# Arbor Realty Trust (ABR.US)

Canonical: https://gigainvestors.com/s/ABR

Analysis as of: 2026-10-16T07:26:08.571Z. Financial observations: FY2003–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $2.80 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.52×

- FY2017: 0.49×

- FY2018: 0.55×

- FY2019: 0.54×

- FY2020: 0.58×

- FY2021: 0.67×

- FY2022: 0.67×

- FY2023: 0.70×

- FY2024: 0.61×

- FY2025: 0.75×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 3.5%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 90.2%

- Recent gross margin (lower of latest and 3-year median): 92.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.1%

- ROIC including acquisitions, ten-year median: 1.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.6%

- FY2017: 3.8%

- FY2018: 4.5%

- FY2019: 3.3%

- FY2020: 3.7%

- FY2021: 2.8%

- FY2022: 2.6%

- FY2023: 3.3%

- FY2024: 2.9%

- FY2025: 6.0%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.1B

- Net income, five-year total: $1.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 119.9 pp

- Working capital / revenue, change between three-year averages: 699.9 pp

- Working capital / revenue, final three-year average: 646.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.61×

- FY2022: 3.33×

- FY2023: 0.59×

- FY2024: 1.68×

- FY2025: 0.88×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.8% vs 3.3%

- Per-share earnings: 0.97 to 1.29 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 15.2%

- Ordinary dilution, 5-year annual growth: 9.4%

- Market cap gain: $1.1B

- Cumulative retained earnings: -$11M

- Diluted shares, 10-year annual growth: 15.2%

- Diluted shares, 5-year annual growth: 9.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.6%

- Per-share value change: $0.31

- Per-share value, starting three-year median: $0.97

- Per-share value, ending three-year median: $1.29

- Buybacks concentrated in cheaper years (correlation): -0.12

- Average buyback yield: 1.0%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $122M

- Cumulative net income, 10 years: $2.0B

- ROIC, first three-year median: 3.8%

- ROIC, last three-year median: 3.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.97

- FY2017: $0.91

- FY2018: $1.24

- FY2019: $1.11

- FY2020: $1.28

- FY2021: $2.17

- FY2022: $1.64

- FY2023: $1.70

- FY2024: $1.29

- FY2025: $0.71

### accounting: pass

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 0.00×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 3.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.66×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 8.3%

- FY2017: -10.7%

- FY2018: 3.3%

- FY2019: 5.7%

- FY2020: 1.5%

- FY2021: 0.8%

- FY2022: -4.5%

- FY2023: 0.9%

- FY2024: -1.5%

- FY2025: -1.7%

## Holders

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 86% since Oct 2021 · "Management identified elevated nonperforming assets and slower progress resolving delinquent loans as key challenges." (finance.yahoo.com, May 2026) · sales +93%

Story as of 2026-10-16T09:58:13.069Z; price observation 2026-10-15.

- 2025-05-02: Arbor slashes dividend, projects “significant drag” on earnings ([finance.yahoo.com](https://finance.yahoo.com/news/arbor-slashes-dividend-projects-significant-174500458.html))

- 2025-06-24: ABR Q1 Deep Dive: Elevated Delinquencies and REO Drag Results, Management Eyes 2026 Recovery ([finance.yahoo.com](https://finance.yahoo.com/news/abr-q1-deep-dive-elevated-062842601.html))

- 2025-08-01: Arbor Realty Trust soars 3.9% after beating Q2 earnings expectations ([investing.com](https://www.investing.com/news/earnings/arbor-realty-trust-soars-39-after-beating-q2-earnings-expectations-93CH-4166397))

- 2026-05-13: ABR Q1 Deep Dive: Earnings Dragged by Nonperforming Assets, Management Focuses on Loan Resolutions ([finance.yahoo.com](https://finance.yahoo.com/news/abr-q1-deep-dive-earnings-103655203.html))

### Sales · FY2024–2025

sales +93%; source https://www.sec.gov/Archives/edgar/data/1253986/000125398626000019/abr-20251231.htm; observed 2026-02-27.

- FY2016: $171M 

- FY2017: $273M 

- FY2018: $348M 

- FY2019: $372M 

- FY2020: $439M 

- FY2021: $661M 

- FY2022: $654M 

- FY2023: $719M 

- FY2024: $628M 

- FY2025: $1.2B 

### Gross margin · FY2025

gross margin 93.9%; source https://www.sec.gov/Archives/edgar/data/1253986/000125398626000019/abr-20251231.htm; observed 2026-02-27.

- FY2016: 81.9% 

- FY2017: 84.9% 

- FY2018: 86.3% 

- FY2019: 86.4% 

- FY2020: 90.4% 

- FY2021: 93.0% 

- FY2022: 91.4% 

- FY2023: 92.1% 

- FY2024: 90.1% 

- FY2025: 93.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 1.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1253986/000125398626000019/abr-20251231.htm (filed 2026-02-27); FY2025: revenue 1210974000; grossProfit 1136566000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ABR.US: Arbor Realty Trust, Inc. invests in a diversified portfolio of structured finance assets in the multifamily, single-family rental, and commercial real estate markets in the United States. It operates in two segments, Structured Business and Agency Business. The company invests in bridge and mezzanine loans, including junior participating interests in first mortgages, and preferred and direct equity, as well as real estate-related joint ventures, real estate-related notes, and various mortgage-related securities. It also offers bridge financing products to borrowers who seek short-term capital to be used in an acquisition of property; financing products to borrowers looking to develop, acquire or refinance conventional, workforce and affordable single-family rental (SFR) housing; multifamily investors short-term floating-rate financing for new and construction-ready multifamily projects; and mezzanine financing in the form of loans that are subordinate to a conventional first mortgage loan and senior to the borrower's equity in a transaction. In addition, the company provides financing by making preferred equity investments in entities that directly or indirectly own real property that are subordinate to a first mortgage loan; and invest in structured transactions, which are primarily comprised of joint ventures formed to acquire, develop and/or sell real estate-related assets. Further, it underwrites, originates, sells, and services financing loans underwritten using similar guidelines of existing agency loans sold to the government-sponsored enterprises; and long-term permanent fixed rate loans on SFR properties. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. Arbor Realty Trust, Inc. was incorporated in 2003 and is headquartered in Uniondale, New York.

### Why customers stay

Margins ranged from 90.1% to 93.9% during 2023–25; it earns 3.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 92.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 90.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1253986/000125398626000019/abr-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 93.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.03612207752134492],[2017,0.038111427441396395],[2018,0.044599261441648226],[2019,0.03282786091530684],[2020,0.037234597077295865],[2021,0.027993984143756978],[2022,0.026119051175657958],[2023,0.03297969030474915],[2024,0.029270490536963095],[2025,0.05992824622385546]]; median 0.03455088391304703. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 91% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1253986/000125398626000019/abr-20251231.htm (filed 2026-02-27); Gross margin observations: [[2021,0.9300158130731483],[2022,0.9141900063142799],[2023,0.9205057523699319]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 3.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 48441691; owner earnings 32851295.366409056. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 1199000; owner earnings 113570849.18315232. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 131000; owner earnings 45988000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 0; owner earnings 206918000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 0; owner earnings 1084676000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 0; owner earnings 220917000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 3471000; owner earnings 443814000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1253986/000125398626000019/abr-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 40716000; owner earnings 131294000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,39366254],[2017,50181000],[2018,75651000],[2019,115415000],[2020,149365000],[2021,227062000],[2022,321739000],[2023,380640000],[2024,394843000],[2025,319946000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1253986/000125398626000019/abr-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 3612000 USD.

### Are managers owners

Insiders own 2.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); ABR.US SharesStats.PercentInsiders = 2.889 percentage points; cache date 2026-10-05.

### What could break it

(4) experience increased costs and risks associated with operating, managing and disposing of real estate owned (“REO”) assets.

- Source: https://www.sec.gov/Archives/edgar/data/1253986/000125398626000019/abr-20251231.htm (filed 2026-02-27); An economic slowdown, a lengthy or severe recession, declining real estate values, or changes in short and/or long-term interest rates could harm our operations, affect our ability to obtain financing on reasonable terms and have other adverse effects on us. If economic conditions deteriorate, interest rates remain elevated and/or we experience a turbulent economic environment, we will likely: (1) experience increases in loan loss reserves and other impairments; (2) encounter difficulty estimating loan loss reserves; (3) experience increases in loan delinquencies, loan modifications and nonperforming loans and foreclosures; (4) experience increased costs and risks associated with operating, managing and disposing of real estate owned (“REO”) assets; and (5) experience evolving climate-related, environmental and cybersecurity risks affecting us, our borrowers, collateral properties and key third-party service providers. In addition, such conditions may continue to negatively affect our liquidity, operating results and credit performance and may negatively impact expected recoveries on modified loans, and modified loans may continue to underperform, potentially increasing nonperforming assets, REO, and credit loss provisions.

### What the price says

The price is 0.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 2.8 USD; reporting-to-trading FX 1; FY2025 annual sales per share 5.773874825837768; price multiple 0.4849429688828992. FY2025 cash earnings/share 0.626004457059808. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $7.33 per share

- 2016-11: $7.45 per share

- 2016-12: $7.46 per share

- 2017-01: $7.38 per share

- 2017-02: $7.38 per share

- 2017-03: $8.38 per share

- 2017-04: $8.63 per share

- 2017-05: $8.20 per share

- 2017-06: $8.34 per share

- 2017-07: $8.25 per share

- 2017-08: $8.20 per share

- 2017-09: $8.20 per share

- 2017-10: $8.27 per share

- 2017-11: $8.58 per share

- 2017-12: $8.64 per share

- 2018-01: $8.15 per share

- 2018-02: $8.56 per share

- 2018-03: $8.82 per share

- 2018-04: $8.76 per share

- 2018-05: $9.56 per share

- 2018-06: $10.43 per share

- 2018-07: $11.37 per share

- 2018-08: $12.26 per share

- 2018-09: $11.48 per share

- 2018-10: $12.08 per share

- 2018-11: $11.85 per share

- 2018-12: $10.07 per share

- 2019-01: $11.96 per share

- 2019-02: $12.94 per share

- 2019-03: $12.97 per share

- 2019-04: $13.66 per share

- 2019-05: $12.31 per share

- 2019-06: $12.12 per share

- 2019-07: $12.19 per share

- 2019-08: $12.55 per share

- 2019-09: $13.11 per share

- 2019-10: $13.66 per share

- 2019-11: $15.16 per share

- 2019-12: $14.35 per share

- 2020-01: $14.77 per share

- 2020-02: $12.14 per share

- 2020-03: $4.90 per share

- 2020-04: $6.89 per share

- 2020-05: $8.42 per share

- 2020-06: $9.24 per share

- 2020-07: $10.19 per share

- 2020-08: $11.32 per share

- 2020-09: $11.47 per share

- 2020-10: $11.82 per share

- 2020-11: $13.32 per share

- 2020-12: $14.18 per share

- 2021-01: $14.26 per share

- 2021-02: $16.67 per share

- 2021-03: $15.90 per share

- 2021-04: $17.68 per share

- 2021-05: $18.24 per share

- 2021-06: $17.82 per share

- 2021-07: $18.28 per share

- 2021-08: $18.28 per share

- 2021-09: $18.53 per share

- 2021-10: $20.11 per share

- 2021-11: $17.55 per share

- 2021-12: $18.32 per share

- 2022-01: $17.51 per share

- 2022-02: $18.00 per share

- 2022-03: $17.06 per share

- 2022-04: $17.10 per share

- 2022-05: $16.42 per share

- 2022-06: $13.11 per share

- 2022-07: $16.62 per share

- 2022-08: $14.98 per share

- 2022-09: $11.50 per share

- 2022-10: $13.77 per share

- 2022-11: $14.88 per share

- 2022-12: $13.19 per share

- 2023-01: $14.93 per share

- 2023-02: $15.08 per share

- 2023-03: $11.49 per share

- 2023-04: $11.47 per share

- 2023-05: $12.61 per share

- 2023-06: $14.82 per share

- 2023-07: $16.91 per share

- 2023-08: $15.96 per share

- 2023-09: $15.18 per share

- 2023-10: $12.61 per share

- 2023-11: $12.48 per share

- 2023-12: $15.18 per share

- 2024-01: $13.30 per share

- 2024-02: $13.40 per share

- 2024-03: $13.25 per share

- 2024-04: $12.83 per share

- 2024-05: $13.68 per share

- 2024-06: $14.35 per share

- 2024-07: $13.50 per share

- 2024-08: $13.60 per share

- 2024-09: $15.56 per share

- 2024-10: $14.74 per share

- 2024-11: $14.67 per share

- 2024-12: $13.85 per share

- 2025-01: $13.39 per share

- 2025-02: $12.34 per share

- 2025-03: $11.75 per share

- 2025-04: $11.53 per share

- 2025-05: $9.58 per share

- 2025-06: $10.70 per share

- 2025-07: $11.16 per share

- 2025-08: $11.94 per share

- 2025-09: $12.21 per share

- 2025-10: $10.09 per share

- 2025-11: $8.91 per share

- 2025-12: $7.76 per share

- 2026-01: $7.70 per share

- 2026-02: $7.93 per share

- 2026-03: $7.71 per share

- 2026-04: $7.90 per share

- 2026-05: $5.75 per share

- 2026-06: $5.42 per share

- 2026-07: $5.01 per share

- 2026-08: $5.01 per share

- 2026-09: $3.86 per share

- 2026-10: $2.80 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:31:43.563Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1253986/000125398626000019/abr-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.