the Notes and the Notes will be non-recourse to the Issuer with respect thereto.

The Offered Notes have an initial weighted average interest rate of approximately 1.82% plus Term SOFR. Interest payments on the Notes are payable monthly, beginning on August 20, 2025, to and including the interest payment date in January 2043, the stated maturity date of the Notes. As advancing agent under the Indenture, Arbor Realty SR, Inc., a consolidated subsidiary of Arbor, may be required to advance interest payments due on the Notes on the terms and subject to the conditions set forth in the Indenture. Arbor Realty SR, Inc. is entitled to receive a fee, payable on a monthly basis in

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accordance with the priority of payments set forth in the Indenture, equal to 0.07% per annum on the aggregate outstanding principal amount of the Notes.

Each Class of Notes will mature at par on the interest payment date in January 2043, unless redeemed or repaid prior thereto. Principal payments on each Class of Notes will be paid at the stated maturity in accordance with the priority of payments set forth in the Indenture. However, it is anticipated that the Notes will be paid in advance of the stated maturity date in accordance with the priority of payments set forth in the Indenture. The weighted average life of the Notes is currently expected to be between 2.92 years and 3.87 years. The calculation of the weighted average lives of the Notes assumes certain collateral characteristics including that there are no prepayments, defaults, extensions or delinquencies and that each collateral interest acquired on the Closing Date pays off on the initial maturity date without extension. There is no assurance that such assumptions will be met.

In general, payments of principal and interest (including any defaulted interest amount) on the Class A Notes will be senior to all payments of principal and interest on the Class A-S Notes, Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class G Notes and Income Notes; payments of principal and interest (including any defaulted interest amount) on the Class A-S Notes will be senior to all payments of principal and interest on the Class B Notes, Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class G Notes and Income Notes; payments of principal and interest (including any defaulted interest amount) on the Class B Notes will be senior to all payments of principal and interest on the Class C Notes, Class D Notes, Class E Notes, Class F Notes, Class G Notes and Income Notes; payments of principal and interest (including any defaulted interest amount) on the Class C Notes will be senior to all payments of principal and interest on the Class D Notes, Class E Notes, Class F Notes, Class G Notes and Income Notes; payments of principal and interest (including any defaulted interest amount) on the Class D Notes will be senior to all payments of principal and interest on the Class E Notes, Class F Notes, Class G Notes and Income Notes; payments of principal and interest (including any defaulted interest amount) on the Class E Notes will be senior to all payments of principal and interest on the Class F Notes, Class G Notes and Income Notes; payments of principal and interest (including any defaulted interest amount or deferred interest amount) on the Class F Notes will be senior to all payments of principal and interest on the Class G Notes and Income Notes; and payments of principal and interest (including any defaulted interest amount or deferred interest amount) on the Class G Notes will be senior to all payments of principal and interest on the Income Notes.

The Notes are subject to a clean-up call redemption (at the option of and at the direction of the Collateral Manager), in whole but not in part, on any interest payment date on which the aggregate outstanding principal amount of the Offered Notes has been reduced to 10% or less of the aggregate outstanding principal amount of the Offered Notes on the issuance date.

Subject to certain conditions described in the Indenture, on the interest payment date in January 2028, and on any interest payment date thereafter, the Issuer may redeem the Notes at the direction of the holders of a majority of the Income Notes.

The Offered Notes are also subject to a mandatory redemption on any interest payment date on which certain note protection tests set forth in the Indenture are not satisfied or if ratings assigned to the Notes as of the Closing Date are not confirmed after the end of the up to180-day period for the purchase of additional assets. Any mandatory redemption of the Offered Notes is to be paid from interest and principal proceeds of the collateral interests in accordance with the priority of payments set forth in the Indenture, until the applicable note protection tests are satisfied or the applicable ratings are reinstated or, if sooner, until such Offered Notes have been paid in full.

If certain events occur that would make the Issuer subject to paying U.S. federal income taxes or would make certain payments to or from the Issuer subject to withholding tax, then the holders of a majority of the Income Notes may require that the Issuer prepay all of the Notes.

Arbor Realty SR, Inc. has agreed to comply with the retention requirements of Regulation RR under the Securities Exchange Act of 1934, as amended, by causing a "majority-owned affiliate" (as defined in Regulation RR) to retain the Income Notes in an amount equal to not less than 5% of the aggregate fair value of the Notes as of the Closing Date. However, if Regulation RR is modified or repealed, Arbor Realty SR, Inc. may choose to comply with Regulation RR as is then in effect.

The redemption price for each Class of Secured Notes is generally the aggregate outstanding principal amount of such Class, plus accrued and unpaid interest (including any defaulted interest amounts and deferred interest amounts, as applicable).

In addition to standard events of default, the Indenture also contains the following events of default: (1) a requirement of the Issuer or pool of assets securing the Secured Notes to register as an investment company under the Investment

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Company Act of 1940, as amended, and (2) the loss of the Issuer's status as a qualified REIT subsidiary or other disregarded entity of Arbor Realty SR, Inc. for U.S. federal income tax purposes.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On August 12, 2025, Arbor issued a press release announcing the closing of the commercial real estate mortgage securitization disclosed in Items 1.01 and 2.03 of this Form 8-K, a copy of which is furnished as Exhibit 99.1 hereto.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit Number** | **Exhibit** |
| <u>[99.1](exhibit991pressreleasedate.htm)</u> | <u>[Press release, dated](exhibit991pressreleasedate.htm)[August](exhibit991pressreleasedate.htm)[1](exhibit991pressreleasedate.htm)[2, 2025.](exhibit991pressreleasedate.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **ARBOR REALTY TRUST, INC.** | **ARBOR REALTY TRUST, INC.** |
| Date: August 12, 2025 | By: | /s/ Paul Elenio |
|  | Name: | Paul Elenio |
|  | Title: | Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1**

![arbormulti-brandxlogox3cxc.jpg](arbormulti-brandxlogox3cxc.jpg)

**Arbor Realty Trust Closes a $1.05 Billion Collateralized Loan Obligation Securitization**

Uniondale, NY, August 12, 2025 -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced the closing of a $1.05 billion commercial real estate mortgage loan securitization (the "Securitization"). An aggregate of approximately $933 million of investment grade-rated notes were issued (the "Notes") and Arbor retained subordinate interests in the issuing vehicle of approximately $117 million. The $1.05 billion of collateral includes approximately $123 million of capacity to acquire additional loans for a period of up to 180 days from the closing date of the Securitization.

The Notes have an initial weighted average spread of 1.82% over Term SOFR, excluding fees and transaction costs. The facility has a replenishment period of approximately two years and six months that allows the principal proceeds from repayments of the portfolio assets to be reinvested in qualifying replacement assets, subject to certain conditions.

The offering of the investment grade-rated Notes was made pursuant to a private placement. The investment grade-rated Notes were issued under an indenture and secured initially by a portfolio of real estate related assets and cash with a face value of $1.05 billion, with such real estate related assets consisting primarily of first mortgage bridge loans.

Arbor intends to own the portfolio of real estate related assets through the vehicle until its maturity and expects to account for the Securitization on its balance sheet as a financing. Arbor will use the proceeds of this Securitization to repay borrowings under its current credit facilities, pay transaction expenses and fund future loans and investments.

Certain of the Notes were rated by Fitch Ratings, Inc. and all of the Notes were rated by DBRS, Inc.

The Notes are not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

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**Exhibit 99.1**

**<u>About Arbor Realty Trust, Inc.</u>**

<u>Arbor Realty Trust, Inc.</u> (NYSE: <u>ABR</u>) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading <u>Fannie Mae DUS®</u> lender and <u>Freddie Mac Optigo®</u> Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor's product platform also includes <u>bridge</u>, <u>CMBS</u>, <u>mezzanine and preferred equity</u> loans. Rated by Standard and Poor's and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

**<u>Safe Harbor Statement</u>**

Certain items in this press release may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor's expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor's Annual Report on Form 10-K for the year ended December 31, 2024 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

<u>Contact:</u> Arbor Realty Trust, Inc.Investor Relations516-506-4200<u>InvestorRelations@arbor.com</u>

<br>