{ "document": "ca16edcf3b834136", "scans": [ { "page": 1, "status": "figures", "reason": "", "picture_classes": [ "full_page_image" ], "table_refs": [], "job_id": "parse-01m2p80a5napm0b8nyb56kh1pw", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.7, "reused": false, "response_artifact": "ca16edcf3b834136.p1.ade.json", "figures": [ { "page": 1, "text": "A high-quality architectural rendering of a modern, multi-story apartment building. The structure features a contemporary design with dark charcoal-grey facade panels contrasted by warm, light-colored wooden cladding sections. The building has multiple levels, each with balconies enclosed by black metal railings. Small green potted plants and trees are placed on several balconies, adding organic texture. Large glass windows are visible on each level, reflecting the surrounding environment. The overall aesthetic is sleek, urban, and upscale.", "box": { "left": 0.00769, "top": 0.16232, "right": 0.99705, "bottom": 1.0 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80a5napm0b8nyb56kh1pw", "picture_ref": "#/pictures/1" } ], "tables": [], "context": [ { "page": 1, "kind": "logo", "text": "[VISUAL_LOGO] ARBOR\nArbor Realty Trust, Inc.\n", "box": { "left": 0.02935, "top": 0.03117, "right": 0.32737, "bottom": 0.16317 }, "chunk_id": "logo-0" }, { "page": 1, "kind": "text", "text": "Investor Presentation\n", "box": { "left": 0.02881, "top": 0.19132, "right": 0.52978, "bottom": 0.26152 }, "chunk_id": "text-0" }, { "page": 1, "kind": "text", "text": "August 2026\n", "box": { "left": 0.03428, "top": 0.32654, "right": 0.16512, "bottom": 0.37232 }, "chunk_id": "text-1" } ] }, { "page": 2, "status": "empty", "reason": "", "picture_classes": [], "table_refs": [], "job_id": "parse-01m2p80a122xmf56xe45r01s21", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.6, "reused": false, "response_artifact": "ca16edcf3b834136.p2.ade.json", "figures": [], "tables": [], "context": [ { "page": 2, "kind": "text", "text": "Legal Disclosures\n", "box": { "left": 0.03799, "top": 0.03465, "right": 0.31856, "bottom": 0.10464 }, "chunk_id": "text-0" }, { "page": 2, "kind": "text", "text": "This presentation and the information contained herein (together, this “Presentation”) are for the benefit of the stockholders of Arbor Realty Trust, Inc.\n(together with its direct and indirect subsidiaries, “we,” “us,” “our,” “Arbor,” or the “Company”). This Presentation is solely for informational purposes and is\nnot 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,\nand 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\nof 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.\n", "box": { "left": 0.05041, "top": 0.16293, "right": 0.95331, "bottom": 0.2838 }, "chunk_id": "text-1" }, { "page": 2, "kind": "text", "text": "**Forward-Looking Statements**\nThis Presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking\nstatements relate to, among other things, the operating performance of our investments and financing needs. We use words such as “anticipate,” “expect,”\n“believe,” “intend,” “should,” “could,” “will,” “may,” “target” and similar expressions to identify forward-looking statements, although not all forward-\nlooking statements include these words. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans\nand strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Our ability to predict results\nor the actual effect of future plans or strategies is inherently uncertain. These forward-looking statements involve risks, uncertainties and other factors that\nmay 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\noperations, financial condition and future prospects include, but are not limited to, changes in economic, macroeconomic and geopolitical conditions\ngenerally, and the real estate market specifically; adverse changes in our status with government-sponsored enterprises affecting our ability to originate\nloans 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;\nimpairments in the value of the collateral underlying our loans and investments; inflation; changes in federal and state laws and regulations, including\nchanges in tax laws; the availability and cost of capital for future investments; competition; and other risks and uncertainties described in our Annual Report\non 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\ntime. Undue reliance should not be placed on the forward-looking statements in this Presentation, which are based on information available to us on, and\nwhich speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances\nafter the date they were made, unless required by applicable law.\n", "box": { "left": 0.05042, "top": 0.29508, "right": 0.95352, "bottom": 0.6914 }, "chunk_id": "text-2" }, { "page": 2, "kind": "text", "text": "# Non-GAAP Financial Measures\n\nThis Presentation includes certain financial information that is not required by, or presented in accordance with U.S. generally accepted accounting principles\n(\"GAAP\"), including Distributable Earnings. These non-GAAP financial measures are provided to enhance the user's overall understanding of the Company's\ncurrent financial performance and its prospects for the future. These non-GAAP financial measures are used by management to assess the Company's\nperformance, allocate resources and plan for future periods. These non-GAAP financial measures should only be considered as supplemental to results\nprepared in accordance with GAAP, and not considered as a substitute or replacement for, or superior to, GAAP results. These non-GAAP measures may\ndiffer from the non-GAAP measures reported by other companies. Refer to the slide \"Historical Reconciliation of Distributable Earnings to GAAP Net Income\n(Loss)\" for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.\n", "box": { "left": 0.0509, "top": 0.7039, "right": 0.95395, "bottom": 0.90894 }, "chunk_id": "text-3" }, { "page": 2, "kind": "logo", "text": "[Vertical bar chart icon]\n", "box": { "left": 0.87193, "top": 0.94117, "right": 0.92155, "bottom": 0.99368 }, "chunk_id": "logo-0" }, { "page": 2, "kind": "marginalia", "text": "2\n", "box": { "left": 0.94302, "top": 0.95942, "right": 0.95727, "bottom": 0.98082 }, "chunk_id": "marginalia-0" } ] }, { "page": 3, "status": "figures", "reason": "", "picture_classes": [ "flow_chart" ], "table_refs": [], "job_id": "parse-01m2p809zmzehpa73n4qxm7kg4", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.2, "reused": false, "response_artifact": "ca16edcf3b834136.p3.ade.json", "figures": [ { "page": 3, "text": "The figure illustrates a circular, multi-stage process representing revenue opportunities in a borrower's lifecycle, arranged in a quadrant layout with four distinct stages connected by dashed directional arrows.", "box": { "left": 0.54775, "top": 0.12129, "right": 0.96972, "bottom": 0.56258 }, "chunk_id": "figure-0", "job_id": "parse-01m2p809zmzehpa73n4qxm7kg4", "picture_ref": "#/pictures/3" } ], "tables": [], "context": [ { "page": 3, "kind": "text", "text": "Arbor is a Leading Commercial Mortgage REIT with a\nDifferentiated Business Model\n", "box": { "left": 0.0318, "top": 0.01801, "right": 0.84758, "bottom": 0.11328 }, "chunk_id": "text-0" }, { "page": 3, "kind": "text", "text": "# Business\n\n- Arbor Realty Trust is an internally-managed mortgage REIT with\na premium operating platform and unique business model,\nconsisting of two primary business platforms:\n- Structured Loan Origination and Investment\n- Agency Loan Origination and Servicing\n- Complementary operating platforms with diversified, counter-\ncyclical and recurring income streams\n- Balance sheet loans provide **strong risk-adjusted returns**\n- Balance sheet runoff naturally **feeds GSE/Agency pipeline**\n [ ] Historically, ~50% of balance sheet runoff is\nrecaptured into Agency production\n- Agency business is capital-light with high barriers to entry,\nresulting in sizeable earnings and cash flows\n- Servicing business generates significant **prepayment**\n**protected annual revenue** with 6-year weighted average\nremaining life\n- Prudent leverage and balance sheet strategy\n- **Successfully delevered the Company 15%** on a debt /\nequity basis to 3.5x1 since 2023\n- Best-in-class, highly aligned senior management team with\nsignificant ownership (~12%)\n", "box": { "left": 0.04416, "top": 0.1236, "right": 0.54513, "bottom": 0.92201 }, "chunk_id": "text-1" }, { "page": 3, "kind": "text", "text": "\n [x]\n**Customer-Centric Approach:** Commitment to\nnurture long-term relationships, leading to\nmultiple successful loan engagements over the\nyears\n [x]\n**Proven Track Record:** Impressive number of\nrepeat borrowers and sponsors, who\nconsistently demonstrate strong operational\ncapabilities and reliable loan repayment\n [x]\n**Consistent Excellence:** Symbiotic businesses\noutperform through the cycle\n", "box": { "left": 0.55354, "top": 0.56869, "right": 0.96641, "bottom": 0.91655 }, "chunk_id": "text-2" }, { "page": 3, "kind": "text", "text": "Source: Company filings (As of June 30, 2026)\n 1) Trust preferred securities “TruPS” included as equity\n", "box": { "left": 0.0428, "top": 0.92839, "right": 0.29358, "bottom": 0.97126 }, "chunk_id": "text-3" }, { "page": 3, "kind": "logo", "text": "[Vertical bar graph symbol]\n", "box": { "left": 0.87119, "top": 0.94051, "right": 0.92229, "bottom": 0.9939 }, "chunk_id": "logo-0" }, { "page": 3, "kind": "marginalia", "text": "3\n", "box": { "left": 0.94272, "top": 0.95877, "right": 0.95744, "bottom": 0.98112 }, "chunk_id": "marginalia-0" } ] }, { "page": 4, "status": "figures", "reason": "", "picture_classes": [ "table" ], "table_refs": [], "job_id": "parse-01m2p809yjxeafmnx3zs7k89d0", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.4, "reused": false, "response_artifact": "ca16edcf3b834136.p4.ade.json", "figures": [ { "page": 4, "text": "A horizontal timeline diagram depicting the history of Arbor from 1983 to 2024. The timeline is represented by a dotted horizontal line with various events marked by vertical lines and text annotations above and below the line. Key events include the founding in 1983, the establishment of Arbor Commercial Mortgage in 1992, going public in 1993, obtaining Fannie Mae DUS status in 1995, sale of Arbor National Holdings in 1996, IPO of Arbor Realty Trust in 2004, managing securitization through the 2008 recession, becoming a Freddie Mac SBL lender in 2012, accessing securitization markets in 2014, acquiring an agency lending platform in 2017, developing an SFR platform in 2018, winning industry awards in 2023, and launching a new construction financing product in 2024.", "box": { "left": 0.01855, "top": 0.15237, "right": 0.97955, "bottom": 0.62808 }, "chunk_id": "figure-0", "job_id": "parse-01m2p809yjxeafmnx3zs7k89d0", "picture_ref": "#/pictures/8" } ], "tables": [], "context": [ { "page": 4, "kind": "text", "text": "Arbor has a 40+ Year Track Record of Excellence in the\nMultifamily Lending Sector\n", "box": { "left": 0.02758, "top": 0.01631, "right": 0.86859, "bottom": 0.11988 }, "chunk_id": "text-0" }, { "page": 4, "kind": "marginalia", "text": "Source: Company website, Company filings (As of June 30, 2026)\n", "box": { "left": 0.04399, "top": 0.93244, "right": 0.31352, "bottom": 0.95401 }, "chunk_id": "marginalia-0" }, { "page": 4, "kind": "logo", "text": "[Vertical bar chart icon]\n", "box": { "left": 0.87197, "top": 0.94144, "right": 0.92126, "bottom": 0.99337 }, "chunk_id": "logo-0" }, { "page": 4, "kind": "marginalia", "text": "4\n", "box": { "left": 0.94349, "top": 0.96051, "right": 0.95662, "bottom": 0.98019 }, "chunk_id": "marginalia-1" } ] }, { "page": 5, "status": "figures", "reason": "", "picture_classes": [ "flow_chart" ], "table_refs": [], "job_id": "parse-01m2p80a5ht995hrttc2d86pvk", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.3, "reused": false, "response_artifact": "ca16edcf3b834136.p5.ade.json", "figures": [ { "page": 5, "text": "The figure is a diagram titled 'Timeline' that compares Arbor Realty Trust's peer group before and after the Great Financial Crisis (GFC). The diagram is organized into three sections: a left panel for 'Peer group pre-GFC', a central 'Timeline' spanning from 2008 to 2012, and a right panel for 'Peer group post-GFC'.", "box": { "left": 0.04081, "top": 0.13686, "right": 0.95964, "bottom": 0.5688 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80a5ht995hrttc2d86pvk", "picture_ref": "#/pictures/15" } ], "tables": [], "context": [ { "page": 5, "kind": "text", "text": "We Believe Arbor is the Only Multifamily Mortgage Lender\nto Survive the Great Financial Crisis\n", "box": { "left": 0.03234, "top": 0.0155, "right": 0.93018, "bottom": 0.11502 }, "chunk_id": "text-0" }, { "page": 5, "kind": "text", "text": "# Commentary\n\n\"We will continue to **aggressively manage our legacy issues** and\ncredit facilities and **focus heavily on liquidity, capital retention and**\n**reducing our short term borrowings** during this significant down turn\"\n– **Ivan Kaufman, CEO & Chairman** (November 2008)\n\"We believe that this is an environment where there'll be a huge\ndifferentiation and perhaps a lot of the weaker companies will\ndisappear ... we just have to stick to building our business and utilizing\nthese opportunities\"\n– **Ivan Kaufman, CEO & Chairman** (February 2008)\n", "box": { "left": 0.04108, "top": 0.57242, "right": 0.44336, "bottom": 0.8799 }, "chunk_id": "text-1" }, { "page": 5, "kind": "text", "text": "[x]\n**Prudent Capital Management:** Arbor aggressively managed struggling\ncredit facilities\n[x]\n**Capital Retention:** Arbor prioritized capital retention and reducing short-\nterm borrowing to focus on liquidity during an uncertain economic period\n[x]\n**Capital Restructuring:** Arbor significantly restructured its capital structure\nby retiring a significant amount of debt at deep discounts\n[x]\n**Portfolio Management:** Arbor took early steps to manage the loan\nportfolio effectively by restructuring and monetizing loans and recording\nappropriate reserves\n", "box": { "left": 0.45558, "top": 0.57066, "right": 0.96075, "bottom": 0.87919 }, "chunk_id": "text-2" }, { "page": 5, "kind": "text", "text": "Arbor's successful navigation of the GFC demonstrated the strength of its underwriting capabilities and resilient business model\n", "box": { "left": 0.0438, "top": 0.88332, "right": 0.96102, "bottom": 0.93747 }, "chunk_id": "text-3" }, { "page": 5, "kind": "logo", "text": "[v-shaped vertical stripes logo]\n", "box": { "left": 0.87211, "top": 0.94377, "right": 0.92126, "bottom": 0.99269 }, "chunk_id": "logo-0" }, { "page": 5, "kind": "marginalia", "text": "5\n", "box": { "left": 0.94326, "top": 0.95955, "right": 0.95684, "bottom": 0.98073 }, "chunk_id": "marginalia-0" } ] }, { "page": 6, "status": "empty", "reason": "", "picture_classes": [ "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph", "photograph" ], "table_refs": [], "job_id": "parse-01m2p80a8jb522jrqqcrtj8d73", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.1, "reused": false, "response_artifact": "ca16edcf3b834136.p6.ade.json", "figures": [], "tables": [], "context": [ { "page": 6, "kind": "text", "text": "Best-in-Class, Highly Aligned Management Team\n", "box": { "left": 0.03636, "top": 0.0359, "right": 0.80442, "bottom": 0.10325 }, "chunk_id": "text-0" }, { "page": 6, "kind": "text", "text": "[✓]\nInternalized, highly aligned management team with\nsignificant ownership\n[✓]\nIndustry-leading expertise with deep-rooted\nrelationships across commercial real estate space\n[✓] Deep bench of talented employees\n[✓]\nBest-in-class underwriting and origination capabilities\n", "box": { "left": 0.04345, "top": 0.14594, "right": 0.9615, "bottom": 0.29097 }, "chunk_id": "text-1" }, { "page": 6, "kind": "text", "text": "![Portrait of Ivan Kaufman](*0)\nIvan Kaufman \n- President and Chairman of Arbor Realty Trust \n- 40+ years of executive leadership experience in commercial real estate \n- Founded Arbor in 1983 and has been CEO and President of Arbor Commercial Mortgage LLC since 1993 ", "box": { "left": 0.04207, "top": 0.29178, "right": 0.33894, "bottom": 0.50424 }, "chunk_id": "text-2" }, { "page": 6, "kind": "text", "text": "![Portrait of Paul Elenio] \n\n**Paul Elenio** \n\n- Chief Financial Officer \n- 35+ years of experience in commercial real estate in operational and financial capacity \n- 35+ year tenure with Arbor ", "box": { "left": 0.35347, "top": 0.29176, "right": 0.64783, "bottom": 0.50476 }, "chunk_id": "text-3" }, { "page": 6, "kind": "text", "text": "![Portrait of Yoni Goodman](*0) Yoni Goodman \n- EVP, Chief Operating Officer \n- 20+ years of experience in real estate finance, multifamily loan production, and capital markets ", "box": { "left": 0.66581, "top": 0.29302, "right": 0.9582, "bottom": 0.50405 }, "chunk_id": "text-4" }, { "page": 6, "kind": "text", "text": " Steven Katz \n\n* EVP, Chief Investment Officer, Residential Financing \n* 20+ years of experience in mortgage trading, securitization, banking and servicing \n* 10+ year tenure with Arbor ", "box": { "left": 0.04247, "top": 0.51065, "right": 0.33766, "bottom": 0.72492 }, "chunk_id": "text-5" }, { "page": 6, "kind": "text", "text": "[VISUAL_TEXT: Headshot of Danny van der Reis] \nDanny van der Reis \n- EVP, Servicing and Asset Management \n- 25+ years of commercial real estate experience \n- Significant experience in special servicing ", "box": { "left": 0.35249, "top": 0.51079, "right": 0.64794, "bottom": 0.72583 }, "chunk_id": "text-6" }, { "page": 6, "kind": "text", "text": "[VISUAL: Portrait of Jeff Lee] Jeff Lee \n- EVP, Head of Agency Lending \n- 30+ years of multifamily real estate finance experience\n- Leads Arbor’s agency lending platforms, including Fannie Mae, Freddie Mac, and FHA ", "box": { "left": 0.66507, "top": 0.5111, "right": 0.95942, "bottom": 0.7242 }, "chunk_id": "text-7" }, { "page": 6, "kind": "text", "text": "[Kevin Wachter portrait ]\nKevin \nWachter \n\n- EVP, Asset Finance and Treasury \n- 20 years of capital markets and loan origination experience at institutional debt funds and mortgage REITs ", "box": { "left": 0.04237, "top": 0.73336, "right": 0.33818, "bottom": 0.95014 }, "chunk_id": "text-8" }, { "page": 6, "kind": "text", "text": "![Portrait of Gene Kilgore](*0)\n**Gene Kilgore**\n- EVP, Structured Securitization\n- Significant experience in structured finance and real estate industries\n- 20+ year tenure with Arbor", "box": { "left": 0.35304, "top": 0.73314, "right": 0.64821, "bottom": 0.94836 }, "chunk_id": "text-9" }, { "page": 6, "kind": "text", "text": "[Headshot of David Friedman] \nDavid \nFriedman \n\n- EVP, Chief Credit Officer and Non-Agency & Head of Arbor Private Construction \n- 20+ years of experience in commercial real estate lending \n- Previous experience at Greystone, TD Bank, BofA and PNC Bank ", "box": { "left": 0.66398, "top": 0.73333, "right": 0.95866, "bottom": 0.94544 }, "chunk_id": "text-10" }, { "page": 6, "kind": "logo", "text": "[logo of a stylized letter U or a comb shape]\n", "box": { "left": 0.87218, "top": 0.94481, "right": 0.92176, "bottom": 0.99273 }, "chunk_id": "logo-0" }, { "page": 6, "kind": "marginalia", "text": "6\n", "box": { "left": 0.94271, "top": 0.96049, "right": 0.95741, "bottom": 0.98046 }, "chunk_id": "marginalia-0" } ] }, { "page": 7, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "parse-01m2p80my7b4ady2tgdxfa4mtp", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.3, "reused": false, "response_artifact": "ca16edcf3b834136.p7.ade.json", "figures": [ { "page": 7, "text": "A comparative table outlining the business models, portfolios, and financial metrics of two business units: Structured Business and Agency Business. The table uses two main columns for comparison and rows for categories including Description, Highlights, Portfolio (with donut charts), Income streams (with a percentage breakdown table for the Agency Business), Assets, Liabilities, and Book value of equity.\n\n| Category | Structured Business | Agency Business |\n| --- | --- | --- |\n| Description | Originate real estate loans and hold on balance sheet. Invests in the multifamily, Single-Family Rental, and commercial real estate markets. | Originate, sell, and service real estate loans for GSEs. Short-term assets: Loans held-for-sale. Long-term assets: Capitalized mortgage servicing rights (MSRs). |\n| Highlights | Best-in-class balance sheet loan origination business. Strong risk-adjusted returns. Proprietary Single-Family Rental platform. Weighted average of ~22 months to maturity. | Capital-light business. High barriers to entry. Visibility on prepayment protected annual servicing fee revenue of ~$128M. Weighted average life of portfolio of ~6 years. |\n| Portfolio ($B) | Donut chart labeled $12.1B (Structured loan portfolio) with segments: Multifamily bridge $7.9, SFR bridge $3.4, Mezz and PE $0.5, APC $0.3 | Donut chart labeled $36.7B (GSE servicing portfolio) with segments: Fannie Mae $24.4, Freddie Mac $7.7, Private Label $2.5, Other $2.1 |\n| Income streams | Interest income on loans | % of LTM Agency Net Revenue: Servicing fees 43%, Gain on sale of loans 24%, Interest earned on escrows 17%, Interest income on loans held-for-sale 16% |\n| Assets ($M) | $13,064 | $1,289 |\n| Liabilities ($M) | 10,911 | 561 |\n| Book value of equity ($M) | 1,520 | 728 |", "box": { "left": 0.03829, "top": 0.14091, "right": 0.96057, "bottom": 0.81692 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80my7b4ady2tgdxfa4mtp", "picture_ref": "#/pictures/35" } ], "tables": [], "context": [ { "page": 7, "kind": "text", "text": "Arbor has Two Distinct Yet Complementary Business Lines\n", "box": { "left": 0.03718, "top": 0.03555, "right": 0.93209, "bottom": 0.1015 }, "chunk_id": "text-0" }, { "page": 7, "kind": "text", "text": "Source: Company filings (As of June 30, 2026, unless otherwise noted)\n 1) 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\nor pooled and securitized, or sold, within 180 days of loan origination\n 2) Based on the discounted expected net cash flows associated with the servicing of the loan\n 3) Inclusive of extension options\n 4) Weighted average servicing fee of 35bps on $36.7B portfolio\n 5) Excludes impact of MSRs net of amortization, derivative instruments, and other income\n 6) Includes commitment fees, broker fees, loan assumption fees, loan origination fees\n[Company logo]\n", "box": { "left": 0.04226, "top": 0.84536, "right": 0.95508, "bottom": 0.98532 }, "chunk_id": "text-1" }, { "page": 7, "kind": "logo", "text": "[Vertical bar chart icon]\n", "box": { "left": 0.87199, "top": 0.94178, "right": 0.92126, "bottom": 0.99296 }, "chunk_id": "logo-0" }, { "page": 7, "kind": "marginalia", "text": "7\n", "box": { "left": 0.94344, "top": 0.95949, "right": 0.95708, "bottom": 0.98001 }, "chunk_id": "marginalia-0" } ] }, { "page": 8, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "pie_chart", "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "parse-01m2p80n4zwtjsr82n19fp7601", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.2, "reused": false, "response_artifact": "ca16edcf3b834136.p8.ade.json", "figures": [ { "page": 8, "text": "The figure presents three side-by-side pie charts comparing the distribution of financial categories across three time periods: 1H26, 2025, and 2024. Each chart displays the percentage breakdown of different investment or asset types, with a total value listed above each chart.\n\nThe legend below the charts identifies the color-coded categories: Bridge (orange), APL (grey), GSE/Agency (dark green), Mezz/PE (light green), SFR1 (dark blue), and APC (light blue). Note: Some categories are absent or negligible in specific years, such as APC and Mezz/PE in 1H26.\n\n| Category | 1H26 (~$2.9B) | 2025 (~$8.4B) | 2024 (~$6.8B) |\n| --- | --- | --- | --- |\n| Bridge | 19% | 14% | 7% |\n| APL | 4% | 6% | 2% |\n| GSE/Agency | 61% | 59% | 64% |\n| Mezz/PE | 0% | 2% | 1% |\n| SFR1 | 16% | 18% | 26% |\n| APC | 0% | 1% | 0% |", "box": { "left": 0.03676, "top": 0.1294, "right": 0.71914, "bottom": 0.61357 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80n4zwtjsr82n19fp7601", "picture_ref": "#/pictures/37" }, { "page": 8, "text": "A pie chart showing a total value of approximately $6.8 billion for the year 2023. The chart is divided into five segments with the following percentages:\n\n| Category/Segment | Percentage |\n| --- | --- |\n| Largest segment (dark green) | 74% |\n| Second segment (blue) | 18% |\n| Third segment (orange) | 6% |\n| Fourth segment (light green/grey) | 1% |\n| Fifth segment (light grey) | 1% |", "box": { "left": 0.72905, "top": 0.13289, "right": 0.95245, "bottom": 0.58063 }, "chunk_id": "figure-1", "job_id": "parse-01m2p80n4zwtjsr82n19fp7601", "picture_ref": "#/pictures/38" } ], "tables": [], "context": [ { "page": 8, "kind": "text", "text": "Arbor's Adaptable Originations Platform Drives Industry-\nLeading Performance\n", "box": { "left": 0.0302, "top": 0.01649, "right": 0.91648, "bottom": 0.11863 }, "chunk_id": "text-0" }, { "page": 8, "kind": "text", "text": "# Average Duration\n\n- [ ] **GSE/Agency** – Predominately five to ten-year fixed-rate loans; includes long-dated prepayment protected servicing\nincome creating a significant annual annuity\n- [ ] **Balance Sheet** – Three to five years on average; feeds pipeline of future GSE/Agency originations\n- [ ] **Single-Family Rental** – One to three years on average; offers us three turns on our capital through construction, bridge\nand permanent loans\n- [ ] **Construction (APC)** – Multifamily product, one to three years on average; offers us three turns on our capital through\nconstruction, bridge and permanent agency loans\n", "box": { "left": 0.04061, "top": 0.61286, "right": 0.95867, "bottom": 0.92493 }, "chunk_id": "text-1" }, { "page": 8, "kind": "text", "text": "Source: Company filings\n 1) SFR totals include committed amounts that may not be fully funded\n", "box": { "left": 0.04378, "top": 0.93095, "right": 0.35385, "bottom": 0.96902 }, "chunk_id": "text-2" }, { "page": 8, "kind": "logo", "text": "[LOGO_ICON]\n", "box": { "left": 0.87137, "top": 0.9409, "right": 0.92242, "bottom": 0.99335 }, "chunk_id": "logo-0" }, { "page": 8, "kind": "marginalia", "text": "8\n", "box": { "left": 0.9431, "top": 0.95954, "right": 0.95721, "bottom": 0.98036 }, "chunk_id": "marginalia-0" } ] }, { "page": 9, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "bar_chart" ], "table_refs": [], "job_id": "parse-01m2p80n06q4szfs00jvzwe0pn", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.8, "reused": false, "response_artifact": "ca16edcf3b834136.p9.ade.json", "figures": [ { "page": 9, "text": "The figure is a stacked bar chart titled 'Total Agency Originations ($B)' illustrating the volume of agency loan originations in billions of dollars from 2019 to 1H26. The chart features a legend indicating six categories: Fannie Mae (dark green), Freddie Mac (green), FHA (light green), Conduit (orange), Private Label (grey), and SFR (light blue). Each bar represents a year (or half-year), with numerical values stacked to show the composition of total originations. The chart is followed by a summary list of key performance metrics.\n\nThe list below the chart highlights the company's achievements:\n\n| Year | Fannie Mae | Freddie Mac | FHA | Conduit | Private Label | SFR | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| 2019 | 3.3 | 0.7 | - | 0.3 | 0.3 | 0.2 | 4.8 |\n| 2020 | 5.0 | 1.0 | - | - | 0.7 | - | 6.7 |\n| 2021 | 3.4 | 1.0 | - | - | 1.5 | 0.5 | 6.4 |\n| 2022 | 2.9 | 1.4 | - | - | 0.4 | 0.1 | 4.8 |\n| 2023 | 3.8 | 0.8 | - | - | 0.5 | - | 5.1 |\n| 2024 | 2.4 | 1.8 | - | - | 0.3 | - | 4.5 |\n| 2025 | 3.0 | 1.9 | - | - | 0.2 | - | 5.1 |\n| 1H26 | 1.2 | 0.5 | - | - | 0.1 | - | 1.8 |", "box": { "left": 0.03819, "top": 0.14818, "right": 0.48402, "bottom": 0.90766 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80n06q4szfs00jvzwe0pn", "picture_ref": "#/pictures/40" }, { "page": 9, "text": "This is a stacked bar chart titled 'Agency Servicing Portfolio ($B)' showing the growth of a servicing portfolio from 2019 to 1H26. The x-axis represents the years 2019 through 1H26. The y-axis represents the value in billions of dollars. Each bar is stacked with segments representing 'Fannie Mae' (dark green), 'Freddie Mac' (light green), 'FHA' (very light green), 'Private Label' (orange), 'SFR' (grey), and 'Bridge' (yellow). A large, light-green arrow overlays the chart pointing from left to right, indicating a 'CAGR: 10%'. The total value is displayed at the top of each bar. Below the chart, there are bulleted text annotations providing further financial context about the portfolio.\n\n| Year | Fannie Mae | Freddie Mac | FHA | Private Label | SFR | Bridge | Total ($B) |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| 2019 | 14.8 | 4.5 | - | - | - | - | 20.1 |\n| 2020 | 18.3 | 4.9 | - | - | - | - | 24.6 |\n| 2021 | 19.1 | 4.9 | - | - | - | - | 27.0 |\n| 2022 | 19.0 | 5.1 | - | - | - | - | 28.0 |\n| 2023 | 21.3 | 5.2 | - | - | - | - | 31.0 |\n| 2024 | 22.7 | 6.1 | - | - | - | - | 33.5 |\n| 2025 | 24.1 | 7.5 | - | - | - | - | 36.2 |\n| 1H26 | 24.4 | 7.7 | - | - | - | - | 36.7 |", "box": { "left": 0.51185, "top": 0.14803, "right": 0.95868, "bottom": 0.90788 }, "chunk_id": "figure-1", "job_id": "parse-01m2p80n06q4szfs00jvzwe0pn", "picture_ref": "#/pictures/41" }, { "page": 9, "text": "The image shows a cropped section of a bar chart. The chart features a series of alternating dark green and light green vertical bars. A diagonal, light-green semi-transparent banner spans across the chart, overlaying the bars, with the text 'CAGR: 10%' printed in black, bold, sans-serif font. Numerical data labels are visible near the top of some bars (e.g., '4.9', '3.1') and near the bottom of others (e.g., '22.7', '24.').\n\n| Bar Type | Visible Labels |\n| --- | --- |\n| Dark Green Bar (left) | 4.9 |\n| Light Green Bar (middle-left) | 4.9 |\n| Dark Green Bar (middle) | 3.1 |\n| Light Green Bar (middle-right) | 22.7 |\n| Dark Green Bar (right) | 24. |", "box": { "left": 0.59972, "top": 0.41092, "right": 0.86334, "bottom": 0.48933 }, "chunk_id": "figure-2", "job_id": "parse-01m2p80n06q4szfs00jvzwe0pn", "picture_ref": "#/pictures/69" } ], "tables": [], "context": [ { "page": 9, "kind": "text", "text": "Arbor has the Leading Nationwide Agencies Origination and\nServicing Platform\n", "box": { "left": 0.02966, "top": 0.01754, "right": 0.94682, "bottom": 0.11963 }, "chunk_id": "text-0" }, { "page": 9, "kind": "marginalia", "text": "Source: Company filings (As of June 30, 2026)\n", "box": { "left": 0.04312, "top": 0.94768, "right": 0.23906, "bottom": 0.97066 }, "chunk_id": "marginalia-0" }, { "page": 9, "kind": "logo", "text": "[📊]\n", "box": { "left": 0.87195, "top": 0.94097, "right": 0.9219, "bottom": 0.99343 }, "chunk_id": "logo-0" }, { "page": 9, "kind": "marginalia", "text": "9\n", "box": { "left": 0.94289, "top": 0.9603, "right": 0.95716, "bottom": 0.98038 }, "chunk_id": "marginalia-1" } ] }, { "page": 10, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "bar_chart", "bar_chart", "bar_chart" ], "table_refs": [], "job_id": "parse-01m2p80nbqb3at9j2hgebv47xm", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.2, "reused": false, "response_artifact": "ca16edcf3b834136.p10.ade.json", "figures": [ { "page": 10, "text": "The figure is a composite chart titled 'Significant Long-Dated, Predictable Annual Cash Flow¹', consisting of three separate grouped bar charts, each paired with a data table below it, representing financial metrics for two dates: 7/1/2025 and 7/1/2026.\n\n| Chart Section | Metric | 7/1/2025 | 7/1/2026 |\n| --- | --- | --- | --- |\n| Net Interest Income | Bar Value | $251M | $173M |\n| | Asset Bal. | $11.6B | $12.1B |\n| | Asset Rate³ | 7.86% | 6.95% |\n| | Debt Bal. | $9.6B | $10.5B |\n| | Debt Rate³ | 6.88% | 6.38% |\n| Servicing Revenue | Bar Value | $126M | $128M |\n| | Servicing Portfolio | $33.8B | $36.7B |\n| | Servicing Rate | 0.374% | 0.350% |\n| Cash/Escrow Earnings | Bar Value | $70M | $55M |\n| | Cash/Escrow Balance | $1.6B | $1.7B |\n| | Earnings Rate | 4.02% | 3.32% |", "box": { "left": 0.01224, "top": 0.20505, "right": 0.71158, "bottom": 0.85925 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80nbqb3at9j2hgebv47xm", "picture_ref": "#/pictures/43" }, { "page": 10, "text": "The figure is a stacked bar chart titled \"Other Diversified Platform Income Sources\" illustrating income streams over three periods: 2024, 2025, and 1H26. The bars are composed of two segments: \"Gain on Sale\" (dark green) and \"Equity Investments\" (tan). The total values for each bar are labeled at the top: $81M for 2024, $122M for 2025, and $34M for 1H26. A table below the chart provides the detailed breakdown of these values.\n\n| Category | 2024 | 2025 | 1H26 |\n| --- | --- | --- | --- |\n| Gain on Sale | $75M | $71M | $28M |\n| Equity Investments | $6M | $51M | $6M |", "box": { "left": 0.71208, "top": 0.20492, "right": 0.99508, "bottom": 0.8572 }, "chunk_id": "figure-1", "job_id": "parse-01m2p80nbqb3at9j2hgebv47xm", "picture_ref": "#/pictures/44" } ], "tables": [], "context": [ { "page": 10, "kind": "text", "text": "Annuity Based Business Model Drives Diversified\nIncome Streams\n", "box": { "left": 0.02833, "top": 0.01874, "right": 0.78445, "bottom": 0.11411 }, "chunk_id": "text-0" }, { "page": 10, "kind": "text", "text": "Source: Company filings (As of June 30, 2026)\n 1) Annualized based on June 30, 2025 and 2026 portfolio and debt balances, which may not be indicative of actual results\n 2) Structured business only; does not include interest income from Agency loans held-for-sale\n 3) Asset and debt rates reflect “all in” amounts, which include certain fees and costs\n", "box": { "left": 0.0433, "top": 0.8992, "right": 0.56344, "bottom": 0.97164 }, "chunk_id": "text-1" }, { "page": 10, "kind": "logo", "text": "[VERTICAL_BARS_ICON]\n", "box": { "left": 0.87192, "top": 0.94078, "right": 0.92163, "bottom": 0.9933 }, "chunk_id": "logo-0" }, { "page": 10, "kind": "marginalia", "text": "10\n", "box": { "left": 0.93854, "top": 0.95976, "right": 0.95678, "bottom": 0.9803 }, "chunk_id": "marginalia-0" } ] }, { "page": 11, "status": "figures", "reason": "", "picture_classes": [ "line_chart" ], "table_refs": [], "job_id": "parse-01m2p80ndv34gbpyt709htdpmg", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.1, "reused": false, "response_artifact": "ca16edcf3b834136.p11.ade.json", "figures": [ { "page": 11, "text": "This line chart compares the Book Value Per Share (BVPS) performance of Arbor (ABR) against a Peer Average from 4Q19 through 4Q25. The Y-axis represents percentage change, ranging from (40%) to 40%. The X-axis represents time in quarters. The green line (ABR BVPS) shows significant growth, peaking around 4Q23 before slightly declining, ending at 13%. The orange line (Peer Avg BVPS) shows a downward trend, ending at (34%).\n\n| Quarter | ABR BVPS (%) | Peer Avg BVPS (%) |\n| --- | --- | --- |\n| 4Q19 | 0 | 0 |\n| 1Q20 | (11) | (7) |\n| 2Q20 | (9) | (7) |\n| 3Q20 | (5) | (7) |\n| 4Q20 | 2 | (7) |\n| 1Q21 | 7 | (7) |\n| 2Q21 | 13 | (7) |\n| 3Q21 | 14 | (7) |\n| 4Q21 | 22 | (3) |\n| 1Q22 | 25 | (2) |\n| 2Q22 | 27 | (2) |\n| 3Q22 | 27 | (3) |\n| 4Q22 | 29 | (6) |\n| 1Q23 | 30 | (9) |\n| 2Q23 | 30 | (11) |\n| 3Q23 | 31 | (13) |\n| 4Q23 | 30 | (15) |\n| 1Q24 | 28 | (19) |\n| 2Q24 | 27 | (21) |\n| 3Q24 | 26 | (23) |\n| 4Q24 | 23 | (26) |\n| 1Q25 | 21 | (27) |\n| 2Q25 | 20 | (28) |\n| 3Q25 | 18 | (30) |\n| 4Q25 | 16 | (33) |\n| End | 13 | (34) |", "box": { "left": 0.04049, "top": 0.13536, "right": 0.96029, "bottom": 0.89181 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80ndv34gbpyt709htdpmg", "picture_ref": "#/pictures/46" } ], "tables": [], "context": [ { "page": 11, "kind": "text", "text": "Arbor Has a Consistent Track Record of Book Value\nAppreciation and Outperformance\n", "box": { "left": 0.03123, "top": 0.01676, "right": 0.8133, "bottom": 0.12117 }, "chunk_id": "text-0" }, { "page": 11, "kind": "marginalia", "text": "Source: Company filings\nSector peers include ACRE, ARI, BXMT, GPMT, KREF, LADR, RC, STWD and TRTX\n", "box": { "left": 0.04288, "top": 0.91231, "right": 0.36724, "bottom": 0.9521 }, "chunk_id": "marginalia-0" }, { "page": 11, "kind": "logo", "text": "[[VERTICAL_STRIPED_SHAPE]]\n", "box": { "left": 0.87191, "top": 0.94098, "right": 0.9213, "bottom": 0.99334 }, "chunk_id": "logo-0" }, { "page": 11, "kind": "marginalia", "text": "11\n", "box": { "left": 0.93835, "top": 0.96051, "right": 0.9563, "bottom": 0.97956 }, "chunk_id": "marginalia-1" } ] }, { "page": 12, "status": "figures", "reason": "", "picture_classes": [ "flow_chart" ], "table_refs": [], "job_id": "parse-01m2p80na8b9tfnr6vbtzmykeh", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.8, "reused": false, "response_artifact": "ca16edcf3b834136.p12.ade.json", "figures": [ { "page": 12, "text": "The figure is a radial diagram centered on a large dark green hexagon titled 'Arbor benefits from strong momentum on key priorities.' This central node is surrounded by five smaller, satellite dark green hexagons, each containing a specific strategic benefit, arranged in a pentagonal formation over a blurred, faded background photograph of a residential building. The text content within the hexagons is as follows: 1. Top-left: 'Focused on the resilient multifamily lending market'; 2. Top-right: 'Adaptable originations platform enables pursuit of most attractive lending opportunities'; 3. Middle-right: 'Leading nationwide agencies origination and servicing platform'; 4. Bottom: 'Annuity-based business model drives diversified income streams'; 5. Middle-left: 'Highly diversified capital structure and liquidity profile'. The overall design uses a clean, professional aesthetic with a cohesive color scheme.", "box": { "left": 0.08017, "top": 0.15723, "right": 0.9221, "bottom": 0.95342 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80na8b9tfnr6vbtzmykeh", "picture_ref": "#/pictures/48" } ], "tables": [], "context": [ { "page": 12, "kind": "text", "text": "Key Investment Highlights\n", "box": { "left": 0.03579, "top": 0.03194, "right": 0.45782, "bottom": 0.10744 }, "chunk_id": "text-0" }, { "page": 12, "kind": "logo", "text": "[Vertical bar pattern icon]\n", "box": { "left": 0.872, "top": 0.94118, "right": 0.92146, "bottom": 0.99371 }, "chunk_id": "logo-0" }, { "page": 12, "kind": "marginalia", "text": "12\n", "box": { "left": 0.93853, "top": 0.95976, "right": 0.95755, "bottom": 0.98014 }, "chunk_id": "marginalia-0" } ] }, { "page": 13, "status": "tables", "reason": "", "picture_classes": [], "table_refs": [], "job_id": "parse-01m2p80y3pe95s1s7qatkxmdek", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.1, "reused": false, "response_artifact": "ca16edcf3b834136.p13.ade.json", "figures": [], "tables": [ { "page": 13, "cells": [ [ "Resilience under challenging conditions", "✓ Originated $5.1B of Agency loans in FY 2025, including $3.6B in the second half of the year
✓ FY 2025 total represents a 13% increase over $4.5B originated in FY 2024
✓ Servicing portfolio increased 9% since 1/1/25 to $36.7B as of 6/30/26
✓ ~$3.5B of Structured originations in FY 2025; ~$1.5B in 1H26
✓ Structured loan portfolio increased 7% since 1/1/25 to $12.1B as of 6/30/26" ], [ "Strong performance metrics", "✓ 8.6% average ROE in FY 2025 and 1H26
✓ 13% increase in book value, versus -34% for peer group (over last 6 years)<sup>1</sup>
✓ 3% 6-year total shareholder return, compared to -21% for peer group<sup>2</sup>" ], [ "Continued success with right side of balance sheet", "✓ Completed a $375M upsized offering of 6.25% convertible senior notes, repurchasing $114M of common stock at $5.42 per share (~50% of book value) and repaying $270M of senior notes
✓ Recently unwound CLO 17 through our repurchase facilities (76% leverage at pricing of S+170, compared to 68% leverage at S+207 prior to unwinding), generating ~$132M of cash
✓ Entered into 2 new CLOs totaling $1.9B at 89% leverage, generating $120M of liquidity
✓ Completed first BTR CLO securitization in the industry, for ~$800M of assets, terms and pricing improvement over existing warehouse lines resulting in improved returns and profitability
✓ Issued $900M of high-yield bonds and received Ba2 / BB public ratings from Moody's and Fitch" ], [ "Continued monetization of legacy investments", "✓ Recognized $56M in cash gains from Lexford in FY 2025, an additional $9M in 1H26, and over $110M of income from this investment life-to-date" ] ], "cell_boxes": [ [ { "left": 0.02493, "top": 0.14102, "right": 0.17125, "bottom": 0.3386 }, { "left": 0.17121, "top": 0.14107, "right": 0.97913, "bottom": 0.33889 } ], [ { "left": 0.02496, "top": 0.33855, "right": 0.17121, "bottom": 0.47085 }, { "left": 0.17119, "top": 0.3386, "right": 0.9791, "bottom": 0.4713 } ], [ { "left": 0.02498, "top": 0.47077, "right": 0.17119, "bottom": 0.78646 }, { "left": 0.17112, "top": 0.47085, "right": 0.97908, "bottom": 0.7864 } ], [ { "left": 0.02502, "top": 0.7864, "right": 0.17112, "bottom": 0.90356 }, { "left": 0.1711, "top": 0.78607, "right": 0.97904, "bottom": 0.90356 } ] ], "box": { "left": 0.02008, "top": 0.13391, "right": 0.98494, "bottom": 0.91096 }, "chunk_id": "table-0", "job_id": "parse-01m2p80y3pe95s1s7qatkxmdek", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 13, "kind": "text", "text": "Recent Accomplishments Demonstrate Arbor’s Focus on\nOperational Excellence\n", "box": { "left": 0.02779, "top": 0.01737, "right": 0.89741, "bottom": 0.11938 }, "chunk_id": "text-0" }, { "page": 13, "kind": "text", "text": "Source: Company filings\n 1) Reflects ending book value per share on 6/30/26\n 2) 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)\n", "box": { "left": 0.0418, "top": 0.91384, "right": 0.84742, "bottom": 0.96683 }, "chunk_id": "text-1" }, { "page": 13, "kind": "logo", "text": "[Vertical bar graph icon]\n", "box": { "left": 0.87205, "top": 0.9416, "right": 0.92098, "bottom": 0.99277 }, "chunk_id": "logo-0" }, { "page": 13, "kind": "marginalia", "text": "13\n", "box": { "left": 0.93879, "top": 0.95997, "right": 0.9568, "bottom": 0.97995 }, "chunk_id": "marginalia-0" } ] }, { "page": 14, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "parse-01m2p80y9rmc3m2m2gq1kxxvnf", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.2, "reused": false, "response_artifact": "ca16edcf3b834136.p14.ade.json", "figures": [ { "page": 14, "text": "A donut chart titled 'LOAN TYPE' displaying the distribution of loan types. The chart is dominated by the 'Bridge' category, which accounts for 93% of the total. The remaining categories are 'Mezz' at 3%, 'Pref Eq' at 2%, and 'APC' at 2%.\n\n| Loan Type | Percentage |\n| --- | --- |\n| Bridge | 93% |\n| Mezz | 3% |\n| Pref Eq | 2% |\n| APC | 2% |", "box": { "left": 0.52086, "top": 0.15089, "right": 0.96047, "bottom": 0.40633 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80y9rmc3m2m2gq1kxxvnf", "picture_ref": "#/pictures/54" }, { "page": 14, "text": "The image displays a donut chart illustrating the distribution of asset classes. The chart is divided into two segments representing 'Multifamily' and 'Single-Family Rental'.\n\n| Asset Class | Percentage |\n| --- | --- |\n| Multifamily | 72% |\n| Single-Family Rental | 28% |", "box": { "left": 0.52099, "top": 0.40638, "right": 0.9611, "bottom": 0.65487 }, "chunk_id": "figure-1", "job_id": "parse-01m2p80y9rmc3m2m2gq1kxxvnf", "picture_ref": "#/pictures/70" }, { "page": 14, "text": "A donut chart illustrating the geographical distribution of a group. The chart is divided into several segments representing different regions, with their corresponding percentages: TX (23%), FL (18%), NY (10%), AZ (9%), GA (7%), and Other (33%). The 'Other' category includes a superscript note labeled '1'.\n\n| Region | Percentage |\n| --- | --- |\n| TX | 23% |\n| FL | 18% |\n| NY | 10% |\n| AZ | 9% |\n| GA | 7% |\n| Other | 33% |", "box": { "left": 0.52067, "top": 0.65457, "right": 0.96185, "bottom": 0.92194 }, "chunk_id": "figure-2", "job_id": "parse-01m2p80y9rmc3m2m2gq1kxxvnf", "picture_ref": "#/pictures/71" } ], "tables": [ { "page": 14, "cells": [ [ "PORTFOLIO OVERVIEW", "" ], [ "Total Portfolio", "$12.1B" ], [ "As of:", "6/30/2026" ], [ "Average loan size", "$24.7M" ], [ "W/A loan-to-value", "77%" ], [ "Allowance for credit losses (CECL)", "1.35%" ], [ "W/A mos. to maturity", "15.9" ], [ "W/A mos. to maturity w/ext. option", "21.5" ] ], "cell_boxes": [ [ { "left": 0.05939, "top": 0.54658, "right": 0.45182, "bottom": 0.57859 }, null ], [ { "left": 0.0594, "top": 0.57859, "right": 0.28813, "bottom": 0.60694 }, { "left": 0.28813, "top": 0.57858, "right": 0.45183, "bottom": 0.60691 } ], [ { "left": 0.05942, "top": 0.60691, 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In 1H26, non-performing\nassets are down 4% as Arbor accelerates the resolution process\n", "box": { "left": 0.04023, "top": 0.16065, "right": 0.95971, "bottom": 0.23808 }, "chunk_id": "text-1" }, { "page": 15, "kind": "text", "text": "Source: Company filings (As of June 30, 2026)\n 1) Includes $97.9M of reserves related to REO assets\n", "box": { "left": 0.04208, "top": 0.92728, "right": 0.27955, "bottom": 0.96626 }, "chunk_id": "text-2" }, { "page": 15, "kind": "logo", "text": "[LOGO_ICON]\n", "box": { "left": 0.87153, "top": 0.94114, "right": 0.92219, "bottom": 0.99355 }, "chunk_id": "logo-0" }, { "page": 15, "kind": "marginalia", "text": "15\n", "box": { "left": 0.93845, "top": 0.95957, "right": 0.95757, "bottom": 0.98068 }, "chunk_id": "marginalia-0" } ] }, { "page": 16, "status": "figures", "reason": "", "picture_classes": [], "table_refs": [], "job_id": "parse-01m2p80zk03w057j3ptph2kacc", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.0, "reused": false, "response_artifact": "ca16edcf3b834136.p16.ade.json", "figures": [ { "page": 16, "text": "This diagram illustrates the strategy for reducing REO (Real Estate Owned) assets. It is composed of three horizontal rectangular panels arranged in a sequence.\n\nThe diagram depicts a financial progression: starting from a current book value of $545 million, applying a reduction of approximately $250 million through specified strategic actions (active marketing, targeted sales, and property dispositions), to reach a year-end 2026 target of approximately $300 million.", "box": { "left": 0.0404, "top": 0.48318, "right": 0.96763, "bottom": 0.71761 }, "chunk_id": "figure-0", "job_id": "parse-01m2p80zk03w057j3ptph2kacc", "picture_ref": null } ], "tables": [ { "page": 16, "cells": [ [ "DELINQUENCIES | $525M PROJECTED RESOLUTION", "", "", "" ], [ "Resolved", "Scheduled", "Expected", "Resolved<sup>1</sup>" ], [ "$90M", "$105M", "$200M – $300M", "NEARLY ALL" ], [ "JULY", "FIRST WEEK OF AUG.", "3Q26 – 4Q26", "YEAR-END 2026" ] ], "cell_boxes": [ [ { "left": 0.04774, "top": 0.21287, "right": 0.96007, "bottom": 0.26411 }, null, null, null ], [ { "left": 0.04779, "top": 0.26391, "right": 0.28025, "bottom": 0.32355 }, { "left": 0.28009, "top": 0.26396, "right": 0.50595, "bottom": 0.32346 }, { "left": 0.50578, "top": 0.26401, "right": 0.74564, "bottom": 0.32339 }, { "left": 0.74554, "top": 0.26406, "right": 0.96004, "bottom": 0.3233 } ], [ { "left": 0.04785, "top": 0.32346, "right": 0.28009, "bottom": 0.38938 }, { "left": 0.27991, "top": 0.32339, "right": 0.50578, "bottom": 0.38933 }, { "left": 0.50559, "top": 0.3233, "right": 0.74575, "bottom": 0.38928 }, { "left": 0.74564, "top": 0.32323, "right": 0.96, "bottom": 0.38922 } ], [ { "left": 0.04792, "top": 0.38933, "right": 0.27991, "bottom": 0.46454 }, { "left": 0.27971, "top": 0.38928, "right": 0.50559, "bottom": 0.46455 }, { "left": 0.50537, "top": 0.38922, "right": 0.74588, "bottom": 0.46455 }, { "left": 0.74575, "top": 0.38918, "right": 0.95995, "bottom": 0.46456 } ] ], "box": { "left": 0.04089, "top": 0.20681, "right": 0.96554, "bottom": 0.47569 }, "chunk_id": "table-0", "job_id": "parse-01m2p80zk03w057j3ptph2kacc", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 16, "kind": "text", "text": "Arbor Has a Defined Path to Resolve Nearly All Existing\nDelinquencies and Reduce REO Substantially by Year-End\n", "box": { "left": 0.02733, "top": 0.0131, "right": 0.84353, "bottom": 0.11153 }, "chunk_id": "text-0" }, { "page": 16, "kind": "text", "text": "VISIBLE PATH TO ADDRESS ~$1.1B OF NON-PERFORMING ASSETS\n", "box": { "left": 0.04091, "top": 0.13438, "right": 0.96612, "bottom": 0.20018 }, "chunk_id": "text-1" }, { "page": 16, "kind": "text", "text": "Accelerated resolution should reduce the drag from non-earning assets and improve\nArbor's net interest income run-rate\n", "box": { "left": 0.06218, "top": 0.76637, "right": 0.93849, "bottom": 0.86672 }, "chunk_id": "text-2" }, { "page": 16, "kind": "text", "text": "Source: Company filings (As of June 30, 2026)\n 1) Assumes no new delinquencies\n", "box": { "left": 0.04816, "top": 0.8809, "right": 0.24556, "bottom": 0.92047 }, "chunk_id": "text-3" }, { "page": 16, "kind": "logo", "text": "[Vertical bar chart icon]\n", "box": { "left": 0.87173, "top": 0.94062, "right": 0.92192, "bottom": 0.99357 }, "chunk_id": "logo-0" }, { "page": 16, "kind": "marginalia", "text": "16\n", "box": { "left": 0.93824, "top": 0.95888, "right": 0.9578, "bottom": 0.98103 }, "chunk_id": "marginalia-0" } ] }, { "page": 17, "status": "tables", "reason": "", "picture_classes": [], "table_refs": [], "job_id": "parse-01m2p80zrq2jnwxfk4rnxsjp0g", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.3, "reused": false, "response_artifact": "ca16edcf3b834136.p17.ade.json", "figures": [], "tables": [ { "page": 17, "cells": [ [ "Allowance for Credit Losses - Structured Business", "", "", "", "", "", "", "", "", "", "", "" ], [ "($M)", "FY'17", "FY'18", "FY'19", "FY'20 <sup>2</sup>", "FY'21", "FY'22", "FY'23", "FY'24", "FY'25", "1H26", "1H26 w/REO" ], [ "Beginning Balance", "$83.7", "$62.8", "$71.1", "$ 88.4", "$148.3", "$113.2", "$132.6", "$195.7", "$239.0", "$146.0", "" ], [ "Provision for loan
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"top": 0.38707, "right": 0.92504, "bottom": 0.70551 }, "chunk_id": "table-0", "job_id": "parse-01m2p80zrq2jnwxfk4rnxsjp0g", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 17, "kind": "text", "text": "Arbor Maintains a High-Quality Loan Portfolio With Active\nRisk Management to Mitigate Potential Loan Losses\n", "box": { "left": 0.02748, "top": 0.01637, "right": 0.9344, "bottom": 0.1181 }, "chunk_id": "text-0" }, { "page": 17, "kind": "text", "text": "Experienced Team with Strong Track Record of Managing Through Cycles\n", "box": { "left": 0.04145, "top": 0.13495, "right": 0.92045, "bottom": 0.20072 }, "chunk_id": "text-1" }, { "page": 17, "kind": "text", "text": "Structured\n- Aggressive approach to portfolio management and, when necessary, taking over assets to stabilize projects\n- Partner with strong sponsors with track record of success and maintain disciplined origination principles\n- For REO, resolution through disposition or invest strategically in asset’s rehabilitation to improve NOI & occupancy\n- Current delinquencies represent just 1.8% of FY 2020 unpaid balance and 2021 – 2026 new originations of $28.8B\n", "box": { "left": 0.04288, "top": 0.20345, "right": 0.93232, "bottom": 0.38371 }, "chunk_id": "text-2" }, { "page": 17, "kind": "text", "text": "# Agency\n\n\n - Agency business credit risk is limited by nature of loan sales and servicing model\n - Arbor participates in a loss-share program with Fannie Mae\n - The Company has a clear history of navigating this potential guarantee with limited losses\n - Fannie Mae delinquencies currently 3.39% with $51M of specific reserves against ~$817M of assets\n", "box": { "left": 0.04346, "top": 0.7127, "right": 0.92057, "bottom": 0.89832 }, "chunk_id": "text-3" }, { "page": 17, "kind": "text", "text": "Source: Company filings (As of June 30, 2026)\n 1) Net of reversals\n 2) Includes impact of adopting current expected credit loss (“CECL”) on January 1, 2020 of $17.3M\n 3) Includes $68.9M related to a land development legacy asset from 2006 (Homewood)\n 4) Includes $97.9M of reserves related to REO assets\n", "box": { "left": 0.03877, "top": 0.90134, "right": 0.46692, "bottom": 0.98809 }, "chunk_id": "text-4" }, { "page": 17, "kind": "logo", "text": "[Vertical bar chart icon]\n", "box": { "left": 0.87144, "top": 0.94042, "right": 0.92206, "bottom": 0.99384 }, "chunk_id": "logo-0" }, { "page": 17, "kind": "marginalia", "text": "17\n", "box": { "left": 0.93783, "top": 0.95873, "right": 0.95756, "bottom": 0.98046 }, "chunk_id": "marginalia-0" } ] }, { "page": 18, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "parse-01m2p8106343rn34tp3tqrcfyy", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.1, "reused": false, "response_artifact": "ca16edcf3b834136.p18.ade.json", "figures": [ { "page": 18, "text": "A horizontal bar chart titled 'Enterprise Value : $13.5B' illustrating the breakdown of enterprise value across various financial instruments, ordered from largest to smallest value.\n\n| Financial Instrument | Value |\n| --- | --- |\n| Warehouse & repo | $3.92B |\n| CRE CLOs | $2.40B |\n| Common equity | $2.25B |\n| Senior unsecured notes | $1.61B |\n| CLO repurchase facility | $1.55B |\n| Perpetual preferred | $657M |\n| BTR securitization | $596M |\n| Convertible senior notes | $375M |\n| Trust preferred | $154M |", "box": { "left": 0.0432, "top": 0.14615, "right": 0.42585, "bottom": 0.85488 }, "chunk_id": "figure-0", "job_id": "parse-01m2p8106343rn34tp3tqrcfyy", "picture_ref": "#/pictures/59" } ], "tables": [ { "page": 18, "cells": [ [ "$8.5B", "~80%", "~52%", "~2.23%" ], [ "SECURED DEBT", "NON-RECOURSE", "NON-MTM", "AVG. SPREAD" ] ], "cell_boxes": [ [ { "left": 0.45551, "top": 0.54094, "right": 0.5817, "bottom": 0.58862 }, { "left": 0.58166, "top": 0.54097, "right": 0.70047, "bottom": 0.58861 }, { "left": 0.70044, "top": 0.541, "right": 0.81901, "bottom": 0.5886 }, { "left": 0.81896, "top": 0.54103, "right": 0.94706, "bottom": 0.58859 } ], [ { "left": 0.45584, "top": 0.58861, "right": 0.58173, "bottom": 0.6256 }, { "left": 0.5817, "top": 0.5886, "right": 0.70044, "bottom": 0.62562 }, { "left": 0.70042, "top": 0.58859, "right": 0.81905, "bottom": 0.62563 }, { "left": 0.81901, "top": 0.58858, "right": 0.94711, "bottom": 0.62564 } ] ], "box": { "left": 0.45077, "top": 0.53603, "right": 0.95267, "bottom": 0.6306 }, "chunk_id": "table-0", "job_id": "parse-01m2p8106343rn34tp3tqrcfyy", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 18, "kind": "text", "text": "Highly Diversified Capital Structure\n", "box": { "left": 0.05155, "top": 0.04033, "right": 0.59924, "bottom": 0.10618 }, "chunk_id": "text-0" }, { "page": 18, "kind": "text", "text": "LONG-DATED SECURITIZED / CLO-LIKE DEBT\nCRE CLO platform\n - Extensive CRE CLO experience\n - CLO 20: $933M | 1.82% over | 89% leverage | 2.5-year replenishment\n - CLO 21: $674M | 1.73% over | 88% leverage | 2.5-year replenishment\n - One remaining legacy CLO: ~$789M | 2.20% over SOFR | 67% leverage\n - Match-funded with locked-in spreads | 81% weighted average advance rate\n", "box": { "left": 0.44949, "top": 0.16039, "right": 0.9533, "bottom": 0.3679 }, "chunk_id": "text-1" }, { "page": 18, "kind": "text", "text": "**BTR CLO**\n - Improved terms vs. warehouse lines\n - 81% leverage | 2-year replacement\n**CLO-like repurchase facility**\n - $1.7B facility | 1.91% over SOFR\n - 72% leverage | 89% non-recourse\n", "box": { "left": 0.44966, "top": 0.37163, "right": 0.95299, "bottom": 0.46301 }, "chunk_id": "text-2" }, { "page": 18, "kind": "text", "text": "Warehouse & repo2\n - 16 separate facilities | $6.6B committed\n", "box": { "left": 0.44986, "top": 0.46736, "right": 0.95272, "bottom": 0.53078 }, "chunk_id": "text-3" }, { "page": 18, "kind": "text", "text": "# OTHER FUNDING SOURCES\n\n- Senior unsecured notes ➤ 7.26% avg. coupon | 2027–2030 maturities\n- Convertible senior notes ➤ $375M | 6.25% coupon | 2029 maturity\n- Perpetual preferred equity ➤ $427M @ 6.25% | $230M @ 6.375%\n- Trust preferred (TruPS) ➤ ~30-year unsecured | equity-like\n", "box": { "left": 0.44955, "top": 0.66798, "right": 0.95342, "bottom": 0.85802 }, "chunk_id": "text-4" }, { "page": 18, "kind": "text", "text": "Diversity of funding options provides Arbor with financial flexibility to adapt to changing market conditions and mitigate risk.\n", "box": { "left": 0.046, "top": 0.88508, "right": 0.92263, "bottom": 0.92625 }, "chunk_id": "text-5" }, { "page": 18, "kind": "marginalia", "text": "Source: Company-provided information\n1) Pro forma for the issuance of $375M of convertible senior unsecured notes and the retirement of $270M of senior unsecured notes in July\n2) Excludes Agency debt due to its short-term nature\n", "box": { "left": 0.05287, "top": 0.93173, "right": 0.5711, "bottom": 0.98102 }, "chunk_id": "marginalia-0" }, { "page": 18, "kind": "logo", "text": "[VERTICAL_STRIPES_SYMBOL]\n", "box": { "left": 0.87153, "top": 0.94129, "right": 0.92164, "bottom": 0.99331 }, "chunk_id": "logo-0" }, { "page": 18, "kind": "marginalia", "text": "18\n", "box": { "left": 0.93873, "top": 0.95937, "right": 0.95736, "bottom": 0.98024 }, "chunk_id": "marginalia-1" } ] }, { "page": 19, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "parse-01m2p816x7rfs7kgvj6jpe74yv", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.0, "reused": false, "response_artifact": "ca16edcf3b834136.p19.ade.json", "figures": [ { "page": 19, "text": "A donut chart titled 'Unencumbered Asset Pool Composition' displays the breakdown of a $2.6 billion total unencumbered asset pool. The chart is divided into eight segments representing different asset classes, with percentages listed for each. Below the chart is a text box stating: 'Significant unencumbered asset coverage of unsecured debt from high-quality asset pool'.\n\n| Asset Class | Percentage |\n| --- | --- |\n| CLO equity | 28% |\n| Mezzanine & preferred | 15% |\n| 1st mortgage loans | 12% |\n| Pro forma unrestricted cash | 11% |\n| Net MSRs | 10% |\n| Total unencumbered securities | 7% |\n| Investments in equity affiliates | 3% |\n| Other assets1 | 14% |", "box": { "left": 0.02749, "top": 0.16261, "right": 0.48211, "bottom": 0.8894 }, "chunk_id": "figure-0", "job_id": "parse-01m2p816x7rfs7kgvj6jpe74yv", "picture_ref": "#/pictures/65" } ], "tables": [], "context": [ { "page": 19, "kind": "text", "text": "Unencumbered Asset Pool is Comprised of\nHigh-Quality Assets\n", "box": { "left": 0.02744, "top": 0.01678, "right": 0.68555, "bottom": 0.12241 }, "chunk_id": "text-0" }, { "page": 19, "kind": "text", "text": "# Key Unencumbered Asset Pool Highlights\n\n- [ ] $2.6B total unencumbered asset pool made up of\nhigh-quality assets\n- [ ] 1.4x unencumbered assets-to-unsecured debt\n- [ ] Averaging ~1.9x over last 8 quarters,\nsignificantly above the covenant requirement\n- [ ] ~ $370M cushion vs. 1.2x\n- [ ] CLOs remain overcollateralized and are\ncomfortably in compliance with existing\novercollateralization and interest coverage\ncovenants\n- [ ] 52% of secured debt is nonrecourse and non-\nmark-to-market\n", "box": { "left": 0.50207, "top": 0.16156, "right": 0.95916, "bottom": 0.89074 }, "chunk_id": "text-1" }, { "page": 19, "kind": "text", "text": "Source: Company provided information. Amounts as of June 30, 2026\n 1) Other assets are comprised primarily of interest and exit fees receivable, operating lease ROU and fixed assets, deferred compensation assets, and other receivables\n", "box": { "left": 0.02891, "top": 0.91327, "right": 0.73774, "bottom": 0.95412 }, "chunk_id": "text-2" }, { "page": 19, "kind": "logo", "text": "[Vertical bar chart icon]\n", "box": { "left": 0.87192, "top": 0.94039, "right": 0.92147, "bottom": 0.99358 }, "chunk_id": "logo-0" }, { "page": 19, "kind": "marginalia", "text": "19\n", "box": { "left": 0.93875, "top": 0.96015, "right": 0.95693, "bottom": 0.97994 }, "chunk_id": "marginalia-0" } ] }, { "page": 20, "status": "tables", "reason": "", "picture_classes": [], "table_refs": [], "job_id": "parse-01m2p81725fsn8p914na93smwn", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.3, "reused": false, "response_artifact": "ca16edcf3b834136.p20.ade.json", "figures": [], "tables": [ { "page": 20, "cells": [ [ "(Amounts in 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20, "kind": "text", "text": "Over the Last 5 Years Arbor has Generated\nStrong Financial Results\n", "box": { "left": 0.03168, "top": 0.01785, "right": 0.68003, "bottom": 0.11827 }, "chunk_id": "text-0" }, { "page": 20, "kind": "text", "text": "Solid earnings base driven by thriving multifamily focused GSE/Agency platform as well as a well-positioned balance\nsheet business with entrenched low-cost CLOs that allow for outsized levered returns\n", "box": { "left": 0.04198, "top": 0.81004, "right": 0.96103, "bottom": 0.89111 }, "chunk_id": "text-1" }, { "page": 20, "kind": "text", "text": "Source: Company filings (As of June 30, 2026)\n 1) 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\n 2) $1.07 including realized losses totaling $22.6M in 2025; $0.17 including realized losses totaling $32.6M in 1H26\n[BARCODE]\n", "box": { "left": 0.04264, "top": 0.90874, "right": 0.89922, "bottom": 0.96384 }, "chunk_id": "text-2" }, { "page": 20, "kind": "logo", "text": "[VERTICAL_STRIPES_LOGO]\n", "box": { "left": 0.87246, "top": 0.94421, "right": 0.92094, "bottom": 0.9924 }, "chunk_id": "logo-0" }, { "page": 20, "kind": "marginalia", "text": "20\n", "box": { "left": 0.93724, "top": 0.95905, "right": 0.95649, "bottom": 0.98081 }, "chunk_id": "marginalia-0" } ] }, { "page": 21, "status": "tables", "reason": "", "picture_classes": [], "table_refs": [], "job_id": "parse-01m2p8179qmrbw8hserqxth3xk", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.3, "reused": false, "response_artifact": "ca16edcf3b834136.p21.ade.json", "figures": [], "tables": [ { "page": 21, "cells": [ [ 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0.76226, "right": 0.47423, "bottom": 0.79862 }, { "left": 0.47423, "top": 0.76233, "right": 0.56872, "bottom": 0.79862 }, { "left": 0.56872, "top": 0.76241, "right": 0.66465, "bottom": 0.79861 }, { "left": 0.66465, "top": 0.76248, "right": 0.75932, "bottom": 0.79861 }, { "left": 0.75932, "top": 0.76256, "right": 0.85294, "bottom": 0.79861 }, { "left": 0.85293, "top": 0.76263, "right": 0.93921, "bottom": 0.7986 } ] ], "box": { "left": 0.0445, "top": 0.16491, "right": 0.94786, "bottom": 0.80804 }, "chunk_id": "table-0", "job_id": "parse-01m2p8179qmrbw8hserqxth3xk", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 21, "kind": "text", "text": "Historical Reconciliation of Distributable Earnings to GAAP\nNet Income (Loss)\n", "box": { "left": 0.02615, "top": 0.01589, "right": 0.93951, "bottom": 0.11783 }, "chunk_id": "text-0" }, { "page": 21, "kind": "text", "text": "Source: Company filings (As of June 30, 2026)\n 1) 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\n 2) $1.07 including realized losses totaling $22.6M in 2025; $0.17 including realized losses totaling $32.6M in 1H26\n", "box": { "left": 0.04193, "top": 0.83822, "right": 0.89837, "bottom": 0.90072 }, "chunk_id": "text-1" }, { "page": 21, "kind": "logo", "text": "[v-shaped vertical bar icon]\n", "box": { "left": 0.87183, "top": 0.94076, "right": 0.92187, "bottom": 0.99367 }, "chunk_id": "logo-0" }, { "page": 21, "kind": "marginalia", "text": "21\n", "box": { "left": 0.9366, "top": 0.9593, "right": 0.95669, "bottom": 0.98053 }, "chunk_id": "marginalia-0" } ] } ], "errors": [ "page 16: the scan returned a figure at {'left': 0.0404, 'top': 0.48318, 'right': 0.96763, 'bottom': 0.71761} that overlaps no picture in the parse (job parse-01m2p80zk03w057j3ptph2kacc); its text is in the figure records only", "page 7: note '3' sits on 'Weighted average of ~22 months to maturity' and the figure's value table has no value under that label; the note is on the picture only", "page 8: note '1' sits on 'SFR1' and the figure's value table has no value under that label; the note is on the picture only", "page 10: note '1' sits on 'Significant Long-Dated, Predictable Annual Cash Flow¹' and the figure's value table has no value under that label; the note is on the picture only", "page 10: the page prints note '2' and no marker on its figures points at it", "page 14: note '1' sits on 'Other, 33%' and the figure's value table has no value under that label; the note is on the picture only", "page 18: note '1' sits on 'Enterprise Value : $13.5B' and the figure's value table has no value under that label; the note is on the picture only", "page 18: the page prints note '2)' and no marker on its figures points at it", "page 19: note '1' sits on 'Other assets' and the figure's value table has no value under that label; the note is on the picture only", "page 13: the scan returned a table (table-0) over a region the parse holds no table or picture for; its cells are in the digest records and the page's own text is grouped by its rectangles", "page 16: the scan returned a table (table-0) over a region the parse holds no table or picture for; its cells are in the digest records and the page's own text is grouped by its rectangles", "page 18: the scan returned a table (table-0) over a region the parse holds no table or picture for; its cells are in the digest records and the page's own text is grouped by its rectangles", "page 6: picture #/pictures/23 (photograph) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 6: picture #/pictures/24 (photograph) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 6: picture #/pictures/27 (photograph) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 6: picture #/pictures/28 (photograph) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 6: picture #/pictures/29 (photograph) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 6: picture #/pictures/30 (photograph) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 6: picture #/pictures/31 (photograph) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 6: picture #/pictures/32 (photograph) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 6: picture #/pictures/33 (photograph) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document", "page 18: figure-value read failed: Exceeded maximum output retries (1)" ], "removed": [] }