ARBOR REALTY TRUST INC — Director's Dealing 2017

Dec 26, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARBOR REALTY TRUST INC (ABR)
CIK: 0001253986
Period of Report: 2017-12-26

Reporting Person: ARBOR COMMERCIAL MORTGAGE LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-12-26	Special Voting Preferred Stock, par value $0.01 per share	J	5780348	—	Disposed	15450421	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-12-26	Partnership Common Units	$	J	5780348	Disposed		Common Stock, par value $0.01 per share (5780348)	Direct

Footnotes

F1: On July 14, 2016, Arbor Realty Limited Partnership, a Delaware limited partnership ("ARLP") issued 21,230,769 Partnership Common Units to Arbor Commercial Mortgage, LLC ("ACM") and therefore, Arbor Realty Trust, Inc. (the "Company") issued the same number of shares of Special Voting Preferred Stock to ACM. On December 26, 2017, for no consideration and on a pro rata basis, ACM distributed 5,780,348 shares with a fair market value of approximately $50.0 million to its partners. The fair market value was determined using the closing stock price of the Company on December 20, 2017 of $8.65.

F2: Not applicable.