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   "markdown": "<a id='b30f9739-cacd-47ec-84aa-9460636d0053'></a>\n\nStructured Maturities ($M)\u00b2\n<::bar chart\nTitle: Structured Maturities ($M)\u00b2\nX-axis labels: 2026, 2027, 2028, Thereafter\n\nBars:\n- 2026: Total $1,895\n  - Warehouse Lines\u00b3: 1,625\n  - Unsecured Notes: 270\n- 2027: Total $1,175\n  - Warehouse Lines\u00b3: 650\n  - Unsecured Notes: 525\n- 2028: Total $3,076\n  - Warehouse Lines\u00b3: 2,496\n  - Unsecured Notes: 580\n- Thereafter: Total $654\n  - Unsecured Notes: 500\n  - Trust Preferreds: 154\n\nLegend:\n- Trust Preferreds (orange)\n- Unsecured Notes (light green)\n- Warehouse Lines\u00b3 (dark green)\n: chart::>\nArbor has extended material repurchase facility maturities to 2030",
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 "markdown": "<a id='6696124f-6696-443a-98ed-cf78fee6b640'></a>\n\nConservative Leverage Profile Allows for Proactive Risk Management and Mitigation Through Cycles\n\n<a id='d740d642-7527-42d9-bf56-4c49649a2c42'></a>\n\n<::bar chart\nTitle: Debt-to-Equity\u00b9\n\nData:\n- 12/31/22: 4.1x\n- 12/31/23: 3.3x\n- 12/31/24: 2.8x\n- 12/31/25: 3.3x\n\nA green arrow indicates a 20% reduction from 12/31/22 to 12/31/25.\n\nLegend:\n- Debt-to-Equity\n\nSignificantly improved debt-to-equity ratio; reduced from 4.1x to 3.3x as of 12/31/2025\n: chart::>\n\n<a id='b30f9739-cacd-47ec-84aa-9460636d0053'></a>\n\nStructured Maturities ($M)\u00b2\n<::bar chart\nTitle: Structured Maturities ($M)\u00b2\nX-axis labels: 2026, 2027, 2028, Thereafter\n\nBars:\n- 2026: Total $1,895\n  - Warehouse Lines\u00b3: 1,625\n  - Unsecured Notes: 270\n- 2027: Total $1,175\n  - Warehouse Lines\u00b3: 650\n  - Unsecured Notes: 525\n- 2028: Total $3,076\n  - Warehouse Lines\u00b3: 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 Lines\u00b3 (dark green)\n: chart::>\nArbor has extended material repurchase facility maturities to 2030\n\n<a id='a8d4e006-c3ae-4a10-9dcf-96f2f329027c'></a>\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\n\n<a id='57fff8f9-ea9c-429e-abf1-22d0c6608d58'></a>\n\n<::logo: Unknown\n\nA dark green icon resembling a barcode or a series of vertical lines, enclosed within a square with a gold border.::>\n\n<a id='33fb0051-be16-4fdf-85da-e18234f187e6'></a>\n\n19",
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