Fitch Assigns 'CAM2' CRE CDO Asset Manager Rating to Arbor Realty Trust.

NEW YORK -- Fitch has assigned a 'CAM2' commercial real estate (CRE) collateralized debt obligation (CDO) asset manager rating to Arbor Realty Trust, Inc. (Arbor Realty Trust).

Arbor Realty Trust's rating can be attributed to their depth in underwriting and asset management staff which is critical to their role in originating, underwriting, and servicing commercial real estate loans. They maintain a focused investment strategy and an emphasis on their relationship with borrowers.

Arbor Realty Collateral Management, an indirect subsidiary of Arbor Realty Trust, is the collateral manager on two outstanding collateralized debt obligations (CDOs) - Arbor Realty Mortgage Securities series 2004-1 and 2005-1. Fitch recently upgraded one class and affirmed three classes of Arbor Realty Mortgage Securities, series 2004-1.

Arbor Realty Trust's 'CAM2' rating is based on the firm's composite score of 2.20. This composite score is used to establish a systematically applied quantitative link between its asset manager rating and Fitch's CDO rating criteria, in accordance with the approach outlined in the Fitch report 'Reviewing and Rating CDO Asset managers' dated Jan. 27, 2006, available on the Derivative Fitch web site at www.derivativefitch.com.

--Company and Management Experience '2.25';

--Staffing '2.00';

--Procedures and Controls '2.00';

--Portfolio Management '1.75';

--CDO Administration '2.50';

--Technology '2.50';

--CDO Portfolio Performance '2.50'.

Arbor Realty Trust (NYSE:ABR) is a publicly traded real estate investment trust (REIT) formed in July 2003 to invest in structured commercial real estate finance assets, including whole loans, bridge loans, preferred equity investments, A and B notes, mezzanine loans, and other commercial real estate investments. Arbor Realty Trust is headquartered in Uniondale, NY however they have sales teams throughout the country, a servicing organization in Buffalo, NY, and the securitization group in New York, NY.

An updated profile report and full CAM rating report on Arbor Realty Trust will be available on the Derivative Fitch web site.

Fitch rates CDO asset managers by asset class, on a scale of 1 to 5, with 1 being the highest rating. These ratings are based on a standardized scorecard methodology that includes factors in each of the seven groups as noted above.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.derivativefitch.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. Fitch means Fitch, Inc., Fitch Ratings, Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto.