Terms

Series

Series F

Liquidation Preference

$25.00

Coupon Rate

6.25%

Rate Type

Fixed To Floating

Annual Dividend

$1.56

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

October 12, 2026

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: Any Equity Securities Specifically Designated As Senior To Series F, All Existing And Future Indebtedness (Including Convertible Debt), Indebtedness Of Subsidiaries; Pari Passu With: 6.375% Series D Preferred Stock, 6.25% Series E Preferred Stock, Any Other Equity Securities Specifically Designated As Parity With Series F; Senior To: Common Stock, Special Voting Preferred Stock, All Other Equity Securities Except Those Specified As Senior Or Parity

Regulatory (Basel III) Call

Yes

Tax Classification

Reit Passthrough

Shares Offered

3,100,000

Prospectus Summary

Arbor Realty Trust, Inc. is offering 3,100,000 shares of its 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock with a $25.00 per-share liquidation preference. The security carries a fixed dividend of 6.25% per annum ($1.5625 per share annually) through October 29, 2026, after which it transitions to a floating rate equal to Three-Month Term SOFR plus 544 basis points, subject to a 6.125% floor. Dividends are cumulative and paid quarterly on January 30, April 30, July 30, and October 30. Cumulative means unpaid dividends accrue and compound; if the company misses a payment, those amounts continue to build until paid in full, even if no current dividend is declared. The Series F Preferred Stock ranks senior to all common stock and junior preferred shares but pari passu with the existing Series D (6.375%) and Series E (6.25%) Preferred Stock on dividend and liquidation rights. Critically, it is structurally and contractually subordinated to all of the company's debt obligations—estimated at $9.8 billion as of September 2021—and to the debt of its subsidiaries. In a bankruptcy or liquidation, creditors and debt holders are paid first; preferred shareholders receive their liquidation preference only after all debt is satisfied. There is no regulatory capital call provision; however, the issuer may redeem shares prior to the October 2026 call date to preserve its REIT tax status if required by law. At the current $25.00 price, the fixed-rate period yields 6.25% ($1.5625 annually per share). Dividends are taxed as ordinary income to individual shareholders under REIT rules and do not qualify for the preferential 15%–20% qualified dividend income (QDI) rate applicable to common stock; corporate holders may not claim the dividends-received deduction (DRD). Record dates are set as the 15th day of each month containing a payment date. The dividend stopper provision blocks any distribution to common stock or junior/parity preferred shares if Series F dividends are in arrears—a strong protection for Series F holders but a constraint on the company's capital distribution flexibility. The stock is listed on the NYSE under ticker ABR PrF, though liquidity is not guaranteed.

Summarized from the SEC prospectus filing.

Distribution History

Floating Rate Terms

Conversion Terms

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

No dividends may be declared or paid on common stock or preferred stock ranking junior to or on parity with Series F Preferred Stock unless full cumulative dividends on Series F Preferred Stock have been or are contemporaneously declared and paid.

Other Preferreds from Arbor Realty Trust

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 35 (Weak)