ABR faces an intense "double whammy" of elevated interest rates and declining commercial real estate values, driving a 10% distress rate in its $12 billion loan book. A weak Q1 2026 earnings report forced a common dividend cut from $0.30 to $0.17 per share. To mitigate credit risk, ABR has aggressively scaled back high-risk bridge loans from 48% of its portfolio in 2022 to just 14%, pivoting instead to safer Fannie Mae/Freddie Mac business.