Business: Arbor Realty Trust is a specialized real estate finance company investing in real estate-related bridge and mezzanine loans, preferred equity and, in limited cases, discounted mortgage notes and other real estate-related assets, which are collectively referred to as structured finance investments. ABR’s objective is to maximize the difference between the yield on their investments and the cost of financing these investments to generate cash available for distribution, facilitate capital appreciation and maximize total return to our stockholders. ABR commenced operations in July 2003 and conducts substantially all of their operations through their operating partnership, Arbor Realty Limited Partnership.