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"markdown": "\n\n<::Total Agency Originations ($B)\n\nLegend:\noption Fannie Mae: [x]\noption Freddie Mac: [x]\noption FHA\u00b9: [x]\noption Conduit: [x]\noption Private Label: [x]\noption SFR\u00b2: [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\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2020:\nTotal: $6.7\nFannie Mae: 5.0\nFreddie Mac: 1.0\nFHA\u00b9: (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\nFHA\u00b9: (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\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2023:\nTotal: $5.1\nFannie Mae: 3.8\nFreddie Mac: 0.8\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2024:\nTotal: $4.5\nFannie Mae: 2.4\nFreddie Mac: 1.8\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2025:\nTotal: $5.1\nFannie Mae: 3.0\nFreddie Mac: 1.9\nFHA\u00b9: (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 - $15M\n- Industry leading performance with long track record of low historical losses\n- Top 10 Fannie Mae lender for 19 years in a row; #9 in 2025\n: bar chart::>",
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"markdown": "\n\nAgency Servicing Portfolio ($B)\nFannie Mae Freddie Mac FHA\u00b9 Private Label SFR\u00b2 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), FHA\u00b9 (light green), Private Label (orange), SFR\u00b2 (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, FHA\u00b9 ~0.4B, Private Label ~0.3B, SFR\u00b2 ~0.2B, Bridge ~0.2B.\n- 2020: Total $24.6B. Breakdown: Fannie Mae 18.3B, Freddie Mac ~4.8B, FHA\u00b9 ~0.5B, Private Label ~0.4B, SFR\u00b2 ~0.3B, Bridge ~0.3B.\n- 2021: Total $27.0B. Breakdown: Fannie Mae 19.1B, Freddie Mac ~5.8B, FHA\u00b9 ~0.6B, Private Label ~0.5B, SFR\u00b2 ~0.4B, Bridge ~0.6B.\n- 2022: Total $28.0B. Breakdown: Fannie Mae 19.0B, Freddie Mac ~6.5B, FHA\u00b9 ~0.7B, Private Label ~0.6B, SFR\u00b2 ~0.5B, Bridge ~0.7B.\n- 2023: Total $31.0B. Breakdown: Fannie Mae 21.3B, Freddie Mac ~7.5B, FHA\u00b9 ~0.8B, Private Label ~0.7B, SFR\u00b2 ~0.5B, Bridge ~0.2B.\n- 2024: Total $33.5B. Breakdown: Fannie Mae 22.7B, Freddie Mac ~8.5B, FHA\u00b9 ~0.9B, Private Label ~0.8B, SFR\u00b2 ~0.4B, Bridge ~0.2B.\n- 2025: Total $36.2B. Breakdown: Fannie Mae 24.1B, Freddie Mac ~9.5B, FHA\u00b9 ~1.0B, Private Label ~0.9B, SFR\u00b2 ~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 ~$341M",
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"markdown": "\n\nSource: Company filings (As of December 31, 2025)\n1) Federal Housing Authority\n2) Single-Family Rental",
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"markdown": "\n\nArbor has the Leading Nationwide Agencies Origination and\nServicing Platform\n\n\n\n<::Total Agency Originations ($B)\n\nLegend:\noption Fannie Mae: [x]\noption Freddie Mac: [x]\noption FHA\u00b9: [x]\noption Conduit: [x]\noption Private Label: [x]\noption SFR\u00b2: [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\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2020:\nTotal: $6.7\nFannie Mae: 5.0\nFreddie Mac: 1.0\nFHA\u00b9: (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\nFHA\u00b9: (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\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2023:\nTotal: $5.1\nFannie Mae: 3.8\nFreddie Mac: 0.8\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2024:\nTotal: $4.5\nFannie Mae: 2.4\nFreddie Mac: 1.8\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2025:\nTotal: $5.1\nFannie Mae: 3.0\nFreddie Mac: 1.9\nFHA\u00b9: (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 - $15M\n- Industry leading performance with long track record of low historical losses\n- Top 10 Fannie Mae lender for 19 years in a row; #9 in 2025\n: bar chart::>\n\n\n\nAgency Servicing Portfolio ($B)\nFannie Mae Freddie Mac FHA\u00b9 Private Label SFR\u00b2 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), FHA\u00b9 (light green), Private Label (orange), SFR\u00b2 (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, FHA\u00b9 ~0.4B, Private Label ~0.3B, SFR\u00b2 ~0.2B, Bridge ~0.2B.\n- 2020: Total $24.6B. Breakdown: Fannie Mae 18.3B, Freddie Mac ~4.8B, FHA\u00b9 ~0.5B, Private Label ~0.4B, SFR\u00b2 ~0.3B, Bridge ~0.3B.\n- 2021: Total $27.0B. Breakdown: Fannie Mae 19.1B, Freddie Mac ~5.8B, FHA\u00b9 ~0.6B, Private Label ~0.5B, SFR\u00b2 ~0.4B, Bridge ~0.6B.\n- 2022: Total $28.0B. Breakdown: Fannie Mae 19.0B, Freddie Mac ~6.5B, FHA\u00b9 ~0.7B, Private Label ~0.6B, SFR\u00b2 ~0.5B, Bridge ~0.7B.\n- 2023: Total $31.0B. Breakdown: Fannie Mae 21.3B, Freddie Mac ~7.5B, FHA\u00b9 ~0.8B, Private Label ~0.7B, SFR\u00b2 ~0.5B, Bridge ~0.2B.\n- 2024: Total $33.5B. Breakdown: Fannie Mae 22.7B, Freddie Mac ~8.5B, FHA\u00b9 ~0.9B, Private Label ~0.8B, SFR\u00b2 ~0.4B, Bridge ~0.2B.\n- 2025: Total $36.2B. Breakdown: Fannie Mae 24.1B, Freddie Mac ~9.5B, FHA\u00b9 ~1.0B, Private Label ~0.9B, SFR\u00b2 ~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 ~$341M\n\n\n\nSource: Company filings (As of December 31, 2025)\n1) Federal Housing Authority\n2) Single-Family Rental\n\n\n\n<::logo: Unidentifiable Brand\n\nA dark green icon resembling a stylized barcode or book pages, enclosed within a rounded square with a thin gold border.::>\n\n\n\n9",
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"markdown": "\n\nArbor has the Leading Nationwide Agencies Origination and\nServicing Platform\n\n\n\n<::Total Agency Originations ($B)\n\nLegend:\noption Fannie Mae: [x]\noption Freddie Mac: [x]\noption FHA\u00b9: [x]\noption Conduit: [x]\noption Private Label: [x]\noption SFR\u00b2: [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\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2020:\nTotal: $6.7\nFannie Mae: 5.0\nFreddie Mac: 1.0\nFHA\u00b9: (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\nFHA\u00b9: (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\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2023:\nTotal: $5.1\nFannie Mae: 3.8\nFreddie Mac: 0.8\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2024:\nTotal: $4.5\nFannie Mae: 2.4\nFreddie Mac: 1.8\nFHA\u00b9: (not explicitly labeled, small segment)\nConduit: (not explicitly labeled, small segment)\n\n2025:\nTotal: $5.1\nFannie Mae: 3.0\nFreddie Mac: 1.9\nFHA\u00b9: (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 - $15M\n- Industry leading performance with long track record of low historical losses\n- Top 10 Fannie Mae lender for 19 years in a row; #9 in 2025\n: bar chart::>\n\n\n\nAgency Servicing Portfolio ($B)\nFannie Mae Freddie Mac FHA\u00b9 Private Label SFR\u00b2 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), FHA\u00b9 (light green), Private Label (orange), SFR\u00b2 (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, FHA\u00b9 ~0.4B, Private Label ~0.3B, SFR\u00b2 ~0.2B, Bridge ~0.2B.\n- 2020: Total $24.6B. Breakdown: Fannie Mae 18.3B, Freddie Mac ~4.8B, FHA\u00b9 ~0.5B, Private Label ~0.4B, SFR\u00b2 ~0.3B, Bridge ~0.3B.\n- 2021: Total $27.0B. Breakdown: Fannie Mae 19.1B, Freddie Mac ~5.8B, FHA\u00b9 ~0.6B, Private Label ~0.5B, SFR\u00b2 ~0.4B, Bridge ~0.6B.\n- 2022: Total $28.0B. Breakdown: Fannie Mae 19.0B, Freddie Mac ~6.5B, FHA\u00b9 ~0.7B, Private Label ~0.6B, SFR\u00b2 ~0.5B, Bridge ~0.7B.\n- 2023: Total $31.0B. Breakdown: Fannie Mae 21.3B, Freddie Mac ~7.5B, FHA\u00b9 ~0.8B, Private Label ~0.7B, SFR\u00b2 ~0.5B, Bridge ~0.2B.\n- 2024: Total $33.5B. Breakdown: Fannie Mae 22.7B, Freddie Mac ~8.5B, FHA\u00b9 ~0.9B, Private Label ~0.8B, SFR\u00b2 ~0.4B, Bridge ~0.2B.\n- 2025: Total $36.2B. Breakdown: Fannie Mae 24.1B, Freddie Mac ~9.5B, FHA\u00b9 ~1.0B, Private Label ~0.9B, SFR\u00b2 ~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\n\n\n\nSource: Company filings (As of December 31, 2025)\n1) Federal Housing Authority\n2) Single-Family Rental\n\n\n\n<::logo: Unidentifiable Brand\n\nA dark green icon resembling a stylized barcode or book pages, enclosed within a rounded square with a thin gold border.::>\n\n\n\n9",
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