Sign in

ABR on NYSE

ARBOR REALTY TRUST INC

American real estate investment trust based in Baltimore, active since 20032

In its 2026 annual report the company says: “We are an approved Fannie Mae Delegated Underwriting and Servicing lender nationally, a Freddie Mac Optigo® Conventional Loan and Small Balance Loan lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally.”5 Its shares trade on NYSE under the symbol ABR.2

Price unavailable

Last updated Oct 21, 2026.

Overview

Compare with another stock.

  • TickerABR on NYSE2
  • IndustryReal Estate Investment Trusts2
  • HeadquartersBaltimore, United States2
  • Incorporated inMD3
  • Business address333 Earle Ovington Boulevard, Suite 900, Uniondale, Ny 115533
  • Filer categoryLarge accelerated filer3
  • Legal formStock Corporation2
  • LEI549300ASFUWYQO0RW0772
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D074437402

See how the biggest companies compare on our leaderboards

Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, single-family rental (“SFR”) and commercial real estate markets, primarily consisting of bridge loans, in addition to mezzanine loans, junior participating interests in first mortgages and preferred equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income678910$176.6M in 2025+4% since 2019
0$200.0M$400.0M$600.0M2019: $170.3M$170.3M20192020: $236.6M$236.6M2020+39%2021: $424.1M$424.1M2021+79%2022: $371.3M$371.3M2022−12%2023: $427.9M$427.9M2023+15%2024: $297.4M$297.4M2024−30%2025: $176.6M$176.6M2025−41%
Net income678910$157.8M in 2025+2% since 2019
0$200.0M$400.0M$600.0M2019: $155.2M$155.2M20192020: $196.2M$196.2M2020+26%2021: $377.8M$377.8M2021+93%2022: $353.8M$353.8M2022−6%2023: $400.6M$400.6M2023+13%2024: $283.9M$283.9M2024−29%2025: $157.8M$157.8M2025−44%
Fiscal year20192020202120222023202420252026
Selling, general and admin$40.3M6$37.3M7$45.6M8$54.0M9$51.3M10$54.9M10$59.8M10
Operating expenses$198.0M8$257.1M9$315.8M10$333.9M10$372.6M10
Operating income$170.3M6$236.6M7$424.1M8$371.3M9$427.9M10$297.4M10$176.6M10
Interest$186.4M6$169.2M7$212.0M8$557.6M8$903.2M8
Income tax$15.0M6$40.4M7$46.3M8$17.5M9$27.3M10$13.5M10$18.8M10
Net income$155.2M6$196.2M7$377.8M8$353.8M9$400.6M10$283.9M10$157.8M10
Earnings per share$1.306$1.447$2.308$1.729$1.7910$1.1810$0.5610
Earnings per share (diluted)$1.276$1.417$2.288$1.679$1.7510$1.1810$0.5610
Shares (weighted, basic)137.8M shares8165.4M shares9184.6M shares10188.7M shares10193.0M shares10
Shares (weighted, diluted)156.1M shares8199.1M shares9218.8M shares10205.5M shares10209.7M shares10

Compare ARBOR REALTY TRUST INC with another company

Corporate structure

ARBOR REALTY TRUST INC sits at the top of its group. 16 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ARBOR REALTY TRUST INC

  • ARBOR REALTY TRUST INC Baltimore, Maryland, United States
    • ARBOR PRIVATE LABEL, LLC Uniondale, New York, United States
    • ARBOR REALTY SR, INC. Baltimore, Maryland, United States
      • Arbor BS Funding, LLC Subsidiary · Uniondale, New York, United States
    • ARBOR CRE RAIF 2017-1, S.C.S. Subsidiary · Luxembourg, Luxembourg
    • Arbor Private Investment LLC Subsidiary · Delaware, United States
    • Arbor Q021 Investor LLC Subsidiary · Delaware, United States
    • Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. Subsidiary · Cayman Islands
    • Arbor Realty Commercial Real Estate Notes 2022-FL1, Ltd. Subsidiary · Cayman Islands
    • Arbor Realty Commercial Real Estate Notes 2025-BTR1, LLC Subsidiary · Delaware, United States
    • Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC Subsidiary · Delaware, United States
    • Arbor Realty GPOP, Inc. Subsidiary · Delaware, United States
    • Arbor Realty Limited Partnership Subsidiary · Delaware, United States
    • ARSR Alpine LLC Subsidiary · Delaware, United States
    • ARSR Holdings, LLC Subsidiary · Delaware, United States
    • ARSR TRS Holdings LLC Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ARBOR REALTY TRUST INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Real estate and locations

ItemLatestA year beforeChange
Real estate investments, net$498.9M10 Dec 31, 2025$176.5M10 Dec 31, 2024+182.6%
Real estate properties1910 Dec 31, 2025810 Dec 31, 2024+137.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$482.9M10 Dec 31, 2025$503.8M10 Dec 31, 2024−4.2%
Debt securities held to maturity$156.1M10 Dec 31, 2025$157.2M10 Dec 31, 2024−0.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$56.6M10 Dec 31, 2025$56.6M10 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$29.9M10 Dec 31, 2025$31.5M10 Dec 31, 2024−5.0%
Accumulated amortization$17.5M10 Dec 31, 2025$15.9M10 Dec 31, 2024+9.8%

Properties, in its own words

Our principal corporate offices are located in leased space at 333 Earle Ovington Boulevard, Uniondale, New York, 11553.

Item 2 of the 10-K filed Feb 27, 2026.5

Leadership

Who has led ARBOR REALTY TRUST INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Ivan Kaufman2006–now

President

  1. Ivan Kaufman2006–now

Chief financial officer

  1. Paul Elenio2006–now

Chief operating officer

  1. John Caulfield2017–2026
  2. Yonatan C. Goodman2026–now
2010201520202025
Board members and other officers (40)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ARSR Alpine LLC Delaware4
  • ARSR Holdings, LLC Delaware4
  • ARSR TRS Holdings LLC Delaware4
  • Arbor Private Investment LLC Delaware4
  • Arbor Private Label, LLC Delaware4
  • Arbor Q021 Investor LLC Delaware4
  • Arbor Realty Commercial Real Estate Notes 2021-FL4, Ltd. Cayman Islands4
  • Arbor Realty Commercial Real Estate Notes 2022-FL1, Ltd. Cayman Islands4
  • Arbor Realty Commercial Real Estate Notes 2025-BTR1, LLC Delaware4
  • Arbor Realty Commercial Real Estate Notes 2025-FL1, LLC Delaware4
  • Arbor Realty GPOP, Inc. Delaware4
  • Arbor Realty Limited Partnership Delaware4
  • Arbor Realty SR, Inc. Maryland4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • ARBOR REALTY TRUSTJul 11, 2003 to Jul 11, 20033

Timeline

  1. Aug 11, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure57
  2. Aug 3, 20268-K Regulation FD disclosure58
  3. Jul 31, 20268-K Results of operations59
  4. Jul 6, 20268-K Entered a material agreement; New debt or obligation; Unregistered sale of shares60
  5. Jul 1, 20268-K Other events61
  6. May 20, 20268-K Shareholder vote62
  7. May 8, 20268-K Results of operations63
  8. May 8, 20268-K Regulation FD disclosure64
  9. Mar 23, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure65
  10. Mar 11, 20268-K Regulation FD disclosure66
  11. Feb 27, 20268-K Results of operations67
  12. Feb 17, 20268-K Executive or director change68
  13. Feb 14, 2006New chief executive Ivan Kaufman becomes CEO15
  14. Jun 24, 2003Founded ARBOR REALTY TRUST INC is founded2

Calendar

Coming up

  1. Oct 30, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.34 a share, on Oct 31, 2025.69

When it reported results

  1. Jul 31, 2026Reported quarterly or annual results59
  2. May 8, 2026Reported quarterly or annual results63
  3. Feb 27, 2026Reported quarterly or annual results67
  4. Oct 31, 2025Reported quarterly or annual results70
  5. Aug 1, 2025Reported quarterly or annual results71
  6. May 2, 2025Reported quarterly or annual results72
  7. Feb 21, 2025Reported quarterly or annual results73
  8. Nov 1, 2024Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

407 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 71 major events, 249 insider forms, 20 large holders, 47 other. The latest 20:

  1. Oct 1, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Sep 17, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Sep 1, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Sep 1, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Sep 1, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Aug 11, 20268-K EDGAR
  7. Aug 5, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Aug 5, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Aug 3, 20268-K EDGAR
  10. Jul 31, 2026SCHEDULE 13G EDGAR
  11. Jul 31, 202610-Q EDGAR
  12. Jul 31, 20268-K EDGAR
  13. Jul 6, 20268-K EDGAR
  14. Jul 1, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Jul 1, 20268-K EDGAR
  16. Jun 16, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jun 16, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Jun 16, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jun 5, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jun 4, 2026144 EDGAR

The 407 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

53 open-market trades by officers, directors and large owners since October 2021: 48 buys and 5 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 31, 2026Green William CDirectorBuy25,951$5.07$131.6KForm 4
Aug 5, 2026Natalone JohnEVPSale375,000Form 4
Aug 5, 2026KAUFMAN IVANCOB, CEO and PresidentBuy375,000Form 4
Jun 4, 2026Tsunis GeorgeDirectorBuy26,700$5.58$149.0KForm 4
Jun 4, 2026Tsunis GeorgeDirectorSale26,700$5.57$148.7KForm 4
Jun 1, 2026Tsunis GeorgeDirectorBuy1,000$5.48$5.5KForm 4
May 26, 2026Tsunis GeorgeDirectorBuy1,000$5.50$5.5KForm 4
May 19, 2026Tsunis GeorgeDirectorBuy3,500$5.86$20.5KForm 4
May 14, 2026Tsunis GeorgeDirectorBuy3,510$5.83$20.5KForm 4
May 11, 2026Friedman David ErwinCCO & Head of Non-Agcy ProdBuy8,840$6.84$60.5KForm 4
May 11, 2026Friedman David ErwinCCO & Head of Non-Agcy ProdSale7,685$6.87$52.8KForm 4
Mar 17, 2026Tsunis GeorgeDirectorBuy1,927$7.85$15.1KForm 4
Nov 28, 2025Green William CDirectorBuy12,800$9.02$115.5KForm 4
Nov 17, 2025Friedman David ErwinCCO & Head of Non-Agcy ProdBuy2,508$8.30$20.8KForm 4
Nov 17, 2025LAZAR MELVIN FDirectorBuy5,000$8.28$41.4KForm 4
Nov 17, 2025KAUFMAN IVANCOB, CEO and PresidentBuy29,000$8.34$241.9KForm 4
Nov 13, 2025KAUFMAN IVANCOB, CEO and PresidentBuy25,000$9.10$227.5KForm 4
Jun 3, 2025Green William CDirectorBuy13,821$9.45$130.6KForm 4
May 22, 2025Friedman David ErwinCCO & Head of Non-Agcy ProdBuy4,500$8.74$39.3KForm 4
May 22, 2025Elenio PaulChief Financial OfficerBuy10,000$8.47$84.8KForm 4

All 53 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Ivan KaufmanChief Executive Officer and President65$1.2M$11.8M83
2025Steven KatzExecutive Vice President and Chief Investment Officer — Residential Financing55$2.0M$4.0M83
2025Paul ElenioChief Financial Officer58$750.0K$3.4M83
2025Danny van der ReisExecutive Vice President — Servicing and Asset Management58$800.0K$2.5M83
2025David FriedmanExecutive Vice President — Chief Credit Officer and Head of Non-Agency Production & Syndications45$500.0K$1.9M83
2024Ivan KaufmanChief Executive Officer and President65$1.2M$12.1M83
2024Steven KatzExecutive Vice President and Chief Investment Officer — Residential Financing55$1.4M$3.7M83
2024Paul ElenioChief Financial Officer58$750.0K$2.5M83
2024Danny van der ReisExecutive Vice President — Servicing and Asset Management58$783.3K$2.4M83
2023Ivan KaufmanChief Executive Officer and President65$1.2M$12.4M83
2023Steven KatzExecutive Vice President and Chief Investment Officer — Residential Financing55$2.1M$4.1M83
2023Paul ElenioChief Financial Officer58$750.0K$2.7M83
2023Danny van der ReisExecutive Vice President — Servicing and Asset Management58$600.0K$2.3M83

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.26,466,351$143.4M0.0%−374,042
Vanguard Portfolio Management LLC9,935,318$53.8M0.0%+335,027
Vanguard Capital Management LLC8,310,053$45.0M0.0%+741,658
State Street Corp7,800,627$42.3M0.0%+360,247
Geode Capital Management, LLC5,001,558$27.1M0.0%+285,083
Coatue Management LLC4,196,885$22.7M0.0%No change
Goldman Sachs Group Inc3,595,273$19.5M0.0%+351,372
Invesco Ltd.3,158,654$17.1M0.0%+327,060
Charles Schwab Investment Management Inc3,109,957$16.9M0.0%−236,377
UBS Group AG3,026,244$16.4M0.0%+1,337,243
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.2,837,873$15.4M0.0%+116,437
Northern Trust Corp2,171,588$11.8M0.0%+61,012
Morgan Stanley1,907,418$10.3M0.0%+404,460
Van Eck Associates Corp1,837,250$10.0M0.0%−115,010
Marshall Wace, Llp1,813,282$9.8M0.0%New
Cooperman Leon G1,664,739$9.0M0.3%+104,739
Bank of New York Mellon Corp1,421,048$7.7M0.0%+100,611
Scoggin Management LP1,375,000$7.5M1.8%New
Vanguard Fiduciary Trust Co1,264,086$6.9M0.0%−13,360
Advisors Asset Management, Inc.931,196$5.0M0.1%−94,254
Principal Financial Group Inc929,675$5.0M0.0%−21,525
Caxton Associates Llp872,985$4.7M0.1%+612,426
Balyasny Asset Management L.P.840,309$4.6M0.0%+119,017
Victory Capital Management Inc836,125$4.5M0.0%+185,318
Susquehanna International Group, Llp831,300$4.5M0.0%−90,021

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ARBOR REALTY TRUST INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARARBOR REALTY TRUST INC1
  • CIK0001253986
  • Employer ID (EIN)20-00579595
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address333 Earle Ovington Boulevard, Suite 900, Uniondale, NY 115531
  • Mailing address333 Earle Ovington Blvd Ste.900, Uniondale, NY 115531
  • Phone516-506-42001
  • Shares outstanding186,558,043 as of Jul 24, 202612
  • Public float$2.0B as of Jun 30, 20255
  • AuditorErnst & Young LLP, New York, New York PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJul 11, 20031
  • Filings1,560 in all: 4 (677), 8-K (305), 10-Q (68), 424B5 (58), SC 13G/A (54), 3 (52), ABS-15G (47), SC 13G (41)1
    All 48 form types

    UPLOAD (30), CORRESP (26), DEF 14A (24), 10-K (22), ARS (16), DEFA14A (13), FWP (11), 424B3 (8), 8-A12B (8), EFFECT (8), S-11/A (7), S-8 (7), SCHEDULE 13G (7), 424B2 (6), 5 (6), S-3 (6), 8-K/A (5), CERTNYS (5), SC 13D/A (5), 25-NSE (4), 424B4 (4), 3/A (3), CERT (3), POS AM (2), PRE 14A (2), REGDEX (2), S-11 (2), S-3/A (2), S-3ASR (2), S-4 (2), 10-Q/A (1), 144 (1), 305B2 (1), 4/A (1), DEL AM (1), DFAN14A (1), PRER14A (1), S-4/A (1), SC 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Jul 31, 2026
    Proxy statement (DEF 14A) Apr 16, 2026
    Latest 8-K (8-K) Aug 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareABRNew York Stock Exchange
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per shareABR-PDNew York Stock Exchange
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per shareABR-PENew York Stock Exchange
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per shareABR-PFNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks ARBOR REALTY TRUST INC names in Item 1A of its 10-K filed Feb 27, 2026: 71 risks under these headings, as written.5

  • Risks Related to Our Business.
  • Risks Related to Our Financing and Hedging Activities.
  • Risks Relating to Regulatory Matters.
  • Risks Related to Our Corporate and Ownership Structure.
  • Risks Related to Our Status as a REIT.
  • Risks Related to Our Business
  • An economic slowdown, a lengthy or severe recession, or declining real estate values could harm our operations.
  • A prolonged disruption in the financial markets could affect our ability to obtain financing on reasonable terms and have other adverse effects on us and the market price of our common stock.
  • Increases in loan loss reserves and other impairments are likely if economic conditions deteriorate.
  • Allowance for credit losses are particularly difficult to estimate in a turbulent economic environment.
  • Loan repayments are less likely in a volatile market environment.
  • We may be unable to invest excess capital on acceptable terms, or at all, which would adversely affect our operating results.
The other 60 risks
  • A declining portfolio could adversely affect the returns from our investments.
  • Changes in interest rates could have an adverse effect on our operating results, financial condition, business prospects and our ability to make distributions to stockholders.
  • Our increasing use of loan modifications for borrowers experiencing financial difficulty could adversely affect our operating results, financial condition, liquidity and our ability to achieve expected recoveries.
  • We are increasingly exposed to risks associated with owning and operating real estate acquired through foreclosure, which could subject us to losses and liabilities in excess of those associated with our loans.
  • Our growing single‑family rental BTR and construction lending activities expose us to higher credit, development and concentration risks that could increase losses and volatility of earnings.
  • We may not be able to hire and retain qualified loan originators or grow and maintain our relationships with key customers, and if we are unable to do so, our ability to implement our business and growth strategies could be limited.
  • The real estate investment business is highly competitive. Our success depends on our ability to compete with other providers of capital for real estate investments.
  • We may not achieve our targeted rate of return on our investments.
  • Our due diligence may not reveal all of a borrower’s liabilities and may not reveal other weaknesses in its business.
  • We invest in mezzanine loans which are subject to a greater risk of loss than loans secured by a first priority mortgage lien.
  • Preferred equity investments involve a greater risk of loss than traditional mortgage financing.
  • Volatility in values of multifamily and commercial properties may adversely affect our loans and investments.
  • Many of our commercial real estate loans are funded with interest reserves and our borrowers may be unable to replenish those interest and other reserves once they run out.
  • We may not have control over certain of our loans and investments.
  • Properties may fail to perform as expected.
  • The loss of, or changes in, our Agency Business’s relationships with the GSEs, U.S. Department of HUD and institutional investors would adversely affect our ability to originate commercial real estate loans through GSE and HUD programs, which would materially and adversely affect us.
  • Our Agency Business is subject to risk of loss in connection with defaults on loans sold under the Fannie Mae DUS program that could materially and adversely affect our results of operations and liquidity.
  • We satisfy most of our restricted liquidity requirements with Fannie Mae with a letter of credit issued by one of our lenders. If the letter of credit was not renewed for any reason, we could suffer a reduction in our cash flow from operations, or we may breach our obligations to Fannie Mae, which would have a material adverse effect on our Agency Business.
  • If we fail to act proactively with delinquent borrowers in an effort to avoid a default, the number of delinquent loans could increase, which could have a material adverse effect on us.
  • A reduction in the fees paid for servicing the loans of our Agency Business or an increase in loan or security interest rates by investors could materially and adversely affect our results of operations and liquidity.
  • A significant portion of our Agency Business’s revenue is derived from loan servicing fees and declines in, or terminations of, servicing engagements, or breaches of servicing agreements, could have a material adverse effect on us.
  • The Agency Business is subject to the risk of failed loan deliveries, and even after a successful closing and delivery, we may be required to repurchase the loan or to indemnify the investor if there is a breach of a representation or warranty made by the Agency Business in connection with the sale of the loan through a GSE or HUD program, any of which could have a material adverse effect on us.
  • We are subject to risks of fraud, misrepresentation and other misconduct by borrowers, brokers, guarantors and other third parties, which could result in credit losses and litigation and may not be fully covered by contractual remedies or insurance.
  • For most loans we service under the Fannie Mae and HUD programs, we are required to advance payments due to investors if the borrower is delinquent in making such payments, which requirement could adversely impact our liquidity and harm our results of operations.
  • Risks Related to Our Financing and Hedging Activities
  • We may not be able to access financing sources on favorable terms, or at all, which could adversely affect our ability to execute our business plan.
  • Our credit and repurchase facilities and unsecured debt contain restrictive covenants relating to our operations.
  • We may not be able to obtain the level of leverage necessary to optimize our return on investment.
  • The debt facilities that we use to finance our investments may require us to provide additional collateral.
  • We utilize a significant amount of debt to finance our portfolio, which may subject us to an increased risk of loss, adversely affecting the return on our investments and reducing cash available for distribution.
  • We guarantee some of the leverage and contingent obligations of our subsidiaries.
  • We may not be able to acquire suitable investments for a CLO issuance, or we may not be able to issue CLOs on attractive terms, or at all, which may require us to utilize more costly financing for our investments.
  • The use of CLO financings with over-collateralization and interest coverage requirements may have a negative impact on our cash flows.
  • We may be required to repurchase loans that we have sold or to indemnify holders of our CLOs.
  • Our results of operations, cash flows and liquidity could be adversely affected if we are unable to reinvest CLO collateral proceeds in eligible assets during reinvestment periods or if reinvestment periods expire without capacity in existing CLOs or access to new CLO issuance on acceptable terms.
  • Through our Private Label platform we engage in securitization transactions relating to real estate mortgage loans that expose us to potential material risks.
  • The securitization market is subject to an evolving regulatory environment that may affect certain aspects of these activities.
  • Our loans and investments may be subject to fluctuations in interest rates which may not be adequately protected, or protected at all, by our hedging strategies.
  • Hedging instruments may not be guaranteed by an exchange or its clearing house and involve risks and costs.
  • We enter into derivative contracts that could expose us to contingent liabilities in the future.
  • Risks Relating to Regulatory Matters
  • If our Agency Business fails to comply with GSE and HUD program requirements, guidelines or oversight or is adversely affected by changes in applicable regulations or program standards, our costs could increase and our ability to conduct the Agency Business could be restricted, which could materially and adversely affect our results.
  • Failure to maintain certain qualifications and licenses could adversely affect our results of operations.
  • Failure to maintain an exemption from regulation as an investment company under the Investment Company Act would adversely affect our results of operations.
  • One of our subsidiaries is required to register, and is subject to regulation, under the Investment Advisers Act.
  • The effects of government regulation could negatively impact the market value of loans.
  • A change to the conservatorship of Fannie Mae and Freddie Mac and related actions, along with any changes in laws and regulations affecting the relationship between Fannie Mae and Freddie Mac and the U.S. federal government, could materially and adversely affect our Agency Business.
  • Conservatorships of the GSEs
  • Housing Finance Reform
  • Cybersecurity Risks
  • If we are unable to safeguard against cybersecurity breaches and cyberattacks with respect to our information systems, our business may be adversely affected.
  • Risks Related to Our Corporate and Ownership Structure
  • ACM and our chief executive officer have significant influence over our policies and strategies.
  • Our charter generally does not permit anyone to own in excess of 5% of our capital stock, and attempts to acquire our capital stock in excess of this limit are ineffective without prior approval from our Board of Directors which could discourage a change of control of us.
  • Our staggered board and other provisions of our charter and bylaws may prevent a change in our control.
  • Risks Related to Our Status as a REIT
  • If we fail to remain qualified as a REIT, we will be subject to corporate tax and could face a substantial tax liability.
  • Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow.
  • The Agency Business may have adverse tax consequences.
  • The “taxable mortgage pool” rules may increase the taxes that we may incur and reduce the amount of our distributions to our stockholders.
  • The “taxable mortgage pool” rules may limit the manner in which we effect future securitizations.
  • Complying with REIT requirements may cause us to forego otherwise attractive opportunities.
  • Complying with REIT requirements may force us to liquidate otherwise attractive investments.
  • We may be unable to generate sufficient revenue from operations to pay our operating expenses and to pay dividends to our stockholders.
  • We may need to borrow funds to satisfy our REIT distribution requirements, and a portion of our distributions may constitute a return of capital. Debt service on any borrowings for this purpose will reduce our cash available for distribution.
  • We may be subject to adverse legislative or regulatory tax changes that could reduce the market price of our common stock.
  • General Risks
  • The price of our common stock may be volatile.

Legal proceedings

Information with respect to certain legal proceedings is set forth in Note 15 and is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
    SEC EDGAROther events
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72
  73. 73
  74. 74
  75. 75
  76. 76
  77. 77
  78. 78
  79. 79
  80. 80
  81. 81
  82. 82
  83. 83