038923AP3

Arbor Realty Trust, Inc.

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A real estate investment trust that lends money to developers and owners of apartment buildings, lending through two arms: one that makes short-term "bridge" loans on multifamily and single-family rental properties, and another that originates and services permanent loans for government-sponsored agencies like Fannie Mae and Freddie Mac. Founder Ivan Kaufman started the business in 1983 as American Mortgage Banking—picked so it would top alphabetical lists—then held an employee contest to rename it "Arbor" to signal a community-minded, environmental spirit. In that tradition, the company marks each closed loan by planting a tree.

4.75% Convertible Senior Notes due November 1, 2022