{ "markdown": "Highly Diversified Capital Structure\n\n\n
\n\nA 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.
CategoryValueDescription
Collateralized loan obligations3,386Extensive 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%
BTR securitization567BTR CLO, improved terms over our warehouse lines; 80% leverage, 2-year replacement
CLO repurchase facility1,180CLO-like $1.2B repurchase facility used to unwind 2 CLO vehicles in full; 1.85% over SOFR; 80% leverage; 88% non-recourse
Warehouse & repo3,37316 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
Senior unsecured notes2,0506.70% wtd. average coupon rate, no significant covenants; matures in 2026-2030
Perpetual preferred equity657$427M, 6.25% rate; $230M, 6.375% rate
Trust preferred (TruPS)154~30 year unsecured with no significant covenants \u2013 equity-like
Common equity2,345N/A
\n\nDiversity of funding options provides Arbor with financial flexibility and enables the Company to adapt to changing market conditions and mitigate risk\n\n\nSource: Company-provided information\n 1) Amounts are as of March 31, 2026\n 2) Excludes Agency debt due to its short-term nature\n\n\n[Vertical bar chart icon]\n\n\n18\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": 2173 }, "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": 37 }, "box": { "xmin": 0.03829, "ymin": 0.03525, "xmax": 0.58777, "ymax": 0.09873 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 37 }, "box": { "xmin": 0.04346, "ymin": 0.04368, "xmax": 0.58507, "ymax": 0.09584 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "figure", "id": "figure-0", "span": null, "grounding": { "page": 1, "range": { "start": 39, "end": 1854 }, "box": { "xmin": 0.01759, "ymin": 0.0986, "xmax": 0.9938, "ymax": 0.87553 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 39, "end": 1854 }, "box": { "xmin": 0.01759, "ymin": 0.0986, "xmax": 0.9938, "ymax": 0.87553 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-1", "span": null, "grounding": { "page": 1, "range": { "start": 1856, "end": 2008 }, "box": { "xmin": 0.03865, "ymin": 0.87981, "xmax": 0.94927, "ymax": 0.9263 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 1856, "end": 2008 }, "box": { "xmin": 0.04281, "ymin": 0.8845, "xmax": 0.94457, "ymax": 0.92199 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "text", "id": "text-2", "span": null, "grounding": { "page": 1, "range": { "start": 2010, "end": 2138 }, "box": { "xmin": 0.0428, "ymin": 0.94077, "xmax": 0.28378, "ymax": 0.99661 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2010, "end": 2047 }, "box": { "xmin": 0.04652, "ymin": 0.94546, "xmax": 0.21342, "ymax": 0.95972 } }, { "page": 1, "range": { "start": 2047, "end": 2084 }, "box": { "xmin": 0.04675, "ymin": 0.96135, "xmax": 0.21379, "ymax": 0.97621 } }, { "page": 1, "range": { "start": 2084, "end": 2138 }, "box": { "xmin": 0.04647, "ymin": 0.97717, "xmax": 0.27918, "ymax": 0.99168 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "logo", "id": "logo-0", "span": null, "grounding": { "page": 1, "range": { "start": 2140, "end": 2166 }, "box": { "xmin": 0.87105, "ymin": 0.9408, "xmax": 0.92221, "ymax": 0.99308 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2140, "end": 2166 }, "box": { "xmin": 0.87347, "ymin": 0.94333, "xmax": 0.91843, "ymax": 0.99095 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null }, { "type": "marginalia", "id": "marginalia-0", "span": null, "grounding": { "page": 1, "range": { "start": 2168, "end": 2171 }, "box": { "xmin": 0.9397, "ymin": 0.95975, "xmax": 0.95799, "ymax": 0.98114 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 2168, "end": 2171 }, "box": { "xmin": 0.94115, "ymin": 0.96337, "xmax": 0.95576, "ymax": 0.97873 } } ], "markdown": null, "children": null, "row": null, "col": null, "colspan": null, "rowspan": null } ] } ] }, "grounding": null, "metadata": { "req_id": null, "job_id": "parse-01m2p7mqqwztxwx5v1t4nyxs5f", "model_version": "dpt-3-pro-20260710", "page_count": 1, "markdown_chars": null, "output_markdown_chars": 2220, "range_units": "unicode_codepoints", "openapi_spec": "https://api.ade.landing.ai/openapi.json", "failed_pages": [], "duration_ms": 10369, "billing": { "service_tier": "standard", "total_credits": 1.1 } } }