ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

Statement of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(Unaudited)

	Three Months Ended March 31,		Years Ended December 31,

	2013		2012		2011			2010		2009			2008
Earnings:
Net income (loss) from continuing operations, pretax	$	7,227,218	$	15,586,859	$	(37,279,758	)	$	116,197,487	$	(206,093,138	)	$	(76,207,777	)
Add (Subtract):
Loss (income) from Equity Affiliates		81,885		697,856		(3,671,386	)		1,259,767		438,507			2,347,296
Distributions from Equity Affiliates		24,365		428,471		4,633,707			503,567		12,493,710			931,941
Fixed charges		11,010,417		42,372,781		52,716,944			62,979,036		80,102,075			108,656,702
Capitalized interest		—		—		—			—		—			—

Income (loss) before fixed charges	$	18,343,885	$	59,085,967	$	16,399,507		$	180,939,857	$	(113,058,846	)	$	35,728,162

Fixed charges:
Interest expense	$	11,010,417	$	42,372,781	$	52,716,944		$	62,979,036	$	80,102,075		$	108,656,702
Capitalized interest		—		—		—			—		—			—
Preferred stock dividends		537,460		12,236		14,500			14,500		14,500			14,539

Total fixed charges and preferred stock dividends	$	11,547,877	$	42,385,017	$	52,731,444		$	62,993,536	$	80,116,575		$	108,671,241

Ratio of earnings to fixed charges and preferred stock dividends		1.6		1.4		—			2.9		—			—

Deficiency	$	—	$	—	$	36,331,937		$	—	$	193,175,421		$	72,943,079