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Arbor Realty Trust, Inc. Q1 2010 Earnings Call Transcript

Clearly, these substantial debt retirements are major step of positioning us more favorably for the future. It will improve the right side of our balance sheet significantly by reducing the leverage and recourse that substantially leaving us poised to take advantage of the opportunities that will exist in the market.

We continue to focus heavily on increasing and maintaining our liquidity. And as of today, we have approximately $73 million of cash on hand and around 20 million of cash collateral posted against our swaps.

We’re also pleased with our ability to manage our CDO vehicles sufficiently, receiving all of the cash distributions from these vehicles in 2009 and the first two quarters of 2010. And while there can be no assurances that our CDO vehicles will continue to cash flow in the future we will remain focus on optimizing and utilizing these facilities by transferring assets and originating loans where available and appropriate.

The effective management of our CDOs has contributed greatly to a reduction of our warehouse and term debt facilities, which as I have mentioned earlier has reduced the amount due on the discount to pay off with Wachovia.

Although we have recorded significant losses in the 2008 and 2009 we have done an effective job of managing through the downturn by restructuring our balance sheet. This include repurchasing the Wachovia and trust-preferred debt at deep discounts as well as restructuring the substantial amount of our assets creating a higher quality portfolio going forward and execute an effective strategy of mitigating the offsetting losses from these assets to the repurchase of other debt and monetizing our equity investments.

In fact we’ve recorded $54 million in gains from these debt repurchase in 2008 and 2009, 47 million in the first quarter of 2010 and another 13 million already in the second quarter of 2010. As we stated earlier we’re expecting a significant gain from the completion of the retirements of the Wachovia debt.

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