ARBORREALTYTRUST.COM. Arbor Realty Trust Investor Presenta3on June 2017

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Geoffrey Perkins
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1 ARBORREALTYTRUST.COM Arbor Realty Trust Ivestor Preseta3o Jue 2017

2 Overview of our frachise - busiess pla<orms Seior maagemet team with 30 plus years of successful opera1g capability i the fiacial services idustry that are fully aliged with over 30% owership Balace Sheet Loa Origia1o & Structured Ivestmet Pla:orm Specialized real estate fiace pla6orm that ivests i a diversified por6olio of structured fiace assets i the mul<family ad commercial real estate markets, with a focus o bridge ad mezzaie loas Primary focus is mul<family, seior loas, which geerate strog leveraged returs i a secure part of the capital stack $1.7 billio ivestmet por6olio at March 31, % of ivestmet por6olio i bridge loas, with 80% of bridge loas to mul<family proper<es Small balace ledig strategy is differe<ated from peers average size of ~$12 millio per loa Idustry leader i o-recourse floa<g rate securi<za<o vehicles ( CLO s ) Cosistet track record of producig sigificat earigs from equity kickers ad structured trasac<os GSE (Agecy) Loa Origia1o ad Servicig Pla:orm Oe of oly 25 Faie Mae DUS licesed leders a<owide, ad a top 10 DUS leder for 10 straight years Oe of oly 22 Freddie Mac Program Plus leders, ad the umber Oe Freddie small balace leder as well as a Affordable Housig, ad HUD origiator Leadig a<oal mul<family agecy loa origia<o ad servicig pla6orm with over 200 direct employees, icludig 20 origiators i eight states with more tha 20 years of experiece o average Primary focus o small balace loas with ~$5 millio average loa size Servicig por6olio of ~$14.5 billio as of March 31, 2017 (~48 bps svc fee), prepaymet protected, stable, log dated icome stream Origiated $4.6 billio i loas i 2016, of which $3.8 billio were agecy loas with a 5-year average growth rate of more tha 20% 2

3 Sigificat Recet Accomplishmets Acquired the agecy pla6orm of Arbor Commercial Mortgage, LLC o July 14, 2016 ad fully iteralized the maagemet structure o May 31, 2017 Immediate accre<o to core earigs ad divideds cotribu<g to AFFO of $0.79 i 2016, a 9% ROE Icreased divided ru rate to $0.72 per share, a 20% icrease from 2015 ad icreased the divided three 3mes i the past year from $0.60 to $0.64, $0.64 to $0.68 ad from $0.68 to $0.72 per share Total shareholder retur of 17% thus far i 2017, 13% i 2016, ad 23% aually for the last five years Record origia3os i 2016 of $4.6 billio, $3.8 billio from the agecy busiess, a 22% icrease over 2015 agecy volume 1 Grew our servicig por<olio to $14.5 billio, with a w/a servicig fee of 48 basis poits, a 32% icrease from 2015 ad a 21% icrease sice the agecy busiess acquisi3o 1 Icreased our trasi<oal balace sheet por6olio 17% ad eared $15 millio of icome from equity ivestmets ad structured trasac<os i 2016 Co<ued focus o ew ad improved o-recourse securi<za<o vehicles closig seve CLO s sice 2012, with curretly $1 billio i o-recourse debt outstadig with repleishmet rights 1 Effec<vely accessed accre<ve capital raisig $100 millio of 3 year cover<ble otes ad $76 millio of commo equity with afrac<ve terms Strog liquidity posi<o with approximately $200 millio i cash o had ad capacity i our CLO vehicles to fud ew ivestmets 1 See growth charts ad capitaliza<o table o pages 6, 7 ad 8. 3

Substa3al Value Play ABR s stock price trades below the Commercial Mortgage REIT peer group average: Arbor Realty Trust (ABR) Price to book value of 0.93% 1 Price to tagible book value of 0.99% 1 ~ 8.

4 Substa3al Value Play ABR s stock price trades below the Commercial Mortgage REIT peer group average: Arbor Realty Trust (ABR) Price to book value of 0.93% 1 Price to tagible book value of 0.99% 1 ~ 8.5% divided yield 1 Peer Group Avg. (Source: Thomso Reuters) Price to book value of 1.03% ~ 8% divided yield We believe ABR should be viewed ad valued cosistet with a opera3g frachise rather tha a tradi3oal mortgage REIT, resul3g i a higher tradig premium due to its sigificat GSE origia3o ad servicig pla<orm which: Geerates a substa<al recurrig, predictable log dated icome stream through a large, mostly prepaymet protected, servicig por6olio of approximately $14.5 billio with a w/a servicig fee of 48 basis poits Sigificatly diversifies ad icreases the stability ad dura<o of our icome streams, with GSE icome represe<g ~ 63% of our icome sources, over 50% of which is comprised of servicig icome Provides a very durable growth pla6orm, while miimizig the impact of capital market ad iterest rate vola<lity Cotais sigificat escrow balaces of ~ $400 millio earig approximately LIBOR, which will geerate sigificat addi<oal earigs power as iterest rates rise Ad is operated through a efficiet corporate tax structure that could become eve more accre<ve if certai proposed corporate tax reduc3o plas uder the Trump admiistra3o are implemeted Coclusio: We believe ABR s stock price should be i excess of $10.00 a share, due to our sigificat opera3g agecy pla<orm that geerates a more predictable, stable earigs base to support the divided, which should be valued based o similar P/E ra3os as other public GSE pla<orms. 1 based o a stock price of $8.40 o 6/20/17. 4

Diversifica3o & dura3o of icome sources 2015 icome sources Pro Forma 2016 icome sources Structured trasac<os ad equity kickers 13% REO opera<os ad gai o disposal 14% Reside<al ivestmet 7% Net iterest

5 Diversifica3o & dura3o of icome sources 2015 icome sources Pro Forma 2016 icome sources Structured trasac<os ad equity kickers 13% REO opera<os ad gai o disposal 14% Reside<al ivestmet 7% Net iterest icome o loa por6olio 66% Gai o sale of loas ad servicig reveue 63% 7-year dura1o Over half of which is 7-year dura1o servicig icome REO opera<os ad gai o disposal 1% 2 5 year dura1o Net iterest icome o loa por6olio 28% Structured trasac<os ad equity kickers 3% Reside<al ivestmet 5% Total: $89.7mm Total: $188.4mm ABR sigificatly diversified its icome sources while crea3g a log-dated, prepaymet protected reveue stream Pote<al for addi<oal beefit from icrease i iterest icome o escrow balaces due to future icreases i LIBOR GSE pla:orm expads our product offerigs ad adds diversity, dura1o, ad stability to our earigs streams 5

6 Leadig, a3owide origia3o ad servicig pla<orm Total Origia3os GSE (Agecy) Busiess ($mm) Overview of origia3o pla<orm Faie Mae Freddie Mac Coduit FHA $3, $3,092 1, Opera<g sice 1995, origiated over $25 billio sice icep<o $12.9 billio i aggregate origia<os from producig a 24% five year aual growth rate Record 2016 origia<os of $3.8 billio 44% growth i Faie Mae origia<os i 2016 Origiated $1.3 billio i the first quarter of 2017 $2, Oe of oly 25 licesed Faie Mae DUS leders $1,851 $1, Top 10 mul<family DUS leder for 10 cosecu<ve years ,673 Top small balace leder for Faie Mae i 2014, 2015 ad ,739 1,334 1,650 1,856 Number oe small balace leder for Freddie Mac i 2015 ad origiators i eight states with more tha 20 years average experiece Note: All metrics show as of 12/31/16 6

Leadig, a3owide origia3o ad servicig pla<orm Servicig pla<orm Servicig por<olio growth ($mm) Overview of servicig pla<orm $6,817 171 6,646 Faie Mae Freddie Mac FHA $13,555 421 1,953 $10,925 390 941

7 Leadig, a3owide origia3o ad servicig pla<orm Servicig pla<orm Servicig por<olio growth ($mm) Overview of servicig pla<orm $6, ,646 Faie Mae Freddie Mac FHA $13, ,953 $10, $8, $7, ,181 9,595 8,569 7,438 $14, ,163 11,804 ~ $14.5 billio servicig por6olio at 3/31/17 18% five year aual growth rate 24% growth i 2016 ~48 bps weighted average servicig fee Aual auity icome of more tha $68 millio 8 years weighted average remaiig life Prepaymet protec<o i commercial MSR has structural advatages compared to reside<al MSR Average loa size of ~$5 millio Focus o small balace ($1 - $5 millio) 100% mul<family-focused servicig pla6orm Approximately $385 millio i escrow balaces that a 1% icrease i Libor would geerate i excess of $0.04 a share i addi<oal earigs Es<mated fair market value of MSRs of approximately $280 millio Q17 Note: All metrics show as of 3/31/17 7

8 Capital Structure Capital structure ($mm) $2,346 CLO IV 219 Extesive experiece with CRE CLOs Match-fuded with locked-i spreads $1 billio CLOs CLO V CLO VI No-recourse, 76% advace rate with log repleishmet features ~ 75% of total fiacig (excludig TruPS) target rage of 65% to 75% CLO VII 279 CLO VII closed i April 2017 totalig $360 millio with improved terms ad a ii<al weighted average iterest rate of 1.99% over LIBOR, 49 basis poits lower tha our last CLO Warehouse & repo Seior usecured otes Cover3ble seior otes Seller fiacig Trust preferred (TruPS) Perpetual preferred equity Six separate warehouse ad repo facili<es ($500mm commifed) ~ 8% rate redeemable aoer May 2017; o sigificat coveats 3 year paper, 6.5% coupo ad $8.37 covert price 5 year paper, ~ 8% usecured with o sigificat coveats ~30 year usecured with o sigificat coveats equity-like ~ 8.5% rate callable begiig February 2018 to February 2019 Commo equity 746 Book value per commo share of $ Notes: Table is as of 3/31/17 pro forma to give effect to the issuace of 9.5 millio shares of commo stock i a public offerig receivig et proceeds of $76.2 millio i May 2017, as well as the issuace of $279.0 millio ivestmet grade-related otes from the closig of CLO VII i April 2017 of which the proceeds were used to pay dow $198.7 millio of warehouse debt. The table excludes short term debt related to our agecy busiess as this debt is repaid withi days. 1 As of 3/31/17 pro forma, based o $746 millio book value of commo equity, 61.4 millio commo shares outstadig ad 21.2 millio opera<g partership uits outstadig. 8

9 Fiacial Performace For the year eded December 31, Qtr eded (Amouts i 000s except per share amouts) Mar Net iterest icome $59,869 $59,185 $53,505 $14,088 Servicig reveue ,759 20,075 Gai o sale, icludig fee based services, et ,594 19,171 REO assets NOI, impairmet ad gais from disposals 6,388 12,212 1,811 (615) Structured trasactios ad equity kickers 8,919 11,437 5, Residetial mortgage bakig JV icome - 6,600 9, Other icome 1, Total et reveues $76,821 $89,704 $126,745 $53,593 Total operatig expeses 31,163 36,601 70,199 34,167 Preferred stock divideds 7,256 7,554 7,554 1,888 Core AFFO $38,402 $45,549 $48,992 $17,538 Core earigs ROE o commo equity 9.4% 9.9% 9.0% 10.6% Core AFFO per commo share $0.76 $0.89 $0.79 $0.24 Divided per commo share $0.52 $0.60 $0.64 $0.18 Core earigs per share i excess of divideds $0.24 $0.29 $0.15 $0.06 Stockholders aual retur 9.5% 14.2% 13.0% Stockholders five year retur 23.1% Earigs i excess of divideds Predictable auity of icome streams 9

ARBOR REALTY TRUST INVESTOR PRESENTATION. May 2018

ARBOR REALTY TRUST INVESTOR PRESENTATION May 2018 FORWARD-LOOKING STATEMENTS Certain items in this presentation may constitute forward-looking statements within the meaning of the safe harbor provisions