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Arbor Realty Trust Reports Second Quarter 2017 Results and Declares Common Stock Dividend

Company Highlights:

  • GAAP net income of $0.21 and AFFO of $0.22 per diluted common share1
  • Raised $76.2 million of capital in a common stock offering
  • Completed the full internalization of our management team
  • Declares a cash dividend on common stock of $0.18 per share

    Agency Business

  • Segment income of $13.5 million
  • Loan originations of $1.02 billion
  • Servicing portfolio of $15.02 billion at June 30, 2017, up 4% from 1Q17

    Structured Business

  • Segment income of $3.9 million
  • Closed a seventh collateralized securitization vehicle totaling $360 million with improved terms
  • Portfolio growth of 10% on loan originations of $437.9 million 

UNIONDALE, N.Y., Aug. 04, 2017 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE:ABR), today announced financial results for the second quarter ended June 30, 2017.  Arbor reported net income for the quarter of $11.9 million, or $0.21 per diluted common share, compared to $10.2 million, or $0.20 per diluted common share for the quarter ended June 30, 2016.  Adjusted funds from operations (“AFFO”) for the quarter was $17.6 million, or $0.22 per diluted common share, compared to $12.0 million, or $0.23 per diluted common share for the quarter ended June 30, 2016.1

Agency Business

  Loan Origination Platform

 
Agency Loan Volume  ($ in 000's)
 
    Quarter Ended
    June 30,
2017
      March 31,
2017
Fannie Mae $   669,897   $   896,549
Freddie Mac     317,490       235,033
FHA       32,878       137,935
CMBS/Conduit     -        21,370
Total Originations $   1,020,265   $   1,290,887
         
Total Loan Sales $   1,204,353   $   1,364,850
         
Total Loan Commitments                                     $   1,101,243   $   1,151,944
         

For the quarter ended June 30, 2017, the Agency Business generated revenues of $45.7 million, compared to $48.0 million for the first quarter of 2017.  Gain on sales, including fee-based services, net was $18.8 million for the quarter, reflecting a margin of 1.56% on loan sales, compared to $19.2 million and 1.40% for the first quarter of 2017. Income from mortgage servicing rights was $17.3 million for the quarter, reflecting a rate of 1.57% as a percentage of loan commitments, compared to $20.0 million and 1.74% for the first quarter of 2017. 

At June 30, 2017, loans held-for-sale was $387.4 million which was primarily comprised of unpaid principal balances totaling $381.8 million, with financing associated with these loans totaling $381.3 million.

Fee-Based Servicing Portfolio

The fee-based servicing portfolio totaled $15.02 billion at June 30, 2017, an increase of 4% from March 31, 2017, primarily as a result of $1.02 billion of new loan originations during the quarter. Servicing revenue, net was $6.6 million for the quarter, and consists of servicing revenue of $18.4 million net of amortization of mortgage servicing rights totaling $11.8 million

                 
    Fee-Based Servicing Portfolio ($ in 000s)
    As of June 30, 2017       As of March 31, 2017
     
    UPB Wtd. Avg.
Fee
Wtd. Avg.
Life (in years)
  UPB Wtd. Avg.
Fee
Wtd. Avg.
Life (in years)
Fannie Mae                 $   12,034,573 0.54 % 7.1   $   11,804,141 0.53 % 6.9
Freddie Mac     2,458,530 0.23 % 10.9       2,163,124 0.23 % 10.8
FHA       525,944 0.17 % 20.0       498,034 0.17 % 19.7
Total   $   15,019,047 0.47 % 8.1   $   14,465,299 0.48 % 7.9
                 

Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”). At June 30, 2017, the Company’s allowance for loss-sharing obligations was $32.8 million which consists of general loss sharing guaranty obligations of $28.7 million, representing 0.24% of the Fannie Mae servicing portfolio, and $4.1 million of loss-sharing obligations on specifically identified loans with losses determined to be probable and estimable.

Structured Business

  Portfolio and Investment Activity

Second quarter of 2017:

  • 22 new loan originations totaling $437.9 million, of which 21 were bridge loans for $415.9 million
  • Payoffs and pay downs on 17 loans totaling $263.6 million
  • Portfolio growth of 10% from 1Q17

At June 30, 2017, the loan and investment portfolio’s unpaid principal balance, excluding loan loss reserves, was $1.90 billion, with a weighted average current interest pay rate of 6.05%, compared to $1.73 billion and 5.81% at March 31, 2017.  Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 6.71% at June 30, 2017, compared to 6.45% at March 31, 2017.

The average balance of the Company’s loan and investment portfolio during the second and first quarters of 2017, excluding loan loss reserves, was $1.80 billion with a weighted average yield on these assets of 6.60% and 6.39%, respectively. The increase in average yield was primarily due to an increase in the one-month LIBOR interest rate.

At June 30, 2017, the Company’s total loan loss reserves were $81.3 million on six loans with an aggregate carrying value before loan loss reserves of $184.8 million. The Company also had five non-performing loans with a carrying value of $34.6 million, net of related loan loss reserves of $25.9 million.

  Financing Activity

The Company completed its seventh collateralized securitization vehicle totaling $360.0 million of real estate related assets and cash. Investment grade-rated notes totaling $279.0 million were issued, and the Company retained an $81.0 million equity interest in the portfolio. The facility has a three year asset replenishment period and an initial weighted average interest rate of 1.99% plus one-month LIBOR, excluding fees and transaction costs.

The balance of debt that finances the Company’s loan and investment portfolio at June 30, 2017 was $1.49 billion with a weighted average interest rate including fees of 4.69%, as compared to $1.38 billion and a rate of 4.51% at March 31, 2017. The average balance of debt that finances the Company’s loan and investment portfolio for the second quarter of 2017 was $1.46 billion, as compared to $1.37 billion for the first quarter of 2017. The average cost of borrowings for the second quarter was 4.60%, compared to 4.51% for the first quarter of 2017. The increase in average cost was primarily due to an increase in the one-month LIBOR interest rate.

The Company is subject to various financial covenants and restrictions under the terms of its CLO vehicles and financing facilities. The Company believes it was in compliance with all financial covenants and restrictions as of June 30, 2017 and as of the most recent CLO determination dates in July 2017.

Capital Markets

The Company issued 9.5 million shares of common stock in a public offering receiving net proceeds of $76.2 million. The Company used a portion of the net proceeds to fully internalize its management team and terminate the existing management agreement with its external manager, and intends to use the remaining proceeds to make investments and for general corporate purposes.

Internalization of Management Team

The Company exercised its option to fully internalize its management team and terminate the existing management agreement with its external manager. On May 31, 2017, the Company paid $25.0 million in consideration of this internalization.

Dividends

The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.18 per share of common stock for the quarter ended June 30, 2017. The dividend is payable on August 31, 2017 to common stockholders of record on August 16, 2017. The ex-dividend date is August 14, 2017.

As previously announced, the Board of Directors has declared cash dividends on the Company's Series A, Series B and Series C cumulative redeemable preferred stock reflecting accrued dividends from June 1, 2017 through August 31, 2017. The dividends are payable on August 31, 2017 to preferred stockholders of record on August 15, 2017. The Company will pay total dividends of $0.515625, $0.484375 and $0.53125 per share on the Series A, Series B and Series C preferred stock, respectively.

Earnings Conference Call

The Company will host a conference call today at 10:00 a.m. ET. A live webcast of the conference call will be available at www.arbor.com in the investor relations area of the website. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (866) 516-5034 for domestic callers and (678) 509-7613 for international callers. Please use participant passcode 56886553.

After the live webcast, the call will remain available on the Company's website through August 31, 2017.  In addition, a telephonic replay of the call will be available until August 11, 2017. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use passcode 56886553.

About Arbor Realty Trust, Inc.

Arbor Realty Trust, Inc. (NYSE: ABR) is a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender by volume and a Top Fannie Mae Small Loan lender, a Freddie Mac Program Plus® Seller/Servicer and the Top Freddie Mac Small Balance Loan Lender, a Fannie Mae and Freddie Mac Seniors Housing Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, bridge, mezzanine and preferred equity lender, consistently building on its reputation for service, quality and flexibility. With a fee-based servicing portfolio of over $15 billion, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor’s with an Above Average rating. Arbor is also on the Standard & Poor’s Select Servicer List and is a primary commercial loan servicer and loan level special servicer rated by Fitch Ratings.

Safe Harbor Statement

Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained.  Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, continued ability to source new investments, changes in interest rates and/or credit spreads, changes in the real estate markets, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2016 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

1. Non-GAAP Financial Measures

During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on page 11 of this release.


 ARBOR REALTY TRUST, INC. AND SUBSIDIARIES   
             
CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)  
                     
                     
      Quarter Ended   Six Months Ended  
      June 30,   June 30,  
      2017     2016     2017     2016    
 
Interest income   $ 34,468,274     $ 27,969,498     $ 67,993,290     $ 53,787,963    
Other interest income, net     -       2,539,274       -       2,539,274    
Interest expense     20,411,386       13,243,488       39,848,224       25,992,101    
  Net interest income     14,056,888       17,265,284       28,145,066       30,335,136    
                     
Other revenue:                  
Gain on sales, including fee-based services,  net     18,830,042       -       38,000,898       -    
Mortgage servicing rights     17,254,059       -       37,284,399       -    
Servicing revenue, net     6,609,147       -       11,402,790       -    
Property operating income     2,863,259       4,426,555       6,086,463       9,758,087    
Other income, net     (821,252 )     214,668       (1,707,549 )     304,431    
  Total other revenue     44,735,255       4,641,223       91,067,001       10,062,518    
                     
Other expenses:                  
Employee compensation and benefits     21,824,684       4,311,412       41,666,148       8,639,754    
Selling and administrative     7,834,927       1,719,337       15,528,814       4,374,813    
Acquisition costs     -       745,734       -       3,855,644    
Property operating expenses     2,621,922       3,856,264       5,259,826       8,172,819    
Depreciation and amortization     1,815,726       443,112       3,712,975       1,320,645    
Impairment loss on real estate owned     1,500,000       11,200,000       2,700,000       11,200,000    
Provision for loss sharing     532,185       -       2,211,570       -    
Provision for loan losses (net of recoveries)     (1,760,000 )     44,005       (2,455,653 )     29,005    
Management fee - related party     2,673,260       2,850,000       6,673,260       5,550,000    
  Total other expenses     37,042,704       25,169,864       75,296,940       43,142,680    
                     
Income (loss) before gain on extinguishment of debt,                
  gain on sale of real estate, (loss) income from                  
  equity affiliates and provision for income taxes     21,749,439       (3,263,357 )     43,915,127       (2,745,026 )  
Gain on extinguishment of debt     -       -       7,116,243       -    
Gain on sale of real estate     -       11,023,134       -       11,630,687    
(Loss) income from equity affiliates     (2,944 )     4,367,101       759,833       6,264,543    
Provision for income taxes     (3,435,000 )     -       (9,536,000 )     -    
                     
Net income     18,311,495       12,126,878       42,255,203       15,150,204    
                     
Preferred stock dividends     1,888,430       1,888,430       3,776,860       3,776,860    
Net income attributable to noncontrolling interest     4,493,627       -       10,935,231       -    
Net income attributable to common stockholders   $ 11,929,438       $ 10,238,448       $ 27,543,112       $ 11,373,344    
                     
Basic earnings per common share   $ 0.21     $ 0.20     $ 0.51     $ 0.22    
Diluted earnings per common share   $ 0.21     $ 0.20     $ 0.50     $ 0.22    
                     
                     
Weighted average shares outstanding:                  
  Basic     56,652,334       51,381,405       54,071,085       51,213,312    
  Diluted     79,064,503       51,741,951       76,365,118       51,418,539    
                     
Dividends declared per common share   $ 0.18     $ 0.15     $ 0.35     $ 0.30    
                     

 

 ARBOR REALTY TRUST, INC. AND SUBSIDIARIES   
                 
CONSOLIDATED BALANCE SHEETS  
                 
                 
          June 30,   December 31,  
          2017       2016    
          (Unaudited)      
Assets:            
Cash and cash equivalents   $ 80,759,389     $ 138,645,430    
Restricted cash     187,239,506       29,314,929    
Loans and investments, net     1,798,865,292       1,695,732,351    
Loans held-for-sale, net     387,354,589       673,367,304    
Capitalized mortgage servicing rights, net     243,083,459       227,742,986    
Available-for-sale securities, at fair value     5,102,433       5,403,463    
Securities held to maturity     8,083,435       -    
Investments in equity affiliates     32,992,895       33,948,853    
Real estate owned, net     17,398,560       19,491,805    
Due from related party     5,628,805       1,464,732    
Goodwill and other intangible assets     119,688,979       97,489,884    
Other assets     49,248,026       48,184,509    
Total assets   $ 2,935,445,368     $ 2,970,786,246    
                 
Liabilities and Equity:          
Credit facilities and repurchase agreements   $ 505,815,453     $ 906,636,790    
Collateralized loan obligations     1,004,815,901       728,441,109    
Senior unsecured notes     94,897,231       94,521,566    
Convertible senior unsecured notes, net     94,803,761       80,660,038    
Junior subordinated notes to subsidiary trust issuing preferred securities     139,248,112       157,858,555    
Related party financing     50,000,000       50,000,000    
Due to related party     1,477,443       6,038,707    
Due to borrowers     86,947,525       81,019,386    
Allowance for loss-sharing obligations     32,797,406       32,407,554    
Other liabilities     86,660,938       86,164,613    
Total liabilities     2,097,463,770       2,223,748,318    
                 
Equity:            
  Arbor Realty Trust, Inc. stockholders' equity:          
    Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000          
      shares authorized; special voting preferred shares, 21,230,769 shares          
      issued and outstanding; 8.25% Series A, $38,787,500 aggregate          
      liquidation preference;1,551,500 shares issued and outstanding;          
      7.75% Series B, $31,500,000 aggregate liquidation preference;          
      1,260,000 shares issued and outstanding; 8.50% Series C, $22,500,000          
      aggregate liquidation preference; 900,000 shares issued and outstanding   89,508,213       89,508,213    
    Common stock, $0.01 par value: 500,000,000 shares authorized; 61,349,916          
      and 51,401,295 shares issued and outstanding, respectively     613,499       514,013    
    Additional paid-in capital     701,397,021       621,931,995    
    Accumulated deficit     (117,379,709 )     (125,134,403 )  
    Accumulated other comprehensive income     440,919       320,917    
Total Arbor Realty Trust, Inc. stockholders’ equity     674,579,943       587,140,735    
                 
Noncontrolling interest     163,401,655       159,897,193    
Total equity     837,981,598       747,037,928    
                 
Total liabilities and equity   $ 2,935,445,368     $ 2,970,786,246    
                 

 

 ARBOR REALTY TRUST, INC. AND SUBSIDIARIES   
                 
STATEMENT OF INCOME SEGMENT INFORMATION - (Unaudited)  
                     
                     
      Quarter Ended June 30, 2017  
                     
      Structured
Business
    Agency
Business
    Other /
Eliminations (1)
    Consolidated  
                     
Interest income   $ 29,917,559     $ 4,550,715     $ -     $ 34,468,274    
Interest expense     16,712,261       2,737,302       961,823       20,411,386    
  Net interest income     13,205,298       1,813,413       (961,823 )     14,056,888    
                     
Other revenue:                  
Gain on sales, including fee-based services,  net     -       18,830,042       -       18,830,042    
Mortgage servicing rights     -       17,254,059       -       17,254,059    
Servicing revenue     -       18,436,985       -       18,436,985    
Amortization of OMSR     -       (11,827,838 )     -       (11,827,838 )  
Property operating income     2,863,259       -       -       2,863,259    
Other income, net     730,879       (1,552,131 )     -       (821,252 )  
  Total other revenue     3,594,138       41,141,117       -       44,735,255    
                     
Other expenses:                  
Employee compensation and benefits     4,066,972       17,757,712       -       21,824,684    
Selling and administrative     2,897,495       4,937,432       -       7,834,927    
Property operating expenses     2,621,922       -       -       2,621,922    
Depreciation and amortization     415,272       1,400,454       -       1,815,726    
Impairment loss on real estate owned     1,500,000       -       -       1,500,000    
Provision for loss sharing     -       532,185       -       532,185    
Provision for loan losses (net of recoveries)     (1,760,000 )     -       -       (1,760,000 )  
Management fee - related party     1,284,048       1,389,212       -       2,673,260    
  Total other expenses     11,025,709       26,016,995       -       37,042,704    
                     
Income before loss from equity affiliates and                  
  provision for income taxes     5,773,727       16,937,535       (961,823 )     21,749,439    
Loss from equity affiliates     (2,944 )     -       -       (2,944 )  
Provision for income taxes     -       (3,435,000 )     -       (3,435,000 )  
                     
Net income   $ 5,770,783     $ 13,502,535     $ (961,823 )   $ 18,311,495    
                     
Preferred stock dividends     1,888,430       -       -       1,888,430    
Net income attributable to noncontrolling interest     -       -       4,493,627       4,493,627    
Net income attributable to common stockholders   $ 3,882,353     $ 13,502,535     $ (5,455,450 )   $ 11,929,438    
                     
(1) Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the
acquisition of the Agency Business in 2016 as well as income allocated to the noncontrolling interest holder.
 
                     

 

 ARBOR REALTY TRUST, INC. AND SUBSIDIARIES   
                     
 BALANCE SHEET SEGMENT INFORMATION - (Unaudited)   
                         
                         
          June 30, 2017  
          Structured
Business
  Agency
Business
  Other /
Eliminations (1)
  Consolidated  
Assets:                    
Cash and cash equivalents   $   58,875,741     $   21,883,648     $   -      $   80,759,389  
Restricted cash       171,592,585       15,646,921       -        187,239,506  
Loans and investments, net       1,798,865,292       -        -        1,798,865,292  
Loans held-for-sale, net       -        387,354,589       -        387,354,589  
Capitalized mortgage servicing rights, net     -        243,083,459       -        243,083,459  
Investments in equity affiliates       32,992,895       -        -        32,992,895  
Goodwill and other intangible assets       12,500,000       107,188,979       -        119,688,979  
Other assets        61,675,038       23,786,221       -        85,461,259  
   Total assets   $   2,136,501,551   $   798,943,817   $   -    $   2,935,445,368  
                         
Liabilities:                  
Debt obligations   $   1,458,231,271   $   381,349,187   $   50,000,000   $   1,889,580,458  
Allowance for loss-sharing obligations       -        32,797,406       -        32,797,406  
Other liabilities       136,880,296       37,115,558       1,090,052       175,085,906  
   Total liabilities   $   1,595,111,567   $   451,262,151   $   51,090,052   $   2,097,463,770  
                         
(1) Includes debt and accrued interest costs associated with the acquisition of the Agency Business in 2016, not allocated
to the two reportable segments.
 
                         

 

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES  
                 
Supplemental Schedule of Non-GAAP Financial Measures -  
Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO")  
(Unaudited)  
                 
  Quarter Ended   Six Months Ended  
June 30, June 30,
  2017     2016     2017     2016    
                 
Net income attributable to common stockholders $ 11,929,438     $ 10,238,448     $ 27,543,112     $ 11,373,344    
                 
Adjustments:                
Gain on sale of real estate   -       (11,023,134 )     -       (11,630,687 )  
Net income attributable to noncontrolling interest   4,493,627       -       10,935,231       -    
Impairment loss on real estate owned   1,500,000       11,200,000       2,700,000       11,200,000    
Depreciation - real estate owned   168,803       443,112       419,098       1,320,645    
Depreciation - investments in equity affiliates   101,447       93,588       202,894       187,176    
                 
Funds from operations  (1) $ 18,193,315     $ 10,952,014     $ 41,800,335     $ 12,450,478    
                 
Adjustments:                
Income from mortgage servicing rights   (17,254,059 )     -       (37,284,399 )     -    
Impairment loss on real estate owned   (1,500,000 )     (11,200,000 )     (2,700,000 )     (11,200,000 )  
Deferred tax (benefit) provision   (890,000 )     -       937,000       -    
Amortization and write-offs of MSRs   14,931,697       -       30,213,162       -    
Depreciation and amortization   1,873,107       -       3,740,660       -    
Net loss on changes in fair value of derivatives   1,552,131       -       2,549,155       -    
Gain on sale of real estate   -       11,023,134       -       11,630,687    
Stock-based compensation   681,711       481,664       2,986,233       2,163,094    
Acquisition costs   -       745,734       -       3,855,644    
                 
Adjusted funds from operations  (1) $ 17,587,902     $ 12,002,546     $ 42,242,146     $ 18,899,903    
                 
Diluted FFO per share  (1) $ 0.23     $ 0.21     $ 0.55     $ 0.24    
                 
Diluted AFFO per share  (1) $ 0.22     $ 0.23     $ 0.55     $ 0.37    
                 
Diluted weighted average shares outstanding  (1)   79,064,503       51,741,951       76,365,118       51,418,539    
                 
(1) Amounts are attributable to common stockholders and OP Unit holder. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis.  
   
The Company is presenting FFO and AFFO because management believes they are important supplemental measures of the Company’s operating performance in that they are frequently used by analysts, investors and other parties in the evaluation of REITs.  The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (loss) attributable to common stockholders (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated real properties, plus impairments of depreciated real properties and real estate related depreciation and amortization, and after adjustments for unconsolidated ventures.  
   
The Company defines AFFO as funds from operations adjusted for accounting items such as non-cash stock-based compensation expense, income from mortgage servicing rights ("MSRs"), changes in fair value of certain derivatives that temporarily flow through earnings, amortization and write-offs of MSRs, deferred tax (benefit) provision and the amortization of the convertible senior notes conversion option. The Company also adds back one-time charges such as acquisition costs and impairment losses on real estate and gains/losses on sales of real estate. The Company is generally not in the business of operating real estate property and has obtained real estate by foreclosure or through partial or full settlement of mortgage debt related to the Company's loans to maximize the value of the collateral and minimize the Company's exposure.  Therefore, the Company deems such impairment and gains/losses on real estate as an extension of the asset management of its loans, thus a recovery of principal or additional loss on the Company's initial investment.  
   
FFO and AFFO are not intended to be an indication of the Company's cash flow from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions.  The Company’s calculation of FFO and AFFO may be different from the calculations used by other companies and, therefore, comparability may be limited.  
   
Contacts:
Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer
516-506-4422
pelenio@arbor.com

Media:
Bonnie Habyan, EVP of Marketing
516-506-4615
bhabyan@arbor.com

Investors:
The Ruth Group
Lee Roth
646-536-7012
lroth@theruthgroup.com

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Arbor Realty Trust