Arbor Realty Trust reported a highly unusual QQ3 2025 with dramatic revenue volatility and a substantial mismatch between gross profitability and bottom-line earnings. Revenue for the quarter amounted to $29.65 million, down 81.3% year over year and 90.2% quarter over quarter, while cost of revenue was $44.17 million, yielding a negative gross profit of $(14.52) million. Despite a negative gross margin, EBITDA was reported at $220.96 million and operating income was $4.19 million, with net income of $38.46 million and basic earnings per share of $0.20. The material drivers appear to be heavy financing costs (interest expense of $184.74 million) and sizable other income, which together supported net income despite weak gross profitability. The quarter’s standout feature is the substantial top-line decline alongside a still-healthy net income signal driven by non-operating components and tax effects.