Arbor Realty Trust reported Q4 2024 revenue of $166.5 million, down 11.86% year over year and up 4.83% quarter over quarter, with a gross margin of 89.5% and net income of $70.17 million ($0.32 per basic share, $0.29 per diluted share). Despite a resilient gross margin and a positive operating cash flow, the quarter underscores elevated leverage and a payout profile that exceeds current net income, a dynamic common to mortgage REITs operating in a high-rate funding environment. The company generated $46.7 million of cash flow from operations and about $46.7 million in free cash flow, while total debt remained substantial at roughly $10.04 billion and net debt around $6.66 billion. The balance sheet shows meaningful liquidity (cash and equivalents of roughly $503.8 million on hand and $660.2 million cash at period end) but a capital structure skewed toward long-term borrowings, with total capitalization running around the 70% level and a debt-to-equity ratio near 2.4x. The quarterly results reflect Arbor’s diversified portfolio across structured finance assets, including bridge and mezzanine loans and CRE-related notes, anchored by continued engagement in conduit/CMBS programs. Management commentary—where disclosed—emphasizes portfolio diversification, securitization activity, and a disciplined approach to liquidity, though explicit forward guidance for 2025 is not provided in the data sample. Investors should monitor funding costs, securitization pipeline, and dividend coverage as key indicators of sustainable earnings in a rising-rate environment.