This required accounting change isexpectedto result in additional non-cash interest expense

This required accounting change isexpectedto result in additional non-cash interest expense of approximately$4.3million for fiscal 2009. Cogent's 2009 netloss per basic and diluted common share guidance assumes approximately43.0 million weighted average common shares outstanding.Cogent'snet loss per basic and diluted common share also includes the impactofthe adoption of FASB Staff Position APB 14-1 "Accounting forConvertible Debt Instruments That May Be Settled in Cash UponConversion(Including Partial Cash Settlement)."The adoption of FASB StaffPosition APB 14-1 resulted in an increase to the discount onCogent's convertible notes and a corresponding increase toadditional paid-in capital. Arbor expressly disclaims any obligation or undertakingto release publicly any updates or revisions to any forward-looking statementscontained herein to reflect any change in Arbor's expectations with regardthereto or change in events, conditions, or circumstances on which any suchstatement is based.Contacts:Investors:Arbor Realty Trust, Inc. Stephanie Carrington / Amy GlynnPaul Elenio, Chief Financial Officer The Ruth Group516-506-4422 Media:Bonnie Habyan, SVP of Non-GAAP Financial MeasuresDuring the quarterly earnings conference call, the Company may discussnon-GAAP financial measures as defined by SEC Regulation G. In addition, theCompany has used non-GAAP financial measures in this press release. Asupplemental schedule of each non-GAAP financial measure and the comparableGAAP financial measure can be found on pages 10 through 12 of this release.(1) See attached supplemental schedule of non-GAAP financial measures ARBOR REALTY TRUST, INC.

$(4,253,738) $12,704,792====================== Basic (loss) earnings per common share$(0.17) $0.62 =========== Diluted (loss) earnings per common share$(0.17) $0.62 =========== Dividends declared per common share $-$0.62 ======= Weighted average number of shares of common stock outstanding: Basic 25,142,410 20,571,780 ========== ========== Diluted 25,142,410 24,403,381 ========== ==========ARBOR REALTY TRUST, INC. stockholders' equity:Preferred stock, $0.01 par value: 100,000,000 shares authorized --Common stock, $0.01 par value: 500,000,000 shares authorized; 25,421,810 shares issued, 25,142,410 shares outstanding at March 31, 2009 and December 31, 2008 254,218254,218Additional paid-in capital 447,784,318447,321,186Treasury stock, at cost - 279,400shares(7,023,361)(7,023,361)Accumulated deficit(67,197,038) (62,939,722)Accumulated other comprehensive loss (89,247,870) (96,606,672) ----------------------Total Arbor Realty Trust, Inc. stockholders' equity284,570,267281,005,649 ----------------------Noncontrolling interest in consolidated entity 1,882,174(10,981) ----------------------Total equity 286,452,441280,994,668 ----------------------Total liabilities and equity$2,495,754,371 $2,579,236,489============== ============== ARBOR REALTY TRUST, INC. and (loss) earnings per sharefor the affected periods to help ensure the comparability of thereporting periods.

Management considers these non-GAAP financial measuresto be effective indicators, for both management and investors, of Arbor'sfinancial performance. Arbor's management does not advocate thatinvestors consider such non-GAAP financial measures in isolation from, oras a substitute for, financial information prepared in accordance withGAAP.ARBOR REALTY TRUST, INC. AND SUBSIDIARIESSUPPLEMENTAL SCHEDULE OF NON-GAAP FINANCIAL MEASURES - Continued (Unaudited) March 31, 2009 -------------- GAAP Arbor Realty Trust, Inc. Stockholders' Equity$284,570,267 Add: 450 West 33rd Street transaction - deferred revenue77,123,133Unrealized loss on derivative instruments89,012,713 Subtract: 450 West 33rd Street transaction -prepaid management fee(19,047,949)----------- Adjusted Arbor Realty Trust, Inc. Arbor's management does not advocate that investors considerthis non-GAAP financial measure in isolation from, or as a substitutefor, financial information prepared in accordance with GAAP ARBOR REALTY TRUST, INC.