ARBOR REALTY TRUST INC — Director's Dealing 2021

May 26, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ARBOR REALTY TRUST INC (ABR)
CIK: 0001253986
Period of Report: 2021-05-21

Reporting Person: KAUFMAN IVAN (Director, COB, CEO and President, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-21	Common Stock, par value $0.01 per share	J	4008	$0.00	Disposed	1073285	Direct
2021-05-24	Special Voting Preferred Stock, par value $0.01 per share	J	1190000	—	Disposed	10711068	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-24	Partnership Common Units	$	J	1190000	Disposed		Common Stock, par value $0.01 per share (1190000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01 per share	3428629	Indirect
Common Stock, par value $0.01 per share	3632	Indirect
Common Stock, par value $0.01 per share	1632	Indirect

Footnotes

F1: On May 21, 2021, the reporting person transferred 4,008 shares of the issuer's stock to Lisa Kaufman in accordance with the terms of a post-nuptial agreement between Mr. and Mrs. Kaufman. The reporting person disclaims beneficial ownership of these shares and this report shall not be deemed to be an admission that the reporting person is the beneficial owner of these shares for the purpose of Section 16, or for any other purpose.

F2: Mr. Kaufman disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest therein.

F3: On May 24, 2021, Arbor Commercial Mortgage, LLC ("ACM") distributed 1,190,000 Partnership Common Units ("OP Units") and Special Voting Preferred Stock ("Preferred Shares") with a fair market value of approximately $20.9 million to Lisa Kaufman in consideration of the liquidation of her membership interest in ACM, such liquidation made in accordance with the terms of a post-nuptial agreement between Mr. and Mrs. Kaufman. The fair market value was determined in accordance with ACM's Operating Agreement, using the average closing stock price of Arbor Realty Trust, Inc. (the "Company") from May 19, 2021 through May 21, 2021 of $17.55 per share.

F4: Not applicable.