{
"document": "ea79061bb6be6ce0",
"scans": [
{
"page": 1,
"status": "figures",
"reason": "",
"picture_classes": [
"full_page_image"
],
"table_refs": [],
"job_id": "parse-01m2p7m26gkmk5h9jmgkz94np6",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 0.8,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p1.ade.json",
"figures": [
{
"page": 1,
"text": "A low-angle, exterior view of a modern multi-story building facade. The architecture features a striking contrast between matte, dark charcoal-colored exterior walls and light-toned, horizontal wood-plank textured panels. The building has a stepped, cubic design with multiple cantilevered balconies. Each balcony is equipped with a simple, vertical metal railing. Large, rectangular windows with dark frames are present on every floor, reflecting the surrounding environment. Small, potted evergreen bushes are placed on the balconies, adding a touch of greenery to the dark, geometric structure. The perspective emphasizes the verticality and sharp, clean lines of the contemporary building design.",
"box": {
"left": 0.53604,
"top": 0.16934,
"right": 0.99886,
"bottom": 0.99925
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7m26gkmk5h9jmgkz94np6",
"picture_ref": "#/pictures/1"
}
],
"tables": [],
"context": [
{
"page": 1,
"kind": "logo",
"text": "[VISUAL_LOGO] ARBOR\nArbor Realty Trust, Inc.\n",
"box": {
"left": 0.0295,
"top": 0.03093,
"right": 0.32663,
"bottom": 0.16319
},
"chunk_id": "logo-0"
},
{
"page": 1,
"kind": "text",
"text": "# Investor Presentation\n\nMay 2026\n[Modern multi-story apartment building with balconies]\n[Company logo icon]\n[Company logo icon]\n",
"box": {
"left": 0.00817,
"top": 0.19088,
"right": 0.59801,
"bottom": 0.9977
},
"chunk_id": "text-0"
}
]
},
{
"page": 2,
"status": "empty",
"reason": "",
"picture_classes": [],
"table_refs": [],
"job_id": "parse-01m2p7m21bt2p4n1xfhh9gkmj9",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.6,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p2.ade.json",
"figures": [],
"tables": [],
"context": [
{
"page": 2,
"kind": "text",
"text": "Legal Disclosures\n",
"box": {
"left": 0.0362,
"top": 0.0328,
"right": 0.31747,
"bottom": 0.10739
},
"chunk_id": "text-0"
},
{
"page": 2,
"kind": "text",
"text": "This presentation and the information contained herein (together, this “Presentation”) are for the benefit of the stockholders of Arbor Realty Trust, Inc.\n(together with its direct and indirect subsidiaries, “we,” “us,” “our,” “Arbor,” or the “Company”). This Presentation is solely for informational purposes and is\nnot 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,\nand 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\nof 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.\n",
"box": {
"left": 0.05016,
"top": 0.16227,
"right": 0.95378,
"bottom": 0.28417
},
"chunk_id": "text-1"
},
{
"page": 2,
"kind": "text",
"text": "**Forward-Looking Statements**\nThis Presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking\nstatements relate to, among other things, the operating performance of our investments and financing needs. We use words such as “anticipate,” “expect,”\n“believe,” “intend,” “should,” “could,” “will,” “may,” “target” and similar expressions to identify forward-looking statements, although not all forward-\nlooking statements include these words. Forward-looking statements are based on certain assumptions, discuss future expectations, describe future plans\nand strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Our ability to predict results\nor the actual effect of future plans or strategies is inherently uncertain. These forward-looking statements involve risks, uncertainties and other factors that\nmay 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\noperations, financial condition and future prospects include, but are not limited to, changes in economic, macroeconomic and geopolitical conditions\ngenerally, and the real estate market specifically; adverse changes in our status with government-sponsored enterprises affecting our ability to originate\nloans 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;\nimpairments in the value of the collateral underlying our loans and investments; inflation; changes in federal and state laws and regulations, including\nchanges in tax laws; the availability and cost of capital for future investments; competition; and other risks and uncertainties described in our Annual Report\non 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\ntime. Undue reliance should not be placed on the forward-looking statements in this Presentation, which are based on information available to us on, and\nwhich speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances\nafter the date they were made, unless required by applicable law.\n",
"box": {
"left": 0.05016,
"top": 0.29549,
"right": 0.95382,
"bottom": 0.69228
},
"chunk_id": "text-2"
},
{
"page": 2,
"kind": "text",
"text": "# Non-GAAP Financial Measures\n\nThis Presentation includes certain financial information that is not required by, or presented in accordance with U.S. generally accepted accounting principles\n(\"GAAP\"), including Distributable Earnings. These non-GAAP financial measures are provided to enhance the user's overall understanding of the Company's\ncurrent financial performance and its prospects for the future. These non-GAAP financial measures are used by management to assess the Company's\nperformance, allocate resources and plan for future periods. These non-GAAP financial measures should only be considered as supplemental to results\nprepared in accordance with GAAP, and not considered as a substitute or replacement for, or superior to, GAAP results. These non-GAAP measures may\ndiffer from the non-GAAP measures reported by other companies. Refer to the slide \"Historical Reconciliation of Distributable Earnings to GAAP Net Income\"\nfor a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.\n",
"box": {
"left": 0.05072,
"top": 0.70557,
"right": 0.95399,
"bottom": 0.90853
},
"chunk_id": "text-3"
},
{
"page": 2,
"kind": "logo",
"text": "[Vertical bar graph icon]\n",
"box": {
"left": 0.87205,
"top": 0.94115,
"right": 0.92129,
"bottom": 0.99332
},
"chunk_id": "logo-0"
},
{
"page": 2,
"kind": "marginalia",
"text": "2\n",
"box": {
"left": 0.94351,
"top": 0.95947,
"right": 0.95845,
"bottom": 0.98191
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 3,
"status": "figures",
"reason": "",
"picture_classes": [
"flow_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7m27wp317czakh32md95g",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.2,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p3.ade.json",
"figures": [
{
"page": 3,
"text": "The diagram illustrates a cyclical relationship between four distinct financial service stages. Top left: 'Bridge and mezzanine loans' (represented by an icon of a handshake over a house in an orange circle). Bottom left: 'Construction loans' (represented by an icon of buildings in a green circle). Top right: 'GSE loan origination' (represented by an icon of a star-burst pattern in a dark teal circle). Bottom right: 'GSE loan servicing' (represented by an icon of a hand holding a coin in a blue circle). Arrows indicate a clockwise flow: 'Construction loans' connects to 'Bridge and mezzanine loans' (curved dashed arrow), which connects to 'GSE loan origination' (straight dashed arrow), which connects to 'GSE loan servicing' (curved dashed arrow). Below this cycle is a box containing three key value propositions marked with checkmarks:",
"box": {
"left": 0.54762,
"top": 0.12253,
"right": 0.96976,
"bottom": 0.91679
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7m27wp317czakh32md95g",
"picture_ref": "#/pictures/3"
}
],
"tables": [],
"context": [
{
"page": 3,
"kind": "text",
"text": "Arbor is a Leading Commercial Mortgage REIT with a\nDifferentiated Business Model\n",
"box": {
"left": 0.02972,
"top": 0.01836,
"right": 0.84745,
"bottom": 0.11339
},
"chunk_id": "text-0"
},
{
"page": 3,
"kind": "text",
"text": "# Business\n\nArbor Realty Trust is an internally-managed mortgage REIT with\na premium operating platform and unique business model,\nconsisting of two primary business platforms:\n - Structured Loan Origination and Investment\n - Agency Loan Origination and Servicing\n - Complementary operating platforms with diversified, counter-\ncyclical and recurring income streams\n - Balance sheet loans provide **strong risk-adjusted returns**\n - Balance sheet runoff naturally **feeds GSE/Agency pipeline**\n - Historically, ~50% of balance sheet runoff is recaptured\ninto Agency production\n - Agency business is capital-light with high barriers to entry,\nresulting in sizeable earnings and cash flows\n - Servicing business generates significant **prepayment**\n**protected annual revenue** with 6-year weighted average\nremaining life\n - Prudent leverage and balance sheet strategy\n - **Successfully delevered the Company 17%** on a debt /\nequity basis to 3.4x1 since 2023\n - Best-in-class, highly aligned senior management team with\nsignificant ownership (~11%)\n",
"box": {
"left": 0.04486,
"top": 0.12292,
"right": 0.54641,
"bottom": 0.92462
},
"chunk_id": "text-1"
},
{
"page": 3,
"kind": "text",
"text": "Source: Company filings (As of March 31, 2026)\n 1) Trust preferred securities \"TruPS\" included as equity\n",
"box": {
"left": 0.04333,
"top": 0.93017,
"right": 0.29229,
"bottom": 0.97138
},
"chunk_id": "text-2"
},
{
"page": 3,
"kind": "logo",
"text": "[Vertical bar chart icon]\n",
"box": {
"left": 0.87194,
"top": 0.94101,
"right": 0.92152,
"bottom": 0.99313
},
"chunk_id": "logo-0"
},
{
"page": 3,
"kind": "marginalia",
"text": "3\n",
"box": {
"left": 0.94373,
"top": 0.9597,
"right": 0.95813,
"bottom": 0.98115
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 4,
"status": "figures",
"reason": "",
"picture_classes": [
"table"
],
"table_refs": [],
"job_id": "parse-01m2p7m2apg4vxf68hjrxv4bc7",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.3,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p4.ade.json",
"figures": [
{
"page": 4,
"text": "A timeline diagram showing the corporate history of Arbor from 1983 to 2024. The timeline is represented by a horizontal dashed line with events plotted above and below it. The timeline proceeds chronologically from left to right.",
"box": {
"left": 0.01866,
"top": 0.15173,
"right": 0.9798,
"bottom": 0.62913
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7m2apg4vxf68hjrxv4bc7",
"picture_ref": "#/pictures/5"
}
],
"tables": [],
"context": [
{
"page": 4,
"kind": "text",
"text": "Arbor has a 40+ Year Track Record of Excellence in the\nMultifamily Lending Sector\n",
"box": {
"left": 0.02697,
"top": 0.01579,
"right": 0.86925,
"bottom": 0.11865
},
"chunk_id": "text-0"
},
{
"page": 4,
"kind": "marginalia",
"text": "Source: Company website, Company filings (As of March 31, 2026)\n",
"box": {
"left": 0.04396,
"top": 0.93341,
"right": 0.32131,
"bottom": 0.95427
},
"chunk_id": "marginalia-0"
},
{
"page": 4,
"kind": "logo",
"text": "[VERTICAL_LINES_SYMBOL]\n",
"box": {
"left": 0.87239,
"top": 0.94152,
"right": 0.9206,
"bottom": 0.99279
},
"chunk_id": "logo-0"
},
{
"page": 4,
"kind": "marginalia",
"text": "4\n",
"box": {
"left": 0.94405,
"top": 0.96113,
"right": 0.95758,
"bottom": 0.98056
},
"chunk_id": "marginalia-1"
}
]
},
{
"page": 5,
"status": "figures",
"reason": "",
"picture_classes": [
"flow_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7m22frbe8m67fgzdqddx5",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.3,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p5.ade.json",
"figures": [
{
"page": 5,
"text": "The figure is a three-part diagram illustrating a business timeline and its peer group comparison relative to the Great Financial Crisis (GFC). The layout consists of three vertical sections: a 'Peer group pre-GFC' panel on the left, a central 'Timeline' panel, and a 'Peer group post-GFC' panel on the right.",
"box": {
"left": 0.04102,
"top": 0.137,
"right": 0.95984,
"bottom": 0.56902
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7m22frbe8m67fgzdqddx5",
"picture_ref": "#/pictures/12"
}
],
"tables": [],
"context": [
{
"page": 5,
"kind": "text",
"text": "We Believe Arbor is the Only Multifamily Mortgage Lender\nto Survive the Great Financial Crisis\n",
"box": {
"left": 0.0286,
"top": 0.01519,
"right": 0.93075,
"bottom": 0.11472
},
"chunk_id": "text-0"
},
{
"page": 5,
"kind": "text",
"text": "# Commentary\n\n\"We will continue to **aggressively manage our legacy issues** and\ncredit facilities and **focus heavily on liquidity, capital retention and**\n**reducing our short term borrowings** during this significant down turn\"\n– *Ivan Kaufman, CEO & Chairman* (November 2008)\n\"We believe that this is an environment where there'll be a huge\ndifferentiation and perhaps a lot of the weaker companies will\ndisappear ... we just have to stick to building our business and utilizing\nthese opportunities\"\n– *Ivan Kaufman, CEO & Chairman* (February 2008)\n",
"box": {
"left": 0.04112,
"top": 0.57239,
"right": 0.44374,
"bottom": 0.88057
},
"chunk_id": "text-1"
},
{
"page": 5,
"kind": "text",
"text": "✔\n**Prudent Capital Management:** Arbor aggressively managed struggling\ncredit facilities\n✔\n**Capital Retention:** Arbor prioritized capital retention and reducing short-\nterm borrowing to focus on liquidity during an uncertain economic period\n✔\n**Capital Restructuring:** Arbor significantly restructured its capital structure\nby retiring a significant amount of debt at deep discounts\n✔\n**Portfolio Management:** Arbor took early steps to manage the loan\nportfolio effectively by restructuring and monetizing loans and recording\nappropriate reserves\n",
"box": {
"left": 0.45584,
"top": 0.57139,
"right": 0.96082,
"bottom": 0.87937
},
"chunk_id": "text-2"
},
{
"page": 5,
"kind": "text",
"text": "*Arbor's successful navigation of the GFC demonstrated the strength of its underwriting capabilities and resilient business model*\n",
"box": {
"left": 0.04353,
"top": 0.88413,
"right": 0.9613,
"bottom": 0.9371
},
"chunk_id": "text-3"
},
{
"page": 5,
"kind": "logo",
"text": "[VISUAL_ICON]\n",
"box": {
"left": 0.8724,
"top": 0.94255,
"right": 0.92084,
"bottom": 0.99241
},
"chunk_id": "logo-0"
},
{
"page": 5,
"kind": "marginalia",
"text": "5\n",
"box": {
"left": 0.94388,
"top": 0.9594,
"right": 0.95795,
"bottom": 0.98187
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 6,
"status": "figures",
"reason": "",
"picture_classes": [
"photograph",
"photograph",
"photograph",
"photograph",
"photograph",
"photograph",
"photograph",
"photograph",
"photograph"
],
"table_refs": [],
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.9,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p6.ade.json",
"figures": [
{
"page": 6,
"text": "This figure is a professional profile graphic featuring a portrait of a man on the left and his professional credentials on the right.\n\nThe portrait on the left shows a Caucasian man with short, brown hair, wearing a dark blue suit, white shirt, and reddish-patterned tie, against a dark blue gradient background. To the right, set against a white background, is a bulleted list of his professional achievements:",
"box": {
"left": 0.04239,
"top": 0.29188,
"right": 0.33769,
"bottom": 0.50408
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"picture_ref": "#/pictures/20"
},
{
"page": 6,
"text": "This figure is a professional profile card featuring a headshot of Paul Elenio on the left and a list of his professional credentials on the right.",
"box": {
"left": 0.35386,
"top": 0.29159,
"right": 0.64728,
"bottom": 0.50455
},
"chunk_id": "figure-1",
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"picture_ref": "#/pictures/21"
},
{
"page": 6,
"text": "The figure is a professional profile card featuring a portrait of a man on the left and a list of his professional credentials on the right. The portrait shows Yoni Goodman, a Caucasian man with a beard, wearing a suit and tie, smiling. Below the portrait is a light yellow rectangular box containing the name 'Yoni Goodman' in dark text. To the right, there is a bulleted list of his professional information: 'EVP, Chief Operating Officer' and '20+ years of experience in real estate finance, multifamily loan production, and capital markets.'",
"box": {
"left": 0.66629,
"top": 0.29304,
"right": 0.95862,
"bottom": 0.50381
},
"chunk_id": "figure-2",
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"picture_ref": "#/pictures/24"
},
{
"page": 6,
"text": "This is a professional profile graphic featuring a headshot of a man named Steven Katz. On the left, there is a photograph of Steven Katz, a man with short brown hair, wearing a dark suit, light blue shirt, and dark tie, set against a dark grey background. Below his portrait is a beige text box containing his name, 'Steven Katz', in bold black text. To the right of the portrait is a list of three bullet points describing his professional background: 'EVP, Chief Investment Officer, Residential Financing', '20+ years of experience in mortgage trading, securitization, banking and servicing', and '10+ year tenure with Arbor'.",
"box": {
"left": 0.0431,
"top": 0.51088,
"right": 0.33538,
"bottom": 0.72434
},
"chunk_id": "figure-3",
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"picture_ref": "#/pictures/25"
},
{
"page": 6,
"text": "This is a professional profile card featuring a headshot of a man, Danny van der Reis, on the left, set against a grey background. To the right, there is a list of his professional credentials presented as bullet points.",
"box": {
"left": 0.35237,
"top": 0.51085,
"right": 0.64681,
"bottom": 0.72531
},
"chunk_id": "figure-4",
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"picture_ref": "#/pictures/26"
},
{
"page": 6,
"text": "A professional profile image featuring a portrait of a man on the left and a text block on the right. The portrait shows Jeff Lee, a man with grey hair, smiling slightly and wearing a blue suit jacket and light blue shirt. To his right, a white rectangular panel contains text bullet points.",
"box": {
"left": 0.6653,
"top": 0.51142,
"right": 0.95977,
"bottom": 0.72382
},
"chunk_id": "figure-5",
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"picture_ref": "#/pictures/27"
},
{
"page": 6,
"text": "This image is a professional profile graphic featuring a portrait of Kevin Wachter on the left, set against a dark grey background. Below his portrait, his name, 'Kevin Wachter', is displayed in bold text on a light cream-colored background. To the right of the portrait, there is a white panel containing two bullet points: 'EVP, Asset Finance and Treasury' and '20 years of capital markets and loan origination experience at institutional debt funds and mortgage REITs'.",
"box": {
"left": 0.0432,
"top": 0.73387,
"right": 0.33764,
"bottom": 0.94967
},
"chunk_id": "figure-6",
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"picture_ref": "#/pictures/28"
},
{
"page": 6,
"text": "This image is a professional profile card featuring a headshot of Gene Kilgore on the left, positioned above his name. To the right, there is a bulleted list of three key professional qualifications. The background of the name section is a light cream color, while the rest of the background is white.",
"box": {
"left": 0.35294,
"top": 0.73365,
"right": 0.6473,
"bottom": 0.94809
},
"chunk_id": "figure-7",
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"picture_ref": "#/pictures/29"
},
{
"page": 6,
"text": "A professional profile graphic featuring a headshot of a man on the left and his professional credentials on the right.",
"box": {
"left": 0.66478,
"top": 0.73395,
"right": 0.95878,
"bottom": 0.94564
},
"chunk_id": "figure-8",
"job_id": "parse-01m2p7m266fxq7tz5xsx2j0nyg",
"picture_ref": "#/pictures/30"
}
],
"tables": [],
"context": [
{
"page": 6,
"kind": "text",
"text": "Best-in-Class, Highly Aligned Management Team\n",
"box": {
"left": 0.03636,
"top": 0.03688,
"right": 0.80432,
"bottom": 0.10318
},
"chunk_id": "text-0"
},
{
"page": 6,
"kind": "text",
"text": "[✓]\nInternalized, highly aligned management team with\nsignificant ownership\n[✓]\nIndustry-leading expertise with deep-rooted\nrelationships across commercial real estate space\n[✓] Deep bench of talented employees\n[✓]\nBest-in-class underwriting and origination capabilities\n",
"box": {
"left": 0.04357,
"top": 0.14542,
"right": 0.96142,
"bottom": 0.29113
},
"chunk_id": "text-1"
},
{
"page": 6,
"kind": "logo",
"text": "[logo representing a stylized V shape with vertical lines]\n",
"box": {
"left": 0.87271,
"top": 0.94423,
"right": 0.92077,
"bottom": 0.99225
},
"chunk_id": "logo-0"
},
{
"page": 6,
"kind": "marginalia",
"text": "6\n",
"box": {
"left": 0.94366,
"top": 0.96072,
"right": 0.95825,
"bottom": 0.98134
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 7,
"status": "figures",
"reason": "",
"picture_classes": [
"pie_chart",
"pie_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7mcsm8regncn9kefxp22g",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.4,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p7.ade.json",
"figures": [
{
"page": 7,
"text": "The figure presents a comparison between two business segments: 'Structured Business' and 'Agency Business', organized into a table-like layout with three rows: 'Description', 'Highlights', and 'Portfolio ($B)'.\n\n| Category | Structured Business | Agency Business |\n| --- | --- | --- |\n| Description | Originate real estate loans and hold on balance sheet. Invests in the multifamily, Single-Family Rental, and commercial real estate markets. | Originate, sell, and service real estate loans for GSEs. Short-term assets: Loans held-for-sale. Long-term assets: Capitalized mortgage servicing rights (\"MSRs\"). |\n| Highlights | Best-in-class balance sheet loan origination business. Strong risk-adjusted returns. Proprietary Single-Family Rental platform. Weighted average of ~21 months to maturity. | Capital-light business. High barriers to entry. Visibility on prepayment protected annual servicing fee revenue of ~$129M. Weighted average life of portfolio of ~6 years. |\n| Portfolio ($B) | Donut chart showing $12.0B Structured loan portfolio: Multifamily bridge loans $7.9, SFR bridge loans $3.3, Mezzanine and Preferred Equity loans $0.5, APC $0.3. | Donut chart showing $36.3B GSE servicing portfolio: Fannie Mae $24.3, Freddie Mac $7.4, Private Label $2.5, Other $2.1. |",
"box": {
"left": 0.03689,
"top": 0.11091,
"right": 0.96057,
"bottom": 0.52674
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7mcsm8regncn9kefxp22g",
"picture_ref": "#/pictures/32"
}
],
"tables": [
{
"page": 7,
"cells": [
[
"",
"",
"% of LTM Agency Net Revenue<sup>5</sup>",
""
],
[
"",
"",
"• Servicing fees<sup>4</sup>",
"43%"
],
[
"Income streams",
"Interest income on loans",
"• Gain on sale of loans<sup>1,6</sup>",
"24%"
],
[
"",
"",
"• Interest earned on escrows",
"17%"
],
[
"",
"",
"• Interest income on loans held-for-sale<sup>1</sup>",
"16%"
],
[
"Assets ($M)",
"$13,262",
"$1,431",
""
],
[
"Liabilities ($M)",
"11,117",
"596",
""
],
[
"Book value of equity ($M)",
"1,511",
"834",
""
],
[
"LTM earnings before taxes & preferred dividends ($M)",
"61",
"82",
""
],
[
"% of total",
"43%",
"57%",
""
]
],
"cell_boxes": [
[
{
"left": 0.04589,
"top": 0.531,
"right": 0.2217,
"bottom": 0.54985
},
{
"left": 0.22165,
"top": 0.5309,
"right": 0.60945,
"bottom": 0.54993
},
{
"left": 0.60934,
"top": 0.5308,
"right": 0.9537,
"bottom": 0.55001
},
null
],
[
{
"left": 0.04588,
"top": 0.54981,
"right": 0.22176,
"bottom": 0.57453
},
{
"left": 0.2217,
"top": 0.54985,
"right": 0.60934,
"bottom": 0.57452
},
{
"left": 0.6092,
"top": 0.54993,
"right": 0.86302,
"bottom": 0.57452
},
{
"left": 0.86291,
"top": 0.54999,
"right": 0.95369,
"bottom": 0.57452
}
],
[
{
"left": 0.04588,
"top": 0.57452,
"right": 0.22184,
"bottom": 0.60279
},
{
"left": 0.22176,
"top": 0.57452,
"right": 0.6092,
"bottom": 0.60274
},
{
"left": 0.60904,
"top": 0.57452,
"right": 0.86291,
"bottom": 0.60264
},
{
"left": 0.8628,
"top": 0.57452,
"right": 0.95367,
"bottom": 0.60258
}
],
[
{
"left": 0.04588,
"top": 0.60274,
"right": 0.2219,
"bottom": 0.6275
},
{
"left": 0.22184,
"top": 0.60264,
"right": 0.60904,
"bottom": 0.62748
},
{
"left": 0.60889,
"top": 0.60258,
"right": 0.8628,
"bottom": 0.62745
},
{
"left": 0.8627,
"top": 0.60255,
"right": 0.95364,
"bottom": 0.62742
}
],
[
{
"left": 0.04588,
"top": 0.62748,
"right": 0.22196,
"bottom": 0.64955
},
{
"left": 0.2219,
"top": 0.62745,
"right": 0.60889,
"bottom": 0.64954
},
{
"left": 0.60877,
"top": 0.62742,
"right": 0.8627,
"bottom": 0.64951
},
{
"left": 0.8626,
"top": 0.62742,
"right": 0.95362,
"bottom": 0.6495
}
],
[
{
"left": 0.04588,
"top": 0.64954,
"right": 0.22205,
"bottom": 0.68359
},
{
"left": 0.22196,
"top": 0.64951,
"right": 0.60877,
"bottom": 0.68361
},
{
"left": 0.60857,
"top": 0.6495,
"right": 0.8626,
"bottom": 0.68362
},
{
"left": 0.86246,
"top": 0.64949,
"right": 0.95361,
"bottom": 0.68362
}
],
[
{
"left": 0.04587,
"top": 0.68358,
"right": 0.22214,
"bottom": 0.71802
},
{
"left": 0.22205,
"top": 0.68359,
"right": 0.60857,
"bottom": 0.718
},
{
"left": 0.60837,
"top": 0.68361,
"right": 0.86246,
"bottom": 0.71796
},
{
"left": 0.86232,
"top": 0.68362,
"right": 0.95358,
"bottom": 0.71793
}
],
[
{
"left": 0.04587,
"top": 0.718,
"right": 0.22223,
"bottom": 0.75245
},
{
"left": 0.22214,
"top": 0.71796,
"right": 0.60837,
"bottom": 0.75243
},
{
"left": 0.60818,
"top": 0.71793,
"right": 0.86232,
"bottom": 0.7524
},
{
"left": 0.86218,
"top": 0.71792,
"right": 0.95355,
"bottom": 0.75237
}
],
[
{
"left": 0.04587,
"top": 0.75243,
"right": 0.22237,
"bottom": 0.80577
},
{
"left": 0.22223,
"top": 0.7524,
"right": 0.60818,
"bottom": 0.80603
},
{
"left": 0.60787,
"top": 0.75237,
"right": 0.86218,
"bottom": 0.8062
},
{
"left": 0.86196,
"top": 0.75237,
"right": 0.95352,
"bottom": 0.80626
}
],
[
{
"left": 0.04587,
"top": 0.80565,
"right": 0.22247,
"bottom": 0.84316
},
{
"left": 0.22237,
"top": 0.80577,
"right": 0.60787,
"bottom": 0.84315
},
{
"left": 0.60765,
"top": 0.80603,
"right": 0.86196,
"bottom": 0.84314
},
{
"left": 0.8618,
"top": 0.8062,
"right": 0.95348,
"bottom": 0.84314
}
]
],
"box": {
"left": 0.03928,
"top": 0.52742,
"right": 0.9609,
"bottom": 0.84781
},
"chunk_id": "table-0",
"job_id": "parse-01m2p7mcsm8regncn9kefxp22g",
"table_ref": null,
"picture_ref": null,
"table_id": null
}
],
"context": [
{
"page": 7,
"kind": "text",
"text": "Arbor has Two Distinct Yet Complementary Business Lines\n",
"box": {
"left": 0.02896,
"top": 0.02473,
"right": 0.93222,
"bottom": 0.10705
},
"chunk_id": "text-0"
},
{
"page": 7,
"kind": "text",
"text": "Source: Company filings (As of March 31, 2026, unless otherwise noted)\n 1) Represents loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as Private Label loans, which are either sold instantaneously\nor pooled and securitized, or sold, within 180 days of loan origination\n 2) Based on the discounted expected net cash flows associated with the servicing of the loan\n 3) Inclusive of extension options\n 4) Weighted average servicing fee of 35.5bps on $36.3B portfolio\n 5) Excludes impact of MSRs net of amortization, derivative instruments, and other income\n 6) Includes commitment fees, broker fees, loan assumption fees, loan origination fees\n[COMPANY_LOGO]\n",
"box": {
"left": 0.04185,
"top": 0.84969,
"right": 0.95767,
"bottom": 0.98773
},
"chunk_id": "text-1"
},
{
"page": 7,
"kind": "logo",
"text": "[vertical bars forming a V shape]\n",
"box": {
"left": 0.87202,
"top": 0.94151,
"right": 0.9217,
"bottom": 0.99276
},
"chunk_id": "logo-0"
},
{
"page": 7,
"kind": "marginalia",
"text": "7\n",
"box": {
"left": 0.94391,
"top": 0.95968,
"right": 0.95817,
"bottom": 0.98086
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 8,
"status": "figures",
"reason": "",
"picture_classes": [
"pie_chart",
"pie_chart",
"pie_chart",
"pie_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7mcvpgrg42d85dj12gra7",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.3,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p8.ade.json",
"figures": [
{
"page": 8,
"text": "Two pie charts comparing data for the years 2025 and 2024. The 2025 chart is labeled with a total value of approximately $8.4B, and the 2024 chart is labeled with a total value of approximately $6.8B. Both charts display percentage distributions across different segments represented by distinct colors.\n\n| Year | Segment 1 (Dark Green) | Segment 2 (Dark Blue) | Segment 3 (Orange) | Segment 4 (Grey) | Segment 5 (Light Green) | Segment 6 (Light Blue/Grey) |\n| --- | --- | --- | --- | --- | --- | --- |\n| 2025 | 59% | 18% | 14% | 6% | 2% | 1% |\n| 2024 | 64% | 26% | 7% | 2% | 1% | - |",
"box": {
"left": 0.04276,
"top": 0.13828,
"right": 0.4962,
"bottom": 0.58554
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7mcvpgrg42d85dj12gra7",
"picture_ref": "#/pictures/34"
},
{
"page": 8,
"text": "A pie chart titled '2023' representing a total value of approximately $6.8 billion. The chart is divided into five segments with the following distribution: 74%, 18%, 6%, 1%, and 1%.\n\n| Category | Percentage |\n| --- | --- |\n| (Unlabeled/Largest Slice) | 74% |\n| Mezz/PE | 1% |\n| SFR^1 | 18% |\n| APC | 6% |\n| (Unlabeled/Smallest Slice) | 1% |",
"box": {
"left": 0.50411,
"top": 0.13851,
"right": 0.72663,
"bottom": 0.61145
},
"chunk_id": "figure-1",
"job_id": "parse-01m2p7mcvpgrg42d85dj12gra7",
"picture_ref": "#/pictures/35"
},
{
"page": 8,
"text": "A pie chart titled '2022' representing a total value of approximately $11.4 billion. The chart is divided into five segments of varying sizes and colors.\n\n| Category/Segment | Percentage |\n| --- | --- |\n| Dark Blue | 10% |\n| Orange | 48% |\n| Light Gray | 2% |\n| Dark Green | 39% |\n| Light Green | 1% |",
"box": {
"left": 0.73474,
"top": 0.13891,
"right": 0.95901,
"bottom": 0.58848
},
"chunk_id": "figure-2",
"job_id": "parse-01m2p7mcvpgrg42d85dj12gra7",
"picture_ref": "#/pictures/37"
},
{
"page": 8,
"text": "The image displays a chart legend containing three categorical entries, each represented by a colored square followed by its corresponding label.\n\n| Color | Label |\n| --- | --- |\n| Orange | Bridge |\n| Light Grey | APL |\n| Dark Green | GSE/Agenc |",
"box": {
"left": 0.3617,
"top": 0.58759,
"right": 0.50645,
"bottom": 0.61217
},
"chunk_id": "figure-3",
"job_id": "parse-01m2p7mcvpgrg42d85dj12gra7",
"picture_ref": null
}
],
"tables": [],
"context": [
{
"page": 8,
"kind": "text",
"text": "Arbor’s Adaptable Originations Platform Drives Industry-\nLeading Performance\n",
"box": {
"left": 0.02798,
"top": 0.01709,
"right": 0.91627,
"bottom": 0.11885
},
"chunk_id": "text-0"
},
{
"page": 8,
"kind": "text",
"text": "# Average Duration\n\n- GSE/Agency – Predominately five to ten-year fixed-rate loans; includes long-dated prepayment protected servicing\nincome creating a significant annual annuity\n- Balance Sheet – Three to five years on average; feeds pipeline of future GSE/Agency originations\n- Single-Family Rental – One to three years on average; offers us three turns on our capital through construction, bridge\nand permanent loans\n- Construction (APC) – Multifamily product, one to three years on average; offers us three turns on our capital through\nconstruction, bridge and permanent agency loans\n",
"box": {
"left": 0.04233,
"top": 0.61317,
"right": 0.96006,
"bottom": 0.92642
},
"chunk_id": "text-1"
},
{
"page": 8,
"kind": "text",
"text": "Source: Company filings\n 1) SFR totals include committed amounts that may not be fully funded\n",
"box": {
"left": 0.04336,
"top": 0.932,
"right": 0.35414,
"bottom": 0.97007
},
"chunk_id": "text-2"
},
{
"page": 8,
"kind": "logo",
"text": "[Vertical bar chart icon]\n",
"box": {
"left": 0.87171,
"top": 0.94117,
"right": 0.92165,
"bottom": 0.99301
},
"chunk_id": "logo-0"
},
{
"page": 8,
"kind": "marginalia",
"text": "8\n",
"box": {
"left": 0.94386,
"top": 0.9597,
"right": 0.95813,
"bottom": 0.9811
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 9,
"status": "figures",
"reason": "",
"picture_classes": [
"bar_chart",
"bar_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7mczdceegvcczd64wdas1",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.5,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p9.ade.json",
"figures": [
{
"page": 9,
"text": "The figure is a stacked bar chart titled 'Total Agency Originations ($B)' showing annual loan origination values from 2019 to 1Q26, broken down by source (Fannie Mae, Freddie Mac, FHA, Conduit, Private Label, and SFR). The chart displays yearly totals at the top of each bar. Below the chart, there is a list of bulleted performance highlights.\n\n| Year | Fannie Mae | Freddie Mac | FHA | Conduit | Private Label | SFR | Total |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| 2019 | 3.3 | 0.7 | - | - | - | - | 4.8 |\n| 2020 | 5.0 | 1.0 | - | - | - | - | 6.7 |\n| 2021 | 3.4 | 1.0 | - | - | - | - | 6.4 |\n| 2022 | 2.9 | 1.4 | - | - | - | - | 4.8 |\n| 2023 | 3.8 | 0.8 | - | - | - | - | 5.1 |\n| 2024 | 2.4 | 1.8 | - | - | - | - | 4.5 |\n| 2025 | 3.0 | 1.9 | - | - | - | - | 5.1 |\n| 1Q26 | 0.6 | - | - | - | - | - | 0.7 |",
"box": {
"left": 0.03784,
"top": 0.14802,
"right": 0.4836,
"bottom": 0.90711
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7mczdceegvcczd64wdas1",
"picture_ref": "#/pictures/38"
},
{
"page": 9,
"text": "A stacked bar chart titled 'Agency Servicing Portfolio ($B)' showing growth from 2019 to 1Q26. The bars are segmented by loan type: Fannie Mae (dark green), Freddie Mac (medium green), FHA (light green), Private Label (orange), SFR (grey), and Bridge (tan). An upward-pointing arrow overlays the chart, indicating a 'CAGR: 10%'. Data values are labeled above each bar and on the Fannie Mae segment.\n\nBelow the chart, text bullet points summarize key financial metrics: '~$36.3B servicing portfolio, 100% focused on multifamily', 'Generates significant prepayment protected revenue stream of ~$129M annually with 6 year weighted average remaining life', '~$2.0B cash/escrow balances (earns ~$66M annually)', and '~$466M estimated fair market value of MSR with a carrying value of ~$332M'.\n\n| Year | Fannie Mae | Freddie Mac | FHA | Private Label | SFR | Bridge | Total ($B) |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| 2019 | 14.8 | - | - | - | - | - | 20.1 |\n| 2020 | 18.3 | - | - | - | - | - | 24.6 |\n| 2021 | 19.1 | - | - | - | - | - | 27.0 |\n| 2022 | 19.0 | - | - | - | - | - | 28.0 |\n| 2023 | 21.3 | - | - | - | - | - | 31.0 |\n| 2024 | 22.7 | - | - | - | - | - | 33.5 |\n| 2025 | 24.1 | - | - | - | - | - | 36.2 |\n| 1Q26 | 24.3 | - | - | - | - | - | 36.3 |",
"box": {
"left": 0.51179,
"top": 0.14792,
"right": 0.95872,
"bottom": 0.90784
},
"chunk_id": "figure-1",
"job_id": "parse-01m2p7mczdceegvcczd64wdas1",
"picture_ref": "#/pictures/39"
}
],
"tables": [],
"context": [
{
"page": 9,
"kind": "text",
"text": "Arbor has the Leading Nationwide Agencies Origination and\nServicing Platform\n",
"box": {
"left": 0.02843,
"top": 0.01758,
"right": 0.94717,
"bottom": 0.11982
},
"chunk_id": "text-0"
},
{
"page": 9,
"kind": "marginalia",
"text": "Source: Company filings (As of March 31, 2026)\n",
"box": {
"left": 0.04343,
"top": 0.94747,
"right": 0.24594,
"bottom": 0.97073
},
"chunk_id": "marginalia-0"
},
{
"page": 9,
"kind": "logo",
"text": "0 [ICON_WITH_VERTICAL_BARS]\n",
"box": {
"left": 0.87214,
"top": 0.94083,
"right": 0.92168,
"bottom": 0.99314
},
"chunk_id": "logo-0"
},
{
"page": 9,
"kind": "marginalia",
"text": "9\n",
"box": {
"left": 0.94348,
"top": 0.9602,
"right": 0.95817,
"bottom": 0.98138
},
"chunk_id": "marginalia-1"
}
]
},
{
"page": 10,
"status": "figures",
"reason": "",
"picture_classes": [
"bar_chart",
"bar_chart",
"bar_chart",
"bar_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7mczpj0kqnfsx4b7cenvd",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.2,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p10.ade.json",
"figures": [
{
"page": 10,
"text": "The figure presents a set of three grouped bar charts under the title 'Significant Long-Dated, Predictable Annual Cash Flow'. Each chart displays financial projections for two consecutive years (1/1/2025 and 1/1/2026, or 4/1/2025 and 4/1/2026) along with relevant underlying data metrics below each chart.\n\n| Category | Period 1 | Period 1 Value | Period 2 | Period 2 Value | Additional Data |\n| --- | --- | --- | --- | --- | --- |\n| Net Interest Income | 1/1/2025 | $255M | 1/1/2026 | $158M | Based on: 4/1/25, 4/1/26; Asset Bal.: $11.5B, $12.0B; Asset Rate: 7.85%, 7.03%; Debt Bal.: $9.5B, $10.7B; Debt Rate: 6.82%, 6.40% |\n| Servicing Revenue | 4/1/2025 | $126M | 4/1/2026 | $129M | Based on: 4/1/25, 4/1/26; Servicing Portfolio: $33.5B, $36.3B; Servicing Rate: 0.375%, 0.355% |\n| Cash/Escrow Earnings | 4/1/2025 | $66M | 4/1/2026 | $66M | Based on: 4/1/25, 4/1/26; Cash/Escrow Balance: $1.6B, $2.0B; Earnings Rate: 4.02%, 3.30% |",
"box": {
"left": 0.01277,
"top": 0.20554,
"right": 0.71233,
"bottom": 0.86102
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7mczpj0kqnfsx4b7cenvd",
"picture_ref": "#/pictures/41"
},
{
"page": 10,
"text": "The figure is a stacked bar chart titled 'Other Diversified Platform Income Sources' that compares income sources across three time periods: 2024, 2025, and 1Q26. The bars are segmented into two categories: 'Gain on Sale' (dark green) and 'Equity Investments' (tan). The total values for each year are labeled above the bars: $81M for 2024, $122M for 2025, and $17M for 1Q26. A legend is provided to the right of the bars. Below the chart, a summary table provides the specific breakdown for each category and time period.\n\n| Category | 2024 | 2025 | 1Q26 |\n| --- | --- | --- | --- |\n| Gain on Sale | $75M | $71M | $13M |\n| Equity Investments | $6M | $51M | $4M |",
"box": {
"left": 0.71272,
"top": 0.20634,
"right": 0.99521,
"bottom": 0.85798
},
"chunk_id": "figure-1",
"job_id": "parse-01m2p7mczpj0kqnfsx4b7cenvd",
"picture_ref": "#/pictures/42"
}
],
"tables": [],
"context": [
{
"page": 10,
"kind": "text",
"text": "Annuity Based Business Model Drives Diversified\nIncome Streams\n",
"box": {
"left": 0.02737,
"top": 0.01884,
"right": 0.78419,
"bottom": 0.11462
},
"chunk_id": "text-0"
},
{
"page": 10,
"kind": "text",
"text": "Source: Company filings (As of March 31, 2026)\n 1) Annualized based on March 31, 2025 and 2026 portfolio and debt balances, which may not be indicative of actual results\n 2) Structured business only; does not include interest income from Agency loans held-for-sale\n 3) Asset and debt rates reflect “all in” amounts, which include certain fees and costs\n",
"box": {
"left": 0.04348,
"top": 0.89994,
"right": 0.56975,
"bottom": 0.97094
},
"chunk_id": "text-1"
},
{
"page": 10,
"kind": "logo",
"text": "[Vertical bar graph icon]\n",
"box": {
"left": 0.87239,
"top": 0.94117,
"right": 0.92084,
"bottom": 0.99268
},
"chunk_id": "logo-0"
},
{
"page": 10,
"kind": "marginalia",
"text": "10\n",
"box": {
"left": 0.93969,
"top": 0.96048,
"right": 0.95736,
"bottom": 0.98109
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 11,
"status": "figures",
"reason": "",
"picture_classes": [
"line_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7md2yxv6cfgk3cjfx4y98",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.1,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p11.ade.json",
"figures": [
{
"page": 11,
"text": "This line chart illustrates the performance of 'ABR BVPS' compared to 'Peer Avg BVPS' over time, from 4Q19 to 4Q25. The y-axis represents a percentage scale from (40%) to 40%. The 'ABR BVPS' line (dark green) shows a significant upward trend, peaking around 4Q23, and ending at 16% by 4Q25. In contrast, the 'Peer Avg BVPS' line (brown) shows a downward trend after an initial period of relative stability, ending at (32%) by 4Q25.\n\n| Time Period | ABR BVPS | Peer Avg BVPS |\n| --- | --- | --- |\n| 4Q19 | 0% | 0% |\n| 1Q20 | (11%) | (7%) |\n| 2Q20 | (9%) | (7%) |\n| 3Q20 | (5%) | (7%) |\n| 4Q20 | 2% | (7%) |\n| 1Q21 | 7% | (7%) |\n| 2Q21 | 13% | (7%) |\n| 3Q21 | 15% | (7%) |\n| 4Q21 | 23% | (3%) |\n| 1Q22 | 25% | (2%) |\n| 2Q22 | 27% | (2%) |\n| 3Q22 | 27% | (4%) |\n| 4Q22 | 29% | (7%) |\n| 1Q23 | 30% | (9%) |\n| 2Q23 | 30% | (11%) |\n| 3Q23 | 31% | (12%) |\n| 4Q23 | 31% | (15%) |\n| 1Q24 | 30% | (19%) |\n| 2Q24 | 28% | (21%) |\n| 3Q24 | 27% | (23%) |\n| 4Q24 | 26% | (25%) |\n| 1Q25 | 24% | (26%) |\n| 2Q25 | 22% | (27%) |\n| 3Q25 | 21% | (28%) |\n| 4Q25 | 18% | (30%) |",
"box": {
"left": 0.04032,
"top": 0.13578,
"right": 0.96063,
"bottom": 0.89145
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7md2yxv6cfgk3cjfx4y98",
"picture_ref": "#/pictures/44"
}
],
"tables": [],
"context": [
{
"page": 11,
"kind": "text",
"text": "Arbor Has a Consistent Track Record of Book Value\nAppreciation and Outperformance\n",
"box": {
"left": 0.03053,
"top": 0.017,
"right": 0.81359,
"bottom": 0.1213
},
"chunk_id": "text-0"
},
{
"page": 11,
"kind": "marginalia",
"text": "Source: Company filings\nSector peers include ACRE, ARI, BXMT, GPMT, KREF, LADR, RC, STWD and TRTX\n",
"box": {
"left": 0.0429,
"top": 0.91235,
"right": 0.36882,
"bottom": 0.95283
},
"chunk_id": "marginalia-0"
},
{
"page": 11,
"kind": "logo",
"text": "[LOGO]\n",
"box": {
"left": 0.87215,
"top": 0.94092,
"right": 0.92117,
"bottom": 0.99296
},
"chunk_id": "logo-0"
},
{
"page": 11,
"kind": "marginalia",
"text": "11\n",
"box": {
"left": 0.93918,
"top": 0.96083,
"right": 0.95708,
"bottom": 0.98013
},
"chunk_id": "marginalia-1"
}
]
},
{
"page": 12,
"status": "figures",
"reason": "",
"picture_classes": [
"flow_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7merdmn8hsp4r9g0j3ddn",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 0.8,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p12.ade.json",
"figures": [
{
"page": 12,
"text": "The figure is a diagram presenting the core strategic advantages of 'Arbor' using a radial, hexagonal layout superimposed over a faint, watermark-like photograph of a residential building complex. The central hexagon acts as the hub, and five peripheral hexagons act as spokes, each containing a specific strategic pillar.",
"box": {
"left": 0.08099,
"top": 0.15779,
"right": 0.92274,
"bottom": 0.9538
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7merdmn8hsp4r9g0j3ddn",
"picture_ref": "#/pictures/46"
}
],
"tables": [],
"context": [
{
"page": 12,
"kind": "text",
"text": "Key Investment Highlights\n",
"box": {
"left": 0.035,
"top": 0.03155,
"right": 0.45849,
"bottom": 0.10753
},
"chunk_id": "text-0"
},
{
"page": 12,
"kind": "logo",
"text": "[Logo consisting of vertical bars forming a V-shape]\n",
"box": {
"left": 0.87234,
"top": 0.94115,
"right": 0.92107,
"bottom": 0.99326
},
"chunk_id": "logo-0"
},
{
"page": 12,
"kind": "marginalia",
"text": "12\n",
"box": {
"left": 0.93929,
"top": 0.96015,
"right": 0.95853,
"bottom": 0.98093
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 13,
"status": "tables",
"reason": "",
"picture_classes": [],
"table_refs": [],
"job_id": "parse-01m2p7mnj5e6my3p4qjzydpe6w",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.1,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p13.ade.json",
"figures": [],
"tables": [
{
"page": 13,
"cells": [
[
"Resilience under challenging conditions",
"✓ Originated $5.1B of Agency loans in FY 2025, including $3.6B in the second half of the year
✓ FY 2025 total represents a 13% increase over $4.5B originated in FY 2024
✓ Servicing portfolio increased 9% since 1/1/25 to $36.3B as of 3/31/26
✓ ~$3.5B of Structured originations in FY 2025; ~$770M in 1Q26
✓ Structured loan portfolio increased 6% since 1/1/25 to $12.0B as of 3/31/26"
],
[
"Strong performance metrics",
"✓ 9.2% average ROE in FY 2025 and 1Q26
✓ 16% increase in book value (over last 6 years)<sup>1</sup>
✓ 18% 6-year total shareholder return<sup>2</sup>"
],
[
"Continued success with right side of balance sheet",
"✓ Entered into a new $763M CLO (CLO 21) with 88% leverage, creating $35M of liquidity
✓ Entered into a new $1.1B CLO (CLO 20) with record 89% leverage, creating $85M of liquidity
✓ Unwound three legacy CLO vehicles, refinancing assets with a new $1.15B repurchase facility and existing lines, enhancing leverage, reducing pricing and generating ~$170M of liquidity
✓ Completed first BTR CLO securitization in the industry, for ~$800M of assets, terms and pricing improvement over existing warehouse lines resulting in improved returns and profitability
✓ Completed debut $500M high-yield bond offering and Ba2 / BB public ratings from Moody's and Fitch
✓ Issued additional follow-on offering of $400M high-yield bonds"
],
[
"Continued monetization of legacy investments",
"✓ Recognized $56M in cash gains from Lexford in FY 2025, an additional $6M in 1Q26, and over $110M of income from this investment life-to-date"
]
],
"cell_boxes": [
[
{
"left": 0.02565,
"top": 0.14481,
"right": 0.17175,
"bottom": 0.3519
},
{
"left": 0.17172,
"top": 0.14488,
"right": 0.97998,
"bottom": 0.35238
}
],
[
{
"left": 0.02563,
"top": 0.35182,
"right": 0.17177,
"bottom": 0.4835
},
{
"left": 0.17175,
"top": 0.3519,
"right": 0.97999,
"bottom": 0.48376
}
],
[
{
"left": 0.0256,
"top": 0.48345,
"right": 0.17182,
"bottom": 0.76215
},
{
"left": 0.17177,
"top": 0.4835,
"right": 0.98001,
"bottom": 0.76221
}
],
[
{
"left": 0.02558,
"top": 0.76214,
"right": 0.17184,
"bottom": 0.88685
},
{
"left": 0.17182,
"top": 0.76215,
"right": 0.98002,
"bottom": 0.88689
}
]
],
"box": {
"left": 0.02047,
"top": 0.13738,
"right": 0.98776,
"bottom": 0.89703
},
"chunk_id": "table-0",
"job_id": "parse-01m2p7mnj5e6my3p4qjzydpe6w",
"table_ref": null,
"picture_ref": null,
"table_id": null
}
],
"context": [
{
"page": 13,
"kind": "text",
"text": "Recent Accomplishments Demonstrate Arbor's Focus on\nOperational Excellence\n",
"box": {
"left": 0.02643,
"top": 0.01716,
"right": 0.89818,
"bottom": 0.11992
},
"chunk_id": "text-0"
},
{
"page": 13,
"kind": "text",
"text": "Source: Company filings\n 1) Reflects ending book value per share on 3/31/26\n 2) Assumes no reinvestment of the common dividend. Reflects ending stock price on 3/31/26\n",
"box": {
"left": 0.04158,
"top": 0.90102,
"right": 0.45074,
"bottom": 0.95478
},
"chunk_id": "text-1"
},
{
"page": 13,
"kind": "logo",
"text": "[Vertical bar chart icon]\n",
"box": {
"left": 0.87182,
"top": 0.94054,
"right": 0.92163,
"bottom": 0.99323
},
"chunk_id": "logo-0"
},
{
"page": 13,
"kind": "marginalia",
"text": "13\n",
"box": {
"left": 0.93934,
"top": 0.9599,
"right": 0.95821,
"bottom": 0.98108
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 14,
"status": "figures",
"reason": "",
"picture_classes": [
"pie_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7mqb0n8jdztgs56q15300",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.2,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p14.ade.json",
"figures": [
{
"page": 14,
"text": "A donut chart titled 'LOAN TYPE' displaying the percentage breakdown of different loan types. The vast majority of the chart is occupied by the 'Bridge' loan type, while smaller slices represent 'Mezz', 'Pref Eq', and 'APC' loan types.\n\n| Loan Type | Percentage |\n| --- | --- |\n| Bridge | 93% |\n| Mezz | 3% |\n| Pref Eq | 2% |\n| APC | 2% |",
"box": {
"left": 0.52094,
"top": 0.15012,
"right": 0.96083,
"bottom": 0.40589
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7mqb0n8jdztgs56q15300",
"picture_ref": "#/pictures/52"
},
{
"page": 14,
"text": "A donut chart illustrating the distribution of asset classes.\n\n| Asset Class | Percentage |\n| --- | --- |\n| Multifamily | 72% |\n| Single-Family Rental | 27% |\n| Other | 1% |",
"box": {
"left": 0.52162,
"top": 0.40619,
"right": 0.96103,
"bottom": 0.65488
},
"chunk_id": "figure-1",
"job_id": "parse-01m2p7mqb0n8jdztgs56q15300",
"picture_ref": "#/pictures/63"
},
{
"page": 14,
"text": "A donut chart titled \"GEOGRAPHICAL LOCATION\" displays the percentage distribution of geographical locations. The chart is divided into six segments representing different regions with their corresponding percentages.\n\n| Location | Percentage |\n| --- | --- |\n| Other | 35% |\n| TX | 23% |\n| FL | 17% |\n| NY | 10% |\n| AZ | 8% |\n| GA | 7% |",
"box": {
"left": 0.5213,
"top": 0.65434,
"right": 0.96135,
"bottom": 0.92254
},
"chunk_id": "figure-2",
"job_id": "parse-01m2p7mqb0n8jdztgs56q15300",
"picture_ref": "#/pictures/64"
}
],
"tables": [
{
"page": 14,
"cells": [
[
"PORTFOLIO OVERVIEW",
""
],
[
"Total Portfolio",
"$12.0B"
],
[
"As of:",
"3/31/2026"
],
[
"Average loan size",
"$22.0M"
],
[
"W/A loan-to-value",
"77%"
],
[
"Allowance for credit losses (CECL)",
"1%"
],
[
"W/A mos. to maturity",
"15.7"
],
[
"W/A mos. to maturity w/ext. option",
"20.8"
]
],
"cell_boxes": [
[
{
"left": 0.05907,
"top": 0.54725,
"right": 0.45208,
"bottom": 0.57914
},
null
],
[
{
"left": 0.05909,
"top": 0.57912,
"right": 0.28779,
"bottom": 0.60744
},
{
"left": 0.28778,
"top": 0.57913,
"right": 0.45209,
"bottom": 0.60743
}
],
[
{
"left": 0.05911,
"top": 0.60743,
"right": 0.2878,
"bottom": 0.63627
},
{
"left": 0.28779,
"top": 0.60743,
"right": 0.4521,
"bottom": 0.63628
}
],
[
{
"left": 0.05912,
"top": 0.63625,
"right": 0.28782,
"bottom": 0.68706
},
{
"left": 0.2878,
"top": 0.63627,
"right": 0.45212,
"bottom": 0.68701
}
],
[
{
"left": 0.05915,
"top": 0.68701,
"right": 0.28783,
"bottom": 0.73813
},
{
"left": 0.28782,
"top": 0.68698,
"right": 0.45214,
"bottom": 0.73803
}
],
[
{
"left": 0.05918,
"top": 0.73803,
"right": 0.28785,
"bottom": 0.78908
},
{
"left": 0.28783,
"top": 0.73795,
"right": 0.45216,
"bottom": 0.78895
}
],
[
{
"left": 0.05921,
"top": 0.78895,
"right": 0.28787,
"bottom": 0.84018
},
{
"left": 0.28785,
"top": 0.78886,
"right": 0.45219,
"bottom": 0.84009
}
],
[
{
"left": 0.05924,
"top": 0.84009,
"right": 0.28788,
"bottom": 0.89113
},
{
"left": 0.28787,
"top": 0.84002,
"right": 0.45221,
"bottom": 0.89109
}
]
],
"box": {
"left": 0.03306,
"top": 0.54225,
"right": 0.47581,
"bottom": 0.91752
},
"chunk_id": "table-0",
"job_id": "parse-01m2p7mqb0n8jdztgs56q15300",
"table_ref": null,
"picture_ref": null,
"table_id": null
}
],
"context": [
{
"page": 14,
"kind": "text",
"text": "Arbor's Loan Portfolio is Focused on the Highly Stable,\nLiquid and Resilient Multifamily Market\n",
"box": {
"left": 0.02705,
"top": 0.01575,
"right": 0.87127,
"bottom": 0.11987
},
"chunk_id": "text-0"
},
{
"page": 14,
"kind": "text",
"text": "[✓]\nPrimary focus on stable multifamily senior\nloans\n[✓]\nGenerates strong leveraged returns\n[✓]\nGeographically diversified\n[✓]\nBalance sheet business drives GSE/Agency\npipeline\n",
"box": {
"left": 0.03387,
"top": 0.14955,
"right": 0.47729,
"bottom": 0.53994
},
"chunk_id": "text-1"
},
{
"page": 14,
"kind": "text",
"text": "Source: Company filings (As of March 31, 2026)\n 1) No other individual state represented 4% or more of the total\n",
"box": {
"left": 0.04088,
"top": 0.91923,
"right": 0.32766,
"bottom": 0.95599
},
"chunk_id": "text-2"
},
{
"page": 14,
"kind": "logo",
"text": "[VERTICAL_STRIPES_SYMBOL]\n",
"box": {
"left": 0.87175,
"top": 0.94114,
"right": 0.92108,
"bottom": 0.99313
},
"chunk_id": "logo-0"
},
{
"page": 14,
"kind": "marginalia",
"text": "14\n",
"box": {
"left": 0.93945,
"top": 0.95999,
"right": 0.95755,
"bottom": 0.98091
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 15,
"status": "tables",
"reason": "",
"picture_classes": [],
"table_refs": [],
"job_id": "parse-01m2p7mqfvmgf7ssbapz6a87ag",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.5,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p15.ade.json",
"figures": [],
"tables": [
{
"page": 15,
"cells": [
[
"Non-Performing Assets - 2025-2026",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"($ in 000s)",
"Delinquency Rollforward",
"",
"",
"",
"",
"",
"",
""
],
[
"",
"2Q25",
"",
"3Q25",
"",
"4Q25",
"",
"1Q26",
""
],
[
"",
"UPB",
"#",
"UPB",
"#",
"UPB",
"#",
"UPB",
"#"
],
[
"Beginning Balance",
"$ 653,911",
"28",
"$ 528,700",
"22",
"$ 749,250",
"33",
"$ 617,448",
"29"
],
[
"Additions",
"89,634",
"4",
"435,103",
"18",
"270,710",
"9",
"197,775",
"5"
],
[
"Transfer to REO",
"(110,502)",
"(5)",
"(122,475)",
"(2)",
"(88,168)",
"(4)",
"(58,925)",
"(3)"
],
[
"Modified/Payoffs",
"(104,343)",
"(5)",
"(92,078)",
"(5)",
"(314,344)",
"(9)",
"(274,848)",
"(12)"
],
[
"Ending Balance",
"$ 528,700",
"22",
"$ 749,250",
"33",
"$ 617,448",
"29",
"$ 481,450",
"19"
]
],
"cell_boxes": [
[
{
"left": 0.04551,
"top": 0.26116,
"right": 0.94651,
"bottom": 0.28888
},
null,
null,
null,
null,
null,
null,
null,
null
],
[
{
"left": 0.04554,
"top": 0.28887,
"right": 0.23399,
"bottom": 0.3121
},
{
"left": 0.23392,
"top": 0.28884,
"right": 0.94651,
"bottom": 0.31207
},
null,
null,
null,
null,
null,
null,
null
],
[
{
"left": 0.04556,
"top": 0.31207,
"right": 0.23405,
"bottom": 0.3354
},
{
"left": 0.23399,
"top": 0.31204,
"right": 0.40602,
"bottom": 0.3354
},
null,
{
"left": 0.40602,
"top": 0.31202,
"right": 0.58933,
"bottom": 0.33539
},
null,
{
"left": 0.58932,
"top": 0.31199,
"right": 0.77355,
"bottom": 0.33539
},
null,
{
"left": 0.77354,
"top": 0.31196,
"right": 0.94651,
"bottom": 0.33539
},
null
],
[
{
"left": 0.04558,
"top": 0.3354,
"right": 0.23412,
"bottom": 0.35869
},
{
"left": 0.23405,
"top": 0.33539,
"right": 0.33102,
"bottom": 0.35869
},
{
"left": 0.331,
"top": 0.33539,
"right": 0.40602,
"bottom": 0.35869
},
{
"left": 0.40601,
"top": 0.33539,
"right": 0.5147,
"bottom": 0.35869
},
{
"left": 0.51469,
"top": 0.33539,
"right": 0.58932,
"bottom": 0.35869
},
{
"left": 0.58931,
"top": 0.33539,
"right": 0.69846,
"bottom": 0.35869
},
{
"left": 0.69843,
"top": 0.33539,
"right": 0.77355,
"bottom": 0.35869
},
{
"left": 0.77355,
"top": 0.33539,
"right": 0.88207,
"bottom": 0.35869
},
{
"left": 0.88205,
"top": 0.33539,
"right": 0.94652,
"bottom": 0.35869
}
],
[
{
"left": 0.0456,
"top": 0.35869,
"right": 0.23418,
"bottom": 0.38274
},
{
"left": 0.23412,
"top": 0.35869,
"right": 0.331,
"bottom": 0.38274
},
{
"left": 0.33099,
"top": 0.35869,
"right": 0.40601,
"bottom": 0.38273
},
{
"left": 0.406,
"top": 0.35869,
"right": 0.51469,
"bottom": 0.38273
},
{
"left": 0.51468,
"top": 0.35869,
"right": 0.58931,
"bottom": 0.38272
},
{
"left": 0.58929,
"top": 0.35869,
"right": 0.69843,
"bottom": 0.38272
},
{
"left": 0.6984,
"top": 0.35869,
"right": 0.77356,
"bottom": 0.38272
},
{
"left": 0.77355,
"top": 0.35869,
"right": 0.88205,
"bottom": 0.38271
},
{
"left": 0.88204,
"top": 0.35869,
"right": 0.94652,
"bottom": 0.38271
}
],
[
{
"left": 0.04562,
"top": 0.38274,
"right": 0.23424,
"bottom": 0.40456
},
{
"left": 0.23418,
"top": 0.38273,
"right": 0.33099,
"bottom": 0.40454
},
{
"left": 0.33098,
"top": 0.38273,
"right": 0.406,
"bottom": 0.40452
},
{
"left": 0.40599,
"top": 0.38272,
"right": 0.51468,
"bottom": 0.40451
},
{
"left": 0.51467,
"top": 0.38272,
"right": 0.58929,
"bottom": 0.4045
},
{
"left": 0.58928,
"top": 0.38272,
"right": 0.6984,
"bottom": 0.40449
},
{
"left": 0.69838,
"top": 0.38271,
"right": 0.77356,
"bottom": 0.40447
},
{
"left": 0.77356,
"top": 0.38271,
"right": 0.88204,
"bottom": 0.40446
},
{
"left": 0.88203,
"top": 0.38271,
"right": 0.94652,
"bottom": 0.40444
}
],
[
{
"left": 0.04564,
"top": 0.40454,
"right": 0.23431,
"bottom": 0.42893
},
{
"left": 0.23424,
"top": 0.40452,
"right": 0.33098,
"bottom": 0.42892
},
{
"left": 0.33097,
"top": 0.40451,
"right": 0.40599,
"bottom": 0.42892
},
{
"left": 0.40598,
"top": 0.4045,
"right": 0.51467,
"bottom": 0.42891
},
{
"left": 0.51466,
"top": 0.40449,
"right": 0.58928,
"bottom": 0.42891
},
{
"left": 0.58927,
"top": 0.40447,
"right": 0.69838,
"bottom": 0.42891
},
{
"left": 0.69835,
"top": 0.40446,
"right": 0.77356,
"bottom": 0.4289
},
{
"left": 0.77356,
"top": 0.40444,
"right": 0.88203,
"bottom": 0.4289
},
{
"left": 0.88201,
"top": 0.40443,
"right": 0.94652,
"bottom": 0.42889
}
],
[
{
"left": 0.04566,
"top": 0.42892,
"right": 0.23437,
"bottom": 0.4509
},
{
"left": 0.23431,
"top": 0.42892,
"right": 0.33097,
"bottom": 0.4509
},
{
"left": 0.33095,
"top": 0.42891,
"right": 0.40598,
"bottom": 0.4509
},
{
"left": 0.40598,
"top": 0.42891,
"right": 0.51466,
"bottom": 0.4509
},
{
"left": 0.51465,
"top": 0.42891,
"right": 0.58927,
"bottom": 0.4509
},
{
"left": 0.58925,
"top": 0.4289,
"right": 0.69835,
"bottom": 0.4509
},
{
"left": 0.69832,
"top": 0.4289,
"right": 0.77357,
"bottom": 0.4509
},
{
"left": 0.77356,
"top": 0.42889,
"right": 0.88201,
"bottom": 0.4509
},
{
"left": 0.882,
"top": 0.42889,
"right": 0.94653,
"bottom": 0.4509
}
],
[
{
"left": 0.04568,
"top": 0.45089,
"right": 0.23444,
"bottom": 0.47627
},
{
"left": 0.23437,
"top": 0.4509,
"right": 0.33095,
"bottom": 0.47628
},
{
"left": 0.33094,
"top": 0.4509,
"right": 0.40598,
"bottom": 0.47628
},
{
"left": 0.40597,
"top": 0.4509,
"right": 0.51465,
"bottom": 0.47629
},
{
"left": 0.51463,
"top": 0.4509,
"right": 0.58925,
"bottom": 0.47629
},
{
"left": 0.58924,
"top": 0.4509,
"right": 0.69832,
"bottom": 0.4763
},
{
"left": 0.69829,
"top": 0.4509,
"right": 0.77357,
"bottom": 0.4763
},
{
"left": 0.77357,
"top": 0.4509,
"right": 0.882,
"bottom": 0.47631
},
{
"left": 0.88199,
"top": 0.4509,
"right": 0.94653,
"bottom": 0.47631
}
]
],
"box": {
"left": 0.0413,
"top": 0.25428,
"right": 0.95315,
"bottom": 0.48027
},
"chunk_id": "table-0",
"job_id": "parse-01m2p7mqfvmgf7ssbapz6a87ag",
"table_ref": null,
"picture_ref": null,
"table_id": null
},
{
"page": 15,
"cells": [
[
"",
"REO Rollforward",
"",
"",
"",
"",
"",
"",
""
],
[
"",
"2Q25",
"",
"3Q25",
"",
"4Q25",
"",
"1Q26",
""
],
[
"",
"Carrying Value",
"#",
"Carrying Value",
"#",
"Carrying Value",
"#",
"Carrying Value",
"#"
],
[
"Beginning Balance",
"$ 302,158",
"13",
"$ 365,186",
"15",
"$ 471,347",
"16",
"$ 498,938",
"19"
],
[
"Transfer to REO",
"67,977",
"3",
"107,556",
"2",
"72,868",
"4",
"59,017",
"3"
],
[
"Sold",
"(7,000)",
"(1)",
"(10,063)",
"(1)",
"(28,814)",
"(1)",
"(34,768)",
"(1)"
],
[
"Impairment",
"-",
"",
"-",
"",
"(20,500)",
"",
"(12,500)",
""
],
[
"Other (CapEx / Depreciation)",
"2,051",
"",
"8,668",
"",
"4,037",
"",
"10,079",
""
],
[
"Ending Balance",
"$ 365,186",
"15",
"$ 471,347",
"16",
"$ 498,938",
"19",
"$ 520,766<sup>1</sup>",
"21"
]
],
"cell_boxes": [
[
{
"left": 0.04512,
"top": 0.48579,
"right": 0.23378,
"bottom": 0.50897
},
{
"left": 0.2337,
"top": 0.4858,
"right": 0.94598,
"bottom": 0.50902
},
null,
null,
null,
null,
null,
null,
null
],
[
{
"left": 0.04513,
"top": 0.50896,
"right": 0.23386,
"bottom": 0.5325
},
{
"left": 0.23378,
"top": 0.50897,
"right": 0.40515,
"bottom": 0.53252
},
null,
{
"left": 0.40512,
"top": 0.50898,
"right": 0.58961,
"bottom": 0.53253
},
null,
{
"left": 0.58959,
"top": 0.509,
"right": 0.77404,
"bottom": 0.53255
},
null,
{
"left": 0.774,
"top": 0.50901,
"right": 0.94603,
"bottom": 0.53256
},
null
],
[
{
"left": 0.04515,
"top": 0.53249,
"right": 0.23394,
"bottom": 0.55568
},
{
"left": 0.23386,
"top": 0.5325,
"right": 0.33116,
"bottom": 0.55569
},
{
"left": 0.33113,
"top": 0.53251,
"right": 0.40518,
"bottom": 0.55569
},
{
"left": 0.40515,
"top": 0.53252,
"right": 0.51534,
"bottom": 0.5557
},
{
"left": 0.51532,
"top": 0.53253,
"right": 0.58959,
"bottom": 0.5557
},
{
"left": 0.58958,
"top": 0.53253,
"right": 0.69874,
"bottom": 0.55571
},
{
"left": 0.69872,
"top": 0.53254,
"right": 0.774,
"bottom": 0.55571
},
{
"left": 0.77397,
"top": 0.53255,
"right": 0.88343,
"bottom": 0.55572
},
{
"left": 0.88336,
"top": 0.53256,
"right": 0.94608,
"bottom": 0.55572
}
],
[
{
"left": 0.04516,
"top": 0.55567,
"right": 0.23403,
"bottom": 0.57989
},
{
"left": 0.23394,
"top": 0.55568,
"right": 0.3312,
"bottom": 0.5799
},
{
"left": 0.33116,
"top": 0.55569,
"right": 0.40521,
"bottom": 0.5799
},
{
"left": 0.40518,
"top": 0.55569,
"right": 0.51532,
"bottom": 0.57991
},
{
"left": 0.51531,
"top": 0.5557,
"right": 0.58958,
"bottom": 0.57992
},
{
"left": 0.58957,
"top": 0.5557,
"right": 0.69872,
"bottom": 0.57992
},
{
"left": 0.69869,
"top": 0.55571,
"right": 0.77397,
"bottom": 0.57993
},
{
"left": 0.77393,
"top": 0.55571,
"right": 0.88336,
"bottom": 0.57993
},
{
"left": 0.88329,
"top": 0.55572,
"right": 0.94614,
"bottom": 0.57994
}
],
[
{
"left": 0.04518,
"top": 0.57988,
"right": 0.2341,
"bottom": 0.60225
},
{
"left": 0.23403,
"top": 0.57989,
"right": 0.33123,
"bottom": 0.60225
},
{
"left": 0.3312,
"top": 0.5799,
"right": 0.40524,
"bottom": 0.60226
},
{
"left": 0.40521,
"top": 0.5799,
"right": 0.51531,
"bottom": 0.60226
},
{
"left": 0.5153,
"top": 0.57991,
"right": 0.58957,
"bottom": 0.60226
},
{
"left": 0.58955,
"top": 0.57992,
"right": 0.69869,
"bottom": 0.60226
},
{
"left": 0.69867,
"top": 0.57992,
"right": 0.77393,
"bottom": 0.60226
},
{
"left": 0.7739,
"top": 0.57993,
"right": 0.88329,
"bottom": 0.60227
},
{
"left": 0.88321,
"top": 0.57993,
"right": 0.94619,
"bottom": 0.60227
}
],
[
{
"left": 0.04519,
"top": 0.60225,
"right": 0.23419,
"bottom": 0.62638
},
{
"left": 0.2341,
"top": 0.60225,
"right": 0.33127,
"bottom": 0.62636
},
{
"left": 0.33123,
"top": 0.60225,
"right": 0.40527,
"bottom": 0.62636
},
{
"left": 0.40524,
"top": 0.60226,
"right": 0.5153,
"bottom": 0.62635
},
{
"left": 0.51528,
"top": 0.60226,
"right": 0.58955,
"bottom": 0.62634
},
{
"left": 0.58954,
"top": 0.60226,
"right": 0.69867,
"bottom": 0.62634
},
{
"left": 0.69864,
"top": 0.60226,
"right": 0.7739,
"bottom": 0.62633
},
{
"left": 0.77386,
"top": 0.60226,
"right": 0.88321,
"bottom": 0.62633
},
{
"left": 0.88314,
"top": 0.60227,
"right": 0.94624,
"bottom": 0.62632
}
],
[
{
"left": 0.04521,
"top": 0.62636,
"right": 0.23427,
"bottom": 0.64889
},
{
"left": 0.23419,
"top": 0.62636,
"right": 0.3313,
"bottom": 0.64889
},
{
"left": 0.33127,
"top": 0.62635,
"right": 0.4053,
"bottom": 0.64889
},
{
"left": 0.40527,
"top": 0.62634,
"right": 0.51528,
"bottom": 0.64889
},
{
"left": 0.51527,
"top": 0.62634,
"right": 0.58954,
"bottom": 0.64889
},
{
"left": 0.58952,
"top": 0.62633,
"right": 0.69864,
"bottom": 0.6489
},
{
"left": 0.69862,
"top": 0.62633,
"right": 0.77386,
"bottom": 0.6489
},
{
"left": 0.77383,
"top": 0.62632,
"right": 0.88314,
"bottom": 0.6489
},
{
"left": 0.88307,
"top": 0.62631,
"right": 0.94629,
"bottom": 0.6489
}
],
[
{
"left": 0.04523,
"top": 0.64889,
"right": 0.23435,
"bottom": 0.67089
},
{
"left": 0.23427,
"top": 0.64889,
"right": 0.33134,
"bottom": 0.67089
},
{
"left": 0.3313,
"top": 0.64889,
"right": 0.40533,
"bottom": 0.67089
},
{
"left": 0.4053,
"top": 0.64889,
"right": 0.51527,
"bottom": 0.67089
},
{
"left": 0.51526,
"top": 0.64889,
"right": 0.58952,
"bottom": 0.67089
},
{
"left": 0.58951,
"top": 0.64889,
"right": 0.69862,
"bottom": 0.67089
},
{
"left": 0.6986,
"top": 0.6489,
"right": 0.77383,
"bottom": 0.67089
},
{
"left": 0.7738,
"top": 0.6489,
"right": 0.88307,
"bottom": 0.67088
},
{
"left": 0.883,
"top": 0.6489,
"right": 0.94634,
"bottom": 0.67088
}
],
[
{
"left": 0.04524,
"top": 0.67089,
"right": 0.23447,
"bottom": 0.70759
},
{
"left": 0.23435,
"top": 0.67089,
"right": 0.33139,
"bottom": 0.7076
},
{
"left": 0.33134,
"top": 0.67089,
"right": 0.40538,
"bottom": 0.70761
},
{
"left": 0.40533,
"top": 0.67089,
"right": 0.51526,
"bottom": 0.70762
},
{
"left": 0.51524,
"top": 0.67089,
"right": 0.58951,
"bottom": 0.70762
},
{
"left": 0.58949,
"top": 0.67089,
"right": 0.6986,
"bottom": 0.70763
},
{
"left": 0.69856,
"top": 0.67088,
"right": 0.7738,
"bottom": 0.70764
},
{
"left": 0.77374,
"top": 0.67088,
"right": 0.883,
"bottom": 0.70765
},
{
"left": 0.88288,
"top": 0.67088,
"right": 0.94642,
"bottom": 0.70766
}
]
],
"box": {
"left": 0.04135,
"top": 0.48224,
"right": 0.95434,
"bottom": 0.71148
},
"chunk_id": "table-1",
"job_id": "parse-01m2p7mqfvmgf7ssbapz6a87ag",
"table_ref": null,
"picture_ref": null,
"table_id": null
},
{
"page": 15,
"cells": [
[
"",
"Combined Non-Performing Assets",
"",
"",
"",
"",
"",
"",
""
],
[
"",
"2Q25",
"",
"3Q25",
"",
"4Q25",
"",
"1Q26",
""
],
[
"",
"UPB",
"#",
"UPB",
"#",
"UPB",
"#",
"UPB",
"#"
],
[
"Beginning Balance",
"$ 956,069",
"41",
"$ 893,886",
"37",
"$ 1,220,597",
"49",
"$ 1,116,386",
"48"
],
[
"Activity",
"(62,183)",
"(4)",
"326,711",
"12",
"(104,211)",
"(1)",
"(114,170)",
"(8)"
],
[
"Ending Balance",
"$ 893,886",
"37",
"$ 1,220,597",
"49",
"$ 1,116,386",
"48",
"$ 1,002,216",
"40"
],
[
"% of Total Portfolio",
"7.5%",
"",
"10.0%",
"",
"8.9%",
"",
"8.0%",
""
]
],
"cell_boxes": [
[
{
"left": 0.04599,
"top": 0.71958,
"right": 0.23312,
"bottom": 0.74535
},
{
"left": 0.23311,
"top": 0.71958,
"right": 0.94692,
"bottom": 0.74538
},
null,
null,
null,
null,
null,
null,
null
],
[
{
"left": 0.04597,
"top": 0.74534,
"right": 0.23313,
"bottom": 0.76758
},
{
"left": 0.23312,
"top": 0.74535,
"right": 0.40646,
"bottom": 0.76758
},
null,
{
"left": 0.40639,
"top": 0.74536,
"right": 0.59018,
"bottom": 0.76758
},
null,
{
"left": 0.59009,
"top": 0.74536,
"right": 0.77388,
"bottom": 0.76758
},
null,
{
"left": 0.77376,
"top": 0.74537,
"right": 0.94686,
"bottom": 0.76758
},
null
],
[
{
"left": 0.04595,
"top": 0.76758,
"right": 0.23314,
"bottom": 0.79083
},
{
"left": 0.23313,
"top": 0.76758,
"right": 0.33142,
"bottom": 0.79084
},
{
"left": 0.33135,
"top": 0.76758,
"right": 0.40639,
"bottom": 0.79084
},
{
"left": 0.4063,
"top": 0.76758,
"right": 0.51498,
"bottom": 0.79084
},
{
"left": 0.51489,
"top": 0.76758,
"right": 0.59009,
"bottom": 0.79084
},
{
"left": 0.59,
"top": 0.76758,
"right": 0.69832,
"bottom": 0.79085
},
{
"left": 0.69822,
"top": 0.76758,
"right": 0.77376,
"bottom": 0.79085
},
{
"left": 0.77363,
"top": 0.76758,
"right": 0.88251,
"bottom": 0.79085
},
{
"left": 0.8824,
"top": 0.76758,
"right": 0.94681,
"bottom": 0.79085
}
],
[
{
"left": 0.04593,
"top": 0.79083,
"right": 0.23314,
"bottom": 0.81484
},
{
"left": 0.23314,
"top": 0.79083,
"right": 0.33135,
"bottom": 0.81485
},
{
"left": 0.33129,
"top": 0.79084,
"right": 0.4063,
"bottom": 0.81486
},
{
"left": 0.40622,
"top": 0.79084,
"right": 0.51489,
"bottom": 0.81487
},
{
"left": 0.5148,
"top": 0.79084,
"right": 0.59,
"bottom": 0.81487
},
{
"left": 0.5899,
"top": 0.79084,
"right": 0.69822,
"bottom": 0.81488
},
{
"left": 0.69812,
"top": 0.79085,
"right": 0.77363,
"bottom": 0.81489
},
{
"left": 0.77349,
"top": 0.79085,
"right": 0.8824,
"bottom": 0.8149
},
{
"left": 0.88229,
"top": 0.79085,
"right": 0.94676,
"bottom": 0.8149
}
],
[
{
"left": 0.04591,
"top": 0.81483,
"right": 0.23315,
"bottom": 0.83695
},
{
"left": 0.23314,
"top": 0.81484,
"right": 0.33129,
"bottom": 0.83696
},
{
"left": 0.33122,
"top": 0.81485,
"right": 0.40622,
"bottom": 0.83696
},
{
"left": 0.40614,
"top": 0.81486,
"right": 0.5148,
"bottom": 0.83696
},
{
"left": 0.51472,
"top": 0.81487,
"right": 0.5899,
"bottom": 0.83696
},
{
"left": 0.58981,
"top": 0.81487,
"right": 0.69812,
"bottom": 0.83696
},
{
"left": 0.69803,
"top": 0.81488,
"right": 0.77349,
"bottom": 0.83696
},
{
"left": 0.77337,
"top": 0.81489,
"right": 0.88229,
"bottom": 0.83696
},
{
"left": 0.88219,
"top": 0.8149,
"right": 0.94671,
"bottom": 0.83696
}
],
[
{
"left": 0.04589,
"top": 0.83695,
"right": 0.23316,
"bottom": 0.86123
},
{
"left": 0.23315,
"top": 0.83695,
"right": 0.33122,
"bottom": 0.86123
},
{
"left": 0.33115,
"top": 0.83696,
"right": 0.40614,
"bottom": 0.86124
},
{
"left": 0.40606,
"top": 0.83696,
"right": 0.51472,
"bottom": 0.86124
},
{
"left": 0.51463,
"top": 0.83696,
"right": 0.58981,
"bottom": 0.86124
},
{
"left": 0.58971,
"top": 0.83696,
"right": 0.69803,
"bottom": 0.86124
},
{
"left": 0.69792,
"top": 0.83696,
"right": 0.77337,
"bottom": 0.86125
},
{
"left": 0.77323,
"top": 0.83696,
"right": 0.88219,
"bottom": 0.86125
},
{
"left": 0.88207,
"top": 0.83696,
"right": 0.94666,
"bottom": 0.86125
}
],
[
{
"left": 0.04586,
"top": 0.86122,
"right": 0.23317,
"bottom": 0.89701
},
{
"left": 0.23316,
"top": 0.86123,
"right": 0.33115,
"bottom": 0.89702
},
{
"left": 0.33105,
"top": 0.86123,
"right": 0.40606,
"bottom": 0.89703
},
{
"left": 0.40593,
"top": 0.86124,
"right": 0.51463,
"bottom": 0.89704
},
{
"left": 0.51449,
"top": 0.86124,
"right": 0.58971,
"bottom": 0.89705
},
{
"left": 0.58956,
"top": 0.86124,
"right": 0.69792,
"bottom": 0.89706
},
{
"left": 0.69777,
"top": 0.86124,
"right": 0.77323,
"bottom": 0.89706
},
{
"left": 0.77303,
"top": 0.86125,
"right": 0.88207,
"bottom": 0.89708
},
{
"left": 0.88191,
"top": 0.86125,
"right": 0.94661,
"bottom": 0.89708
}
]
],
"box": {
"left": 0.04126,
"top": 0.71373,
"right": 0.9537,
"bottom": 0.9116
},
"chunk_id": "table-2",
"job_id": "parse-01m2p7mqfvmgf7ssbapz6a87ag",
"table_ref": null,
"picture_ref": null,
"table_id": null
}
],
"context": [
{
"page": 15,
"kind": "text",
"text": "Arbor is Singularly Focused on Accelerating the Resolution\nof Non-Performing Assets\n",
"box": {
"left": 0.02894,
"top": 0.01793,
"right": 0.92849,
"bottom": 0.11729
},
"chunk_id": "text-0"
},
{
"page": 15,
"kind": "text",
"text": "Continue to make meaningful progress each quarter by resolving more non-interest earning assets versus new defaults.\nIn 1Q26, non-performing assets are down 10% as Arbor accelerates the resolution process\n",
"box": {
"left": 0.04012,
"top": 0.16016,
"right": 0.9621,
"bottom": 0.24257
},
"chunk_id": "text-1"
},
{
"page": 15,
"kind": "text",
"text": "Source: Company filings (As of March 31, 2026)\n 1) Includes $84.3M of reserves related to REO assets\n",
"box": {
"left": 0.04126,
"top": 0.92871,
"right": 0.28002,
"bottom": 0.96772
},
"chunk_id": "text-2"
},
{
"page": 15,
"kind": "logo",
"text": "[Vertical bar chart icon]\n",
"box": {
"left": 0.87167,
"top": 0.9412,
"right": 0.9221,
"bottom": 0.99314
},
"chunk_id": "logo-0"
},
{
"page": 15,
"kind": "marginalia",
"text": "15\n",
"box": {
"left": 0.93943,
"top": 0.95952,
"right": 0.95825,
"bottom": 0.98193
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 16,
"status": "empty",
"reason": "",
"picture_classes": [],
"table_refs": [],
"job_id": "parse-01m2p7mqmcyfez36q4wccbv6ea",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 0.9,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p16.ade.json",
"figures": [],
"tables": [],
"context": [
{
"page": 16,
"kind": "text",
"text": "Arbor has Clear Visibility to Resolution on\nNon-Performing Assets\n",
"box": {
"left": 0.02689,
"top": 0.01795,
"right": 0.62895,
"bottom": 0.11569
},
"chunk_id": "text-0"
},
{
"page": 16,
"kind": "text",
"text": "Projected\nResolution for\n$480M of\nDelinquencies\n → $200M - $300M is expected to be resolved from 2Q26 - 3Q26\n → Potential to rectify another ~$100M in 4Q26\n → Throughout the remainder of 2026, Arbor is projected to take back ~$100M of non-\nperforming loans as REO assets, as well as work through any remaining delinquencies\n → This aggressive resolution pace will resolve nearly all of these delinquencies by year end\n",
"box": {
"left": 0.03969,
"top": 0.13113,
"right": 0.97077,
"bottom": 0.45632
},
"chunk_id": "text-1"
},
{
"page": 16,
"kind": "text",
"text": "Projected\nResolution for\n$520M of REO\nAssets\n → ~$50M - $75M of delinquent loans (noted above) taken back as REO in 2Q26\n → Additionally, from 3Q26 – 4Q26, Arbor is projected to take back between $25M - $50M of\nnon-performing loans (noted above) as REO assets\n → We expect to resolve between $300M - $400M of these assets during the year, which will\nbring the REO balance down to $250M - $300M by the end of 2026\n",
"box": {
"left": 0.03889,
"top": 0.46705,
"right": 0.9718,
"bottom": 0.7499
},
"chunk_id": "text-2"
},
{
"page": 16,
"kind": "text",
"text": "Aggressive resolution strategy will go a long way towards improving Arbor's run rate of net interest income as\nthese non-performing assets are dragging earnings down by $75M - $95M annually, or ~$0.35 - $0.45 per share\n",
"box": {
"left": 0.05903,
"top": 0.76329,
"right": 0.94433,
"bottom": 0.85132
},
"chunk_id": "text-3"
},
{
"page": 16,
"kind": "text",
"text": "Source: Company filings (As of March 31, 2026)\n 1) Assumes no new delinquencies\n",
"box": {
"left": 0.04763,
"top": 0.88048,
"right": 0.25361,
"bottom": 0.92321
},
"chunk_id": "text-4"
},
{
"page": 16,
"kind": "logo",
"text": "[VERTICAL_STRIPED_SHAPE]\n",
"box": {
"left": 0.87114,
"top": 0.93959,
"right": 0.92245,
"bottom": 0.994
},
"chunk_id": "logo-0"
},
{
"page": 16,
"kind": "marginalia",
"text": "16\n",
"box": {
"left": 0.93902,
"top": 0.95828,
"right": 0.95883,
"bottom": 0.98239
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 17,
"status": "tables",
"reason": "",
"picture_classes": [],
"table_refs": [],
"job_id": "parse-01m2p7mqn2xa2p8ygr4p720fja",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.3,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p17.ade.json",
"figures": [],
"tables": [
{
"page": 17,
"cells": [
[
"Allowance for Credit Losses - Structured Business",
"",
"",
"",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"($M)",
"FY'17",
"FY'18",
"FY'19",
"FY'20 <sup>2</sup>",
"FY'21",
"FY'22",
"FY'23",
"FY'24",
"FY'25",
"1Q26",
"1Q26 w/REO"
],
[
"Beginning Balance",
"$83.7",
"$62.8",
"$71.1",
"$ 88.4",
"$148.3",
"$113.2",
"$132.6",
"$195.7",
"$239.0",
"$146.0",
""
],
[
"Provision for loan losses <sup>1</sup>",
"(0.4)",
"11.5",
"−",
"59.9",
"(24.3)",
"19.4",
"68.8",
"55.5",
"35.3",
"3.4",
""
],
[
"Net charge-offs",
"(20.5)",
"(3.2)",
"−",
"−",
"(10.8)",
"–",
"(5.7)",
"(12.2)",
"(128.3)",
"3(18.2)",
""
],
[
"Ending balance",
"$62.8",
"$71.1",
"$71.1",
"$148.3",
"$113.2",
"$132.6",
"$195.7",
"$239.0",
"$146.0",
"$131.2",
"$215.5"
],
[
"Total portfolio UPB",
"$2.7B",
"$3.3B",
"$4.3B",
"$5.5B",
"$12.2B",
"$14.5B",
"$12.6B",
"$11.3B",
"$12.1B",
"$12.0B",
"$12.5B"
],
[
"Ending balance % of total UPB",
"2.4%",
"2.2%",
"1.7%",
"2.7%",
"0.9%",
"0.9%",
"1.6%",
"2.1%",
"1.2%",
"1.1%",
"1.7%"
]
],
"cell_boxes": [
[
{
"left": 0.06443,
"top": 0.3877,
"right": 0.90907,
"bottom": 0.41614
},
null,
null,
null,
null,
null,
null,
null,
null,
null,
null,
null
],
[
{
"left": 0.06439,
"top": 0.4161,
"right": 0.21262,
"bottom": 0.47057
},
{
"left": 0.21257,
"top": 0.41611,
"right": 0.26978,
"bottom": 0.47057
},
{
"left": 0.26975,
"top": 0.41611,
"right": 0.32427,
"bottom": 0.47057
},
{
"left": 0.32425,
"top": 0.41611,
"right": 0.38043,
"bottom": 0.47057
},
{
"left": 0.38043,
"top": 0.41612,
"right": 0.44474,
"bottom": 0.47058
},
{
"left": 0.4447,
"top": 0.41612,
"right": 0.5103,
"bottom": 0.47058
},
{
"left": 0.51025,
"top": 0.41612,
"right": 0.57492,
"bottom": 0.47058
},
{
"left": 0.57482,
"top": 0.41613,
"right": 0.64028,
"bottom": 0.47058
},
{
"left": 0.6402,
"top": 0.41613,
"right": 0.70623,
"bottom": 0.47058
},
{
"left": 0.70623,
"top": 0.41613,
"right": 0.77443,
"bottom": 0.47058
},
{
"left": 0.77434,
"top": 0.41613,
"right": 0.84253,
"bottom": 0.47058
},
{
"left": 0.84249,
"top": 0.41614,
"right": 0.90905,
"bottom": 0.47058
}
],
[
{
"left": 0.06437,
"top": 0.47057,
"right": 0.21257,
"bottom": 0.50324
},
{
"left": 0.21254,
"top": 0.47057,
"right": 0.26975,
"bottom": 0.50318
},
{
"left": 0.26973,
"top": 0.47057,
"right": 0.32428,
"bottom": 0.50315
},
{
"left": 0.32427,
"top": 0.47057,
"right": 0.38043,
"bottom": 0.50313
},
{
"left": 0.38042,
"top": 0.47057,
"right": 0.44476,
"bottom": 0.5031
},
{
"left": 0.44474,
"top": 0.47058,
"right": 0.51032,
"bottom": 0.50308
},
{
"left": 0.5103,
"top": 0.47058,
"right": 0.57498,
"bottom": 0.50305
},
{
"left": 0.57492,
"top": 0.47058,
"right": 0.64032,
"bottom": 0.50302
},
{
"left": 0.64028,
"top": 0.47058,
"right": 0.70623,
"bottom": 0.50299
},
{
"left": 0.70622,
"top": 0.47058,
"right": 0.77434,
"bottom": 0.50296
},
{
"left": 0.77429,
"top": 0.47058,
"right": 0.84249,
"bottom": 0.50293
},
{
"left": 0.84246,
"top": 0.47058,
"right": 0.90901,
"bottom": 0.5029
}
],
[
{
"left": 0.06434,
"top": 0.50318,
"right": 0.21254,
"bottom": 0.55626
},
{
"left": 0.21249,
"top": 0.50315,
"right": 0.26973,
"bottom": 0.55624
},
{
"left": 0.2697,
"top": 0.50313,
"right": 0.3243,
"bottom": 0.55623
},
{
"left": 0.32428,
"top": 0.5031,
"right": 0.38042,
"bottom": 0.55622
},
{
"left": 0.38042,
"top": 0.50308,
"right": 0.4448,
"bottom": 0.55621
},
{
"left": 0.44476,
"top": 0.50305,
"right": 0.51037,
"bottom": 0.5562
},
{
"left": 0.51032,
"top": 0.50302,
"right": 0.57508,
"bottom": 0.55619
},
{
"left": 0.57498,
"top": 0.50299,
"right": 0.6404,
"bottom": 0.55618
},
{
"left": 0.64032,
"top": 0.50296,
"right": 0.70622,
"bottom": 0.55617
},
{
"left": 0.70622,
"top": 0.50293,
"right": 0.77429,
"bottom": 0.55616
},
{
"left": 0.77421,
"top": 0.5029,
"right": 0.84246,
"bottom": 0.55615
},
{
"left": 0.84242,
"top": 0.50288,
"right": 0.90899,
"bottom": 0.55614
}
],
[
{
"left": 0.06431,
"top": 0.55624,
"right": 0.21249,
"bottom": 0.58613
},
{
"left": 0.21246,
"top": 0.55623,
"right": 0.2697,
"bottom": 0.58611
},
{
"left": 0.26968,
"top": 0.55622,
"right": 0.32431,
"bottom": 0.5861
},
{
"left": 0.3243,
"top": 0.55621,
"right": 0.38042,
"bottom": 0.58609
},
{
"left": 0.38042,
"top": 0.5562,
"right": 0.44482,
"bottom": 0.58608
},
{
"left": 0.4448,
"top": 0.55619,
"right": 0.5104,
"bottom": 0.58607
},
{
"left": 0.51037,
"top": 0.55618,
"right": 0.57513,
"bottom": 0.58606
},
{
"left": 0.57508,
"top": 0.55617,
"right": 0.64044,
"bottom": 0.58605
},
{
"left": 0.6404,
"top": 0.55616,
"right": 0.70622,
"bottom": 0.58604
},
{
"left": 0.70622,
"top": 0.55615,
"right": 0.77421,
"bottom": 0.58603
},
{
"left": 0.77416,
"top": 0.55614,
"right": 0.84242,
"bottom": 0.58602
},
{
"left": 0.8424,
"top": 0.55613,
"right": 0.90895,
"bottom": 0.58601
}
],
[
{
"left": 0.06429,
"top": 0.58611,
"right": 0.21246,
"bottom": 0.61534
},
{
"left": 0.21243,
"top": 0.5861,
"right": 0.26968,
"bottom": 0.61529
},
{
"left": 0.26966,
"top": 0.58609,
"right": 0.32432,
"bottom": 0.61527
},
{
"left": 0.32431,
"top": 0.58608,
"right": 0.38042,
"bottom": 0.61525
},
{
"left": 0.38042,
"top": 0.58607,
"right": 0.44484,
"bottom": 0.61523
},
{
"left": 0.44482,
"top": 0.58606,
"right": 0.51042,
"bottom": 0.61521
},
{
"left": 0.5104,
"top": 0.58605,
"right": 0.57518,
"bottom": 0.61519
},
{
"left": 0.57513,
"top": 0.58604,
"right": 0.64048,
"bottom": 0.61517
},
{
"left": 0.64044,
"top": 0.58603,
"right": 0.70622,
"bottom": 0.61514
},
{
"left": 0.70622,
"top": 0.58602,
"right": 0.77416,
"bottom": 0.61512
},
{
"left": 0.77411,
"top": 0.58601,
"right": 0.8424,
"bottom": 0.6151
},
{
"left": 0.84238,
"top": 0.586,
"right": 0.90893,
"bottom": 0.61507
}
],
[
{
"left": 0.06428,
"top": 0.61529,
"right": 0.21243,
"bottom": 0.64424
},
{
"left": 0.2124,
"top": 0.61527,
"right": 0.26966,
"bottom": 0.64422
},
{
"left": 0.26965,
"top": 0.61525,
"right": 0.32433,
"bottom": 0.64421
},
{
"left": 0.32432,
"top": 0.61523,
"right": 0.38042,
"bottom": 0.6442
},
{
"left": 0.38042,
"top": 0.61521,
"right": 0.44486,
"bottom": 0.64419
},
{
"left": 0.44484,
"top": 0.61519,
"right": 0.51045,
"bottom": 0.64418
},
{
"left": 0.51042,
"top": 0.61517,
"right": 0.57524,
"bottom": 0.64416
},
{
"left": 0.57518,
"top": 0.61514,
"right": 0.64052,
"bottom": 0.64415
},
{
"left": 0.64048,
"top": 0.61512,
"right": 0.70622,
"bottom": 0.64414
},
{
"left": 0.70622,
"top": 0.6151,
"right": 0.77411,
"bottom": 0.64413
},
{
"left": 0.77407,
"top": 0.61507,
"right": 0.84238,
"bottom": 0.64412
},
{
"left": 0.84235,
"top": 0.61505,
"right": 0.90891,
"bottom": 0.6441
}
],
[
{
"left": 0.06424,
"top": 0.64422,
"right": 0.2124,
"bottom": 0.6957
},
{
"left": 0.21235,
"top": 0.64421,
"right": 0.26965,
"bottom": 0.69563
},
{
"left": 0.26962,
"top": 0.6442,
"right": 0.32435,
"bottom": 0.69561
},
{
"left": 0.32433,
"top": 0.64419,
"right": 0.38042,
"bottom": 0.69558
},
{
"left": 0.38042,
"top": 0.64418,
"right": 0.4449,
"bottom": 0.69556
},
{
"left": 0.44486,
"top": 0.64416,
"right": 0.51049,
"bottom": 0.69552
},
{
"left": 0.51045,
"top": 0.64415,
"right": 0.57533,
"bottom": 0.69549
},
{
"left": 0.57524,
"top": 0.64414,
"right": 0.6406,
"bottom": 0.69546
},
{
"left": 0.64052,
"top": 0.64413,
"right": 0.70622,
"bottom": 0.69543
},
{
"left": 0.70622,
"top": 0.64412,
"right": 0.77407,
"bottom": 0.6954
},
{
"left": 0.77399,
"top": 0.6441,
"right": 0.84235,
"bottom": 0.69537
},
{
"left": 0.84231,
"top": 0.64409,
"right": 0.90889,
"bottom": 0.69534
}
]
],
"box": {
"left": 0.05732,
"top": 0.38512,
"right": 0.91954,
"bottom": 0.70439
},
"chunk_id": "table-0",
"job_id": "parse-01m2p7mqn2xa2p8ygr4p720fja",
"table_ref": null,
"picture_ref": null,
"table_id": null
}
],
"context": [
{
"page": 17,
"kind": "text",
"text": "Arbor Maintains a High-Quality Loan Portfolio With Active\nRisk Management to Mitigate Potential Loan Losses\n",
"box": {
"left": 0.02659,
"top": 0.01612,
"right": 0.93516,
"bottom": 0.11854
},
"chunk_id": "text-0"
},
{
"page": 17,
"kind": "text",
"text": "Experienced Team with Strong Track Record of Managing Through Cycles\n",
"box": {
"left": 0.04145,
"top": 0.1342,
"right": 0.92211,
"bottom": 0.20144
},
"chunk_id": "text-1"
},
{
"page": 17,
"kind": "text",
"text": "Structured\n- Aggressive approach to portfolio management and, when necessary, taking over assets to stabilize projects\n- Partner with strong sponsors with track record of success and maintain disciplined origination principles\n- For REO, resolution through disposition or invest strategically in asset’s rehabilitation to improve NOI & occupancy\n- Current delinquencies represent just 1.7% of FY 2020 unpaid balance and 2021 – 2026 new originations of $28.1B\n",
"box": {
"left": 0.04283,
"top": 0.20364,
"right": 0.93198,
"bottom": 0.38266
},
"chunk_id": "text-2"
},
{
"page": 17,
"kind": "text",
"text": "Agency\n - Agency business credit risk is limited by nature of loan sales and servicing model\n - Arbor participates in a loss-share program with Fannie Mae\n - The Company has a clear history of navigating this potential guarantee with limited losses\n - Marginal Fannie Mae delinquencies of 2.75% with $43M of specific reserves against ~$695M of assets\n",
"box": {
"left": 0.04368,
"top": 0.71264,
"right": 0.92096,
"bottom": 0.89899
},
"chunk_id": "text-3"
},
{
"page": 17,
"kind": "text",
"text": "Source: Company filings (As of March 31, 2026)\n 1) Net of reversals\n 2) Includes impact of adopting current expected credit loss (“CECL”) on January 1, 2020 of $17.3M\n 3) Includes $68.9M related to a land development legacy asset from 2006 (Homewood)\n 4) Includes $84.3M of reserves related to REO assets\n",
"box": {
"left": 0.03858,
"top": 0.90275,
"right": 0.46601,
"bottom": 0.98937
},
"chunk_id": "text-4"
},
{
"page": 17,
"kind": "logo",
"text": "[VERTICAL_STRIPES_SYMBOL]\n",
"box": {
"left": 0.87156,
"top": 0.94034,
"right": 0.92188,
"bottom": 0.99346
},
"chunk_id": "logo-0"
},
{
"page": 17,
"kind": "marginalia",
"text": "17\n",
"box": {
"left": 0.93858,
"top": 0.95917,
"right": 0.95823,
"bottom": 0.98103
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 18,
"status": "figures",
"reason": "",
"picture_classes": [
"flow_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7mqqwztxwx5v1t4nyxs5f",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.1,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p18.ade.json",
"figures": [
{
"page": 18,
"text": "A stacked bar chart titled 'Total Enterprise Value' representing a total value of 13,712. The bar is composed of several segments, each with a corresponding label on the left and descriptive details on the right.\n\n| Category | Value | Description |\n| --- | --- | --- |\n| Collateralized loan obligations | 3,386 | Extensive experience with CRE CLOs; 2 outstanding legacy nonrecourse CLOs totaling ~$1.8B; 2.05% over SOFR; 89% leverage; 2.5-year replenishment; CLO 20; 1 $1.1B nonrecourse; 1.73% over SOFR; 88% leverage; 2.5-year replenishment; Match-funded with locked-in spreads; Wtd. average advance rate of 79% |\n| BTR securitization | 567 | BTR CLO, improved terms over our warehouse lines; 80% leverage, 2-year replacement |\n| CLO repurchase facility | 1,180 | CLO-like $1.2B repurchase facility used to unwind 2 CLO vehicles in full; 1.85% over SOFR; 80% leverage; 88% non-recourse |\n| Warehouse & repo | 3,373 | 16 separate warehouse and repo facilities ($6.4B committed). Note: ~$8.5B secured indebtedness of which ~80% is non-recourse and ~58% is non-mark-to-market, non-recourse, long-dated securitized/CLO-like debt with average pricing of ~2.05% (w/o fees) over SOFR |\n| Senior unsecured notes | 2,050 | 6.70% wtd. average coupon rate, no significant covenants; matures in 2026-2030 |\n| Perpetual preferred equity | 657 | $427M, 6.25% rate; $230M, 6.375% rate |\n| Trust preferred (TruPS) | 154 | ~30 year unsecured with no significant covenants – equity-like |\n| Common equity | 2,345 | N/A |",
"box": {
"left": 0.01759,
"top": 0.0986,
"right": 0.9938,
"bottom": 0.87553
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7mqqwztxwx5v1t4nyxs5f",
"picture_ref": "#/pictures/57"
}
],
"tables": [],
"context": [
{
"page": 18,
"kind": "text",
"text": "Highly Diversified Capital Structure\n",
"box": {
"left": 0.03829,
"top": 0.03525,
"right": 0.58777,
"bottom": 0.09873
},
"chunk_id": "text-0"
},
{
"page": 18,
"kind": "text",
"text": "Diversity of funding options provides Arbor with financial flexibility and enables the Company to adapt to changing market conditions and mitigate risk\n",
"box": {
"left": 0.03865,
"top": 0.87981,
"right": 0.94927,
"bottom": 0.9263
},
"chunk_id": "text-1"
},
{
"page": 18,
"kind": "text",
"text": "Source: Company-provided information\n 1) Amounts are as of March 31, 2026\n 2) Excludes Agency debt due to its short-term nature\n",
"box": {
"left": 0.0428,
"top": 0.94077,
"right": 0.28378,
"bottom": 0.99661
},
"chunk_id": "text-2"
},
{
"page": 18,
"kind": "logo",
"text": "[Vertical bar chart icon]\n",
"box": {
"left": 0.87105,
"top": 0.9408,
"right": 0.92221,
"bottom": 0.99308
},
"chunk_id": "logo-0"
},
{
"page": 18,
"kind": "marginalia",
"text": "18\n",
"box": {
"left": 0.9397,
"top": 0.95975,
"right": 0.95799,
"bottom": 0.98114
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 19,
"status": "figures",
"reason": "",
"picture_classes": [
"pie_chart"
],
"table_refs": [],
"job_id": "parse-01m2p7my64bknssn2zsv9cgqjv",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.0,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p19.ade.json",
"figures": [
{
"page": 19,
"text": "The figure is a donut chart representing the 'Unencumbered Asset Pool Composition' with a total value of $3.2B in the center. The chart is divided into eight segments representing different asset types.\n\n| Asset Type | Percentage |\n| --- | --- |\n| Pro forma unrestricted cash | 12.6% |\n| CLO equity | 34.2% |\n| Total unencumbered securities | 6.0% |\n| Other assets 1 | 13.0% |\n| Investments in equity affiliates | 1.8% |\n| 1st mortgage loans | 12.6% |\n| Mezzanine & preferred | 11.9% |\n| Net MSRs | 7.9% |",
"box": {
"left": 0.02871,
"top": 0.16195,
"right": 0.48378,
"bottom": 0.89229
},
"chunk_id": "figure-0",
"job_id": "parse-01m2p7my64bknssn2zsv9cgqjv",
"picture_ref": "#/pictures/59"
}
],
"tables": [],
"context": [
{
"page": 19,
"kind": "text",
"text": "Unencumbered Asset Pool is Comprised of\nHigh-Quality Assets\n",
"box": {
"left": 0.02699,
"top": 0.01722,
"right": 0.68428,
"bottom": 0.12204
},
"chunk_id": "text-0"
},
{
"page": 19,
"kind": "text",
"text": "# Key Unencumbered Asset Pool Highlights\n\n\n - $3.2B total unencumbered asset pool made up of\nhigh-quality assets\n - 1.6x unencumbered assets-to-unsecured debt\n - Averaging ~2.1x over last 8 quarters,\nsignificantly above the covenant requirement\n - ~$775M cushion vs. 1.2x\n - CLOs remain overcollateralized and are\ncomfortably in compliance with existing\novercollateralization and interest coverage\ncovenants\n - 58% of secured debt is nonrecourse and non-\nmark-to-market\n",
"box": {
"left": 0.50301,
"top": 0.16131,
"right": 0.96126,
"bottom": 0.89393
},
"chunk_id": "text-1"
},
{
"page": 19,
"kind": "text",
"text": "Source: Company provided information. Amounts as of March 31, 2026\n 1) Other assets are comprised primarily of interest and exit fees receivable, operating lease ROU and fixed assets, deferred compensation assets, and other receivables\n",
"box": {
"left": 0.02835,
"top": 0.91389,
"right": 0.73953,
"bottom": 0.95535
},
"chunk_id": "text-2"
},
{
"page": 19,
"kind": "logo",
"text": "[Vertical bar chart icon]\n",
"box": {
"left": 0.8723,
"top": 0.94061,
"right": 0.92097,
"bottom": 0.99308
},
"chunk_id": "logo-0"
},
{
"page": 19,
"kind": "marginalia",
"text": "19\n",
"box": {
"left": 0.93961,
"top": 0.96044,
"right": 0.95758,
"bottom": 0.98086
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 20,
"status": "tables",
"reason": "",
"picture_classes": [],
"table_refs": [],
"job_id": "parse-01m2p7n07svjxegjwj46sq6zac",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.3,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p20.ade.json",
"figures": [],
"tables": [
{
"page": 20,
"cells": [
[
"(Amounts in 000s, except per share amounts)",
"Year Ended",
"",
"",
"",
"",
"Quarter
Ended"
],
[
"",
"2021",
"2022",
"2023",
"2024",
"2025",
"1Q26"
],
[
"Net interest income",
"$ 254,082",
"$ 390,784",
"$ 427,991",
"$ 363,258",
"$ 238,172",
"$ 59,845"
],
[
"Servicing revenue",
"166,170",
"196,570",
"208,278",
"202,819",
"190,729",
"45,079"
],
[
"Gain on sale, incl. fee based services, net",
"123,037",
"72,904",
"72,522",
"74,932",
"70,670",
"12,505"
],
[
"Net operating income (loss) on REOs",
"34,610",
"(259)",
"(189)",
"(168)",
"(6,633)",
"(3,904)"
],
[
"Income from equity affiliates",
"–",
"14,247",
"24,281",
"5,772",
"50,880",
"4,411"
],
[
"Other income",
"7,448",
"(2,359)",
"4,867",
"7,254",
"10,537",
"2,225"
],
[
"Total net revenues",
"585,347",
"671,887",
"737,750",
"653,867",
"554,355",
"120,161"
],
[
"Total operating expenses",
"237,155",
"227,282",
"223,404",
"239,689",
"237,096",
"63,031"
],
[
"Realized loan reserves / (recoveries)",
"12,575",
"(2,045)",
"20,499",
"14,790",
"29,707",
"9,425"
],
[
"Preferred stock dividends",
"21,888",
"40,954",
"41,368",
"41,368",
"41,368",
"10,342"
],
[
"Distributable earnings<sup>1</sup>",
"$ 313,729",
"$ 405,696",
"$ 452,479",
"$ 358,020",
"$ 246,184",
"$ 37,363"
],
[
"Distributable earnings ROE on common equity",
"18.5%",
"18.2%",
"17.8%",
"14.0%",
"9.9%",
"6.3%"
],
[
"Distributable earnings per common share",
"$2.01",
"$2.23",
"$2.25",
"$1.74",
"$1.17<sup>2</sup>",
"$0.18"
],
[
"Dividend per common share",
"$1.48",
"$1.57",
"$1.71",
"$1.72",
"$1.20",
"$0.17"
],
[
"Distributable EPS in excess of dividends",
"$0.53",
"$0.66",
"$0.54",
"$0.02",
"($0.03)",
"$0.01"
],
[
"Dividend payout ratio",
"74%",
"70%",
"76%",
"99%",
"103%",
"94%"
]
],
"cell_boxes": [
[
{
"left": 0.01963,
"top": 0.16539,
"right": 0.29363,
"bottom": 0.22532
},
{
"left": 0.29363,
"top": 0.16533,
"right": 0.86861,
"bottom": 0.22542
},
null,
null,
null,
null,
{
"left": 0.86857,
"top": 0.16532,
"right": 0.968,
"bottom": 0.22544
}
],
[
{
"left": 0.01964,
"top": 0.22526,
"right": 0.29363,
"bottom": 0.25314
},
{
"left": 0.29363,
"top": 0.22532,
"right": 0.39688,
"bottom": 0.25315
},
{
"left": 0.39686,
"top": 0.22534,
"right": 0.50778,
"bottom": 0.25315
},
{
"left": 0.50777,
"top": 0.22536,
"right": 0.62852,
"bottom": 0.25316
},
{
"left": 0.62851,
"top": 0.22538,
"right": 0.74895,
"bottom": 0.25316
},
{
"left": 0.74895,
"top": 0.2254,
"right": 0.86857,
"bottom": 0.25317
},
{
"left": 0.86855,
"top": 0.22542,
"right": 0.96801,
"bottom": 0.25317
}
],
[
{
"left": 0.01964,
"top": 0.25313,
"right": 0.29363,
"bottom": 0.27933
},
{
"left": 0.29363,
"top": 0.25314,
"right": 0.39686,
"bottom": 0.27935
},
{
"left": 0.39684,
"top": 0.25315,
"right": 0.50779,
"bottom": 0.27938
},
{
"left": 0.50778,
"top": 0.25315,
"right": 0.62852,
"bottom": 0.2794
},
{
"left": 0.62852,
"top": 0.25316,
"right": 0.74895,
"bottom": 0.27943
},
{
"left": 0.74895,
"top": 0.25316,
"right": 0.86855,
"bottom": 0.27946
},
{
"left": 0.86853,
"top": 0.25317,
"right": 0.96802,
"bottom": 0.27948
}
],
[
{
"left": 0.01964,
"top": 0.27926,
"right": 0.29363,
"bottom": 0.30776
},
{
"left": 0.29362,
"top": 0.27933,
"right": 0.39684,
"bottom": 0.30778
},
{
"left": 0.39681,
"top": 0.27935,
"right": 0.50779,
"bottom": 0.30781
},
{
"left": 0.50779,
"top": 0.27938,
"right": 0.62853,
"bottom": 0.30784
},
{
"left": 0.62852,
"top": 0.2794,
"right": 0.74895,
"bottom": 0.30787
},
{
"left": 0.74894,
"top": 0.27943,
"right": 0.86853,
"bottom": 0.3079
},
{
"left": 0.86851,
"top": 0.27946,
"right": 0.96803,
"bottom": 0.30792
}
],
[
{
"left": 0.01965,
"top": 0.30769,
"right": 0.29362,
"bottom": 0.33635
},
{
"left": 0.29362,
"top": 0.30776,
"right": 0.39681,
"bottom": 0.33638
},
{
"left": 0.39679,
"top": 0.30778,
"right": 0.5078,
"bottom": 0.33642
},
{
"left": 0.50779,
"top": 0.30781,
"right": 0.62854,
"bottom": 0.33645
},
{
"left": 0.62853,
"top": 0.30784,
"right": 0.74894,
"bottom": 0.33649
},
{
"left": 0.74894,
"top": 0.30787,
"right": 0.86851,
"bottom": 0.33653
},
{
"left": 0.8685,
"top": 0.3079,
"right": 0.96804,
"bottom": 0.33656
}
],
[
{
"left": 0.01965,
"top": 0.33627,
"right": 0.29362,
"bottom": 0.3654
},
{
"left": 0.29362,
"top": 0.33635,
"right": 0.39679,
"bottom": 0.36544
},
{
"left": 0.39677,
"top": 0.33638,
"right": 0.50781,
"bottom": 0.36549
},
{
"left": 0.5078,
"top": 0.33642,
"right": 0.62854,
"bottom": 0.36554
},
{
"left": 0.62854,
"top": 0.33645,
"right": 0.74894,
"bottom": 0.36559
},
{
"left": 0.74894,
"top": 0.33649,
"right": 0.8685,
"bottom": 0.36564
},
{
"left": 0.86848,
"top": 0.33653,
"right": 0.96805,
"bottom": 0.36568
}
],
[
{
"left": 0.01965,
"top": 0.36529,
"right": 0.29362,
"bottom": 0.39309
},
{
"left": 0.29362,
"top": 0.3654,
"right": 0.39677,
"bottom": 0.39314
},
{
"left": 0.39674,
"top": 0.36544,
"right": 0.50782,
"bottom": 0.39319
},
{
"left": 0.50781,
"top": 0.36549,
"right": 0.62855,
"bottom": 0.39325
},
{
"left": 0.62854,
"top": 0.36554,
"right": 0.74894,
"bottom": 0.39331
},
{
"left": 0.74894,
"top": 0.36559,
"right": 0.86848,
"bottom": 0.39336
},
{
"left": 0.86846,
"top": 0.36564,
"right": 0.96806,
"bottom": 0.39341
}
],
[
{
"left": 0.01966,
"top": 0.39296,
"right": 0.29362,
"bottom": 0.42203
},
{
"left": 0.29361,
"top": 0.39309,
"right": 0.39674,
"bottom": 0.42203
},
{
"left": 0.39672,
"top": 0.39314,
"right": 0.50782,
"bottom": 0.42203
},
{
"left": 0.50782,
"top": 0.39319,
"right": 0.62855,
"bottom": 0.42203
},
{
"left": 0.62855,
"top": 0.39325,
"right": 0.74894,
"bottom": 0.42204
},
{
"left": 0.74894,
"top": 0.39331,
"right": 0.86846,
"bottom": 0.42204
},
{
"left": 0.86844,
"top": 0.39336,
"right": 0.96807,
"bottom": 0.42204
}
],
[
{
"left": 0.01966,
"top": 0.42202,
"right": 0.29361,
"bottom": 0.44779
},
{
"left": 0.29361,
"top": 0.42203,
"right": 0.39672,
"bottom": 0.44775
},
{
"left": 0.3967,
"top": 0.42203,
"right": 0.50783,
"bottom": 0.44774
},
{
"left": 0.50782,
"top": 0.42203,
"right": 0.62856,
"bottom": 0.44772
},
{
"left": 0.62855,
"top": 0.42203,
"right": 0.74894,
"bottom": 0.4477
},
{
"left": 0.74894,
"top": 0.42204,
"right": 0.86844,
"bottom": 0.44769
},
{
"left": 0.86842,
"top": 0.42204,
"right": 0.96808,
"bottom": 0.44767
}
],
[
{
"left": 0.01966,
"top": 0.44775,
"right": 0.29361,
"bottom": 0.48593
},
{
"left": 0.29361,
"top": 0.44774,
"right": 0.3967,
"bottom": 0.48585
},
{
"left": 0.39666,
"top": 0.44772,
"right": 0.50784,
"bottom": 0.48581
},
{
"left": 0.50783,
"top": 0.4477,
"right": 0.62856,
"bottom": 0.48578
},
{
"left": 0.62856,
"top": 0.44769,
"right": 0.74894,
"bottom": 0.48574
},
{
"left": 0.74894,
"top": 0.44767,
"right": 0.86842,
"bottom": 0.4857
},
{
"left": 0.8684,
"top": 0.44766,
"right": 0.96809,
"bottom": 0.48566
}
],
[
{
"left": 0.01967,
"top": 0.48585,
"right": 0.29361,
"bottom": 0.51397
},
{
"left": 0.29361,
"top": 0.48581,
"right": 0.39666,
"bottom": 0.51388
},
{
"left": 0.39664,
"top": 0.48578,
"right": 0.50784,
"bottom": 0.51385
},
{
"left": 0.50784,
"top": 0.48574,
"right": 0.62857,
"bottom": 0.51381
},
{
"left": 0.62856,
"top": 0.4857,
"right": 0.74894,
"bottom": 0.51377
},
{
"left": 0.74893,
"top": 0.48566,
"right": 0.8684,
"bottom": 0.51372
},
{
"left": 0.86838,
"top": 0.48563,
"right": 0.9681,
"bottom": 0.51368
}
],
[
{
"left": 0.01967,
"top": 0.51388,
"right": 0.29361,
"bottom": 0.54392
},
{
"left": 0.2936,
"top": 0.51385,
"right": 0.39664,
"bottom": 0.54385
},
{
"left": 0.39662,
"top": 0.51381,
"right": 0.50785,
"bottom": 0.54382
},
{
"left": 0.50784,
"top": 0.51377,
"right": 0.62858,
"bottom": 0.54379
},
{
"left": 0.62857,
"top": 0.51372,
"right": 0.74893,
"bottom": 0.54376
},
{
"left": 0.74893,
"top": 0.51368,
"right": 0.86838,
"bottom": 0.54373
},
{
"left": 0.86836,
"top": 0.51365,
"right": 0.96811,
"bottom": 0.5437
}
],
[
{
"left": 0.01967,
"top": 0.54385,
"right": 0.2936,
"bottom": 0.57576
},
{
"left": 0.2936,
"top": 0.54382,
"right": 0.39662,
"bottom": 0.57565
},
{
"left": 0.39659,
"top": 0.54379,
"right": 0.50786,
"bottom": 0.57561
},
{
"left": 0.50785,
"top": 0.54376,
"right": 0.62858,
"bottom": 0.57557
},
{
"left": 0.62858,
"top": 0.54373,
"right": 0.74893,
"bottom": 0.57552
},
{
"left": 0.74893,
"top": 0.5437,
"right": 0.86836,
"bottom": 0.57547
},
{
"left": 0.86834,
"top": 0.54368,
"right": 0.96812,
"bottom": 0.57542
}
],
[
{
"left": 0.01967,
"top": 0.57565,
"right": 0.2936,
"bottom": 0.63363
},
{
"left": 0.2936,
"top": 0.57561,
"right": 0.39659,
"bottom": 0.6334
},
{
"left": 0.39654,
"top": 0.57557,
"right": 0.50787,
"bottom": 0.63331
},
{
"left": 0.50786,
"top": 0.57552,
"right": 0.62859,
"bottom": 0.63322
},
{
"left": 0.62858,
"top": 0.57547,
"right": 0.74893,
"bottom": 0.63312
},
{
"left": 0.74893,
"top": 0.57542,
"right": 0.86834,
"bottom": 0.63302
},
{
"left": 0.8683,
"top": 0.57538,
"right": 0.96814,
"bottom": 0.63292
}
],
[
{
"left": 0.01968,
"top": 0.6334,
"right": 0.2936,
"bottom": 0.66297
},
{
"left": 0.29359,
"top": 0.63331,
"right": 0.39654,
"bottom": 0.66281
},
{
"left": 0.39652,
"top": 0.63322,
"right": 0.50788,
"bottom": 0.66274
},
{
"left": 0.50787,
"top": 0.63312,
"right": 0.6286,
"bottom": 0.66268
},
{
"left": 0.62859,
"top": 0.63302,
"right": 0.74893,
"bottom": 0.6626
},
{
"left": 0.74893,
"top": 0.63292,
"right": 0.8683,
"bottom": 0.66253
},
{
"left": 0.86828,
"top": 0.63284,
"right": 0.96815,
"bottom": 0.66246
}
],
[
{
"left": 0.01968,
"top": 0.66281,
"right": 0.29359,
"bottom": 0.69246
},
{
"left": 0.29359,
"top": 0.66274,
"right": 0.39652,
"bottom": 0.69242
},
{
"left": 0.39649,
"top": 0.66268,
"right": 0.50789,
"bottom": 0.6924
},
{
"left": 0.50788,
"top": 0.6626,
"right": 0.6286,
"bottom": 0.69238
},
{
"left": 0.6286,
"top": 0.66253,
"right": 0.74893,
"bottom": 0.69236
},
{
"left": 0.74893,
"top": 0.66246,
"right": 0.86828,
"bottom": 0.69234
},
{
"left": 0.86826,
"top": 0.6624,
"right": 0.96816,
"bottom": 0.69233
}
],
[
{
"left": 0.01969,
"top": 0.69242,
"right": 0.29359,
"bottom": 0.72544
},
{
"left": 0.29359,
"top": 0.6924,
"right": 0.39649,
"bottom": 0.72547
},
{
"left": 0.39646,
"top": 0.69238,
"right": 0.5079,
"bottom": 0.7255
},
{
"left": 0.50789,
"top": 0.69236,
"right": 0.62861,
"bottom": 0.72553
},
{
"left": 0.6286,
"top": 0.69234,
"right": 0.74893,
"bottom": 0.72556
},
{
"left": 0.74892,
"top": 0.69233,
"right": 0.86826,
"bottom": 0.72559
},
{
"left": 0.86824,
"top": 0.69231,
"right": 0.96817,
"bottom": 0.72561
}
],
[
{
"left": 0.01969,
"top": 0.72537,
"right": 0.29359,
"bottom": 0.76159
},
{
"left": 0.29359,
"top": 0.72544,
"right": 0.39646,
"bottom": 0.7615
},
{
"left": 0.39643,
"top": 0.72547,
"right": 0.5079,
"bottom": 0.76147
},
{
"left": 0.5079,
"top": 0.7255,
"right": 0.62862,
"bottom": 0.76143
},
{
"left": 0.62861,
"top": 0.72553,
"right": 0.74892,
"bottom": 0.76139
},
{
"left": 0.74892,
"top": 0.72556,
"right": 0.86824,
"bottom": 0.76135
},
{
"left": 0.86822,
"top": 0.72559,
"right": 0.96818,
"bottom": 0.76132
}
]
],
"box": {
"left": 0.01402,
"top": 0.15659,
"right": 0.97807,
"bottom": 0.77718
},
"chunk_id": "table-0",
"job_id": "parse-01m2p7n07svjxegjwj46sq6zac",
"table_ref": null,
"picture_ref": null,
"table_id": null
}
],
"context": [
{
"page": 20,
"kind": "text",
"text": "Over the Last 5 Years Arbor has Generated\nStrong Financial Results\n",
"box": {
"left": 0.02696,
"top": 0.01764,
"right": 0.67925,
"bottom": 0.11914
},
"chunk_id": "text-0"
},
{
"page": 20,
"kind": "text",
"text": "Solid earnings base driven by thriving multifamily focused GSE/Agency platform as well as a well-positioned balance\nsheet business with entrenched low-cost CLOs that allow for outsized levered returns\n",
"box": {
"left": 0.04207,
"top": 0.8112,
"right": 0.96254,
"bottom": 0.89402
},
"chunk_id": "text-1"
},
{
"page": 20,
"kind": "text",
"text": "Source: Company filings (As of March 31, 2026)\n 1) 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\n 2) $1.07 including realized losses totaling $22.6M in 2025; $0.07 induding realized losses totaling $22.9M in 1Q26\n",
"box": {
"left": 0.04233,
"top": 0.91005,
"right": 0.8992,
"bottom": 0.96512
},
"chunk_id": "text-2"
},
{
"page": 20,
"kind": "logo",
"text": "[vertical stripe logo]\n",
"box": {
"left": 0.87247,
"top": 0.94468,
"right": 0.92086,
"bottom": 0.99212
},
"chunk_id": "logo-0"
},
{
"page": 20,
"kind": "marginalia",
"text": "20\n",
"box": {
"left": 0.93783,
"top": 0.95972,
"right": 0.95742,
"bottom": 0.98175
},
"chunk_id": "marginalia-0"
}
]
},
{
"page": 21,
"status": "tables",
"reason": "",
"picture_classes": [],
"table_refs": [],
"job_id": "parse-01m2p7n09w03nq4skajc3gxmbh",
"model": "dpt-3-pro-20260710",
"version": "dpt-3-pro-20260710",
"credits": 1.3,
"reused": false,
"response_artifact": "ea79061bb6be6ce0.p21.ade.json",
"figures": [],
"tables": [
{
"page": 21,
"cells": [
[
"(Amounts in 000s, except per share amounts)",
"Year Ended",
"",
"",
"",
"",
"Quarter
Ended"
],
[
"",
"2021",
"2022",
"2023",
"2024",
"2025",
"1Q26"
],
[
"Net income attributable to common stockholders",
"$ 317,412",
"$ 284,829",
"$ 330,065",
"$ 223,272",
"$ 107,427",
"$ 629"
],
[
"Adjustments:",
"",
"",
"",
"",
"",
""
],
[
"Net income attributable to noncontrolling interest",
"38,507",
"28,044",
"29,122",
"19,278",
"9,033",
"52"
],
[
"Income from mortgage servicing rights",
"(130,230)",
"(69,346)",
"(69,912)",
"(51,272)",
"(54,532)",
"(9,660)"
],
[
"Deferred tax provision (benefit)",
"10,892",
"(1,741)",
"(7,349)",
"(11,613)",
"3,773",
"(2,580)"
],
[
"Amortization and write-offs of MSRs",
"91,356",
"104,378",
"77,829",
"76,922",
"81,112",
"19,340"
],
[
"Depreciation and amortization",
"10,900",
"11,069",
"16,425",
"12,040",
"26,217",
"7,814"
],
[
"Loss on extinguishment of debt",
"3,374",
"4,933",
"1,561",
"412",
"2,919",
"—"
],
[
"Provision for credit losses, net",
"(39,856)",
"25,077",
"68,642",
"65,537",
"32,487",
"(70)"
],
[
"Loss (gain) on derivative instruments, net",
"432",
"3,480",
"(8,844)",
"9,212",
"(3,379)",
"1,298"
],
[
"(Gain) loss on real estate",
"(2,466)",
"—",
"—",
"—",
"27,338",
"14,636"
],
[
"Loss on redemption of preferred stock",
"3,479",
"—",
"—",
"—",
"—",
"—"
],
[
"Stock-based compensation",
"9,929",
"14,973",
"14,940",
"14,232",
"13,789",
"5,904"
],
[
"Distributable earnings<sup>1</sup>",
"$ 313,729",
"$ 405,696",
"$ 452,479",
"$ 358,020",
"$ 246,184",
"$ 37,363"
],
[
"Distributable earnings per common share<sup>2</sup>",
"$2.01",
"$2.23",
"$2.25",
"$1.74",
"$1.17",
"$0.18"
]
],
"cell_boxes": [
[
{
"left": 0.0395,
"top": 0.18642,
"right": 0.37096,
"bottom": 0.28413
},
{
"left": 0.37086,
"top": 0.18635,
"right": 0.86732,
"bottom": 0.25284
},
null,
null,
null,
null,
{
"left": 0.86729,
"top": 0.18634,
"right": 0.96157,
"bottom": 0.25286
}
],
[
null,
{
"left": 0.37093,
"top": 0.25274,
"right": 0.47449,
"bottom": 0.28413
},
{
"left": 0.47446,
"top": 0.25276,
"right": 0.57145,
"bottom": 0.28414
},
{
"left": 0.57143,
"top": 0.25278,
"right": 0.6691,
"bottom": 0.28415
},
{
"left": 0.66908,
"top": 0.2528,
"right": 0.76716,
"bottom": 0.28415
},
{
"left": 0.76714,
"top": 0.25282,
"right": 0.86733,
"bottom": 0.28416
},
{
"left": 0.86732,
"top": 0.25284,
"right": 0.96157,
"bottom": 0.28416
}
],
[
{
"left": 0.0395,
"top": 0.2841,
"right": 0.37099,
"bottom": 0.31416
},
{
"left": 0.37096,
"top": 0.28413,
"right": 0.47451,
"bottom": 0.31419
},
{
"left": 0.47449,
"top": 0.28413,
"right": 0.57146,
"bottom": 0.31422
},
{
"left": 0.57145,
"top": 0.28414,
"right": 0.66912,
"bottom": 0.31426
},
{
"left": 0.6691,
"top": 0.28415,
"right": 0.76717,
"bottom": 0.31429
},
{
"left": 0.76716,
"top": 0.28415,
"right": 0.86734,
"bottom": 0.31433
},
{
"left": 0.86733,
"top": 0.28416,
"right": 0.96157,
"bottom": 0.31436
}
],
[
{
"left": 0.0395,
"top": 0.31404,
"right": 0.96158,
"bottom": 0.35456
},
null,
null,
null,
null,
null,
null
],
[
{
"left": 0.03949,
"top": 0.35416,
"right": 0.37106,
"bottom": 0.38736
},
{
"left": 0.37103,
"top": 0.3543,
"right": 0.47458,
"bottom": 0.38745
},
{
"left": 0.47455,
"top": 0.35435,
"right": 0.5715,
"bottom": 0.38754
},
{
"left": 0.57148,
"top": 0.35439,
"right": 0.66916,
"bottom": 0.38762
},
{
"left": 0.66914,
"top": 0.35443,
"right": 0.7672,
"bottom": 0.38771
},
{
"left": 0.76719,
"top": 0.35448,
"right": 0.86737,
"bottom": 0.3878
},
{
"left": 0.86736,
"top": 0.35452,
"right": 0.96158,
"bottom": 0.38788
}
],
[
{
"left": 0.03949,
"top": 0.38707,
"right": 0.3711,
"bottom": 0.41962
},
{
"left": 0.37106,
"top": 0.38736,
"right": 0.47461,
"bottom": 0.41971
},
{
"left": 0.47458,
"top": 0.38745,
"right": 0.57152,
"bottom": 0.41981
},
{
"left": 0.5715,
"top": 0.38754,
"right": 0.66917,
"bottom": 0.4199
},
{
"left": 0.66916,
"top": 0.38762,
"right": 0.76722,
"bottom": 0.41999
},
{
"left": 0.7672,
"top": 0.38771,
"right": 0.86739,
"bottom": 0.42009
},
{
"left": 0.86737,
"top": 0.3878,
"right": 0.96158,
"bottom": 0.42018
}
],
[
{
"left": 0.03949,
"top": 0.4193,
"right": 0.37113,
"bottom": 0.44999
},
{
"left": 0.3711,
"top": 0.41962,
"right": 0.47463,
"bottom": 0.45012
},
{
"left": 0.47461,
"top": 0.41971,
"right": 0.57153,
"bottom": 0.45024
},
{
"left": 0.57152,
"top": 0.41981,
"right": 0.66919,
"bottom": 0.45037
},
{
"left": 0.66917,
"top": 0.4199,
"right": 0.76723,
"bottom": 0.45049
},
{
"left": 0.76722,
"top": 0.41999,
"right": 0.8674,
"bottom": 0.45062
},
{
"left": 0.86739,
"top": 0.42009,
"right": 0.96159,
"bottom": 0.45074
}
],
[
{
"left": 0.03949,
"top": 0.44957,
"right": 0.37116,
"bottom": 0.4803
},
{
"left": 0.37113,
"top": 0.44999,
"right": 0.47466,
"bottom": 0.48044
},
{
"left": 0.47463,
"top": 0.45012,
"right": 0.57155,
"bottom": 0.48057
},
{
"left": 0.57153,
"top": 0.45024,
"right": 0.66921,
"bottom": 0.4807
},
{
"left": 0.66919,
"top": 0.45037,
"right": 0.76725,
"bottom": 0.48083
},
{
"left": 0.76723,
"top": 0.45049,
"right": 0.86741,
"bottom": 0.48096
},
{
"left": 0.8674,
"top": 0.45062,
"right": 0.96159,
"bottom": 0.48109
}
],
[
{
"left": 0.03948,
"top": 0.47986,
"right": 0.37119,
"bottom": 0.5119
},
{
"left": 0.37116,
"top": 0.4803,
"right": 0.47469,
"bottom": 0.51202
},
{
"left": 0.47466,
"top": 0.48044,
"right": 0.57156,
"bottom": 0.51214
},
{
"left": 0.57155,
"top": 0.48057,
"right": 0.66922,
"bottom": 0.51225
},
{
"left": 0.66921,
"top": 0.4807,
"right": 0.76726,
"bottom": 0.51237
},
{
"left": 0.76725,
"top": 0.48083,
"right": 0.86742,
"bottom": 0.51249
},
{
"left": 0.86741,
"top": 0.48096,
"right": 0.96159,
"bottom": 0.5126
}
],
[
{
"left": 0.03948,
"top": 0.51151,
"right": 0.37122,
"bottom": 0.54237
},
{
"left": 0.37119,
"top": 0.5119,
"right": 0.47472,
"bottom": 0.54249
},
{
"left": 0.47469,
"top": 0.51202,
"right": 0.57158,
"bottom": 0.54261
},
{
"left": 0.57156,
"top": 0.51214,
"right": 0.66924,
"bottom": 0.54273
},
{
"left": 0.66922,
"top": 0.51225,
"right": 0.76727,
"bottom": 0.54284
},
{
"left": 0.76726,
"top": 0.51237,
"right": 0.86744,
"bottom": 0.54296
},
{
"left": 0.86742,
"top": 0.51249,
"right": 0.9616,
"bottom": 0.54308
}
],
[
{
"left": 0.03948,
"top": 0.54197,
"right": 0.37125,
"bottom": 0.57343
},
{
"left": 0.37122,
"top": 0.54237,
"right": 0.47474,
"bottom": 0.57355
},
{
"left": 0.47472,
"top": 0.54249,
"right": 0.57159,
"bottom": 0.57366
},
{
"left": 0.57158,
"top": 0.54261,
"right": 0.66926,
"bottom": 0.57378
},
{
"left": 0.66924,
"top": 0.54273,
"right": 0.76729,
"bottom": 0.57389
},
{
"left": 0.76727,
"top": 0.54284,
"right": 0.86745,
"bottom": 0.57401
},
{
"left": 0.86744,
"top": 0.54296,
"right": 0.9616,
"bottom": 0.57412
}
],
[
{
"left": 0.03947,
"top": 0.57304,
"right": 0.37128,
"bottom": 0.60536
},
{
"left": 0.37125,
"top": 0.57343,
"right": 0.47477,
"bottom": 0.60547
},
{
"left": 0.47474,
"top": 0.57355,
"right": 0.57161,
"bottom": 0.60557
},
{
"left": 0.57159,
"top": 0.57366,
"right": 0.66927,
"bottom": 0.60567
},
{
"left": 0.66926,
"top": 0.57378,
"right": 0.7673,
"bottom": 0.60577
},
{
"left": 0.76729,
"top": 0.57389,
"right": 0.86746,
"bottom": 0.60588
},
{
"left": 0.86745,
"top": 0.57401,
"right": 0.9616,
"bottom": 0.60598
}
],
[
{
"left": 0.03947,
"top": 0.60501,
"right": 0.37132,
"bottom": 0.63618
},
{
"left": 0.37128,
"top": 0.60536,
"right": 0.4748,
"bottom": 0.63629
},
{
"left": 0.47477,
"top": 0.60547,
"right": 0.57162,
"bottom": 0.63639
},
{
"left": 0.57161,
"top": 0.60557,
"right": 0.66929,
"bottom": 0.63649
},
{
"left": 0.66927,
"top": 0.60567,
"right": 0.76732,
"bottom": 0.63659
},
{
"left": 0.7673,
"top": 0.60577,
"right": 0.86748,
"bottom": 0.63669
},
{
"left": 0.86746,
"top": 0.60588,
"right": 0.96161,
"bottom": 0.63678
}
],
[
{
"left": 0.03947,
"top": 0.63585,
"right": 0.37135,
"bottom": 0.66707
},
{
"left": 0.37132,
"top": 0.63618,
"right": 0.47483,
"bottom": 0.66714
},
{
"left": 0.4748,
"top": 0.63629,
"right": 0.57164,
"bottom": 0.66721
},
{
"left": 0.57162,
"top": 0.63639,
"right": 0.66931,
"bottom": 0.66728
},
{
"left": 0.66929,
"top": 0.63649,
"right": 0.76733,
"bottom": 0.66735
},
{
"left": 0.76732,
"top": 0.63659,
"right": 0.86749,
"bottom": 0.66743
},
{
"left": 0.86748,
"top": 0.63669,
"right": 0.96161,
"bottom": 0.66749
}
],
[
{
"left": 0.03946,
"top": 0.66683,
"right": 0.37138,
"bottom": 0.69945
},
{
"left": 0.37135,
"top": 0.66707,
"right": 0.47486,
"bottom": 0.69946
},
{
"left": 0.47483,
"top": 0.66714,
"right": 0.57165,
"bottom": 0.69948
},
{
"left": 0.57164,
"top": 0.66721,
"right": 0.66932,
"bottom": 0.69949
},
{
"left": 0.66931,
"top": 0.66728,
"right": 0.76735,
"bottom": 0.6995
},
{
"left": 0.76733,
"top": 0.66735,
"right": 0.8675,
"bottom": 0.69951
},
{
"left": 0.86749,
"top": 0.66743,
"right": 0.96161,
"bottom": 0.69952
}
],
[
{
"left": 0.03946,
"top": 0.69942,
"right": 0.37142,
"bottom": 0.73487
},
{
"left": 0.37138,
"top": 0.69945,
"right": 0.47489,
"bottom": 0.7349
},
{
"left": 0.47486,
"top": 0.69946,
"right": 0.57167,
"bottom": 0.73493
},
{
"left": 0.57165,
"top": 0.69948,
"right": 0.66934,
"bottom": 0.73496
},
{
"left": 0.66932,
"top": 0.69949,
"right": 0.76736,
"bottom": 0.73499
},
{
"left": 0.76735,
"top": 0.6995,
"right": 0.86752,
"bottom": 0.73502
},
{
"left": 0.8675,
"top": 0.69951,
"right": 0.96162,
"bottom": 0.73505
}
],
[
{
"left": 0.03946,
"top": 0.73477,
"right": 0.37146,
"bottom": 0.77531
},
{
"left": 0.37142,
"top": 0.73487,
"right": 0.47492,
"bottom": 0.77531
},
{
"left": 0.47489,
"top": 0.7349,
"right": 0.57169,
"bottom": 0.77532
},
{
"left": 0.57167,
"top": 0.73493,
"right": 0.66936,
"bottom": 0.77532
},
{
"left": 0.66934,
"top": 0.73496,
"right": 0.76738,
"bottom": 0.77533
},
{
"left": 0.76736,
"top": 0.73499,
"right": 0.86753,
"bottom": 0.77533
},
{
"left": 0.86752,
"top": 0.73502,
"right": 0.96162,
"bottom": 0.77534
}
]
],
"box": {
"left": 0.03285,
"top": 0.17851,
"right": 0.96885,
"bottom": 0.78972
},
"chunk_id": "table-0",
"job_id": "parse-01m2p7n09w03nq4skajc3gxmbh",
"table_ref": null,
"picture_ref": null,
"table_id": null
}
],
"context": [
{
"page": 21,
"kind": "text",
"text": "Historical Reconciliation of Distributable Earnings to GAAP\nNet Income\n",
"box": {
"left": 0.02641,
"top": 0.01643,
"right": 0.94004,
"bottom": 0.11658
},
"chunk_id": "text-0"
},
{
"page": 21,
"kind": "text",
"text": "Source: Company filings (As of December 31, 2025)\n 1) 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\n 2) $1.07 including realized losses totaling $22.6M in 2025; $0.07 including realized losses totaling $22.9M in 1Q26\n",
"box": {
"left": 0.0421,
"top": 0.83945,
"right": 0.89875,
"bottom": 0.90106
},
"chunk_id": "text-1"
},
{
"page": 21,
"kind": "logo",
"text": "[Vertical bar chart icon]\n",
"box": {
"left": 0.87212,
"top": 0.9409,
"right": 0.92157,
"bottom": 0.99306
},
"chunk_id": "logo-0"
},
{
"page": 21,
"kind": "marginalia",
"text": "21\n",
"box": {
"left": 0.93718,
"top": 0.95955,
"right": 0.95765,
"bottom": 0.98128
},
"chunk_id": "marginalia-0"
}
]
}
],
"errors": [
"page 8: the scan returned a figure at {'left': 0.3617, 'top': 0.58759, 'right': 0.50645, 'bottom': 0.61217} that overlaps no picture in the parse (job parse-01m2p7mcvpgrg42d85dj12gra7); its text is in the figure records only",
"page 7: note '1' sits on 'Loans held-for-sale', 'Gain on sale of loans', 'Interest income on loans held-for-sale' and the figure's value table has no value under that label; the note is on the picture only",
"page 7: note '3' sits on 'Weighted average of ~21 months to maturity' and the figure's value table has no value under that label; the note is on the picture only",
"page 7: note '4' sits on 'Visibility on prepayment protected annual servicing fee revenue of ~$129M', 'Servicing fees' and the figure's value table has no value under that label; the note is on the picture only",
"page 7: note '5' sits on '% of LTM Agency Net Revenue' and the figure's value table has no value under that label; the note is on the picture only",
"page 7: note '6' sits on 'Gain on sale of loans' and the figure's value table has no value under that label; the note is on the picture only",
"page 10: note '1' sits on 'Significant Long-Dated, Predictable Annual Cash Flow' and the figure's value table has no value under that label; the note is on the picture only",
"page 14: note '1' sits on 'Other, 35%' and the figure's value table has no value under that label; the note is on the picture only",
"page 18: note '1' sits on '13,712' and the figure's value table has no value under that label; the note is on the picture only",
"page 13: the scan returned a table (table-0) over a region the parse holds no table or picture for; its cells are in the digest records and the page's own text is grouped by its rectangles"
],
"removed": []
}