{ "markdown": "We Believe Arbor is the Only Multifamily Mortgage Lender\nto Survive the Great Financial Crisis\n\n\n
\n\nThe 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'.### Peer group pre-GFC\n- ARBOR: Arbor Realty Trust, Inc.\n- NorthStar Realty Finance\n- iStar\n- RAIT Financial Trust\n- Newcastle Investment Corp.\n- CapitalTrust Holdings\n- Gramercy Property Trust\n\n### Timeline\n- 2008 (Green chevron): \"Despite the Great Financial Crisis, Arbor announces record earnings and a significant increase to overall capital structure liquidity\"\n- 2009 (Yellow chevron): \"Arbor pays down approximately $189M in warehouse and term debt outstanding, and successfully restructures all outstanding Trust Preferred Securities\"\n- 2010 (Orange chevron): \"Arbor retires all short-term recourse debt, refinances and modifies a significant amount of the underlying portfolio, monetizes non-performing and unencumbered assets, and increases liquidity by utilizing non-recourse CDO vehicles\"\n- 2012 (Blue chevron): \"As a result of transforming its balance sheet proactively and prioritizing liquidity, Arbor is one of the first commercial mortgage REITs to access the securitization market post Great Financial Crisis\"\n\n### Peer group post-GFC\n- ARBOR: Arbor Realty Trust, Inc.\n- KKR Real Estate Finance Trust\n- Blackstone Mortgage Trust\n- LC Ladder Capital\n- Apollo Commercial Real Estate Finance\n- Starwood Property Trust
\n\n# 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\u2013 **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\u2013 **Ivan Kaufman, CEO & Chairman** (February 2008)\n\n\n[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\n\nArbor's successful navigation of the GFC demonstrated the strength of its underwriting capabilities and resilient business model\n\n\n[v-shaped vertical stripes logo]\n\n\n5\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": 3001 }, "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": 95 }, "box": { "xmin": 0.03234, "ymin": 0.0155, "xmax": 0.93018, "ymax": 0.11502 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 57 }, "box": { "xmin": 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