Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)
Left: the page cropped around the table with its final boundary (content_region, the corrected end of the table) drawn; the crop extends a little below so any footnotes sit visibly outside the box. Right: the final corrected markdown. One row per table.
ea79061bb6be6ce0.pdf
10 tables
p7 · table 1 · Arbor has Two Distinct Yet Complementary Business Lines
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| Structured Business | Agency Business |
|---|
| Description | ▪ Originate real estate loans and hold on balance sheet<br>▪ Invests in the multifamily, Single-Family Rental, and commercial real estate markets | ▪ Originate, sell, and service real estate loans for GSEs<br>▪ Short-term assets: Loans held-for-sale1<br>▪ Long-term assets: Capitalized mortgage servicing rights ("MSRs")2 |
| Highlights | ▪ Best-in-class balance sheet loan origination business<br>▪ Strong risk-adjusted returns<br>▪ Proprietary Single-Family Rental platform<br>▪ Weighted average of ~21 months to maturity3 | ▪ Capital-light business<br>▪ High barriers to entry<br>▪ Visibility on prepayment protected annual servicing fee revenue of ~$129M4<br>▪ Weighted average life of portfolio of ~6 years |
| Portfolio ($B) | $12.0B Structured loan portfolio: APC $0.3, Multifamily bridge loans $7.9, SFR bridge loans $3.3, Mezzanine and Preferred Equity loans $0.5 | $36.3B GSE servicing portfolio: Fannie Mae $24.3, Freddie Mac $7.4, Private Label $2.5, Other $2.1 |
| Income streams | Interest income on loans | % of LTM Agency Net Revenue5<br>▪ Servicing fees4 43%<br>▪ Gain on sale of loans1,6 24%<br>▪ Interest earned on escrows 17%<br>▪ Interest income on loans held-for-sale1 16% |
| Assets ($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% |
p10 · table 2 · Net Interest Income - Based on Asset/Debt Balances and Rates
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| Based on: | 4/1/25 | 4/1/26 |
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| Asset Bal. | $11.5B | $12.0B |
| Asset Rate | 7.85% | 7.03% |
| Debt Bal. | $9.5B | $10.7B |
| Debt Rate | 6.82% | 6.40% |
p10 · table 3 · Servicing Revenue - Servicing Portfolio and Rate
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| Based on: | 4/1/25 | 4/1/26 |
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| Servicing Portfolio | $33.5B | $36.3B |
| Servicing Rate | 0.375% | 0.355% |
p10 · table 4 · Cash/Escrow Earnings - Balance and Rate
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| Based on: | 4/1/25 | 4/1/26 |
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| Cash/Escrow Balance | $1.6B | $2.0B |
| Earnings Rate | 4.02% | 3.30% |
p10 · table 5 · Gain on Sale / Equity Investments by Year
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| Based on: | 2024 | 2025 | 1Q26 |
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| Gain on Sale | $75M | $71M | $13M |
| Equity Investments | $6M | $51M | $4M |
p14 · table 6 · PORTFOLIO OVERVIEW
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| Item | Value |
|---|
| 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 |
p15 · table 7 · Non-Performing Assets - 2025-2026
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| Delinquency Rollforward | 2Q25 UPB | 2Q25 # | 3Q25 UPB | 3Q25 # | 4Q25 UPB | 4Q25 # | 1Q26 UPB | 1Q26 # |
|---|
| 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 |
| REO Rollforward | 2Q25 Carrying Value | 2Q25 # | 3Q25 Carrying Value | 3Q25 # | 4Q25 Carrying Value | 4Q25 # | 1Q26 Carrying Value | 1Q26 # |
| 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 1 | 21 |
| Combined Non-Performing Assets | 2Q25 UPB | 2Q25 # | 3Q25 UPB | 3Q25 # | 4Q25 UPB | 4Q25 # | 1Q26 UPB | 1Q26 # |
| 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% | |
p17 · table 8 · Allowance for Credit Losses - Structured Business
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| ($M) | FY'17 | FY'18 | FY'19 | FY'20 2 | 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 1 | (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 4 |
| 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% |
p20 · table 9 · Financial Results (Amounts in 000s, except per share amounts)
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| (Amounts in 000s, except per share amounts) | Year Ended 2021 | Year Ended 2022 | Year Ended 2023 | Year Ended 2024 | Year Ended 2025 | Quarter Ended 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 earnings1 | $ 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 2 | $0.18 2 |
| 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% |
p21 · table 10 · Historical Reconciliation of Distributable Earnings to GAAP Net Income
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| (Amounts in 000s, except per share amounts) | Year Ended 2021 | Year Ended 2022 | Year Ended 2023 | Year Ended 2024 | Year Ended 2025 | Quarter Ended 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 earnings1 | $ 313,729 | $ 405,696 | $ 452,479 | $ 358,020 | $ 246,184 | $ 37,363 |
| Distributable earnings per common share2 | $2.01 | $2.23 | $2.25 | $1.74 | $1.17 | $0.18 |