{
 "markdown": "Arbor has the Leading Nationwide Agencies Origination and\nServicing Platform\n\n\n<figure type=\"CHART\">\n\n<description>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.</description><table><thead><tr><th>Year</th><th>Fannie Mae</th><th>Freddie Mac</th><th>FHA</th><th>Conduit</th><th>Private Label</th><th>SFR</th><th>Total</th></tr></thead><tbody><tr><td>2019</td><td>3.3</td><td>0.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.8</td></tr><tr><td>2020</td><td>5.0</td><td>1.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.7</td></tr><tr><td>2021</td><td>3.4</td><td>1.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.4</td></tr><tr><td>2022</td><td>2.9</td><td>1.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.8</td></tr><tr><td>2023</td><td>3.8</td><td>0.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.1</td></tr><tr><td>2024</td><td>2.4</td><td>1.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.5</td></tr><tr><td>2025</td><td>3.0</td><td>1.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.1</td></tr><tr><td>1Q26</td><td>0.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>0.7</td></tr></tbody></table><br>~ $71.2B of Agency originations since inception in 1995<br><ul><li>Highly scalable and difficult to replicate platform</li><li>Average loan size of $10M - $15M</li><li>Industry leading performance with long track record of low historical losses</li><li>Top 10 Fannie Mae lender for 19 years in a row; #9 in 2025</li></ul></figure>\n\n<figure type=\"CHART\">\n\n<description>A stacked bar chart titled 'Agency Servicing Portfolio ($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.</description><table><thead><tr><th>Year</th><th>Fannie Mae</th><th>Freddie Mac</th><th>FHA</th><th>Private Label</th><th>SFR</th><th>Bridge</th><th>Total ($B)</th></tr></thead><tbody><tr><td>2019</td><td>14.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20.1</td></tr><tr><td>2020</td><td>18.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24.6</td></tr><tr><td>2021</td><td>19.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.0</td></tr><tr><td>2022</td><td>19.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28.0</td></tr><tr><td>2023</td><td>21.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31.0</td></tr><tr><td>2024</td><td>22.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33.5</td></tr><tr><td>2025</td><td>24.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.2</td></tr><tr><td>1Q26</td><td>24.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36.3</td></tr></tbody></table>\n\n<description>Below 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'.</description></figure>\n\nSource: Company filings (As of March 31, 2026)\n\n\n0 [ICON_WITH_VERTICAL_BARS]\n\n\n9\n\n<!-- doc_id=parse-01m2p7mczdceegvcczd64wdas1 -->",
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