In 1983, Arbor National Holdings, Inc. and its premier lending subsidiary, Arbor National Mortgage, was founded by Ivan Kaufman. The company ultimately grew to greater than 1,200 employees in eight states. Arbor had a seasoned management team that had extensive experience creating, building and operating diverse companies as well as investing, owning and operating assets since 1983. By 1993, Arbor Commercial Mortgage “ACM” was established as the commercial real estate finance subsidiary of Arbor National Holdings. Beginning in 1995 through 2002, Arbor National Holdings was sold to Bank of America for $17.50 per share; Ivan Kaufman retained commercial finance arm of the platform, leading to the following: Structured finance platform launched with ACM quickly becoming one of nation’s leading structured finance companies and eventually Arbor Realty Trust ACM became Fannie Mae DUS ® lender, FHA MAP lender and Ginnie Mae Issuer. In 2003, ACM Servicing was rated as a primary and special servicer by Standard & Poor’s Arbor Realty Trust begins operations as a commercial mortgage REIT, and in 2004, Arbor Realty Trust completed IPO ($20.00 per share) NYSE:ABR. Between 2005 to 2006, ABR closed three collateralized debt obligations “CDOs” totaling $1.560M and in 2008, Arbor Residential Mortgage formed as well as Loan Servicing Solutions was acquired and AMS Servicing was established. By 2011, Elon Property Management was formed and ACM Servicing was rated as a primary and special servicer by Fitch Ratings. In 2012, ABR wasthe first commercial mortgage REIT to access securitization market post 2008 recession with a collateralized loan obligation (CLO) for $125M, and AMAC Holdings, LLC multifamily acquisition company was formed. ACM named a Top 10 Fannie Mae DUS® Multifamily Lender for 7th year in a row in 2013. The ABR also closed second CLO for $260M Arbor partners in a joint venture of Cardinal Financial Company- Sebonic Financial, an online residential mortgage business. By 2014, Arbor formed a joint venture partnership with GSO Capital partners, LP and EJF Capital, LLC to acquire AMS Servicing and establish Seneca Mortgage Investments, a residential mortgage servicing rights investor.

1. ARBOR.COM • 1.800.ARBOR.
10

2. ARBOR.COM • 1.800.ARBOR.
10

3. ARBOR.COM • 1.800.ARBOR.
10

4. •
•

7. ARBOR.COM • 1.800.ARBOR.
10

8. ARBOR.COM • 1.800.ARBOR.
10

9. •
•
•
ARBOR.COM • 1.800.ARBOR.
10

10. ARBOR.COM • 1.800.ARBOR.
10

11. •
•
•
➢
➢
➢
•
➢
➢
➢
➢
➢
ARBOR.COM • 1.800.ARBOR.
10

12. •
➢
•
➢
➢
➢
•
➢
•
•
•
ARBOR.COM • 1.800.ARBOR.
10

13. •
ARBOR.COM • 1.800.ARBOR.
10

14. •
•
•
•
➢
ARBOR.COM • 1.800.ARBOR.
10

15. •
•
•
•
➢
➢
ARBOR.COM • 1.800.ARBOR.
10

16. •
➢
➢
–
–
➢
➢
ARBOR.COM • 1.800.ARBOR.
10

17. ARBOR.COM • 1.800.ARBOR.
10

18. ARBOR.COM • 1.800.ARBOR.
10

19. ARBOR.COM • 1.800.ARBOR.
10

20. ARBOR.COM • 1.800.ARBOR.
10

21. ARBOR.COM • 1.800.ARBOR.
10

24. ARBOR.COM • 1.800.ARBOR.
10

25. ARBOR.COM • 1.800.ARBOR.
10
Source: Fannie Mae Multifamily Economics and Market Research Estimates * Preliminary

26. ARBOR.COM • 1.800.ARBOR.
10

27. ARBOR.COM • 1.800.ARBOR.
10

28. ARBOR.COM • 1.800.ARBOR.
10
•
•
•
< 3
Sources: Chandan Economics and National Bureau of Economic Research
3 - 5 5 - 7 7 - 9
Duration of Expansion in
Years
> 9
Frequency
Historical Business
Cycles 1945 — Present