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"markdown": "Highly Diversified Capital Structure\n\n\n\n\nA horizontal bar chart titled 'Enterprise Value : $13.5B' illustrating the breakdown of enterprise value across various financial instruments, ordered from largest to smallest value. Financial Instrument Value Warehouse & repo $3.92B CRE CLOs $2.40B Common equity $2.25B Senior unsecured notes $1.61B CLO repurchase facility $1.55B Perpetual preferred $657M BTR securitization $596M Convertible senior notes $375M Trust preferred $154M
\n\nLONG-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\n\n**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\n\nWarehouse & repo2 \n - 16 separate facilities | $6.6B committed\n\n\n\n$8.5B ~80% ~52% ~2.23% SECURED DEBT NON-RECOURSE NON-MTM AVG. SPREAD
\n\n# OTHER FUNDING SOURCES\n\n- Senior unsecured notes \u27a4 7.26% avg. coupon | 2027\u20132030 maturities\n- Convertible senior notes \u27a4 $375M | 6.25% coupon | 2029 maturity\n- Perpetual preferred equity \u27a4 $427M @ 6.25% | $230M @ 6.375%\n- Trust preferred (TruPS) \u27a4 ~30-year unsecured | equity-like\n\n\nDiversity of funding options provides Arbor with financial flexibility to adapt to changing market conditions and mitigate risk.\n\n\nSource: 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\n\n[VERTICAL_STRIPES_SYMBOL]\n\n\n18\n\n",
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