{ "markdown": "Recent Accomplishments Demonstrate Arbor\u2019s Focus on\nOperational Excellence\n\n\n\n\n\n\n\n
Resilience under challenging conditions\u2713 Originated $5.1B of Agency loans in FY 2025, including $3.6B in the second half of the year
\u2713 FY 2025 total represents a 13% increase over $4.5B originated in FY 2024
\u2713 Servicing portfolio increased 9% since 1/1/25 to $36.7B as of 6/30/26
\u2713 ~$3.5B of Structured originations in FY 2025; ~$1.5B in 1H26
\u2713 Structured loan portfolio increased 7% since 1/1/25 to $12.1B as of 6/30/26
Strong performance metrics\u2713 8.6% average ROE in FY 2025 and 1H26
\u2713 13% increase in book value, versus -34% for peer group (over last 6 years)<sup>1</sup>
\u2713 3% 6-year total shareholder return, compared to -21% for peer group<sup>2</sup>
Continued success with right side of balance sheet\u2713 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
\u2713 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
\u2713 Entered into 2 new CLOs totaling $1.9B at 89% leverage, generating $120M of liquidity
\u2713 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
\u2713 Issued $900M of high-yield bonds and received Ba2 / BB public ratings from Moody's and Fitch
Continued monetization of legacy investments\u2713 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
\n\nSource: 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\n\n[Vertical bar graph icon]\n\n\n13\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 2185 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 75 }, "box": { "xmin": 0.02779, "ymin": 0.01737, "xmax": 0.89741, "ymax": 0.11938 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 52 }, "box": { "xmin": 0.03348, "ymin": 0.01839, "xmax": 0.89448, "ymax": 0.06967 } }, { "page": 1, "range": { "start": 52, "end": 75 }, "box": { "xmin": 0.03318, "ymin": 0.06901, "xmax": 0.39682, "ymax": 0.11687 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