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        "text": "May 2026",
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        "text": "ARBOR",
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        "text": "Arbor Realty Trust, Inc.",
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        "text": "Legal Disclosures",
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        "text": "This  presentation and the information contained herein (together, this ",
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        "text": "  are  for  the  benefit  of  the  stockholders  of  Arbor  Realty  Trust,  Inc. ",
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        "text": "'Arbor,'",
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        "text": ". This Presentation is solely for informational purposes and is ",
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        "text": "not all inclusive and may not contain all of the information required in order to evaluate the Company. This Presentation does not constitute or form part of, ",
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        "text": "and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company, nor shall there be any sale ",
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        "text": "of securities in any state or other jurisdiction to any person or entity to which it is unlawful to make such offer, solicitation or sale in such state or jurisdiction. ",
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        "text": "  within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking ",
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        "text": "statements relate to, among other things, the operating performance of our investments and financing needs. We use words such as ",
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        "text": "  and  similar  expressions  to  identify  forward-looking  statements,  although  not  all  forward-",
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        "text": "looking statements include these words. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans ",
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        "text": "and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Our ability to predict results ",
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        "text": "or the actual effect of future plans or strategies is inherently uncertain. These forward-looking statements involve risks, uncertainties and other factors that ",
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        "text": "may cause our actual results in future periods to differ materially from forecasted results. Factors that could have a material adverse effect on our results of ",
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        "text": "operations,  financial  condition  and  future  prospects  include,  but  are  not  limited  to,  changes  in  economic,  macroeconomic  and  geopolitical  conditions ",
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        "text": "generally, and the real estate market specifically; adverse changes in our status with government-sponsored enterprises affecting our ability to originate ",
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        "text": "loans  through  such  programs;  changes  in  interest  rates;  the  quality  and  size  of  the  investment  pipeline  and  the  rate  at  which  we  can  invest  our  cash; ",
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        "text": "impairments  in  the  value  of  the  collateral  underlying  our  loans  and  investments;  inflation;  changes  in  federal  and  state  laws  and  regulations,  including ",
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        "text": "changes in tax laws; the availability and cost of capital for future investments; competition; and other risks and uncertainties described in our Annual Report ",
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        "text": "on Form 10-K for the fiscal year ended December 31, 2025, and other periodic reports we file with the U.S. Securities and Exchange Commission from time to ",
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        "text": "time. Undue reliance should not be placed on the forward-looking statements in this Presentation, which are based on information available to us on, and ",
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        "text": "which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances ",
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        "text": "after the date they were made, unless required by applicable law.",
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        "text": "This Presentation includes certain financial information that is not required by, or presented in accordance with U.S. generally accepted accounting principles ",
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        "text": " including Distributable Earnings. These non-GAAP financial measures are provided to enhance the ",
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        "text": "current  financial  performance  and  its  prospects  for  the  future.  These  non-GAAP  financial  measures  are  used  by  management  to  assess  the ",
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        "text": "performance,  allocate  resources  and  plan  for  future  periods.  These  non-GAAP  financial  measures  should  only  be  considered  as  supplemental  to  results ",
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        "text": "prepared in accordance with GAAP, and not considered as a substitute or replacement for, or superior to, GAAP results. These non-GAAP measures may ",
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        "text": "differ from the non-GAAP measures reported by other companies. Refer to the slide ",
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        "text": "'Historical",
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        "text": " Reconciliation of Distributable Earnings to GAAP Net ",
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        "text": "Income'",
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        "text": "for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.",
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        "text": "Arbor is a Leading Commercial Mortgage REIT with a ",
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        "text": "both the structured ",
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        "text": "2017",
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        "text": "Rental",
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        "text": "Operations award, the",
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        "text": "Workforce Housing ",
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        "text": "the 18 th",
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        "text": "2024",
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        "text": "newconstruction ",
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        "text": "suite of GSE financing ",
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        "text": "options for construction-",
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        "text": "only commercial ",
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        "text": "mortgage REIT to",
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        "text": "successfully manage its",
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        "text": "securitization vehicles ",
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        "text": "without any defaults or",
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        "text": "losses to its investors",
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        "text": "2008",
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        "text": "Source: Company website, Company filings (As of March 31, 2026)",
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        "from_ocr": true,
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      {
        "text": "Fannie Mae",
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        "text": "Small Balance",
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        "text": "DUS\u00ae Multifamily Lender",
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        "text": "Small Loan Lender,",
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        "text": "Top Lender of Workforce",
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        "text": "Loan Lender",
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        "text": "19th Year in a Row",
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        "text": "8th Year in a Row",
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        "text": "Housing Rent Preservation",
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  {
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        "text": "5",
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        "text": "We Believe Arbor is the Only Multifamily Mortgage Lender",
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        "text": "2009",
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        "text": "2010",
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        "text": "2012",
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        "text": "Crisis, Arbor announces",
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        "text": "liquidity",
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        "text": "$189Min warehouse andterm debt",
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        "text": "As a result of transforming its",
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        "text": "to access the securitization market",
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        "text": "'We",
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        "text": "will continue to",
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        "text": "focus heavily on liquidity, capital retention and ",
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        "text": "reducing our short term borrowings",
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        "text": "during this significant down",
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        "text": "turn'",
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        "text": "-",
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        "text": "Ivan Kaufman, CEO & Chairman",
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        "text": "(November 2008)",
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        "text": "believe that this is an environment where",
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        "text": "there'll",
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        "text": "be a huge",
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        "text": "differentiation and perhaps a lot of the weaker companies will",
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        "text": "disappear",
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        "text": "\u2026",
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        "text": "we just have to stick to building our business and utilizing ",
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        "text": "these",
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        "text": "opportunities'",
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        "text": "-",
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        "text": "Ivan Kaufman, CEO & Chairman",
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        "text": "(February 2008)",
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        "text": "Capital Retention:",
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        "text": "term borrowing to focus on liquidity during an uncertain economic period",
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        "text": "portfolio effectively by restructuring and monetizing loans and recording ",
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        "text": "Timeline",
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        "text": "Commentary",
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        "text": "Peer group pre-GFC",
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        "text": "\uf050",
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        "text": "retiring a significant amount of debt at deep discounts",
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  {
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        "text": "Weighted average of ~21 months to maturity 3",
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        "text": "Visibility on prepayment protected annual servicing ",
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        "text": "fee revenue of ~$129M 4",
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        "text": "Weighted average life of portfolio of ~6 years",
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        "text": "Portfolio ($B)",
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        "text": "Interest income on loans",
        "box": [
          276.11,
          356.92,
          386.00000000000017,
          367.72
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets ($M)",
        "box": [
          39.178,
          403.57124999999996,
          92.92412499999998,
          414.39625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$13,262",
        "box": [
          313.0,
          403.57124999999996,
          349.39364999999987,
          414.39625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1,431 ",
        "box": [
          604.2,
          403.57124999999996,
          637.5518250000005,
          414.39625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liabilities ($M)",
        "box": [
          39.178,
          424.62125000000003,
          107.25642499999998,
          435.44625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11,117 ",
        "box": [
          315.83,
          424.62125000000003,
          349.1818249999999,
          435.44625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "596 ",
        "box": [
          611.21,
          424.62125000000003,
          630.1970500000003,
          435.44625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Book value of equity ($M)",
        "box": [
          39.178,
          445.72,
          157.63239999999996,
          456.52
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1,511",
        "box": [
          318.64,
          445.72,
          343.52319999999986,
          456.52
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "834 ",
        "box": [
          611.21,
          445.72,
          630.1855999999999,
          456.52
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LTM earnings before taxes & ",
        "box": [
          39.178,
          466.96125,
          171.86002499999998,
          477.78625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preferred dividends ($M)",
        "box": [
          39.873,
          480.68,
          153.98579999999993,
          491.48
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "61",
        "box": [
          325.64,
          473.56125,
          336.88854999999995,
          484.38625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "82",
        "box": [
          614.01,
          473.56125,
          625.2585500000001,
          484.38625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of total",
        "box": [
          46.676,
          501.44124999999997,
          89.45639999999997,
          512.26625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43% ",
        "box": [
          323.5,
          501.44124999999997,
          345.35567499999996,
          512.26625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "57% ",
        "box": [
          611.88,
          501.44124999999997,
          633.7356750000001,
          512.26625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Structured Business",
        "box": [
          268.73,
          81.50125000000003,
          400.17152499999986,
          97.36624999999992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Business",
        "box": [
          568.53,
          81.50125000000003,
          677.9667700000002,
          97.36624999999992
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily ",
        "box": [
          369.48,
          272.85125,
          418.5498799999999,
          282.95625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bridge loans",
        "box": [
          367.94,
          285.11125,
          417.9496449999999,
          295.21625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.9",
        "box": [
          383.98,
          297.4,
          402.0433600000001,
          307.47999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SFR bridge loans",
        "box": [
          210.61,
          281.93125,
          277.18174000000005,
          292.03625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.3",
        "box": [
          235.09,
          294.21999999999997,
          253.15335999999996,
          304.29999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine and Preferred ",
        "box": [
          198.4,
          242.48000000000002,
          303.5847999999999,
          252.56
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Equity loans",
        "box": [
          225.09,
          254.70124999999996,
          274.38219000000004,
          264.80625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.5",
        "box": [
          240.9,
          266.98,
          258.96335999999997,
          277.06
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "APC",
        "box": [
          352.65,
          241.74124999999998,
          368.83821,
          251.84625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.3",
        "box": [
          351.93,
          254.01999999999998,
          369.9933600000001,
          264.09999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12.0B",
        "box": [
          300.07,
          270.69125,
          340.22565000000014,
          284.39625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Structured loan ",
        "box": [
          297.51,
          285.68,
          344.4612000000001,
          292.88
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio",
        "box": [
          307.34,
          294.3014,
          332.7279471999999,
          301.5262
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Freddie Mac",
        "box": [
          649.89,
          242.11124999999998,
          700.2432149999997,
          252.21625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$7.4",
        "box": [
          666.37,
          254.39999999999998,
          684.4333599999999,
          264.47999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Private Label",
        "box": [
          668.31,
          266.39125,
          720.9974699999998,
          276.49625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.5",
        "box": [
          685.64,
          278.68,
          703.7033599999999,
          288.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other",
        "box": [
          662.75,
          294.40125,
          686.51696,
          304.50625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.1",
        "box": [
          665.73,
          306.68,
          683.83368,
          316.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fannie Mae",
        "box": [
          530.66,
          250.60000000000002,
          578.1368,
          260.68
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24.3",
        "box": [
          543.13,
          262.82124999999996,
          566.2502400000002,
          272.92625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36.3B",
        "box": [
          603.61,
          266.37125,
          643.6286,
          280.07624999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GSE servicing",
        "box": [
          604.35,
          281.3114,
          642.6992384,
          288.5362
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "portfolio",
        "box": [
          610.86,
          290.0,
          636.2400000000002,
          297.2
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of March 31, 2026, unless otherwise noted)",
        "box": [
          38.508,
          521.7274,
          270.9807928000003,
          529.6722
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
          38.508,
          531.85,
          45.2282,
          539.77
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Represents loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days o f loan origination, as well as Private Label loans, which are either sold instantaneously ",
        "box": [
          56.508,
          531.85,
          755.04664,
          539.77
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "or pooled and securitized, or sold, within 180 days of loan origination",
        "box": [
          56.508,
          541.1914,
          282.51372560000016,
          549.1362
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2)",
        "box": [
          38.508,
          550.595,
          45.2282,
          558.515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Based on the discounted expected net cash flows associated with the servicing of the loan",
        "box": [
          56.508,
          550.595,
          350.64096000000023,
          558.515
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3)",
        "box": [
          38.508,
          560.6564,
          45.235288000000004,
          568.6012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Inclusive of extension options",
        "box": [
          56.508,
          560.6564,
          153.56167680000001,
          568.6012
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4)",
        "box": [
          38.508,
          570.06,
          45.2282,
          577.98
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Weighted average servicing fee of 35.5bps on $36.3B portfolio",
        "box": [
          56.508,
          570.06,
          260.3133600000002,
          577.98
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5)",
        "box": [
          38.508,
          579.42,
          45.2282,
          587.34
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes impact of MSRs net of amortization, derivative instruments, and other income",
        "box": [
          56.508,
          579.42,
          341.20512000000014,
          587.34
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6)",
        "box": [
          38.508,
          589.525,
          45.2282,
          597.445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes commitment fees, broker fees, loan assumption fees, loan origination fees",
        "box": [
          56.508,
          589.525,
          328.6233600000002,
          597.445
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "% of LTM Agency Net Revenue 5",
        "box": [
          545.09,
          325.48139999999995,
          688.0129736,
          336.48625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25aa",
        "box": [
          491.04,
          338.6932,
          495.9864,
          345.1212302558398
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing fees 4 ",
        "box": [
          504.55,
          338.74,
          570.8272000000001,
          349.71999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25aa",
        "box": [
          491.04,
          355.2732,
          495.9864,
          361.70123025583985
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Gain on sale of loans 1,6",
        "box": [
          504.55,
          355.28139999999996,
          606.1739144,
          366.29999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25aa",
        "box": [
          491.04,
          371.093925,
          495.99785,
          377.53683495550615
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest earned on escrows",
        "box": [
          504.55,
          371.32124999999996,
          625.9956750000002,
          382.14625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25aa",
        "box": [
          491.04,
          387.673925,
          495.99785,
          394.11683495550614
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Interest income on loans held-for-sale 1",
        "box": [
          504.55,
          387.74,
          677.8404,
          398.72625000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "43%",
        "box": [
          722.95,
          338.91999999999996,
          742.2411999999999,
          349.71999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "24%",
        "box": [
          722.95,
          355.5,
          742.2411999999999,
          366.29999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17%",
        "box": [
          722.95,
          371.32124999999996,
          742.2604250000002,
          382.14625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16%",
        "box": [
          722.95,
          387.90125,
          742.2604250000002,
          398.72625000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 8,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "8",
        "box": [
          750.69,
          590.8918656,
          755.9079488000001,
          599.3093571535911
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          47.942,
          409.228565,
          57.641795,
          416.9570810066741
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GSE/Agency ",
        "box": [
          69.567,
          408.96125,
          142.43648499999998,
          422.66625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          142.58,
          408.96125,
          149.40509,
          422.66625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Predominately five to ten-year fixed-rate loans; includes long-dated prepayment protected servicing ",
        "box": [
          149.59,
          408.96125,
          723.0315800000006,
          422.66625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "income creating a significant annual annuity",
        "box": [
          69.567,
          424.82124999999996,
          318.98429499999986,
          438.52625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          47.942,
          453.19856500000003,
          57.641795,
          460.9270810066741
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance Sheet ",
        "box": [
          69.567,
          452.93125,
          153.90757000000002,
          466.63625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          154.5,
          452.93125,
          161.32509,
          466.63625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " Three to five years on average; feeds pipeline of future GSE/Agency originations",
        "box": [
          161.48,
          452.93125,
          615.8697150000003,
          466.63625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          47.942,
          481.34784,
          57.62312,
          489.0614763070078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Single-Family Rental",
        "box": [
          69.567,
          481.08000000000004,
          186.75384000000005,
          494.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          186.85,
          481.08000000000004,
          189.94168,
          494.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          190.03,
          481.08000000000004,
          196.84264,
          494.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " One to three years on average; offers us three turns on our capital through construction, bridge ",
        "box": [
          197.01,
          481.08000000000004,
          743.4675199999997,
          494.76
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "and permanent loans",
        "box": [
          69.567,
          496.90125,
          190.80142999999995,
          510.60625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          47.942,
          525.31584,
          57.62312,
          533.0294763070078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Construction (APC) ",
        "box": [
          69.567,
          525.048,
          181.93451999999996,
          538.7280000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          182.48,
          525.048,
          189.29263999999998,
          538.7280000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          189.46,
          525.048,
          192.55168,
          538.7280000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily product, one to three years on average; offers us three turns on our capital through ",
        "box": [
          192.64,
          525.048,
          735.9001599999998,
          538.7280000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "construction, bridge and permanent agency loans",
        "box": [
          69.567,
          540.912,
          350.44476000000003,
          554.592
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arbor's Adaptable Originations Platform Drives Industry",
        "box": [
          36.745,
          11.525559999999928,
          706.9825150000001,
          41.423304999999914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          707.11,
          11.525559999999928,
          722.04698,
          41.423304999999914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Leading Performance ",
        "box": [
          36.745,
          40.35555999999997,
          296.786405,
          70.25330499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings",
        "box": [
          38.135,
          572.5494,
          116.01787439999998,
          580.4942
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
          38.135,
          582.672,
          44.855199999999996,
          590.592
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SFR totals include committed amounts that may not be fully funded",
        "box": [
          56.16,
          582.672,
          276.0033599999999,
          590.592
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average Duration",
        "box": [
          337.43,
          384.62125000000003,
          454.56129500000003,
          400.48625000000004
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2022",
        "box": [
          653.19,
          96.30124999999998,
          685.6973849999998,
          112.16624999999999
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$11.4B",
        "box": [
          684.45,
          131.03125,
          725.0570650000001,
          143.29625000000004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          287.45,
          96.30124999999998,
          319.9573850000001,
          112.16624999999999
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~$6.8B",
        "box": [
          331.94,
          133.15999999999997,
          366.1508,
          145.39999999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          470.31,
          96.30124999999998,
          502.8967100000001,
          112.16624999999999
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$6.8B",
        "box": [
          517.58,
          132.70999999999998,
          551.7908,
          144.95
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          105.94,
          96.30124999999998,
          138.447385,
          112.16624999999999
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$8.4B",
        "box": [
          137.2,
          131.77125,
          171.431615,
          144.03625000000005
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14%",
        "box": [
          164.58,
          214.56124999999997,
          188.97181500000002,
          228.26624999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          170.79,
          241.82125000000002,
          187.98138,
          255.52625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "59%",
        "box": [
          89.032,
          281.66,
          113.40423999999999,
          295.34000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          76.593,
          207.58125,
          93.78438,
          221.28625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18%",
        "box": [
          102.44,
          181.68,
          126.81223999999999,
          195.36
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6%",
        "box": [
          146.23,
          184.62124999999997,
          163.42138,
          198.32624999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          477.34,
          359.96000000000004,
          480.99039999999997,
          367.16
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7%",
        "box": [
          341.75,
          198.44,
          358.94748,
          212.12
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          344.53,
          217.26125000000002,
          361.72138,
          230.96625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "64%",
        "box": [
          296.19,
          279.53125,
          320.58181500000006,
          293.23625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          254.78,
          209.54125,
          271.97138,
          223.24624999999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "26%",
        "box": [
          291.45,
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          315.88981500000006,
          194.89625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6%",
        "box": [
          523.32,
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          540.51138,
          209.09625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          522.55,
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          539.7474799999999,
          231.88
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74%",
        "box": [
          449.26,
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          473.69981500000006,
          295.44624999999996
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1%",
        "box": [
          451.49,
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          468.68138000000005,
          200.58625
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "18%",
        "box": [
          480.79,
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          505.16224000000005,
          197.84000000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "48%",
        "box": [
          701.06,
          271.11,
          725.4322399999999,
          284.79
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2%",
        "box": [
          628.96,
          285.09125,
          646.15138,
          298.79625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "39%",
        "box": [
          613.22,
          218.55,
          637.59224,
          232.23000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          661.48,
          181.26,
          678.67748,
          194.94
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "10%",
        "box": [
          679.33,
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          703.721815,
          208.69624999999996
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25a0Bridge",
        "box": [
          285.8734944661458,
          361.3333333333333,
          322.0040283203125,
          372.8507080078125
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        "from_ocr": true,
        "confidence": 0.9278
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      {
        "text": "APL",
        "box": [
          323.49395751953125,
          361.7048746744792,
          350.3125,
          372.10764567057294
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        "from_ocr": true,
        "confidence": 0.90382
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      {
        "text": "GSE/Agency",
        "box": [
          348.82257080078125,
          360.96181233723956,
          408.7918294270833,
          373.22222900390625
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        "from_ocr": true,
        "confidence": 0.99948
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      {
        "text": "Mezz/PE",
        "box": [
          406.5569661458333,
          359.4757080078125,
          455.7242838541667,
          373.22222900390625
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        "from_ocr": true,
        "confidence": 0.9949
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      {
        "text": "\u25a0APC",
        "box": [
          482.5428466796875,
          360.21875,
          509.3613688151042,
          372.47918701171875
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        "from_ocr": true,
        "confidence": 0.88674
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    ]
  },
  {
    "page_no": 9,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "9",
        "box": [
          750.69,
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          599.3093571535911
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency Servicing Portfolio ($B)",
        "box": [
          480.94,
          104.88,
          685.0859200000002,
          120.71999999999997
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          419.93,
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          427.51448,
          400.9085530589544
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~$36.3B servicing portfolio, 100% focused on multifamily",
        "box": [
          442.45,
          394.1,
          743.32936,
          407.06
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25aa",
        "box": [
          435.6,
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          443.18448,
          420.37855305895437
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generates significant prepayment protected revenue ",
        "box": [
          458.12,
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          740.9201599999993,
          426.53
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "stream of ~$129M annually with 6 year weighted ",
        "box": [
          458.12,
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          720.8455050000003,
          445.25625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "average remaining life",
        "box": [
          458.12,
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          574.6993299999999,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          435.6,
          468.872965,
          443.19593000000003,
          478.74415775862064
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$2.0B cash/escrow balances (earns ~$66M annually)",
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          458.12,
          471.92125,
          741.9201600000002,
          484.90625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25aa",
        "box": [
          435.6,
          489.772965,
          443.19593000000003,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$466M estimated fair market value of MSR with a ",
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          458.12,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "carrying value of ~$332M",
        "box": [
          458.12,
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        "from_ocr": false,
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      {
        "text": "Arbor has the Leading Nationwide Agencies Origination and ",
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      {
        "text": "Servicing Platform",
        "box": [
          36.745,
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        "from_ocr": false,
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      {
        "text": "Total Agency Originations ($B)",
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          120.71999999999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of March 31, 2026)",
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          38.135,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "14.8 ",
        "box": [
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      {
        "text": "18.3 ",
        "box": [
          471.8,
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        "from_ocr": false,
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      {
        "text": "19.1 ",
        "box": [
          513.91,
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        "from_ocr": false,
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      {
        "text": "19.0 ",
        "box": [
          554.03,
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        "from_ocr": false,
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      {
        "text": "21.3 ",
        "box": [
          594.12,
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        "confidence": 1.0
      },
      {
        "text": "22.7 ",
        "box": [
          634.22,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "24.1 ",
        "box": [
          674.34,
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          692.2924800000002,
          300.0
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        "confidence": 1.0
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      {
        "text": "24.3 ",
        "box": [
          714.44,
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          299.58
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        "confidence": 1.0
      },
      {
        "text": "$20.1 ",
        "box": [
          428.35,
          240.64124999999996,
          458.47283999999996,
          252.90625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$24.6 ",
        "box": [
          468.45,
          216.8,
          498.58487999999994,
          229.04000000000002
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$27.0 ",
        "box": [
          508.57,
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          538.69284,
          219.93625000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$28.0 ",
        "box": [
          548.66,
          201.07999999999998,
          578.7704,
          213.32
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$31.0 ",
        "box": [
          588.76,
          187.11,
          618.9928000000002,
          199.35000000000002
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        "confidence": 1.0
      },
      {
        "text": "$33.5 ",
        "box": [
          628.88,
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          659.00284,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36.2 ",
        "box": [
          668.98,
          162.82999999999998,
          699.0904,
          175.07
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$36.3 ",
        "box": [
          709.1,
          162.32999999999998,
          739.2104,
          174.57
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2019",
        "box": [
          430.58,
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          450.82364000000007,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2020",
        "box": [
          470.68,
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          490.9980400000002,
          368.75625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021",
        "box": [
          510.8,
          358.65125,
          531.0436400000002,
          368.75625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          550.9,
          358.65125,
          571.1436400000002,
          368.75625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          591.02,
          358.65125,
          611.2636400000002,
          368.75625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          631.12,
          358.65125,
          651.3636400000003,
          368.75625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          671.21,
          358.65125,
          691.4536400000003,
          368.75625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          710.44,
          358.65125,
          732.8427850000003,
          368.75625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Fannie Mae",
        "box": [
          450.02,
          137.94,
          500.0132000000001,
          148.74
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Freddie Mac",
        "box": [
          513.83,
          137.94,
          567.3548,
          148.74
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FHA",
        "box": [
          580.72,
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          598.5292000000001,
          148.74
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Private Label",
        "box": [
          611.83,
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          666.8344000000002,
          148.74
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "SFR",
        "box": [
          680.5,
          137.94,
          695.7172,
          148.74
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Bridge",
        "box": [
          709.52,
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          148.74
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          42.008,
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          49.603930000000005,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~$71.2B of Agency originations since inception in 1995",
        "box": [
          64.527,
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        "from_ocr": false,
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        "text": "\u25aa",
        "box": [
          57.674,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Highly scalable and difficult to replicate platform",
        "box": [
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        "from_ocr": false,
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        "text": "\u25aa",
        "box": [
          57.674,
          432.772965,
          65.26993,
          442.6441577586207
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Average loan size of $10M - $15M ",
        "box": [
          80.193,
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          263.063835,
          448.80625
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          57.674,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Industry leading performance with long track record of ",
        "box": [
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          372.36848499999996,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "low historical losses",
        "box": [
          80.193,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "\u25aa",
        "box": [
          57.674,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Top 10 Fannie Mae lender for 19 years in a row; #9 in ",
        "box": [
          80.193,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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        "confidence": 1.0
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      {
        "text": "3.3 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "5.0 ",
        "box": [
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        "text": "$6M",
        "box": [
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          459.5,
          680.3584,
          470.29999999999995
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        "confidence": 1.0
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      {
        "text": "$51M",
        "box": [
          700.19,
          459.5,
          726.164,
          470.29999999999995
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      {
        "text": "$4M",
        "box": [
          746.74,
          459.5,
          767.6984,
          470.29999999999995
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        "confidence": 1.0
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      {
        "text": "$126M",
        "box": [
          234.99,
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          270.16602,
          200.34625
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        "confidence": 1.0
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      {
        "text": "$129M",
        "box": [
          302.38,
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          188.12
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      {
        "text": "4/1/2025",
        "box": [
          227.5,
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          274.20511999999997,
          387.64625
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        "confidence": 1.0
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      {
        "text": "4/1/2026",
        "box": [
          298.43,
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          387.64625
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        "confidence": 1.0
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      {
        "text": "Servicing Revenue",
        "box": [
          238.1,
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          335.96095999999994,
          305.39
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      {
        "text": "$255M",
        "box": [
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          89.77202,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$158M",
        "box": [
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          154.84601999999998,
          262.19625
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        "text": "1/1/2025",
        "box": [
          46.701,
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        "text": "1/1/2026",
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          115.18,
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      {
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          49.258,
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          318.90000000000003
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      {
        "text": "$66M",
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        "confidence": 1.0
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      {
        "text": "$66M",
        "box": [
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      {
        "text": "4/1/2025",
        "box": [
          409.31,
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        "confidence": 1.0
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      {
        "text": "4/1/2026",
        "box": [
          480.24,
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        "text": "Cash/Escrow Earnings",
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        "text": "2",
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          297.78000000000003
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      {
        "text": "$81M",
        "box": [
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          265.44
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      {
        "text": "$",
        "box": [
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      {
        "text": "122M",
        "box": [
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          217.7
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      {
        "text": "$17M",
        "box": [
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        "text": "2024",
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        "text": "2025",
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      {
        "text": "1Q26",
        "box": [
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          747.2453300000001,
          382.23625000000004
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        "confidence": 1.0
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      {
        "text": "Gain on Sale",
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      {
        "text": "Equity Investments",
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  },
  {
    "page_no": 11,
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    "cells": [
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        "text": "11",
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        "text": "Source: Company filings ",
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  {
    "page_no": 13,
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        "text": "13",
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        "text": "\u2713",
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          325.14272,
          164.61248,
          333.2848916573971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Entered into a new $1.1B CLO (CLO 20) with record 89% leverage, creating $85M of liquidity",
        "box": [
          170.42,
          325.43,
          690.1368799999998,
          339.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          346.77272,
          164.61248,
          354.9148916573971
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unwound three legacy CLO vehicles, refinancing assets with a new $1.15B repurchase facility and ",
        "box": [
          170.42,
          347.06,
          724.4326399999998,
          360.74
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "existing lines, enhancing leverage, reducing pricing and generating ~$170M of liquidity",
        "box": [
          170.42,
          362.92,
          661.3815199999997,
          376.6
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          384.98272,
          164.61248,
          393.12489165739714
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Completed first BTR CLO securitization in the industry, for ~$800M of assets, terms and pricing ",
        "box": [
          170.42,
          385.27,
          707.8798399999995,
          398.95
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "improvement over existing warehouse lines resulting in improved returns and profitability",
        "box": [
          170.42,
          401.09125,
          680.8490200000002,
          414.79625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          423.14344500000004,
          164.63213000000002,
          431.3004963570634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Completed debut $500M high-",
        "box": [
          170.42,
          423.43125,
          345.67373000000003,
          437.13625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "yield bond offering and Ba2 / BB public ratings from Moody's and Fitch",
        "box": [
          345.72,
          423.43125,
          746.3719700000006,
          437.13625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          444.77344500000004,
          164.63213000000002,
          452.9304963570634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Issued additional follow-on offering of $400M high-yield bonds",
        "box": [
          170.42,
          445.06125,
          527.9250450000001,
          458.76625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Resilience ",
        "box": [
          41.661,
          117.75124999999997,
          111.578055,
          133.61624999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "under ",
        "box": [
          54.943,
          133.63,
          98.04363999999998,
          149.46999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "challenging ",
        "box": [
          37.043,
          149.45125000000002,
          116.11415999999997,
          165.31625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "conditions",
        "box": [
          40.022,
          165.32125000000002,
          109.62175499999998,
          181.18625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          95.19272000000001,
          164.61248,
          103.33489165739712
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Originated $5.1B of Agency loans in FY 2025, including $3.6B in the second half of the year",
        "box": [
          170.42,
          95.48000000000002,
          682.9548800000001,
          109.16000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          118.98271999999997,
          164.61248,
          127.12489165739709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY 2025 total represents a 13% increase over $4.5B originated in FY 2024",
        "box": [
          170.42,
          119.26999999999998,
          583.5970399999998,
          132.95
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          143.46344499999998,
          164.63213000000002,
          151.62049635706336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Servicing portfolio increased 9% since 1/1/25 to $36.3B as of 3/31/26",
        "box": [
          170.42,
          143.75124999999997,
          563.4656950000001,
          157.45624999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          167.253445,
          164.63213000000002,
          175.41049635706338
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$3.5B of Structured originations in FY 2025; ~$770M in 1Q26",
        "box": [
          170.42,
          167.54125,
          521.7476750000002,
          181.24624999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          191.03344500000003,
          164.63213000000002,
          199.1904963570634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Structured loan portfolio increased 6% since 1/1/25 to $12.0B as of 3/31/26",
        "box": [
          170.42,
          191.32125000000002,
          600.880345,
          205.02625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source:  Company filings",
        "box": [
          37.763,
          553.202,
          117.05804000000002,
          561.122
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
          37.763,
          563.282,
          44.4832,
          571.202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Reflects ending book value per share on 3/31/26",
        "box": [
          55.763,
          563.282,
          214.21052000000006,
          571.202
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2)",
        "box": [
          37.763,
          572.6234,
          44.490288,
          580.5682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assumes no reinvestment of the common dividend. Reflects ending stock price on 3/31/26",
        "box": [
          55.763,
          572.6234,
          350.99971280000005,
          580.5682
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Strong ",
        "box": [
          51.17,
          231.63124999999997,
          97.90828999999997,
          247.49624999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performance ",
        "box": [
          29.992,
          247.51999999999998,
          119.13952,
          263.35999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "metrics",
        "box": [
          48.364,
          263.34125,
          97.13300999999998,
          279.20625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          224.703445,
          164.63213000000002,
          232.86049635706337
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.2% average ROE in FY 2025 and 1Q26",
        "box": [
          170.42,
          224.99124999999998,
          392.6461699999999,
          238.69624999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          248.48344500000002,
          164.63213000000002,
          256.6404963570634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16% increase in book value (over last 6 years) 1",
        "box": [
          170.42,
          247.69140000000004,
          433.0080936,
          262.47625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          153.86,
          272.993445,
          164.63213000000002,
          281.1504963570634
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18% 6-year total shareholder return 2",
        "box": [
          170.42,
          272.20140000000004,
          379.4280936,
          286.98625
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 14,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "14",
        "box": [
          745.67,
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          755.9278976,
          599.3093571535911
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of March 31, 2026)",
        "box": [
          36.745,
          564.1574,
          189.77773760000008,
          572.1022
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
          36.745,
          574.281,
          43.4892,
          582.201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "No other individual state represented 4% or more of the total ",
        "box": [
          54.77,
          574.281,
          256.4527999999999,
          582.201
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arbor's Loan Portfolio is Focused on the Highly Stable, ",
        "box": [
          36.745,
          11.525559999999928,
          690.3567999999996,
          41.423304999999914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Liquid and Resilient Multifamily Market",
        "box": [
          36.745,
          40.35555999999997,
          511.20818000000014,
          70.25330499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "LOANTYPE",
        "box": [
          553.68,
          98.69125000000008,
          616.4870500000001,
          112.39625000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "ASSET CLASS",
        "box": [
          548.64,
          250.91125,
          621.6914200000002,
          264.61625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GEOGRAPHICALLOCATION",
        "box": [
          507.43,
          403.12125000000003,
          660.7048100000003,
          416.82625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          67.059,
          128.89452,
          84.873965,
          149.58001927710842
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Primary focus on stable multifamily senior",
        "box": [
          110.11,
          130.31,
          343.7926400000001,
          143.99
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          343.54,
          130.31,
          346.63168,
          143.99
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans",
        "box": [
          110.11,
          149.06,
          139.86399999999998,
          162.74
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Generates strong leveraged returns",
        "box": [
          108.47,
          183.65125,
          305.840435,
          197.35625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Geographically diversified",
        "box": [
          107.18,
          226.12,
          253.65175999999988,
          239.8
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Balance sheet business drives GSE/Agency ",
        "box": [
          105.32,
          266.30125,
          344.154095,
          280.00624999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "pipeline",
        "box": [
          105.32,
          283.60125,
          149.42269000000005,
          297.30625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          66.215,
          176.96452,
          84.029965,
          197.6500192771084
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          67.134,
          224.85631999999998,
          84.96769,
          245.56356144578314
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2713",
        "box": [
          66.712,
          273.06452,
          84.526965,
          293.75001927710844
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "PORTFOLIO OVERVIEW",
        "box": [
          135.43,
          338.24,
          267.38015999999993,
          351.92
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Bridge, ",
        "box": [
          470.06,
          156.10999999999996,
          504.8508,
          166.90999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "93%",
        "box": [
          476.62,
          169.05125000000004,
          495.34725000000003,
          179.87625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezz, 3%",
        "box": [
          649.76,
          176.87125000000003,
          692.6617000000001,
          187.69625000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pref Eq, 2%",
        "box": [
          644.72,
          198.76,
          696.2628,
          209.56
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "APC, 2%",
        "box": [
          630.82,
          216.64125,
          668.1517000000001,
          227.46625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Multifamily, 72%",
        "box": [
          426.41,
          337.19,
          510.55071999999996,
          349.43
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Single-Family ",
        "box": [
          639.04,
          292.55125,
          707.6560200000001,
          304.81625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Rental, 27%",
        "box": [
          642.66,
          306.98125,
          701.59845,
          319.24625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other, 1%",
        "box": [
          629.4,
          375.6,
          678.07264,
          387.84000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "TX, 23%",
        "box": [
          473.88,
          468.32124999999996,
          509.40395,
          479.14625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FL, 17%",
        "box": [
          558.5,
          439.59000000000003,
          592.2023999999999,
          450.39
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "NY, 10%",
        "box": [
          619.2,
          440.14125,
          656.1839500000002,
          450.96625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "AZ, 8%",
        "box": [
          653.83,
          470.15,
          684.7428,
          480.95
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "GA, 7%",
        "box": [
          649.29,
          499.55125,
          681.9617000000001,
          510.37625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other, 35%",
        "box": [
          476.32,
          533.29,
          526.9323999999999,
          544.09
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          500.2,
          528.766,
          503.8504,
          535.966
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Portfolio",
        "box": [
          53.354,
          358.66999999999996,
          121.69672000000001,
          370.90999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$12.0B",
        "box": [
          317.72,
          358.66999999999996,
          351.86664,
          370.90999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "As of:",
        "box": [
          53.354,
          376.16999999999996,
          81.47976000000003,
          388.40999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3/31/2026",
        "box": [
          299.22,
          376.16999999999996,
          351.68568,
          388.40999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Average loan size",
        "box": [
          53.156,
          399.64125,
          135.49253999999996,
          411.90625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$22.0M",
        "box": [
          314.32,
          402.09125,
          351.816575,
          414.35625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W/Aloan-to-value",
        "box": [
          53.156,
          430.87125000000003,
          141.17932,
          443.13625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "77%",
        "box": [
          331.55,
          433.28125,
          352.089475,
          445.54625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for credit losses (CECL)",
        "box": [
          53.156,
          462.1,
          214.96296000000004,
          474.34000000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1%",
        "box": [
          337.43,
          464.51125,
          352.089475,
          476.77625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W/Amos. to maturity",
        "box": [
          53.156,
          493.28,
          157.77584000000002,
          505.52
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "15.7",
        "box": [
          330.95,
          495.69124999999997,
          351.5797299999999,
          507.95625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "W/Amos. to maturityw/ext. option",
        "box": [
          53.156,
          524.4639999999999,
          225.20919999999998,
          536.704
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "20.8",
        "box": [
          330.95,
          526.922,
          351.56215999999995,
          539.162
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 15,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "15",
        "box": [
          745.67,
          590.8918656,
          755.9278976,
          599.3093571535911
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arbor is Singularly Focused on Accelerating the Resolution ",
        "box": [
          36.745,
          11.525559999999928,
          734.8585349999997,
          41.423304999999914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of Non-Performing Assets",
        "box": [
          36.745,
          40.35555999999997,
          350.3882149999999,
          70.25330499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of March 31, 2026)",
        "box": [
          36.968,
          570.83,
          189.66560000000004,
          578.75
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
          36.968,
          580.91,
          43.6882,
          588.83
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $84.3M of reserves related to REO assets",
        "box": [
          54.993,
          580.91,
          217.02036,
          588.83
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Non-Performing Assets - 2025-2026",
        "box": [
          39.6899703,
          163.548767139625,
          227.0191639893301,
          175.54604941212506
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($ in 000s)",
        "box": [
          38.947477725,
          179.42462285912507,
          84.6341101041075,
          190.01322228162508
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          212.12644591800003,
          208.34957737912498,
          230.811865561935,
          218.93817680162505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "#",
        "box": [
          287.21719500300003,
          208.34957737912498,
          292.775939914995,
          218.93817680162505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          357.79358923200004,
          208.34957737912498,
          376.47900887593505,
          218.93817680162505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "#",
        "box": [
          432.89423821800005,
          208.34957737912498,
          438.4529831299951,
          218.93817680162505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          503.5003321500001,
          208.34957737912498,
          522.1857517939351,
          218.93817680162505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "#",
        "box": [
          578.5712814330001,
          208.34957737912498,
          584.1300263449951,
          218.93817680162505
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "UPB",
        "box": [
          649.1773753650001,
          208.34957737912498,
          667.8627950089351,
          218.93817680162505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "#",
        "box": [
          724.2384247470001,
          208.34957737912498,
          729.7971696589951,
          218.93817680162505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Beginning Balance",
        "box": [
          38.947477725,
          222.45518831712502,
          122.38446209681253,
          233.0437877396251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$           653,911",
        "box": [
          191.33665381800003,
          222.45518831712502,
          251.9686469920049,
          233.0437877396251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           28",
        "box": [
          272.3376438,
          222.45518831712502,
          306.97427893018505,
          233.0437877396251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$           528,700",
        "box": [
          337.01369703299997,
          222.45518831712502,
          397.64569020700526,
          233.0437877396251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           22",
        "box": [
          418.01468701500005,
          222.45518831712502,
          452.6612220461851,
          233.0437877396251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$           749,250",
        "box": [
          482.68084034700007,
          222.45518831712502,
          543.3227334220053,
          233.0437877396251
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           33",
        "box": [
          563.6917302300001,
          222.45518831712502,
          598.338265261185,
          233.0437877396251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$           617,448",
        "box": [
          628.367783463,
          222.45518831712502,
          688.999776637005,
          233.0437877396251
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           29",
        "box": [
          709.3687734450001,
          222.45518831712502,
          744.005408575185,
          233.0437877396251
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additions",
        "box": [
          38.947477725,
          236.570190474125,
          83.32813991394,
          247.15878989662502
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "                89,634",
        "box": [
          191.33665381800003,
          236.570190474125,
          251.96453853308992,
          247.15878989662502
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               4",
        "box": [
          272.3376438,
          236.570190474125,
          306.9738581843925,
          247.15878989662502
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            435,103",
        "box": [
          337.01369703299997,
          236.570190474125,
          397.64569020700526,
          247.15878989662502
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           18",
        "box": [
          418.01468701500005,
          236.570190474125,
          452.6612220461851,
          247.15878989662502
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            270,710",
        "box": [
          482.68084034700007,
          236.570190474125,
          543.3227334220053,
          247.15878989662502
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               9",
        "box": [
          563.6917302300001,
          236.570190474125,
          598.3378445153926,
          247.15878989662502
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            197,775",
        "box": [
          628.367783463,
          236.570190474125,
          688.999776637005,
          247.15878989662502
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               5",
        "box": [
          709.3687734450001,
          236.570190474125,
          744.0049878293926,
          247.15878989662502
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Transfer to REO",
        "box": [
          38.947477725,
          250.70397506912502,
          109.425219440535,
          261.29257449162503
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            (110,502)",
        "box": [
          191.33665381800003,
          250.70397506912502,
          254.86669451123993,
          261.29257449162503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             (5)",
        "box": [
          272.3376438,
          250.70397506912502,
          309.89170550562744,
          261.29257449162503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            (122,475)",
        "box": [
          337.01369703299997,
          250.70397506912502,
          400.5635375282403,
          261.29257449162503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             (2)",
        "box": [
          418.01468701500005,
          250.70397506912502,
          455.5687487206276,
          261.29257449162503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              (88,168)",
        "box": [
          482.68084034700007,
          250.70397506912502,
          546.2364722843253,
          261.29257449162503
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "             (4)",
        "box": [
          563.6917302300001,
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          601.2556918366276,
          261.29257449162503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              (58,925)",
        "box": [
          628.367783463,
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          691.9135154993251,
          261.29257449162503
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "             (3)",
        "box": [
          709.3687734450001,
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          746.9327350516276,
          261.29257449162503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Modified/Payoffs",
        "box": [
          38.947477725,
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          119.649738194325,
          275.398185429625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            (104,343)",
        "box": [
          191.33665381800003,
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          254.86669451123993,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "             (5)",
        "box": [
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          309.89170550562744,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              (92,078)",
        "box": [
          337.01369703299997,
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          400.55942906932523,
          275.398185429625
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "             (5)",
        "box": [
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          455.5687487206276,
          275.398185429625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            (314,344)",
        "box": [
          482.68084034700007,
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          546.2405807432403,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "             (9)",
        "box": [
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          601.2556918366276,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            (274,848)",
        "box": [
          628.367783463,
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          691.91762395824,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           (12)",
        "box": [
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          746.9269436095426,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Ending Balance",
        "box": [
          38.947477725,
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          107.5611423314925,
          289.51318758662507
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$           528,700",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           22",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$           749,250",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           33",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$           617,448",
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        "from_ocr": false,
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      {
        "text": "           29",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$           481,450",
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        "from_ocr": false,
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        "text": "           19",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying Value",
        "box": [
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        "from_ocr": false,
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      {
        "text": "#",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying Value",
        "box": [
          334.0140270300001,
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          400.4175882377476,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "#",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Carrying Value",
        "box": [
          479.7207699480001,
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          546.1243311557477,
          339.58716729462503
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "#",
        "box": [
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          584.1300263449951,
          339.58716729462503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Carrying Value",
        "box": [
          625.397813163,
          328.998567872125,
          691.8013743707475,
          339.58716729462503
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "#",
        "box": [
          724.2384247470001,
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          729.7971696589951,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Beginning Balance",
        "box": [
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          122.38446209681253,
          353.72095188962504
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$           302,158",
        "box": [
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        "from_ocr": false,
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        "text": "           13",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$           365,186",
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        "text": "           15",
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        "from_ocr": false,
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      {
        "text": "$           471,347",
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        "text": "           16",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$           498,938",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Transfer to REO",
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          109.425219440535,
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        "from_ocr": false,
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        "confidence": 1.0
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        "text": "            107,556",
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        "text": "               2",
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        "confidence": 1.0
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Sold",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "               (7,000)",
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      {
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      {
        "text": "Continue to make meaningful progress each quarter by resolving more non-interest earning assets versus new defaults. ",
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  {
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          297.09817000000004,
          67.95018500000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of March 31, 2026)",
        "box": [
          42.604,
          542.874,
          195.30160000000004,
          550.794
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1) Assumes no new delinquencies",
        "box": [
          42.604,
          552.954,
          152.10592,
          560.874
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aggressive resolution strategy will go a long way towards improving Arbor's run rate of net interest income as ",
        "box": [
          78.554,
          478.82,
          715.7957600000004,
          492.5
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "these non-performing assets are dragging earnings down by $75M - $95M annually, or ~$0.35 - $0.45 per share",
        "box": [
          74.905,
          497.56,
          717.3819199999998,
          511.24
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Projected ",
        "box": [
          64.055,
          141.98125,
          130.94183999999998,
          157.84625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Resolution for ",
        "box": [
          48.886,
          162.17125,
          146.13844999999995,
          178.03625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$480M of ",
        "box": [
          63.857,
          181.64999999999998,
          131.43044,
          197.48999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Delinquencies",
        "box": [
          49.084,
          201.84000000000003,
          142.71424000000002,
          217.68
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2192",
        "box": [
          182.23,
          110.59125,
          197.89102499999998,
          127.89625000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$200M - $300M ",
        "box": [
          204.75,
          112.21125,
          307.23414000000014,
          127.35624999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "is expected to be resolved from 2Q26 ",
        "box": [
          306.84,
          112.21125,
          538.23277,
          127.35624999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          538.19,
          112.21125,
          545.73221,
          127.35624999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 3Q26",
        "box": [
          545.69,
          112.21125,
          582.0003749999998,
          127.35624999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2192",
        "box": [
          182.23,
          144.48125,
          197.89102499999998,
          161.78625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Potential to rectify another ~",
        "box": [
          204.75,
          146.12,
          380.61072,
          161.23999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$100M ",
        "box": [
          380.53,
          146.12,
          427.9312,
          161.23999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "in 4Q26",
        "box": [
          427.58,
          146.12,
          475.54064,
          161.23999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2192",
        "box": [
          182.23,
          178.34125,
          197.89102499999998,
          195.64625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Throughout the remainder of 2026, Arbor is projected to take back ~",
        "box": [
          204.75,
          179.96125,
          620.9800349999999,
          195.10625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$100M ",
        "box": [
          621.61,
          179.96125,
          668.8926899999998,
          195.10625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of non-",
        "box": [
          668.63,
          179.96125,
          712.8143699999999,
          195.10625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "performing loans",
        "box": [
          204.75,
          195.83125,
          308.55383,
          210.97625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " ",
        "box": [
          308.9,
          195.83125,
          312.32277,
          210.97625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "as REO assets, as well as work through any remaining delinquencies",
        "box": [
          312.28,
          195.83125,
          722.64892,
          210.97625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2192",
        "box": [
          182.23,
          228.82125000000002,
          197.89102499999998,
          246.12625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "This aggressive resolution pace will resolve nearly all of these delinquencies by year end",
        "box": [
          204.75,
          230.46000000000004,
          739.2117599999999,
          245.57999999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Projected ",
        "box": [
          64.055,
          335.04,
          130.89979999999997,
          350.88
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Resolution for ",
        "box": [
          48.886,
          355.18125000000003,
          146.29709999999994,
          371.04625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$520M of REO ",
        "box": [
          48.364,
          374.64125,
          146.91737999999998,
          390.50625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Assets",
        "box": [
          74.681,
          394.83124999999995,
          116.94536,
          410.69624999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2192",
        "box": [
          182.23,
          312.63125,
          197.89102499999998,
          329.93625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$50M - $75M ",
        "box": [
          204.75,
          314.27000000000004,
          299.11808,
          329.39
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of delinquent loans (noted above) taken back as REO in 2Q26",
        "box": [
          299.1,
          314.27000000000004,
          670.3862399999999,
          329.39
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2192",
        "box": [
          182.23,
          346.50124999999997,
          197.89102499999998,
          363.80625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Additionally, from 3Q26 ",
        "box": [
          204.75,
          348.12125,
          352.7620849999999,
          363.26625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          353.2,
          348.12125,
          360.74221,
          363.26625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 4Q26, Arbor is projected to take back between ",
        "box": [
          360.72,
          348.12125,
          651.022025,
          363.26625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$25M - $50M ",
        "box": [
          651.43,
          348.12125,
          738.2421449999998,
          363.26625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of ",
        "box": [
          738.25,
          348.12125,
          753.90993,
          363.26625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-performing loans (noted above) as REO assets",
        "box": [
          204.75,
          363.98125,
          510.955895,
          379.12625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u2192",
        "box": [
          182.23,
          396.25125,
          197.89102499999998,
          413.55625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "We expect to resolve between ",
        "box": [
          204.75,
          397.89,
          393.11495999999994,
          413.01
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$300M - $400M ",
        "box": [
          393.07,
          397.89,
          495.51120000000003,
          413.01
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "of these assets during the year, which will ",
        "box": [
          495.16,
          397.89,
          751.83712,
          413.01
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "bring the REO balance down to ",
        "box": [
          204.75,
          414.48,
          396.6379199999998,
          429.6
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$250M - $300M ",
        "box": [
          396.62,
          414.48,
          498.95536,
          429.6
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "by the end of 2026",
        "box": [
          498.71,
          414.48,
          613.5615200000001,
          429.6
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          741.08,
          225.81,
          744.00032,
          231.57
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 17,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "17",
        "box": [
          745.67,
          590.8918656,
          755.9278976,
          599.3093571535911
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arbor Maintains a High-Quality Loan Portfolio With Active ",
        "box": [
          36.745,
          11.525559999999928,
          740.0628849999996,
          41.423304999999914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Risk Management to Mitigate Potential Loan Losses",
        "box": [
          36.745,
          40.35555999999997,
          651.1591200000001,
          70.25330499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of March 31, 2026)",
        "box": [
          35.752,
          554.7474,
          188.4272216000001,
          562.6922
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
          35.752,
          564.871,
          42.4722,
          572.7909999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net of reversals",
        "box": [
          53.752,
          564.871,
          105.03400000000002,
          572.7909999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2)",
        "box": [
          35.752,
          574.2124,
          42.479288000000004,
          582.1572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes impact of adopting  current expected credit loss ('CECL') on January 1, 2020 of $17.3M",
        "box": [
          53.752,
          574.2124,
          364.6399687999999,
          582.1572
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "3)",
        "box": [
          35.752,
          583.616,
          42.4722,
          591.5360000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $68.9M related to a land development legacy asset from 2006 (Homewood)",
        "box": [
          53.752,
          583.616,
          328.74232000000006,
          591.5360000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "4)",
        "box": [
          35.752,
          593.6774,
          42.479288000000004,
          601.6222
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Includes $84.3M of reserves related to REO assets",
        "box": [
          53.752,
          593.6774,
          215.75441680000006,
          601.6222
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "5.7%",
        "box": [
          310.77,
          305.6314,
          326.51659359999996,
          313.5762
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Experienced Team with Strong Track Record of Managing Through Cycles",
        "box": [
          78.629,
          95.27125000000001,
          683.3493449999997,
          115.45625000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Structured",
        "box": [
          341.55,
          152.15125,
          421.2204999999999,
          170.17625000000004
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          42.952,
          156.428565,
          52.651795,
          164.1570810066741
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Aggressive approach to portfolio management and, when necessary, taking over assets to stabilize projects",
        "box": [
          64.577,
          156.16125,
          683.3440449999997,
          169.86624999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          65.57,
          177.33856500000002,
          75.26979499999999,
          185.06708100667413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Partner with strong sponsors with track record of success and maintain disciplined origination principles",
        "box": [
          88.237,
          177.07125000000002,
          676.250025,
          190.77625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          65.57,
          198.238565,
          75.26979499999999,
          205.9670810066741
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "For REO, resolution through disposition or invest strategically in asset's rehabilitation to improve NOI & occupancy",
        "box": [
          88.237,
          197.97125,
          733.9891900000007,
          211.67624999999998
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          42.952,
          219.14856500000002,
          52.651795,
          226.87708100667413
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Current delinquencies represent just 1.7% of FY 2020 unpaid balance and 2021 ",
        "box": [
          64.577,
          218.88125000000002,
          522.0087849999996,
          232.58625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          523.07,
          218.88125000000002,
          529.8950900000001,
          232.58625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " 2026 new originations of $28.1B",
        "box": [
          530.04,
          218.88125000000002,
          719.9095100000005,
          232.58625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Structured",
        "box": [
          342.1,
          130.55124999999998,
          421.51814999999993,
          148.57625000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency",
        "box": [
          354.66,
          443.61125,
          408.5006750000001,
          461.63625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          44.491,
          470.96784,
          54.17212,
          478.68147630700776
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Agency business credit risk is limited by nature of loan sales and servicing model",
        "box": [
          66.116,
          470.70000000000005,
          531.0444800000001,
          484.38
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          67.109,
          491.86784,
          76.79012,
          499.5814763070078
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Arbor participates in a loss-share program with Fannie Mae ",
        "box": [
          89.777,
          491.6,
          429.85800000000006,
          505.28
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          67.109,
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          76.79012,
          520.4914763070078
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "The Company has a clear history of navigating this potential guarantee with limited losses ",
        "box": [
          89.777,
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        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          67.109,
          533.68184,
          76.79012,
          541.3954763070078
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Marginal Fannie Mae delinquencies of 2.75% with $43M of specific reserves against ~$695M of assets",
        "box": [
          89.777,
          533.414,
          667.5244399999996,
          547.094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($M)",
        "box": [
          53.66263415342559,
          268.07211297000003,
          78.41147616162962,
          279.75647709
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY'17",
        "box": [
          175.2006817809984,
          267.15288852000003,
          205.4648424389894,
          280.06288524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY'18",
        "box": [
          219.73920621399836,
          267.15288852000003,
          250.00336687198936,
          280.06288524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY'19",
        "box": [
          264.27773064699835,
          267.15288852000003,
          294.5418913049894,
          280.06288524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY'20 ",
        "box": [
          309.4519143249984,
          267.15288852000003,
          342.29710576769804,
          280.06288524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          342.53162142959644,
          266.8618007775,
          346.0874358010331,
          273.6232072875
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY'21",
        "box": [
          364.16098667799844,
          267.15288852000003,
          394.42514733598944,
          280.06288524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY'22",
        "box": [
          415.6917628059984,
          267.15288852000003,
          445.9559234639894,
          280.06288524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY'23",
        "box": [
          467.2394898471984,
          267.15288852000003,
          497.50365050518934,
          280.06288524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY'24",
        "box": [
          518.7787414317984,
          267.15288852000003,
          549.0429020897892,
          280.06288524
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "FY'25",
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        "text": "1Q26",
        "box": [
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        "text": "1Q26 ",
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          711.3353521502625,
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        "from_ocr": false,
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        "text": "w/REO",
        "box": [
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          712.9251786071001,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Beginning Balance",
        "box": [
          53.66263460389606,
          293.27929011000003,
          141.6894898513981,
          304.96365423
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        "from_ocr": false,
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      {
        "text": "$ 83.7",
        "box": [
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          206.74531489478284,
          306.512036748
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ 62.8",
        "box": [
          219.1035474416638,
          293.60204002800003,
          251.28383932778286,
          306.512036748
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 71.1",
        "box": [
          263.6420718746638,
          293.60204002800003,
          295.8223637607828,
          306.512036748
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$   88.4",
        "box": [
          308.18059630766385,
          293.60204002800003,
          347.35313988878283,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 148.3",
        "box": [
          359.71137243566386,
          293.60204002800003,
          398.86849068577084,
          306.512036748
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 113.2",
        "box": [
          411.2421485636638,
          293.60204002800003,
          450.41621772697084,
          306.512036748
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 132.6",
        "box": [
          462.77292469166383,
          293.60204002800003,
          501.9469938549707,
          306.512036748
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 195.7",
        "box": [
          514.3206517328638,
          293.60204002800003,
          553.4862454395704,
          306.512036748
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 239.0",
        "box": [
          565.851427860864,
          293.60204002800003,
          605.0170215675706,
          306.512036748
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 146.0",
        "box": [
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          661.6500225687705,
          306.512036748
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Provision for loan ",
        "box": [
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          142.81664114324684,
          322.792523118
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "losses ",
        "box": [
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          86.25305443941016,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
        "box": [
          86.12363395887425,
          325.5655168755,
          90.32400682664391,
          333.5525559855
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "    (0.4)",
        "box": [
          174.56502347008578,
          319.422033468,
          211.00830051687277,
          332.332030188
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "   11.5",
        "box": [
          219.10354790308574,
          319.422033468,
          251.2838397892048,
          332.332030188
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     -",
        "box": [
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          319.422033468,
          282.3599489587647,
          332.332030188
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "     59.9",
        "box": [
          308.1805967690858,
          319.422033468,
          347.3531403502048,
          332.332030188
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "    (24.3)",
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          403.1314763078608,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "     19.4",
        "box": [
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          450.4401189760048,
          332.332030188
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "     68.8",
        "box": [
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          319.422033468,
          501.9708951040046,
          332.332030188
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "     55.5",
        "box": [
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          553.4931957754045,
          332.332030188
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "     35.3",
        "box": [
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          605.0493982732046,
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        "from_ocr": false,
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        "text": "         3.4",
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          661.6978246054166,
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        "from_ocr": false,
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      {
        "text": "Net charge-offs",
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        "from_ocr": false,
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      {
        "text": "  (20.5)",
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          210.99287563637506,
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "    (3.2)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "     -",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       -",
        "box": [
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          333.90767645047896,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "    (10.8)",
        "box": [
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          403.1314767583751,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       -",
        "box": [
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        "from_ocr": false,
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      {
        "text": "      (5.7)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "    (12.2)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "  (128.3)",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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        "text": "3",
        "box": [
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          615.2166622505097,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "    (18.2)",
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        "from_ocr": false,
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        "text": "Ending balance",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 62.8",
        "box": [
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          362.4441889932,
          206.74531612504177,
          375.35418571319997
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ 71.1",
        "box": [
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          362.4441889932,
          251.2838405580418,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ 71.1",
        "box": [
          263.64207310492276,
          362.4441889932,
          295.82236499104175,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ 148.3",
        "box": [
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          347.3377157880298,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ 113.2",
        "box": [
          359.7113736659228,
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          398.8684919160298,
          375.35418571319997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 132.6",
        "box": [
          411.24214979392275,
          362.4441889932,
          450.41621895722983,
          375.35418571319997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 195.7",
        "box": [
          462.77292592192276,
          362.4441889932,
          501.9469950852297,
          375.35418571319997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 239.0",
        "box": [
          514.3206529631227,
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          553.4862466698294,
          375.35418571319997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 146.0",
        "box": [
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          605.0170227978296,
          375.35418571319997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$ 131.2",
        "box": [
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          362.4441889932,
          661.6500237990294,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$ 215.5",
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        "text": "4",
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        "box": [
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      {
        "text": "$2.7B",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$3.3B",
        "box": [
          220.37486748061053,
          380.2771433232,
          251.76389073855356,
          393.1871400432
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        "confidence": 1.0
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      {
        "text": "$4.3B",
        "box": [
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      {
        "text": "$5.5B",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$12.2B",
        "box": [
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          399.34854209654156,
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        "confidence": 1.0
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      {
        "text": "$14.5B",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$12.6B",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$11.3B",
        "box": [
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          380.2771433232,
          553.9662968503411,
          393.1871400432
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        "confidence": 1.0
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      {
        "text": "$12.1B",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$12.0B",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$12.5B",
        "box": [
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        "confidence": 1.0
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      {
        "text": "total UPB",
        "box": [
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          99.01531374914347,
          424.8493155432
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        "confidence": 1.0
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      {
        "text": "2.4%",
        "box": [
          184.09991367212956,
          404.87150416320003,
          210.80200943027253,
          417.7815008832
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      {
        "text": "2.2%",
        "box": [
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        "text": "1.7%",
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        "text": "2.7%",
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          351.40983442427256,
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        "text": "0.9%",
        "box": [
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      {
        "text": "0.9%",
        "box": [
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          454.4883375934726,
          417.7815008832
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.6%",
        "box": [
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          506.0275891780724,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2.1%",
        "box": [
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          404.87150416320003,
          557.5753162192723,
          417.7815008832
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.2%",
        "box": [
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          609.1060923472724,
          417.7815008832
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1.1%",
        "box": [
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        "from_ocr": false,
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      {
        "text": "1.7%",
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          717.2783449330724,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Allowance for Credit Losses - Structured Business",
        "box": [
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          240.72007878,
          519.721042454924,
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        "confidence": 1.0
      },
      {
        "text": "Highly Diversified Capital Structure",
        "box": [
          36.745,
          25.92556000000002,
          459.0714600000002,
          55.823305000000005
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company-provided information",
        "box": [
          38.135,
          578.948,
          167.25835999999998,
          586.868
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
          38.135,
          589.0094,
          44.862288,
          596.9542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts are as of March 31, 2026",
        "box": [
          56.16,
          589.0094,
          167.3236416000001,
          596.9542
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2)",
        "box": [
          38.135,
          598.4131,
          44.855199999999996,
          606.3331
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Excludes Agency debt due to its short-term nature",
        "box": [
          56.16,
          598.4131,
          219.44232,
          606.3331
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Trust preferred (TruPS)",
        "box": [
          53.057,
          446.45124999999996,
          153.61042499999996,
          457.27625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Warehouse & repo",
        "box": [
          71.33,
          297.23125000000005,
          154.18454999999997,
          308.05625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Perpetual preferred equity",
        "box": [
          37.043,
          427.72,
          153.683,
          438.52
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Senior unsecured notes ",
        "box": [
          51.294,
          386.17125,
          156.44804999999997,
          396.99625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Common equity",
        "box": [
          84.215,
          487.71000000000004,
          154.1018,
          498.51
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Collateralized loan obligations",
        "box": [
          22.022,
          134.51125000000002,
          153.70812499999997,
          145.33625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BTR securitization",
        "box": [
          75.451,
          192.36125000000004,
          154.08882499999999,
          203.18625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO repurchase facility",
        "box": [
          53.801,
          220.64125,
          153.94307499999994,
          231.46625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          274.77,
          60.32999999999993,
          279.15047999999996,
          68.96999999999991
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total Enterprise Value  =",
        "box": [
          53.553,
          73.67999999999995,
          183.73619999999994,
          86.63999999999999
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Diversity of funding options provides Arbor with financial flexibility and enables the Company to adapt to changing market conditions and mitigate risk",
        "box": [
          45.559,
          547.44825,
          735.3642750000002,
          558.27325
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          359.73,
          98.47343999999998,
          366.72192,
          104.0443995550612
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Extensive experience with CRE CLOs ",
        "box": [
          376.29,
          97.57124999999996,
          532.0401000000004,
          108.39625000000001
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          391.26,
          112.90343999999999,
          398.25192,
          118.47439955506121
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2 outstanding legacy nonrecourse CLOs totaling ~$1.8B; 2.05% over SOFR; 70% leverage",
        "box": [
          407.82,
          112.01999999999998,
          783.0012000000002,
          122.82
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          391.26,
          127.28431919999997,
          398.2704456,
          132.8700394171301
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO 20; 1 $1.1B nonrecourse; 1.82% over SOFR; 89% leverage; 2.5-year replenishment ",
        "box": [
          407.82,
          126.40125,
          778.8052250000001,
          137.22625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          391.26,
          141.7043192,
          398.2704456,
          147.29003941713012
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO 21; $762M nonrecourse; 1.73% over SOFR; 88% leverage; 2.5-year replenishment ",
        "box": [
          407.82,
          140.82125000000002,
          777.0452250000001,
          151.64625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          391.26,
          156.15344,
          398.25192,
          161.7243995550612
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Match-funded with locked-in spreads",
        "box": [
          407.82,
          155.26999999999998,
          567.8767999999997,
          166.07
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          391.26,
          169.8143192,
          398.2704456,
          175.40003941713013
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Wtd. average advance rate of 79%",
        "box": [
          407.82,
          168.93125000000003,
          554.8859500000005,
          179.75625000000002
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          363.6,
          329.23832,
          371.12976000000003,
          335.2378149054505
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "16 separate warehouse and repo facilities ($6.4B committed)  2",
        "box": [
          377.33,
          328.01000000000005,
          656.4704,
          339.71
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          363.03,
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          370.57843499999996,
          396.3134196051168
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.70% wtd. average coupon rate, no significant covenants; matures in 2026-2030",
        "box": [
          376.76,
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          737.8288750000003,
          400.79625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          363.03,
          446.749045,
          370.57843499999996,
          452.7634196051168
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "~30 year unsecured with no significant covenants ",
        "box": [
          376.76,
          446.42125,
          599.2570500000003,
          457.24625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "-",
        "box": [
          599.59,
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          604.98085,
          457.24625000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " equity-like",
        "box": [
          605.07,
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          654.5681,
          457.24625000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          363.03,
          432.26832,
          370.55976,
          438.26781490545045
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$427M, 6.25% rate; $230M, 6.375% rate",
        "box": [
          376.76,
          431.94,
          558.2431999999999,
          442.74
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          363.03,
          225.20832000000001,
          370.55976,
          231.2078149054505
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO-like $1.2B repurchase facility used to unwind 2 CLO vehicles in full  ",
        "box": [
          376.76,
          224.88,
          695.8080000000002,
          235.68
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          394.56,
          239.63832000000002,
          402.08976,
          245.6378149054505
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.85% over SOFR; 80% leverage; 88% non-recourse ",
        "box": [
          408.29,
          239.31,
          638.706,
          250.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          363.03,
          195.41904499999998,
          370.57843499999996,
          201.4334196051168
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "BTR CLO, improved terms over our warehouse lines",
        "box": [
          376.76,
          195.09125,
          606.0551500000001,
          205.91625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u26ab",
        "box": [
          394.56,
          209.12904500000002,
          402.108435,
          215.14341960511683
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "80% leverage, 2-year replacement",
        "box": [
          408.29,
          208.80125000000004,
          560.9079499999999,
          219.62625000000003
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$8.5B secured indebtedness of which ~80% is non-recourse and ~58% is ",
        "box": [
          363.18,
          267.31,
          683.0316000000001,
          278.11
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "non-mark-to-market, non-recourse, long-dated securitized/CLO-like debt ",
        "box": [
          363.18,
          279.53125,
          683.5445750000002,
          290.35625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "with average pricing of ~2.05% (w/o fees) over SOFR",
        "box": [
          363.18,
          292.52125,
          592.3452250000001,
          303.34625
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        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 19,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "19",
        "box": [
          745.67,
          590.8918656,
          755.9278976,
          599.3093571535911
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Unencumbered Asset Pool is Comprised of ",
        "box": [
          36.745,
          11.525559999999928,
          541.0107849999998,
          41.423304999999914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "High-Quality Assets",
        "box": [
          36.745,
          40.35555999999997,
          277.256915,
          70.25330499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          417.23,
          192.49272000000002,
          427.44896,
          200.63489165739713
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$3.2B total unencumbered asset pool made up of ",
        "box": [
          438.85,
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          748.7344000000008,
          206.82
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "high-quality assets ",
        "box": [
          438.85,
          209.72000000000003,
          557.96528,
          224.83999999999997
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          417.23,
          245.08344499999998,
          427.46763500000003,
          253.24049635706336
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.6x unencumbered assets-to-unsecured debt",
        "box": [
          438.85,
          244.29125,
          723.440245,
          259.43625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          439.85,
          279.71272,
          450.06896,
          287.8548916573971
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Averaging ~2.1x over last 8 quarters, ",
        "box": [
          462.51,
          278.92,
          692.4700799999997,
          294.03999999999996
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "significantly above the covenant requirement",
        "box": [
          462.51,
          296.94,
          745.5564,
          312.05999999999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          417.23,
          332.303445,
          427.46763500000003,
          340.4604963570634
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "~$775M cushion vs. 1.2x",
        "box": [
          438.85,
          331.51125,
          591.1026850000002,
          346.65625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          417.23,
          366.193445,
          427.46763500000003,
          374.35049635706343
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLOs remain overcollateralized and are ",
        "box": [
          438.85,
          365.40125,
          683.2751550000005,
          380.54625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "comfortably in compliance with existing ",
        "box": [
          438.85,
          384.15999999999997,
          689.7361600000005,
          399.28
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "overcollateralization and interest coverage ",
        "box": [
          438.85,
          402.19,
          706.2925600000008,
          417.31
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "covenants ",
        "box": [
          438.85,
          420.93,
          505.6048000000002,
          436.05
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "\u25fc",
        "box": [
          417.23,
          455.573445,
          427.46763500000003,
          463.73049635706343
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "58% of secured debt is nonrecourse and non-",
        "box": [
          438.85,
          454.78125,
          719.04437,
          469.92625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "mark-to-market ",
        "box": [
          438.85,
          473.52125,
          541.51139,
          488.66625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Pro forma ",
        "box": [
          255.08,
          164.27999999999997,
          301.4228000000001,
          175.07999999999998
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unrestricted cash",
        "box": [
          239.36,
          177.26,
          314.95999999999987,
          188.06
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.6% ",
        "box": [
          263.74,
          190.20125000000002,
          292.83759999999995,
          201.02625
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "CLO equity",
        "box": [
          314.47,
          327.53999999999996,
          362.0439999999999,
          338.34
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "34.2% ",
        "box": [
          324.87,
          340.53,
          354.06239999999997,
          351.33
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total ",
        "box": [
          194.55,
          404.11,
          219.30360000000005,
          414.90999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "unencumbered ",
        "box": [
          172.48,
          417.05125,
          241.48937500000002,
          427.87625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "securities",
        "box": [
          184.92,
          430.06,
          226.64040000000003,
          440.86
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.0% ",
        "box": [
          195.12,
          442.32,
          218.43720000000002,
          453.12
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Other assets",
        "box": [
          82.452,
          389.02125,
          137.17237500000002,
          399.84625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "13.0% ",
        "box": [
          96.48,
          402.03,
          125.53199999999998,
          412.83
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Investments in ",
        "box": [
          51.095,
          340.65,
          117.63380000000001,
          351.45
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "equity affiliates",
        "box": [
          49.308,
          353.59125,
          117.68952499999995,
          364.41625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1.8% ",
        "box": [
          72.77,
          366.58124999999995,
          96.08704999999999,
          377.40625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1st mortgage ",
        "box": [
          38.905,
          279.47999999999996,
          98.90980000000002,
          290.28
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "loans",
        "box": [
          56.036,
          292.42125000000004,
          79.14737499999998,
          303.24625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "12.6% ",
        "box": [
          54.447,
          305.41999999999996,
          83.6394,
          316.21999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Mezzanine & ",
        "box": [
          74.83,
          200.90125,
          134.15099999999998,
          211.72625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "preferred",
        "box": [
          82.452,
          213.89125,
          124.44217500000002,
          224.71625
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "11.9% ",
        "box": [
          90.074,
          226.89,
          119.15839999999999,
          237.69
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net MSRs",
        "box": [
          156.61,
          163.03999999999996,
          199.1188,
          173.83999999999997
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "7.9% ",
        "box": [
          167.31,
          175.98125000000005,
          190.62704999999997,
          186.80625000000003
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Key Unencumbered Asset Pool Highlights",
        "box": [
          442.03,
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      {
        "text": "Unencumbered Asset Pool Composition",
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      {
        "text": "$3.2B ",
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        "text": "Total Unencumbered ",
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          165.35,
          301.18125,
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          311.28625
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      {
        "text": "Assets",
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          195.57,
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          324.26
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        "text": "Significant unencumbered asset ",
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          91.713,
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          334.0411000000002,
          482.08625
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      {
        "text": "coverage of unsecured debt from ",
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        "text": "high-quality asset pool ",
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      {
        "text": "Source: Company provided information. Amounts as of March 31, 2026",
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        "text": "1)",
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          27.186,
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          33.9062,
          580.984
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      {
        "text": "Other assets are comprised primarily of interest and exit fees receivable, operating lease ROU and fixed assets, deferred compensation assets, and other receivables  ",
        "box": [
          45.211,
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        "text": "1",
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    ]
  },
  {
    "page_no": 20,
    "width": 792.0,
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    "cells": [
      {
        "text": "20",
        "box": [
          745.67,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Over the Last 5 Years Arbor has Generated ",
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          41.423304999999914
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        "from_ocr": false,
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      {
        "text": "Strong Financial Results",
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      {
        "text": "Source: Company filings (As of March 31, 2026)",
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        "text": "1)",
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      {
        "text": "Distributable Earnings is a non-GAAP measure that excludes certain one-time items, as well as certain non-cash items. These adjustments are reflected on the appropriate line items shown on this page",
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          56.16,
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        "text": "2)",
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      {
        "text": "$1.07 including realized losses totaling $22.6M in 2025; $0.07 including realized losses totaling $22.9M in 1Q26",
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          56.16,
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      {
        "text": "Solid earnings base driven by thriving multifamily focused GSE/Agency platform as well as a well-positioned balance ",
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          60.356,
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          520.36125
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      {
        "text": "sheet business with entrenched low-cost CLOs that allow for outsized levered returns",
        "box": [
          150.16,
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          643.46502,
          539.10625
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      {
        "text": "Quarter ",
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          752.8028328082639,
          118.8701133670283
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        "from_ocr": false,
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      {
        "text": "Ended",
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          712.324151711982,
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          135.35523822561981
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      {
        "text": "1Q26",
        "box": [
          714.5783036307369,
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      {
        "text": "Net interest income ",
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          17.3741503672895,
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          112.95925491927038,
          169.34987785154584
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      {
        "text": " $      254,082 ",
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          238.501436152076,
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      {
        "text": " $      390,784 ",
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          327.24488928287604,
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      {
        "text": " $        427,991 ",
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          416.759763263876,
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      {
        "text": " $        363,258 ",
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          512.265671899676,
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      {
        "text": " $        238,172 ",
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      {
        "text": " $        59,845 ",
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      {
        "text": "Servicing revenue",
        "box": [
          17.374150444736994,
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          186.54967592154583
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "         166,170 ",
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          238.5014362295235,
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        "from_ocr": false,
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      {
        "text": "         196,570 ",
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          327.2448893603235,
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          396.04901707104324,
          186.7283330899083
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      {
        "text": "           208,278 ",
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          416.75976334132343,
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      {
        "text": "           202,819 ",
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          512.2656719771235,
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          587.080169956162,
          186.72832646570743
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      {
        "text": "           190,729 ",
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          607.7815990655236,
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          186.72832304600138
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      {
        "text": "           45,079 ",
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          698.0578754441235,
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        "from_ocr": false,
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      {
        "text": "Gain on sale, incl. fee based services, net",
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          17.37415052205577,
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      {
        "text": "         123,037 ",
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          238.5014363100603,
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      {
        "text": "           72,904 ",
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          327.24488944407835,
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        "confidence": 1.0
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        "text": "             72,522 ",
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          416.7597634250783,
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        "text": "             74,932 ",
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          512.2656720608784,
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        "text": "             70,670 ",
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          607.7815991492783,
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          682.6015321388531,
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        "from_ocr": false,
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      {
        "text": "           12,505 ",
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          698.0578755278783,
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        "from_ocr": false,
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      {
        "text": "Net operating income (loss) on REOs",
        "box": [
          17.37415059941745,
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          186.1334819269053,
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      {
        "text": "34,610 ",
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          271.592385325222,
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          307.3725374537729,
          221.79495940240537
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      {
        "text": "              (259)",
        "box": [
          325.74212163144,
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          393.23192854556555,
          222.50963051371104
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "                 (189)",
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          412.23142292724003,
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        "from_ocr": false,
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      {
        "text": "                 (168)",
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          507.75736846824003,
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        "text": "              (6,633)",
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        "from_ocr": false,
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      {
        "text": "           (3,904)",
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          696.52505235744,
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      {
        "text": "Income from equity affiliates",
        "box": [
          17.374150676864947,
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      {
        "text": "                   -   ",
        "box": [
          243.7711425356875,
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          313.3548060432131,
          239.7094315184745
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        "from_ocr": false,
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      {
        "text": "           14,247 ",
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          327.24488959888754,
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          396.05445232014273,
          239.70942852990828
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        "from_ocr": false,
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      {
        "text": "             24,281 ",
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          416.7597635798875,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "               5,772 ",
        "box": [
          512.2656722156876,
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          587.0910402157973,
          239.70942190570742
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        "from_ocr": false,
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      {
        "text": "             50,880 ",
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          607.7815993040875,
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          239.70941848600137
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        "from_ocr": false,
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      {
        "text": "             4,411 ",
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          698.0578756826875,
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          766.8728734144796,
          239.70941525388776
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        "from_ocr": false,
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      {
        "text": "Other income",
        "box": [
          17.37415075418372,
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        "from_ocr": false,
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      {
        "text": "7,448",
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          277.60345703677024,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           (2,359)",
        "box": [
          325.74212177977023,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "               4,867 ",
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          416.7597636507702,
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          255.4512903730547
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "               7,254 ",
        "box": [
          512.2656722865703,
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          587.09104028668,
          255.45128695370738
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "             10,537 ",
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          607.7815993749703,
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          682.6015323645449,
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        "from_ocr": false,
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      {
        "text": "             2,225 ",
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          698.0578757535702,
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          766.8728734853623,
          255.45128030188772
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       Total net revenues",
        "box": [
          17.374150831545403,
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          120.20750565510025,
          272.4533765315458
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "         585,347 ",
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          238.50143661633192,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "         671,887 ",
        "box": [
          327.24488974713194,
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          396.0490174578516,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           737,750 ",
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          416.7597637281319,
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          491.5742617071695,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           653,867 ",
        "box": [
          512.2656723639319,
          261.17343316216363,
          587.0801703429703,
          272.63202707570736
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "           554,355 ",
        "box": [
          607.7815994523319,
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          682.5960974313709,
          272.63202365600137
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "         120,161 ",
        "box": [
          698.0578758309318,
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          766.8620035416526,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Total operating expenses",
        "box": [
          17.37415093473722,
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          134.3535107372291,
          295.37055900154576
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "237,155",
        "box": [
          265.5813140973237,
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          295.5492183776165
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "227,282",
        "box": [
          354.3247672281237,
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          295.54921520038175
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           223,404 ",
        "box": [
          416.75976383132365,
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          491.57426181036135,
          295.5492129650547
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "239,689",
        "box": [
          545.3766583101237,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           237,096 ",
        "box": [
          607.7815995555237,
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          682.5960975345629,
          295.5492061260013
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           63,031 ",
        "box": [
          698.0578759341237,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Realized loan reserves / (recoveries)",
        "box": [
          17.374151012184715,
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          186.60790616254556,
          312.5703570715458
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           12,575 ",
        "box": [
          238.5014367969712,
          301.2904237185907,
          307.3109995182267,
          312.74901741714297
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           (2,045)",
        "box": [
          325.7421220377712,
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          393.22649394136135,
          312.749014293711
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             20,499 ",
        "box": [
          416.75976390877116,
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          491.5796968983443,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "14,790",
        "box": [
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        "from_ocr": false,
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      },
      {
        "text": "             29,707 ",
        "box": [
          607.7815996329713,
          301.290410282263,
          682.601532622546,
          312.74900419600135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             9,425 ",
        "box": [
          698.0578760115712,
          301.29040726514086,
          766.8728737433634,
          312.74900096388774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Preferred stock dividends",
        "box": [
          17.37415108950349,
          318.99764576632117,
          136.5900803426824,
          329.7415682195458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "21,888",
        "box": [
          271.59238581208996,
          318.46163495841506,
          304.7462506838139,
          329.9202273804053
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "40,954",
        "box": [
          360.32582049028997,
          318.46163178153904,
          393.47968536201387,
          329.92022420352924
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,368",
        "box": [
          455.85176603128997,
          318.4616283614743,
          489.0056309030139,
          329.9202207834645
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "41,368",
        "box": [
          551.37771157229,
          318.4616249414096,
          584.5315764440141,
          329.92021736339984
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "             41,368 ",
        "box": [
          607.78159971029,
          318.461621430263,
          682.6015326998647,
          329.92021534400135
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "           10,342 ",
        "box": [
          698.05787608889,
          318.4616184133355,
          766.8674388101465,
          329.92021211188774
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       Distributable earnings",
        "box": [
          17.374151179823144,
          339.05613605858207,
          135.9683102185145,
          349.8000584895458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1",
        "box": [
          136.2130359104787,
          336.71439055247555,
          140.03525093258688,
          343.8849436243203
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $      313,729 ",
        "box": [
          238.50143696460964,
          338.5201251398987,
          307.2186045067615,
          349.978718835143
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $      405,696 ",
        "box": [
          327.2448900954097,
          338.5201219626639,
          395.9620576375613,
          349.9787156579082
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $        452,479 ",
        "box": [
          416.7597640764096,
          338.52011854387615,
          491.4523374873052,
          349.97871245305475
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $        358,020 ",
        "box": [
          512.2656727122097,
          338.5201151245288,
          586.958246123106,
          349.97870903370733
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $        246,184 ",
        "box": [
          607.7815998006097,
          338.52011170482274,
          682.4741732115064,
          349.97870561400134
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $        37,363 ",
        "box": [
          698.0578761792096,
          338.5201086879374,
          766.7389021536077,
          349.97870238188773
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings ROE on common equity",
        "box": [
          17.374151340939683,
          374.837430047632,
          230.401743664601,
          385.5813558595458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.5%",
        "box": [
          275.3493057885262,
          374.3014225894219,
          304.99743858806363,
          385.7600148858983
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "18.2%",
        "box": [
          364.11279582452624,
          374.30141941146985,
          393.76092862406364,
          385.7600117079462
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "17.8%",
        "box": [
          459.60868600772625,
          374.30141599248117,
          489.25681880726364,
          385.7600082889575
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "14.0%",
        "box": [
          555.1446500013262,
          374.30141257205776,
          584.7927828008636,
          385.7600048685341
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "9.9%",
        "box": [
          656.6816671023262,
          374.3014091520101,
          680.3182524653652,
          385.7600012332582
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "6.3%",
        "box": [
          740.9067981105263,
          374.3014061365424,
          764.5433834735652,
          385.75999821779055
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings per common share",
        "box": [
          17.37415142161809,
          392.7547606480421,
          208.38621920291092,
          403.4986856717458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.01 ",
        "box": [
          277.6034577042046,
          392.21875231660454,
          307.372062396257,
          403.67734461739406
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.23 ",
        "box": [
          366.3669477402046,
          392.2187491386524,
          396.13555243225704,
          403.677341439442
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.25 ",
        "box": [
          461.8628379234046,
          392.2187457196638,
          491.631442615457,
          403.6773380204533
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.74 ",
        "box": [
          557.3988019170046,
          392.2187422992404,
          587.1674066090571,
          403.6773346000299
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.17  2",
        "box": [
          652.9247474580046,
          391.8614021794457,
          687.5737411287037,
          403.6773311799652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.18  2",
        "box": [
          737.1498784662047,
          391.86139916397804,
          771.7988721369038,
          403.67732816449757
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend per common share",
        "box": [
          17.37415149895832,
          409.9307384596183,
          147.5921951206682,
          420.6746613067458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.48 ",
        "box": [
          277.6034577815448,
          409.3947279516045,
          307.3720624735972,
          420.8533202523941
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.57 ",
        "box": [
          366.3669478175448,
          409.39472477365246,
          396.1355525095973,
          420.853317074442
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.71 ",
        "box": [
          461.86283800074483,
          409.3947213546638,
          491.63144269279724,
          420.85331365545335
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.72 ",
        "box": [
          557.3988019943447,
          409.39471793424036,
          587.1674066863974,
          420.8533102350299
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.20 ",
        "box": [
          652.9247475353447,
          409.3947145141757,
          682.6933522273974,
          420.8533068149652
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.17 ",
        "box": [
          737.1498785435448,
          409.39471149870803,
          766.9184832355975,
          420.85330379949755
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable EPS in excess of dividends",
        "box": [
          17.374151592496013,
          430.7038998647004,
          201.07783334048338,
          441.4478246267458
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.53 ",
        "box": [
          277.6034578750825,
          430.16789127160456,
          307.3720625671349,
          441.62648357239414
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.66 ",
        "box": [
          366.3669479110825,
          430.16788809365244,
          396.13555260313495,
          441.62648039444196
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.54 ",
        "box": [
          461.8628380942825,
          430.1678846746638,
          491.6314427863349,
          441.62647697545333
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.02 ",
        "box": [
          557.3988020878825,
          430.16788125424034,
          587.167406779935,
          441.6264735550299
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "($0.03)",
        "box": [
          645.4109081788826,
          430.16787793583785,
          679.8538223005171,
          441.6264704039792
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$0.01 ",
        "box": [
          737.1498786370826,
          430.167874818708,
          766.9184833291351,
          441.62646711949753
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Dividend payout ratio",
        "box": [
          17.37415168925175,
          452.19173921323693,
          117.88422735486664,
          462.9356609967458
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "74%",
        "box": [
          284.3659134768382,
          451.6557277264677,
          305.00174687099366,
          463.1143197002815
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "70%",
        "box": [
          373.1294035128382,
          451.6557245485156,
          393.76523690699366,
          463.1143165223294
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "76%",
        "box": [
          468.6553490538382,
          451.65572112845086,
          489.29118244799366,
          463.11431310226465
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "99%",
        "box": [
          564.1612576896382,
          451.65571770910356,
          584.7970910837936,
          463.11430968291734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "103%",
        "box": [
          653.6761316706383,
          451.6557142890397,
          680.3230115786621,
          463.1143064780638
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "94%",
        "box": [
          743.9123342388383,
          451.65571127357117,
          764.5481676329937,
          463.11430324738495
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2025",
        "box": [
          620.5851813375368,
          141.78253351445392,
          647.3611991027931,
          153.95579875810148
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year Ended",
        "box": [
          427.2791382980368,
          114.57731847029868,
          487.4324323764008,
          126.75058490893514
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2024",
        "box": [
          525.0592357965369,
          141.78253693451865,
          551.8352535617931,
          153.9558021781662
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2023",
        "box": [
          429.5332902555368,
          141.78254035458338,
          456.30930802079286,
          153.95580559823094
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (Amounts in 000s, except per share amounts)",
        "box": [
          17.374150209262282,
          123.51074087487575,
          228.24424371938215,
          134.25466660954584
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021",
        "box": [
          255.79328526633685,
          141.78254657490453,
          282.5693030315928,
          153.9558118185521
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2022",
        "box": [
          337.0429358523369,
          141.78254366596644,
          363.81895361759285,
          153.955808909614
        ],
        "from_ocr": false,
        "confidence": 1.0
      }
    ]
  },
  {
    "page_no": 21,
    "width": 792.0,
    "height": 612.0,
    "cells": [
      {
        "text": "21",
        "box": [
          745.67,
          590.8918656,
          755.9278976,
          599.3093571535911
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Historical Reconciliation of Distributable Earnings to GAAP ",
        "box": [
          36.745,
          11.525559999999928,
          743.0167899999998,
          41.423304999999914
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net Income",
        "box": [
          36.745,
          40.35555999999997,
          173.627675,
          70.25330499999995
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Source: Company filings (As of December 31, 2025)",
        "box": [
          38.756,
          517.897,
          192.32479999999998,
          525.817
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1)",
        "box": [
          38.756,
          528.697,
          44.7562,
          536.617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis",
        "box": [
          56.781,
          528.697,
          706.3579200000001,
          536.617
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2)",
        "box": [
          38.756,
          539.522,
          44.7562,
          547.442
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.07 including realized losses totaling $22.6M in 2025; $0.07 including realized losses totaling $22.9M in 1Q26",
        "box": [
          56.781,
          539.522,
          405.37188000000043,
          547.442
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Quarter ",
        "box": [
          700.614765259878,
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          752.2994909888257,
          133.7169451461973
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Ended",
        "box": [
          707.2518010304461,
          138.1391027219936,
          745.5801286636386,
          152.08023453761734
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "1Q26",
        "box": [
          710.5703190248076,
          159.06397631352036,
          742.5496030944101,
          173.00510801143014
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to common stockholders",
        "box": [
          33.614811447473585,
          177.4377947764715,
          273.1131537718616,
          188.84897080187466
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $  317,412 ",
        "box": [
          309.958850382411,
          177.7540448400099,
          372.63658112683385,
          190.43019734708218
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $  284,829 ",
        "box": [
          387.70066071041106,
          177.75404628137676,
          450.37839145483383,
          190.43019878844916
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $  330,065 ",
        "box": [
          465.431409312411,
          177.75404772253853,
          528.1091400568339,
          190.43020022961093
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $  223,272 ",
        "box": [
          543.1510961884111,
          177.75404916349532,
          605.828826932834,
          190.4302016705676
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $  107,427 ",
        "box": [
          620.881844790411,
          177.7540506046571,
          683.5595755348346,
          190.4302031117295
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $         629 ",
        "box": [
          698.590469940411,
          177.75405204540868,
          761.1351834296847,
          190.43020455001488
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Adjustments:",
        "box": [
          33.61481168854056,
          203.3909628524715,
          96.57577791544367,
          214.80213560479513
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Net income attributable to noncontrolling interest",
        "box": [
          41.57925458527732,
          222.41836689013564,
          283.7957671853303,
          233.82954296593493
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       38,507 ",
        "box": [
          309.95885081196457,
          223.99959656600987,
          372.66138747694237,
          236.67574907354208
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       28,044 ",
        "box": [
          387.7006611399646,
          223.9995980073768,
          450.40319780494235,
          236.675750514909
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       29,122 ",
        "box": [
          465.43140974196456,
          223.99959944853856,
          528.1339464069423,
          236.67575195607083
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       19,278 ",
        "box": [
          543.1510966179646,
          223.9996008894953,
          605.8536332829424,
          236.6757533970275
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "         9,033 ",
        "box": [
          620.8818452199646,
          223.99960233065713,
          683.5903828712986,
          236.67575483830058
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "              52 ",
        "box": [
          698.5904703699646,
          223.99960377140872,
          761.3110099940089,
          236.67575627927476
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Income from mortgage servicing rights",
        "box": [
          41.57925476181825,
          241.4246877841357,
          227.39672772142129,
          252.83586281427233
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "   (130,230)",
        "box": [
          308.6314438685055,
          243.00591743539917,
          369.6730623745834,
          255.68206991213725
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (69,346)",
        "box": [
          386.3732541965055,
          243.00591887676603,
          447.37496752603835,
          255.6820713527643
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (69,912)",
        "box": [
          464.1150645245055,
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          525.1167778540383,
          255.68207279413116
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (51,272)",
        "box": [
          541.8236896745055,
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          602.8254030040384,
          255.6820742348828
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "     (54,532)",
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          619.5544382765056,
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          680.5561516060392,
          255.68207567604463
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (9,660)",
        "box": [
          697.2630634265056,
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          758.3427895786546,
          255.68207711824266
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Deferred tax provision (benefit)",
        "box": [
          41.57925493826126,
          260.4204671801357,
          193.8446877550743,
          271.83164158820284
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       10,892 ",
        "box": [
          309.9588511649485,
          262.00169685600986,
          372.6613878299263,
          274.67784936354207
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (1,741)",
        "box": [
          386.3732543729485,
          262.001698272766,
          447.4529805250962,
          274.67785075021067
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (7,349)",
        "box": [
          464.1150647009485,
          262.00169971413294,
          525.1947908530963,
          274.6778521915776
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (11,613)",
        "box": [
          541.8236898509485,
          262.0017011548846,
          602.8254031804814,
          274.6778536308828
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "         3,773 ",
        "box": [
          620.8818455729485,
          262.00170262065706,
          683.5903832242825,
          274.67785512830056
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       (2,580)",
        "box": [
          697.2630636029486,
          262.001704036798,
          758.3427897550976,
          274.67785651424265
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Amortization and write-offs of MSRs",
        "box": [
          41.57925511480218,
          279.42678807413563,
          218.70337291963523,
          290.83796294309366
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       91,356 ",
        "box": [
          309.95885134148944,
          281.00801775000986,
          372.66138800646723,
          293.68417025754206
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     104,378 ",
        "box": [
          387.7006616694895,
          281.0080191913768,
          450.33848723736725,
          293.6841716977092
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       77,829 ",
        "box": [
          465.4314102714894,
          281.00802063253855,
          528.1339469364672,
          293.6841731400708
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       76,922 ",
        "box": [
          543.1510971474895,
          281.0080220734953,
          605.8536338124671,
          293.6841745810275
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       81,112 ",
        "box": [
          620.8818457494895,
          281.0080235146571,
          683.5843824144682,
          293.6841760221893
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       19,340 ",
        "box": [
          698.5904708994894,
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          761.2930075644682,
          293.68417746294097
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Depreciation and amortization",
        "box": [
          41.579255291538935,
          298.4541919641357,
          189.82131712763206,
          309.8653662976078
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       10,900 ",
        "box": [
          309.9588515182262,
          300.0354216400099,
          372.661388183204,
          312.7115741475421
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       11,069 ",
        "box": [
          387.70066184622624,
          300.03542308137673,
          450.403198511204,
          312.711575588909
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       16,425 ",
        "box": [
          465.4314104482262,
          300.0354245225385,
          528.1339471132039,
          312.71157703007077
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       12,040 ",
        "box": [
          543.1510973242263,
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          605.8536339892039,
          312.7115784710275
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "       26,217 ",
        "box": [
          620.8818459262262,
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          683.584382591205,
          312.71157991218934
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "         7,814 ",
        "box": [
          698.5904710762262,
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          761.2990087275601,
          312.7115813530522
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Loss on extinguishment of debt",
        "box": [
          41.579255467981945,
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          192.20420666468002,
          328.86114573778764
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "         3,374 ",
        "box": [
          309.9588516946692,
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          372.6673893460019,
          331.7073535436533
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "         4,933 ",
        "box": [
          387.70066202266923,
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          450.4091996740019,
          331.7073549850202
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "         1,561 ",
        "box": [
          465.4314106246692,
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          528.1399482760019,
          331.70735642618206
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "            412 ",
        "box": [
          543.1510975006693,
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          605.8656361383569,
          331.70735786725004
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "         2,919 ",
        "box": [
          620.8818461026692,
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          683.5903837540033,
          331.7073593083005
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " - ",
        "box": [
          748.4235468826694,
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          761.3528242009925,
          331.70736075004993
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Provision for credit losses, net",
        "box": [
          41.579255644522874,
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          186.91155811063095,
          347.8674665336596
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "     (39,856)",
        "box": [
          308.63144473946033,
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          369.63315806899317,
          349.44869462139735
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       25,077 ",
        "box": [
          387.70066218746035,
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          450.4031988524381,
          349.44869611890897
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       68,642 ",
        "box": [
          465.4314107894603,
          336.77254505253853,
          528.133947454438,
          349.44869756007074
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       65,537 ",
        "box": [
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          349.4486990010275
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       32,487 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "            (70)",
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          349.4487018284651
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss (gain) on derivative instruments, net",
        "box": [
          41.579255820965884,
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          366.86324688940476
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "            432 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "         3,480 ",
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          450.40920002698584,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       (8,844)",
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        "from_ocr": false,
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      {
        "text": "         9,212 ",
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        "from_ocr": false,
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      {
        "text": "       (3,379)",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "         1,298 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "(Gain) loss on real estate",
        "box": [
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          161.0350564119709,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       (2,466)",
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          369.7111712565377,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " - ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " - ",
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        "from_ocr": false,
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      {
        "text": " - ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       27,338 ",
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      {
        "text": "       14,636 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Loss on redemption of preferred stock",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "         3,479 ",
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        "from_ocr": false,
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      {
        "text": " - ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " - ",
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        "from_ocr": false,
        "confidence": 1.0
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        "text": " - ",
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        "from_ocr": false,
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        "text": " - ",
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        "from_ocr": false,
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      {
        "text": " - ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Stock-based compensation",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "         9,929 ",
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        "confidence": 1.0
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      {
        "text": "       14,973 ",
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        "confidence": 1.0
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      {
        "text": "       14,940 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       14,232 ",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "       13,789 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "         5,904 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "Distributable earnings",
        "box": [
          33.61481382480326,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "1",
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " $  313,729 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " $  405,696 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $  452,479 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $  358,020 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " $  246,184 ",
        "box": [
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          445.1075240427294
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": " $    37,363 ",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Distributable earnings per common share",
        "box": [
          33.61481405441417,
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          469.5110835409395
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2",
        "box": [
          232.26128953597708,
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          236.31328280346574,
          462.86993988058896
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.01 ",
        "box": [
          339.8586983556018,
          457.1511791353659,
          372.7272622209097,
          469.82733108976333
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.23 ",
        "box": [
          417.6005086836018,
          457.1511805767328,
          450.4690725489097,
          469.82733253113025
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$2.25 ",
        "box": [
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          528.1998211509098,
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        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "$1.74 ",
        "box": [
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          605.9084463009099,
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "$1.17 ",
        "box": [
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        "confidence": 1.0
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      {
        "text": "$0.18 ",
        "box": [
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        "from_ocr": false,
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      {
        "text": "2024",
        "box": [
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          581.1208024910804,
          173.0051050184701
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2023",
        "box": [
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          503.39005388908026,
          173.00510357730832
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": " (Amounts in 000s, except per share amounts)",
        "box": [
          33.61481109419591,
          139.40406999247148,
          262.15665208715905,
          150.8152458147364
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        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "2021",
        "box": [
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          347.9396184110803,
          173.00510069518975
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2025",
        "box": [
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          658.8294276410802,
          173.0051064592218
        ],
        "from_ocr": false,
        "confidence": 1.0
      },
      {
        "text": "Year Ended",
        "box": [
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          128.65174982893745,
          522.9563940614903,
          142.5928822100767
        ],
        "from_ocr": false,
        "confidence": 1.0
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      {
        "text": "2022",
        "box": [
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        "from_ocr": false,
        "confidence": 1.0
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]