<SEC-DOCUMENT>0001104659-24-057043.txt : 20240503
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<ACCEPTANCE-DATETIME>20240503165630
ACCESSION NUMBER:		0001104659-24-057043
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20240503
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240503
DATE AS OF CHANGE:		20240503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARBOR REALTY TRUST INC
		CENTRAL INDEX KEY:			0001253986
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		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:		24914130

	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
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<p style="margin: 0"></p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d) of the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(EXACT NAME OF REGISTRANT AS SPECIFIED IN
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(STATE OF INCORPORATION)</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(REGISTRANT&#8217;S TELEPHONE NUMBER, INCLUDING AREA CODE)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
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<td style="text-align: left"><span style="font-size: 0.1pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 0.1pt">&#160;</span></td></tr>
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Exchange Act (17 CFR 240.14a-12)</td>
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<td style="text-align: left"><span style="font-size: 0.1pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 0.1pt">&#160;</span></td></tr>
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under the Exchange Act (17 CFR 240.14d-2(b))</td>
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<td style="text-align: left"><span style="font-size: 0.1pt">&#160;</span></td><td style="text-align: left"><span style="font-size: 0.1pt">&#160;</span></td></tr>
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under the Exchange Act (17 CFR 240.13e-4(c))</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <td style="vertical-align: top; text-align: center"><b><span id="xdx_901_edei--SecurityExchangeName_c20240503__20240503__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesCPreferredStockMember_zk4vmavoDFN9" style="font-size: 10pt"><ix:nonNumeric contextRef="From2024-05-032024-05-03_us-gaap_SeriesCPreferredStockMember" format="ixt-sec:exchnameen" id="Fact000039" name="dei:SecurityExchangeName">New York Stock Exchange</ix:nonNumeric></span></b></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of
the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Emerging growth company <span style="font-family: Wingdings"><span id="xdx_908_edei--EntityEmergingGrowthCompany_c20240503__20240503_zsBDF73ojUed"><ix:nonNumeric contextRef="AsOf2024-05-03" format="ixt:booleanfalse" id="Fact000040" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section&#160;13(a)&#160;of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>



<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 8.01</b></td><td><b>Other Events.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 3, 2024, Arbor Realty Trust, Inc., a Maryland corporation (the
&#8220;Company&#8221;), entered into an Equity Distribution Agreement, dated May 3, 2024 (the &#8220;Equity Distribution Agreement&#8221;),
with Arbor Realty Limited Partnership, a Delaware limited partnership (&#8220;ARLP&#8221;), and Citizens JMP Securities, LLC, as sales
agent (the &#8220;Sales Agent&#8221;). In accordance with the terms of the Equity Distribution Agreement, the Company may offer and sell
up to 30,000,000 shares (the &#8220;Securities&#8221;) of its common stock, par value $0.01 per share (the &#8220;Common Stock&#8221;),
from time to time in &#8220;at the market offerings&#8221; under the Company&#8217;s automatic shelf registration statement on Form S-3
(No. 333-279107). The Company filed a prospectus supplement, dated May 3, 2024, with the Securities and Exchange Commission in connection
with the offer, issuance and sale of the Securities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The sales of the Securities, if any, will be made through the Sales
Agent acting as sales agent for the Company or directly to the Sales Agent acting as principal. Such sales, if any, under the Equity Distribution
Agreement may be made in negotiated transactions or transactions that are deemed to be &#8220;at the market offerings&#8221; as defined
in Rule 415(a)(4) under the Securities Act of 1933, as amended, including sales made directly on the New York Stock Exchange, the existing
trading market for the Common Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Current Report on Form 8-K shall not constitute an offer to sell
or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such
state or other jurisdiction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A copy of the Equity Distribution Agreement is filed as Exhibit 1.1
hereto and is incorporated herein by reference. The legal opinion of Venable LLP relating to the legality of the Securities is attached
as Exhibit 5.1 to this Current Report on Form 8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>Item 9.01</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Exhibits</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-size: 10pt">No.</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; width: 90%"><span style="font-size: 10pt">Description</span></td></tr>

<tr style="vertical-align: top">
<td><a href="tm2413243d4_ex1-1.htm"><span style="font-size: 10pt">1.1</span></a></td><td><a href="tm2413243d4_ex1-1.htm"><span style="font-size: 10pt">Equity Distribution Agreement, dated May 3, 2024, by and among Arbor Realty Trust, Inc.,
            Arbor Realty Limited Partnership and Citizens JMP Securities, LLC, as sales agent</span></a></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="tm2413243d4_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">5.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="tm2413243d4_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Opinion of Venable LLP</span></a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="tm2413243d4_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">23.1</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><a href="tm2413243d4_ex5-1.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">Consent of Venable LLP (included
    in Exhibit 5.1)</span></a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">104</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">The cover page of this Current
    Report on Form 8-K, formatted in Inline XBRL</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARBOR REALTY TRUST,&#160;INC.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="width: 50%">&#160;</td>
    <td style="width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Paul Elenio</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paul Elenio</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 3, 2024</span></td>
    <td colspan="2">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<DOCUMENT>
<TYPE>EX-1.1
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<FILENAME>tm2413243d4_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
                                                                                                                                          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Arbor
                                            Realty Trust,&nbsp;Inc.</P>
                                                                                                                                          <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">30,000,000 Shares of Common Stock</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EQUITY DISTRIBUTION AGREEMENT</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated: May&nbsp;3, 2024</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<!-- Field: Page; Sequence: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;1.</FONT></TD>
    <TD STYLE="width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities</FONT></TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;2.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placements</FONT></TD>
    <TD STYLE="text-align: right">2</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;3.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale of Placement Securities by the Placement Agent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;4.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Suspension of Sales</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;5.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;6.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale and Delivery to the Placement Agent; Settlement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;7.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants of the Company</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;8.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Expenses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;9.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conditions of the Placement Agent&rsquo;s Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;10.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnity and Contribution by the Company, the Operating
Partnership and the Placement Agent</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;11.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations, Warranties and Agreements to Survive
    Delivery</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;12.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Termination of Agreement</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;13.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;14.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;15.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustments for Stock Splits</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;16.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law and Time</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;17.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of Headings</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;18.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Permitted Free Writing Prospectuses</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;19.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Absence of Fiduciary Relationship</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULES</FONT></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 85%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule I</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant Subsidiaries</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Schedule II</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Ventures</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXHIBITS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;A</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Placement
    Notice</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;B</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Individuals
    for Placement Notices and Acceptances</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;C</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;D</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Opinion of
    Company Maryland Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;E-1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Opinion of
    Company Special Counsel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;E-2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Tax Opinion
    of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;F</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;of Opinion of
    Debevoise&nbsp;&amp; Plimpton LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;G</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officers&rsquo; Certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit&nbsp;H</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ndash;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuer Free Writing Prospectuses</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARBOR REALTY TRUST,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">30,000,000 Shares of Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EQUITY DISTRIBUTION AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">May&nbsp;3, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citizens JMP Securities, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">600 Montgomery Street, Suite&nbsp;1100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">San Francisco, California 94111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of Arbor Realty Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), and Arbor Realty Limited Partnership, a
Delaware limited partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;), confirms its agreement (this &ldquo;<U>Agreement</U>&rdquo;)
with Citizens JMP Securities, LLC (</FONT>the &ldquo;<U>Placement Agent</U>&rdquo;), as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Description
of Securities</U>. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions
set forth herein, it may issue and sell through the Placement Agent, acting as agent and/or principal, up to 30,000,000 shares (the &ldquo;<U>Securities</U>&rdquo;)
of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<U>Common Stock</U>&rdquo;). Notwithstanding anything to the
contrary contained herein, except as set forth in a Placement Notice (as defined below) the parties hereto agree that compliance with
the limitations set forth in this Section&nbsp;1 on the number of the Securities issued and sold under this Agreement shall be the sole
responsibility of the Company, and the Placement Agent shall have no obligation in connection with such compliance. The issuance and
sale of the Securities through the Placement Agent will be effected pursuant to the Registration Statement (as defined below) filed by
the Company and declared effective by the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), although nothing
in this Agreement shall be construed as requiring the Company to use the Registration Statement to offer, sell or issue the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed in accordance with the provisions of the Securities Act of 1933, as amended, and the rules&nbsp;and regulations thereunder
(collectively, the &ldquo;<U>Securities Act</U>&rdquo;), with the Commission a registration statement on Form&nbsp;S-3 (File No.&nbsp;333-279107),
including a base prospectus, relating to certain securities, including the Securities to be issued from time to time by the Company,
and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities
Exchange Act of 1934, as amended, and the rules&nbsp;and regulations thereunder (collectively, the &ldquo;<U>Exchange Act</U>&rdquo;).
The Company has prepared a prospectus supplement specifically relating to the Securities to the base prospectus included as part of such
registration statement. The Company will furnish to </FONT>the Placement Agent, for use by the Placement Agent, copies of the prospectus
included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Securities. Except where
the context otherwise requires, &ldquo;<U>Registration Statement</U>,&rdquo; as used herein, means the registration statement, as amended
at the time of such registration statement&rsquo;s effectiveness for purposes of Section&nbsp;11 of the Securities Act, as such section
applies to the Placement Agent, and any subsequent registration statement filed by the Company to replace such Registration Statement
upon its expiration pursuant to Rule&nbsp;415(a)(5)&nbsp;and (6)&nbsp;under the Securities Act, including (1)&nbsp;all documents filed
as a part thereof or incorporated or deemed to be incorporated by reference therein and (2)&nbsp;any information contained or incorporated
by reference in a prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, to the extent such
information is deemed, pursuant to Rule&nbsp;430B under the Securities Act, to be part of the registration statement at the effective
time; and &ldquo;<U>Prospectus Supplement</U>&rdquo; as used herein, means the most recent prospectus supplement specifically relating
to the Securities filed by the Company with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Securities Act, in the form furnished
by the Company to the Placement Agent in connection with the offering of the Securities. The base prospectus, including all documents
incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in
the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant
to Rule&nbsp;424(b)&nbsp;under the Securities Act is herein called the &ldquo;<U>Prospectus</U>.&rdquo; Any reference herein to the Registration
Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by
reference therein, and any reference herein to the terms &ldquo;amend,&rdquo; &ldquo;amendment&rdquo; or &ldquo;supplement&rdquo; with
respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof
of any document with the Commission deemed to be incorporated by reference therein. Any reference herein to financial statements and
schedules and other information that is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo; in the Registration Statement
or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules
and other information that is incorporated by reference in the Registration Statement or the Prospectus, as the case may be. Any reference
herein to the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement (as defined below), the Prospectus or any amendment
or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to the Commission&rsquo;s
Electronic Data Gathering, Analysis and Retrieval system (&ldquo;<U>EDGAR</U>&rdquo;); all references in this Agreement to any Issuer
Free Writing Prospectus (as defined below) (other than any Issuer Free Writing Prospectuses that, pursuant to Rule&nbsp;433 under the
Securities Act, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission
pursuant to EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Placements</U>.
Each time that the Company wishes to issue and sell the Securities hereunder (each, a &ldquo;<U>Placement</U>&rdquo;), it will notify
the Placement Agent by email notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance
with which it desires the Securities to be sold, which shall at a minimum include the number of Securities to be issued (the &ldquo;<U>Placement
Securities</U>&rdquo;), the time period during which sales are requested to be made, any limitation on the number of Securities that
may be sold in any one day and any minimum price below which sales may not be made (a &ldquo;<U>Placement Notice</U>&rdquo;), a form
of which containing such minimum sales parameters necessary is attached hereto as <U>Exhibit&nbsp;A</U>. The Placement Notice shall originate
from any of the individuals from the Company set forth on <U>Exhibit&nbsp;B</U> (with a copy to each of the other individuals from the
Company listed on such schedule), and shall be addressed to each of the individuals from the Placement Agent set forth on <U>Exhibit&nbsp;B</U>,
as such <U>Exhibit&nbsp;B</U> may be amended from time to time. If the Placement Agent wishes to accept such proposed terms included
in the Placement Notice (which it may decline to do so for any reason in its sole discretion) or, following discussion with the Company,
wishes to accept amended terms, the Placement Agent will, prior to 4:30 p.m.&nbsp;(Eastern Time) on the Business Day (as defined below)
following the Business Day on which such Placement Notice is delivered to the Placement Agent, issue to the Company a notice by email
(or other method mutually agreed to in writing by the parties) addressed to all of the individuals from the Company and the Placement
Agent set forth on <U>Exhibit&nbsp;B</U> setting forth the terms that the Placement Agent is willing to accept. Where the terms provided
in the Placement Notice are amended as provided for in the immediately preceding sentence, such terms will not be binding on the Company
or the Placement Agent until the Company delivers to the Placement Agent an acceptance by email (or other method mutually agreed to in
writing by the parties) of all of the terms of such Placement Notice, as amended (the &ldquo;<U>Acceptance</U>&rdquo;), which email shall
be addressed to all of the individuals from the Company and the Placement Agent set forth on <U>Exhibit&nbsp;B</U>. The Placement Notice
(as amended by the corresponding Acceptance, if applicable) shall be effective upon receipt by the Company of the Placement Agent&rsquo;s
acceptance of the terms of the Placement Notice or upon receipt by the Placement Agent of the Company&rsquo;s Acceptance, as the case
may be, unless and until (i)&nbsp;the entire amount of the Placement Securities have been sold, (ii)&nbsp;in accordance with the Placement
Notice requirements set forth in the second sentence of this paragraph, the Company terminates the Placement Notice, (iii)&nbsp;the Company
issues a subsequent Placement Notice with parameters superseding those on the earlier dated Placement Notice, (iv)&nbsp;this Agreement
has been terminated under the provisions of Section&nbsp;9 or Section&nbsp;12 or (v)&nbsp;either party shall have suspended the sale
of the Placement Securities in accordance with Section&nbsp;4 below. The amount of any discount, commission or other compensation to
be paid by the Company to the Placement Agent in connection with the sale of the Placement Securities shall be calculated in accordance
with the terms set forth in <U>Exhibit&nbsp;C</U>. It is expressly acknowledged and agreed that neither the Company nor the Placement
Agent will have any obligation whatsoever with respect to a Placement or any Placement Securities unless and until the Company delivers
a Placement Notice to the Placement Agent and either (i)&nbsp;the Placement Agent accepts the terms of such Placement Notice or (ii)&nbsp;where
the terms of such Placement Notice are amended, the Company accepts such amended terms by means of an Acceptance pursuant to the terms
set forth above, and then only upon the terms specified in the Placement Notice (as amended by the corresponding Acceptance, if applicable)
and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice (as amended by the corresponding
Acceptance, if applicable), the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable) will control.
The term &ldquo;<U>Business Day</U>&rdquo; means each Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking
institutions in New York are generally authorized or obligated by law or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Sale
of Placement Securities by the Placement Agent</U>. Subject to the provisions of Section&nbsp;6(a), the Placement Agent, for the period
specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices
to sell the Placement Securities up to the amount specified, and otherwise in accordance with the terms of such Placement Notice (as
amended by the corresponding Acceptance, if applicable). The Placement Agent will provide written confirmation to the Company no later
than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement
Securities hereunder setting forth the number of Placement Securities sold on such day, the compensation payable by the Company to the
Placement Agent pursuant to Section&nbsp;2 with respect to such sales, and the Net Proceeds (as defined below) payable to the Company,
with an itemization of the deductions made by the Placement Agent (as set forth in Section&nbsp;6(b)) from the gross proceeds that it
receives from such sales. Subject to the terms of the Placement Notice (as amended by the corresponding Acceptance, if applicable), the
Placement Agent may sell Placement Securities by any method permitted by law deemed to be an &ldquo;at the market offering&rdquo; as
defined in Rule&nbsp;415(a)(4)&nbsp;of the Securities Act, including without limitation sales made directly on the New York Stock Exchange
(&ldquo;<U>NYSE</U>&rdquo;), on any other existing trading market for the Common Stock. If specified in a Placement Notice (as amended
by the corresponding Acceptance, if applicable), the Placement Agent may also sell Placement Securities by any other method permitted
by law, including but not limited to in privately negotiated transactions. For the purposes hereof, &ldquo;<U>Trading Day</U>&rdquo;
means any day on which shares of Common Stock are purchased and sold on the principal market on which the Common Stock is listed or quoted
and during which there has been no market disruption of, unscheduled closing of or suspension of trading on such principal market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Suspension
of Sales</U>. The Company or the Placement Agent may, upon notice to the other party in writing (including by email correspondence to
each of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other party set forth on <U>Exhibit&nbsp;B</U>), suspend
any sale of Placement Securities; provided, however, that such suspension shall not affect or impair either party&rsquo;s obligations
with respect to any Placement Securities sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such
notice under this Section&nbsp;4 shall be effective against the other unless it is made to one of the individuals named on <U>Exhibit&nbsp;B
</U>hereto, as such Exhibit&nbsp;may be amended from time to time.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Representations
and Warranties</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Representations
and Warranties by the Company and the Operating Partnership</I>. The Company and the Operating Partnership, jointly and severally, represent
and warrant to </FONT>the Placement Agent as of the date hereof and as of each Representation Date (as defined herein) on which a certificate
is required to be delivered pursuant to Section&nbsp;7(o)&nbsp;of this Agreement and as of the time of each sale of any Securities or
any securities pursuant to this Agreement (the &ldquo;<U>Applicable Time</U>&rdquo;), and agrees with the Placement Agent, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Registration Requirements</U>. The Securities have been duly registered under the Securities Act pursuant to the Registration Statement.
The Registration Statement is an &ldquo;automatic shelf registration statement&rdquo; as defined under Rule&nbsp;405 of the Securities
Act that has been filed with the Commission not earlier than three years prior to the date hereof, or, with respect to any registration
statement to be filed to register the offer and sale of the Securities pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, including
the documents incorporated by reference therein and the Rule&nbsp;430A Information, (a &ldquo;<U>Rule&nbsp;462(b)&nbsp;Registration Statement</U>&rdquo;),
will be filed with the Commission and become effective under the Securities Act no later than 10:00 P.M., New York City time, on the
date of determination of the public offering price for the Securities, and no stop order preventing or suspending the use of any base
prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus (as defined below), or the effectiveness
of the Registration Statement or any Rule&nbsp;462(b)&nbsp;Registration Statement and no proceedings for such purpose have been instituted
or are pending or, to the knowledge of the Company, are contemplated by the Commission, and any request on the part of the Commission
for additional information has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">At the respective
times each of the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement and any post-effective amendments thereto
became or becomes effective and as of the date hereof, the Registration Statement, any Rule&nbsp;462(b)&nbsp;Registration Statement and
any amendments and supplements thereto complied and will comply in all material respects with the requirements of the Securities Act.
The conditions for the use of Form&nbsp;S-3, as set forth in the General Instructions thereto, have been complied with and the Registration
Statement meets, and the offering and sale of the Securities as contemplated hereby complies with, the requirements of Rule&nbsp;415(a)(1)(x)&nbsp;under
the Securities Act (including without limitation, Rule&nbsp;415(a)(5)). The Registration Statement, as of the date hereof and each effective
date with respect thereto, did not and will not contain an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. Neither the Prospectus nor any amendments or supplements
thereto, as of their respective dates, and at each Applicable Time and Settlement Date (as defined below), as the case may be, included
or will include an untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
representations and warranties set forth in the immediately preceding paragraph shall not apply to statements in or omissions from the
Registration Statement or the Prospectus, as amended or supplemented, made in reliance upon and in conformity with information furnished
to the Company in writing by </FONT>the Placement Agent expressly for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
copies of the Registration Statement and any Rule&nbsp;462(b)&nbsp;Registration Statement and any amendments thereto, any other preliminary
prospectus, each Issuer Free Writing Prospectus (as defined below) that is required to be filed with the Commission pursuant to Rule&nbsp;433
under the Securities Act and the Prospectus and any amendments or supplements thereto delivered and to be delivered to </FONT>the Placement
Agent (electronically or otherwise) in connection with the offering of the Securities were and will be identical to the electronically
transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T. &ldquo;<U>Issuer
Free Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433 under the Securities
Act, relating to the Securities that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &ldquo;road
show&rdquo; that is a &ldquo;written communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i)&nbsp;under the Securities Act
whether or not required to be filed with the Commission, or (iii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i)&nbsp;under
the Securities Act because it contains a description of the Securities or of the offering that does not reflect the final terms, and
all free writing prospectuses that are listed in <U>Exhibit&nbsp;H</U> hereto, in each case in the form furnished (electronically or
otherwise) to the Placement Agent for use in connection with the offering of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Issuer Free Writing Prospectus relating to the Securities, as of its issue date and as of each Applicable Time and Settlement Date (as
defined below), did not, does not and will not include any information that conflicted, conflicts or will conflict with the information
contained in the Registration Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not
been superseded or modified; each Issuer Free Writing Prospectus, as supplemented by and taken together with the Prospectus, as of the
Applicable Time and Settlement Date (as defined below), will not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances, prevailing at that time, not misleading. The foregoing
sentence does not apply to statements in or omissions from any issuer free writing prospectus based upon and in conformity with written
information furnished to the Company by </FONT>the Placement Agent specifically for use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">Each document incorporated
by reference in the Registration Statement or the Prospectus heretofore filed, when it was filed (or, if any amendment with respect to
any such document was filed, when such amendment was filed), conformed in all material respects with the requirements of the Exchange
Act, and any further documents so filed and incorporated after the date of this Agreement will, when they are filed, conform in all material
respects with the requirements of the Exchange Act; no such document when it was filed (or, if an amendment with respect to any such
document was filed, when such amendment was filed), contained an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein not misleading; and no such document, when it is filed,
will contain an untrue statement of a material fact or will omit to state a material fact required to be stated therein or necessary
in order to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Company
Not Ineligible Issuer</U>. </FONT>As of the date of the execution and delivery of this Agreement (with such date being used as the determination
date for purposes of this clause), the Company was not and is not an &ldquo;ineligible issuer&rdquo; (as defined in Rule&nbsp;405 under
the Securities Act), without taking account of any determination by the Commission pursuant to Rule&nbsp;405 under the Securities Act
that it is not necessary that the Company be considered an ineligible issuer (as defined in Rule&nbsp;405 under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>WKSI</U>.
(A)&nbsp;At the original effectiveness of the Registration Statement, (B)&nbsp;at the time of the most recent amendment thereto for the
purposes of complying with Section&nbsp;10(a)(3)&nbsp;of the Securities Act (whether such amendment was by post-effective amendment or
incorporated report filed pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act or in the form of a prospectus), (C)&nbsp;at
the time the Company or any person acting on its behalf (within the meaning, for this clause only, of Rule&nbsp;163(c)&nbsp;under the
Securities Act) made any offer relating to the Securities in reliance on the exemption of Rule&nbsp;163 under the Securities Act, and
(D)&nbsp;at the time of any Placement, the Company was and is a &ldquo;well-known seasoned issuer&rdquo; (as defined in Rule&nbsp;405).
The Company has paid the registration fee for this offering pursuant to Rule&nbsp;456(b)(1)&nbsp;under the Securities Act or will pay
such fee within the time period required by such rule&nbsp;(without giving effect to the proviso therein) and in any event in connection
with the filing of the Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Issuer
Free Writing Prospectuses</U>. Each Issuer Free Writing Prospectus relating to the Securities, as of its issue date and as of each Applicable
Time and Settlement Date (as defined below), did not, does not and will not include any information that conflicted, conflicts or will
conflict with the information contained in the Registration Statement, including any document incorporated by reference therein that
has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing
Prospectus based upon and in conformity with the information furnished to the Company in writing by the Placement Agent expressly for
use therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Company
Authorization of Agreement</U>. The Company has full right, power and authority to execute and deliver this Agreement and to perform
its obligations hereunder, and this Agreement and the transactions contemplated herein have been duly and validly authorized by the Company
and this Agreement has been duly and validly executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Operating
Partnership Authorization of Agreement</U>. The Operating Partnership has full right, power and authority to execute and deliver this
Agreement and to perform its obligations hereunder, and this Agreement and the transactions contemplated herein have been duly and validly
authorized by the Operating Partnership and this Agreement has been duly and validly executed and delivered by the Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Distribution
of Offering Material by the Company</U>. The Company and its affiliates have not distributed and will not distribute, prior to the completion
of the Placement Agent&rsquo;s distribution of the Securities, any written offering material in connection with the offering and sale
of the Securities other than the Prospectus, the Registration Statement or any Issuer Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Independent
Accountants</U>. Ernst&nbsp;&amp; Young LLP, who certified the financial statements and supporting schedules incorporated by reference
in the Registration Statement and the Prospectus, is an independent registered public accounting firm as required by the Securities Act,
the Exchange Act and the Public Company Accounting Oversight Board (United States) (the &ldquo;<U>PCAOB</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Financial
Statements; Non-GAAP Financial Measures</U>. The financial statements of the Company and its subsidiaries, together with the related
schedules (if any) and notes, incorporated by reference in the Registration Statement and the Prospectus, and any financial statements
required by Rule&nbsp;3-14 of Regulation S-X (the &ldquo;<U>Acquisition Financial Statements</U>&rdquo;), incorporated by reference in
the Registration Statement and the Prospectus present fairly the financial position of the Company and its consolidated subsidiaries
at the dates indicated, or, if applicable, with respect to the Acquisition Financial Statements, the respective property or tenant; and
all such financial statements have been prepared in conformity with United States generally accepted accounting principles (&ldquo;<U>GAAP</U>&rdquo;)
applied on a consistent basis throughout the periods involved and comply with all applicable accounting requirements under the Securities
Act. The supporting schedules, if any, incorporated by reference in the Registration Statement and the Prospectus present fairly, in
accordance with GAAP, the information required to be stated therein. The financial data and the summary financial information included
or incorporated by reference in the Registration Statement and the Prospectus present fairly in all material respects the information
shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein. There are
no financial statements or schedules required to be included in the Registration Statement or the Prospectus under the Securities Act
which are not so included. If applicable, the unaudited pro forma financial information (including the related notes) incorporated by
reference in the Registration Statement or the Prospectus complies as to form in all material respects with the applicable accounting
requirements of the Securities Act, and management of the Company believes that the assumptions underlying the pro forma adjustments
are reasonable. If applicable, such pro forma adjustments have been properly applied to the historical amounts in the compilation of
the information and such information fairly presents with respect to the Company and its consolidated subsidiaries, the financial position,
results of operations and other information purported to be shown therein at the respective dates and for the respective periods specified.
No pro forma financial information is required to be included in the Registration Statement or the Prospectus which is not so included.
All disclosures contained in the Registration Statement or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such
term is defined by the rules&nbsp;and regulations of the Commission) comply in all material respects with Regulation G of the Exchange
Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable. The interactive data in eXtensible Business Reporting
Language incorporated by reference in the Registration Statement and the Prospectus fairly presents the information called for in all
material respects and has been prepared in accordance with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(10)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Material Adverse Change in Business</U>. Since the respective dates as of which information is given in the Registration Statement and
the Prospectus (in each case exclusive of any amendments or supplements thereto subsequent to the date of this Agreement), except as
otherwise stated therein, (A)&nbsp;there has been no material adverse change or any development involving a prospective material adverse
change in the operations, condition (financial or otherwise), or in the earnings, business affairs or business prospects of the Company
and its subsidiaries, including, without limitation, the Operating Partnership, considered as one enterprise, whether or not arising
in the ordinary course of business (a &ldquo;<U>Material Adverse Effect</U>&rdquo;), (B)&nbsp;there have been no transactions entered
into by the Company or any of its subsidiaries that are material with respect to the Company and its subsidiaries considered as one enterprise,
(C)&nbsp;neither the Company nor any of its subsidiaries has entered into any transaction or agreement or incurred or undertaken any
liabilities or obligations, direct or contingent, in each case which are material to the Company and its subsidiaries, including without
limitation the Operating Partnership, considered as one enterprise, except for agreements, transactions, liabilities or obligations which
are described in the Registration Statement and the Prospectus, and (D)&nbsp;there has been no dividend or distribution of any kind declared,
paid or made by the Company on any class of its stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Good
Standing of the Company and the Operating Partnership</U>. The Company has been duly organized and is validly existing as a corporation
in good standing under the laws of the State of Maryland and has power and authority to own, lease and operate its properties and to
conduct its business as described in the Registration Statement and the Prospectus and to enter into and perform its obligations under
this Agreement; and the Operating Partnership has been duly formed and is validly existing as a limited partnership in good standing
under the laws of the State of Delaware and has authority to own, lease and operate its properties and to conduct its business as described
in the Registration Statement and the Prospectus. Each of the Company and the Operating Partnership is duly qualified as a foreign corporation
to transact business and is in good standing in the State of New York and in each other jurisdiction in which such qualification is required,
whether by reason of the ownership or leasing of property or the conduct of business, except (solely in the case of jurisdictions other
than the State of New York) where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>The
Partnership Agreement</U>. The Fourth Amended and Restated Agreement of Limited Partnership of Arbor Realty Limited Partnership, dated
June&nbsp;25, 2021, as amended on August&nbsp;25, 2021, October&nbsp;12, 2021 and February&nbsp;7, 2022, among Arbor Realty GPOP,&nbsp;Inc.,
a Delaware corporation, Arbor Realty LPOP,&nbsp;Inc., a Delaware corporation, Arbor Commercial Mortgage, LLC, a New York limited liability
company and the former manager of the Company and the Operating Partnership, and the Company, has been duly and validly authorized, executed
and delivered by the Company (through its direct subsidiaries) and is a valid and binding agreement, enforceable against the Company
in accordance with its terms, except to the extent that enforcement thereof may be limited by bankruptcy, insolvency, reorganization
or other laws affecting enforcement of creditors&rsquo; rights or by general equitable principles</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(13)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Good
Standing of Subsidiaries</U>. Each subsidiary of the Company has been duly organized and is validly existing as a corporation, limited
or general partnership or limited liability company, as the case may be, in good standing under the laws of the jurisdiction of its organization,
has power and authority to conduct its business as described in the Registration Statement and the Prospectus and is duly qualified as
a foreign corporation, limited or general partnership or limited liability company, as the case may be, to transact business and is in
good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property
or the conduct of business, except where the failure so to qualify or to be in good standing would not result in a Material Adverse Effect;
except as otherwise disclosed in the Registration Statement and the Prospectus, and except for pledges of equity of certain of the Company&rsquo;s
subsidiaries in connection with the Company&rsquo;s financing agreements, all of the issued and outstanding stock of each such subsidiary
that is a corporation, all of the issued and outstanding partnership interests of each such subsidiary that is a limited or general partnership
and all of the issued and outstanding limited liability company interests, membership interests or other similar interests of each such
subsidiary that is a limited liability company have been duly authorized and validly issued, and, in the case of each subsidiary that
is a corporation, are fully paid and nonassessable and are owned by the Company or the Operating Partnership, directly or indirectly,
free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity (each, a &ldquo;<U>Lien</U>&rdquo;); and
none of the outstanding shares of stock, partnership interests or limited liability company interests, membership interests or other
similar interests of any such subsidiary was issued in violation of any preemptive rights, rights of first refusal or other similar rights
of any securityholder of such subsidiary or any other person. Any subsidiaries of the Company which are &ldquo;significant subsidiaries&rdquo;
as defined by Rule&nbsp;1-02 of Regulation S-X are listed on&nbsp;<U>Schedule I</U>&nbsp;hereto, and&nbsp;<U>Schedule I</U>&nbsp;accurately
sets forth whether each such subsidiary is a corporation, limited or general partnership or limited liability company and the jurisdiction
of organization of each such subsidiary and, in the case of any subsidiary which is a partnership or limited liability company, its general
partners and managing members, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Capitalization</U>.
The Company&rsquo;s capitalization is as set forth in the Company&rsquo;s most recent annual report on Form&nbsp;10-K or quarterly report
on Form&nbsp;10-Q. The issued and outstanding shares of stock of the Company have been duly authorized and are validly issued, fully
paid and nonassessable; and none of the outstanding shares of stock of the Company was issued in violation of any preemptive rights,
rights of first refusal or other similar rights of any securityholder of the Company or any other person; the capital stock of the Company
conforms in all material respects to the description thereof contained in the Registration Statement and the Prospectus. The authorized,
issued and outstanding units of partnership interest in the Operating Partnership (the &ldquo;<U>OP Units</U>&rdquo;), have been duly
authorized and validly issued; and all of such OP Units have been sold in compliance with applicable laws (including, without limitation,
federal and state securities laws)<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Authorization
of Securities</U>. The Securities have been duly authorized for issuance and sale to the Placement Agent pursuant to this Agreement and,
when issued and delivered by the Company pursuant to this Agreement against payment of the consideration set forth herein, will be validly
issued, fully paid and nonassessable; no holder of the Securities is or will be subject to personal liability by reason of being such
a holder; and the issuance of the Securities is not subject to any preemptive right, right of first refusal or other similar right of
any securityholder of the Company or any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Description
of Securities</U>. The Securities conform in all material respects to the description thereof contained in the sections of the Registration
Statement and Prospectus entitled &ldquo;Description of Capital Stock&mdash;Common Stock&rdquo; and such description conforms to the
rights set forth in the Company&rsquo;s charter and bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Absence
of Defaults and Conflicts</U>. Neither the Company, the Operating Partnership nor any of their respective subsidiaries is (i)&nbsp;in
violation of its Organizational Documents (as defined below) or (ii)&nbsp;in default, and no event has occurred that, with notice or
lapse of time or both, would constitute such a default, in the performance or observance of any obligation, agreement, covenant or condition
contained in any Company Document (as defined below), except, in the case of clause (ii)&nbsp;above, for such defaults that would not
result in a Material Adverse Effect. The execution, delivery and performance of this Agreement, the issuance of Securities and the consummation
of the other transactions contemplated herein and therein and in the Registration Statement and the Prospectus (including the issuance
and sale of the Securities and the use of the proceeds from the sale of the Securities as described in the Prospectus under the caption
 &ldquo;Use of Proceeds&rdquo;) and compliance by each of the Company and the Operating Partnership with its obligations under this Agreement
do not and will not, whether with or without the giving of notice or passage of time or both, conflict with or constitute a breach of,
or default under any Company Documents, or result in the creation or imposition of any Lien upon any property or assets of the Company,
the Operating Partnership or any of their respective subsidiaries, nor will such action result in any violation of the provisions of
the Organizational Documents of the Company, the Operating Partnership or any of their respective subsidiaries or any applicable law,
statute, rule, regulation, judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign,
having jurisdiction over the Company or any of its subsidiaries or any of their respective assets, properties or operations. The term
 &ldquo;<U>Company Documents</U>&rdquo; as used herein means any contracts, indentures, guarantees, mortgages, deeds of trust, loan or
credit agreements, letter of credit facilities, security agreements, bonds, notes, debentures, evidences of indebtedness, leases or other
instruments or agreements to which the Company, the Operating Partnership or any of their respective subsidiaries is a party or by which
the Company, the Operating Partnership or any of their respective subsidiaries is bound or to which any of the property or assets of
the Company, the Operating Partnership or any of their respective subsidiaries is subject. The term &ldquo;<U>Organizational Documents</U>&rdquo;
as used herein means (a)&nbsp;in the case of a corporation, its charter and bylaws; (b)&nbsp;in the case of a limited or general partnership,
its partnership certificate, certificate of formation or similar organizational document and its partnership agreement; (c)&nbsp;in the
case of a limited liability company, its articles of organization, certificate of formation or similar organizational documents and its
operating agreement, limited liability company agreement, membership agreement or other similar agreement; (d)&nbsp;in the case of a
trust, its certificate of trust, certificate of formation or similar organizational document and its trust agreement or other similar
agreement; and (e)&nbsp;in the case of any other entity, the organizational and governing documents of such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Absence
of Labor Dispute</U>. No labor dispute with the employees of the Company or any subsidiary of the Company exists or, to the knowledge
of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of the
principal suppliers, manufacturers, customers or contractors of the Company or any of its subsidiaries which, in any such case, may reasonably
be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Absence
of Proceedings</U>. Except as described in the Registration Statement and the Prospectus, there is no action, suit, proceeding, inquiry
or investigation before or brought by any court or governmental agency or body, domestic or foreign, now pending, against or affecting
the Company, the Operating Partnership or any of their respective subsidiaries or which has as a subject thereof, any officer or director
of the Company in their capacity as such or as would otherwise be required to be disclosed in the Prospectus. To the knowledge of the
Company or the Operating Partnership, there is no action, suit, proceeding, inquiry or investigation before or brought by any court or
governmental agency or body, domestic or foreign, threatened, against or affecting the Company, the Operating Partnership or any of their
respective subsidiaries except as would not have a Material Adverse Effect or which has as a subject thereof, any officer or director
of the Company in their capacity as such or as would otherwise be required to be disclosed in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(20)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Accuracy
of Descriptions and Exhibits</U>. The information in the Prospectus under the captions &ldquo;Description of Capital Stock&rdquo; and
 &ldquo;U.S. Federal Income Tax Considerations&rdquo; is correct in all material respects; all descriptions in the Registration Statement
and the Prospectus of any Company Documents are accurate in all material respects; and there are no franchises, contracts, indentures,
mortgages, deeds of trust, loan or credit agreements, bonds, notes, debentures, evidences of indebtedness, leases or other instruments
or agreements required to be described or referred to in the Registration Statement or the Prospectus or to be filed as exhibits to the
Registration Statement which have not been so described and filed as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Possession
of Intellectual Property</U>. The Company and its subsidiaries own or possess or have the right to use on reasonable terms all patents,
patent rights, patent applications, licenses, inventions, copyrights, know how (including trade secrets and other unpatented and/or unpatentable
proprietary or confidential information, systems or procedures), trademarks, service marks, trade names, service names and other intellectual
property (collectively, &ldquo;<U>Intellectual Property</U>&rdquo;) necessary to carry on their respective businesses as described in
the Prospectus and as proposed to be conducted; and neither the Company nor any of its subsidiaries has received any notice or is otherwise
aware of any infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or
circumstances which would render any Intellectual Property invalid or inadequate to protect the interests of the Company or any of its
subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity
or inadequacy, individually or in the aggregate, might result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(22)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Absence
of Further Requirements</U>. (A)&nbsp;No filing with, or authorization, approval, consent, license, order, registration, qualification
or decree of, any court or governmental authority or agency, domestic or foreign, (B)&nbsp;no authorization, approval, vote or other
consent of any stockholder or creditor of the Company or the Operating Partnership, (C)&nbsp;no waiver or consent under any Company Document,
and (D)&nbsp;no authorization, approval, vote or other consent of any other person or entity, is necessary or required for the performance
by the Company or the Operating Partnership of their respective obligations under this Agreement, for the offering, issuance, sale or
delivery of the Securities hereunder, or for the consummation of any of the other transactions contemplated by this Agreement, in each
case on the terms contemplated by this Agreement and the Prospectus, except such as have been or will be obtained under the Securities
Act, the rules&nbsp;of the NYSE, state securities laws or the rules&nbsp;of the Financial Industry Regulatory Authority,&nbsp;Inc. (&ldquo;<U>FINRA</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(23)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Possession
of Licenses and Permits</U>. The Company, the Operating Partnership and their respective subsidiaries possess such permits, licenses,
approvals, consents and other authorizations issued by the appropriate federal, state, local or foreign regulatory agencies or bodies
(collectively, &ldquo;<U>Governmental Licenses</U>&rdquo;) as are necessary to conduct the business now operated by them; the Company
and its subsidiaries are in compliance with the terms and conditions of all such Governmental Licenses, except where the failure so to
comply would not, individually or in the aggregate, have a Material Adverse Effect; all of the Governmental Licenses are valid and in
full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in
full force and effect would not have a Material Adverse Effect; and neither the Company, the Operating Partnership nor any of their respective
subsidiaries has received any notice of proceedings relating to the revocation or modification of any such Governmental Licenses which,
individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(24)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Investment
Company Act</U>. </FONT>The Company is not, and upon the issuance and sale of the Securities as herein contemplated and the application
of the net proceeds therefrom as described in the Prospectus, will not be required to register as an &ldquo;investment company&rdquo;
or an entity &ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; as such terms are defined the Investment Company Act of
1940, as amended (the &ldquo;Investment Company Act&rdquo;). Neither the Operating Partnership nor any of the subsidiaries of the Company
is an &ldquo;investment company&rdquo; as defined in the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Absence
of Registration Rights</U>. Except as disclosed in the Registration Statement and the Prospectus, there are no persons with registration
rights or other similar rights to have any securities (debt or equity) (A)&nbsp;registered pursuant to the Registration Statement or
included in the offering contemplated by this Agreement or (B)&nbsp;otherwise registered by the Company under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Joint
Ventures</U>. All of the joint ventures in which the Company or any subsidiary owns any interest (the &ldquo;<U>Joint Ventures</U>&rdquo;)
are listed on <U>Schedule II</U> hereto. The Company&rsquo;s or subsidiary&rsquo;s ownership interest in such Joint Venture is set forth
in <U>Schedule II</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Exchange
Act Registration; New York Stock Exchange</U>. The Securities have been registered pursuant to Section&nbsp;12(b)&nbsp;of the Exchange
Act. The outstanding shares of Common Stock have been, and the Securities being sold hereunder will have been, approved for listing,
subject only to official notice of issuance, on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>FINRA
Matters</U>. All of the information (including, but not limited to, information regarding affiliations, security ownership and trading
activity) provided to the Placement Agent or to counsel for the Placement Agent by the Company, its officers and directors and the holders
of any securities (debt or equity) or options to acquire any securities of the Company in connection with letters, filings or other supplemental
information provided to FINRA is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(29)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Insurance</U>.
The Company, the Operating Partnership and each of their respective subsidiaries are insured by insurers of recognized financial responsibility
against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; all policies
of insurance and any fidelity or surety bonds insuring the Company, the Operating Partnership or any of their respective subsidiaries
or their respective businesses, assets, employees, officers and directors are in full force and effect; the Company, the Operating Partnership
and their respective subsidiaries are in compliance with the terms of such policies and instruments in all material respects; there are
no claims by the Company, the Operating Partnership or any of their respective subsidiaries under any such policy or instrument as to
which any insurance company is denying liability or defending under a reservation of rights clause; neither the Company, the Operating
Partnership nor any such subsidiary has been refused any insurance coverage sought or applied for; and neither the Company, the Operating
Partnership nor any such subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and
when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost
that would not have a Material Adverse Effect. Without limitation to the foregoing provisions of this Section&nbsp;5(a)(29), and such
exceptions as would not, individually or in the aggregate, have a Material Adverse Effect, the Company, the Operating Partnership and
their respective subsidiaries have title insurance on any real property currently leased or owned or controlled by them or to be leased
or owned or to be controlled by them (collectively, the &ldquo;<U>Real Property</U>&rdquo;), in each case in an amount at least equal
to the original cost of acquisition, and the Company, the Operating Partnership and their respective subsidiaries are entitled to all
benefits of the insured thereunder, and each such Real Property is insured by extended coverage hazard and casualty insurance in amounts
and on such terms as are customarily carried by lessors of properties similar to those owned by the Company, the Operating Partnership
and their respective subsidiaries (in the markets in which the Company&rsquo;s and subsidiaries&rsquo; respective Real Properties are
located), and the Company, the Operating Partnership and their respective subsidiaries carry comprehensive general liability insurance
and such other insurance as is customarily carried by lessors of properties similar to those owned by the Company, the Operating Partnership
and their respective subsidiaries in amounts and on such terms as are customarily carried by lessors of properties similar to those owned
by the Company, the Operating Partnership and their respective subsidiaries (in the markets in which the Company&rsquo;s, the Operating
Partnership&rsquo;s and their respective subsidiaries&rsquo; respective Real Properties are located) and the Company, the Operating Partnership
or one of their respective subsidiaries is named as an additional insured on all policies required under the leases for such properties.
With respect to mortgage loans extended by the Company and its subsidiaries, the Company or its subsidiary has one or more lender&rsquo;s
title insurance policies insuring the lien of the mortgages encumbering the real property underlying such loans with coverages, in the
aggregate, equal to at least the maximum aggregate principal amount of such loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(30)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Disclosure
Controls and Procedures</U>. The Company and the Operating Partnership have established and maintain disclosure controls and procedures
(as such term is defined in Rule&nbsp;13a-15(e)&nbsp;under the Exchange Act) that (i)&nbsp;are designed to ensure that material information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated
to the Company&rsquo;s management, including the Company&rsquo;s principal executive officer and principal financial officer, particularly
during the preparation of the reports that it files or submits under the Exchange Act; and (ii)&nbsp;are effective to ensure that information
required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the Commission&rsquo;s rules&nbsp;and forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(31)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Accounting
Controls</U>. The Company, the Operating Partnership and each of their respective subsidiaries maintain a system of internal control
over financial reporting sufficient to provide reasonable assurance that financial reporting is reliable and financial statements for
external purposes are prepared in accordance with GAAP and includes policies and procedures that (i)&nbsp;pertain to the maintenance
of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP,
and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or
specific authorization; (iv)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences; and (v)&nbsp;interactive data in eXtensible Business Reporting Language
included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects
and is prepared in accordance with the Commission&rsquo;s rules&nbsp;and guidelines applicable thereto. Except as described in the Registration
Statement and the Prospectus, since the end of the Company&rsquo;s most recent audited fiscal year, there has been (i)&nbsp;no material
weakness in the Company&rsquo;s internal control over financial reporting (whether or not remediated) and (ii)&nbsp;no change in the
Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(32)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Absence
of Manipulation</U>. Each of the Company and the Operating Partnership has not taken and will not take, directly or indirectly, any action
designed to or that would constitute or that might reasonably be expected to cause or result in the stabilization or manipulation of
the price of any security to facilitate the sale or resale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(33)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Statistical
and Market-Related Data</U>. The statistical and market-related data included in the Registration Statement and the Prospectus are based
on or derived from sources that the Company believes to be reliable and accurate as of the respective dates of such documents, and the
Company has obtained the written consent to the use of such data from such sources to the extent required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(34)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Foreign
Corrupt Practices Act</U>. Neither the Company, the Operating Partnership nor any of their respective subsidiaries, nor to the knowledge
of the Company or the Operating Partnership, any director, officer, employee, agent, affiliate or other person acting on behalf of the
Company, the Operating Partnership or any of their respective subsidiaries has (i)&nbsp;used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expense relating to political activity; (ii)&nbsp;made or taken an act in furtherance of an offer,
promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee,
including of any government-owned or controlled entity or of a public international organization, or any person acting in an official
capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii)&nbsp;violated
or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing
the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence
under the Bribery Act 2010 of the United Kingdom, or any other applicable anti-bribery or anti-corruption law; or (iv)&nbsp;made, offered,
agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any
rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company, the Operating Partnership
and their respective subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce, policies and procedures
designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(35)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Anti-Money Laundering Laws</U>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance
with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts
business, the rules&nbsp;and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the &ldquo;<U>Anti-Money Laundering Laws</U>&rdquo;), and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with
respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company or the Operating Partnership, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(36)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Conflicts with Sanctions Laws</U>. Neither the Company nor any of its subsidiaries, nor to the knowledge of the Company or the Operating
Partnership, any directors, officers or employees, agents, affiliates or other persons acting on behalf of the Company or any of its
subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government (including, without
limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State and including,
without limitation, the designation as a &ldquo;specially designated national&rdquo; or &ldquo;blocked person&rdquo;), the United Nations
Security Council, the European Union, His Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;),
nor is the Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target
of Sanctions, including, without limitation, Cuba,&nbsp;Iran, North Korea, Syria, Crimea, the so-called Donetsk People&rsquo;s Republic,
the so-called Luhansk People&rsquo;s Republic and any other covered region of Ukraine identified pursuant to Executive Order 14065 (each,
a &ldquo;<U>Sanctioned Country</U>&rdquo;); and the Company will not directly or indirectly use the proceeds of the offering of the Securities
hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or
entity (i)&nbsp;to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation,
is the subject or target of Sanctions, (ii)&nbsp;to fund or facilitate any activities of or business in any Sanctioned Country or (iii)&nbsp;in
any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter,
advisor, investor or otherwise) of Sanctions. For the past five years, the Company and its subsidiaries have not knowingly engaged in
and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or
was the subject or the target of Sanctions or with any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(37)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Lending
Relationship</U><I>. </I>Except as disclosed in the Registration Statement, and the Prospectus, neither the Company nor any of its subsidiaries
has any outstanding borrowings from, or is a party to any line of credit, credit agreement or other credit facility or otherwise has
a borrowing relationship with, any bank or other lending institution affiliated with the Placement Agent, and the Company does not intend
to use any of the proceeds from the sale of the Securities to repay any debt owed to the Placement Agent or any affiliate of the Placement
Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(38)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Transfer
Taxes</U>. There are no stock or other transfer taxes, stamp duties, capital duties or other similar duties, taxes or charges payable
in connection with the execution or delivery of this Agreement by the Company or the issuance or sale by the Company of the Securities
to be sold by the Company to the Placement Agent hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(39)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>ERISA</U>.
Except as set forth in the Company&rsquo;s financial statements, each of the Company and the Operating Partnership does not have any
material liabilities under the Employee Retirement Income Security Act of 1974, as amended, or Section&nbsp;4975 of the Internal Revenue
Code of 1986, as amended, and the regulations and published interpretations thereunder (collectively, the &ldquo;<U>Code</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(40)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>REIT
Status</U>. Commencing with the Company&rsquo;s taxable year ended December&nbsp;31, 2003, and the taxable year ended December&nbsp;31,
2005 of Arbor Realty SR,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Private REIT</U>&rdquo;), each of the Company and the Private
REIT has been organized and operated in conformity with the requirements for qualification and taxation as a real estate investment trust
(&ldquo;<U>REIT</U>&rdquo;) under the Code, and each of the Company&rsquo;s and the Private REIT&rsquo;s current and proposed method
of operations as described in the Registration Statement and the Prospectus will enable it to continue to meet the requirements for qualification
and taxation as a REIT under the Code for its taxable year ending December&nbsp;31, 2024 and thereafter. The Company does not know of
any event that would cause or is likely to cause either the Company or the Private REIT to fail to qualify as a REIT under the Code at
any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(41)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Tax
Opinion</U>. With respect to the legal opinion as to federal income tax matters provided to the Placement Agent pursuant to Section&nbsp;7(p)&nbsp;hereof,
the Company&rsquo;s representatives have discussed with its counsel, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, the officer&rsquo;s
certificate supporting such opinion, and where representations in such officer&rsquo;s certificate involve terms defined in the Code,
the Treasury regulations thereunder, published rulings of the Internal Revenue Service or other relevant authority, the Company&rsquo;s
representatives are satisfied after their discussions with their counsel in their understanding of such terms and are capable of making
such representations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Tax
Returns</U>. All tax returns required to be filed as of the date hereof by the Company and each of its subsidiaries have been timely
filed (or valid extensions to such filings have been obtained), all such tax returns are true, correct and complete in all material respects,
and all material taxes and other assessments of a similar nature (whether imposed directly or through withholding) including any interest,
additions to tax or penalties applicable thereto due or claimed to be due from such entities have been paid, other than those being contested
in good faith and for which adequate reserves have been provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Unlawful Contributions or Other Payments</U>. Neither the Company, the Operating Partnership nor any subsidiary nor, to the best of the
Company&rsquo;s knowledge, any employee or agent of the Company, the Operating Partnership or any subsidiary, has made any contribution
or other payment to any official of, or candidate for, any federal, state or foreign office in violation of any law or of the character
required to be disclosed in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(44)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Brokers
and Finders</U>. Neither the Company, the Operating Partnership nor any subsidiary has incurred any liability for a fee, commission or
other compensation on account of the employment of a broker or finder in connection with the transactions contemplated by this Agreement
other than as contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(45)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Prohibition on Subsidiaries from Paying Dividends or Making Other Distributions</U>. No subsidiary is currently prohibited, directly
or indirectly, from paying any dividends to the Company, from making any other distribution on such subsidiary&rsquo;s capital stock
or other equity interests, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring
any of such subsidiary&rsquo;s property or assets to the Company or any other subsidiary, except as described in the Registration Statement
and the Prospectus or such as would not reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(46)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Title
to Real and Personal Property</U>. (i)&nbsp;The Company and its subsidiaries, including the Operating Partnership, have (or in the case
of a Joint Venture, such limited partnership, limited liability company or other joint venture entity has) good and marketable title
in fee simple to, or a valid leasehold interest in, the Real Property and good and marketable title to any and all personal property
owned by the Company or any of its subsidiaries that is material to the business of the Company or the Operating Partnership, in each
case free and clear of all Liens, except as described in the Prospectus or such as would not reasonably be expected to result in a Material
Adverse Effect; and any real property, buildings and equipment held under lease by the Company and its subsidiaries are held by them
under valid, subsisting and enforceable leases (the &ldquo;<U>Leases</U>&rdquo;) with such exceptions as are disclosed in the Prospectus
or such as would not reasonably be expected to result in a Material Adverse Effect; (ii)&nbsp;neither the Company nor any of its subsidiaries
has received notice of any claim that has been or may be asserted by anyone adverse to the rights of the Company or any subsidiary with
respect to any such Real Properties, personal property or Leases or affecting or questioning the rights of the Company to the continued
ownership, lease, possession or occupancy of such Real Properties, personal property or Leases, except for such claims that would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (iii)&nbsp;no person or entity, including,
without limitation, any tenant under the leases, if any, for the Real Properties has an option or right of first refusal or any other
right to purchase any of such Real Properties, except as disclosed in the Prospectus; (iv)&nbsp;each of the Real Properties has access
to public rights of way, either directly or through insured easements, except where the failure to have such access would not, individually
or in the aggregate, have a Material Adverse Effect; (v)&nbsp;each of the Real Properties is served by all public utilities necessary
for the current operations on such property in sufficient quantities for such operations, except where the failure to have such public
utilities would not, individually or in the aggregate, have a Material Adverse Effect; (vi)&nbsp;each of the Real Properties complies
with all applicable codes and zoning and subdivision laws and regulations, except for such failure to comply which would not, either
individually or in the aggregate, have a Material Adverse Effect; (vii)&nbsp;all of the Leases are in full force and effect, except where
the failure to be in full force or effect would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, and neither the Company nor any of its subsidiaries is in default in the payment of any amounts due under any such Leases or
in any other default thereunder and neither the Company nor any of its subsidiaries knows of an event which, with the passage of time
or the giving of notice or both, would constitute a default under any such Lease, except such defaults that would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect; and (viii)&nbsp;there is no pending or, to the knowledge
of the Company or its subsidiaries, threatened condemnation, zoning change, or other proceeding or action that would in any manner affect
the size of, use of, improvements on, construction on or access to any Real Property, except such proceedings or actions that, either
individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(47)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with Environmental Laws.</U> Except as otherwise disclosed in the Registration Statement and the Prospectus: (i)&nbsp;neither the Company
nor any of its subsidiaries nor, to the knowledge of the Company, any other owners of the Real Property at any time, or to the knowledge
of the Company, any other party has at any time, handled, stored, treated, transported, manufactured, spilled, leaked, or discharged,
dumped, transferred or otherwise disposed of or dealt with, Hazardous Materials (as hereinafter defined) on, to or from any Real Property,
other than by any such action taken in material compliance with all applicable Environmental Statutes (as hereinafter defined) or by
the Company, any of its subsidiaries or any other party in connection with the ordinary use of residential, retail or commercial properties
owned by the Company or any subsidiary; (ii)&nbsp;the Company and its subsidiaries do not intend to use the Real Property or any subsequently
acquired properties for the purpose of handling, storing, treating, transporting, manufacturing, spilling, leaking, discharging, dumping,
transferring or otherwise disposing of or dealing with Hazardous Materials other than by any such action taken in material compliance
with all applicable Environmental Statues (as defined below) or by the Company, any of its subsidiaries or, to the knowledge of the Company,
any other party in connection with the ordinary use of residential, retail or commercial properties owned by the Company or any subsidiary;
(iii)&nbsp;the Company and the Operating Partnership do not know of any seepage, leak, discharge, release, emission, spill, or dumping
of Hazardous Materials from the Real Property into waters on or adjacent to the Real Property or from the Real Property onto any real
property owned or occupied by any other party, or onto lands from which Hazardous Materials might seep, flow or drain into such waters
other than in material compliance with Environmental Statutes; (iv)&nbsp;neither the Company nor any of its subsidiaries has received
any notice of, or has knowledge of, any occurrence or circumstance which, with notice or passage of time or both, would give rise to
a claim under or pursuant to any U.S. federal, state or local environmental statute or regulation or under common law, pertaining to
Hazardous Materials on or originating from any of the Real Property or arising out of the conduct of the Company or any of its subsidiaries,
including without limitation a claim under or pursuant to any Environmental Statute; and (v)&nbsp;neither the Real Property is included
nor, to the Company&rsquo;s or the Operating Partnership&rsquo;s knowledge, is proposed for inclusion on the National Priorities List
issued pursuant to CERCLA (as hereinafter defined) by United States Environmental Protection Agency or, to the Company&rsquo;s or to
the Operating Partnership&rsquo;s knowledge, proposed for inclusion on any similar list or inventory issued pursuant to any other Environmental
Statute or issued by any other governmental authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0">As used herein,
 &ldquo;<U>Hazardous Materials</U>&rdquo; shall include, without limitation, any flammable explosives, radioactive materials, hazardous
materials, hazardous wastes, toxic substances, or related materials, asbestos or any hazardous material as defined by any U.S. federal,
state or local environmental law, ordinance, rule&nbsp;or regulation including without limitation the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C. Sections 9601-9675 (&ldquo;<U>CERCLA</U>&rdquo;), the Hazardous Materials
Transportation Act, as amended, 49 U.S.C. Sections 1801-1819, the Resource Conservation and Recovery Act, as amended, 42 U.S.C. Sections
6901-6992K, the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C. Sections 11001-11050, the Toxic Substances Control
Act, 15 U.S.C. Sections 2601-2671, the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. Sections 136-136y, the Clean Air
Act, 42 U.S.C. Sections 7401-7642, the Clean Water Act (Federal Water Pollution Control Act), 33 U.S.C. Sections 1251-1387, the Safe
Drinking Water Act, 42 U.S.C. Sections 300f-330j-26, and the Occupational Safety and Health Act, 29 U.S.C. Sections 651-678, as any of
the above statutes may be amended from time to time, and in the regulations promulgated pursuant to each of the foregoing (individually,
an &ldquo;<U>Environmental Statute</U>&rdquo;) or by any governmental authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(48)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with ADA.</U> The Company and its subsidiaries and each Real Property are currently in compliance with all presently applicable provisions
of the Americans with Disabilities Act, as amended, except for any such non-compliance that would not, individually or in aggregate,
reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(49)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>No
Breach or Default under Loans</U>. To the Company&rsquo;s knowledge, there is no breach of, or default under (nor has any event occurred
which with notice, lapse of time, or both would constitute a breach of, or default under) the loan documents relating to the debt instruments
acquired or originated by the Company (collectively, the &ldquo;<U>Loans</U>&rdquo;) which breach or default, if uncured, would result
in a Material Adverse Effect. To the Company&rsquo;s knowledge without due inquiry, there is no breach or default under (nor has any
event occurred which with notice, lapse of time, or both would constitute a breach of, or default under) the loan documents relating
to any loans senior to the Loans, which breach or default, if uncured, would result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(50)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Compliance
with Sarbanes-Oxley Act.</U> There is and has been no failure on the part of the Company or any of the Company&rsquo;s directors or officers,
in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules&nbsp;and regulations promulgated
in connection therewith (the &ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;), including Section&nbsp;402 related to loans and Sections 302 and
906 related to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(51)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Cybersecurity;
Data Protection</U>. To the Company&rsquo;s knowledge, the Company and its subsidiaries&rsquo; information technology assets and equipment,
computers, systems, networks, hardware, software, websites, applications, and databases (collectively, &ldquo;<U>IT Systems</U>&rdquo;)
are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the
Company and its subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs,
malware and other corruptants. The Company and its subsidiaries have implemented and maintained commercially reasonable controls, policies,
procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy
and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (collectively,
the &ldquo;<U>Personal Data</U>&rdquo;)) used in connection with their businesses, and there have been no breaches, violations, outages
or unauthorized uses of or accesses to same, except for those that have been remedied without cost or liability or the duty to notify
any other person, nor any incidents under internal review or investigations relating to the same, except in each case as would not reasonably
be expected to have a Material Adverse Effect. The Company and its subsidiaries are presently in material compliance with all applicable
laws or statutes and all judgments, orders, rules&nbsp;and regulations of any court or arbitrator or governmental or regulatory authority,
internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection
of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Proprietary
Trading by </U></FONT><U>the Placement Agent.</U> The Company acknowledges and agrees that the Placement Agent has informed the Company
that the Placement Agent may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell shares of Common
Stock for its own account while this Agreement is in effect, and shall be under no obligation to purchase Securities on a principal basis
pursuant to this Agreement, except as otherwise agreed by the Placement Agent in the Placement Notice (as amended by the corresponding
Acceptance, if applicable); <I>provided</I>, that no such purchase or sales shall take place while a Placement Notice is in effect (except
(i)&nbsp;as agreed by the Placement Agent in the Placement Notice (as amended by the corresponding Acceptance, if applicable) or (ii)&nbsp;to
the extent the Placement Agent may engage in sales of Placement Securities purchased or deemed purchased from the Company as a &ldquo;riskless
principal&rdquo; or in a similar capacity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Certificates</I>.
Any certificate signed by any officer of the Company or the Operating Partnership delivered to </FONT>the Placement Agent or to counsel
for the Placement Agent pursuant to the terms or provisions of this Agreement shall be deemed a representation and warranty by the Company
to the Placement Agent as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Sale
and Delivery to the Placement Agent; Settlement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Sale
of Placement Securities</I>. On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, upon </FONT>the Placement Agent&rsquo;s acceptance of the terms of a Placement Notice or upon receipt by the Placement
Agent of an Acceptance, as the case may be, and unless the sale of the Placement Securities described therein has been declined, suspended,
or otherwise terminated in accordance with the terms of this Agreement, the Placement Agent, for the period specified in the Placement
Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Securities
up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. The Company acknowledges and agrees
that (i)&nbsp;there can be no assurance that the Placement Agent will be successful in selling Placement Securities, (ii)&nbsp;the Placement
Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Securities for
any reason other than a failure by the Placement Agent to use its commercially reasonable efforts consistent with its normal trading
and sales practices to sell such Placement Securities as required under this Section&nbsp;6, and (iii)&nbsp;the Placement Agent shall
be under no obligation to purchase Securities on a principal basis pursuant to this Agreement, except as otherwise agreed by the Placement
Agent in the Placement Notice (as amended by the corresponding Acceptance, if applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Settlement
of Placement Securities</I>. Unless otherwise specified in the applicable Placement Notice, </FONT>(i)&nbsp;prior to May&nbsp;28, 2024,
settlement for sales of Placement Securities will occur on the second (2<SUP>nd</SUP>) Trading Day (or such earlier day as is industry
practice for regular-way trading) following the date on which such sales are made and (ii)&nbsp;on or following May&nbsp;28, 2024, settlement
for sales of Placement Securities will occur on the first (1<SUP>st</SUP>) Trading Day following the date on which such sales are made
(each, a &ldquo;<U>Settlement Date</U>&rdquo;). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt
of the Placement Securities sold (the &ldquo;<U>Net Proceeds</U>&rdquo;) will be equal to the aggregate sales price received by the Placement
Agent at which such Placement Securities were sold, after deduction for (i)&nbsp;the Placement Agent&rsquo;s commission, discount or
other compensation for such sales payable by the Company pursuant to Section&nbsp;2 hereof and (ii)&nbsp;any other amounts due and payable
by the Company to the Placement Agent hereunder pursuant to Section&nbsp;8(a)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Delivery
of Placement Securities</I>. On or before each Settlement Date, concurrently with the receipt by the Company of the Net Proceeds due
to the Company in respect of such Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the
Placement Securities being sold by crediting </FONT>the Placement Agent&rsquo;s or its designee&rsquo;s account (provided the Placement
Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company through
its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto
which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Placement
Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement
Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement
Securities on a Settlement Date, the Company agrees that, in addition to and in no way limiting the rights and obligations set forth
in Section&nbsp;10(a)&nbsp;hereto, it will (i)&nbsp;hold the Placement Agent harmless against any loss, claim, damage, or expense (including
reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company and (ii)&nbsp;pay
to the Placement Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Denominations;
Registration</I>. If requested by </FONT>the Placement Agent at least two Business Days prior to the Settlement Date, then in lieu of
electronic transfer, certificates for the Securities shall be in such denominations and registered in such names as the Placement Agent
shall have specified in such request. The certificates for the Securities will be made available for examination and packaging by the
Placement Agent in The City of New York not later than noon (New York time) on the Business Day prior to the Settlement Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Covenants
of the Company</U>. The Company covenants with the Placement Agent as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Registration
Statement Amendment</I>. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Securities
is required to be delivered by </FONT>the Placement Agent under the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), (i)&nbsp;the Company will notify the Placement Agent promptly of
the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed
with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any comment letter
from the Commission or any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for
additional information; (ii)&nbsp;the Company will prepare and file with the Commission, promptly upon the Placement Agent&rsquo;s request,
any amendments or supplements to the Registration Statement or Prospectus that, in the Placement Agent&rsquo;s reasonable opinion, may
be necessary or advisable in connection with the distribution of the Placement Securities by the Placement Agent (<I>provided, however</I>,
that the failure of the Placement Agent to make such request shall not relieve the Company of any obligation or liability hereunder,
or affect the Placement Agent&rsquo;s right to rely on the representations and warranties made by the Company in this Agreement); (iii)&nbsp;the
Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by reference,
relating to the Placement Securities or a security convertible into the Placement Securities unless a copy thereof has been submitted
to the Placement Agent within a reasonable period of time before the filing and the Placement Agent has not reasonably objected thereto
(<I>provided, however</I>, that the failure of the Placement Agent to make such objection shall not relieve the Company of any obligation
or liability hereunder, or affect the Placement Agent&rsquo;s right to rely on the representations and warranties made by the Company
in this Agreement) and the Company will furnish to the Placement Agent at the time of filing thereof a copy of any document that upon
filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available
via EDGAR; and (iv)&nbsp;the Company will cause each amendment or supplement to the Prospectus, other than documents incorporated by
reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule&nbsp;424(b)&nbsp;of the Securities
Act (without reliance on Rule&nbsp;424(b)(8)&nbsp;of the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Notice
of Commission Stop Orders</I>. The Company will advise </FONT>the Placement Agent, promptly after it receives notice or obtains knowledge
thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or of any other order preventing or suspending the use of the Prospectus or any Issuer Free Writing Prospectus, or of the suspension
of the qualification of the Placement Securities for offering or sale in any jurisdiction or of the loss or suspension of any exemption
from any such qualification, or of the initiation or threatening of any proceedings for any of such purposes, or of any examination pursuant
to Section&nbsp;8(e)&nbsp;of the Securities Act concerning the Registration Statement or if the Company becomes the subject of a proceeding
under Section&nbsp;8A of the Securities Act in connection with the offering of the Securities. The Company will make every reasonable
effort to prevent the issuance of any stop order, the suspension of any qualification of the Securities for offering or sale and any
loss or suspension of any exemption from any such qualification, and if any such stop order is issued or any such suspension or loss
occurs, to obtain the lifting thereof at the earliest possible moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Delivery
of Registration Statement and Prospectus.</I> Except to the extent such documents have been publicly filed with the Commission pursuant
to EDGAR, the Company will furnish to </FONT>the Placement Agent and its counsel (at the expense of the Company) copies of the Registration
Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration
Statement or Prospectus, and any Issuer Free Writing Prospectuses, that are filed with the Commission during any period in which a Prospectus
relating to the Placement Securities is required to be delivered under the Securities Act (including all documents filed with the Commission
during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such
quantities and at such locations as the Placement Agent may from time to time reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Continued
Compliance with Securities Laws. </I> If at any time when a Prospectus is required by the Securities Act or the Exchange Act to be delivered
in connection with a pending sale of the Placement Securities (including, without limitation, pursuant to Rule&nbsp;172 under the Securities
Act), any event shall occur or condition shall exist as a result of which it is necessary to amend the Registration Statement together
with the Prospectus in order that the Prospectus will not include any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered
to a purchaser, or if it shall be necessary at any such time to amend the Registration Statement together with the Prospectus in order
to comply with the requirements of the Securities Act, the Company will promptly notify </FONT>the Placement Agent to suspend the offering
of Placement Securities during such period and the Company will promptly prepare and file with the Commission such amendment or supplement
as may be necessary to correct such statement or omission or to make the Registration Statement and the Prospectus comply with such requirements,
and the Company will furnish to the Placement Agent such number of copies of such amendment or supplement as the Placement Agent may
reasonably request. If at any time following the issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development
as a result of which such Issuer Free Writing Prospectus conflicted, conflicts or would conflict with the information contained in the
Registration Statement or the Prospectus or included, includes or would include an untrue statement of a material fact or together with
the Prospectus omitted, omits or would omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances, prevailing at that subsequent time, not misleading, the Company will promptly notify the Placement Agent to suspend
the offering of Placement Securities during such period and the Company will, subject to Section&nbsp;7(a)&nbsp;hereof, promptly amend
or supplement such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Blue
Sky and Other Qualifications</I>. The Company will use its best efforts, in cooperation with </FONT>the Placement Agent, to qualify the
Placement Securities for offering and sale, or to obtain an exemption for the Securities to be offered and sold, under the applicable
securities laws of such states and other jurisdictions (domestic or foreign) as the Placement Agent may designate and to maintain such
qualifications and exemptions in effect for so long as required for the distribution of the Securities (but in no event for less than
one year from the date of this Agreement); <I>provided</I>, <I>however</I>, that the Company shall not be obligated to file any general
consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is
not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.
In each jurisdiction in which the Placement Securities have been so qualified or exempt, the Company will file such statements and reports
as may be required by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so
long as required for the distribution of the Placement Securities (but in no event for less than one year from the date of this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Rule&nbsp;158</I>.
The Company will timely file such reports pursuant to the Exchange Act as are necessary in order to make generally available to its securityholders
as soon as practicable an earnings statement for the purposes of, and to provide to </FONT>the Placement Agent the benefits contemplated
by, the last paragraph of Section&nbsp;11(a)&nbsp;of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Use
of Proceeds</I>. The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the
Prospectus under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Listing</I>.
During any period in which the Prospectus relating to the Placement Securities is required to be delivered by </FONT>the Placement Agent
under the Securities Act with respect to a pending sale of the Placement Securities (including in circumstances where such requirement
may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), the Company will use its commercially reasonable efforts to cause
the Placement Securities to be listed on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Filings
with the Exchange</I>. The Company will timely seek to file with the NYSE all material documents and notices required by the NYSE of
companies that have securities traded on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Reporting
Requirements</I>. The Company, during any period when the Prospectus is required to be delivered under the Securities Act and the Exchange
Act (including in circumstances where such requirement may be satisfied pursuant to Rule&nbsp;172 under the Securities Act), will file
all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Notice
of Other Sales</I>. During the pendency of any Placement Notice given hereunder, the Company shall provide </FONT>the Placement Agent
notice as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise
disposes of any shares of Common Stock (other than Placement Securities offered pursuant to the provisions of this Agreement) or securities
convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire Common Stock; <I>provided</I>, that
such notice shall not be required in connection with the (i)&nbsp;issuance, grant or sale of restricted stock, Common Stock, LTIP units,
options to purchase Common Stock, or Common Stock issuable upon the exercise of options or other equity awards pursuant to any stock
option, stock bonus or other stock or compensatory plan or arrangement described in the Prospectus, (ii)&nbsp;the issuance of securities
in connection with an acquisition, merger or sale or purchase of assets described in the Prospectus, or (iii)&nbsp;the issuance or sale
of Common Stock pursuant to any dividend reinvestment plan that the Company has in effect or may adopt from time to time, <I>provided
</I>the implementation of such new plan is disclosed to the Placement Agent in advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Change
of Circumstances</I>. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement Notice
or sell Placement Securities, advise </FONT>the Placement Agent promptly after it shall have received notice or obtained knowledge thereof,
of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document provided
to the Placement Agent pursuant to this Agreement during such fiscal quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Due
Diligence Cooperation</I>. The Company will cooperate with any reasonable due diligence review conducted by </FONT>the Placement Agent
or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making
available documents and senior officers, during regular business hours and at the Company&rsquo;s principal offices, as the Placement
Agent may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Disclosure
of Sales</I>. The Company will, if applicable, disclose in its quarterly reports on Form&nbsp;10-Q and in its annual report on Form&nbsp;10-K
the number of Placement Securities sold through </FONT>the Placement Agent during the most recent fiscal quarter, the Net Proceeds to
the Company and the compensation paid or payable by the Company to the Placement Agent with respect to such Placement Securities. If
requested by the Placement Agent, the Company shall also prepare and file with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under
the Securities Act not later than 40 days after the completion of such quarter a prospectus supplement disclosing such sales information,
if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Representation
Dates; Certificate</I>. On or prior to the date that the Securities are first sold pursuant to the terms of this Agreement and:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;each
time the Company files the Prospectus relating to the Placement Securities or amends or supplements the Registration Statement or the
Prospectus relating to the Placement Securities (other than amendments or supplements that are filed solely to report sales of the Placement
Securities pursuant to this Agreement) by means of a post-effective amendment, sticker, or supplement but not by means of incorporation
of documents by reference into the Registration Statement or the Prospectus relating to the Placement Securities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;each
time the Company files an annual report on Form&nbsp;10-K under the Exchange Act (each date of filing of the Company&rsquo;s annual report
on Form&nbsp;10-K shall be a &ldquo;<U>10-K Representation Date</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;each
time the Company files its quarterly reports on Form&nbsp;10-Q under the Exchange Act; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;each
time the Company files a report on Form&nbsp;8-K containing amended financial information (other than an earnings release, to &ldquo;furnish&rdquo;
information pursuant to Items 2.02 or 7.01 of Form&nbsp;8-K or to provide disclosure pursuant to Item 8.01 of Form&nbsp;8-K relating
to the reclassifications of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards
No.&nbsp;144) under the Exchange Act (each date of filing of one or more of the documents referred to in clauses (i)&nbsp;through (iv)&nbsp;shall
be a &ldquo;<U>Representation Date</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
Company and the Operating Partnership shall furnish </FONT>the Placement Agent with a certificate, in the form attached hereto as <U>Exhibit&nbsp;G</U>,
within one (1)&nbsp;Trading Day of any Representation Date. The requirement to provide a certificate under this Section&nbsp;7(o)&nbsp;shall
be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until
the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered
a Representation Date) and the next occurring Representation Date. Notwithstanding the foregoing, if the Company subsequently decides
to sell Placement Securities following a Representation Date when the Company relied on such waiver and did not provide the Placement
Agent with a certificate under this Section&nbsp;7(o), then before the Company delivers the Placement Notice or the Placement Agent sells
any Placement Securities, the Company and the Operating Partnership shall provide the Placement Agent with a certificate, in the form
attached hereto as <U>Exhibit&nbsp;G</U>, dated the date of the Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Legal
Opinions</I>. On or prior to the date that the Securities are first sold pursuant to the terms of this Agreement and within one (1)&nbsp;Trading
Day after each 10-K Representation Date with respect to which the Company and the Operating Partnership is obligated to deliver a certificate
in the form attached hereto as <U>Exhibit&nbsp;G</U> for which no waiver is applicable, the Company shall cause to be furnished to </FONT>the
Placement Agent (i)&nbsp;a written opinion of Venable LLP, Maryland counsel to the Company (&ldquo;<U>Company Maryland Counsel</U>&rdquo;),
or other counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel,
dated the date that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;D</U>,
(ii)&nbsp;written opinions of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, special counsel to the Company (&ldquo;<U>Company Special
Counsel</U>&rdquo;), or other counsel satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement
Agent and its counsel, dated the date that the opinion is required to be delivered, substantially similar to the forms attached hereto
as <U>Exhibit&nbsp;E-1</U> and <U>Exhibit&nbsp;E-2</U>, (iii)&nbsp;a written opinion of Debevoise&nbsp;&amp; Plimpton LLP,&nbsp;Investment
Company Act counsel to the Company (&ldquo;<U>Company Investment Company Act Counsel</U>&rdquo;), or other counsel satisfactory to the
Placement Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel, dated the date that the opinion
is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;F</U> and (iv)&nbsp;the written opinion
and, if not included in such opinion, negative assurance letter of Cooley LLP, counsel to the Placement Agent, or other counsel satisfactory
to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent, dated the date that the opinion is required
to be delivered; <I>provided, however</I>, that in lieu of such opinions for subsequent 10-K Representation Dates, counsel may furnish
the Placement Agent with a letter to the effect that the Placement Agent may rely on a prior opinion delivered under this Section&nbsp;7(p)&nbsp;to
the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to
the Registration Statement and the Prospectus as amended or supplemented at such 10-K Representation Date).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Comfort
Letter</I>. On or prior to the date that the Securities are first sold pursuant to the terms of this Agreement and within one (1)&nbsp;Trading
Day after each 10-K Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached
hereto as <U>Exhibit&nbsp;G </U>for which no waiver is applicable, the Company shall cause its independent accountants (and any other
independent accountants whose report is included in the Prospectus) to furnish </FONT>the Placement Agent letters (the &ldquo;<U>Comfort
Letters</U>&rdquo;), dated the date the Comfort Letter is required to be delivered, in form and substance satisfactory to the Placement
Agent, (i)&nbsp;confirming that they are an independent registered public accounting firm within the meaning of the Securities Act, the
Exchange Act and the PCAOB, (ii)&nbsp;stating, as of such date, the conclusions and findings of such firm with respect to the financial
information and other matters ordinarily covered by accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters in connection with
registered public offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Market
Activities</I>. The Company will not, directly or indirectly, (i)&nbsp;take any action designed to cause or result in, or that constitutes
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Securities or (ii)&nbsp;sell, bid for, or purchase the Securities to be issued and sold pursuant to this Agreement,
or pay anyone any compensation for soliciting purchases of the Securities to be issued and sold pursuant to this Agreement other than
</FONT>the Placement Agent; <I>provided, however</I>, that the Company may bid for and purchase its Common Stock in accordance with Rule&nbsp;10b-18
under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Investment
Company Act</I>. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor its subsidiaries
will be or become, at any time prior to the termination of this Agreement, an &ldquo;investment company,&rdquo; as such term is defined
in the Investment Company Act, assuming no change in the Commission&rsquo;s current interpretation as to entities that are not considered
an investment company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Securities
Act and Exchange Act</I>. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities Act
and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement
Securities as contemplated by the provisions hereof and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>No
Offer to Sell</I>. Other than a free writing prospectus (as defined in Rule&nbsp;405 under the Securities Act) approved in advance in
writing by the Company and </FONT>the Placement Agent in its capacity as principal or agent hereunder, the Company (including its agents
and representatives, other than the Placement Agent in its capacity as such) will not, directly or indirectly, make, use, prepare, authorize,
approve or refer to any free writing prospectus relating to the Securities to be sold by the Placement Agent as principal or agent hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Sarbanes-Oxley
Act</I>. The Company and its subsidiaries will use their best efforts to comply with all effective applicable provisions of the Sarbanes-Oxley
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Regulation
M</I>. If the Company has reason to believe that the exemptive provisions set forth in Rule&nbsp;101(c)(1)&nbsp;of Regulation M under
the Exchange Act are not satisfied with respect to the Company or the Common Stock, it shall promptly notify </FONT>the Placement Agent
and sales of the Placement Securities under this Agreement shall be suspended until that or other exemptive provisions have been satisfied
in the judgment of each party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><I>REIT
Qualification</I>. Each of the Company and the Private REIT will use its best efforts to continue to qualify as a REIT under the Code
unless the Company&rsquo;s and the Private REIT&rsquo;s Board of Directors, as applicable, determines in good faith that it is no longer
in the best interests of the Company and its stockholders to be so qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Payment
of Expenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Expenses</I>.
The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i)&nbsp;the preparation,
printing and filing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment
and supplement thereto, (ii)&nbsp;the word processing, printing and delivery to </FONT>the Placement Agent of this Agreement and such
other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Placement Securities,
(iii)&nbsp;the preparation, issuance and delivery of the certificates for the Placement Securities to the Placement Agent, including
any stock or other transfer taxes and any capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery
of the Placement Securities to the Placement Agent, (iv)&nbsp;the fees and disbursements of the counsel, accountants and other advisors
to the Company and the Operating Partnership, (v)&nbsp;the qualification or exemption of the Placement Securities under securities laws
in accordance with the provisions of Section&nbsp;7(e)&nbsp;hereof, including filing fees and the reasonable fees and disbursements of
counsel for the Placement Agent in connection therewith and in connection with the preparation of the Blue Sky Survey and any supplements
thereto, (vi)&nbsp;the printing and delivery to the Placement Agent of copies of any Permitted Free Writing Prospectus and the Prospectus
and any amendments or supplements thereto and any costs associated with electronic delivery of any of the foregoing by the Placement
Agent to investors, (vii)&nbsp;the fees and expenses of the transfer agent and registrar for the Securities, (viii)&nbsp;the filing fees
incident to, and the reasonable fees and disbursements of counsel to the Placement Agent in connection with, the review by FINRA of the
terms of the sale of the Securities and (ix)&nbsp;the fees and expenses incurred in connection with the listing of the Placement Securities
on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Termination
of Agreement</I>. If this Agreement is terminated by the Placement Agent in accordance with the provisions of Section&nbsp;9 or Section&nbsp;12(a)(i)&nbsp;hereof
or by the Company pursuant to Section&nbsp;12(b)&nbsp;hereof, the Company shall reimburse </FONT>the Placement Agent for all of their
out-of-pocket expenses, including the reasonable fees and disbursements of counsel for the Placement Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Conditions
of the Placement Agent&rsquo;s Obligations</U>. The obligations of the Placement Agent hereunder with respect to a Placement will be
subject to the continuing accuracy and completeness of the representations and warranties of the Company and the Operating Partnership
contained in this Agreement or in certificates of any officer of the Company, the Operating Partnership or any of their respective subsidiaries
delivered pursuant to the provisions hereof, to the performance by the Company and the Operating Partnership of their respective covenants
and other obligations hereunder, and to the following further conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Opinions
of Company Maryland Counsel, Company Special Counsel, Company Investment Company Act Counsel and Counsel to </I></FONT><I>the Placement
Agent</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;On
or prior to the date that Securities are first sold pursuant to the terms of this Agreement the Company shall furnish to the Placement
Agent the opinions, each addressed to the Placement Agent, of (A)&nbsp;Venable LLP, Maryland counsel to the Company, or other counsel
satisfactory to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent and its counsel, dated the
date that the opinion is required to be delivered, substantially similar to the form attached hereto as <U>Exhibit&nbsp;D</U>; (B)&nbsp;Skadden,
Arps, Slate, Meagher&nbsp;&amp; Flom LLP, special counsel to the Company, or other counsel satisfactory to the Placement Agent, in form
and substance reasonably satisfactory to the Placement Agent and its counsel, dated the date that the opinion is required to be delivered,
substantially similar to the form attached hereto as <U>Exhibit&nbsp;E-1</U> and <U>Exhibit&nbsp;E-2</U>; and (C)&nbsp;Debevoise&nbsp;&amp;
Plimpton LLP,&nbsp;Investment Company Act counsel to Company, or other counsel satisfactory to the Placement Agent, in form and substance
reasonably satisfactory to the Placement Agent and its counsel, dated the date that the opinion is required to be delivered, substantially
similar to the form attached hereto as <U>Exhibit&nbsp;F</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;On
or prior to the date that Securities are first sold pursuant to the terms of this Agreement, Cooley LLP, counsel to the Placement Agent,
or other counsel satisfactory to the Placement Agent, shall furnish to the Placement Agent its opinion and, if not included in such opinion,
negative assurance letter, addressed to the Placement Agent, in form and substance reasonably satisfactory to the Placement Agent, dated
the date that the opinion is required to be delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Effectiveness
of Registration Statement</I>. The Registration Statement and any Rule&nbsp;462(b)&nbsp;Registration Statement shall have become effective
and shall be available for (i)&nbsp;all sales of Placement Securities issued pursuant to all prior Placement Notices and (ii)&nbsp;the
sale of all Placement Securities contemplated to be issued by any Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>No
Material Notices</I>. None of the following events shall have occurred and be continuing: (i)&nbsp;receipt by the Company or any of its
subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority during
the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus; (ii)&nbsp;the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that
purpose; (iii)&nbsp;receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Placement Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for
such purpose; (iv)&nbsp;the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus,
or any Issuer Free Writing Prospectus, or any material document incorporated or deemed to be incorporated therein by reference untrue
in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus, or any Issuer Free
Writing Prospectus, or such documents so that, in the case of the Registration Statement, it will not contain any materially untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading
and, that in the case of the Prospectus and any Issuer Free Writing Prospectus, it will not contain any materially untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>No
Misstatement or Material Omission</I>. T</FONT>he Placement Agent shall not have advised the Company that the Registration Statement
or Prospectus, or any Issuer Free Writing Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that
in the Placement Agent&rsquo;s reasonable opinion is material, or omits to state a fact that in the Placement Agent&rsquo;s opinion is
material and is required to be stated therein or is necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Material
Changes</I>. Except as contemplated in the Prospectus, or disclosed in the Company&rsquo;s reports filed with the Commission, there shall
not have been any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business
prospects of the Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Representation
Certificate</I>. </FONT>The Placement Agent shall have received the certificate required to be delivered pursuant to Section&nbsp;7(o)&nbsp;on
or before the date on which delivery of such certificate is required pursuant to Section&nbsp;7(o).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Accountant&rsquo;s
Comfort Letter</I>. </FONT>The Placement Agent shall have received the Comfort Letter required to be delivered pursuant Section&nbsp;7(q)&nbsp;on
or before the date on which such delivery of such opinion is required pursuant to Section&nbsp;7(q).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Approval
for Listing</I>. The Placement Securities shall either have been (i)&nbsp;approved for listing on the NYSE, subject only to notice of
issuance, or (ii)&nbsp;the Company shall have filed an application for listing of the Placement Securities on the NYSE at, or prior to,
the issuance of any Placement Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>No
Suspension</I>. Trading in the Securities shall not have been suspended on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Additional
Documents</I>. On each date on which the Company is required to deliver a certificate pursuant to Section&nbsp;7(o), counsel for </FONT>the
Placement Agent shall have been furnished with such documents and opinions as they may require for the purpose of enabling them to pass
upon the issuance and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations
or warranties, or the fulfillment of any of the conditions, contained in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Securities
Act Filings Made</I>. All filings with the Commission required by Rule&nbsp;424 under the Securities Act to have been filed prior to
the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule&nbsp;424
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Termination
of Agreement</I>. If any condition specified in this Section&nbsp;9 shall not have been fulfilled when and as required to be fulfilled,
this Agreement may be terminated by </FONT>the Placement Agent by notice to the Company, and such termination shall be without liability
of any party to any other party except as provided in Section&nbsp;7 hereof and except that, in the case of any termination of this Agreement,
Sections 5, 10, 11 and 19 hereof shall survive such termination and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Indemnity
and Contribution by the Company, the Operating Partnership and the Placement Agent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Indemnification
by the Company and the Operating Partnership</I>. The Company and the Operating Partnership, jointly and severally, agree to indemnify,
defend and hold harmless </FONT>the Placement Agent and any person who controls the Placement Agent within the meaning of Section&nbsp;15
of the Securities Act or Section&nbsp;20 of the Exchange Act, from and against any loss, expense, liability, damage or claim (including
the reasonable cost of investigation) which, jointly or severally, the Placement Agent or any controlling person may incur under the
Securities Act, the Exchange Act or otherwise, insofar as such loss, expense, liability, damage or claim arises out of or is based upon
(1)&nbsp;any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment
thereof), any Issuer Free Writing Prospectus that the Company has filed or was required to file with the Commission or the Prospectus
(the term Prospectus for the purpose of this Section&nbsp;10 being deemed to include the Prospectus as of its date and as amended or
supplemented by the Company), (2)&nbsp;any omission or alleged omission to state a material fact required to be stated in any such Registration
Statement, or necessary to make the statements made therein not misleading, or (3)&nbsp;any omission or alleged omission from any such
Issuer Free Writing Prospectus or Prospectus of a material fact necessary to make the statements made therein, in the light of the circumstances
under which they were made, not misleading; <I>except</I>, in the case of each of clauses (1), (2)&nbsp;and (3), insofar as any such
loss, expense, liability, damage or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material
fact or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
(in the case of the Prospectus and any Issuer Free Writing Prospectus, in the light of the circumstances under which they were made)
not misleading, in each such case, to the extent contained in and in conformity with information furnished in writing by the Placement
Agent to the Company expressly for use therein (that information being limited to that described in Section&nbsp;10(b)&nbsp;hereof).
The indemnity agreement set forth in this Section&nbsp;10(a)&nbsp;shall be in addition to any liability which the Company and the Operating
Partnership may otherwise have. If any action is brought against the Placement Agent or any controlling person in respect of which indemnity
may be sought against the Company or the Operating Partnership pursuant to the foregoing paragraph of this Section&nbsp;10(a), the Placement
Agent shall promptly notify the Company or the Operating Partnership, as the case may be, in writing of the institution of such action,
and the Company or the Operating Partnership, as the case may be, shall if it so elects, assume the defense of such action, including
the employment of counsel and payment of expenses; <I>provided</I>, <I>however</I>, that any failure or delay to so notify the Company
or the Operating Partnership, as the case may be, will not relieve the Company or the Operating Partnership of any obligation hereunder,
except to the extent that their ability to defend is materially prejudiced by such failure or delay. The Placement Agent or such controlling
person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at
the expense of the Placement Agent or such controlling person unless the employment of such counsel shall have been authorized in writing
by the Company or the Operating Partnership, as the case may be, in connection with the defense of such action, or the Company or the
Operating Partnership, as the case may be, shall not have employed counsel reasonably satisfactory to the Placement Agent or such controlling
person, as the case maybe, to have charge of the defense of such action within a reasonable time or such indemnified party or parties
shall have reasonably concluded (based on the advice of counsel) that there may be defenses available to it or them which are different
from or additional to those available to the Company or the Operating Partnership (in which case neither the Company nor the Operating
Partnership shall have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which
events such fees and expenses shall be borne by the Company or the Operating Partnership, as the case may be, and paid as incurred (it
being understood, however, that neither the Company nor the Operating Partnership shall be liable for the expenses of more than one separate
firm of attorneys for the Placement Agent or such controlling persons in any one action or series of related actions in the same jurisdiction
(other than local counsel in any such jurisdiction) representing the indemnified parties who are parties to such action). Anything in
this paragraph to the contrary notwithstanding, neither the Company nor the Operating Partnership shall be liable for any settlement
of any such claim or action effected without its consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Indemnification
by the Placement Agent. </I></FONT>The Placement Agent agrees to indemnify, defend and hold harmless the Company, the Operating Partnership,
the Company&rsquo;s directors, the Company&rsquo;s officers that signed the Registration Statement, any person who controls the Company
and the Operating Partnership within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, from
and against any loss, expense, liability, damage or claim (including the reasonable cost of investigation) which, jointly or severally,
the Company, the Operating Partnership or any such person may incur under the Securities Act, the Exchange Act or otherwise, insofar
as such loss, expense, liability, damage or claim arises out of or is based upon (1)&nbsp;any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement (or any amendment thereof), any Issuer Free Writing Prospectus that the Company
has filed or was required to file with the Commission, the Prospectus, (2)&nbsp;any omission or alleged omission to state a material
fact required to be stated in any such Registration Statement, or necessary to make the statements made therein not misleading, or (3)&nbsp;any
omission or alleged omission from any such Issuer Free Writing Prospectus or the Prospectus of a material fact necessary to make the
statements made therein, in the light of the circumstances under which they were made, not misleading, but in each case only insofar
as such untrue statement or alleged untrue statement or omission or alleged omission was made in such Registration Statement,&nbsp;Issuer
Free Writing Prospectus or Prospectus in reliance upon and in conformity with information furnished in writing by the Placement Agent
to the Company expressly for use therein. The statements set forth in the sixth paragraph under the caption &ldquo;Plan of Distribution&rdquo;
in the Prospectus Supplement (to the extent such statements relate to the Placement Agent) and the name of the Placement Agent constitute
the only information furnished by or on behalf of the Placement Agent to the Company or the Operating Partnership for the purposes of
Section&nbsp;5(a)(1), Section&nbsp;5(a)(3)&nbsp;and this Section&nbsp;10. The indemnity agreement set forth in this Section&nbsp;10(b)&nbsp;shall
be in addition to any liabilities that the Placement Agent may otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any action is brought against the Company</FONT>, the Operating Partnership or any such person in respect of which indemnity may be sought
against the Placement Agent pursuant to the foregoing paragraph, the Company, the Operating Partnership or such person shall promptly
notify the Placement Agent in writing of the institution of such action and the Placement Agent shall if it so elects assume the defense
of such action, including the employment of counsel and payment of expenses; <I>provided</I>, <I>however</I>, that any failure or delay
to so notify the Placement Agent will not relieve the Placement Agent of any obligation hereunder, except to the extent that their ability
to defend is materially prejudiced by such failure or delay. The Company, the Operating Partnership or such person shall have the right
to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Company, the Operating
Partnership or such person unless the employment of such counsel shall have been authorized in writing by the Placement Agent in connection
with the defense of such action or the Placement Agent shall not have employed counsel reasonably satisfactory to the Company, the Operating
Partnership or such person, as the case may be, to have charge of the defense of such action within a reasonable time or such indemnified
party or parties shall have reasonably concluded (based on the advice of counsel) that there may be defenses available to it or them
which are different from or additional to those available to the Placement Agent (in which case the Placement Agent shall not have the
right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses
shall be borne by the Placement Agent and paid as incurred (it being understood, however, that the Placement Agent shall not be liable
for the expenses of more than one separate firm of attorneys in any one action or series of related actions in the same jurisdiction
(other than local counsel in any such jurisdiction) representing the indemnified parties who are parties to such action). Anything in
this paragraph to the contrary notwithstanding, the Placement Agent shall not be liable for any settlement of any such claim or action
effected without its written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Contribution</I>.
If the indemnification provided for in this Section&nbsp;10 is unavailable or insufficient to hold harmless an indemnified party under
subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;10 in respect of any losses, expenses, liabilities, damages or claims referred
to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid
or payable by such indemnified party as a result of such losses, expenses, liabilities, damages or claims (i)&nbsp;in such proportion
as is appropriate to reflect the relative benefits received by the Company, the Operating Partnership and by </FONT>the Placement Agent,
each from the offering of the Securities, or (ii)&nbsp;if (but only if) the allocation provided by clause (i)&nbsp;above is not permitted
by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&nbsp;above
but also the relative fault of the Company, the Operating Partnership and the Placement Agent in connection with the statements or omissions
which resulted in such losses, expenses, liabilities, damages or claims, as well as any other relevant equitable considerations. The
relative benefits received by the Company and the Operating Partnership shall be deemed to be equal to the gross proceeds from the offering
of Securities (before deducting discounts and expenses) received by each of them and benefits received by the Placement Agent shall be
deemed to be equal to the underwriting discounts and commissions received the Placement Agent. The relative fault of the Company, the
Operating Partnership and of the Placement Agent shall be determined by reference to, among other things, whether the untrue statement
or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company and/or
the Operating Partnership or by the Placement Agent and the intent of the parties and their relative knowledge, access to information
and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims,
damages and liabilities referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such
party in connection with investigating or defending any claim or action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company, the Operating Partnership and </FONT>the Placement Agent agree that it would not be just and equitable if contribution pursuant
to this Section&nbsp;10 were determined by <I>pro rata</I> allocation or by any other method of allocation which does not take account
of the equitable considerations referred to in clause (i)&nbsp;and, if applicable, clause (ii)&nbsp;of subsection (c)&nbsp;above. Notwithstanding
the provisions of this Section&nbsp;10, the Placement Agent shall not be required to contribute any amount in excess of the underwriting
discounts and commissions applicable to the Securities purchased by the Placement Agent and the liability of the Company and/or the Operating
Partnership pursuant to this Section&nbsp;10 shall not exceed the gross proceeds received by the Company and/or the Operating Partnership
in the offering. No person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this Section&nbsp;shall not affect any agreement among the Company and the Operating Partnership with respect to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Representations,
Warranties and Agreements to Survive Delivery</U>. All representations, warranties and agreements contained in this Agreement or in certificates
of officers of the Company or the Operating Partnership or any of their respective subsidiaries submitted pursuant hereto, shall remain
operative and in full force and effect, regardless of any investigation made by or on behalf of the Placement Agent or controlling person,
or by or on behalf of the Company or the Operating Partnership, and shall survive delivery of the Securities to the Placement Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Termination
of Agreement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Termination;
General</I>. </FONT>The Placement Agent may terminate this Agreement, by notice to the Company, as hereinafter specified at any time
(i)&nbsp;if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus,
any material adverse change in the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the
Company and its subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business, or (ii)&nbsp;if
there has occurred any material adverse change in the financial markets in the United States or the international financial markets,
any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change
in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in
the judgment of the Placement Agent, impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the
Securities, or (iii)&nbsp;if trading in the Placement Securities has been suspended or limited by the Commission or the NYSE, or if trading
generally on the NYSE American, the NYSE or the Nasdaq Global Market has been suspended or limited, or minimum or maximum prices for
trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the Commission, the
FINRA or any other governmental authority, or a material disruption has occurred in commercial banking or securities settlement or clearance
services in the United States or in Europe, or (iv)&nbsp;if a banking moratorium has been declared by either Federal or New York authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Termination
by the Company</I>. The Company shall have the right, by giving one (1)&nbsp;day notice as hereinafter specified to terminate this Agreement
in its sole discretion at any time after the date of this Agreement. Upon termination of this Agreement pursuant to this Section&nbsp;12(b),
any outstanding Placement Notices shall also be terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Termination
by the Placement Agent. </I></FONT>The Placement Agent shall have the right, by giving one (1)&nbsp;day notice as hereinafter specified
to terminate this Agreement in its sole discretion at any time after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Automatic
Termination</I>. Unless earlier terminated pursuant to this Section&nbsp;12, this Agreement shall automatically terminate upon the issuance
and sale of all of the Placement Securities through </FONT>the Placement Agent on the terms and subject to the conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Continued
Force and Effect</I>. This Agreement shall remain in full force and effect unless terminated pursuant to Sections 12(a), (b), (c), or
(d)&nbsp;above or otherwise by mutual agreement of the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Effectiveness
of Termination</I>. Any termination of this Agreement shall be effective on the date specified in such notice of termination; <I>provided</I>,
<I>however</I>, that such termination shall not be effective until the close of business on the date of receipt of such notice by </FONT>the
Placement Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement
Securities, such Placement Securities shall settle in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Liabilities</I>.
If this Agreement is terminated pursuant to this Section&nbsp;12, such termination shall be without liability of any party to any other
party except as provided in Section&nbsp;8 hereof, and except that, in the case of any termination of this Agreement, Section&nbsp;5,
Section&nbsp;10, Section&nbsp;11 and Section&nbsp;19 hereof shall survive such termination and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Notices</U>.
Except as otherwise provided in this Agreement, all notices and other communications hereunder shall be in writing and shall be deemed
to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Placement Agent shall be directed
to the Placement Agent at Citizens JMP Securities, LLC, 600 Montgomery Street, Suite&nbsp;1100, San Francisco, California 94111, Facsimile:
(415) 835-8920, Attention: Equity Securities, with a copy (which shall not constitute notice) to Cooley LLP, 55 Hudson Yards, New York,
New York, 10001, Attention: Daniel I. Goldberg and Courtney Tygesson, and notices to the Company and the Operating Partnership shall
be directed to them at&nbsp; c/o Arbor Realty Trust,&nbsp;Inc., 333 Earle Ovington Boulevard, Suite&nbsp;900, Uniondale, New York 11553,
Attention: Paul Elenio, Chief Financial Officer, with a copy (which shall not constitute notice) to Skadden, Arps, Slate, Meagher&nbsp;&amp;
Flom LLP, One Manhattan West, New York, New York 10001, Attention: David J. Goldschmidt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Parties</U>.
This Agreement shall inure to the benefit of and be binding upon the Placement Agent, the Company and their respective successors. Nothing
expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Placement
Agent, the Company and their respective successors and the controlling persons and officers and directors referred to in Section&nbsp;10
and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or any
provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit
of the Placement Agent, the Company and their respective successors, and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Securities from the Placement
Agent shall be deemed to be a successor by reason merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Adjustments
for Stock Splits</U>. The parties acknowledge and agree that all stock-related numbers contained in this Agreement shall be adjusted
to take into account any stock split, stock dividend or similar event effected with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;16.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Governing
Law and Time</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. SPECIFIED TIMES
OF DAY REFER TO NEW YORK CITY TIME.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Effect
of Headings</U>. The Section&nbsp;and Exhibit&nbsp;headings herein are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Permitted
Free Writing Prospectuses</U>. The Company represents, warrants and agrees that, unless it obtains the prior consent of the Placement
Agent, and the Placement Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, it has not made
and will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus, or that would otherwise
constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule&nbsp;405 under the Securities Act, required to be filed with the
Commission. Any such free writing prospectus consented to by the Placement Agent or by the Company, as the case may be, is hereinafter
referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo; The Company represents and warrants that it has treated and
agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433
under the Securities Act, and has complied and will comply with the requirements of Rule&nbsp;433 under the Securities Act applicable
to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For
the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in <U>Exhibit&nbsp;H</U> hereto
are Permitted Free Writing Prospectuses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Absence
of Fiduciary Relationship</U>. Each of the Company and the Operating Partnership acknowledges and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
Placement Agent is acting solely as agent and/or principal in connection with the public offering of the Securities and in connection
with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship
between the Company, the Operating Partnership or any of their respective affiliates, stockholders (or other equity holders), creditors
or employees or any other party, on the one hand, and the Placement Agent, on the other hand, has been or will be created in respect
of any of the transactions contemplated by this Agreement, irrespective of whether or not the Placement Agent has advised or is advising
the Company or the Operating Partnership on other matters, and the Placement Agent has no obligation to the Company or the Operating
Partnership with respect to the transactions contemplated by this Agreement, except the obligations expressly set forth in this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
public offering price of the Securities was not established by </FONT>the Placement Agent; it is capable of evaluating and understanding,
and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>the
Placement Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this
Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;it
is aware that </FONT>the Placement Agent and its respective affiliates are engaged in a broad range of transactions which may involve
interests that differ from those of the Company and the Operating Partnership and the Placement Agent has no obligation to disclose such
interests and transactions to the Company or the Operating Partnership by virtue of any fiduciary, advisory or agency relationship or
otherwise; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;it
waives, to the fullest extent permitted by law, any claims it may have against </FONT>the Placement Agent for breach of fiduciary duty
or alleged breach of fiduciary duty and agrees that the Placement Agent shall not have any liability (whether direct or indirect, in
contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its
behalf or in right of it or the Company, the Operating Partnership, or employees or creditors of the Company or the Operating Partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;20.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument, and may be delivered by facsimile transmission or by electronic delivery of a portable
document format (PDF) file (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions
Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;21.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Recognition
of the U.S. Special Resolution Regimes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>In
the event that the Placement Agent is a Covered Entity and becomes subject to a proceeding under a U.S. Special Resolution Regime, the
transfer from the Placement Agent of this Agreement, and any interest and obligation in or under this Agreement, will be effective to
the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest
and obligation, were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event that the Placement Agent is a Covered Entity and the Placement Agent or a BHC Act Affiliate of the Placement Agent becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against the
Placement Agent are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of this Section&nbsp;20; (a)&nbsp;&ldquo;BHC Act Affiliate&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k), (b)&nbsp;&ldquo;Covered Entity&rdquo; means any of the following:
(i)&nbsp;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii)&nbsp;a
 &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&nbsp;a
 &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b), (c)&nbsp;&ldquo;Default
Right&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81, 47.2
or 382.1, as applicable, and (d)&nbsp;&ldquo;U.S. Special Resolution Regime&rdquo; means each of (i)&nbsp;the Federal Deposit Insurance
Act and the regulations promulgated thereunder and (ii)&nbsp;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase">SECTION&nbsp;22.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Entire
Agreement; Amendment; Severability; Waiver</U>. This Agreement (including all schedules and exhibits attached hereto and Placement Notices
issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings,
both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof
may be amended except pursuant to a written instrument executed by the Company and the Placement Agent. The Section&nbsp;headings herein
are for the convenience of the parties only and shall not affect the construction or interpretation of this Agreement. In the event that
any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable
as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent
that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid,
illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and
the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.
No implied waiver by a party shall arise in the absence of a waiver in writing signed by such party. No failure or delay in exercising
any right, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the exercise of any right, power, or privilege hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&nbsp;Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company a counterpart hereof,
whereupon this instrument, along with all counterparts, will become a binding agreement by and among </FONT>the Placement Agent, the
Company and the Operating Partnership in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>ARBOR REALTY TRUST,&nbsp;INC.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Paul Elenio&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Paul Elenio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>ARBOR REALTY LIMITED PARTNERSHIP</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">By:</TD>
    <TD STYLE="font-size: 10pt">Arbor Realty GPOP,&nbsp;Inc., its&#8239;General Partner</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Paul Elenio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Paul Elenio</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">CONFIRMED AND ACCEPTED, as of the date first above written:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><B>CITIZENS JMP SECURITIES, LLC</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jorge Solares-Parkhurst</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signatory</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page&nbsp;to Equity Distribution Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNIFICANT SUBSIDIARIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Name</U></B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 27%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Jurisdiction of Organization
    </U></B></FONT></TD>
    <TD STYLE="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Type of Entity </U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty GPOP,&nbsp;Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty Limited Partnership</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Partnership (general partner is Arbor Realty
    GPOP,&nbsp;Inc.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARSR Holdings, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability Company (majority member is Arbor
    Realty Limited Partnership)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty SR,&nbsp;Inc.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maryland</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty Commercial
    Real Estate Notes 2019-FL2 Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exempted Company with Limited Liability</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty Commercial
    Real Estate Notes 2020-FL1 Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exempted Company with Limited Liability</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty Commercial
    Real Estate Notes 2021-FL1 Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exempted Company with Limited Liability</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty Commercial
    Real Estate Notes 2021-FL2 Ltd.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exempted Company with Limited Liability</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty Commercial
    Real Estate Notes 2021-FL3 Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exempted Company with Limited Liability</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty Commercial
    Real Estate Notes 2021-FL4 Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exempted Company with Limited Liability</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty Commercial
    Real Estate Notes 2022-FL1 Ltd</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman Islands</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exempted Company with Limited Liability</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Realty Commercial
    Real Estate Notes 2022-FL2 LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability Company (treated as a disregarded
    entity for tax purposes)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARSR Alpine LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability Company (classified as Corporation
    for tax purposes)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARSR TRS Holdings LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability Company (classified as Corporation
    for tax purposes)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Private Label, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability Company (classified as Corporation
    for tax purposes)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Private Investment
    LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability Company (classified as Corporation
    for tax purposes)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Q021 Investor LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability Company (classified as Corporation
    for tax purposes)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ART Cardinal, LLC</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited Liability Company (classified as Corporation
    for tax purposes)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>JOINT VENTURES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 30%"><B>Name</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%"><B>Percentage<BR>
of<BR>
Ownership</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 15%"><B>Jurisdiction<BR> of<BR> Organization</B></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 34%"><B>Type of Entity</B></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABT-ESI, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.75%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">420 Fifth Associates, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legacy Equity Investment
Group LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51.33%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PE 25 LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AR Prime LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66.67%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">JT Prime LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">East River Portfolio Holdings
LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multistate Residential LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Multistate Residential II
LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">420 East 80th LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neshaminy Holdings II LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neshaminy Holdings II LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMAC Holdings II LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.65%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kahn Associates, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.10%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arbor Residential Investor,
LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38.49%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDO-AHV Katy Member, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MDO-AHV Frame Member, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8100 Gibbs Way JV, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMAC Manager II LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifth Wall Ventures III,
LP</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.24%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South 13 Portfolio LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Driggs Mezz, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AWC Real Estate Opportunity&nbsp;&nbsp;Partners
I, LP</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Partner</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARSR DPREF I, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Partner</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fort Wayne Portfolio PE,
LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parkview Village Aprts PE,
LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Landings at Brittany ACRES
PE, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arden of Warrenville PE,
LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peninsula Court PE, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">East Tuls Portfolio PE,
LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indy Portfolio PE, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">South Street Lofts PE, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">596 Metropolitan
Ave PE, LLC</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">494 Manhattan Ave PE, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">438 Union Ave PE, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5 Withers St PE, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CF Emerson, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 2.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CF Riverview, LLC</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD>&nbsp;</TD>
<TD STYLE="padding-bottom: 2.15pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited
Liability Company</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM&nbsp;OF PLACEMENT NOTICE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">From:</TD><TD STYLE="text-align: justify">Arbor Realty Trust,&nbsp;Inc.</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">333 Earle Ovington Boulevard, Suite&nbsp;900</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Uniondale, New York 11553</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">To:</TD><TD STYLE="text-align: justify">Citizens
JMP Securities, LLC</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">600 Montgomery Street, Suite&nbsp;1100</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">San Francisco, California 94111</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject: Equity Distribution&mdash;Placement Notice</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms and subject to the conditions contained in the Equity Distribution Agreement among Arbor Realty Trust,&nbsp;Inc., a Maryland
corporation (the &ldquo;<U>Company</U>&rdquo;), Arbor Realty Limited Partnership, a Delaware limited partnership (the &ldquo;<U>Operating
Partnership</U>&rdquo;) and Citizens JMP Securities, LLC (the &ldquo;<U>Placement Agent</U>&rdquo;) dated May&nbsp;3, 2024 (the &ldquo;<U>Agreement</U>&rdquo;),&nbsp;I
hereby request on behalf of the Company that </FONT>the Placement Agent sell up to [&#9679;] shares of the Company&rsquo;s common stock,
par value $0.01 per share, at a minimum market price of $[&#9679;] per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[ADDITIONAL SALES PARAMETERS
MAY&nbsp;BE ADDED, SUCH AS THE MAXIMUM AGGREGATE OFFERING PRICE, THE TIME PERIOD IN WHICH SALES ARE REQUESTED TO BE MADE, SPECIFIC DATES
THE SHARES MAY&nbsp;NOT BE SOLD ON, THE MANNER IN WHICH SALES ARE TO BE MADE BY THE PLACEMENT AGENT, AND/OR THE CAPACITY IN WHICH THE
PLACEMENT AGENT MAY&nbsp;ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH)]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AUTHORIZED INDIVIDUALS FOR PLACEMENT NOTICES
AND ACCEPTANCES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><B><U>Citizens JMP Securities, LLC</U></B></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><U>Name</U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><U>Email</U></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">CJMP Compliance&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">DL-CJMPCompliance@Citizensbank.com</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Aidan Whitehead, Director, Trading&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">AWhitehead@jmpsecurities.com</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Walter Conroy, Chief Legal Officer&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">wconroy@jmpsecurities.com</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Jorge Solares-Parkhurst, Managing Director&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">JSolares@jmpsecurities.com</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Tyler Gallen, Vice President&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">TGallen@jmpsecurities.com</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><U>Arbor Realty Trust,&nbsp;Inc.</U></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><U>Name</U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><U>Email</U></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black">Paul Elenio&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><U>PElenio@arbor.com</U></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Maysa Vahidi&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Mvahidi@arbor.com</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>COMPENSATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Placement Agent shall be paid compensation
of up to 2.0% of the gross proceeds from the sale of Securities pursuant to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM&nbsp;OF OPINION OF COMPANY MARYLAND COUNSEL</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Arbor
Realty Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;Company&rdquo;) has been duly incorporated and is validly existing under
the laws of the State of Maryland and is in good standing with the State Department of Assessments and Taxation of Maryland. The Company
has the corporate power to own, lease and operate its properties and to conduct its business as described under the caption &ldquo;Summary&rdquo;
in the Base Prospectus and to enter into and perform its obligations under the ED Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company has authorized capital consisting of 500,000,000 shares of Common Stock and 100,000,000 shares of preferred stock, $0.01 par
value per share, of which 9,200,000 shares have been designated as shares of the Company&rsquo;s 6.375% Series&nbsp;D Cumulative Redeemable
Preferred Stock, 5,750,000 shares have been designated as shares of the Company&rsquo;s 6.25% Series&nbsp;E Cumulative Redeemable Preferred
Stock, 11,615,000 shares have been designated as shares of the Company&rsquo;s 6.25% Series&nbsp;F Fixed-to-Floating Rate Cumulative
Redeemable Preferred Stock and 25,000,000 shares have been designated as shares of the Company&rsquo;s Special Voting Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
execution, delivery and performance by the Company of the ED Agreement have been duly authorized by all necessary corporate action on
the part of the Company. The ED Agreement has been duly executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Shares have been duly authorized and, when issued and delivered by the Company in accordance with the ED Agreement, the Resolutions and
the Officer Instructions against payment of the consideration set forth therein, the Shares will be validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
issuance and sale of the Shares are not subject to preemptive rights or other similar rights arising under the Maryland General Corporation
Law (the &ldquo;MGCL&rdquo;) or the Organizational Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
execution, delivery and performance of the ED Agreement by the Company, the consummation of the transactions contemplated in the ED Agreement
and the Prospectus (including the issuance and sale of the Shares and the use of the proceeds from the sale of the Shares as described
in the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;) and compliance by the Company with its obligations under the ED Agreement
do not and will not (i)&nbsp;result in any violation of the Organizational Documents or (ii)&nbsp;violate or conflict with, or result
in any contravention of, any statute, rule&nbsp;or regulation or decree of any court or other governmental agency or body of the State
of Maryland applicable to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;We
have reviewed the information (i)&nbsp;in the Base Prospectus under the caption &ldquo;Description of Capital Stock&rdquo; and &ldquo;Certain
Provisions of Maryland Law and of our Charter and Bylaws&rdquo; and (ii)&nbsp;in Part&nbsp;II of the Registration Statement in Item 15,
in each case, to the extent that such information constitutes matters of Maryland law, summaries of Maryland legal matters, summaries
of certain provisions of the Organizational Documents or legal conclusions with respect to matters of Maryland law, such information
is correct in all material respects. The Common Stock conforms in all material respects to the description thereof in the Base Prospectus
under the caption &ldquo;Description of Capital Stock&mdash;Common Stock.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;No
consent, approval, authorization or other order of, or registration or filing with, any Maryland state court or other governmental or
regulatory authority or agency (other than as may be required under Maryland securities or blue sky laws, as to which no opinion is expressed)
is required for the Company&rsquo;s execution, delivery and performance of the ED Agreement and consummation of the transactions contemplated
thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Certificate complies with (i)&nbsp;the applicable statutory requirements of the MGCL and (ii)&nbsp;the requirements of the Organizational
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;E-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM&nbsp;OF OPINION OF COMPANY SPECIAL COUNSEL</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Based
solely on our review of the Arbor Realty Limited Partnership (&ldquo;ARLP&rdquo;) Delaware Certificates, ARLP is duly formed and is validly
existing and in good standing under the Delaware Revised Uniform Limited Partnership Act (&ldquo;DRULPA&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Based
solely on our review of the Arbor Realty GPOP,&nbsp;Inc. (&ldquo;GPOP&rdquo;) Delaware Certificates, GPOP is duly incorporated and is
validly existing and in good standing under the General Corporation Law of the State of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">ARLP
has the limited partnership power and authority to execute and deliver the Equity Distribution Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Equity Distribution Agreement has been duly authorized, executed and delivered by all requisite limited partnership action on the part
of ARLP under DRULPA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the execution nor the delivery by ARLP of the Equity Distribution Agreement: (i)&nbsp;conflicts with the ARLP Certificate of Limited
Partnership or the ARLP Limited Partnership Agreement, (ii)&nbsp;conflicts with the GPOP Certificate of Incorporation or GPOP By-laws,
(iii)&nbsp;constitutes a violation of, or a default under, any Scheduled Contract or (iv)&nbsp;contravenes any Scheduled Order or (v)&nbsp;violates
any law, rule&nbsp;or regulation of the State of New York or the United States of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the execution and delivery by Arbor Realty Trust,&nbsp;Inc. of the Equity Distribution Agreement nor the consummation by the Company
of the issuance and sale of the Securities contemplated thereby: (i)&nbsp;constitutes a violation of, or a default under, any Scheduled
Contract, (ii)&nbsp;contravenes any Scheduled Order or (iii)&nbsp;violates any law, rule&nbsp;or regulation of the State of New York
or the United States of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the execution nor the delivery by ARLP of the Equity Distribution Agreement requires the consent, approval, licensing or authorization
of, or any filing, recording or registration with, any governmental authority under any law, rule&nbsp;or regulation of the State of
New York or the United States of America except for those consents, approvals, licenses and authorizations already obtained and those
filings, recordings and registrations already made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the execution and delivery by the Company of the Equity Distribution Agreement nor the consummation by the Company of the issuance and
sale of the Securities contemplated thereby requires the consent, approval, licensing or authorization of, or any filing, recording or
registration with, any governmental authority under any law, rule&nbsp;or regulation of the State of New York or the United States of
America except for those consents, approvals, licenses and authorizations already obtained and those filings, recordings and registrations
already made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)&nbsp;the
Registration Statement, as of the Effective Time, and the Prospectus, as of the date of the Prospectus Supplement, appeared on their
face to be appropriately responsive in all material respects to the requirements of the Securities Act and the Rules&nbsp;and Regulations
(except that in each case we do not express any view as to the financial statements, schedules and other financial information or any
interactive data file, in each case, included or incorporated by reference therein or excluded therefrom) and (ii)&nbsp;no facts have
come to our attention that have caused us to believe that the Registration Statement, as of the Effective Time, contained an untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not
misleading, or that the Prospectus, as of the date hereof, contains an untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading
(except that in each case we do not express any view as to the financial statements, schedules and other financial information or any
interactive data file, in each case, included or incorporated by reference therein or excluded therefrom, the report of management&rsquo;s
assessment of the effectiveness of internal control over financial reporting or the auditors&rsquo; report on the effectiveness of the
Company&rsquo;s internal control over financial reporting, or the statements contained in the exhibits to the Registration Statement
to the extent included or incorporated by reference therein).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">EXHIBIT E-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM&nbsp;OF TAX OPINION OF SKADDEN, ARPS,
SLATE, MEAGHER&nbsp;&amp; FLOM LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Commencing
with Arbor Realty Trust,&nbsp;Inc.&rsquo;s taxable year ended December&nbsp;31, 2003, and Arbor Realty SR,&nbsp;Inc.&rsquo;s taxable
year ended December&nbsp;31, 2005, each of Arbor Realty Trust,&nbsp;Inc. (&ldquo;ART&rdquo;) and Arbor Realty SR,&nbsp;Inc. (&ldquo;SR
Inc.&rdquo;) has been organized and operated in conformity with the requirements for qualification and taxation as a real estate investment
trust (a &ldquo;REIT&rdquo;) under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), and each of ART&rsquo;s and
SR Inc.&rsquo;s current and proposed method of operation, as described in the Registration Statement, will enable ART and SR Inc. to
continue to meet the requirements for qualification and taxation as REITs under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Although
it does not purport to discuss all possible U.S. federal income tax consequences of the ownership and disposition of the Common Stock,
the discussion set forth in the base prospectus under the heading &ldquo;U.S. Federal Income Tax Considerations,&rdquo; though general
in nature, constitutes, in all material respects, a fair and accurate summary of the material U.S. federal income tax consequences of
the ownership and disposition of the Common Stock, subject to the limitations and qualifications set forth therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM&nbsp;OF OPINION OF DEBEVOISE&nbsp;&amp;
PLIMPTON LLP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.75in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="color: #0b0b0b">We
are of the opinion that neither Arbor Realty Trust,&nbsp;Inc. (&ldquo;Arbor&rdquo;) nor Arbor Realty Limited Partnership is, and each
of them will not be, after giving effect to the offering and sale by Arbor of up to 30,000,000 shares of Arbor&rsquo;s common stock,
par value $0.01 per share, and the application of the proceeds thereof as described under the caption &ldquo;Use of Proceeds&rdquo; in
the Prospectus, an investment company under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;), or a company controlled
by an investment company within the meaning of the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;G</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>OFFICERS&rsquo; CERTIFICATE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">________, 20___</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned _____________</FONT> and ______________ are the [Chief Financial Officer/Treasurer] and [General Counsel/Secretary], respectively,
of Arbor Realty Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), Arbor Realty Limited Partnership, a Delaware
limited partnership (the &ldquo;<U>Operating Partnership</U>&rdquo;), and Arbor Realty GPOP,&nbsp;Inc., a Delaware corporation (&ldquo;<U>GPOP</U>&rdquo;).
GPOP is the sole general partner of the Operating Partnership, and as such, each of the undersigned is authorized to execute and deliver
this Officers&rsquo; Certificate in the name of and on behalf of the Company, in its own capacity, and as the general partner of the
Operating Partnership. Each of the undersigned hereby executes this Officers&rsquo; Certificate in connection with Section&nbsp;7(o)&nbsp;of
that certain Equity Distribution Agreement, dated May&nbsp;3, 2024 (the &ldquo;<U>Equity Distribution Agreement</U>&rdquo;), among the
Company, the Operating Partnership and Citizens JMP Securities, LLC. Capitalized terms used herein without definition shall have the
meanings given to such terms in the Equity Distribution Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned each hereby
further certifies, in their respective capacities as officers of the Company, in its own capacity, and as the general partner of the
Operating Partnership that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The representations and warranties of
                                            the Company and the Operating Partnership in the Equity Distribution Agreement are true and
                                            correct, as if made on and as of the date hereof, and the Company and the Operating Partnership
                                            have complied with all of their respective obligations thereunder and satisfied all of the
                                            conditions on their part to be performed or satisfied at or prior to the date hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">No stop order suspending the effectiveness
                                            of the Registration Statement or any post-effective amendment thereto has been issued and
                                            no proceedings for that purpose have been instituted or are pending or threatened under the
                                            Securities Act of 1933, as amended;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Subsequent to the respective dates as
                                            of which information is given in the Registration Statement or the Prospectus, there has
                                            not been (A)&nbsp;any Material Adverse Effect, (B)&nbsp;any transaction that is material
                                            to the Company and its subsidiaries taken as a whole, (C)&nbsp;any obligation, direct or
                                            contingent, that is material to the Company and its subsidiaries, taken as a whole, incurred
                                            by the Company or its subsidiaries, (D)&nbsp;any change in the capital stock or outstanding
                                            indebtedness of the Company or any subsidiary that is material to the Company and its subsidiaries,
                                            taken as a whole, or (E)&nbsp;any loss or damage (whether or not insured) to the Real Properties
                                            which has been sustained or will have been sustained which could reasonably be expected to
                                            have a Material Adverse Effect; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Each of Skadden, Arps, Slate, Meagher&nbsp;&amp;
                                            Flom LLP and Cooley LLP is entitled to rely on this Officers&rsquo; Certificate in connection
                                            with the opinion that each firm is rendering pursuant to the Equity Distribution Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&nbsp;Follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned
have duly executed this Officers&rsquo; Certificate as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD COLSPAN="3"><B>ARBOR REALTY TRUST,&nbsp;INC.</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>Name:</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 3%"></TD><TD STYLE="width: 5%">Title:</TD><TD STYLE="width: 42%"></TD></TR><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>Name:</TD><TD>&nbsp;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>Title:</TD><TD>&nbsp;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                             </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD COLSPAN="3"><B>ARBOR REALTY LIMITED PARTNERSHIP</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD><TD COLSPAN="2">Arbor Realty GPOP,&nbsp;Inc., its General Partner</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>Name:</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="width: 3%"></TD><TD STYLE="width: 5%">Title:</TD><TD STYLE="width: 42%"></TD></TR><TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>By:</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>Name:</TD><TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>Title:</TD><TD>&nbsp;</TD></TR>
                                                                                             <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                             </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page&nbsp;to Officers&rsquo; Certificate]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>ISSUER FREE WRITING PROSPECTUSES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2413243d4_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2413243d4_ex5-1img01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May&nbsp;3, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Arbor Realty Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">333 Earle Ovington Boulevard, Suite&nbsp;900&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uniondale, New York 11553</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&nbsp;<FONT STYLE="font-size: 10pt"><U>Registration
Statement on Form&nbsp;S-3</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to Arbor Realty
Trust,&nbsp;Inc., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law arising out of
the sale and issuance of up to 30,000,000 shares (the &ldquo;Shares&rdquo;) of common stock, $0.01 par value per share (the &ldquo;Common
Stock&rdquo;), of the Company, covered by the above-referenced Registration Statement, and all amendments related thereto (the &ldquo;Registration
Statement&rdquo;), filed by the Company on the date hereof with the U.S. Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;). The Shares are to be issued from time to time in at-the-market
offerings pursuant to the Equity Distribution Agreement, dated as of the date hereof (the &ldquo;ED Agreement&rdquo;), by and among the
Company, Arbor Realty Limited Partnership, a Delaware limited partnership, and Citizens JMP Securities, LLC (&ldquo;JMP&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction,
of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Registration Statement, in the form transmitted to the Commission under the 1933 Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company&rsquo;s Prospectus, dated as of the date hereof, as supplemented by the Company&rsquo;s Prospectus Supplement, dated as of the
date hereof, each in the form in which it was filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;promulgated under the 1933 Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
charter of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2413243d4_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Arbor Realty Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May&nbsp;3, 2024&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Resolutions
adopted by the Board of Directors of the Company (the &ldquo;Resolutions&rdquo;), authorizing the registration, sale and issuance of the
Shares, certified as of the date hereof by an officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
ED Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
certificate executed by an officer of the Company, dated as of the date hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained
in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there
has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2413243d4_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Arbor Realty Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May&nbsp;3, 2024&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Shares will not be issued or transferred in violation of the restrictions on transfer and ownership of shares of stock of the Company
set forth in Article&nbsp;VII of the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
the issuance of any Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares
of Common Stock that the Company is then authorized to issue under the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
number of Shares, and the offering price of each Share, to be issued by the Company from time to time pursuant to the ED Agreement will
be determined by the Authorized Officers in accordance with the Resolutions and the ED Agreement (with such determinations referred to
hereinafter as the &ldquo;Officer Instructions&rdquo;) prior to the issuance thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company is a corporation duly incorporated and existing under the laws of the State of Maryland and is in good standing with the SDAT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
issuance of the Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with the
Officer Instructions, the Resolutions, the ED Agreement and the Registration Statement, the Shares will be validly issued, fully paid
and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the laws of the
State of Maryland and we do not express any opinion herein concerning federal law or the laws of any other state. We express no opinion
as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or
state laws regarding fraudulent transfers or the laws, codes or regulations of any municipality or other local jurisdiction. To the extent
that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State of
Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of any judicial decision
which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed
herein after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="tm2413243d4_ex5-1img02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Arbor Realty Trust,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">May&nbsp;3, 2024&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Company&rsquo;s Current Report on Form&nbsp;8-K relating to the Offering (the &ldquo;Current Report&rdquo;).
We hereby consent to the filing of this opinion as an exhibit to the Current Report and to the use of the name of our firm therein. In
giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the 1933
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0.5in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in">/s/ Venable LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>6
<FILENAME>abr-20240503_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>abr-20240503_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140356446155536">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>May 03, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May  03,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-32136<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Arbor Realty Trust, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001253986<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">20-0057959<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Earle Ovington Boulevard<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">Suite 900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Uniondale<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">11553<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">516<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">506-4200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ABR<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ABR-PD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ABR-PE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesCPreferredStockMember', window );">Series C Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ABR-PF<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 3 such as an Office Park</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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