{ "markdown": "Recent Accomplishments Demonstrate Arbor's Focus on\nOperational Excellence\n\n\n\n\n\n\n\n
Resilience under challenging conditions\u2713 Originated $5.1B of Agency loans in FY 2025, including $3.6B in the second half of the year
\u2713 FY 2025 total represents a 13% increase over $4.5B originated in FY 2024
\u2713 Servicing portfolio increased 9% since 1/1/25 to $36.3B as of 3/31/26
\u2713 ~$3.5B of Structured originations in FY 2025; ~$770M in 1Q26
\u2713 Structured loan portfolio increased 6% since 1/1/25 to $12.0B as of 3/31/26
Strong performance metrics\u2713 9.2% average ROE in FY 2025 and 1Q26
\u2713 16% increase in book value (over last 6 years)<sup>1</sup>
\u2713 18% 6-year total shareholder return<sup>2</sup>
Continued success with right side of balance sheet\u2713 Entered into a new $763M CLO (CLO 21) with 88% leverage, creating $35M of liquidity
\u2713 Entered into a new $1.1B CLO (CLO 20) with record 89% leverage, creating $85M of liquidity
\u2713 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
\u2713 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
\u2713 Completed debut $500M high-yield bond offering and Ba2 / BB public ratings from Moody's and Fitch
\u2713 Issued additional follow-on offering of $400M high-yield bonds
Continued monetization of legacy investments\u2713 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
\n\nSource: 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\n\n[Vertical bar chart icon]\n\n\n13\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 2019 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 75 }, "box": { "xmin": 0.02643, "ymin": 0.01716, "xmax": 0.89818, "ymax": 0.11992 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 52 }, "box": { "xmin": 0.03646, "ymin": 0.02103, "xmax": 0.89444, "ymax": 0.07 } }, { "page": 1, "range": { "start": 52, "end": 75 }, "box": { "xmin": 0.04105, "ymin": 0.07002, "xmax": 0.39435, "ymax": 0.11669 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": 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