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"text": "\n\nPlatform\nMultiple revenue opportunities across borrower's life cycle\n<::Diagram showing a cyclical flow of revenue opportunities across a borrower's life cycle.\n\n1. Bridge and mezzanine loans (icon: house and handshake)\n2. GSE loan origination (icon: abstract symbol)\n3. GSE loan servicing (icon: hand holding a dollar coin)\n4. Construction loans (icon: building under construction)\n\nArrows indicate the flow:\n- From Bridge and mezzanine loans to GSE loan origination\n- From GSE loan origination to GSE loan servicing\n- From GSE loan servicing to Construction loans\n- From Construction loans to Bridge and mezzanine loans\n: diagram::> ",
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"text": "\n\nArbor is a Leading Commercial Mortgage REIT with a\nDifferentiated Business Model",
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"text": "\n\n# Business\n\n* **Arbor Realty Trust** is an internally-managed mortgage REIT with a premium operating platform and unique business model, consisting of two primary business platforms:\n * Structured Loan Origination and Investment\n * Agency Loan Origination and Servicing\n* Complementary operating platforms with diversified, counter-cyclical and recurring income streams\n * Balance sheet loans provide **strong risk-adjusted returns**\n * Balance sheet runoff naturally **feeds GSE/Agency pipeline**\n * Historically, ~50% of balance sheet runoff is recaptured into Agency production\n * Agency business is capital-light with high barriers to entry, resulting in sizeable earnings and cash flows\n * Servicing business generates significant **prepayment protected annual revenue** with 6-year weighted average remaining life\n* Prudent leverage and balance sheet strategy\n * Successfully delevered the Company **20%** on a debt / equity basis to 3.3x¹ since 2023\n* Best-in-class, highly aligned senior management team with significant ownership (~11%)",
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"text": "\n\noption **Customer-Centric Approach**: [x] Commitment to nurture long-term relationships, leading to multiple successful loan engagements over the years\n\noption **Proven Track Record**: [x] Impressive number of repeat borrowers and sponsors, who consistently demonstrate strong operational capabilities and reliable loan repayment\n\noption **Consistent Excellence**: [x] Symbiotic business outperforms through the cycle",
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"text": "\n\nSource: Company filings (As of December 31, 2025)\n1) Trust preferred securities \"TruPS\" included as equity",
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"text": "\n\nArbor National\nMortgage\nfounded by Ivan\nKaufman. The\ncompany\nultimately grows\nto greater than\n1,200 employees\nin 8 states\n\nArbor Commercial\nMortgage (ACM)\nestablished as the\ncommercial real\nestate finance\nsubsidiary of Arbor\nNational Holdings\n\nACM obtains\nFannie Mae DUS\nSeller/Servicer\nlicense, one of\n25 granted in\nthe country\n\nWe believe Arbor is the\nonly commercial\nmortgage REIT to\nsuccessfully manage its\nsecuritization vehicles\nduring the recession\nwithout any defaults or\nlosses to its investors\n\nACM receives\nFreddie Mac\nSeller/Servicer\ndesignation and\nbecomes one of\nthree nationwide\nlenders to offer\nthe Freddie Mac\nSmall Balance Loan\n(SBL) product\n\nArbor begins\ndevelopment of\nits Single-Family\nRental \"SFR\"\nplatform\n\nArbor wins the #1 DUS\nMultifamily Lender\nExcellence in\nOperations award, the\n#1 Top Lender of\nWorkforce Housing\nRent Preservation, and\nis a top 10 DUS\nMultifamily Lender for\nthe 18th year in a row\n\n<::visual content\n: timeline::>\n\n1983\n\n1992\n\n1995\n\n2004\n\n2012\n\n2017\n\n2023\n\n1993\n\n1996\n\n2008\n\n2014\n\n2018\n\n2024\n\nArbor National\nMortgage goes\npublic under\nthe name\nArbor National\nHoldings\n\nArbor National\nHoldings is sold\nto Bank of\nAmerica; Ivan\nKaufman\nretains ACM\n\nArbor Realty Trust\n(NYSE: ABR) goes\npublic completing a\n$135M IPO\n\nArbor is one of the first\ncommercial REITs to\naccess securitization\nmarket post-2008\nrecession through\ncollateralized loan\nobligations (CLOs)\n\nArbor completes the\nacquisition of ACM's\nagency lending\nplatform, integrating\nboth the structured\nand agency business\n\nArbor launches Arbor\nPrivate Construction, a\nnew construction\nfinancing product that\ncomplements the full\nsuite of GSE financing\noptions for construction-\nready multifamily\nprojects",
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"text": "\n\nOver 30 years, ABR has transformed into a full-service multifamily loan originator that can support all aspects of commercial development\n\n<::visual content\n: Freddie Mac\nTOP\n5\n2025\nSmall Balance\nLoan Lender::>\n\n<::visual content\n: Fannie Mae\nTOP\n10\n2025\nDUS® Multifamily Lender\n19th Year in a Row::>\n\n<::visual content\n: Fannie Mae\nTOP\n5\n2025\nSmall Loan Lender,\n8th Year in a Row::>\n\n<::visual content\n: Freddie Mac\n#1\n2024\nTop Lender of Workforce\nHousing of Rent Preservation::>\n\n<::visual content\n: Fannie Mae\n#1\n2024\nDUS® Multifamily Lender\nExcellence in Operations::>",
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"text": "\n\nArbor has a 40+ Year Track Record of Excellence in the Multifamily Lending Sector",
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"text": "\n\nPeer group pre-GFC\n<::\nLogo: ARBOR Arbor Realty Trust, Inc.\nLogo: NorthStar REALTY FINANCE\nLogo: RAIT Financial Trust\nLogo: iStar\nLogo: NEWCASTLE INVESTMENT Corp.\nLogo: CAPITALTRUST HOLDINGS\nLogo: GRAMERCY PROPERTY TRUST\n: logos::>\nTimeline\n<::\nTimeline events:\n2008: Despite the Great Financial Crisis, Arbor announces record earnings and a significant increase to overall capital structure liquidity.\n2009: Arbor pays down approximately $189M in warehouse and term debt outstanding, and successfully restructures all outstanding Trust Preferred Securities.\n2010: Arbor retires all short-term recourse debt, refinances and modifies a significant amount of the underlying portfolio, monetizes non-performing and unencumbered assets, and increases liquidity by utilizing non-recourse CDO vehicles.\n2012: As a result of transforming its balance sheet proactively and prioritizing liquidity, Arbor is one of the first commercial mortgage REITs to access the securitization market post Great Financial Crisis.\n: timeline::>\nPeer group post-GFC\n<::\nLogo: ARBOR Arbor Realty Trust, Inc.\nLogo: KKR REAL ESTATE FINANCE TRUST\nLogo: Blackstone Mortgage Trust\nLogo: LADDER CAPITAL\nLogo: STARWOOD PROPERTY TRUST\nLogo: APOLLO COMMERCIAL REAL ESTATE FINANCE\n: logos::>",
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"text": "\n\nWe Believe Arbor is the Only Multifamily Mortgage Lender\nto Survive the Great Financial Crisis",
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"text": "\n\n# Commentary\n\n\"*We will continue to **aggressively** manage our legacy issues and credit facilities and **focus heavily on liquidity, capital retention and reducing our short term borrowings** during this significant down turn*\"\n\n— **Ivan Kaufman, CEO & Chairman** (November 2008)\n\n\"*We believe that this is an environment where there'll be a huge differentiation and perhaps a lot of the weaker companies will disappear ... we just have to stick to building our business and utilizing these opportunities*\"\n\n— **Ivan Kaufman, CEO & Chairman** (February 2008)",
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"text": "\n\noption **Prudent Capital Management**: [x] Arbor aggressively managed struggling credit facilities\noption **Capital Retention**: [x] Arbor prioritized capital retention and reducing short-term borrowing to focus on liquidity during an uncertain economic period\noption **Capital Restructuring**: [x] Arbor significantly restructured its capital structure by retiring a significant amount of debt at deep discounts\noption **Portfolio Management**: [x] Arbor took early steps to manage the loan portfolio effectively by restructuring and monetizing loans and recording appropriate reserves",
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"text": "\n\nArbor's successful navigation of the GFC demonstrated the strength of its underwriting capabilities and resilient business model",
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"text": "\n\n<::Headshot of Ivan Kaufman, a man in a suit and tie, smiling.\nIvan\nKaufman\n- President and Chairman of\n Arbor Realty Trust\n- Over 40 years of executive\n leadership experience in the\n commercial real estate\n sector\n- Founded Arbor in 1983 and\n has been CEO and President\n of Arbor Commercial\n Mortgage LLC since 1993\n: photo::>",
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"text": "\n\n<::photo of Paul Elenio, a man with glasses, wearing a suit and tie, smiling. Below his photo, his name is written in bold:\nPaul\nElenio\n\nTo the right of the photo, there are three bullet points:\n* Chief Financial Officer\n* Over 30 years of experience in commercial real estate in operational and financial capacity\n* Over 30-year tenure with Arbor\n: photo::>",
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"text": "\n\n<::\nPhoto of Yoni Goodman.\nName: Yoni Goodman\n• EVP, Chief Operating Officer\n• Over 20 years of experience in real estate finance, multifamily loan production, and capital markets\n: figure::>",
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"text": "\n\n<::Headshot of Steve Katz.\nSteve\nKatz\n\n- EVP, Chief Investment\n Officer, Residential Financing\n- More than 20 years of\n experience in mortgage\n trading, securitization,\n banking and servicing\n- Over 10-year tenure with\n Arbor\n: photo::>",
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"text": "\n\n<::photo of Danny van der Reis\nDanny\nvan der Reis\n- EVP, Servicing and Asset Management\n- Over 25 years of commercial real estate experience\n- Significant experience in special servicing::>",
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"text": "\n\n<::photo of Jeff Lee, with the text \"Jeff Lee\" below the photo. To the right of the photo are three bullet points:\n- EVP, Head of Agency Lending\n- Over 30 years of multifamily real estate finance experience\n- Leads Arbor's agency lending platforms, including Fannie Mae, Freddie Mac, and FHA\n: figure::>",
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"text": "\n\n<::photo of John Natalone\n: John Natalone\n* EVP, Treasury and Servicing\n* Significant experience in the\n commercial real estate\n mortgage lending industry\n* Over 30-year tenure with\n Arbor\n::>",
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"text": "\n\n<::Image of Gene Kilgore, a man in a suit and tie, smiling.\nGene\nKilgore\nEVP, Structured\nSecuritization\nSignificant experience in\nstructured finance and real\nestate industries\n20-year tenure with Arbor\n: photo::>",
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"text": "\n\n<::Photo of David Friedman.\nDavid Friedman\n- EVP, Chief Credit Officer and Head of Non-Agency Production & Syndications\n- Over 20 years of experience in commercial real estate lending\n- Previous experience at Greystone, TD Bank, BofA and PNC Bank\n: figure::>",
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"text": "\n\noption Internalized, highly aligned management team with significant ownership: [x]\noption Industry-leading expertise with deep-rooted relationships across commercial real estate space: [x]\noption Deep bench of talented employees: [x]\noption Best-in-class underwriting and origination capabilities: [x]",
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"text": "\n\n Structured Business Agency Business\n---\nDescription - Originate real estate loans and hold on balance sheet - Originate, sell, and service real estate loans for GSEs\n - Invests in the multifamily, Single-Family Rental, and - Short-term assets: Loans held-for-sale¹\n commercial real estate markets - Long-term assets: Capitalized mortgage servicing\n rights (\"MSRs\")²\n\nHighlights - Best-in-class balance sheet loan origination business - Capital-light business\n - Strong risk-adjusted returns - High barriers to entry\n - Proprietary Single-Family Rental platform - Visibility on prepayment protected annual servicing\n - Weighted average of ~20 months to maturity³ fee revenue of ~$129M⁴\n - Weighted average life of portfolio of ~6 years\n\nPortfolio ($B) <::\nPie chart titled \"$12.1B Structured loan portfolio\" with the following breakdown:\n- Multifamily bridge loans: $8.1\n- SFR bridge loans: $3.2\n- Mezzanine and Preferred Equity loans: $0.5\n- Other: $0.3\n: pie chart::> <::\nPie chart titled \"$36.2B GSE servicing portfolio\" with the following breakdown:\n- Fannie Mae: $24.1\n- Freddie Mac: $7.5\n- Private Label: $2.5\n- Other: $2.1\n: pie chart::> ",
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"text": "\n\nSource: Company filings (As of December 31, 2025, unless otherwise noted)\n1) Represents loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as Private Label loans, which are either sold instantaneously or pooled and securitized, or sold, within 180 days of loan origination\n2) Based on the discounted expected net cash flows associated with the servicing of the loan\n3) Inclusive of extension options\n4) Weighted average servicing fee of 35.6bps on $36.2B portfolio\n5) Excludes impact of MSRs net of amortization, derivative instruments, and other income\n6) Includes commitment fees, broker fees, loan assumption fees, loan origination fees\n7",
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"text": "\n\n<::\nPie chart titled \"2025\" with a total value of \"~$8.4B\".\nThe chart shows the following segments:\n- 18%\n- 6%\n- 14%\n- 1%\n- 59%\n- 2%\n: chart::>",
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"text": "\n\n<::pie chart\n: Title: 2024\nTotal: ~$6.8B\n\nSegments:\n- 26% (dark blue)\n- 7% (orange, labeled \"Bridge\" in legend)\n- 2% (light gray, labeled \"APL\" in legend)\n- 1% (very light gray)\n- 64% (dark green, labeled \"GSE/Agency\" in legend)\n\nLegend:\n- Bridge (orange)\n- APL (light gray)\n- GSE/Agency (dark green)::>",
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"text": "\n\n2023\n~$6.8B\n<::pie chart::\nPie chart showing percentage distribution:\n- 74%\n- 18% (SFR^1)\n- 6%\n- 1% (Mezz/PE)\n- 1% (APC)\n::>",
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"text": "\n\n# Average Duration\n\n- **GSE/Agency** – Predominately five to ten-year fixed-rate loans; includes long-dated prepayment protected servicing income creating a significant annual annuity\n- **Balance Sheet** – Three to five years on average; feeds pipeline of future GSE/Agency originations\n- **Single-Family Rental** – One to three years on average; offers us three turns on our capital through construction, bridge and permanent loans\n- **Construction (APC)** – Multifamily product, one to three years on average; offers us three turns on our capital through construction, bridge and permanent agency loans",
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"text": "\n\nSource: Company filings (As of December 31, 2025)\n1) SFR totals include committed amounts that may not be fully funded",
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"text": "\n\n<::Total Agency Originations ($B)\n\nLegend:\noption Fannie Mae: [x]\noption Freddie Mac: [x]\noption FHA¹: [x]\noption Conduit: [x]\noption Private Label: [x]\noption SFR²: [x]\n\nStacked bar chart showing Total Agency Originations in $B by year and type.\n\n2019:\nTotal: $4.8\nFannie Mae: 3.3\nFreddie Mac: 0.7\nFHA¹: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2020:\nTotal: $6.7\nFannie Mae: 5.0\nFreddie Mac: 1.0\nFHA¹: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\nPrivate Label: 0.7 (approx, derived from image)\n\n2021:\nTotal: $6.4\nFannie Mae: 3.4\nFreddie Mac: 1.0\nFHA¹: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\nPrivate Label: 1.5\n\n2022:\nTotal: $4.8\nFannie Mae: 2.9\nFreddie Mac: 1.4\nFHA¹: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2023:\nTotal: $5.1\nFannie Mae: 3.8\nFreddie Mac: 0.8\nFHA¹: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2024:\nTotal: $4.5\nFannie Mae: 2.4\nFreddie Mac: 1.8\nFHA¹: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2025:\nTotal: $5.1\nFannie Mae: 3.0\nFreddie Mac: 1.9\nFHA¹: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n- ~$70.5B of Agency originations since inception in 1995\n- Highly scalable and difficult to replicate platform\n- Average loan size of $10M - $15M\n- Industry leading performance with long track record of low historical losses\n- Top 10 Fannie Mae lender for 19 years in a row; #9 in 2025\n: bar chart::>",
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"text": "\n\nAgency Servicing Portfolio ($B)\nFannie Mae Freddie Mac FHA¹ Private Label SFR² Bridge\n\n<::chart: Bar chart titled \"Agency Servicing Portfolio ($B)\" showing the portfolio breakdown by type from 2019 to 2025. The legend indicates the categories: Fannie Mae (dark gray), Freddie Mac (dark green), FHA¹ (light green), Private Label (orange), SFR² (gray), and Bridge (light orange). An arrow diagonally crosses the chart from 2019 to 2025, labeled \"CAGR: 10%\".\n\nData points are as follows:\n- 2019: Total $20.1B. Breakdown: Fannie Mae 14.8B, Freddie Mac ~4.2B, FHA¹ ~0.4B, Private Label ~0.3B, SFR² ~0.2B, Bridge ~0.2B.\n- 2020: Total $24.6B. Breakdown: Fannie Mae 18.3B, Freddie Mac ~4.8B, FHA¹ ~0.5B, Private Label ~0.4B, SFR² ~0.3B, Bridge ~0.3B.\n- 2021: Total $27.0B. Breakdown: Fannie Mae 19.1B, Freddie Mac ~5.8B, FHA¹ ~0.6B, Private Label ~0.5B, SFR² ~0.4B, Bridge ~0.6B.\n- 2022: Total $28.0B. Breakdown: Fannie Mae 19.0B, Freddie Mac ~6.5B, FHA¹ ~0.7B, Private Label ~0.6B, SFR² ~0.5B, Bridge ~0.7B.\n- 2023: Total $31.0B. Breakdown: Fannie Mae 21.3B, Freddie Mac ~7.5B, FHA¹ ~0.8B, Private Label ~0.7B, SFR² ~0.5B, Bridge ~0.2B.\n- 2024: Total $33.5B. Breakdown: Fannie Mae 22.7B, Freddie Mac ~8.5B, FHA¹ ~0.9B, Private Label ~0.8B, SFR² ~0.4B, Bridge ~0.2B.\n- 2025: Total $36.2B. Breakdown: Fannie Mae 24.1B, Freddie Mac ~9.5B, FHA¹ ~1.0B, Private Label ~0.9B, SFR² ~0.4B, Bridge ~0.3B.\n:chart::>\n\n* ~$36.2B servicing portfolio, 100% focused on multifamily\n* Generates significant prepayment protected revenue\n stream of ~$129M annually with 6 yr. w/a remaining\n life\n* ~$1.9B cash/escrow balances (earns ~$65M annually)\n* ~$475M estimated fair market value of MSR with a\n carrying value of ~$341M",
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"text": "\n\nArbor has the Leading Nationwide Agencies Origination and\nServicing Platform",
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"text": "\n\nSource: Company filings (As of December 31, 2025)\n1) Federal Housing Authority\n2) Single-Family Rental",
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"text": "\n\nSignificant Long-Dated, Predictable Annual Cash Flow¹\n\n<::\nchart: Three bar charts with accompanying tables.\n\n**Chart 1: Net Interest Income²**\n- Bar for 1/1/2025: $233M\n- Bar for 1/1/2026: $183M\n\nTable for Net Interest Income:\n| Based on: | 1/1/25 | 1/1/26 |\n|---|---|---|\n| Asset Bal. | $11.3B | $12.1B |\n| Asset Rate³ | 7.80% | 7.08% |\n| Debt Bal. | $9.5B | $10.5B |\n| Debt Rate³ | 6.88% | 6.45% |\n\n**Chart 2: Servicing Revenue**\n- Bar for 1/1/2025: $127M\n- Bar for 1/1/2026: $129M\n\nTable for Servicing Revenue:\n| Based on: | 1/1/25 | 1/1/26 |\n|---|---|---|\n| Servicing Portfolio | $33.5B | $36.2B |\n| Servicing Rate | 0.378% | 0.356% |\n\n**Chart 3: Cash/Escrow Earnings**\n- Bar for 1/1/2025: $87M\n- Bar for 1/1/2026: $65M\n\nTable for Cash/Escrow Earnings:\n| Based on: | 1/1/25 | 1/1/26 |\n|---|---|---|\n| Cash/Escrow Balance | $2.1B | $1.9B |\n| Earnings Rate | 4.15% | 3.45% |\n: figure::>\n",
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"text": "\n\nOther Diversified Platform\nIncome Sources\n<::\nChart: Stacked Bar Chart showing Other Diversified Platform Income Sources by year.\nLegend:\n- Gain on Sale\n- Equity Investments\n\nBars:\n- 2023: Total $97M (Gain on Sale: $73M, Equity Investments: $24M)\n- 2024: Total $81M (Gain on Sale: $75M, Equity Investments: $6M)\n- 2025: Total $122M (Gain on Sale: $71M, Equity Investments: $51M)\n\nTable: Breakdown of Income Sources\n| | 2023 | 2024 | 2025 |\n|---|---|---|---|\n| Gain on Sale | $73M | $75M | $71M |\n| Equity Investments | $24M | $6M | $51M |\n: stacked bar chart and table::>\n",
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"text": "\n\nSource: Company filings (As of December 31, 2025)\n1) Annualized based on December 31, 2024 and 2025 portfolio and debt balances, which may not be indicative of actual results\n2) Structured business only; does not include interest income from Agency loans held-for-sale\n3) Asset and debt rates reflect \"all in\" amounts, which include certain fees and costs",
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"text": "\n\nArbor has operated with best-in-class performance metrics and significantly outperformed peers in book value appreciation and dividend stability\n<::line chart showing performance metrics from 4Q19 to 4Q25.\nY-axis: Percentage from (50%) to 50%.\nX-axis: Quarters from 4Q19 to 4Q25.\n\nLegend:\nABR BVPS (dark green line with dots):\n- Starts around 0% in 4Q19.\n- Dips to approximately (10%) by 4Q19/4Q20.\n- Increases steadily, reaching approximately 30% by 4Q23.\n- Decreases to 18% by 4Q25.\n\nPeer Avg BVPS (brown line with dots):\n- Starts around 0% in 4Q19.\n- Dips to approximately (10%) by 4Q19/4Q20.\n- Stays relatively flat around (10%) until 4Q21.\n- Peaks slightly above 0% around 4Q21/4Q22.\n- Steadily declines to (30%) by 4Q25.\n\nABR Dividend (light green line):\n- Starts around 5% in 4Q19.\n- Remains flat until 4Q20.\n- Increases steadily to approximately 45% by 4Q23.\n- Drops sharply to 0% by 4Q24 and remains at 0% through 4Q25.\n\nPeer Avg Dividend (light orange line):\n- Starts around 0% in 4Q19.\n- Dips to approximately (20%) by 4Q20.\n- Fluctuates between (10%) and (20%) until 4Q23.\n- Declines sharply to (46%) by 4Q25.\n: chart::>",
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"text": "\n\nArbor Has a Consistent Track Record of Book Value Appreciation and Outperformance",
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"text": "\n\nSource: Company filings (As of December 31, 2025)\nSector peers include ACRE, ARI, BXMT, GPMT, KREF, LADR, RC, STWD and TRTX",
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"text": "\n\n<::\nFocused on the\nresilient\nmultifamily\nlending market\n\nAdaptable\noriginations\nplatform enables\npursuit of most\nattractive lending\nopportunities\n\nHighly diversified\ncapital structure\nand liquidity\nprofile\n\nArbor benefits\nfrom strong\nmomentum on\nkey priorities\n\nLeading\nnationwide\nagencies\norigination and\nservicing platform\n\nAnnuity-based\nbusiness model\ndrives diversified\nincome streams\n: diagram::>",
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"text": "\n\n<::donut chart\n: Title: LOAN TYPE\n\nSegments:\n- Bridge: 94%\n- Mezz: 2%\n- Pref Eq: 2%\n- APC: 2%::>",
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"text": "\n\n<::donut chart\n: Title: ASSET CLASS\nCategories:\n- Multifamily, 73%\n- Single-Family Rental, 26%\n- Land, 1%::>",
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"text": "\n\n<::GEOGRAPHICAL LOCATION\n: donut chart::>\n<::FL, 17%\nGA, 7%\nNY, 8%\nAZ, 8%\nNC, 4%\nTX, 23%\nOther, 33%\n: donut chart::>",
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"text": "\n\nArbor’s Loan Portfolio is Focused on the Highly Stable,\nLiquid and Resilient Multifamily Market",
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"text": "\n\nPORTFOLIO OVERVIEW\n\nTotal Portfolio: $12.1B\nAs of: 12/31/2025\n\nAverage loan size: $19.2M\nW/A loan-to-value: 77%\nAllowance for credit losses (CECL): 1%\nW/A mos. to maturity: 14.7\nW/A mos. to maturity w/ext. option: 19.9",
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"text": "\n\nSource: Company filings (As of December 31, 2025)\n1) No other individual state represented 4% or more of the total",
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"text": "\n\n<::\nTotal Enterprise Value = 13,376*\n\nStacked Bar Chart:\n\nCollateralized loan obligations: 2,961\n- Extensive experience with CRE CLOs\n- 2 outstanding legacy nonrecourse CLOs totaling ~$2B; 1.97% over SOFR; 72% leverage\n- 1 new $1.1B nonrecourse CLO (CLO 20); 1.82% over SOFR; 89% leverage; 2.5-year replenishment\n- Match-funded with locked-in spreads\n- Wtd. average advance rate of 77%\n\nBTR securitization: 525\n- New BTR CLO, improved terms over our warehouse lines\n- 80% leverage, 2-year replacement\n\nCLO repurchase facility: 1,153\n- New CLO-like $1.2B repurchase facility used to unwind 2 CLO vehicles in full\n- 1.85% over SOFR; 80% leverage; 88% non-recourse\n\nWarehouse & repo: 3,618\n- ~$8.3B secured indebtedness of which ~78% is non-recourse and ~54% is non-mark-to-market, non-recourse, long-dated securitized/CLO-like debt with average pricing of ~2.00% (w/o fees) over SOFR\n- 15 separate warehouse and repo facilities ($6.2B committed) 2\n\nSenior unsecured notes: 1,875\n- 6.86% wtd. average coupon rate, no significant covenants; matures in 2026-2030 3\n\nPerpetual preferred equity: 657\n- $427M, 6.25% rate; $230M, 6.375% rate\n\nTrust preferred (TruPS): 154\n- ~30 year unsecured with no significant covenants – equity-like\n\nCommon equity: 2,433\n: stacked bar chart::>",
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"text": "\n\nDiversity of funding options provides Arbor with financial flexibility and enables the Company to adapt to changing market conditions and mitigate risk",
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"text": "\n\nSource: Company-provided information\n1) Amounts are as of December 31, 2025\n2) Excludes Agency debt due to its short-term nature\n3) Pro forma for the payoff of $175M senior unsecured notes maturing in April 2026",
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"text": "\n\n<::bar chart\nTitle: Debt-to-Equity¹\n\nData:\n- 12/31/22: 4.1x\n- 12/31/23: 3.3x\n- 12/31/24: 2.8x\n- 12/31/25: 3.3x\n\nA green arrow indicates a 20% reduction from 12/31/22 to 12/31/25.\n\nLegend:\n- Debt-to-Equity\n\nSignificantly improved debt-to-equity ratio; reduced from 4.1x to 3.3x as of 12/31/2025\n: chart::>",
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"text": "\n\nStructured Maturities ($M)²\n<::bar chart\nTitle: Structured Maturities ($M)²\nX-axis labels: 2026, 2027, 2028, Thereafter\n\nBars:\n- 2026: Total $1,895\n - Warehouse Lines³: 1,625\n - Unsecured Notes: 270\n- 2027: Total $1,175\n - Warehouse Lines³: 650\n - Unsecured Notes: 525\n- 2028: Total $3,076\n - Warehouse Lines³: 2,496\n - Unsecured Notes: 580\n- Thereafter: Total $654\n - Unsecured Notes: 500\n - Trust Preferreds: 154\n\nLegend:\n- Trust Preferreds (orange)\n- Unsecured Notes (light green)\n- Warehouse Lines³ (dark green)\n: chart::>\nArbor has extended material repurchase facility maturities to 2030",
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"text": "\n\nConservative Leverage Profile Allows for Proactive Risk Management and Mitigation Through Cycles",
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"text": "\n\nSource: Company filings (As of December 31, 2025)\n1) Considers Trust Preferreds (TruPS) as equity\n2) Excludes $3.5B of non-recourse, non-MTM, long-dated securitized debt and pro forma for the payoff of $175M senior unsecured notes maturing in April 2026\n3) Including extension options",
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"text": "\n\n## Unencumbered Asset Pool Composition\n<::pie chart\nCentral value: $3.2B Total Unencumbered Assets\nSlices:\n- CLO equity: 31.3%\n- Pro forma unrestricted cash: 15.1%\n- Net MSRs: 8.2%\n- Mezzanine & preferred: 11.8%\n- 1st mortgage loans: 13.5%\n- Investments in equity affiliates: 1.8%\n- Other assets 1: 12.3%\n- Total unencumbered securities: 6.0%\n: pie chart::>\nSignificant unencumbered asset\ncoverage of unsecured debt from\nhigh-quality asset pool",
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"text": "\n\n# Key Unencumbered Asset Pool Highlights\n\n* $3.2B total unencumbered asset pool made up of high-quality assets\n* 1.7x unencumbered assets-to-unsecured debt\n * Averaging ~2.2x over last 8 quarters, significantly above the covenant requirement\n* ~$980M cushion vs. 1.20x\n* CLOs remain overcollateralized and are comfortably in compliance with existing overcollateralization and interest coverage covenants\n* 54% of secured debt is nonrecourse and non-mark-to-market",
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"text": "\n\nSource: Company provided information. Amounts as of December 31, 2025, pro forma for $175M senior unsecured notes redemption\n1) Other assets are comprised primarily of interest and exit fees receivable, operating lease ROU and fixed assets, deferred compensation asset, and other receivables",
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