<SEC-DOCUMENT>0001171843-15-006083.txt : 20151110
<SEC-HEADER>0001171843-15-006083.hdr.sgml : 20151110
<ACCEPTANCE-DATETIME>20151106080024
ACCESSION NUMBER:		0001171843-15-006083
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20151106
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151106
DATE AS OF CHANGE:		20151106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARBOR REALTY TRUST INC
		CENTRAL INDEX KEY:			0001253986
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				200057959
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32136
		FILM NUMBER:		151202467

	BUSINESS ADDRESS:	
		STREET 1:		333 EARLE OVINGTON BOULEVARD
		STREET 2:		SUITE 900
		CITY:			UNIONDALE
		STATE:			NY
		ZIP:			11553
		BUSINESS PHONE:		516-506-4200

	MAIL ADDRESS:	
		STREET 1:		333 EARLE OVINGTON BLVD STE.900
		CITY:			UNIONDALE
		STATE:			NY
		ZIP:			11553
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>gff8k_110615.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in"><B>UNITED STATES</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C. 20549</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM 8-K</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>CURRENT REPORT</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Date of Report (Date of earliest event reported):</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">November 6, 2015 (November 6, 2015)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 14pt"><B>Arbor Realty Trust, Inc.</B></FONT></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">MARYLAND</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(STATE OF INCORPORATION)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">001-32136</TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">20-0057959</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(COMMISSION FILE NUMBER)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">(IRS EMPLOYER ID. NUMBER)</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">333 Earle Ovington Boulevard, Suite 900</TD>
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">11553</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Uniondale, New York</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(ZIP CODE)</TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(516) 506-4200</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(REGISTRANT&rsquo;S TELEPHONE NUMBER, INCLUDING AREA CODE)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px"><FONT STYLE="font-size: 10pt"><B>Item 2.02</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Results of Operations and Financial Condition.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">On November 6, 2015, Arbor Realty Trust, Inc. issued a press release
announcing its earnings for the quarter ended September 30, 2015, a copy of which is attached hereto as Exhibit 99.1.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px"><FONT STYLE="font-size: 10pt"><B>Item 9.01</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">(d) <I>Exhibits</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 89%; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Press Release, dated November 6, 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B></B></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SIGNATURE</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 2.5in">ARBOR REALTY TRUST, INC.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 2.5in">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/ Paul Elenio&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 2.5in">Name: Paul Elenio</P>

<P STYLE="font-size: 10pt; text-align: left; text-indent: 0.5in; margin: 0pt 0 0pt 2.5in">Title: Chief Financial Officer</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Date: November 6, 2015</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">EXHIBIT INDEX</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: left"><U>Exhibit Number</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 55pt; text-align: center">99.1</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Press Release, dated November 6, 2015.</TD>
</TR></TABLE>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">EXHIBIT 99.1</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><IMG SRC="logo.jpg" ALT="">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0"><FONT STYLE="font-size: 14pt">Arbor Realty Trust
Reports Third Quarter 2015 Results and Declares Common Stock Dividend</FONT></P>

<P STYLE="font-size: 10pt; font-weight: bold; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>Third Quarter Highlights:</B></P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0pt 0"><B>Net income of $15.3 million, or $0.30 per diluted common share</B></LI>



<LI STYLE="margin: 0pt 0"><B>AFFO of $17.1 million, or $0.34 per diluted common share<SUP>1</SUP></B></LI>



<LI STYLE="margin: 0pt 0"><B>Closed a fifth collateralized securitization vehicle totaling $350 million</B></LI>



<LI STYLE="margin: 0pt 0"><B>Redeemed CDO III, completing the delevering of all legacy securitization vehicles</B></LI>



<LI STYLE="margin: 0pt 0"><B>Recorded $3.9 million of income from an equity investment distribution</B></LI>



<LI STYLE="margin: 0pt 0"><B>Earned $1.4 million of income from residential mortgage equity investments</B></LI>



<LI STYLE="margin: 0pt 0"><B>Originated $190 million of new loans </B></LI>



<LI STYLE="margin: 0pt 0"><B>GAAP book value per common share of $9.35</B></LI>



<LI STYLE="margin: 0pt 0"><B>Declares a cash dividend on common stock of $0.15 per share</B></LI>



</UL>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">UNIONDALE, N.Y., Nov. 6, 2015 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE:ABR),
today announced financial results for the third quarter ended September 30, 2015. Arbor reported net income for the quarter of
$15.3 million, or $0.30 per diluted common share, compared to $63.4 million, or $1.26 per diluted common share for the quarter
ended September 30, 2014. Adjusted funds from operations (&quot;AFFO&quot;) for the quarter was $17.1 million, or $0.34 per diluted
common share, compared to $65.6 million, or $1.30 per diluted common share for the quarter ended September 30, 2014.<SUP>1</SUP>
Excluding the impact of a $58.1 million non-cash net gain related to the 450 West 33rd Street transaction recorded in the third
quarter of 2014, AFFO for the quarter ended September 30, 2014 was $7.5 million, or $0.15 per diluted common share.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>Portfolio Activity</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">Loan and investment portfolio activity during the third quarter of 2015 consisted of:</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="margin: 0pt 0">15 new loan originations totaling $189.8 million, of which 13 were bridge loans for $181.6 million.</LI>



<LI STYLE="margin: 0pt 0">Payoffs and pay downs on 21 loans totaling $146.4 million.</LI>



</UL>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">At both September 30<SUP>th</SUP> and June 30, 2015, the loan and investment portfolio's
unpaid principal balance, excluding loan loss reserves, was approximately $1.60 billion. The weighted average current interest
pay rate at September 30, 2015 was 5.67%, compared to 5.65% at June 30, 2015. Including certain fees earned and costs associated
with the loan and investment portfolio, the weighted average current interest pay rate was 6.31% at September 30, 2015, compared
to 6.28% at June 30, 2015.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">The average balance of the Company's loan and investment portfolio during the third quarter
of 2015, excluding loan loss reserves, was $1.53 billion and the weighted average yield on these assets for the quarter was 6.68%,
compared to $1.62 billion and 6.46% for the second quarter of 2015. The increase in weighted average yield was primarily due to
the collection of unaccrued interest on a loan in the third quarter.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">At September 30, 2015, the Company's total loan loss reserves were $83.4 million relating
to eight loans with an aggregate carrying value before loan loss reserves of $185.9 million. The Company also had three non-performing
loans with a carrying value of $1.7 million, net of related loan loss reserves of $21.2 million. In addition, the Company charged
off fully reserved loans totaling $32.0 million and transferred an $8.4 million loan with a $2.5 million reserve to real estate
owned.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>Financing Activity</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">The Company completed its fifth collateralized securitization vehicle (&quot;CLO V&quot;)
totaling $350.0 million of real estate related assets and cash. An aggregate of $267.8 million of investment grade-rated notes
were issued, and the Company retained an $82.3 million equity interest in the portfolio. The notes have an initial weighted average
spread of 244 basis points over LIBOR, excluding fees and transaction costs. The facility has a three year replenishment period
that allows the principal proceeds from repayments of the collateral assets to be reinvested in qualifying replacement assets,
subject to certain conditions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">The Company completed the unwind of its remaining legacy collateralized debt obligation
(&quot;CDO III&quot;). CDO III's $71.1 million of outstanding notes were redeemed and repaid primarily from proceeds received from
the refinancing of CDO III's remaining assets within one of the Company's existing financing facilities, as well as cash held by
CDO III. As a result of this transaction, the Company recognized an $8.2 million gain on the acceleration of deferred income and
incurred $0.5 million of other costs related to this vehicle.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right"><I>Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></I></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">The balance of debt that finances the Company's loan and investment portfolio remained
relatively unchanged at both September 30<SUP>th</SUP> and June 30, 2015 totaling approximately $1.17 billion. At September 30,
2015, the weighted average interest rate including fees was 3.94%, as compared to a rate of 3.86% at June 30, 2015. The average
balance of debt that finances the Company's loan and investment portfolio for the third quarter of 2015 was approximately $1.14
billion, as compared to approximately $1.17 billion for the second quarter of 2015. The average cost of borrowings for the third
quarter was 4.13%, compared to 3.99% for the second quarter of 2015.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">The Company is subject to various financial covenants and restrictions under the terms
of its CLO vehicles and financing facilities. The Company's CLO vehicles contain interest coverage and asset over collateralization
covenants that must be met as of the waterfall distribution date in order for the Company to receive such payments. The Company
believes it was in compliance with all financial covenants and restrictions as of September 30, 2015 and as of the most recent
determination dates in October 2015 as summarized in the chart below.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cash Flow Triggers</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">CLO III</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">CLO IV</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">CLO V</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Overcollateralization <SUP>(1)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 55%; font-size: 10pt">Current</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">133.33</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">136.99</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">130.72</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Limit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">132.33</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">135.99</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">129.72</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Pass / Fail</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Pass</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Pass</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Pass</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Interest Coverage <SUP>(2)</SUP></B></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Current</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">260.11</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">345.87</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225.54</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Limit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">120.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">120.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">120.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Pass / Fail</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Pass</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Pass</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">Pass</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">(1) The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio.&nbsp;To the extent an asset is considered a defaulted security, the asset's principal balance for purposes of the overcollateralization test is the lesser of the asset's market value or the principal balance of the defaulted asset multiplied by the asset's recovery rate which is determined by the rating agencies.</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">(2) The interest coverage&nbsp;ratio divides interest income by interest expense for the classes senior to those retained by the Company.</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font-size: 10pt; margin: 0pt 0"><U>Equity Investments</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">The Company received a distribution from one of its joint venture equity investments
and recorded income totaling $3.9 million, comprised of $4.9 million of income from equity affiliates partially offset by $1.0
million of expenses related to this transaction that were recorded in other expenses.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right"><I>Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></I></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">The Company also recorded $1.4 million of income from its joint venture investment in
a residential mortgage banking business.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>Common Dividend</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">The Company announced today that its Board of Directors has declared a quarterly cash
dividend of $0.15 per share of common stock for the quarter ended September 30, 2015. The dividend is payable on November 30, 2015
to common stockholders of record on November 18, 2015. The ex-dividend date is November 16, 2015.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>Preferred Dividends</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">As previously announced, the Board of Directors has declared cash dividends on the Company's
Series A, Series B and Series C cumulative redeemable preferred stock reflecting accrued dividends from September 1, 2015 through
November 30, 2015. The dividends are payable on November 30, 2015 to preferred stockholders of record on November 15, 2015. The
Company will pay total dividends of $0.515625, $0.484375 and $0.53125 per share on the Series A, Series B and Series C preferred
stock, respectively.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>Earnings Conference Call</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">The Company will host a conference call today at 10:00 a.m. ET. A live webcast of the
conference call will be available at www.arborrealtytrust.com&nbsp;in the investor relations area of the website. Those without
web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (866)
516-5034 for domestic callers and (678) 509-7613 for international callers. Please use participant passcode 60044521.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">After the live webcast, the call will remain available on the Company's website, www.arborrealtytrust.com,
through November 30, 2015. In addition, a telephonic replay of the call will be available until November 13, 2015. The replay dial-in
numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use passcode 60044521.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>About Arbor Realty Trust, Inc.</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">Arbor Realty Trust, Inc. is a real estate investment trust, which invests in a diversified
portfolio of multifamily and commercial real estate related bridge and mezzanine loans, preferred equity investments, mortgage
related securities and other real estate related assets. Arbor is externally managed and advised by Arbor Commercial Mortgage,
LLC, a national commercial real estate finance company operating through 14 offices in the US that specializes in debt and equity
financing for multi-family and commercial real estate. For more information about Arbor Realty Trust, Inc., visit www.arborrealtytrust.com.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right"><I>Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></I></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>Safe Harbor Statement</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">Certain items in this press release may constitute forward-looking statements within
the meaning of the &quot;safe harbor&quot; provisions of the Private Securities Litigation Reform Act of 1995.&nbsp;These statements
are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause
actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its
expectations will be attained.&nbsp;Factors that could cause actual results to differ materially from Arbor's expectations include,
but are not limited to, continued ability to source new investments, changes in interest rates and/or credit spreads, changes in
the real estate markets, and other risks detailed in Arbor's Annual Report on Form 10-K for the year ended December 31, 2014 and
its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly
disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained
herein to reflect any change in Arbor's expectations with regard thereto or change in events, conditions, or circumstances on which
any such statement is based.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>1. Non-GAAP Financial Measures</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify">During the quarterly earnings conference call, the Company may discuss non-GAAP financial
measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A
supplemental schedule of each non-GAAP financial measure and the comparable GAAP financial measure can be found on page 8 of this
release.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U>Contacts:</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Arbor Realty Trust, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Paul Elenio, Chief Financial Officer</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">516-506-4422</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">pelenio@arbor.com</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Media:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Bonnie Habyan, EVP of Marketing</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">516-506-4615</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">bhabyan@arbor.com</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Investors:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The Ruth Group</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Joseph Green</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">646-536-7013</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">jgreen@theruthgroup.com</P>


<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right"><I>Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></I></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ARBOR
REALTY TRUST, INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">CONSOLIDATED
STATEMENTS OF INCOME - (Unaudited)</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center">Quarter Ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center">Nine Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30,</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">&nbsp;Interest income</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">26,025,709</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">29,657,960</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">79,575,689</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">80,062,244</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Other interest income, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,884,344</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;Interest expense</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11,885,363</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">12,334,034</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">37,405,492</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">34,148,009</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 11.25pt">&nbsp;Net interest income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">14,140,346</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,323,926</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">50,054,541</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">45,914,235</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;Other revenue:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Property operating income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,202,851</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,443,877</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,855,028</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26,703,348</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;Other income, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">51,633</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">518,318</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">164,449</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,526,901</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 11.25pt">&nbsp;Total other revenue</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,254,484</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,962,195</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">23,019,477</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">28,230,249</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;Other expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Employee compensation and benefits</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,877,059</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,639,722</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,133,403</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,578,219</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Selling and administrative</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,179,534</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,330,033</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,985,148</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,507,097</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Property operating expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,028,585</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,266,859</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">18,381,317</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21,687,062</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Depreciation and amortization</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,250,761</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,806,683</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,137,080</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,776,719</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Impairment loss on real estate owned</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">250,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Provision for loan losses (net of recoveries)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">277,464</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,326,538</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,353,688</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">590,695</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;Management fee - related party</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,725,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,450,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8,075,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,400,000</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 11.25pt">&nbsp;Total other expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,338,403</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,819,835</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">56,065,636</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">53,789,792</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Income before gain on acceleration of deferred income, loss on termination of swaps, (loss) gain on sale of real estate, gain on gain on sale of equity interest, incentive management fee and income (loss) from equity affiliates</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,056,427</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,466,286</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,008,382</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,354,692</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Gain on acceleration of deferred income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,162,720</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,171,882</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Loss on termination of swaps</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(340,197</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,629,647</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;(Loss) gain on sale of real estate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(199,749</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,984,364</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(199,749</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Gain on sale of equity interest</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">77,123,133</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84,974,399</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;Incentive management fee - equity interest - related party</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(19,047,949</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(19,047,949</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;Income (loss) from equity affiliates</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,353,239</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(51,170</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10,983,177</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">29,371</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;Net income</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">17,232,189</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">65,290,551</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,518,158</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">86,110,764</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">&nbsp;Preferred stock dividends</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,888,430</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,888,430</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,665,290</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,367,825</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">&nbsp;Net income attributable to common stockholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">15,343,759</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">63,402,121</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">40,852,868</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">80,742,939</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;Basic earnings per common share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.30</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1.26</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.80</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1.61</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;Diluted earnings per common share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.30</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1.26</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.80</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1.60</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;Dividends declared per common share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.15</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.13</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.43</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.39</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD NOWRAP STYLE="font-size: 10pt">&nbsp;Weighted average number of shares of common stock outstanding:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt; padding-left: 11.25pt">&nbsp;Basic</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,962,516</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,477,308</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,822,444</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,031,205</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt; padding-left: 11.25pt">&nbsp;Diluted</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,962,516</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,477,308</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,917,442</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,331,623</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right"><I>Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></I></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ARBOR REALTY TRUST, INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">CONSOLIDATED
BALANCE SHEETS</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">September 30,</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center">(Unaudited)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold">Assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">115,612,829</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">50,417,745</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Restricted cash</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">58,810,664</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">218,100,529</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Loans and investments, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,506,324,128</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,459,475,650</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Available-for-sale securities, at fair value</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">646,682</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,499,709</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Investments in equity affiliates</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27,828,747</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,869,066</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Real estate owned, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70,758,676</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">84,925,641</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Real estate held-for-sale, net</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17,651,894</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">14,381,733</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Due from related party</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">674,958</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">36,515</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">49,121,917</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">45,716,002</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 11.25pt">Total assets</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1,847,430,495</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1,880,422,590</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Liabilities and Equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Credit facilities and repurchase agreements</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">122,463,494</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">180,386,200</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Collateralized loan obligations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">767,877,232</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">458,250,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Collateralized debt obligations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">331,395,126</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Senior unsecured notes</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">97,860,025</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">97,860,025</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Junior subordinated notes to subsidiary trust issuing preferred securities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">160,250,265</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">159,833,260</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Notes payable</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,300,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Mortgage note payable &ndash; real estate owned</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27,155,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">21,865,136</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Mortgage note payable &ndash; real estate held-for-sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9,119,221</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Due to related party</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,686,325</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,653,333</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Due to borrowers</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">51,229,859</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,972,606</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">51,244,284</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">49,332,212</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 11.25pt">Total liabilities</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,281,766,484</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,344,967,119</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; 8.25% Series A, $38,787,500 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500,000 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500,000 aggregate liquidation preference; 900,000 shares issued and outstanding</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">89,295,905</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">89,295,905</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Common stock, $0.01 par value: 500,000,000 shares authorized; 53,613,283 and 53,128,075 shares issued, respectively; 50,962,516 and 50,477,308 shares outstanding, respectively</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">536,132</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">531,280</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">632,766,503</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">629,880,774</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Treasury stock, at cost - 2,650,767 shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(17,100,916</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(17,100,916</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated deficit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(133,491,962</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(152,483,322</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Accumulated other comprehensive loss</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6,341,651</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(14,668,250</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 11.25pt">Total equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">565,664,011</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">535,455,471</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total liabilities and equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1,847,430,495</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1,880,422,590</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%; text-align: right"><I>Page <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></I></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>ARBOR REALTY TRUST, INC. AND SUBSIDIARIES</B></FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Supplemental Schedule of Non-GAAP Financial Measures --</FONT></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Funds from Operations (&quot;FFO&quot;) and Adjusted Funds from Operations (&quot;AFFO&quot;)</FONT></P>

<P STYLE="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center">Quarter Ended</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center">Nine Months Ended</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30,</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2014</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: left">Net income attributable to common stockholders</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">15,343,759</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">63,402,121</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">40,852,868</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">80,742,939</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Subtract:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 11.25pt">&nbsp;Loss (gain) on sale of real estate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">199,749</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,984,364</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">199,749</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Add:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 11.25pt">&nbsp;Impairment loss on real estate owned</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">250,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 11.25pt">&nbsp;Depreciation - real estate owned and held-for-sale</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,250,761</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,806,683</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,137,080</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,776,719</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 11.25pt">&nbsp;Depreciation - investments in equity affiliates</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">46,310</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">64,742</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">138,930</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">203,482</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">FFO attributable to common stockholders</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16,640,830</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">65,473,295</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">41,144,514</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">87,172,889</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Subtract:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 11.25pt">&nbsp;Impairment loss on real estate owned</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(250,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Add:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 11.25pt">&nbsp;(Loss) gain on sale of real estate</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">--</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(199,749</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,984,364</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(199,749</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 11.25pt">&nbsp;Stock-based compensation</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">463,313</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">292,797</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,890,582</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,688,631</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">AFFO attributable to common stockholders</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">17,104,143</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">65,566,343</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">48,019,460</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">88,411,771</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;Diluted FFO per common share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.33</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1.30</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.81</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1.73</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;Diluted AFFO per common share</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.34</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1.30</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">0.94</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1.76</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;Diluted weighted average shares outstanding</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,962,516</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,477,308</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,917,442</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">50,331,623</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company is presenting FFO and AFFO because management believes they are important supplemental measures of the Company's operating performance in that they are frequently used by analysts, investors and other parties in the evaluation of REITs.&nbsp;The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (loss) attributable to common stockholders (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated real properties, plus impairments of depreciated real properties and real estate related depreciation and amortization, and after adjustments for unconsolidated ventures.</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Company defines AFFO as funds from operations adjusted for accounting items such as non-cash stock-based compensation expense, as well as the add-back of impairment losses on real estate and gains/losses on sales of real estate. The Company is generally not in the business of operating real estate owned property and has obtained real estate by foreclosure or through partial or full settlement of mortgage debt related to the Company's loans to maximize the value of the collateral and minimize the Company's exposure.&nbsp;Therefore, the Company deems such impairment and gains/losses on real estate as an extension of the asset management of its loans, thus a recovery of principal or additional loss on the Company's initial investment.</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">FFO and AFFO are not intended to be an indication of the Company's cash flow from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions.&nbsp;The Company's calculation of FFO and AFFO may be different from the calculations used by other companies and, therefore, comparability may be limited.</FONT></P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Excluding the impact of a $58.1 million non-cash net gain related to the 450 West 33rd Street transaction recorded in the third quarter of 2014, FFO for the quarter ended September 30, 2014 was $7.4 million, or $0.15 per diluted common share and AFFO was $7.5 million, or $0.15 per diluted common share.</FONT></P>


<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: right"><I>Page 8</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: right"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: right">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! @$ 2 !(  #_X15^17AI9@  34T *@    @ !P$2  ,
M   !  $   $:  4    !    8@$;  4    !    :@$H  ,    !  (   $Q
M  (    <    <@$R  (    4    CH=I  0    !    I    -  "OR    G
M$  *_(   "<0061O8F4@4&AO=&]S:&]P($-3,B!7:6YD;W=S #(P,34Z,#<Z
M,S @,#@Z,C8Z-3@      Z !  ,    !  $  * "  0    !    TZ #  0
M   !    =@         & 0,  P    $ !@   1H !0    $   $> 1L !0
M  $   $F 2@  P    $  @   @$ !     $   $N @( !     $  !1(
M     $@    !    2     '_V/_@ !!*1DE&  $"  !( $@  /_M  Q!9&]B
M95]#30 !_^X #D%D;V)E &2      ?_; (0 # @(" D(# D)#!$+"@L1%0\,
M# \5&!,3%1,3&!$,# P,# P1# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# $-"PL-#@T0#@X0% X.#A04#@X.#A01# P,# P1$0P,# P,#!$,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,_\  $0@ 60"@ P$B  (1 0,1 ?_=  0
M"O_$ 3\   $% 0$! 0$!          ,  0($!08'" D*"P$  04! 0$! 0$
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M64V?HX_2;6^Q:Z\EZW3=F_XV6,Z6#9=5?B67NKX8*A7]KLM=^:QF/MIL_?\
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MKI;?]GNZ?FV7X3J7[?8ST?T/Z/\ XM4?\8XSOK'CX-?2NFYUK\9]IM#\6VJ
M]@8PS>RO=[OW5U70;!G?5^OH]M&5BVU8->/>Z^BRIH<:O0L])]K6,N]-S?\
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MOS_YO8DIUTEC7==IZ37OZYD,:R\OLQ'556$FJNIN1>+65_:/TE.VY_\ Q/\
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M;W @,RXP #A"24T$)0      $                      X0DE- ^T
M !  2     $  0!(     0 !.$))300F       .             #^    X
M0DE-! T       0   !X.$))3009       $    'CA"24T#\P      "0
M         0 X0DE-! H       $  #A"24TG$       "@ !          (X
M0DE- _4      $@ +V9F  $ ;&9F  8       $ +V9F  $ H9F:  8
M  $ ,@    $ 6@    8       $ -0    $ +0    8       $X0DE- _@
M     '   /____________________________\#Z     #_____________
M________________ ^@     _____________________________P/H
M /____________________________\#Z   .$))300        "  $X0DE-
M! (       0     .$))300P       " 0$X0DE-!"T       8  0    (X
M0DE-! @      !     !   "0    D      .$))300>       $     #A"
M24T$&@     #20    8              '8   #3    "@!5 &X = !I '0
M; !E &0 +0 Q     0                         !              #3
M    =@                     !                         !     !
M        ;G5L;     (    &8F]U;F1S3V)J8P    $       !28W0Q
M!     !4;W @;&]N9P          3&5F=&QO;F<          $)T;VUL;VYG
M    =@    !29VAT;&]N9P   -,    &<VQI8V5S5FQ,<P    %/8FIC
M 0      !7-L:6-E    $@    =S;&EC94E$;&]N9P         '9W)O=7!)
M1&QO;F<         !F]R:6=I;F5N=6T    ,15-L:6-E3W)I9VEN    #6%U
M=&]'96YE<F%T960     5'EP965N=6T    *15-L:6-E5'EP90    !);6<@
M    !F)O=6YD<T]B:F,    !        4F-T,0    0     5&]P(&QO;F<
M         $QE9G1L;VYG          !"=&]M;&]N9P   '8     4F=H=&QO
M;F<   #3     W5R;%1%6%0    !        ;G5L;%1%6%0    !
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M300H       ,     3_P        .$))3004       $     CA"24T$#
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M;SL:Y[M3&E=37V._S55_;&%^[?\ ^PU__I%7DD#?0JT:/[8POW;_ /V&O_\
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M_;&%^[?_ .PU_P#Z12_;&%^[?_[#7_\ I%7DDO5W'V*T:/[8POW;_P#V&O\
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M &\ <P!H &\ <    !, 00!D &\ 8@!E "  4 !H &\ = !O ', : !O '
M( !# %, ,@    $ .$))300&       '  8    ! 0#_X3JQ:'1T<#HO+VYS
M+F%D;V)E+F-O;2]X87 O,2XP+P \/WAP86-K970@8F5G:6X](N^[OR(@:60]
M(E<U33!-<$-E:&E(>G)E4WI.5&-Z:V,Y9"(_/@H\>#IX;7!M971A('AM;&YS
M.G@](F%D;V)E.FYS.FUE=&$O(B!X.GAM<'1K/2(S+C$N,2TQ,3$B/@H@(" \
M<F1F.E)$1B!X;6QN<SIR9&8](FAT=' Z+R]W=W<N=S,N;W)G+S$Y.3DO,#(O
M,C(M<F1F+7-Y;G1A>"UN<R,B/@H@(" @(" \<F1F.D1E<V-R:7!T:6]N(')D
M9CIA8F]U=#TB(@H@(" @(" @(" @("!X;6QN<SID8STB:'1T<#HO+W!U<FPN
M;W)G+V1C+V5L96UE;G1S+S$N,2\B/@H@(" @(" @(" \9&,Z9F]R;6%T/FEM
M86=E+VIP96<\+V1C.F9O<FUA=#X*(" @(" @/"]R9&8Z1&5S8W)I<'1I;VX^
M"B @(" @(#QR9&8Z1&5S8W)I<'1I;VX@<F1F.F%B;W5T/2(B"B @(" @(" @
M(" @('AM;&YS.GAA<#TB:'1T<#HO+VYS+F%D;V)E+F-O;2]X87 O,2XP+R(^
M"B @(" @(" @(#QX87 Z0W)E871O<E1O;VP^061O8F4@4&AO=&]S:&]P($-3
M,B!7:6YD;W=S/"]X87 Z0W)E871O<E1O;VP^"B @(" @(" @(#QX87 Z0W)E
M871E1&%T93XR,#$U+3 W+3,P5# X.C(V.C4X+3 W.C P/"]X87 Z0W)E871E
M1&%T93X*(" @(" @(" @/'AA<#I-;V1I9GE$871E/C(P,34M,#<M,S!4,#@Z
M,C8Z-3@M,#<Z,# \+WAA<#I-;V1I9GE$871E/@H@(" @(" @(" \>&%P.DUE
M=&%D871A1&%T93XR,#$U+3 W+3,P5# X.C(V.C4X+3 W.C P/"]X87 Z365T
M861A=&%$871E/@H@(" @(" \+W)D9CI$97-C<FEP=&EO;CX*(" @(" @/')D
M9CI$97-C<FEP=&EO;B!R9&8Z86)O=70](B(*(" @(" @(" @(" @>&UL;G,Z
M>&%P34T](FAT=' Z+R]N<RYA9&]B92YC;VTO>&%P+S$N,"]M;2\B"B @(" @
M(" @(" @('AM;&YS.G-T4F5F/2)H='1P.B\O;G,N861O8F4N8V]M+WAA<"\Q
M+C O<U1Y<&4O4F5S;W5R8V52968C(CX*(" @(" @(" @/'AA<$U-.D1O8W5M
M96YT240^=75I9#I",S%!0S<U0T-&,S9%-3$Q03%#,T0U1#DP.#<P0T8X03PO
M>&%P34TZ1&]C=6UE;G1)1#X*(" @(" @(" @/'AA<$U-.DEN<W1A;F-E240^
M=75I9#I"-#%!0S<U0T-&,S9%-3$Q03%#,T0U1#DP.#<P0T8X03PO>&%P34TZ
M26YS=&%N8V5)1#X*(" @(" @(" @/'AA<$U-.D1E<FEV961&<F]M(')D9CIP
M87)S951Y<&4](E)E<V]U<F-E(CX*(" @(" @(" @(" @/'-T4F5F.FEN<W1A
M;F-E240^=75I9#I",C%!0S<U0T-&,S9%-3$Q03%#,T0U1#DP.#<P0T8X03PO
M<W12968Z:6YS=&%N8V5)1#X*(" @(" @(" @(" @/'-T4F5F.F1O8W5M96YT
M240^=75I9#I",C%!0S<U0T-&,S9%-3$Q03%#,T0U1#DP.#<P0T8X03PO<W12
M968Z9&]C=6UE;G1)1#X*(" @(" @(" @/"]X87!-33I$97)I=F5D1G)O;3X*
M(" @(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(" @(#QR9&8Z1&5S8W)I<'1I
M;VX@<F1F.F%B;W5T/2(B"B @(" @(" @(" @('AM;&YS.G1I9F8](FAT=' Z
M+R]N<RYA9&]B92YC;VTO=&EF9B\Q+C O(CX*(" @(" @(" @/'1I9F8Z3W)I
M96YT871I;VX^,3PO=&EF9CI/<FEE;G1A=&EO;CX*(" @(" @(" @/'1I9F8Z
M6%)E<V]L=71I;VX^-S(P,# P+S$P,# P/"]T:69F.EA297-O;'5T:6]N/@H@
M(" @(" @(" \=&EF9CI94F5S;VQU=&EO;CXW,C P,# O,3 P,# \+W1I9F8Z
M65)E<V]L=71I;VX^"B @(" @(" @(#QT:69F.E)E<V]L=71I;VY5;FET/C(\
M+W1I9F8Z4F5S;VQU=&EO;E5N:70^"B @(" @(" @(#QT:69F.DYA=&EV941I
M9V5S=#XR-38L,C4W+#(U."PR-3DL,C8R+#(W-"PR-S<L,C@T+#4S,"PU,S$L
M,C@R+#(X,RPR.38L,S Q+#,Q."PS,3DL-3(Y+#4S,BPS,#8L,C<P+#(W,2PR
M-S(L,S U+#,Q-2PS,S0S,CM%-SA$0C)#.$,U03 U03<Q1CE!.41#03<Y.4(V
M0C0S-CPO=&EF9CI.871I=F5$:6=E<W0^"B @(" @(#PO<F1F.D1E<V-R:7!T
M:6]N/@H@(" @(" \<F1F.D1E<V-R:7!T:6]N(')D9CIA8F]U=#TB(@H@(" @
M(" @(" @("!X;6QN<SIE>&EF/2)H='1P.B\O;G,N861O8F4N8V]M+V5X:68O
M,2XP+R(^"B @(" @(" @(#QE>&EF.E!I>&5L6$1I;65N<VEO;CXR,3$\+V5X
M:68Z4&EX96Q81&EM96YS:6]N/@H@(" @(" @(" \97AI9CI0:7AE;%E$:6UE
M;G-I;VX^,3$X/"]E>&EF.E!I>&5L641I;65N<VEO;CX*(" @(" @(" @/&5X
M:68Z0V]L;W)3<&%C93XQ/"]E>&EF.D-O;&]R4W!A8V4^"B @(" @(" @(#QE
M>&EF.DYA=&EV941I9V5S=#XS-C@V-"PT,#DV,"PT,#DV,2PS-S$R,2PS-S$R
M,BPT,#DV,BPT,#DV,RPS-S4Q,"PT,#DV-"PS-C@V-RPS-C@V."PS,S0S-"PS
M,S0S-RPS-#@U,"PS-#@U,BPS-#@U-2PS-#@U-BPS-S,W-RPS-S,W."PS-S,W
M.2PS-S,X,"PS-S,X,2PS-S,X,BPS-S,X,RPS-S,X-"PS-S,X-2PS-S,X-BPS
M-S,Y-BPT,30X,RPT,30X-"PT,30X-BPT,30X-RPT,30X."PT,30Y,BPT,30Y
M,RPT,30Y-2PT,3<R."PT,3<R.2PT,3<S,"PT,3DX-2PT,3DX-BPT,3DX-RPT
M,3DX."PT,3DX.2PT,3DY,"PT,3DY,2PT,3DY,BPT,3DY,RPT,3DY-"PT,3DY
M-2PT,3DY-BPT,C Q-BPP+#(L-"PU+#8L-RPX+#DL,3 L,3$L,3(L,3,L,30L
M,34L,38L,3<L,3@L,C L,C(L,C,L,C0L,C4L,C8L,C<L,C@L,S [040U1C9"
M.41#-#1%,T9"0T4Y-$,T-3@S1D5$-#,S038\+V5X:68Z3F%T:79E1&EG97-T
M/@H@(" @(" \+W)D9CI$97-C<FEP=&EO;CX*(" @(" @/')D9CI$97-C<FEP
M=&EO;B!R9&8Z86)O=70](B(*(" @(" @(" @(" @>&UL;G,Z<&AO=&]S:&]P
M/2)H='1P.B\O;G,N861O8F4N8V]M+W!H;W1O<VAO<"\Q+C O(CX*(" @(" @
M(" @/'!H;W1O<VAO<#I(:7-T;W)Y+SX*(" @(" @(" @/'!H;W1O<VAO<#I#
M;VQO<DUO9&4^,SPO<&AO=&]S:&]P.D-O;&]R36]D93X*(" @(" @(" @/'!H
M;W1O<VAO<#I)0T-0<F]F:6QE/G-21T(@245#-C$Y-C8M,BXQ/"]P:&]T;W-H
M;W Z24-#4')O9FEL93X*(" @(" @/"]R9&8Z1&5S8W)I<'1I;VX^"B @(#PO
M<F1F.E)$1CX*/"]X.GAM<&UE=&$^"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @( H@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @"B @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" *(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @(" @(" @(" @(" @(" @( H@(" @(" @(" @(" @(" @(" @
M(" @(" @(" @"CP_>'!A8VME="!E;F0](G<B/S[_X@Q824-#7U!23T9)3$4
M 0$   Q(3&EN;P(0  !M;G1R4D="(%A96B 'S@ "  D !@ Q  !A8W-P35-&
M5     !)14,@<U)'0@               0  ]M8  0    #3+4A0("
M                                                         !%C
M<')T   !4    #-D97-C   !A    &QW='!T   !\    !1B:W!T   "!
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M0B!)14,V,3DV-BTR+C$              !)S4D="($E%0S8Q.38V+3(N,0
M
M    6%E:(        /-1  $    !%LQ865H@                     %A9
M6B        !OH@  ./4   .06%E:(        &*9  "WA0  &-I865H@
M    )*    ^$  "VSV1E<V,         %DE%0R!H='1P.B\O=W=W+FEE8RYC
M:               %DE%0R!H='1P.B\O=W=W+FEE8RYC:
M                                              !D97-C
M "Y)14,@-C$Y-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M('-2
M1T(              "Y)14,@-C$Y-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U
M<B!S<&%C92 M('-21T(                             9&5S8P
M   L4F5F97)E;F-E(%9I97=I;F<@0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N
M,0              +%)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)
M14,V,3DV-BTR+C$                                  '9I97<
M !.D_@ 47RX $,\4  /MS  $$PL  UR>     5A96B       $P)5@!0
M5Q_G;65A<P         !                         H\    "<VEG(
M  !#4E0@8W5R=@        0     !0 *  \ %  9 !X (P H "T ,@ W #L
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M.VL[JCOH/"<\93RD/.,](CUA/:$]X#X@/F ^H#[@/R$_83^B/^) (T!D0*9
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MY/P?S OCS[W?\J._*7_J1-,_X%_^:L?Y/P?S OCS[W?\J._*7_J1-,_X%_\
MFK'^3\'\P+X\^]W_ "H[\I?^I$TS_@7_ .:L?Y/P?S OCS[W?\J._*7_ *D3
M3/\ @7_YJQ_D_!_,"^//O=_RH[\I?^I$TS_@7_YJQ_D_!_,"^//O=_RH[\I?
M^I$TS_@7_P":L?Y/P?S OCS[W?\ *CORE_ZD33/^!?\ YJQ_D_!_,"^//O9!
M8?EQY'TO1=6\NZ;Y<M;'1M<WU6Q@YHLQH%!)#<@0 *$'+(Z7%&)B(T#S8G)(
MFR>3 =8_YQY_+S6KBXOKF/4?KTR$).UY)($E  67B]02  *'8@;C,:?9F&9L
MW?O;!J)!*H?R-;S8SZA^:VKR:[K-HHLM$GTYS;""S@8A')51627[3 @A:]SO
MD!V?XN^8V>0K;9/C\.T-@]3\L_E]Y7\I.TNCV<HF:U%B)KB>2=EM@W/TEYL0
M 6W/OF9BTT,7TCR:I9#+FD'_ "H_\I22?\":9ON?@?\ YJRO^3\'\P,O'GWM
M?\J._*7_ *D33/\ @7_YJQ_D_!_,"^//O=_RH[\I?^I$TS_@7_YJQ_D_!_,"
M^//O=_RH[\I?^I$TS_@7_P":L?Y/P?S OCS[W?\ *CORE_ZD33/^!?\ YJQ_
MD_!_,"^//O=_RH[\I?\ J1-,_P"!?_FK'^3\'\P+X\^]W_*CORE_ZD33/^!?
M_FK'^3\'\P+X\^]W_*CORE_ZD33/^!?_ )JQ_D_!_,"^//O=_P J._*7_J1-
M,_X%_P#FK'^3\'\P+X\^]W_*CORE_P"I$TS_ (%_^:L?Y/P?S OCS[V;^7/*
MWE[RC8/IGEK28-'L))FN)+6W!"F5P%9S4G<A1F1BPPQ"H"@PE,R-E/\ +&+_
M /_1^_F*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ5V*NQ
M5V*NQ5V*NQ5V*O\ _]+[^8J^7KC_ )RJ\DS^>;WR-Y<TR\\PSZ1YVT/R+K6L
M1O'#:Q:AK*WI8Q%N32K:FS*2;"K&BD\2<AQBZ=2>U\9RG'$$U.,">ERO[JW>
M<M_SFYI*^5-3\T_\JZOO3T[R ?/ALOTA#R>,:^^@_5.?I4#<D]7G2E/AI7?!
MXFSB_P O1X#/@.T./G_2X*_2^B_+/YLVOF3S9^:WE9-$GLW_ "M@T:>XO6F1
MUO1K&F_I%0B  H8Q\!J34[Y(2W+L\6L&3)DA7T5\>(6\BL/^<L=-OO)>C><1
MY)O(H]8_*W7?S-6P^N1%HXM#E@B:P+^F 6E,U1)2@INN^1&3:_)PQVQ$XQ/A
MYXY3Y_S>C(?^ADK#_$4'E_\ PE=<IO-.G>6?K7UJ.@-_Y6;S/]8X\-PB+Z'&
MNY^*H&V'C;/Y4''P\/\ $(\^^''^QZE^5'YH^5?SD\B:'^87DZ::31M;1Z6]
MR@CN;:>)S'-;SH"P5XW!!H2#U!((.2B;%N7H]7#58ADAR/XIZ-A<IYE^<OYG
MZ1^2_P"5OGC\TM<MVO=/\EZ7+?G3D<1/=3"B6]LCD,%::9DC!H:%JT.*J?Y*
M?FGI/YV?E5Y&_-31;1M/L?.>F1WQTR203/:3@F.YMFD55#F&9'C+4%:5H,59
M'YW\R:OY5T&75]$\DZO^8%_'-%$OES0Y+&*[=9&XM*&U"YM(>,8W:LE:= <5
M?!?YA?\ /RW\N/RI\VZCY$_,'\HOS!\N>;-)2WDU#1Y(]&G:-;J)9H3ZEOJD
MD9Y(X.S;=]\4T^@+_P#YR%\_:=82:G/_ ,XH_FK<6D2>JZV3>6KR<I2M4MX-
M;>5S3]E5)]L58S^2O_.=W_./?YX^9(?)6@ZWJ7E7SO<R/#8^4_--D=-NKF:*
MOJ0P/RDA>1.)K&).>Q^'8XK3UK\SOS=\P?EO/?RV_P"2_G#SSY?TK2VU74_-
M.AS:*MI#'$)'FC,=]J5K.7C2/D>,1!!'$DU 4/E3\L?^?D/D+\YO,B>4?RR_
M)S\P_-?F-[*74ETR%-%MV^JP%%DEYW.J1)13(NW*N_3%-/3_ #O_ ,YD:=^5
M%C%K/YO?D5^:'Y>>699X[=O-<VGZ9JNGPR2GBBW$FDZE>-%R.PY+N=A4[8K3
MZ#_*_P#-S\N/SH\LQ>;_ ,L?-EEYMT%Y##-<6K,LEO.H!:&Y@D"2PR $'C(H
M--^AQ0RSS)YE\O\ D[0=5\T>:M9L_+WEW0[=[O5]:OY5@M[>%.KR2.0 .P\3
ML-\5?-.A?\Y%^?/S-L8_,7Y(?D+JOG+R)=%OT1YZ\SZO;>5+35(U-!/I]M/#
M=WLD+=4DD@B5ANM1OBE,=&_YR=TG3?.FA?EK^=7DS4_R-\\>:BR>3OTS<6U]
MH6MR(5!@T[6K1S TPY#]S,L4FXHIJ,4/9_/WFS7/)^E6FH:#^7FN_F1=7%TM
MO+H^@2Z=%<0QE'8SN=2O+*/@"H4A7+58?#2I"KX0UW_GYI^6?EGSU=_EIKOY
M2?F#I_GFQU6'1+O0&CT9W2_N&C2*#U8]3:(EC*HJ'X[]<4T]]\P?\Y)><_*V
MEW>MZU_SBK^:ZZ7I\;37\U@OEW498XD')W%O9ZU+,X4"IXJ3BA2_(;_G-3\@
MO^<B=3;R[Y%\R7-AYM$+W,7E#7K8V%_-#&*R/;@L\4_ ;L(I&*C<@#?%:?6&
M*NQ5_]/[^8J_!C_G&MF?S+=.[%W?\_/);.[&I9BVODDD]23F-#]+YYV5]?\
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M/+_A/_3POTF_*[_R;G_.7'_;.\E?^(SEHYEZG2?W^H]T/]P^.] _\DAY*_\
M:4O/W_49996.7P=)#_%X_P#0OD^\)/\ F_\ FK9?EIK6M:G8R6&I^;]#\_\
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MABD("R2\G 7X3QY5Q0'LW_. _DG_ )QA\L?EUJ6H_P#./7FK_'>IZH\">?\
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MU:;4.7PCPA[7L;0RT>G$)_422?CT>7_FQJGY\^?_ #/^64"_\XSZ^_DG\O\
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MYCNY"&]2W-@7N%Y@;HZUZ45?8]O')%!#%-.UU+'&JRW+A5:1@*%R$ 4$G>@
M&*'P1_SFI86.F7W_ #B/#8VT=I'=?\Y$>6[F5(QQ#W%T;R65SXL[L6/OBD,\
M_P"<A/.'GWR%^8'Y!>5_RPUK3_*Y_.OSGJ&C^;)[K3HKU6:/1I[E+I0Q5A*I
MM4'VJ$#<8H4OS#_,'\W?RSU7_G$7ROK?FC2=2UW\Q_-*^5/S4U"TT](K2]==
M(NKN2XLDE)> F:W!45I0GX?!5B7Y;_GM^:_G+_G&#\Q/S&TZXTKS1^86C^<O
M,'ESR;3ZK807\5CKQTRQBB=V%O\ 6)XJ+$7/!YF3D.)IBEBOYJ_G!YL\W?\
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M>7(&O?%6,^8?RG\C^8=,\G:+-Y<TJUTCR/J=GJ7EZRAT^VI9M8L)(H[,F/\
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MX/F/F[_E;,7_ );OSW_W I?^:L?SG]"?^E7P?,?-W_*V8O\ RW?GO_N!2_\
M-6/YS^A/_2KX/F/F[_E;,7_EN_/?_<"E_P":L?SG]"?^E7P?,?-W_*V8O_+=
M^>_^X%+_ ,U8_G/Z$_\ 2KX/F/F[_E;,7_EN_/?_ ' I?^:L?SG]"?\ I5\'
MS'S=_P K9B_\MWY[_P"X%+_S5C^<_H3_ -*O@^8^;O\ E;,7_EN_/?\ W I?
M^:L?SG]"?^E7P?,?-W_*V8O_ "W?GO\ [@4O_-6/YS^A/_2KX/F/FGUEY[AO
M-"UG7F\K^8["/1@2^FWNG/!=S@*&K;PDU<;[FNV61U%Q,N&0KH1O\&)QT:L/
M'M;_ .<D[+2[NZT^'R;J-S<10\HKA9(I(N;#X6?TRW[L5W8'K4 ;9@Y.U1$D
M<);8Z:^J5_\ *[=>\@&33?.,4/GFXOX4U2PU/0Y(_1MHKHE_J\[@<55*_ >I
M6E:@UR'Y^>#:?JO>QY]"R\ 3W&WO>T^2OS%M?.AF6WT/4=.,5JMT9)E1XZ,>
M/I,\;,%D[\#N1OF?I]4,W($?C[VB>/AZI;_RMB+?_D'?GO;_ +44O_-61_.?
MT)_Z5EX/F/F[_E;,7_EN_/?_ ' I?^:L?SG]"?\ I5\'S'S=_P K9B_\MWY[
M_P"X%+_S5C^<_H3_ -*O@^8^;O\ E;,7_EN_/?\ W I?^:L?SG]"?^E7P?,?
M-W_*V8O_ "W?GO\ [@4O_-6/YS^A/_2KX/F/F[_E;,7_ );OSW_W I?^:L?S
MG]"?^E7P?,?-W_*V8O\ RW?GO_N!2_\ -6/YS^A/_2KX/F/F[_E;,7_EN_/?
M_<"E_P":L?SG]"?^E7P?,?-W_*V8O_+=^>_^X%+_ ,U8_G/Z$_\ 2KX/F/F[
M_E;,7_EN_/?_ ' I?^:L?SG]"?\ I5\'S'S9QY;\P+YDL)+]=&U;0Q',T/U/
M6+1K.<\0#S$;$DJ:['YY?BR^(+HCWBFN4>$\[9!EK%__U?OYBKL5=BKL5=BK
ML5=BKL5=BKL5=BKL50]W]4^K7/U[T?J?HO\ 6_7X^EZ/']YSY;<:=:[4P2JM
M^20\S_*V/\LX]/U<?EQ/!<6S7SOJC@2"59&8E$/K*K^FH-(_V:5H2:G,31C!
I1\+OW_'=W-F7CL<3U3,QJ=BKL5=BKL5=BKL5=BKL5=BKL5=BKL5?_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
