Arbor Realty Trust reported a landmark Q2 2025 with revenue of $301.8 million, representing a 111.5% year-over-year increase and 108.2% quarter-over-quarter growth. The surge in top-line activity reflects a robust expansion in Arbor's lending and financing platform across structured and agency business lines. However, net income declined to $34.29 million from the prior-year period, down 40.6% YoY and 15.9% QoQ, driven by a substantial negative total Other Income/Expenses of roughly $189.38 million that weighed heavily on quarterly profitability. EBITDA stood at $234.93 million with an EBITDAR margin of 0.78, underscoring solid operating earnings before financing and non-operating items but highlighting the sensitivity to debt service and non-cash or non-operating items. The operating income was $57.18 million (margin ~18.95%), while gross margin remained high at 95.8%, reflecting a favorable cost of revenue structure relative to revenue. Net income per share (EPS) was $0.12, and diluted EPS also $0.12, with weighted-average shares around 192.2 million (non-diluted) and 209.0 million (diluted). Cash flow signals were mixed: operating cash flow of $60.0 million, free cash flow of $60.0 million, and net cash provided by financing activities of $144.5 million offset by investing activities of approximately $-207.3 million. The balance sheet shows a highly leveraged profile, with total debt of about $10.13 billion and net debt of roughly $9.78 billion, offset by cash and equivalents of $346.7 million and stockholders’ equity of $2.97 billion. The company’s liquidity and dividend profile (3.6% yield; payout ratio ~2.13x) remains characteristic of mortgage REITs required to distribute a substantial portion of taxable income. Looking ahead, there is no formal forward guidance in the data provided; investors should monitor rate environment, refinancing risk, and asset-quality dynamics as drivers of future earnings and liquidity.