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 "markdown": "<a id='71beba69-2e0a-47cf-94ae-1fde1c5bce4d'></a>\n\nHighly Diversified Capital Structure\n10 07-1\n\n<a id='d5ffedd9-9942-4cac-9fd6-cbd533c3b1d6'></a>\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 \u2013 equity-like\n\nCommon equity: 2,433\n: stacked bar chart::>\n\n<a id='970ee39f-4171-459b-acd2-94a7d5f9b77f'></a>\n\nDiversity of funding options provides Arbor with financial flexibility and enables the Company to adapt to changing market conditions and mitigate risk\n\n<a id='41338c98-0097-494c-99f3-c0c98ea9321a'></a>\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\n\n<a id='fdb32cca-51cd-4ec9-831b-7dfc200ff0f9'></a>\n\n<::logo: Unknown\n\nA dark green, stylized barcode-like symbol is centered within a square with rounded corners, outlined in a light golden color.::>\n\n<a id='333c80a5-47be-408c-83b4-8976159c41d5'></a>\n\n18",
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