Arbor Realty Trust is a Maryland-based REIT and commercial real estate direct lender that operates through two complementary segments: its Structured Business invests in a diversified portfolio of bridge loans, mezzanine debt, and preferred equity secured by multifamily, single-family rental, and commercial real estate properties, while its Agency Business originates multifamily loans through government-sponsored enterprises and HUD programs, retaining mortgage servicing rights and asset management responsibilities on substantially all loans. The company generates diversified income through net interest margins on structured investments, origination fees and loan sale gains from agency products, and stable recurring servicing fee income from its substantial portfolio of retained mortgage servicing rights. Arbor targets borrowers whose conventional financing options may be limited and differentiates itself through customized loan structures, rapid execution, active credit management, established relationships with major GSEs, and a national network of loan originators.