AP NEWS

Arbor Realty Trust Reports Second Quarter 2018 Results and Declares Common Stock Dividend

August 3, 2018

Company Highlights:

-- GAAP net income of $0.25 per diluted common share; AFFO of $0.29, or $0.31 per diluted common share excluding a one-time, non-cash expense from the early repayment of debt1 -- Raised $77.9 million of accretive capital through the issuance of common stock and unsecured senior notes -- Declares a cash dividend on common stock of $0.25 per share Agency Business

-- Segment income of $13.5 million -- Loan originations of $1.04 billion -- Servicing portfolio of $17.11 billion, up 3% from 1Q18 Structured Business

-- Segment income of $9.2 million -- Significant portfolio growth of 13% on $606.9 million of loan originations -- Closed a tenth collateralized securitization vehicle totaling $560.0 million with a four-year replenishment period

Recent Developments:

-- Market cap surpasses $1 billion mark -- Issued $245.0 million of 5.25% convertible senior notes due in 2021 to exchange our 6.50% and 5.375% convertible senior notes -- Received approximately $11 million from the settlement of a litigation

UNIONDALE, N.Y., Aug. 03, 2018 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the second quarter ended June 30, 2018. Arbor reported net income for the quarter of $17.2 million, or $0.25 per diluted common share, compared to $11.9 million, or $0.21 per diluted common share for the quarter ended June 30, 2017. Adjusted funds from operations (“AFFO”) for the quarter was $26.4 million, or $0.29 per diluted common share, compared to $17.6 million, or $0.22 per diluted common share for the quarter ended June 30, 2017.1

Agency Business

Loan Origination Platform

Agency Loan Volume (in thousands) ------------------------------------------------- Quarter Ended ------------------------ June 30, March 31, 2018 2018 ----------- ----------- Originations: Fannie Mae $ 606,287 $ 662,921 Freddie Mac 434,789 308,151 FHA - 60,738 CMBS/Conduit - 16,233 Total Originations $ 1,041,076 $ 1,048,043 - --------- - --------- Total Loan Sales $ 1,018,283 $ 1,062,437 - --------- - --------- Total Loan Commitments $ 1,079,478 $ 1,043,715 - --------- - ---------

For the quarter ended June 30, 2018, the Agency Business generated revenues of $49.0 million, compared to $54.4 million for the first quarter of 2018. Gain on sales, including fee-based services, net was $15.6 million for the quarter, reflecting a margin of 1.53% on loan sales, compared to $18.2 million and 1.71% for the first quarter of 2018. Income from mortgage servicing rights was $17.9 million for the quarter, reflecting a rate of 1.66% as a percentage of loan commitments, compared to $19.6 million and 1.88% for the first quarter of 2018.

At June 30, 2018, loans held-for-sale was $311.5 million which was primarily comprised of unpaid principal balances totaling $308.1 million, with financing associated with these loans totaling $307.7 million.

Fee-Based Servicing Portfolio

Our fee-based servicing portfolio totaled $17.11 billion at June 30, 2018, an increase of 3% from March 31, 2018, primarily a result of $1.04 billion of new loan originations, net of $620.8 million in portfolio runoff during the quarter. Servicing revenue, net was $10.9 million for the quarter and consists of servicing revenue of $22.8 million, net of amortization of mortgage servicing rights totaling $11.9 million.

Fee-Based Servicing Portfolio ($ in thousands) ---------------------------------------------------------------------------------------------- As of June 30, 2018 As of March 31, 2018 ---------------------------------------------- ---------------------------------------------- Wtd. Wtd. UPB Avg. Wtd. Avg. Life (in years) UPB Avg. Wtd. Avg. Life (in years) Fee Fee ------------ ------- ------------------------- ------------ ------- ------------------------- Fannie Mae $ 12,794,277 0.530 % 7.3 $ 12,700,635 0.535 % 7.2 Freddie Mac 3,730,980 0.308 % 11.0 3,397,535 0.304 % 10.7 FHA 585,017 0.159 % 20.1 591,836 0.162 % 20.0 Total $ 17,110,274 0.469 % 8.6 $ 16,690,006 0.475 % 8.4 - ---------- ----- - ------------------------- - ---------- ----- - -------------------------

Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”). At June 30, 2018, the Company’s allowance for loss-sharing obligations was $31.4 million which consists of general loss sharing guaranty obligations of $30.4 million, representing 0.24% of the Fannie Mae servicing portfolio, and $1.0 million of loss-sharing obligations on specifically identified loans with losses determined to be probable and estimable.

Structured Business

Portfolio and Investment Activity

-- 32 new loan originations totaling $606.9 million, of which 31 were bridge loans for $590.9 million -- Payoffs and pay downs on 22 loans totaling $238.0 million -- Significant portfolio growth of 13% from 1Q18

At June 30, 2018, the loan and investment portfolio’s unpaid principal balance, excluding loan loss reserves, was $3.14 billion, with a weighted average current interest pay rate of 6.76%, compared to $2.78 billion and 6.57% at March 31, 2018. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 7.40% at June 30, 2018, compared to 7.28% at March 31, 2018.

The average balance of the Company’s loan and investment portfolio during the second quarter of 2018, excluding loan loss reserves, was $2.91 billion with a weighted average yield on these assets of 7.40%, compared to $2.68 billion and 7.08% for the first quarter of 2018. The increase in average yield was primarily due to an increase in LIBOR.

At June 30, 2018, the Company’s total loan loss reserves were $58.7 million on four loans with an aggregate carrying value before loan loss reserves of $129.7 million. The Company also had two non-performing loans with a carrying value of $2.5 million, net of related loan loss reserves of $1.7 million.

In July 2018, we received approximately $11 million from the settlement of a litigation related to a prior investment, which we expect to record as a gain in the third quarter of 2018.

Financing Activity

The Company completed its tenth collateralized securitization vehicle (“CLO X”) totaling $560.0 million of real estate related assets and cash. Investment grade-rated notes totaling $441.0 million were issued, and the Company retained subordinate interests in the issuing vehicle of $119.0 million. The facility has a four-year asset replenishment period and an initial weighted average interest rate of 1.45% over LIBOR, excluding fees and transaction costs.

The Company completed the unwind of CLO V, redeeming $267.8 million of outstanding notes which were repaid with proceeds received from the refinancing of CLO V’s outstanding assets within the Company’s existing financing facilities including CLO X. As a result of this transaction, the Company recognized an expense of $1.3 million from the acceleration of deferred fees.

The balance of debt that finances the Company’s loan and investment portfolio at June 30, 2018 was $2.81 billion with a weighted average interest rate including fees of 4.93% as compared to $2.45 billion and a rate of 5.09% at March 31, 2018. The average balance of debt that finances the Company’s loan and investment portfolio for the second quarter of 2018 was $2.54 billion, as compared to $2.30 billion for the first quarter of 2018. The average cost of borrowings for the second quarter was 5.46%, compared to 5.33% for the first quarter of 2018. The increase in average costs was primarily due to an increase in LIBOR as well as the acceleration of fees related to the early repayment of debt.

The Company is subject to various financial covenants and restrictions under the terms of its collateralized securitization vehicles and financing facilities. The Company believes it was in compliance with all financial covenants and restrictions as of June 30, 2018 and as of the most recent collateralized securitization vehicle determination dates in July 2018.

Capital Markets

The Company issued 6.1 million shares of common stock receiving net proceeds of $52.9 million and used the net proceeds to make investments and for general corporate purposes.

The Company reopened its 5.625% convertible senior notes due May 2023 and issued an additional $25.0 million for a total outstanding principal amount of $125.0 million, including the initial $100.0 million from March 2018. The proceeds received by the Company were used to fund the redemption of the Company’s outstanding 7.375% senior notes due in 2021, to make investments in our business and for general corporate purposes.

In July 2018, the Company issued $245.0 million in aggregate principal amount of 5.25% convertible senior notes due 2021 (the “Notes”) through two private placements, including $15.0 million of the initial purchaser’s over-allotment option. The initial purchasers of the Notes have the option to purchase up to an additional $19.5 million of Notes solely to cover over-allotments. The Company received proceeds totaling $237.2 million, net of the underwriter’s discount and fees from these offerings. The Company used the net proceeds to exchange $99.8 million in aggregate principal amount of its 6.50% convertible senior notes due 2019 and $127.6 million in aggregate principal amount of its 5.375% convertible senior notes due 2020 for a combination of $219.8 million in cash and 6.8 million shares of the Company’s common stock to settle such exchanges. The remaining net proceeds were used for general corporate purposes.

Dividends

The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.25 per share of common stock for the quarter ended June 30, 2018. The dividend is payable on August 31, 2018 to common stockholders of record on August 15, 2018. The ex-dividend date is August 14, 2018.

The Company also announced today that its Board of Directors has declared cash dividends on the Company’s Series A, Series B and Series C cumulative redeemable preferred stock reflecting accrued dividends from June 1, 2018 through August 31, 2018. The dividends are payable on August 31, 2018 to preferred stockholders of record on August 15, 2018. The Company will pay total dividends of $0.515625, $0.484375 and $0.53125 per share on the Series A, Series B and Series C preferred stock, respectively.

Earnings Conference Call

The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast of the conference call will be available at www.arbor.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) 516-5034 for domestic callers and (678) 509-7613 for international callers. Please use participant passcode 7116809.

After the live webcast, the call will remain available on the Company’s website through August 31, 2018. In addition, a telephonic replay of the call will be available until August 10, 2018. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use passcode 7116809.

About Arbor Realty Trust, Inc.

Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, seniors housing, healthcare, and other diverse commercial real estate assets. Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in Fannie Mae, Freddie Mac, and other government-sponsored enterprises, as well as CMBS, bridge, mezzanine, and preferred equity lending. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and flexibility, and dedicated to providing our clients excellence over the entire life of a loan.

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, 2017 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.

1. 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 non-GAAP financial measures and the comparable GAAP financial measure can be found on page 12 of this release.

Contacts: Investors: Arbor Realty Trust, Inc. The Ruth Group Paul Elenio, Chief Financial Officer Lee Roth 646-536-7012 516-506-4422 lroth@theruthgroup.com pelenio@arbor.com Media: Bonnie Habyan, EVP of Marketing 516-506-4615 bhabyan@arbor.com

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME - (UNAUDITED) ($ in thousands—except share and per share data) Quarter Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 - ---------- - - ---------- - - ---------- - - ---------- - Interest income $ 59,295 $ 34,468 $ 110,908 $ 67,993 Interest expense 37,884 20,411 71,271 39,848 Net interest income 21,411 14,057 39,637 28,145 - ---------- - - ---------- - - ---------- - - ---------- - Other revenue: Gain on sales, including fee-based 15,622 18,830 33,815 38,001 services, net Mortgage servicing 17,936 17,254 37,571 37,284 rights Servicing revenue, 10,871 6,609 20,418 11,403 net Property operating 2,964 2,863 5,874 6,086 income Other income, net (470 ) (821 ) 2,408 (1,707 ) Total other revenue 46,923 44,735 100,086 91,067 - ---------- - - ---------- - - ---------- - - ---------- - Other expenses: Employee compensation 26,815 21,825 56,309 41,666 and benefits Selling and 8,873 7,835 17,789 15,529 administrative Property operating 2,856 2,622 5,652 5,260 expenses Depreciation and 1,845 1,816 3,691 3,713 amortization Impairment loss on 2,000 1,500 2,000 2,700 real estate owned Provision for loss sharing (net of 348 532 821 2,212 recoveries) Provision for loan losses (net of (2,127 ) (1,760 ) (1,802 ) (2,456 ) recoveries) Management fee - - 2,673 - 6,673 related party Total other expenses 40,610 37,043 84,460 75,297 - ---------- - - ---------- - - ---------- - - ---------- - Income before gain on extinguishment of debt, income (loss) 27,724 21,749 55,263 43,915 from equity affiliates and income taxes Gain on extinguishment of - - - 7,116 debt Income (loss) from 1,387 (3 ) 2,132 760 equity affiliates (Provision for) benefit from income (4,499 ) (3,435 ) 4,285 (9,536 ) taxes - ---------- - - ---------- - - ---------- - - ---------- - Net income 24,612 18,311 61,680 42,255 - ---------- - - ---------- - - ---------- - - ---------- - Preferred stock 1,888 1,888 3,777 3,777 dividends Net income attributable to 5,557 4,494 14,547 10,935 noncontrolling interest Net income attributable to 17,167 $ 11,929 $ 43,356 $ 27,543 common stockholders - ---------- - - ---------- - - ---------- - - ---------- - Basic earnings per $ 0.26 $ 0.21 $ 0.68 $ 0.51 common share - ---------- - - ---------- - - ---------- - - ---------- - Diluted earnings per $ 0.25 $ 0.21 $ 0.66 $ 0.50 common share - ---------- - - ---------- - - ---------- - - ---------- - Weighted average shares outstanding: Basic 65,683,057 56,652,334 63,773,306 54,071,085 - ---------- - - ---------- - - ---------- - - ---------- - Diluted 90,055,170 79,064,503 87,420,543 76,365,118 - ---------- - - ---------- - - ---------- - - ---------- - Dividends declared $ 0.25 $ 0.18 $ 0.46 $ 0.35 per common share - ---------- - - ---------- - - ---------- - - ---------- -

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ($ in thousands—except share and per share data) June 30, December 31, 2018 2017 - --------- - - --------- - (Unaudited) Assets: Cash and cash equivalents $ 106,968 $ 104,374 Restricted cash 173,686 139,398 Loans and investments, net 3,064,798 2,579,127 Loans held-for-sale, net 311,487 297,443 Capitalized mortgage servicing rights, net 257,021 252,608 Securities held to maturity, net 50,342 27,837 Investments in equity affiliates 24,144 23,653 Real estate owned, net 14,650 16,787 Due from related party 10,162 688 Goodwill and other intangible assets 118,965 121,766 Other assets 72,097 62,264 Total assets $ 4,204,320 $ 3,625,945 - --------- - - --------- - Liabilities and Equity: Credit facilities and repurchase agreements 910,504 528,573 Collateralized loan obligations 1,590,644 1,418,422 Debt fund 68,270 68,084 Senior unsecured notes 122,343 95,280 Convertible senior unsecured notes, net 235,431 231,287 Junior subordinated notes to subsidiary trust issuing preferred 139,909 139,590 securities Related party financing - 50,000 Due to related party 335 - Due to borrowers 78,159 99,829 Allowance for loss-sharing obligations 31,402 30,511 Other liabilities 83,811 99,813 Total liabilities 3,260,808 2,761,389 - --------- - - --------- - Equity: Arbor Realty Trust, Inc. stockholders’ equity: Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; special voting preferred shares; 21,230,769 shares issued and outstanding; 8.25% Series A, $38,787,500 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500,000 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500,000 aggregate liquidation preference; 900,000 shares issued and 89,508 89,508 outstanding Common stock, $0.01 par value: 500,000,000 shares authorized; 68,570,617 and 61,723,387 shares issued and outstanding, respectively 686 617 Additional paid-in capital 766,933 707,450 Accumulated deficit (87,128 ) (101,926 ) Accumulated other comprehensive income - 176 - --------- - - --------- - Total Arbor Realty Trust, Inc. stockholders’ equity 769,999 695,825 Noncontrolling interest 173,513 168,731 - --------- - - --------- - Total equity 943,512 864,556 - --------- - - --------- - Total liabilities and equity $ 4,204,320 $ 3,625,945 - --------- - - --------- -

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES STATEMENT OF INCOME SEGMENT INFORMATION - (Unaudited) (in thousands) Quarter Ended June 30, 2018 ------------------------------------------------ Structured Agency Other / Business Business Elimination Consolidated s (1) ---------- ----------- ---------- ----------- Interest income $ 54,177 $ 5,118 $ - $ 59,295 Interest expense 34,612 3,272 - 37,884 Net interest income 19,565 1,846 - 21,411 - ------ - - ------- - - ------ - - ------- - Other revenue: Gain on sales, including fee-based - 15,622 - 15,622 services, net Mortgage servicing - 17,936 - 17,936 rights Servicing revenue - 22,808 - 22,808 Amortization of MSRs - (11,937 ) - (11,937 ) Property operating 2,964 - - 2,964 income Other income, net 117 (587 ) - (470 ) Total other revenue 3,081 43,842 - 46,923 - ------ - - ------- - - ------ - - ------- - Other expenses: Employee compensation 6,749 20,066 - 26,815 and benefits Selling and 3,497 5,376 - 8,873 administrative Property operating 2,856 - - 2,856 expenses Depreciation and 444 1,401 - 1,845 amortization Impairment loss on 2,000 - - 2,000 real estate owned Provision for loss sharing (net of - 348 - 348 recoveries) Provision for loan losses (net of (2,127 ) - - (2,127 ) recoveries) Total other expenses 13,419 27,191 - 40,610 - ------ - - ------- - - ------ - - ------- - Income before income from equity affiliates and income taxes 9,227 18,497 - 27,724 Income from equity 1,387 - - 1,387 affiliates Benefit from (provision for) 500 (4,999 ) - (4,499 ) income taxes - ------ - - ------- - - ------ - - ------- - Net income $ 11,114 $ 13,498 $ - $ 24,612 - ------ - - ------- - - ------ - - ------- - Preferred stock 1,888 - - 1,888 dividends Net income attributable to noncontrolling - - 5,557 5,557 interest Net income attributable to $ 9,226 $ 13,498 $ (5,557 ) $ 17,167 common stockholders - ------ - - ------- - - ------ - - ------- - (1) Includes certain income or expenses not allocated to the two reportable segments. Amount reflects income attributable to the noncontrolling interest holders.

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES BALANCE SHEET SEGMENT INFORMATION - (Unaudited) (in thousands) June 30, 2018 ----------------------------------- Structured Agency Consolidated Business Business ----------- --------- ----------- Assets: Cash and cash equivalents $ 78,997 $ 27,971 $ 106,968 Restricted cash 172,954 732 173,686 Loans and investments, net 3,064,798 - 3,064,798 Loans held-for-sale, net - 311,487 311,487 Capitalized mortgage servicing rights, net - 257,021 257,021 Securities held to maturity, net - 50,342 50,342 Investments in equity affiliates 24,144 - 24,144 Goodwill and other intangible assets 12,500 106,465 118,965 Other assets 79,751 17,158 96,909 Total assets $ 3,433,144 $ 771,176 $ 4,204,320 - --------- - ------- - --------- Liabilities: Debt obligations 2,759,445 307,656 3,067,101 Allowance for loss-sharing obligations - 31,402 31,402 Other liabilities 135,944 26,361 162,305 Total liabilities $ 2,895,389 $ 365,419 $ 3,260,808 - --------- - ------- - ---------

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Supplemental Schedule of Non-GAAP Financial Measures - (Unaudited) Funds from Operations (“FFO”) and Adjusted Funds from Operations (“AFFO”) ($ in thousands—except share and per share data) Quarter Ended Six Months Ended June 30, June 30, ------------------------------ ----------------------------- 2018 2017 2018 2017 - ---------- - - ---------- - - ---------- - - ---------- - Net income attributable to common stockholders $ 17,167 $ 11,929 $ 43,356 $ 27,543 Adjustments: Net income attributable to noncontrolling 5,557 4,494 14,547 10,935 interest Impairment loss on real estate owned 2,000 1,500 2,000 2,700 Depreciation - real estate owned 178 169 356 419 Depreciation - investments in equity 125 101 250 203 affiliates - ---------- - - ---------- - - ---------- - - ---------- - Funds from operations (1) $ 25,027 $ 18,193 $ 60,509 $ 41,800 Adjustments: Income from mortgage servicing rights (17,936 ) (17,254 ) (37,571 ) (37,284 ) Impairment loss on real estate owned (2,000 ) (1,500 ) (2,000 ) (2,700 ) Deferred tax provision (benefit) 185 (890 ) (13,135 ) 937 Amortization and write-offs of MSRs 17,203 14,932 33,879 30,213 Depreciation and amortization 2,255 1,873 4,511 3,741 Net loss (gain) on changes in fair value of 587 1,552 (2,057 ) 2,549 derivatives Stock-based compensation 1,100 682 3,645 2,986 - ---------- - - ---------- - - ---------- - - ---------- - Adjusted funds from operations (1) (2) $ 26,421 $ 17,588 $ 47,781 $ 42,242 - ---------- - - ---------- - - ---------- - - ---------- - Diluted FFO per share (1) $ 0.28 $ 0.23 $ 0.69 $ 0.55 - ---------- - - ---------- - - ---------- - - ---------- - Diluted AFFO per share (1) (2) $ 0.29 $ 0.22 $ 0.55 $ 0.55 - ---------- - - ---------- - - ---------- - - ---------- - Diluted weighted average shares outstanding 90,055,170 79,064,503 87,420,543 76,365,118 (1) - ---------- - - ---------- - - ---------- - - ---------- - (1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company’s option for shares of the Company’s common stock on a one-for-one basis. (2) Excluding the impact of $1.5 million of one-time, non-cash accelerated costs related to the exchange of our 6.50% convertible senior notes due 2019, AFFO for the second quarter of 2018 was $28.0 million, or $0.31 per diluted common share. The Company is presenting FFO and AFFO because management believes they are important supplemental measures of the Company’s operating performance in that they are frequently used by analysts, investors and other parties in the evaluation of REITs. The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (loss) attributable to common stockholders (computed in accordance with 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 ventures. The Company defines AFFO as funds from operations adjusted for accounting items such as non-cash stock-based compensation expense, income from mortgage servicing rights (“MSRs”), changes in fair value of certain derivatives that temporarily flow through earnings, amortization and write-offs of MSRs, deferred tax (benefit) provision and the amortization of the convertible senior notes conversion option. The Company also adds back one-time charges such as acquisition costs and impairment losses on real estate and gains (losses) on sales of real estate. The Company is generally not in the business of operating real estate property and has obtained real estate by foreclosure or through partial or full settlement of mortgage debt related to the Company’s loans to maximize the value of the collateral and minimize the Company’s exposure. Therefore, the Company deems such impairment and gains (losses) on real estate as an extension of the asset management of its loans, thus a recovery of principal or additional loss on the Company’s initial investment. FFO and AFFO are not intended to be an indication of the Company’s cash flow from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company’s cash needs, including its ability to make cash distributions. The Company’s calculation of FFO and AFFO may be different from the calculations used by other companies and, therefore, comparability may be limited.

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