Arbor Realty Trust Inc. 6.375% Series D Cumulative Redeemable Preferred Stock

Arbor Realty Trust is a real estate investment trust (REIT) that primarily focuses on investing in multifamily and commercial real estate-related bridge and mezzanine loans, as well as preferred equity and other real estate-related assets. The company was founded in 2003 and is based in Uniondale, New York. Arbor Realty Trust operates as a self-managed real estate investment trust and is primarily engaged in the business of originating, acquiring, investing in, and managing a diversified portfolio of real estate-related bridge and mezzanine loans, preferred equity, and other real estate-related assets.

Upon the occurrence of a Change of Control, each holder of shares of Series D Preferred Stock will have the right (subject to our election to redeem the Series D Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date (as defined herein)) to convert some or all of the shares of Series D Preferred Stock held by such holder on the Change of Control Conversion Date into a number of shares of our common stock per share of Series D Preferred Stock equal to the lesser of:
the quotient obtained by dividing (i) the sum of the $25.00 liquidation preference per share of the Series D Preferred Stock plus the amount of any accumulated and unpaid dividends thereon to, but not including, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a dividend record date and prior to the corresponding dividend payment date for the Series D Preferred Stock, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii) the Common Stock Price (as defined herein); and 2.8571, or the Share Cap, subject to certain adjustments as explained herein; in each case, on the terms and subject to the conditions described in this prospectus supplement, including provisions for the receipt, under specified circumstances, of alternative consideration as described in this prospectus supplement.