Arbor Realty Trust Reports Second Quarter 2013 Results and Declares Common and Preferred Dividends

Arbor Realty Trust Reports Second Quarter 2013 Results and Declares Common and
Preferred Dividends

Second Quarter Highlights:

  *Declares a common dividend of $0.13 per share, an 8% increase from 1Q13
  *Declares a dividend of $0.515625 per share of Series A preferred stock and
    $0.6028 per share of Series B preferred stock
  *FFO of $4.8 million, or $0.11 per diluted common share^1
  *Net income attributable to common stockholders of $3.0 million, or $0.07
    per diluted common share
  *Raised $30.4 million of capital in a preferred stock offering
  *Closed a $40.0 million warehouse facility
  *Originated 16 new loans totaling $181.2 million
  *Purchased 10 residential mortgage-backed securities totaling $84.8 million
  *Adjusted book value per common share of $9.63, GAAP book value per common
    share of $7.60^1
  *Recorded $1.5 million in loan loss reserves
  *Recorded $0.7 million in cash recoveries of previously recorded reserves

UNIONDALE, N.Y., Aug. 2, 2013 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc.
(NYSE:ABR), a real estate investment trust focused on the business of
investing in real estate related bridge and mezzanine loans, preferred and
direct equity investments, mortgage-related securities and other real estate
related assets, today announced financial results for the second quarter ended
June 30, 2013. Arbor reported net income attributable to common stockholders
for the quarter of $3.0 million, or $0.07 per diluted common share, compared
to net income attributable to common stockholders for the quarter ended June
30, 2012 of $15.5 million, or $0.62 per diluted common share. Net income
attributable to common stockholders for the six months ended June 30, 2013 was
$9.6 million, or $0.25 per diluted common share, compared to net income
attributable to common stockholders for the six months ended June 30, 2012 of
$19.7 million, or $0.79 per diluted common share. Funds from operations
("FFO") for the quarter ended June 30, 2013 was $4.8 million, or $0.11 per
diluted common share, compared to FFO of $17.1 million, or $0.68 per diluted
common share for the quarter ended June 30, 2012. ^ FFO for the six months
ended June 30, 2013 was $13.1 million, or $0.34 per diluted common share,
compared to FFO of $19.0 million, or $0.77 per diluted common share for the
six months ended June 30, 2012.^1

The balance of the Company's loan and investment portfolio, excluding loan
loss reserves, at June 30, 2013 was approximately $1.8 billion, as compared to
approximately $1.7 billion at March 31, 2013. The average balance of the
Company's loan and investment portfolio during the second quarter of 2013,
excluding loan loss reserves, was $1.8 billion and the average yield on these
assets for the quarter was 5.47%, compared to $1.7 billion and 5.63% for the
first quarter of 2013.

The balance of debt that finances the Company's loan and investment portfolio
at June 30, 2013 remained relatively unchanged compared to March 31, 2013 at
approximately $1.3 billion. The average balance of debt that finances the
Company's loan and investment portfolio for the second quarter of 2013 also
remained relatively unchanged compared to the first quarter of 2013 at
approximately $1.3 billion. The average cost of borrowings for the second
quarter was 3.15%, compared to 3.38% for the first quarter of 2013.

Financing Activity

As of June 30, 2013, Arbor's outstanding borrowings for its loan and
investment portfolio totaled approximately $1.3 billion.

In June 2013, the Company closed a one year, $40 million warehouse facility
with a financial institution to finance first mortgage loans on multifamily
properties, including a $10 million sublimit to finance retail and office
properties. The facility has an interest rate of 200 basis points over LIBOR,
warehousing fees, a maximum advance rate of up to 75% and contains certain
financial covenants and restrictions.

The Company is subject to various financial covenants and restrictions under
the terms of the Company's CDO/CLO vehicles, credit facilities, and repurchase
agreements. The Company believes that it was in compliance with all financial
covenants and restrictions as of June 30, 2013.

The Company's CDO/CLO vehicles contain interest coverage and asset over
collateralization covenants that must be met as of the waterfall distribution
date in order for the Company to receive such payments. If the Company fails
these covenants in any of its CDOs or CLO, all cash flows from the applicable
vehicle would be diverted to repay principal and interest on the outstanding
bonds and the Company would not receive any residual payments until that
vehicle regained compliance with such covenants. As of the most recent
determination dates in July 2013, the Company was in compliance with all
CDO/CLO covenants. In the event of a breach of the covenants that could not be
cured in the near-term, the Company would be required to fund its non CDO/CLO
expenses, including management fees and employee costs, distributions required
to maintain REIT status, debt costs, and other expenses with (i) cash on hand,
(ii) income from any CDO/CLO not in breach of a covenant test, (iii) income
from real property and loan assets, (iv) sale of assets, (v) or accessing the
equity or debt capital markets, if available.

The chart below is a summary of the Company's CDO/CLO compliance tests as of
the most recent determination dates in July 2013:

Cash Flow Triggers       CDO I ^(3)   CDO II ^   CDO III   CLO I     CLO II
                                      (3)        ^(3)
                                                                
Overcollateralization                                            
^(1)
                                                                
Current                  176.69%      139.10%    106.61%   142.96%   146.89%
                                                                
Limit                    145.00%      127.30%    105.60%   137.86%   144.25%
                                                                
Pass / Fail              Pass         Pass       Pass      Pass      Pass
                                                                
                                                                
Interest Coverage ^(2)                                           
                                                                
Current                  590.16%      509.66%    621.88%   255.32%   367.57%
                                                                
Limit                    160.00%      147.30%    105.60%   120.00%   120.00%
                                                                
Pass / Fail              Pass         Pass       Pass      Pass      Pass
                                                                
(1) The overcollateralization ratio divides the total principal balance of all
collateral in the CDO/CLO by the total principal balance of the bonds
associated with the applicable ratio.To the extent an asset is considered a
defaulted security, the asset's principal balance for purposes of the
overcollateralization test is the lesser of the asset's market value or the
principal balance of the defaulted asset multiplied by the asset's recovery
rate which is determined by the rating agencies.
                                                                
(2) The interest coverageratio divides interest income by interest expense
for the classes senior to those retained by the Company.
                                                                
(3) CDO I, CDO II, and CDO III have reached the end of their replenishment
periods. As such, investor capital is repaid quarterly from proceeds received
from loan repayments held as collateral in accordance with the terms of the
respective CDO.

Portfolio Activity

During the second quarter of 2013, Arbor purchased 10 residential
mortgage-backed securities with a total face value of $84.8 million, of which
six residential mortgage-backed securities totaling $76.1 million were
accounted for as derivatives net of financings of $60.6 million in other
assets on the Consolidated Balance Sheets. These securities had paydowns
totaling approximately $2.2 million during the quarter, reducing their
combined face value to $82.6 million as of June 30, 2013. Including this $2.2
million of paydowns, the securities portfolio had total paydowns of
approximately $29.2 million during the quarter.

During the second quarter of 2013, Arbor originated 12 bridge loans totaling
approximately $164.2 million, three mezzanine loans totaling approximately
$7.5 million, and one preferred equity investment totaling $9.5 million. In
addition, four loans paid off with an unpaid principal balance of $34.4
million during the quarter. Additionally, three loans totaling approximately
$12.3 million were extended during the quarter.

At June 30, 2013, the loan and investment portfolio's unpaid principal
balance, excluding loan loss reserves, was approximately $1.8 billion, with a
weighted average current interest pay rate of 5.07%. Including certain fees
earned and costs associated with the loan and investment portfolio, the
weighted average current interest rate was 5.48% at June 30, 2013. At the same
date, advances on financing facilities pertaining to the loan and investment
portfolio totaled approximately $1.3 billion, with a weighted average interest
rate of 3.21% excluding changes in the market value of certain interest rate
swaps.

As of June 30, 2013, Arbor's loan portfolio consisted of 29% fixed-rate and
71% variable-rate loans.

During the second quarter of 2013, the Company recorded $1.5 million in loan
loss reserves related to two loans with a carrying value of approximately
$12.9 million, before loan loss reserves. The loan loss reserves were the
result of the Company's regular quarterly risk rating review process, which is
based on several factors including current market conditions, real estate
values and the operating status of each property. The Company recorded $0.7
million of net recoveries of previously recorded loan loss reserves related to
three of the Company's assets during the second quarter of 2013. These
recoveries were recorded in provision for loan losses on the Consolidated
Statement of Operations. At June 30, 2013, the Company's total loan loss
reserves were approximately $146.6 million relating to 20 loans with an
aggregate carrying value before loan loss reserves of approximately $247.6
million. The Company recognizes income on impaired loans on a cash basis to
the extent it is received.

The Company had six non-performing loans with a carrying value of
approximately $14.8 million, net of related loan loss reserves of $30.1
million as of June 30, 2013, which was relatively unchanged from March 31,
2013. Income recognition on non-performing loans has been suspended and will
resume if and when the loans become contractually current and performance has
recommenced.

Equity Offering

In May 2013, Arbor completed an underwritten public offering of approximately
1.3 million shares of its 7.75% Series B Cumulative Redeemable Preferred Stock
generating net proceeds of approximately $30.4 million after deducting
underwriting fees and estimated offering costs. The Company intends to use the
net proceeds from the offering to make investments, to repurchase or pay
liabilities and for general corporate purposes.

Common Dividend

The Company announced today that its Board of Directors has declared a
quarterly cash dividend of $0.13 per share of common stock for the second
quarter ended June 30, 2013. The dividend is payable on September 3, 2013 to
common shareholders of record on August 14, 2013. The ex-dividend date is
August 12, 2013.

Preferred Dividends

The Company announced today that its Board of Directors has declared a cash
dividend of $0.515625 per share of Series A cumulative redeemable preferred
stock reflecting accrued dividends through August 31, 2013. The dividend is
payable on September 3, 2013 to preferred shareholders of record on August 14,
2013.

The Company announced today that its Board of Directors has declared a cash
dividend of $0.6028 per share of Series B cumulative redeemable preferred
stock reflecting accrued dividends from the date of issuance, May 9, 2013,
through August 31, 2013. The dividend is payable on September 3, 2013 to
preferred shareholders of record on August 14, 2013.

Earnings Conference Call

Management will host a conference call today at 9:00 a.m. ET. A live webcast
of the conference call will be available online at
http://www.arborrealtytrust.com/ in the investor relations area of the
Website. Those without Web access should access the call telephonically at
least ten minutes prior to the conference call. The dial-in numbers are (866)
515-2912 for domestic callers and (617) 399-5126 for international callers.
Please use participant passcode 98005895.

After the live webcast, the call will remain available on the Company's
Website, www.arborrealtytrust.com, through September 2, 2013. In addition, a
telephonic replay of the call will be available until August 9, 2013. The
replay dial-in number is (888) 286-8010 for domestic callers and (617)
801-6888 for international callers. Please use passcode 98316976.

About Arbor Realty Trust, Inc.

Arbor Realty Trust, Inc. is a real estate investment trust, which invests in a
diversified portfolio of multi-family and commercial real estate related
bridge and mezzanine loans, preferred equity investments, mortgage related
securities and other real estate related assets. Arbor commenced operations in
July 2003 and conducts substantially all of its operations through its
operating partnership, Arbor Realty Limited Partnership and its subsidiaries.
Arbor is externally managed and advised by Arbor Commercial Mortgage, LLC, a
national commercial real estate finance company operating through 14 offices
in the US that specializes in debt and equity financing for multi-family and
commercial real estate.

Safe Harbor Statement

Certain items in this press release may constitute forward-looking statements
within the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995.These statements are based on management's
current expectations and beliefs and are subject to a number of trends and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. Arbor can give no assurance that
its expectations will be attained.Factors that could cause actual results to
differ materially from Arbor's expectations include, but are not limited to,
continued ability to source new investments, changes in interest rates and/or
credit spreads, changes in the real estate markets, and other risks detailed
in Arbor's Annual Report on Form 10-K for the year ended December 31, 2012 and
its other reports filed with the SEC. Such forward-looking statements speak
only as of the date of this press release. Arbor expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in Arbor's
expectations with regard thereto or change in events, conditions, or
circumstances on which any such statement is based.

Non-GAAP Financial Measures

During the quarterly earnings conference call, the Company may discuss
non-GAAP financial measures as defined by SEC Regulation G. In addition, the
Company has used non-GAAP financial measures in this press release. A
supplemental schedule of each non-GAAP financial measure and the comparable
GAAP financial measure can be found on page 10 and 11 of this release.

1. See attached supplemental schedule of non-GAAP financial measures.

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
                                                 
                      Quarter Ended               Six Months Ended
                       June 30,                    June 30,
                      2013          2012          2013          2012
                      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                                                             
Interest income       $24,329,116 $19,502,713 $47,317,938 $39,109,120
Interest expense      10,333,073   9,770,807    20,975,317   21,532,207
Net interest income   13,996,043   9,731,906    26,342,621   17,576,913
                                                             
Other revenues:                                              
Property operating     8,231,822    8,109,440    17,127,256   16,854,910
income
Other income, net     605,317      369,609      1,984,775    401,639
Total other revenues  8,837,139    8,479,049    19,112,031   17,256,549
                                                             
Other expenses:                                              
Employee compensation  2,968,678    2,381,817    6,052,317    4,866,595
and benefits
Selling and            2,969,733    2,191,769    5,159,016    3,852,002
administrative
Property operating     7,161,334    7,363,040    14,031,493   14,497,378
expenses
Depreciation and       1,827,595    1,512,024    3,459,726    2,660,980
amortization
Provision for loan
losses (net of         821,722      7,945,453    3,321,877    15,734,861
recoveries)
Management fee -       2,800,000    2,500,000    5,600,000    5,000,000
related party
Total other expenses  18,549,062   23,894,103   37,624,429   46,611,816
                                                             
Income (loss) from
continuing operations
before gain on
extinguishment of      4,284,120    (5,683,148)  7,830,223    (11,778,354)
debt, loss from equity
affiliates and
(provision) benefit
for income taxes
Gain on extinguishment --           20,968,214   3,763,000    26,314,335
of debt
Loss from equity       (81,804)     (224,136)    (163,689)    (474,710)
affiliates
                                                             
Income before benefit  4,202,316    15,060,930   11,429,534   14,061,271
from income taxes
                                                             
(Provision) benefit    --           (600,000)    --           801,558
for income taxes
                                                             
Income from continuing 4,202,316    14,460,930   11,429,534   14,862,829
operations
                                                             
Gain on sale of real   --           --           --           3,487,145
estate held-for-sale
Income from operations
of real estate         --           1,138,899    --           1,465,446
held-for-sale
Income from
discontinued           --           1,138,899    --           4,952,591
operations
                                                             
Net income            4,202,316    15,599,829   11,429,534   19,815,420
                                                             
Preferred stock        1,152,617    --           1,685,945    --
dividends
Net income
attributable to        53,833       53,811       107,484      107,622
noncontrolling
interest
                                                             
Net income
attributable to Arbor  $2,995,866  $15,546,018 $9,636,105  $19,707,798
Realty Trust, Inc.
common stockholders
                                                             
Basic earnings per                                            
common share:
Income from continuing
operations, net
ofnoncontrolling      $0.07       $0.57       $0.25       $0.60
interest and preferred
stock dividends
Income from
discontinued           --          0.05         --          0.20
operations
Net income
attributable to Arbor
Realty Trust,          $0.07       $0.62       $0.25       $0.80
Inc.common
stockholders
                                                             
Diluted earnings per                                          
common share:
Income from continuing
operations, net
ofnoncontrolling      $0.07       $0.57       $0.25       $0.59
interest and preferred
stock dividends
Income from
discontinued           --          0.05         --          0.20
operations
Net income
attributable to Arbor
Realty Trust,          $0.07       $0.62       $0.25       $0.79
Inc.common
stockholders
                                                             
Dividends declared per $0.120      $0.075      $0.240      $0.075
common share
                                                             
Weighted average
number of sharesof                                           
common stock
outstanding:
                                                             
Basic                 43,113,898   24,977,879   38,468,718   24,579,022
                                                             
Diluted               43,555,495   25,267,459   38,921,834   24,805,807


ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
                                                           
                                           June 30,         December 31, 2012
                                            2013
                                           (Unaudited)      
Assets:                                                     
Cash and cash equivalents                   $50,712,074    $29,188,889
Restricted cash (includes $33,056,424 and
$41,537,212 from consolidated VIEs,         34,147,603      42,535,514
respectively)
Loans and investments, net (includes
$1,322,272,207 and $1,113,745,356 from      1,532,567,253   1,325,667,053
consolidated VIEs, respectively)
Available-for-sale securities, at fair
value (includes $0 and $1,100,000 from      2,511,525       3,552,736
consolidated VIEs, respectively)
Securities held-to-maturity, net            47,598,688      42,986,980
Investment in equity affiliates             59,368,740      59,581,242
Real estate owned, net (includes
$80,787,215 and $80,787,215 from            124,274,290     124,148,199
consolidated VIEs, respectively)
Due from related party(includes $7,279 and 25,283          24,094
$0 from consolidated VIEs, respectively)
Prepaid management fee - related party      19,047,949      19,047,949
Other assets (includes $15,170,276 and
$11,709,103 from consolidated VIEs,         63,089,178      55,148,624
respectively)
Total assets                                $1,933,342,583 $1,701,881,280
                                                           
Liabilities and Equity:                                     
Repurchase agreements and credit facilities $101,097,436   $130,661,619
Collateralized debt obligations (includes
$744,105,570 and $812,452,845 from          744,105,570     812,452,845
consolidated VIEs, respectively)
Collateralized loan obligations (includes
$264,500,000 and $87,500,000 from           264,500,000     87,500,000
consolidated VIEs, respectively)
Junior subordinated notes to subsidiary     159,025,006     158,767,145
trust issuing preferred securities
Notes payable                               51,457,708      51,457,708
Mortgage notes payable – real estate owned  53,751,004      53,751,004
Due to related party                        1,902,881       3,084,627
Due to borrowers (includes $0 and
$1,320,943 from consolidated VIEs,          17,556,616      23,056,640
respectively)
Deferred revenue                            77,123,133      77,123,133
Other liabilities (includes $17,767,315 and
$22,013,896 from consolidated VIEs,         65,599,159      72,765,437
respectively)
Total liabilities                           1,536,118,513   1,470,620,158
                                                           
Commitments and contingencies               --              --
                                                           
Equity:                                                     
Arbor Realty Trust, Inc. stockholders'                      
equity:
Preferred stock, $0.01 par value:
100,000,000 shares authorized; 8.25% Series
A cumulative redeemable preferred stock,
$38,787,500 aggregate liquidation
preference; 1,551,500 issued and
outstanding at June 30, 2013, no shares     67,654,655      --
issued and outstanding at December 31,
2012; 7.75% Series B cumulative redeemable
preferred stock, $31,500,000 aggregate
liquidation preference; 1,260,000 issued
and outstanding at June 30, 2013, no shares
issued and outstanding at December 31, 2012
Common stock, $0.01 par value: 500,000,000
shares authorized; 45,787,742 shares
issued, 43,136,975 shares outstanding at    457,877         339,000
June 30, 2013 and 33,899,992 shares issued,
31,249,225 shares outstanding at December
31, 2012
Additional paid-in capital                  582,842,587     493,211,222
Treasury stock, at cost - 2,650,767 shares  (17,100,916)    (17,100,916)
at June 30, 2013 and December 31, 2012
Accumulated deficit                         (207,260,372)   (207,558,257)
Accumulated other comprehensive loss        (31,305,199)    (39,561,700)
Total Arbor Realty Trust, Inc.              395,288,632     229,329,349
stockholders' equity
Noncontrolling interest in consolidated     1,935,438       1,931,773
entity
Total equity                                397,224,070     231,261,122
Total liabilities and equity                $1,933,342,583 $1,701,881,280

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
                                                    
SUPPLEMENTAL SCHEDULE OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
                                                    
                                                    June 30, 2013
                                                    
                                                    
GAAP Arbor Realty Trust, Inc. Stockholders' Equity  $395,288,632
Subtract: 8.25% Series A and7.75% Series B          (67,654,655)
cumulative redeemable preferred stock
                                                    
GAAP Arbor Realty Trust, Inc. Common Stockholders'   $327,633,977
Equity
                                                    
Add: 450 West 33rd Street transaction - deferred     77,123,133
revenue
Unrealized loss on derivative instruments           29,782,120
                                                    
Subtract: 450 West 33rd Street transaction - prepaid (19,047,949)
management fee
                                                    
Adjusted Arbor Realty Trust, Inc. Common             $415,491,281
Stockholders' Equity
                                                    
Adjusted book value per common share                $9.63
                                                    
GAAP book value per common share                    $7.60
                                                    
Common shares outstanding                           43,136,975
                                                    
Given the magnitude and the deferral structure of the 450 West 33rd Street
transaction combined with the change in the fair value of certain derivative
instruments, Arbor has elected to report adjusted book value per share for the
affected period to currently reflect the future impact of the 450 West 33rd
Street transaction on the Company's financial condition as well as the
evaluation of Arbor without the effects of unrealized losses from certain of
the Company's derivative instruments. Management considers this non-GAAP
financial measure to be an effective indicator, for both management and
investors, of Arbor's financial performance. Arbor's management does not
advocate that investors consider this non-GAAP financial measure in isolation
from, or as a substitute for, financial measures prepared in accordance with
GAAP.
                                                    
GAAP book value per share and adjusted book value per share calculations do
not take into account any dilution from the potential exercise of the warrants
issued to Wachovia as part of the 2009 debt restructuring.


ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
                                                            
SUPPLEMENTAL SCHEDULE OF NON-GAAP FINANCIAL MEASURES - Continued
(Unaudited)
                                                            
                     Quarter Ended              Six Months Ended
                      June 30,                   June 30,
                     2013         2012          2013           2012
                                                            
                                                            
Net income
attributable to Arbor
Realty Trust, Inc.    $2,995,866 $15,546,018 $9,636,105   $19,707,798
common stockholders,
GAAP basis
                                                            
Subtract:                                                   
Gain on sale of real  --         --          --           (3,487,145)
estate-held-for-sale
Add:                                                        
Depreciation - real
estate owned and      1,827,595   1,540,217    3,459,726     2,716,972
held-for-sale (1)
Depreciation -
investment in equity  22,599      26,936       45,198        53,871
affiliate
                                                            
Funds from operations $4,846,060 $17,113,171 $13,141,029  $18,991,496
("FFO")
                                                            
Diluted FFO per       $0.11      $0.68       $0.34        $0.77
common share
                                                            
Diluted weighted
average shares        43,555,495  25,267,459   38,921,834    24,805,807
outstanding
                                                            
(1) Includes
discontinued                                                 
operations
                                                            
Arbor is presenting funds from operations, or FFO, because management believes
it to be an important supplemental measure of the Company's operating
performance in that it is frequently used by analysts, investors and other
parties in the evaluation of real estate investment trusts (REITs).The
revised White Paper on FFO approved by the Board of Governors of the National
Association of Real Estate Investment Trusts, or NAREIT, in April 2002 defines
FFO as net income (loss) attributable to Arbor Realty Trust, Inc. (computed in
accordance with generally accepted accounting principles (GAAP)), excluding
gains (losses) from sales of depreciated real properties, plus impairments of
depreciated real properties and real estate related depreciation and
amortization, and after adjustments for unconsolidated partnerships and joint
ventures. The Company considers gains and losses on the sales of undepreciated
real estate investments to be a normal part of its recurring operating
activities in accordance with GAAP and should not be excluded when calculating
FFO. Losses from discontinued operations are not excluded when calculating
FFO.
FFO is not intended to be an indication of our cash flow from operating
activities (determined in accordance with GAAP) or a measure of our liquidity,
nor is it entirely indicative of funding our cash needs, including our ability
to make cash distributions.Arbor's calculation of FFO may be different from
the calculation used by other companies and, therefore, comparability may be
limited.

CONTACT: Arbor Realty Trust, Inc.
         Paul Elenio, Chief Financial Officer
         516-506-4422
         pelenio@arbor.com
        
         Media:
         Bonnie Habyan, EVP of Marketing
         516-506-4615
         bhabyan@arbor.com
        
         Investors:
         Stephanie Carrington
         The Ruth Group
         646-536-7017
         scarrington@theruthgroup.com
 
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