{ "markdown": "We Believe Arbor is the Only Multifamily Mortgage Lender\nto Survive the Great Financial Crisis\n\n\n
\n\nThe 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.### Peer group pre-GFC\n- Arbor Realty Trust, Inc.\n- NorthStar Realty Finance\n- iStar\n- RAIT Financial Trust\n- Newcastle Investment Corp.\n- Capital Trust Holdings\n- Gramercy Property Trust\n\n### Timeline\n- 2008: Despite the Great Financial Crisis, Arbor announces record earnings and a significant increase to overall capital structure liquidity.\n- 2009: Arbor pays down approximately $189M in warehouse and term debt outstanding, and successfully restructures all outstanding Trust Preferred Securities.\n- 2010: Arbor retires all short-term recourse debt, refinances and modifies a significant amount of the underlying portfolio, monetizes non-performing and unencumbered assets, and increases liquidity by utilizing non-recourse CDO vehicles.\n- 2012: As a result of transforming its balance sheet proactively and prioritizing liquidity, Arbor is one of the first commercial mortgage REITs to access the securitization market post Great Financial Crisis.\n\n### Peer group post-GFC\n- Arbor Realty Trust, Inc.\n- KKR Real Estate Finance Trust\n- Blackstone Mortgage Trust\n- Ladder Capital\n- Apollo Commercial Real Estate Finance\n- Starwood Property Trust
\n\n# 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\u2013 *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\u2013 *Ivan Kaufman, CEO & Chairman* (February 2008)\n\n\n\u2714\n**Prudent Capital Management:** Arbor aggressively managed struggling\ncredit facilities\n\u2714\n**Capital Retention:** Arbor prioritized capital retention and reducing short-\nterm borrowing to focus on liquidity during an uncertain economic period\n\u2714\n**Capital Restructuring:** Arbor significantly restructured its capital structure\nby retiring a significant amount of debt at deep discounts\n\u2714\n**Portfolio Management:** Arbor took early steps to manage the loan\nportfolio effectively by restructuring and monetizing loans and recording\nappropriate reserves\n\n\n*Arbor's successful navigation of the GFC demonstrated the strength of its underwriting capabilities and resilient business model*\n\n\n[VISUAL_ICON]\n\n\n5\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": 2879 }, "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": 95 }, "box": { "xmin": 0.0286, "ymin": 0.01519, "xmax": 0.93075, "ymax": 0.11472 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 57 }, "box": { "xmin": 0.0396, "ymin": 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