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        "text": "August 2026",
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        "text": "Investor Presentation",
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        "text": "ARBOR",
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        "text": "Arbor Realty Trust, Inc.",
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        "text": "2",
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        "text": "Legal Disclosures",
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        "text": "This presentation and the information contained herein (together, this 'Presentation') are for the benefit of the stockholders of Arbor Realty Trust, Inc.",
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        "text": "(together with its direct and indirect subsidiaries, 'we,' 'us,' 'our,' 'Arbor,' or the 'Company'). This Presentation is solely for informational purposes and is",
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        "text": "not all inclusive and may not contain all of the information required in order to evaluate the Company. This Presentation does not constitute or form part of,",
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        "text": "and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company, nor shall there be any sale",
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        "text": "of securities in any state or other jurisdiction to any person or entity to which it is unlawful to make such offer, solicitation or sale in such state or jurisdiction.",
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        "text": "Forward-Looking Statements",
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        "text": "This Presentation includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking",
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        "text": "statements relate to, among other things, the operating performance of our investments and financing needs. We use words such as 'anticipate,' 'expect,'",
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        "text": "'believe,' 'intend,' 'should,' 'could,' 'will,' 'may,' 'target' and similar expressions to identify forward-looking statements, although not all forward-",
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        "text": "looking statements include these words. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans",
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        "text": "and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Our ability to predict results",
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        "text": "or the actual effect of future plans or strategies is inherently uncertain. These forward-looking statements involve risks, uncertainties and other factors that",
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        "text": "may cause our actual results in future periods to differ materially from forecasted results. Factors that could have a material adverse effect on our results of",
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        "text": "operations, financial condition and future prospects include, but are not limited to, changes in economic, macroeconomic and geopolitical conditions",
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        "text": "generally, and the real estate market specifically; adverse changes in our status with government-sponsored enterprises affecting our ability to originate",
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        "text": "loans through such programs; changes in interest rates; the quality and size of the investment pipeline and the rate at which we can invest our cash;",
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        "text": "impairments in the value of the collateral underlying our loans and investments; inflation; changes in federal and state laws and regulations, including",
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        "text": "changes in tax laws; the availability and cost of capital for future investments; competition; and other risks and uncertainties described in our Annual Report",
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        "text": "on Form 10-K for the fiscal year ended December 31, 2025, and other periodic reports we file with the U.S. Securities and Exchange Commission from time to",
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        "text": "time. Undue reliance should not be placed on the forward-looking statements in this Presentation, which are based on information available to us on, and",
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        "text": "which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances",
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        "text": "after the date they were made, unless required by applicable law.",
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        "text": "Non-GAAP Financial Measures",
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        "text": "This Presentation includes certain financial information that is not required by, or presented in accordance with U.S. generally accepted accounting principles",
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        "text": "('GAAP'), including Distributable Earnings. These non-GAAP financial measures are provided to enhance the user's overall understanding of the Company's",
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        "text": "current financial performance and its prospects for the future. These non-GAAP financial measures are used by management to assess the Company's",
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        "text": "performance, allocate resources and plan for future periods. These non-GAAP financial measures should only be considered as supplemental to results",
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        "text": "prepared in accordance with GAAP, and not considered as a substitute or replacement for, or superior to, GAAP results. These non-GAAP measures may",
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        "text": "differ from the non-GAAP measures reported by other companies. Refer to the slide 'Historical Reconciliation of Distributable Earnings to GAAP Net Income",
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        "text": "(Loss)' for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.",
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        "text": "Arbor is a Leading Commercial Mortgage REIT with a ",
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        "text": "Structured Loan Origination and Investment",
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        "text": "Successfully delevered the Company 15% ",
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        "text": "(NYSE: ABR) goes",
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        "text": "$135M IPO",
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        "text": "Fannie Mae DUS",
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        "text": "designation and",
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        "text": "becomes one of",
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        "text": "three nationwide ",
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        "text": "lenders to offer",
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        "text": "the Freddie Mac",
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        "text": "Small Balance Loan",
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        "from_ocr": false,
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      {
        "text": "(SBL) product",
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        "text": "2014",
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      {
        "text": "acquisition of ACM's",
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        "from_ocr": false,
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        "text": "agency lending ",
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        "text": "platform, integrating ",
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        "from_ocr": false,
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      {
        "text": "both the structured ",
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        "from_ocr": false,
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      {
        "text": "and agency business",
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        "text": "2017",
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        "text": "Arbor begins ",
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        "text": "development of",
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        "from_ocr": false,
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        "text": "its Single-Family ",
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        "from_ocr": false,
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      {
        "text": "Rental 'SFR' ",
        "box": [
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        "text": "2018",
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        "text": "Arborwins the #1 DUS",
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      {
        "text": "Multifamily Lender ",
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        "text": "Excellence in",
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        "text": "Operations award, the",
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        "text": "#1 Top Lender of",
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      {
        "text": "Workforce Housing ",
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      {
        "text": "Rent Preservation,and",
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        "text": "is a top 10 DUS",
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      {
        "text": "Multifamily Lender for",
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      {
        "text": "the 18 th",
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      {
        "text": "year in a row",
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        "text": "2024",
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      {
        "text": "Arborlaunches Arbor",
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        "from_ocr": false,
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      {
        "text": "Private Construction, a",
        "box": [
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        "from_ocr": false,
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      {
        "text": "new construction ",
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        "text": "financing product that",
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      {
        "text": "complements the full",
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      {
        "text": "suite of GSE financing ",
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      {
        "text": "options for construction-",
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      {
        "text": "ready multifamily ",
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      {
        "text": "projects",
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      {
        "text": "2023",
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        "text": "Over 30 years, ABR has transformed into a full-service multifamily loan originator that can support all aspects of commercial development",
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        "text": "1995",
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      {
        "text": "Arbor National ",
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      {
        "text": "Holdings is sold",
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      {
        "text": "to Bank of",
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      {
        "text": "America; Ivan",
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        "text": "Kaufman ",
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        "text": "retains ACM",
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        "text": "Webelieve Arboris the",
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        "text": "only commercial ",
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      {
        "text": "mortgage REIT to",
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        "from_ocr": false,
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        "text": "successfully manage its",
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        "text": "securitization vehicles ",
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      {
        "text": "during the recession ",
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        "text": "without any defaults or",
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        "text": "losses to its investors",
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      {
        "text": "2008",
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        "text": "Source: Company website, Company filings (As of June 30, 2026)",
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        "from_ocr": true,
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        "text": "Fannie Mae",
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        "text": "Fannie Mae",
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        "text": "Fannie Mae",
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        "text": "2024",
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        "text": "DUS\u00aeMultifamily Lender",
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        "text": "Small Loan Lender,",
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      {
        "text": "Top Lender of Workforce",
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      {
        "text": "DUS\u00aeMultifamily Lender",
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        "text": "Loan Lender",
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        "text": "19th Year in a Row",
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        "text": "8th Year in a Row",
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      {
        "text": "Housing Rent Preservation",
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        "text": "Excellence in Operations",
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  {
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        "text": "5",
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        "text": "We Believe Arbor is the Only Multifamily Mortgage Lender",
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        "text": "to Survive the Great Financial Crisis",
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        "text": "2012",
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        "text": "Despite the Great Financial",
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        "text": "record earnings and a",
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        "text": "overall capital structure",
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        "text": "Preferred Securities",
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        "text": "significant amount of the underlying",
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        "text": "recourse CDO vehicles",
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        "text": "'We will continue to",
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        "text": "credit facilities and",
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        "text": "focus heavily on liquidity, capital retention and ",
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        "text": "reducing our short term borrowings",
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        "text": "during this significant down turn'",
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        "text": "Ivan Kaufman, CEO & Chairman",
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        "text": "(November2008)",
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        "text": "'Webelieve that this is an environmentwhere there'll be a huge",
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        "text": "differentiation and perhaps a lot of the weaker companies will",
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        "text": "disappear \u2026 we just have to stick to building our business and utilizing ",
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        "text": "these opportunities'",
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        "text": "-",
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        "text": "(February 2008)",
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        "text": "Capital Retention:",
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        "text": "term borrowing to focus on liquidity during an uncertain economic period",
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        "text": "Portfolio Management:",
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        "text": "portfolio effectively by restructuring and monetizing loans and recording",
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        "text": "Timeline",
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        "text": "Commentary",
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        "text": "Peer group pre-GFC",
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        "text": "Peer group post-GFC",
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        "text": "\uf050",
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        "text": "Capital Restructuring: ",
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        "text": "by retiring a significant amount of debt at deep discounts",
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        "text": "ARBOR",
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        "text": "Arbor Realty Trust, Inc.",
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        "text": "Arbor Realty Trust, Inc.",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\uf0a7",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Weighted average of ~22 months to maturity 3",
        "box": [
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          424.1794726689123,
          252.64202103095494
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Highlights",
        "box": [
          39.2384690653725,
          221.15484034258986,
          85.0325155136661,
          230.08218936287938
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Portfolio ($B)",
        "box": [
          39.2384690653725,
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          100.74247889262507,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Interest income on loans",
        "box": [
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          386.27992780707837,
          387.40195066494243
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Income streams",
        "box": [
          39.2384690653725,
          378.47460164465286,
          112.08059019985689,
          387.40195066494243
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        "from_ocr": false,
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      {
        "text": "$1,289 ",
        "box": [
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          637.0072004950666,
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      {
        "text": "$13,064 ",
        "box": [
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          351.7593528440511,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets ($M)",
        "box": [
          39.2384690653725,
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          93.124857858555,
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        "from_ocr": false,
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      {
        "text": "561 ",
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      {
        "text": "10,911 ",
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        "from_ocr": false,
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      },
      {
        "text": "Liabilities ($M)",
        "box": [
          39.2384690653725,
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          107.25609687827915,
          464.32303405816134
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        "from_ocr": false,
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      {
        "text": "728 ",
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      {
        "text": "1,520",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value of equity ($M)",
        "box": [
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          157.7090361908881,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Structured Business",
        "box": [
          268.67649426778803,
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          400.1541489772022,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Agency Business",
        "box": [
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          677.3302229316791,
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        "from_ocr": false,
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      {
        "text": "Multifamily ",
        "box": [
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          262.4836862200647,
          282.0863895998532
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "bridge $7.9",
        "box": [
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          259.95520063219004,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SFR bridge",
        "box": [
          354.5970714770737,
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          397.4944267053275,
          272.60790988535297
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$3.4",
        "box": [
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          384.7881407055002,
          284.8487063332137
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mezz and PE",
        "box": [
          360.9557637345427,
          303.91098967567854,
          412.2294077361796,
          311.96492034985323
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$0.5",
        "box": [
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          395.44706156271997,
          324.2081210923842
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "APC $0.3",
        "box": [
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          333.4308327065931,
          389.2740350135705,
          341.48476338076773
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12.1B",
        "box": [
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          292.5830508610093,
          339.87631483566724,
          303.93629698050813
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Structured loan ",
        "box": [
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          307.36475641281714,
          344.02899184035203,
          312.9927899877826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio",
        "box": [
          307.3173078582,
          315.76517641281714,
          332.49134953482456,
          321.3932099877826
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Freddie Mac",
        "box": [
          649.9142631404573,
          264.3108172111783,
          700.5305527318164,
          272.364747885353
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.7",
        "box": [
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          684.162428695189,
          284.60554433321374
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Private Label",
        "box": [
          667.9112788113097,
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          720.190874258977,
          297.3277671336515
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$2.5",
        "box": [
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          702.7863035421166,
          309.56975088076774
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Other",
        "box": [
          661.91735925,
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          685.5024386975282,
          325.1655714673842
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$2.1",
        "box": [
          664.9173466863097,
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          682.5065571188835,
          337.4057445998532
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fannie Mae",
        "box": [
          530.1569781404572,
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          577.8350927161827,
          280.04869085443846
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24.4",
        "box": [
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          565.3029955047201,
          292.28458962448093
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36.7B",
        "box": [
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          299.61735297847116
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "GSE servicing",
        "box": [
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          308.6725864344226
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "portfolio",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of June 30, 2026, unless otherwise noted)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1)",
        "box": [
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          45.05650175915921,
          538.4309993303833
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        "from_ocr": false,
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      {
        "text": "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 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "or pooled and securitized, or sold, within 180 days of loan origination",
        "box": [
          56.519743090725,
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          281.5202129081964,
          548.0296090868684
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2)",
        "box": [
          38.519950679595006,
          551.1291630343029,
          45.05650175915921,
          557.6306149553833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on the discounted expected net cash flows associated with the servicing of the loan",
        "box": [
          56.5296363108666,
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          349.3076283924539,
          557.6306149553833
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "3)",
        "box": [
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          45.05650175915921,
          567.2292247118684
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inclusive of extension options",
        "box": [
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          153.17893585261484,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4)",
        "box": [
          38.519950679595006,
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          45.05650175915921,
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        "from_ocr": false,
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      {
        "text": "Weighted average servicing fee of 35bps on $36.7B portfolio",
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          252.84324972995535,
          576.8326746362458
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5)",
        "box": [
          38.519950679595006,
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          45.05650175915921,
          586.4312843927307
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes impact of MSRs net of amortization, derivative instruments, and other income",
        "box": [
          56.5296363108666,
          579.9298324716505,
          340.7208675646869,
          586.4312843927307
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6)",
        "box": [
          38.519950679595006,
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          45.05650175915921,
          596.0298462053834
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes commitment fees, broker fees, loan assumption fees, loan origination fees",
        "box": [
          56.5296363108666,
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          327.406564258711,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of LTM Agency Net Revenue 5",
        "box": [
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          346.861221969619,
          686.2621815999273,
          356.32154191494243
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        "from_ocr": false,
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      {
        "text": "43%",
        "box": [
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          741.5907462934185,
          369.5218650114084
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        "from_ocr": false,
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      {
        "text": "24%",
        "box": [
          722.2817329766235,
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          741.5907462934185,
          385.72076455816136
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        "from_ocr": false,
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      {
        "text": "17%",
        "box": [
          722.2817329766235,
          392.9922821343378,
          741.5907462934185,
          401.9196311546274
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        "from_ocr": false,
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      {
        "text": "16%",
        "box": [
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          741.5907462934185,
          418.12524265462736
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0a7",
        "box": [
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          495.7282999312609,
          369.7259201616383
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Servicing fees 4 ",
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          369.5218650114084
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0a7",
        "box": [
          490.683006,
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          495.7282999312609,
          385.9247867581043
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        "from_ocr": false,
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      {
        "text": "Gain on sale of loans 1,6",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0a7",
        "box": [
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          402.12368630485724
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        "from_ocr": false,
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      {
        "text": "Interest earned on escrows",
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        "from_ocr": false,
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      {
        "text": "\uf0a7",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Interest income on loans held-for-sale 1",
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        "from_ocr": false,
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    ]
  },
  {
    "page_no": 8,
    "width": 792.0,
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    "cells": [
      {
        "text": "8",
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        "from_ocr": false,
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      {
        "text": "\uf06e",
        "box": [
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        "from_ocr": false,
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      {
        "text": "GSE/Agency ",
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        "from_ocr": false,
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      {
        "text": "- Predominately five to ten-year fixed-rate loans; includes long-dated prepayment protected servicing ",
        "box": [
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      {
        "text": "income creating a significant annual annuity",
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      {
        "text": "\uf06e",
        "box": [
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      {
        "text": "Balance Sheet ",
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        "from_ocr": false,
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      {
        "text": "- Three to five years on average; feeds pipeline of future GSE/Agency originations",
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      {
        "text": "\uf06e",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Single-Family Rental",
        "box": [
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        "from_ocr": false,
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      {
        "text": "- One to three years on average; offers us three turns on our capital through construction, bridge ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "and permanent loans",
        "box": [
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      {
        "text": "\uf06e",
        "box": [
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      {
        "text": "Construction (APC) -",
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        "from_ocr": false,
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      {
        "text": "Multifamily product, one to three years on average; offers us three turns on our capital through ",
        "box": [
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      {
        "text": "construction, bridge and permanent agency loans",
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        "from_ocr": false,
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      {
        "text": "Arbor's Adaptable Originations Platform Drives Industry-",
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      {
        "text": "Leading Performance ",
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        "from_ocr": false,
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      {
        "text": "Source: Company filings",
        "box": [
          38.15877479772376,
          573.0915508401654,
          115.91398450309318,
          579.5930027612458
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      {
        "text": "1)",
        "box": [
          38.15877479772376,
          582.6901605966505,
          44.69532587728796,
          589.1916125177307
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "SFR totals include committed amounts that may not be fully funded",
        "box": [
          56.16846042899535,
          582.6901605966505,
          276.0233057803892,
          589.1916125177307
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Average Duration",
        "box": [
          337.441236518097,
          385.9265282410098,
          454.5230615907195,
          398.83225311360286
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1H26",
        "box": [
          102.24310801341825,
          94.80642198664009,
          136.49305302512045,
          107.71214685923309
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$2.9B",
        "box": [
          134.402002536438,
          129.22649819849494,
          168.72191394408557,
          138.93008659533166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          466.3205512771455,
          94.80642198664009,
          498.4957093123701,
          107.71214685923309
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$6.8B",
        "box": [
          510.595623841095,
          131.265552951646,
          544.9155352487426,
          140.9691413484827
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          648.955413,
          94.80642198664009,
          681.1305710352245,
          107.71214685923309
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~$6.8B",
        "box": [
          695.996767718811,
          130.90813162543594,
          730.3166791264588,
          140.61172002227266
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
          284.9948706473122,
          94.80642198664009,
          317.1700286825368,
          107.71214685923309
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$8.4B",
        "box": [
          315.960122927124,
          129.947196951646,
          350.28003433477164,
          139.6507853484827
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "14%",
        "box": [
          343.438982416935,
          212.2985346499956,
          367.8545819619216,
          223.6517807694944
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1%",
        "box": [
          349.5609210010185,
          239.54220544305588,
          366.81610894856794,
          250.89545156255463
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59%",
        "box": [
          267.96014341795353,
          279.2628582340791,
          292.3757429629401,
          290.6161043535779
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2%",
        "box": [
          255.359767835907,
          205.3402266061304,
          272.6149557834565,
          216.69347272562914
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "18%",
        "box": [
          281.28033604488377,
          179.41965839715363,
          305.6959355898703,
          190.77290451665237
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "6%",
        "box": [
          324.96345541897205,
          182.42234106998615,
          342.2186433665215,
          193.7755871894849
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          476.99518430484005,
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          480.51690536880795,
          366.0312064344226
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          520.3223542948838,
          196.2224256520326,
          537.5775422424333,
          207.57567177153135
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2%",
        "box": [
          523.20166425,
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          540.4568521975496,
          226.41453835255936
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "64%",
        "box": [
          474.8362612051163,
          277.21991769589783,
          499.2518607501028,
          288.57316381539664
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1%",
        "box": [
          433.437723,
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          450.6929109475495,
          218.61299877051283
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        "from_ocr": false,
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      {
        "text": "26%",
        "box": [
          470.1616556719208,
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          494.5772552169074,
          190.2930125615361
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        "from_ocr": false,
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      {
        "text": "6%",
        "box": [
          701.7612269530792,
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          719.0164149006287,
          204.57296818948487
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        "from_ocr": false,
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      {
        "text": "1%",
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          700.9171375801162,
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          718.1723255276656,
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        "from_ocr": false,
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      {
        "text": "74%",
        "box": [
          627.8376956719209,
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          652.2532952169074,
          290.73265672562917
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        "from_ocr": false,
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      {
        "text": "1%",
        "box": [
          629.997188625,
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          647.2523765725495,
          196.05161156255463
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "18%",
        "box": [
          659.2786743280792,
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          683.6942738730659,
          193.29571614358264
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "19%",
        "box": [
          160.56220166460227,
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          184.9778012095888,
          235.89565798050808
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61%",
        "box": [
          84.00019558306501,
          268.5820296061304,
          108.41579512805151,
          279.93527572562914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16%",
        "box": [
          108.00122733539776,
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          132.41682688038426,
          197.01137460641985
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "4%",
        "box": [
          150.7177319989815,
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          167.9729199465309,
          195.81166560641987
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        "from_ocr": false,
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    ]
  },
  {
    "page_no": 9,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "9",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Servicing Portfolio ($B)",
        "box": [
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          685.1763283048293,
          119.47166031429958
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0a7",
        "box": [
          419.641905872406,
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          427.04530922401227,
          405.9713478120913
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~$36.7B servicing portfolio, 100% focused on multifamily",
        "box": [
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        "confidence": 1.0
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      {
        "text": "\uf0a7",
        "box": [
          435.240718255188,
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          442.6441216067943,
          425.5252401454348
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generates significant prepayment protected revenue ",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stream of ~$128M annually with 6 year weighted ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "average remaining life",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0a7",
        "box": [
          435.240718255188,
          469.6376765402391,
          442.6441216067943,
          483.6095875425448
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$1.7B cash/escrow balances (earns ~$55M annually)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0a7",
        "box": [
          435.240718255188,
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          504.3648257853808
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~$462M estimated fair market value of MSR with a ",
        "box": [
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      {
        "text": "carrying value of ~$324M",
        "box": [
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      {
        "text": "Arbor has the Leading Nationwide Agencies Origination and ",
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      {
        "text": "Servicing Platform",
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      {
        "text": "Total Agency Originations ($B)",
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          119.47166031429958
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Source: Company filings (As of June 30, 2026)",
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        "text": "14.8 ",
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        "text": "18.3 ",
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        "text": "19.1 ",
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        "text": "19.0 ",
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        "text": "21.3 ",
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        "text": "22.7 ",
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        "text": "24.1 ",
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        "text": "4.9 ",
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        "text": "6.1 ",
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        "text": "7.7 ",
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      {
        "text": "$20.1 ",
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          458.35195422517313,
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      {
        "text": "$24.6 ",
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          498.4299909439841,
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        "text": "$27.0 ",
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          538.508027662795,
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        "text": "$28.0 ",
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        "text": "$31.0 ",
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        "text": "$33.5 ",
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        "text": "$36.2 ",
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        "text": "$36.7 ",
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        "from_ocr": false,
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      {
        "text": "2020",
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      {
        "text": "2021",
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      {
        "text": "2022",
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        "from_ocr": false,
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      {
        "text": "2023",
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        "from_ocr": false,
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      {
        "text": "2024",
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        "text": "2025",
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        "from_ocr": false,
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      {
        "text": "1H26",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fannie Mae",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Freddie Mac",
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        "from_ocr": false,
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      {
        "text": "FHA",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Private Label",
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        "text": "Asset and debt rates reflect 'all in' amounts, which include certain fees and costs",
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        "text": "0.350%",
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        "text": "0.374%",
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        "text": "Servicing  ",
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        "text": "Rate",
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        "text": "7/1/26",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "Based on:",
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        "text": "$11.6B",
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        "text": "$10.5B",
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        "text": "$9.6B",
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      {
        "text": "Debt Bal.",
        "box": [
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          69.08311878693651,
          479.1311121018167
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        "text": "6.38%",
        "box": [
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        "text": "6.88%",
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      {
        "text": "Debt Rate",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1H26",
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          769.5126219338069,
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      {
        "text": "2025",
        "box": [
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          725.1125448331586,
          413.72968966172266
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        "from_ocr": false,
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      {
        "text": "2024",
        "box": [
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          681.5481460311565,
          413.72968966172266
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Based on:",
        "box": [
          572.0383305,
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          620.938204271386,
          413.72968966172266
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        "from_ocr": false,
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      {
        "text": "$28M",
        "box": [
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          769.8219045572959,
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        "from_ocr": false,
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      {
        "text": "$71M",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$75M",
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        "from_ocr": false,
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      {
        "text": "Gain on Sale",
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          632.190035451814,
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        "from_ocr": false,
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      {
        "text": "$6M",
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      {
        "text": "$51M",
        "box": [
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          726.1442307839194,
          468.99940765462736
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        "from_ocr": false,
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      {
        "text": "$6M",
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          679.7100527603745,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Equity ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Investments",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$126M",
        "box": [
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          272.32472181428585,
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        "from_ocr": false,
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      {
        "text": "$128M",
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      {
        "text": "7/1/2025",
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        "text": "7/1/2026",
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      {
        "text": "Servicing Revenue",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$70M",
        "box": [
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      {
        "text": "$55M",
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        "text": "7/1/2025",
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        "text": "7/1/2026",
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        "text": "Cash/Escrow Earnings",
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      {
        "text": "2",
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      {
        "text": "$81M",
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      {
        "text": "$122M",
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      {
        "text": "$34M",
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        "text": "Gain on Sale",
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        "text": "Equity",
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        "text": "$251M",
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        "text": "7/1/2025",
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        "text": "7/1/2026",
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      {
        "text": "Net Interest Income   ",
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      {
        "text": "2024",
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        "text": "2025",
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  {
    "page_no": 11,
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        "text": "11",
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        "text": "Arbor Has a Consistent Track Record of Book Value ",
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      {
        "text": "Source: Company filings ",
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      {
        "text": "4Q19",
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        "text": "4Q20",
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        "text": "A",
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  {
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        "text": "12",
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      {
        "text": "Key Investment Highlights ",
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        "text": "from strong ",
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        "text": "key priorities ",
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        "text": "multifamily ",
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        "text": "lending market",
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        "text": "Adaptable ",
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        "text": "originations ",
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        "text": "attractive lending ",
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        "text": "opportunities",
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        "text": "Leading ",
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        "text": "nationwide ",
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        "text": "agencies ",
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      {
        "text": "origination and ",
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      {
        "text": "Annuity-based ",
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        "from_ocr": false,
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        "text": "business model ",
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        "text": "income streams",
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        "text": "capital structure ",
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      {
        "text": "and liquidity ",
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      {
        "text": "profile ",
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  {
    "page_no": 13,
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        "text": "13",
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        "from_ocr": false,
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      {
        "text": "Recent Accomplishments Demonstrate Arbor's Focus on ",
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      {
        "text": "Operational Excellence",
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        "text": "Continued ",
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      {
        "text": "monetization ",
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      {
        "text": "of legacy ",
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        "text": "investments",
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      {
        "text": "\uf0fc",
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        "from_ocr": false,
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      {
        "text": "Recognized $56M in cash gains from Lexford in FY 2025, an additional $9M in 1H26, and over $110M of ",
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      {
        "text": "income from this investment life-to-date",
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        "text": "Continued ",
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          366.9124594662906
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      {
        "text": "success with ",
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      {
        "text": "right side of ",
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      {
        "text": "balance sheet",
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      {
        "text": "\uf0fc",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Completed a $375M upsized offering of 6.25% convertible senior notes, repurchasing $114M of common ",
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      {
        "text": "stock at $5.42 per share (~50% of book value) and repaying $270M of senior notes",
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      {
        "text": "\uf0fc",
        "box": [
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      {
        "text": "Recently unwound CLO 17 through our repurchase facilities (76% leverage at pricing of S+170, compared ",
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        "text": "to 68% leverage at S+207 prior to unwinding), generating ~$132M of cash",
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      {
        "text": "\uf0fc",
        "box": [
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      {
        "text": "Entered into 2 new CLOs totaling $1.9B at 89% leverage, generating $120M of liquidity",
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      {
        "text": "\uf0fc",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Completed first BTR CLO securitization in the industry, for ~$800M of assets, terms and pricing ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "improvement over existing warehouse lines resulting in improved returns and profitability",
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      {
        "text": "\uf0fc",
        "box": [
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          458.7757245655021
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Issued $900M of high-yield bonds and received Ba2 / BB public ratings from Moody's and Fitch",
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      {
        "text": "Resilience ",
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      {
        "text": "under ",
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        "from_ocr": false,
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      {
        "text": "challenging ",
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        "from_ocr": false,
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      {
        "text": "conditions",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\uf0fc",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Originated $5.1B of Agency loans in FY 2025, including $3.6B in the second half of the year",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0fc",
        "box": [
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        "from_ocr": false,
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      {
        "text": "FY 2025 total represents a 13% increase over $4.5B originated in FY 2024",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0fc",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Servicing portfolio increased 9% since 1/1/25 to $36.7B as of 6/30/26",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0fc",
        "box": [
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      {
        "text": "~$3.5B of Structured originations in FY 2025; ~$1.5B in 1H26",
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      {
        "text": "\uf0fc",
        "box": [
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      {
        "text": "Structured loan portfolio increased 7% since 1/1/25 to $12.1B as of 6/30/26",
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      {
        "text": "Source:  Company filings",
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      {
        "text": "1)",
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        "from_ocr": false,
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      {
        "text": "Reflects ending book value per share on 6/30/26",
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        "text": "2)",
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      {
        "text": "Assumes no reinvestment of the common dividend. Reflects ending stock price on 6/30/26. 6-year return based on 12/31/19 start date (6/30/20 stock price significantly impacted by Covid)",
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        "from_ocr": false,
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      {
        "text": "Strong",
        "box": [
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        "from_ocr": false,
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        "text": "performance ",
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        "text": "metrics",
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        "from_ocr": false,
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      {
        "text": "\uf0fc",
        "box": [
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      {
        "text": "8.6% average ROE in FY 2025 and 1H26",
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      {
        "text": "\uf0fc",
        "box": [
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        "from_ocr": false,
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      {
        "text": "13% increase in book value, versus -34% for peer group (over last 6 years) 1",
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      {
        "text": "\uf0fc",
        "box": [
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        "from_ocr": false,
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      {
        "text": "3% 6-year total shareholder return, compared to -21% for peer group 2",
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  {
    "page_no": 14,
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        "text": "14",
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          755.1211071977975,
          598.8632673071464
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of June 30, 2026)",
        "box": [
          36.839705752361255,
          564.6903771657879,
          184.2377265907998,
          571.1918290868683
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1)",
        "box": [
          36.839705752361255,
          574.2889390029767,
          43.37625683192546,
          580.7903909240571
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No other individual state represented 4% or more of the total ",
        "box": [
          54.849391383632856,
          574.2889390029767,
          256.54179037741835,
          580.7903909240571
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arbor's Loan Portfolio is Focused on the Highly Stable, ",
        "box": [
          36.84000090000001,
          17.447999549999963,
          690.2880009000002,
          40.22729223292686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquid and Resilient Multifamily Market",
        "box": [
          36.84000090000001,
          46.2480018,
          511.48800090000026,
          69.02729448292689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOANTYPE",
        "box": [
          553.3186615780793,
          100.21828835948156,
          616.3162436127858,
          111.57153447898031
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASSET CLASS",
        "box": [
          548.2798586698838,
          252.25913339715362,
          621.3160569637424,
          263.61237951665237
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GEOGRAPHICALLOCATION",
        "box": [
          507.1212873301163,
          404.2999471138514,
          660.26985537883,
          415.65319323335007
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          67.077955257534,
          129.71919806204585,
          85.0539088549662,
          150.41163769634494
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Primary focus on stable multifamily senior",
        "box": [
          110.16070979102325,
          131.5128981050247,
          343.5339677765123,
          142.90212915675642
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans",
        "box": [
          110.16070979102325,
          150.4751582701362,
          139.91151797723742,
          161.86438932186792
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generates strong leveraged returns",
        "box": [
          108.481119290514,
          185.03362502348745,
          306.0101992205976,
          196.42285607521916
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Geographically diversified",
        "box": [
          107.15800620897676,
          227.3936418134922,
          254.21320438849872,
          238.7828728652239
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance sheet business drives GSE/Agency ",
        "box": [
          105.36187379102326,
          267.5941656504177,
          343.7052998264984,
          278.98339670214943
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "pipeline",
        "box": [
          105.36187379102326,
          284.3900916504177,
          149.26502489923075,
          295.7793227021494
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2713",
        "box": [
          66.234205952694,
          177.7190830921818,
          84.2101595501262,
          198.41152272648094
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2713",
        "box": [
          67.077955257534,
          225.60177374460181,
          85.0539088549662,
          246.29421337890096
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u2713",
        "box": [
          66.71467332621,
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          84.6906269236422,
          294.41127484246294
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PORTFOLIOOVERVIEW",
        "box": [
          135.47799241795352,
          339.5019576520326,
          267.5384463110778,
          350.85520377153136
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Bridge",
        "box": [
          475.556658218811,
          166.78499935073194,
          507.63257541903556,
          176.48858774756872
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93%",
        "box": [
          481.075414281189,
          181.4275342778559,
          502.0633601035582,
          191.13112267469268
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Mezz",
        "box": [
          635.641711901001,
          143.86903308899798,
          661.5256450850206,
          153.5726214858347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          641.160468,
          158.50572081429397,
          656.0284296203062,
          168.20930921113074
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pref Eq",
        "box": [
          658.555443,
          175.18731946671397,
          693.6673523632088,
          184.8909078635507
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          668.640880718811,
          189.82985435721696,
          683.5088423391171,
          199.53344275405368
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "APC",
        "box": [
          631.920961098999,
          201.82983008251296,
          651.9489093994757,
          211.53341847934968
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          634.4405145000001,
          216.46649993676095,
          649.3084761203061,
          226.17008833359773
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily, 72%",
        "box": [
          426.11462465890503,
          338.38807281429393,
          509.9824081652161,
          348.09166121113066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Single-Family ",
        "box": [
          638.640914598999,
          295.31004666854193,
          707.2327375381992,
          305.01363506537865
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental, 28%",
        "box": [
          642.237139718811,
          309.9467522648859,
          700.9049882754505,
          319.6503406617226
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TX, 23%",
        "box": [
          480.8383431301575,
          449.75571476449534,
          516.928202782875,
          458.6830637847849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FL, 18%",
        "box": [
          616.4398857266235,
          436.4340824911189,
          650.7633405018754,
          445.3614315114084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NY, 10%",
        "box": [
          632.4029447733765,
          467.03270939465284,
          669.9280083890345,
          475.9600584149424
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AZ, 9%",
        "box": [
          641.7624039869385,
          510.11403701449535,
          672.7738496169425,
          519.0413860347849
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GA, 7%",
        "box": [
          615.1192052733765,
          538.6743281343378,
          647.7866554760045,
          547.6016771546274
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other, 33%",
        "box": [
          456.60405375,
          526.5554890144954,
          507.81875516601605,
          535.4828380347849
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          509.51574000000005,
          520.4805485546171,
          513.037461063968,
          526.1085821295826
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12.1B",
        "box": [
          317.758950731781,
          359.868470827264,
          351.5988633784825,
          369.5720592241007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Portfolio",
        "box": [
          53.402206673790005,
          359.868470827264,
          122.00602958201421,
          369.5720592241007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6/30/2026",
        "box": [
          299.278524274704,
          377.38797154607494,
          351.4303896515001,
          387.09155994291166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of:",
        "box": [
          53.402206673790005,
          377.38797154607494,
          81.18213496354669,
          387.09155994291166
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24.7M",
        "box": [
          313.921077072876,
          403.07027170498,
          351.52897999300455,
          412.7738601018167
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average loan size",
        "box": [
          53.161975257533996,
          400.66794838716993,
          135.08576378201306,
          410.37153678400665
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77%",
        "box": [
          331.200324,
          434.264032327264,
          351.7082710614231,
          443.9676207241007
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W/A loan-to-value",
        "box": [
          53.161975257533996,
          431.86904038716995,
          140.84574891336646,
          441.57262878400667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.35%",
        "box": [
          322.31754998703,
          465.465124327264,
          351.70547412595636,
          475.1687127241007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses (CECL)",
        "box": [
          53.161975257533996,
          463.07013238716996,
          214.5975585327378,
          472.7737207840066
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15.9",
        "box": [
          330.719852195343,
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          351.5517984204047,
          506.3698047241007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W/Amos. to maturity",
        "box": [
          53.161975257533996,
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          157.46570601112586,
          503.85028710181666
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21.5",
        "box": [
          330.719852195343,
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          351.5517984204047,
          537.4500546018166
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W/Amos. to maturityw/ext. option",
        "box": [
          53.161975257533996,
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          225.18153121159986,
          535.0513791018167
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 15,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "15",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arbor is Singularly Focused on Accelerating the Resolution ",
        "box": [
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          735.1680009000002,
          40.22729223292686
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of Non-Performing Assets",
        "box": [
          36.84000090000001,
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          350.4000009000002,
          69.02729448292689
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of June 30, 2026)",
        "box": [
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        "text": "1)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Includes $97.9M of reserves related to REO assets",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Non-Performing Assets - 2025-2026",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in 000s)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "UPB",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "#",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          360.70859667497143,
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          379.35454264465096,
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        "from_ocr": false,
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      {
        "text": "#",
        "box": [
          435.7158987526425,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "UPB",
        "box": [
          506.37656668316777,
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        "from_ocr": false,
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      {
        "text": "#",
        "box": [
          581.3838687608388,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "UPB",
        "box": [
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        "from_ocr": false,
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      {
        "text": "#",
        "box": [
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        "from_ocr": false,
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      {
        "text": "Beginning Balance",
        "box": [
          42.0013561700625,
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          125.55703873712056,
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        "from_ocr": false,
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      {
        "text": "$           528,700",
        "box": [
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        "from_ocr": false,
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      {
        "text": "           22",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$           749,250",
        "box": [
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        "from_ocr": false,
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      {
        "text": "           33",
        "box": [
          420.8366625,
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          225.92286228008834
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        "from_ocr": false,
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      {
        "text": "$           617,448",
        "box": [
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        "from_ocr": false,
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        "text": "           29",
        "box": [
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          601.0495469704229,
          225.92286228008834
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$           481,450",
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        "text": "           19",
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          746.7285056517477,
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        "from_ocr": false,
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      {
        "text": "Additions",
        "box": [
          42.0013561700625,
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        "from_ocr": false,
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        "text": "            435,103",
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        "from_ocr": false,
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        "text": "           18",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "            270,710",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "               9",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "            197,775",
        "box": [
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          240.08157971821186
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               5",
        "box": [
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          601.1609991280419,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            142,833",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               7",
        "box": [
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        "from_ocr": false,
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      {
        "text": "            (314,344)",
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        "text": "            (274,848)",
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        "from_ocr": false,
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        "text": "Ending Balance",
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        "from_ocr": false,
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      {
        "text": "$           749,250",
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      {
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      {
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        "from_ocr": false,
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      {
        "text": "Carrying Value",
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        "from_ocr": false,
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        "text": "Carrying Value",
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        "from_ocr": false,
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        "from_ocr": false,
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      {
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        "text": "UPB",
        "box": [
          506.3765666831679,
          468.15191677748356,
          525.9921464241338,
          476.7189683093758
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "#",
        "box": [
          581.383868760839,
          468.15191677748356,
          586.9341862102715,
          476.7189683093758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          651.9330845337452,
          468.15191677748356,
          671.6601164323304,
          476.7189683093758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "#",
        "box": [
          726.9403866114163,
          468.15191677748356,
          732.4907040608488,
          476.7189683093758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Beginning Balance",
        "box": [
          42.0013561700625,
          482.31644381076933,
          125.62391003169203,
          490.88349534266155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$           893,886",
        "box": [
          194.2794,
          482.31644381076933,
          254.8303963595436,
          490.88349534266155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           37",
        "box": [
          275.2781259932625,
          482.31644381076933,
          309.81070658798495,
          490.88349534266155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$      1,220,597",
        "box": [
          339.9562993264875,
          482.31644381076933,
          400.5057702941118,
          490.88349534266155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           49",
        "box": [
          420.8366625,
          482.31644381076933,
          455.48760591447274,
          490.88349534266155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$      1,116,386",
        "box": [
          485.5182403824375,
          482.31644381076933,
          546.0643068008494,
          490.88349534266155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           48",
        "box": [
          566.5189759362374,
          482.31644381076933,
          601.0495469704227,
          490.88349534266155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$      1,002,216",
        "box": [
          631.1971990637626,
          482.31644381076933,
          691.7466202370863,
          490.88349534266155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           40",
        "box": [
          712.1945134362375,
          482.31644381076933,
          746.7285056517477,
          490.88349534266155
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Activity",
        "box": [
          42.0013561700625,
          496.35489596546057,
          76.91931715213435,
          504.9219474973528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            326,711",
        "box": [
          194.2794,
          496.35489596546057,
          254.8303963595436,
          504.9219474973528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           12",
        "box": [
          275.2781259932625,
          496.35489596546057,
          309.81070658798484,
          504.9219474973528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            (104,211)",
        "box": [
          339.9562993264875,
          496.35489596546057,
          403.5707046286377,
          504.9219474973528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             (1)",
        "box": [
          420.8366625,
          496.35489596546057,
          458.55254024899887,
          504.9219474973528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            (114,170)",
        "box": [
          485.5182403824375,
          496.35489596546057,
          549.2406932929946,
          504.9219474973528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             (8)",
        "box": [
          566.5189759362374,
          496.35489596546057,
          604.2259334625676,
          504.9219474973528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                67,495",
        "box": [
          631.1971990637626,
          496.35489596546057,
          691.7466202370865,
          504.9219474973528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               5",
        "box": [
          712.1945134362375,
          496.35489596546057,
          746.7285056517477,
          504.9219474973528
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ending Balance",
        "box": [
          42.0013561700625,
          510.51295034405507,
          110.68932091072928,
          519.0800018759473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$      1,220,597",
        "box": [
          194.2794,
          510.51295034405507,
          254.8303963595436,
          519.0800018759473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           49",
        "box": [
          275.2781259932625,
          510.51295034405507,
          309.81070658798507,
          519.0800018759473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$      1,116,386",
        "box": [
          339.9562993264875,
          510.51295034405507,
          400.5057702941118,
          519.0800018759473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           48",
        "box": [
          420.8366625,
          510.51295034405507,
          455.48760591447274,
          519.0800018759473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$      1,002,216",
        "box": [
          485.5182403824375,
          510.51295034405507,
          546.0643068008494,
          519.0800018759473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           40",
        "box": [
          566.5189759362374,
          510.51295034405507,
          601.0495469704227,
          519.0800018759473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$      1,069,711",
        "box": [
          631.1971990637626,
          510.51295034405507,
          691.7466202370863,
          519.0800018759473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           45",
        "box": [
          712.1945134362375,
          510.51295034405507,
          746.7285056517477,
          519.0800018759473
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of Total Portfolio",
        "box": [
          42.0013561700625,
          533.0740707774836,
          130.46093367236205,
          541.6411223093758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10.0%",
        "box": [
          231.47002412257504,
          533.0740707774836,
          258.09594457778394,
          541.6411223093758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.9%",
        "box": [
          382.153341223632,
          533.0740707774836,
          403.7639145859804,
          541.6411223093758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.0%",
        "box": [
          527.8213112318284,
          533.0740707774836,
          549.4318845941768,
          541.6411223093758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "8.5%",
        "box": [
          673.600733397644,
          533.0740707774836,
          694.9884024447543,
          541.6411223093758
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Delinquency Rollforward",
        "box": [
          413.51716586756254,
          174.27440115483103,
          527.9339508793563,
          182.8414526867233
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO Rollforward",
        "box": [
          432.83626586756253,
          295.8366030310781,
          507.79898708218616,
          304.4036545629703
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Combined Non-Performing Assets",
        "box": [
          391.91584038243747,
          439.8357448440551,
          548.5952835634037,
          448.40279637594733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q25",
        "box": [
          240.35682131268752,
          189.15218427858406,
          263.7171935496561,
          197.71923581047633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25",
        "box": [
          385.9194432988875,
          189.15218427858406,
          409.3912676934753,
          197.71923581047633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          531.5949807988875,
          189.15218427858406,
          555.0668051934753,
          197.71923581047633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25",
        "box": [
          385.9194432988875,
          309.8763497167076,
          409.3912676934753,
          318.4434012485998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          531.5949807988875,
          309.8763497167076,
          555.0668051934753,
          318.4434012485998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q26",
        "box": [
          677.27390625,
          189.15218427858406,
          700.6342784869687,
          197.71923581047633
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q26",
        "box": [
          677.27390625,
          309.8763497167076,
          700.6342784869687,
          318.4434012485998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4Q25",
        "box": [
          385.9194432988875,
          453.99383081076934,
          409.3912676934753,
          462.56088234266156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          531.5949807988875,
          453.99383081076934,
          555.0668051934753,
          462.56088234266156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q25",
        "box": [
          240.35682131268752,
          309.8763497167076,
          263.7171935496561,
          318.4434012485998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2Q26",
        "box": [
          677.27390625,
          453.99383081076934,
          700.6342784869688,
          462.56088234266156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q25",
        "box": [
          240.35682131268752,
          453.99383081076934,
          263.7171935496561,
          462.56088234266156
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Continue to make progress by resolving more non-interest earning assets versus new defaults. In 1H26, non-performing ",
        "box": [
          49.681664416935,
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          745.1682308691794,
          120.45624114358259
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "assets are down 4% as Arbor accelerates the resolution process",
        "box": [
          212.40332762794876,
          127.8184470689676,
          579.2410417805697,
          139.17169318846635
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 16,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "16",
        "box": [
          745.077133125,
          590.9168745600492,
          755.1211071977975,
          598.8632673071464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arbor Has a Defined Path to Resolve Nearly All Existing ",
        "box": [
          36.848881509749994,
          14.888880137249998,
          639.1458015097501,
          35.73193294212808
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Delinquencies and Reduce REO Substantially by Year-End",
        "box": [
          36.848881509749994,
          41.28479903924995,
          661.1936415097499,
          62.12785184412803
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of June 30, 2026)",
        "box": [
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          543.4517608401653,
          190.11857631575734,
          549.9532127612457
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1) Assumes no new delinquencies",
        "box": [
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          152.07311541969605,
          559.5518225177308
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "VISIBLE PATH TO ADDRESS ~$1.1B OF NON-PERFORMING ASSETS",
        "box": [
          154.921481512785,
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          642.6602224791613,
          110.26147657766546
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "DELINQUENCIES  |  $525M PROJECTED RESOLUTION",
        "box": [
          230.63953255101,
          138.81073809235028,
          566.9750536297881,
          150.2375100712863
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Resolved",
        "box": [
          90.1181896134795,
          182.7339437058298,
          147.400981042587,
          194.16071568476582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$90M",
        "box": [
          91.32438225652875,
          214.45928513582385,
          146.28997273673707,
          233.82135154796458
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "JULY",
        "box": [
          103.4387999119035,
          252.3172145596041,
          134.10194120630814,
          263.7599680378114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Scheduled",
        "box": [
          270.0001978633575,
          182.7339437058298,
          335.4477310572474,
          194.16071568476582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$105M",
        "box": [
          269.158709757105,
          214.45928513582385,
          336.42183546260947,
          233.82135154796458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FIRST WEEK OF AUG.",
        "box": [
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          252.3172145596041,
          370.47704112624166,
          263.7599680378114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Expected",
        "box": [
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          515.580269666125,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$200M - $300M",
        "box": [
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          551.7515193397712,
          231.8408522838846
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3Q26 - 4Q26",
        "box": [
          447.8382293123475,
          252.3172145596041,
          525.8050332122367,
          263.7599680378114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Resolved 1",
        "box": [
          640.4333286876525,
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          701.1326955395766,
          194.5214208721743
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NEARLY ALL",
        "box": [
          602.7602520818025,
          214.45928513582385,
          738.6919360899885,
          233.82135154796458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "YEAR-END 2026",
        "box": [
          620.9942579376526,
          252.3172145596041,
          720.4745083923647,
          263.7599680378114
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "REO ASSETS  |  ACTIVE MARKETING AND ASSET SALES",
        "box": [
          221.2802968125915,
          307.77047409235024,
          576.2003253369213,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CURRENT BOOK",
        "box": [
          57.243015103014,
          367.6515307337747,
          204.3386353949525,
          383.5221196001841
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$545M",
        "box": [
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          389.24618163418813,
          158.09781070613562,
          405.1167705005976
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$250M EXPECTED REDUCTION",
        "box": [
          272.159930481903,
          363.58399152699354,
          520.049094471539,
          377.6558616503312
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "through active marketing, targeted asset ",
        "box": [
          270.360883750122,
          382.41018540469776,
          525.372984870156,
          393.83695738363383
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "sales, and select property dispositions",
        "box": [
          275.99920532405105,
          397.6489853423503,
          516.2240519145348,
          409.07575732128635
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "YEAR-END 2026 ",
        "box": [
          597.3580684217835,
          357.33317953651664,
          741.1236973096582,
          373.2037684029261
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TARGET",
        "box": [
          630.7180113282164,
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          702.8978250054893,
          394.3238304792276
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$300M",
        "box": [
          634.0743045,
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          699.468135694397,
          415.91850818621305
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Accelerated resolution should reduce the drag from non-earning assets and improve ",
        "box": [
          74.0405345759955,
          484.54472165199354,
          722.6029835231269,
          498.61659177533113
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arbor's net interest income run-rate",
        "box": [
          259.55879213857276,
          503.2623318793723,
          532.5688384434089,
          517.3342020027098
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 17,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "17",
        "box": [
          745.077133125,
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          755.1211071977975,
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      {
        "text": "Arbor Maintains a High-Quality Loan Portfolio With Active ",
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      {
        "text": "Risk Management to Mitigate Potential Loan Losses",
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      {
        "text": "Source: Company filings (As of June 30, 2026)",
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        "text": "1)",
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        "text": "Net of reversals",
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        "text": "Includes impact of adopting  current expected credit loss ('CECL') on January 1, 2020 of $17.3M",
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        "text": "3)",
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        "text": "Includes $68.9M related to a land development legacy asset from 2006 (Homewood)",
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        "text": "4)",
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        "text": "Includes $97.9M of reserves related to REO assets",
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        "text": "5.7%",
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      {
        "text": "Experienced Team with Strong Track Record of Managing Through Cycles",
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        "text": "Structured",
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        "text": "\uf06e",
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        "text": "Aggressive approach to portfolio management and, when necessary, taking over assets to stabilize projects",
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        "text": "\uf06e",
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        "text": "Partner with strong sponsors with track record of success and maintain disciplined origination principles",
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        "text": "\uf06e",
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        "text": "For REO, resolution through disposition or invest strategically in asset's rehabilitation to improve NOI & occupancy",
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        "text": "\uf06e",
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        "text": "Current delinquencies represent just 1.8% of FY 2020 unpaid balance and 2021 - 2026 new originations of $28.8B",
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        "text": "Structured",
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      {
        "text": "Agency",
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        "text": "\uf06e",
        "box": [
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        "text": "Agency business credit risk is limited by nature of loan sales and servicing model",
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        "text": "\uf06e",
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        "text": "Arbor participates in a loss-share program with Fannie Mae ",
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        "text": "\uf06e",
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        "text": "The Company has a clear history of navigating this potential guarantee with limited losses ",
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        "text": "\uf06e",
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      {
        "text": "Fannie Mae delinquencies currently 3.39% with $51M of specific reserves against ~$817M of assets",
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      {
        "text": "($M)",
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          280.47269365960085
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        "from_ocr": false,
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      {
        "text": "FY'17",
        "box": [
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          211.44252334885107,
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      {
        "text": "FY'18",
        "box": [
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      {
        "text": "FY'19",
        "box": [
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      {
        "text": "FY'20  2",
        "box": [
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      {
        "text": "FY'21",
        "box": [
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      {
        "text": "FY'22",
        "box": [
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          451.7269835589365,
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      {
        "text": "FY'23",
        "box": [
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      {
        "text": "FY'24",
        "box": [
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      {
        "text": "FY'25",
        "box": [
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      {
        "text": "1H26",
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        "text": "1H26 ",
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      {
        "text": "w/REO",
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      {
        "text": "Beginning Balance",
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          147.7575663931521,
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        "from_ocr": false,
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      {
        "text": "$ 83.7",
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      {
        "text": "$ 62.8",
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      {
        "text": "$ 71.1",
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      {
        "text": "$   88.4",
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      {
        "text": "$ 148.3",
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        "from_ocr": false,
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      {
        "text": "$ 113.2",
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        "from_ocr": false,
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      {
        "text": "$ 132.6",
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      {
        "text": "$ 195.7",
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        "from_ocr": false,
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      {
        "text": "$ 239.0",
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      {
        "text": "$ 146.0",
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        "text": "Provision for loan ",
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        "text": "1",
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      {
        "text": "    (0.4)",
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        "text": "   11.5",
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      {
        "text": "     -",
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      {
        "text": "     59.9",
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        "from_ocr": false,
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      {
        "text": "    (24.3)",
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        "from_ocr": false,
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      {
        "text": "     19.4",
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        "text": "     68.8",
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        "text": "     55.5",
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        "from_ocr": false,
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        "text": "      (5.7)",
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          257.1578040747036,
          375.6150263280413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 71.1",
        "box": [
          269.5187980571625,
          365.1880607344223,
          301.6929631049873,
          375.6150263280413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 148.3",
        "box": [
          314.04431322286496,
          365.1880607344223,
          353.15251188015355,
          375.6150263280413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 113.2",
        "box": [
          365.52366966859495,
          365.1880607344223,
          404.61858420958976,
          375.6150263280413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 132.6",
        "box": [
          417.00302607359254,
          365.1880607344223,
          456.09794065531975,
          375.6150263280413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 195.7",
        "box": [
          468.48079142640745,
          365.1880607344223,
          507.57729706031733,
          375.6150263280413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 239.0",
        "box": [
          519.9625743071625,
          365.1880607344223,
          559.0550624131322,
          375.6150263280413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 146.0",
        "box": [
          571.4402998235925,
          365.1880607344223,
          610.5368452938873,
          375.6150263280413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 163.4",
        "box": [
          627.9647980571625,
          365.1880607344223,
          667.0865164299689,
          375.6150263280413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 261.4",
        "box": [
          679.4425235735926,
          365.1880607344223,
          718.5390690438875,
          375.6150263280413
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4",
        "box": [
          726.490512,
          365.990571624311,
          729.3849886767273,
          370.4592143844336
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total portfolio UPB",
        "box": [
          65.521242901521,
          382.7575211903703,
          157.81741433402206,
          392.19143297840657
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.7B",
        "box": [
          181.80380561964748,
          383.06917052066336,
          213.20982678554248,
          393.49613611428236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.3B",
        "box": [
          226.38353817132165,
          383.06917052066336,
          257.6560870840679,
          393.49613611428236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$4.3B",
        "box": [
          270.82979846984705,
          383.06917052066336,
          302.2358196357421,
          393.49613611428236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$5.5B",
        "box": [
          322.35008818525495,
          383.06917052066336,
          353.6226370980011,
          393.49613611428236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12.2B",
        "box": [
          366.6628762306315,
          383.06917052066336,
          405.142926813409,
          393.49613611428236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$14.5B",
        "box": [
          418.1831659460394,
          383.06917052066336,
          456.6632165288168,
          393.49613611428236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12.6B",
        "box": [
          469.70345566144726,
          383.06917052066336,
          508.1835062442247,
          393.49613611428236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$11.3B",
        "box": [
          521.2237453768552,
          383.06917052066336,
          559.5703237064838,
          393.49613611428236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12.1B",
        "box": [
          572.6105628391142,
          383.06917052066336,
          611.0906134218917,
          393.49613611428236
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12.1B",
        "box": [
          629.3362704273223,
          383.06917052066336,
          667.5493765038024,
          393.49613611428236
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12.7B",
        "box": [
          680.7230878895815,
          383.06917052066336,
          719.0696662192103,
          393.49613611428236
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Ending balance % of ",
        "box": [
          59.760418515534006,
          400.5199617518659,
          159.82139934632082,
          409.95387353990213
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "total UPB",
        "box": [
          59.760418515534006,
          415.8827641268659,
          105.08130447473542,
          425.31667591490213
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.4%",
        "box": [
          190.0806576032175,
          407.5478366597333,
          216.82849713422198,
          417.9748022533523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.2%",
        "box": [
          234.66039015489162,
          407.5478366597333,
          261.2747574327474,
          417.9748022533523
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.7%",
        "box": [
          279.10665045341705,
          407.5478366597333,
          305.8544899844215,
          417.9748022533523
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.7%",
        "box": [
          330.62694016882483,
          407.5478366597333,
          357.2413074466806,
          417.9748022533523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.9%",
        "box": [
          382.1472298842326,
          407.5478366597333,
          408.7615971620884,
          417.9748022533523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "0.9%",
        "box": [
          433.5340473464917,
          407.5478366597333,
          460.2818868774963,
          417.9748022533523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.6%",
        "box": [
          485.0543370618996,
          407.5478366597333,
          511.6687043397554,
          417.9748022533523
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2.1%",
        "box": [
          536.5746267773075,
          407.5478366597333,
          563.1889940551632,
          417.9748022533523
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.2%",
        "box": [
          587.9614442395665,
          407.5478366597333,
          614.7092837705711,
          417.9748022533523
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.3%",
        "box": [
          644.553679574626,
          407.5478366597333,
          671.1680468524817,
          417.9748022533523
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.2%",
        "box": [
          695.940497036885,
          407.5478366597333,
          722.6883365678896,
          417.9748022533523
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for Credit Losses - Structured Business",
        "box": [
          256.20416322286496,
          243.6280950103553,
          525.9248923858088,
          254.05506060397437
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 18,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "18",
        "box": [
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          755.1211071977975,
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        "from_ocr": false,
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      {
        "text": "Enterprise Value : $13.5B 1",
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      {
        "text": "LONG-DATED SECURITIZED / CLO-LIKE DEBT",
        "box": [
          368.161892158905,
          103.49785949566808,
          636.1212004570765,
          114.07825207327437
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CRE CLO platform",
        "box": [
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          123.26603872985743,
          479.48405414381284,
          133.000051906134
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      {
        "text": "\uf0d8",
        "box": [
          375.1168928979263,
          141.8385740881489,
          383.02506565186945,
          150.42863503038689
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Extensive CRE CLO experience",
        "box": [
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          141.669255527926,
          530.3659868952428,
          150.46321142376752
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        "from_ocr": false,
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      {
        "text": "\uf0d8",
        "box": [
          375.1168928979263,
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          383.02506565186945,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CLO 20: $933M | 1.82% over | 89% leverage | 2.5-year replenishment",
        "box": [
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      {
        "text": "\uf0d8",
        "box": [
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      {
        "text": "CLO 21: $674M | 1.73% over | 88% leverage | 2.5-year replenishment",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0d8",
        "box": [
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          383.02506565186945,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "One remaining legacy CLO: ~$789M | 2.20% over SOFR | 67% leverage ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "\uf0d8",
        "box": [
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      {
        "text": "Match-funded with locked-in spreads | 81% weighted average advance rate",
        "box": [
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      {
        "text": "BTR CLO",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0d8",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Improved terms vs. warehouse lines",
        "box": [
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          532.8584531082988,
          259.3816352348884
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\uf0d8",
        "box": [
          375.1217149941788,
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          382.2676965477641,
          271.2287649283044
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "81% leverage | 2-year replacement",
        "box": [
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          528.9614631678674,
          271.26000884228745
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "CLO-like repurchase facility",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0d8",
        "box": [
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        "from_ocr": false,
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      {
        "text": "$1.7B facility | 1.91% over SOFR",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0d8",
        "box": [
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        "from_ocr": false,
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      {
        "text": "72% leverage | 89% non-recourse",
        "box": [
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      {
        "text": "$8.5B",
        "box": [
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        "from_ocr": false,
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      {
        "text": "SECURED DEBT",
        "box": [
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          443.35691394268906,
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        "from_ocr": false,
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      {
        "text": "~80%",
        "box": [
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          507.54313816770224,
          357.2353256964693
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NON-RECOURSE",
        "box": [
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          539.9395357800976,
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        "from_ocr": false,
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      {
        "text": "~52%",
        "box": [
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          357.2353256964693
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        "from_ocr": false,
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      {
        "text": "NON-MTM",
        "box": [
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          606.7796121553604,
          373.46196723324766
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~2.23%",
        "box": [
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          345.80855371753324,
          706.4683345441522,
          357.2353256964693
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AVG. SPREAD",
        "box": [
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          366.37305220137273,
          717.1746083948494,
          373.46196723324766
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "OTHER FUNDING SOURCES",
        "box": [
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          415.1396548668991,
          530.8334722435452,
          425.7200474445054
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Warehouse & repo 2",
        "box": [
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          481.4266473126575,
          307.24169808069445
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0d8",
        "box": [
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          383.9886010039432,
          319.74779428293914
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16 separate facilities | $6.6B committed",
        "box": [
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          563.2977930469186,
          319.7823706763198
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Senior unsecured notes",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0d8",
        "box": [
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          516.9048298543362,
          445.22978971159137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.26% avg. coupon | 2027-2030 maturities",
        "box": [
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          694.4954899115177,
          445.26103362557444
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        "confidence": 1.0
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      {
        "text": "Perpetual preferred equity",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0d8",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$427M @ 6.25% | $230M @ 6.375%",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust preferred (TruPS)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf0d8",
        "box": [
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          516.9048298543362,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~30-year unsecured | equity-like",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversity of funding options provides Arbor with financial flexibility to adapt to changing market conditions and mitigate risk.",
        "box": [
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          594.2992989171674,
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        "confidence": 1.0
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      {
        "text": "$3.92B",
        "box": [
          290.39865249082953,
          151.1529673106998,
          318.78441111644435,
          159.2068979848745
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.40B",
        "box": [
          253.67632250917046,
          193.87166567738007,
          282.0620811347853,
          201.92559635155476
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.25B",
        "box": [
          246.35715223624425,
          236.59523205611458,
          274.74291086185906,
          244.64916273028928
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.61B",
        "box": [
          214.67799976375574,
          279.3139304227948,
          243.06375838937058,
          287.3678610969695
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.55B",
        "box": [
          211.79896998165898,
          321.9110329565931,
          240.18472860727383,
          329.9649636307677
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$657M",
        "box": [
          167.75746972707375,
          364.6285291911358,
          196.5814646262068,
          372.6824598653105
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$596M",
        "box": [
          164.756844112095,
          407.3520807065931,
          193.58083901122808,
          415.4060113807677
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$375M",
        "box": [
          153.83886438502122,
          450.07260458159305,
          182.6628592841543,
          458.12653525576775
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$154M",
        "box": [
          142.9208994908295,
          492.7901008161358,
          171.74489438996255,
          500.84403149031044
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Warehouse &",
        "box": [
          64.08089385349275,
          145.2462705515453,
          121.60874535288521,
          153.18156498475003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " repo",
        "box": [
          99.6017931083565,
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          121.6517361893189,
          163.4999027512563
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CRE CLOs",
        "box": [
          76.0779280976715,
          193.12455790408058,
          121.67181040304106,
          201.0598523372853
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common equity",
        "box": [
          53.63951004883575,
          235.8436964645589,
          121.64333450587728,
          243.77899089776355
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior unsecured",
        "box": [
          45.601932556849505,
          273.40254632195786,
          121.65173624425034,
          281.3378407551626
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "notes",
        "box": [
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          121.67532807347916,
          291.6622269192708
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO repurchase",
        "box": [
          51.60045304349325,
          316.1227846110661,
          121.67427215711488,
          324.0580790442708
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " facility",
        "box": [
          90.60181804349325,
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          121.6157379851244,
          334.3797025384496
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        "from_ocr": false,
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      {
        "text": "Perpetual",
        "box": [
          80.639442,
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          121.65233613059003,
          366.77831733337905
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " preferred",
        "box": [
          79.68143985349275,
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          121.62133159115996,
          377.09994080009204
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BTR",
        "box": [
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          121.66885838692272,
          409.501291458379
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " securitization",
        "box": [
          61.079435896986,
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          121.55927977619707,
          419.82015225516255
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Convertible",
        "box": [
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          121.67234007783254,
          452.21874024351996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "senior notes",
        "box": [
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          121.67286975262401,
          462.53765470837897
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust preferred",
        "box": [
          57.119969092329,
          492.16177340017435,
          121.64980251702299,
          500.09706783337896
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company-provided information",
        "box": [
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          159.3676550355743,
          579.2368868509675
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1) Pro forma for the issuance of $375M of convertible senior unsecured notes and the retirement of $270M of senior unsecured notes in July",
        "box": [
          46.3183813622475,
          582.0366344479233,
          447.6219190550786,
          587.7580111870269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2) Excludes Agency debt due to its short-term nature",
        "box": [
          46.3183813622475,
          590.6784186979233,
          197.14578558214632,
          596.3997954370269
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Highly Diversified Capital Structure",
        "box": [
          46.31999820000001,
          34.60800089999998,
          468.09599820000005,
          57.38729358292687
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Convertible senior notes",
        "box": [
          384.836356125,
          460.4827666110661,
          490.3700837035163,
          468.41806104427076
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\uf0d8",
        "box": [
          510.4811653358918,
          460.7503621143499,
          517.6271468894771,
          468.51251134241267
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$375M | 6.25% coupon | 2029 maturity",
        "box": [
          524.0382488242492,
          460.59736250929836,
          678.5678499263403,
          468.5437552563956
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        "from_ocr": false,
        "confidence": 1.0
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    ]
  },
  {
    "page_no": 19,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "19",
        "box": [
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          755.1211071977975,
          598.8632673071464
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unencumbered Asset Pool is Comprised of ",
        "box": [
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          17.447999549999963,
          540.7680009000005,
          40.22729223292686
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "High-Quality Assets",
        "box": [
          36.84000090000001,
          46.2480018,
          277.4400009,
          69.02729448292689
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf06e",
        "box": [
          416.995965933426,
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          427.29070269142676,
          205.0565891377671
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$2.6B total unencumbered asset pool made up of ",
        "box": [
          438.6024124837875,
          193.33480894423616,
          748.8916115128956,
          205.46429444028206
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "high-quality assets ",
        "box": [
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          558.0921040368127,
          223.82604685729336
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\uf06e",
        "box": [
          416.995965933426,
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          427.29070269142676,
          257.7361444883151
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.4x unencumbered assets-to-unsecured debt",
        "box": [
          438.6024124837875,
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          723.2416777248374,
          258.1472596844609
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\uf06e",
        "box": [
          439.55644398777,
          280.0307927304118,
          449.8511807457707,
          291.9327124883151
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Averaging ~1.9x over last 8 quarters, ",
        "box": [
          462.23940832363127,
          280.2144657736887,
          691.5288164430816,
          292.3439512697346
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significantly above the covenant requirement",
        "box": [
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          744.4786797599503,
          310.70570368674584
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\uf06e",
        "box": [
          416.995965933426,
          332.71034812307374,
          427.29070269142676,
          344.6122678809771
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~$370M cushion vs. 1.2x",
        "box": [
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          332.89743101786746,
          590.9870191229014,
          345.02691651391336
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\uf06e",
        "box": [
          416.995965933426,
          367.0282200673678,
          427.29070269142676,
          378.93013982527106
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLOs remain overcollateralized and are ",
        "box": [
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          367.2112901193537,
          683.4917803339866,
          379.34077561539954
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comfortably in compliance with existing ",
        "box": [
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          385.4558973589624,
          689.9417636842002,
          397.5853828550083
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "overcollateralization and interest coverage ",
        "box": [
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          403.81767211478365,
          705.9917222533359,
          415.94715761082955
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "covenants ",
        "box": [
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          422.17211552950994,
          505.29224033273897,
          434.3016010255558
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\uf06e",
        "box": [
          416.995965933426,
          456.31158626981374,
          427.29070269142676,
          468.213506027717
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "52% of secured debt is nonrecourse and non-",
        "box": [
          438.6024124837875,
          456.49147318259367,
          718.4416901153761,
          468.62095867863957
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mark-to-market ",
        "box": [
          438.6024124837875,
          474.72874908110737,
          540.6921489525155,
          486.85823457715327
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO equity",
        "box": [
          269.281561692627,
          201.41827448948925,
          316.6223161168394,
          209.95750382150527
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "28%",
        "box": [
          283.8016638006592,
          214.2574242579218,
          302.2712108646671,
          222.79665358993782
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine & ",
        "box": [
          298.56409595434576,
          342.65845799870556,
          357.97500034663193,
          351.1976873307215
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preferred",
        "box": [
          306.24177296209723,
          355.49760779936474,
          347.91177451416996,
          364.03683713138076
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15%",
        "box": [
          317.760916307373,
          368.3367261144893,
          336.2304633713809,
          376.87595544650526
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1st mortgage ",
        "box": [
          202.3221171536865,
          400.14131825792174,
          262.4722258309815,
          408.68054758993776
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans",
        "box": [
          219.48221638137827,
          412.9804365730463,
          242.7988315428016,
          421.5196659050623
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12%",
        "box": [
          221.8798834231567,
          425.81958637370553,
          240.34943048716462,
          434.3588157057215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pro forma ",
        "box": [
          113.041124248581,
          377.9370875079218,
          159.25195212285118,
          386.47631683993774
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unrestricted cash",
        "box": [
          97.31963155595399,
          390.7762058230463,
          172.5706277698592,
          399.3154351550623
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11%",
        "box": [
          125.64307382542424,
          403.6153556237055,
          144.11262088943212,
          412.15458495572153
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net MSRs",
        "box": [
          71.64135557684324,
          324.77582182304633,
          114.38848337278606,
          333.3150511550623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10%",
        "box": [
          83.75861357684325,
          337.6149716237055,
          102.22816064085113,
          346.15420095572154
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total ",
        "box": [
          65.52084979886625,
          247.61854641548405,
          90.4003540200227,
          256.15777574750007
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unencumbered ",
        "box": [
          43.441659,
          260.4576804894893,
          112.35661848525761,
          268.9969098215053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities",
        "box": [
          55.80126280453499,
          273.2968302579218,
          97.59798509118066,
          281.83605958993775
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          70.2027490417785,
          286.13594857304633,
          83.28666488643589,
          294.6751779050623
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in ",
        "box": [
          61.5608265977325,
          202.1401662579218,
          128.36377384010754,
          210.67939558993783
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity affiliates",
        "box": [
          59.64268982542425,
          214.979300331927,
          127.94516576024594,
          223.518529663943
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3%",
        "box": [
          87.23910257684325,
          227.81843437370554,
          100.32301842150063,
          236.3576637057215
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          134.52219646105948,
          177.7767432579218,
          188.99099220500037,
          186.31597258993781
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14%",
        "box": [
          152.52275611578372,
          190.61587733192704,
          170.99230317979163,
          199.15510666394306
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key Unencumbered Asset Pool Highlights",
        "box": [
          441.8351623970032,
          114.1250654551248,
          715.3559254960498,
          127.03079032771785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unencumbered Asset Pool Composition",
        "box": [
          70.55709841058625,
          114.1250654551248,
          334.3104028203674,
          127.03079032771785
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.6B ",
        "box": [
          180.59719465242,
          275.3748309334279,
          242.18103568180712,
          294.78200772710136
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Unencumbered ",
        "box": [
          165.116719130436,
          302.11158491820953,
          254.4173197750894,
          310.1655155923842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          195.47793772707377,
          315.3122360661358,
          221.7123546463261,
          323.36616674031046
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Significant unencumbered asset ",
        "box": [
          91.6784740976715,
          466.00116312376946,
          333.16585072966444,
          480.55654571902454
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "coverage of unsecured debt from ",
        "box": [
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          487.6046384950004,
          337.8500575627715,
          502.1600210902555
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "high-quality asset pool ",
        "box": [
          125.27897028232951,
          509.19931620198594,
          299.626520226984,
          523.754698797241
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company provided information. Amounts as of June 30, 2026",
        "box": [
          27.241125954637504,
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          252.97323925087932,
          569.9895528368684
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
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          33.77767703420171,
          579.5930027612458
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets are comprised primarily of interest and exit fees receivable, operating lease ROU and fixed assets, deferred compensation assets, and other receivables    ",
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  {
    "page_no": 20,
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      {
        "text": "20",
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      {
        "text": "Over the Last 5 Years Arbor has Generated ",
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        "text": "Strong Financial Results",
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      {
        "text": "Source: Company filings (As of June 30, 2026)",
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        "text": "1)",
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      {
        "text": "Distributable Earnings is a non-GAAP measure that excludes certain one-time items, as well as certain non-cash items. These adjustments are reflected on the appropriate line items shown on this page",
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        "text": "2)",
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      {
        "text": "$1.07 including realized losses totaling $22.6M in 2025; $0.17 including realized losses totaling $32.6M in 1H26",
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        "text": "Solid earnings base driven by thriving multifamily focused GSE/Agency platform as well as a well-positioned balance ",
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      {
        "text": "sheet business with entrenched low-cost CLOs that allow for outsized levered returns",
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        "text": "YTD",
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        "text": "Jun-26",
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      {
        "text": "Net interest income ",
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        "text": " $      254,082 ",
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        "text": " $      390,784 ",
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      {
        "text": " $        427,991 ",
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      {
        "text": " $        363,258 ",
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        "text": " $        238,172 ",
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      {
        "text": " $  112,942 ",
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        "text": "Servicing revenue",
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      {
        "text": "         166,170 ",
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      {
        "text": "         196,570 ",
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          349.8392997588885,
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      {
        "text": "           208,278 ",
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      {
        "text": "           202,819 ",
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          519.6085248298278,
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          193.19252819292092
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      {
        "text": "           190,729 ",
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      {
        "text": "       90,051 ",
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        "text": "Gain on sale, incl. fee based services, net",
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      {
        "text": "         123,037 ",
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        "text": "           72,904 ",
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        "text": "             72,522 ",
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        "text": "             74,932 ",
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        "text": "             70,670 ",
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          607.5832794420969,
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      {
        "text": "       27,681 ",
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      {
        "text": "Net operating income (loss) on REOs",
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      {
        "text": "34,610 ",
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          338.18422233343756,
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      {
        "text": "              (259)",
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          348.24173738700676,
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      {
        "text": "                 (189)",
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      {
        "text": "                 (168)",
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        "text": "              (6,633)",
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      {
        "text": "       (8,262)",
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        "text": "Income from equity affiliates",
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      {
        "text": "                   -   ",
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      {
        "text": "           14,247 ",
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        "text": "             24,281 ",
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        "text": "               5,772 ",
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        "text": "             50,880 ",
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        "text": "         6,304 ",
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        "text": "Other income",
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        "text": "7,448",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           (2,359)",
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        "from_ocr": false,
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      {
        "text": "               4,867 ",
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        "from_ocr": false,
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      {
        "text": "               7,254 ",
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        "from_ocr": false,
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        "text": "             10,537 ",
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        "text": "         3,864 ",
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      {
        "text": "       Total net revenues",
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          48.47747139756376,
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        "text": "         585,347 ",
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      {
        "text": "         671,887 ",
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        "text": "           737,750 ",
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          431.59785007633786,
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        "text": "           653,867 ",
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        "from_ocr": false,
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      {
        "text": "           554,355 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "     232,580 ",
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          689.4033754566474,
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      {
        "text": "Total operating expenses",
        "box": [
          48.47747139756376,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "237,155",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "227,282",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           223,404 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "239,689",
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        "text": "           237,096 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "123,036",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Realized loan reserves / (recoveries)",
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          48.47747139756376,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           12,575 ",
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          319.0765381615434
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           (2,045)",
        "box": [
          348.2762686498784,
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          415.88337577267527,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "             20,499 ",
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          431.5978500763379,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "14,790",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "             29,707 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "20,146",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Preferred stock dividends",
        "box": [
          48.47747139756376,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "21,888",
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        "from_ocr": false,
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      {
        "text": "40,954",
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        "from_ocr": false,
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      {
        "text": "41,368",
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        "from_ocr": false,
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      {
        "text": "41,368",
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        "from_ocr": false,
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        "text": "             41,368 ",
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      {
        "text": "20,684",
        "box": [
          710.4741858671861,
          327.0899322315663,
          743.610445378199,
          336.3513463803699
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       Distributable earnings",
        "box": [
          48.47747139756376,
          347.5790975079965,
          167.25951179130558,
          356.2616111693751
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          167.16323098945875,
          344.3255673275467,
          170.96562028935094,
          350.11397601179885
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $      313,729 ",
        "box": [
          269.4033142259865,
          347.13296550103377,
          338.2488229197678,
          356.39437964983733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $      405,696 ",
        "box": [
          349.8392997588885,
          347.13296550103377,
          418.6848084526702,
          356.39437964983733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $        452,479 ",
        "box": [
          431.59785007633786,
          347.13296550103377,
          506.57525004392835,
          356.39437964983733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $        358,020 ",
        "box": [
          519.6085248298276,
          347.13296550103377,
          594.4656916351865,
          356.39437964983733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $        246,184 ",
        "box": [
          607.6191995833173,
          347.13296550103377,
          682.356133226444,
          356.39437964983733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $    68,714 ",
        "box": [
          689.4033754566474,
          347.13296550103377,
          746.2255679272741,
          356.39437964983733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings ROE on common equity",
        "box": [
          48.47747139756376,
          370.38198155624156,
          261.6494155925197,
          379.06449521762016
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.5%",
        "box": [
          306.24233322598656,
          369.9323113253928,
          335.8677843998387,
          379.19372547419636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.2%",
        "box": [
          386.67831875888857,
          369.9323113253928,
          416.1835367705092,
          379.19372547419636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.8%",
        "box": [
          474.4485271879147,
          369.9323113253928,
          504.1942115239984,
          379.19372547419636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.0%",
        "box": [
          562.4592019414039,
          369.9323113253928,
          592.084653115256,
          379.19372547419636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.9%",
        "box": [
          656.3613016442386,
          369.9323113253928,
          679.9750947065135,
          379.19372547419636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.9%",
        "box": [
          720.2051107891875,
          369.9323113253928,
          743.8189038514624,
          379.19372547419636
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings per common share",
        "box": [
          48.47747139756376,
          387.6603099304265,
          239.72579929285874,
          396.34282359180514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          240.12194989688626,
          384.4050517623705,
          243.92433919677848,
          390.19346044662257
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.01 ",
        "box": [
          308.520190967982,
          387.21268324337433,
          338.2899219365121,
          396.4740973921779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.23 ",
        "box": [
          388.9561765008841,
          387.21268324337433,
          418.6056743071826,
          396.4740973921779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.25 ",
        "box": [
          476.7263849299103,
          387.21268324337433,
          506.61634906067184,
          396.4740973921779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.74 ",
        "box": [
          564.7370596833995,
          387.21268324337433,
          594.386557489698,
          396.4740973921779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.17 ",
        "box": [
          652.6275012746572,
          387.21268324337433,
          682.397232243187,
          396.4740973921779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.33 ",
        "box": [
          716.5262580000001,
          387.21268324337433,
          746.2959889685299,
          396.4740973921779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend per common share",
        "box": [
          48.47747139756376,
          404.82062405624157,
          178.74545781153927,
          413.5031377176202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.48 ",
        "box": [
          308.520190967982,
          404.37075643470405,
          338.2899219365121,
          413.6321705835076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.57 ",
        "box": [
          388.9561765008841,
          404.37075643470405,
          418.6056743071826,
          413.6321705835076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.71 ",
        "box": [
          476.7263849299103,
          404.37075643470405,
          506.61634906067184,
          413.6321705835076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.72 ",
        "box": [
          564.7370596833995,
          404.37075643470405,
          594.386557489698,
          413.6321705835076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.20 ",
        "box": [
          652.6275012746572,
          404.37075643470405,
          682.397232243187,
          413.6321705835076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.34 ",
        "box": [
          716.5262580000001,
          404.37075643470405,
          746.2959889685299,
          413.6321705835076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable EPS in excess of dividends",
        "box": [
          48.47747139756376,
          425.5821312579965,
          232.44422801800982,
          434.26464491937514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.53 ",
        "box": [
          308.520190967982,
          425.13587449337433,
          338.2899219365121,
          434.3972886421779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.66 ",
        "box": [
          388.91950387500003,
          425.13587449337433,
          418.6892348435301,
          434.3972886421779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.54 ",
        "box": [
          476.7644052533303,
          425.13587449337433,
          506.65436938409186,
          434.3972886421779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.02 ",
        "box": [
          564.7267648716697,
          425.13587449337433,
          594.4964958401998,
          434.3972886421779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.03)",
        "box": [
          645.1267943783304,
          425.13587449337433,
          679.5495487252209,
          434.3972886421779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.01)",
        "box": [
          708.9639996216698,
          425.13587449337433,
          743.3867539685602,
          434.3972886421779
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend payout ratio",
        "box": [
          48.47747139756376,
          447.0612275079965,
          149.1006707328203,
          455.74374116937514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74%",
        "box": [
          315.24218251133476,
          446.61055055970405,
          335.8501465178212,
          455.8719647085076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70%",
        "box": [
          395.67816804423677,
          446.61055055970405,
          416.2861320507232,
          455.8719647085076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76%",
        "box": [
          483.5686096354944,
          446.61055055970405,
          504.1765736419809,
          455.8719647085076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99%",
        "box": [
          571.4590512267521,
          446.61055055970405,
          592.0670152332385,
          455.8719647085076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103%",
        "box": [
          653.4580678686641,
          446.61055055970405,
          679.957456824496,
          455.8719647085076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103%",
        "box": [
          717.3018770136132,
          446.61055055970405,
          743.8012659694451,
          455.8719647085076
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          624.114748256865,
          150.48335046604507,
          650.8903193456772,
          160.32366510227365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year Ended",
        "box": [
          442.19516710207495,
          123.2396526880471,
          502.4402020519023,
          133.07996732427569
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          536.160705,
          150.48335046604507,
          562.9362760888122,
          160.32366510227365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          448.194935756865,
          150.48335046604507,
          474.97050684567716,
          160.32366510227365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (Amounts in 000s, except per share amounts)",
        "box": [
          48.47747139756376,
          132.06462605213153,
          259.38378737851866,
          140.7471397135102
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021",
        "box": [
          286.68009982052996,
          150.48335046604507,
          313.45567090934196,
          160.32366510227365
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          364.0942032547862,
          150.48335046604507,
          390.86977434359835,
          160.32366510227365
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 21,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "21",
        "box": [
          745.077133125,
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          755.1211071977975,
          598.8632673071464
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Historical Reconciliation of Distributable Earnings to GAAP ",
        "box": [
          36.84000090000001,
          17.447999549999963,
          742.3680009000004,
          40.22729223292686
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income (Loss)",
        "box": [
          36.84000090000001,
          46.2480018,
          254.2800009,
          69.02729448292689
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of June 30, 2026)",
        "box": [
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          518.4910624716504,
          175.22299357298115,
          524.9925143927308
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
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          529.1692192843029,
          45.13517503995678,
          535.6706712053833
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis",
        "box": [
          56.769110356229106,
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          705.5278350316474,
          535.6706712053833
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2)",
        "box": [
          38.759424724957505,
          539.7296308779767,
          45.29597580452171,
          546.231082799057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.07 including realized losses totaling $22.6M in 2025; $0.17 including realized losses totaling $32.6M in 1H26",
        "box": [
          56.769110356229106,
          539.7296308779767,
          416.60906129961853,
          546.231082799057
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "YTD",
        "box": [
          698.6410563925238,
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          721.6689030685958,
          132.82533322589597
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Jun-26",
        "box": [
          690.3632163925238,
          152.07664591400658,
          729.0160927764092,
          162.94697813565347
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) - common stockholders",
        "box": [
          42.959506223203505,
          170.47642658519857,
          255.50769729740423,
          180.06793126253388
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 317,412 ",
        "box": [
          313.8017258459422,
          169.8546293755452,
          373.31620185585604,
          180.08544846003667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 284,829 ",
        "box": [
          389.4579743929505,
          169.8546293755452,
          449.1054139328241,
          180.08544846003667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 330,065 ",
        "box": [
          465.114222939959,
          169.8546293755452,
          524.6286989498728,
          180.08544846003667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 223,272 ",
        "box": [
          540.7704714869674,
          169.8546293755452,
          600.2849474968814,
          180.08544846003667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 107,427   $  (36,713)",
        "box": [
          616.2937565040163,
          169.8546293755452,
          741.7182543149002,
          180.08544846003667
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments:",
        "box": [
          42.959506223203505,
          196.51583260689455,
          111.98063894139302,
          206.10733728422986
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income (loss) - noncontrolling interest",
        "box": [
          50.3973810640335,
          215.59362793861658,
          268.96637891137595,
          225.1851326159519
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      38,507 ",
        "box": [
          313.8017258459422,
          216.53348018972588,
          373.31620185585604,
          226.76429927421742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      28,044 ",
        "box": [
          389.4579743929505,
          216.53348018972588,
          449.10541393282426,
          226.76429927421742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      29,122 ",
        "box": [
          465.1142229399592,
          216.53348018972588,
          524.6286989498732,
          226.76429927421742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      19,278 ",
        "box": [
          540.7704714869677,
          216.53348018972588,
          600.2849474968817,
          226.76429927421742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        9,033 ",
        "box": [
          616.2937565040166,
          216.53348018972588,
          675.8082325139306,
          226.76429927421742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (3,112)",
        "box": [
          680.2492144145809,
          216.53348018972588,
          741.7182543149004,
          226.76429927421742
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from mortgage servicing rights",
        "box": [
          50.3973810640335,
          234.5555826117286,
          247.2391196865603,
          244.14708728906385
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   (130,230)",
        "box": [
          308.88052569005094,
          235.4929043755452,
          370.2166020604111,
          245.7237234600367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (69,346)",
        "box": [
          384.53677423705926,
          235.4929043755452,
          445.87285060741965,
          245.7237234600367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (69,912)",
        "box": [
          460.0600592541082,
          235.4929043755452,
          521.5290991544281,
          245.7237234600367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (51,272)",
        "box": [
          535.7163078011166,
          235.4929043755452,
          597.052384171477,
          245.7237234600367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (54,532)",
        "box": [
          611.3725563481252,
          235.4929043755452,
          672.7086327184853,
          245.7237234600367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (21,770)",
        "box": [
          680.2476648671942,
          235.4929043755452,
          741.7167047675136,
          245.7237234600367
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred tax provision (benefit)",
        "box": [
          50.3973810640335,
          253.5175372486426,
          214.60460181474886,
          263.10904192597786
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      10,892 ",
        "box": [
          313.8017258459422,
          254.57589049046067,
          373.31620185585604,
          264.8067095749522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (1,741)",
        "box": [
          384.53832378444565,
          254.57589049046067,
          445.87440015480604,
          264.8067095749522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (7,349)",
        "box": [
          460.0616088014946,
          254.57589049046067,
          521.5306487018146,
          264.8067095749522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (11,613)",
        "box": [
          535.7178573485031,
          254.57589049046067,
          597.0539337188635,
          264.8067095749522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        3,773 ",
        "box": [
          616.2937565040165,
          254.57589049046067,
          675.8082325139306,
          264.8067095749522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (4,791)",
        "box": [
          680.2492144145809,
          254.57589049046067,
          741.7182543149004,
          264.8067095749522
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization and write-offs of MSRs",
        "box": [
          50.3973810640335,
          272.4737122594906,
          236.51884261637016,
          282.0652169368259
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      91,356 ",
        "box": [
          313.8017258459422,
          273.53531467627994,
          373.31620185585604,
          283.7661337607715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "    104,378 ",
        "box": [
          389.4579743929505,
          273.53531467627994,
          449.10541393282415,
          283.7661337607715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      77,829 ",
        "box": [
          465.1142229399591,
          273.53531467627994,
          524.6286989498731,
          283.7661337607715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      76,922 ",
        "box": [
          540.7704714869676,
          273.53531467627994,
          600.2849474968816,
          283.7661337607715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      81,112 ",
        "box": [
          616.2937565040165,
          273.53531467627994,
          675.8082325139304,
          283.7661337607715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       40,433 ",
        "box": [
          681.9777403040556,
          273.53531467627994,
          744.8163045629586,
          283.7661337607715
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          50.3973810640335,
          291.43566693260254,
          206.52699769674504,
          301.0271716099378
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      10,900 ",
        "box": [
          313.8017258459422,
          292.49473886209915,
          373.31620185585604,
          302.7255579465907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      11,069 ",
        "box": [
          389.4579743929505,
          292.49473886209915,
          449.10541393282426,
          302.7255579465907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      16,425 ",
        "box": [
          465.1142229399592,
          292.49473886209915,
          524.6286989498732,
          302.7255579465907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      12,040 ",
        "box": [
          540.7704714869677,
          292.49473886209915,
          600.2849474968817,
          302.7255579465907
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      26,217 ",
        "box": [
          616.2937565040166,
          292.49473886209915,
          675.8082325139306,
          302.7255579465907
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       14,690 ",
        "box": [
          681.9777403040557,
          292.49473886209915,
          744.8163045629589,
          302.7255579465907
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on extinguishment of debt",
        "box": [
          50.3973810640335,
          310.39762160571456,
          211.62536202431218,
          319.9891262830498
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        3,374 ",
        "box": [
          313.8017258459422,
          311.4541630479184,
          373.31620185585604,
          321.6849821324099
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        4,933 ",
        "box": [
          389.4579743929505,
          311.4541630479184,
          449.1054139328243,
          321.6849821324099
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        1,561 ",
        "box": [
          465.11422293995923,
          311.4541630479184,
          524.6286989498733,
          321.6849821324099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           412 ",
        "box": [
          540.7704714869678,
          311.4541630479184,
          600.284947496882,
          321.6849821324099
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        2,919 ",
        "box": [
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          311.4541630479184,
          675.8082325139309,
          321.6849821324099
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              -   ",
        "box": [
          691.0192603413084,
          311.4541630479184,
          751.464481060939,
          321.6849821324099
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for credit losses, net",
        "box": [
          50.3973810640335,
          329.4754169374366,
          205.89126033560595,
          339.06692161477184
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (39,856)",
        "box": [
          308.88052569005094,
          328.85060600390665,
          370.21660206041105,
          339.08142508839813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      25,077 ",
        "box": [
          389.45642484556413,
          328.85060600390665,
          449.1038643854378,
          339.08142508839813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      68,642 ",
        "box": [
          465.1126733925728,
          328.85060600390665,
          524.6271494024868,
          339.08142508839813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      65,537 ",
        "box": [
          540.7689219395812,
          328.85060600390665,
          600.2833979494952,
          339.08142508839813
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      32,487 ",
        "box": [
          616.2922069566303,
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          675.8066829665443,
          339.08142508839813
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       41,841 ",
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          744.8147550155724,
          339.08142508839813
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss (gain) on derivative instruments, net",
        "box": [
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          348.4373715743506,
          263.1076228381324,
          358.02887625168586
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           432 ",
        "box": [
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          349.37301145816764,
          373.31620185585604,
          359.6038305426591
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        3,480 ",
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          449.1054139328243,
          359.6038305426591
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (8,844)",
        "box": [
          460.06160880149474,
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          521.5306487018147,
          359.6038305426591
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "        9,212 ",
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          540.7704714869677,
          349.37301145816764,
          600.2849474968818,
          359.6038305426591
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (3,379)",
        "box": [
          611.3741058955118,
          349.37301145816764,
          672.7101822658722,
          359.6038305426591
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            821 ",
        "box": [
          681.9777403040557,
          349.37301145816764,
          744.8163045629589,
          359.6038305426591
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "(Gain) loss on real estate",
        "box": [
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          367.4000685960466,
          177.13349382289798,
          376.99157327338185
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (2,466)",
        "box": [
          308.88052569005094,
          368.3324356439869,
          370.216602060411,
          378.5632547284784
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              -   ",
        "box": [
          395.306820163786,
          368.3324356439869,
          455.6190773534579,
          378.5632547284784
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "              -   ",
        "box": [
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          531.2753259004666,
          378.5632547284784
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "              -   ",
        "box": [
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          378.5632547284784
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      27,338 ",
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          675.8066829665445,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       28,286 ",
        "box": [
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          744.8147550155727,
          378.5632547284784
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss on redemption of preferred stock",
        "box": [
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          386.3569682546565,
          246.40393531016173,
          395.94847293199183
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "        3,479 ",
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          387.4138381003805,
          373.31620185585604,
          397.64465718487196
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              -   ",
        "box": [
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          387.4138381003805,
          455.62062690084446,
          397.64465718487196
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              -   ",
        "box": [
          470.83165472822185,
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          531.2768754478532,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              -   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              -   ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              -   ",
        "box": [
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          751.4644810609393,
          397.64465718487196
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Stock-based compensation",
        "box": [
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          188.20280316979205,
          414.9089782733818
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "        9,929 ",
        "box": [
          313.8017258459422,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      14,973 ",
        "box": [
          389.4579743929505,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      14,940 ",
        "box": [
          465.1142229399592,
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          524.6286989498732,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      14,232 ",
        "box": [
          540.7704714869677,
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          600.2849474968817,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "      13,789 ",
        "box": [
          616.2937565040166,
          406.3756000512799,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "         9,029 ",
        "box": [
          681.9777403040557,
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          744.8163045629589,
          416.6064191357714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings",
        "box": [
          42.959506223203505,
          425.8381339494645,
          156.74402842866385,
          435.42963862679983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
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          161.04713049299045,
          428.72685506849587
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 313,729 ",
        "box": [
          313.8017258459422,
          425.3334783012799,
          373.3162018558559,
          435.5642973857714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 405,696 ",
        "box": [
          389.45797439295046,
          425.3334783012799,
          449.1054139328239,
          435.5642973857714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 452,479 ",
        "box": [
          465.1142229399589,
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          524.6286989498727,
          435.5642973857714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 358,020 ",
        "box": [
          540.7704714869673,
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          600.2849474968812,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $ 246,184 ",
        "box": [
          616.2937565040161,
          425.3334783012799,
          675.8082325139301,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $    68,714 ",
        "box": [
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          744.8163045629582,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings per common share",
        "box": [
          42.959506223203505,
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          254.33594608275564,
          460.7501396267998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          254.88308870875125,
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          259.08813806532174,
          454.0485815155879
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.01 ",
        "box": [
          340.43987815497445,
          450.6505546439869,
          373.36164817296964,
          460.88137372847837
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.23 ",
        "box": [
          416.0961267019827,
          450.6505546439869,
          449.01789671997795,
          460.88137372847837
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.25 ",
        "box": [
          491.6194117190314,
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          524.6741452669862,
          460.88137372847837
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.74 ",
        "box": [
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          600.1974302840349,
          460.88137372847837
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.33 ",
        "box": [
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          675.8536788310431,
          460.88137372847837
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.33 ",
        "box": [
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          744.8617508800717,
          460.88137372847837
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diluted weighted average shares outstanding",
        "box": [
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          275.5645877694229,
          485.3466806267998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "156,089,595",
        "box": [
          311.40467271276304,
          476.47549493743657,
          370.8149523831428,
          486.0669996147719
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "182,224,404",
        "box": [
          386.9452297422429,
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          446.4801637971597,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "201,549,221",
        "box": [
          462.61044115625987,
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          522.0207208266396,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "205,526,610",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "209,733,331",
        "box": [
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "209,687,157",
        "box": [
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      {
        "text": "2024",
        "box": [
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          576.0953114805113,
          162.94697813565347
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        "from_ocr": false,
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      {
        "text": "2023",
        "box": [
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          500.49535085551133,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (Amounts in 000s, except per share amounts)",
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          42.959506223203505,
          131.71851394345055,
          276.2003251305619,
          141.31001862078585
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021",
        "box": [
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          349.2945454287262,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
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          651.7646051432687,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year Ended",
        "box": [
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          519.2723194468053,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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]