Arbor Realty Trust (ABR-PE) delivered a solid Q4 2024 performance with revenue of $166.5 million and net income of $70.17 million, translating to basic earnings per share of $0.32 and diluted EPS of $0.29. The company posted a strong gross margin of 89.5% and an operating margin of approximately 61.7%, supported by an EBITDA of $276.3 million. QoQ improvements in key metrics were modest but positive, with revenue up about 4.8% versus Q3 2024 and net income up 2.4% in the quarter. On the cash flow and liquidity front, operating cash flow was $46.7 million, and free cash flow matched that level, while dividends paid totaled roughly $98.95 million for the period. Balance sheet highlights include total assets of about $13.49 billion and total debt around $10.04 billion, with cash and cash equivalents of $503.8 million and a net debt figure near $6.66 billion. The payout remains elevated (dividend payout ratio ~141%), underscoring dependence on ongoing cash generation to support distributions. The company’s leverage metrics show a long-term debt load and capitalization dynamics that imply meaningful sensitivity to interest rates and refinancing cycles. While the quarter reflects healthy profitability and diversified CRE exposure, investors should monitor debt maturity profiles, portfolio quality, and the ability to sustain distributions in a higher-rate environment. Given the lack of a detailed forward-looking guidance in the press materials, the near-term narrative will hinge on balance sheet management, refinancing risk, and the evolution of credit markets going into 2025.