Arbor – Q3 2025 Preview

Author: Viceroy Research Published on: October 30, 2025 Published in: Arbor Realty Trust (NYSE:ABR)

October 30, 2025 – Arbor Real Estate is due to present its Q3 2025 earnings results tomorrow morning. In anticipation, we have consolidated some notes from previous earnings and insights from regular CLO filings to present a preview of what we expect.

Earnings & Dividend: Our CLO surveillance portfolio sample continues to falter, with interest spreads taking significant hits as borrowers incur huge losses. We believe this will carry over across Arbor’s entire portfolio.
REO & Foreclosures: We expect Arbor’s REO balance, net of disposals, to have substantially increased in Q3 2025. “Resolved” NPLs and foreclosed asset sales are simply to the same or new buys with 100% LTV Arbor loans.
Provisions, Modifications & Delinquencies: Vedanta’s intra-period delinquencies increased dramatically in Q3 2025. We identify in our October CLO surveillance report that Arbor appears to have “cured” $350m of delinquencies (due from Nitya Capital) by adjusting the interest rate on the loans to 0.00%.

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