Arbor Realty Trust, Inc. is a specialized real estate finance company. The Company invests in a diversified portfolio of structured finance assets in the multi-family and commercial real estate markets. It invests primarily in real estate-related bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity, and in limited cases, discounted mortgage notes and other real estate-related assets. The Company also invests in mortgage-related securities. It conducts all of its operations and investing activities through its operating partnership, Arbor Realty Limited Partnership, and its wholly owned subsidiaries. The Company serves as the general partner of its operating partnership, and owns a 100% partnership interest in its operating partnership as of December 31, 2008. The Company is externally managed and advised by Arbor Commercial Mortgage, LLC (ACM), a national commercial real estate finance company.