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: 2021-05-24

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

Non-Derivative Transactions

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

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)	Direct

Footnotes

F1: 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.

F2: Not applicable.