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 "markdown": "Arbor has the Leading Nationwide Agencies Origination and\nServicing Platform\n\n\n<figure type=\"CHART\">\n\n<description>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.</description><table><thead><tr><th>Year</th><th>Fannie Mae</th><th>Freddie Mac</th><th>FHA</th><th>Conduit</th><th>Private Label</th><th>SFR</th><th>Total</th></tr></thead><tbody><tr><td>2019</td><td>3.3</td><td>0.7</td><td>-</td><td>0.3</td><td>0.3</td><td>0.2</td><td>4.8</td></tr><tr><td>2020</td><td>5.0</td><td>1.0</td><td>-</td><td>-</td><td>0.7</td><td>-</td><td>6.7</td></tr><tr><td>2021</td><td>3.4</td><td>1.0</td><td>-</td><td>-</td><td>1.5</td><td>0.5</td><td>6.4</td></tr><tr><td>2022</td><td>2.9</td><td>1.4</td><td>-</td><td>-</td><td>0.4</td><td>0.1</td><td>4.8</td></tr><tr><td>2023</td><td>3.8</td><td>0.8</td><td>-</td><td>-</td><td>0.5</td><td>-</td><td>5.1</td></tr><tr><td>2024</td><td>2.4</td><td>1.8</td><td>-</td><td>-</td><td>0.3</td><td>-</td><td>4.5</td></tr><tr><td>2025</td><td>3.0</td><td>1.9</td><td>-</td><td>-</td><td>0.2</td><td>-</td><td>5.1</td></tr><tr><td>1H26</td><td>1.2</td><td>0.5</td><td>-</td><td>-</td><td>0.1</td><td>-</td><td>1.8</td></tr></tbody></table>\n\n<description>The list below the chart highlights the company's achievements:</description><ul><li>~ $72.3B of Agency originations since inception in 1995</li><li>Highly scalable and difficult to replicate platform</li><li>Industry leading performance with long track record of low historical losses</li><li>Top 10 Fannie Mae lender for 19 years in a row; #9 in 2025</li></ul></figure>\n\n<figure type=\"CHART\">\n\n<description>This is a stacked bar chart titled 'Agency Servicing Portfolio ($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.</description> <table><thead><tr><th>Year</th><th>Fannie Mae</th><th>Freddie Mac</th><th>FHA</th><th>Private Label</th><th>SFR</th><th>Bridge</th><th>Total ($B)</th></tr></thead><tbody><tr><td>2019</td><td>14.8</td><td>4.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20.1</td></tr><tr><td>2020</td><td>18.3</td><td>4.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24.6</td></tr><tr><td>2021</td><td>19.1</td><td>4.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.0</td></tr><tr><td>2022</td><td>19.0</td><td>5.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28.0</td></tr><tr><td>2023</td><td>21.3</td><td>5.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31.0</td></tr><tr><td>2024</td><td>22.7</td><td>6.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33.5</td></tr><tr><td>2025</td><td>24.1</td><td>7.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.2</td></tr><tr><td>1H26</td><td>24.4</td><td>7.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.7</td></tr></tbody></table><br>~ $36.7B servicing portfolio, 100% focused on multifamily<br><ul><li>Generates significant prepayment protected revenue stream of ~$128M annually with 6 year weighted average remaining life</li><li>~$1.7B cash/escrow balances (earns ~$55M annually)</li><li>~$462M estimated fair market value of MSR with a carrying value of ~$324M</li></ul></figure>\n\n<figure type=\"CHART\">\n\n<description>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.').</description><table><thead><tr><th>Bar Type</th><th>Visible Labels</th></tr></thead><tbody><tr><td>Dark Green Bar (left)</td><td>4.9</td></tr><tr><td>Light Green Bar (middle-left)</td><td>4.9</td></tr><tr><td>Dark Green Bar (middle)</td><td>3.1</td></tr><tr><td>Light Green Bar (middle-right)</td><td>22.7</td></tr><tr><td>Dark Green Bar (right)</td><td>24.</td></tr></tbody></table></figure>\n\nSource: Company filings (As of June 30, 2026)\n\n\n[\ud83d\udcca]\n\n\n9\n\n<!-- doc_id=parse-01m2p80n06q4szfs00jvzwe0pn -->",
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