{ "markdown": "Arbor has Two Distinct Yet Complementary Business Lines\n\n\n
\n\nA 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.
CategoryStructured BusinessAgency Business
DescriptionOriginate 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).
HighlightsBest-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 ~$128M. Weighted average life of portfolio of ~6 years.
Portfolio ($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 $0.3Donut chart labeled $36.7B (GSE servicing portfolio) with segments: Fannie Mae $24.4, Freddie Mac $7.7, Private Label $2.5, Other $2.1
Income streamsInterest income on loans% of LTM Agency Net Revenue: Servicing fees 43%, Gain on sale of loans 24%, Interest earned on escrows 17%, Interest income on loans held-for-sale 16%
Assets ($M)$13,064$1,289
Liabilities ($M)10,911561
Book value of equity ($M)1,520728
\n\nSource: 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\n\n[Vertical bar chart icon]\n\n\n7\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": 2900 }, "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": 56 }, "box": { "xmin": 0.03718, "ymin": 0.03555, "xmax": 0.93209, "ymax": 0.1015 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 56 }, "box": { "xmin": 0.04245, "ymin": 0.04076, "xmax": 0.92963, "ymax": 0.09584 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "figure", "id": "figure-0", "span": null, "grounding": { "page": 1, "range": { "start": 58, "end": 2118 }, "box": { "xmin": 0.03829, "ymin": 0.14091, "xmax": 0.96057, "ymax": 0.81692 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 58, "end": 2118 }, "box": { "xmin": 0.03829, "ymin": 0.14091, "xmax": 0.96057, "ymax": 0.81692 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-1", "span": null, "grounding": { "page": 1, "range": { "start": 2120, "end": 2866 }, "box": { "xmin": 0.04226, "ymin": 0.84536, "xmax": 0.95508, "ymax": 0.98532 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2120, "end": 2190 }, "box": { "xmin": 0.04609, "ymin": 0.84985, "xmax": 0.33721, "ymax": 0.86528 } }, { "page": 1, "range": { "start": 2190, "end": 2409 }, "box": { "xmin": 0.04634, "ymin": 0.86574, "xmax": 0.95292, "ymax": 0.88115 } }, { "page": 1, "range": { "start": 2409, "end": 2481 }, "box": { "xmin": 0.0693, "ymin": 0.88224, "xmax": 0.35859, "ymax": 0.89695 } }, { "page": 1, "range": { "start": 2481, "end": 2575 }, "box": { "xmin": 0.04682, "ymin": 0.89747, "xmax": 0.44389, "ymax": 0.91295 } }, { "page": 1, "range": { "start": 2575, "end": 2610 }, "box": { "xmin": 0.04729, "ymin": 0.91301, "xmax": 0.1962, "ymax": 0.92816 } }, { "page": 1, "range": { "start": 2610, "end": 2674 }, "box": { "xmin": 0.04746, "ymin": 0.92857, "xmax": 0.32169, "ymax": 0.94436 } }, { "page": 1, "range": { "start": 2674, "end": 2764 }, "box": { "xmin": 0.04656, "ymin": 0.94457, "xmax": 0.43319, "ymax": 0.95961 } }, { "page": 1, "range": { "start": 2764, "end": 2851 }, "box": { "xmin": 0.04692, "ymin": 0.95987, "xmax": 0.41719, "ymax": 0.97553 } }, { "page": 1, "range": { "start": 2851, "end": 2866 }, "box": { "xmin": 0.87478, "ymin": 0.94283, "xmax": 0.91452, "ymax": 0.9851 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "logo", "id": "logo-0", "span": null, "grounding": { "page": 1, "range": { "start": 2868, "end": 2894 }, "box": { "xmin": 0.87199, "ymin": 0.94178, "xmax": 0.92126, "ymax": 0.99296 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2868, "end": 2894 }, "box": { "xmin": 0.87327, "ymin": 0.94314, "xmax": 0.91926, "ymax": 0.99163 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "marginalia", "id": "marginalia-0", "span": null, "grounding": { "page": 1, "range": { "start": 2896, "end": 2898 }, "box": { "xmin": 0.94344, "ymin": 0.95949, "xmax": 0.95708, "ymax": 0.98001 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2896, "end": 2898 }, "box": { "xmin": 0.9463, "ymin": 0.96335, "xmax": 0.95457, "ymax": 0.97659 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null } ] } ] }, "grounding": null, "metadata": { "req_id": null, "job_id": "parse-01m2p80my7b4ady2tgdxfa4mtp", "model_version": "dpt-3-pro-20260710", "page_count": 1, "markdown_chars": null, "output_markdown_chars": 2947, "range_units": "unicode_codepoints", "openapi_spec": "https://api.ade.landing.ai/openapi.json", "failed_pages": [], "duration_ms": 8299, "billing": { "service_tier": "standard", "total_credits": 1.3 } } }