Arbor Realty Trust Inc. (ABR) said Thursday it has commenced a public offering of 3.5 million shares of its common stock.
In connection with the offering, the company said it plans to grant the underwriters an option for 30 days to purchase up to an additional 525,000 shares of common stock to cover over-allotments.
The company intends to use the net proceeds from the offering to make investments, to repurchase or pay liabilities and for general purposes.
Deutsche Bank Securities Inc. will serve as the sole book-running manager for the offering, and JMP Securities LLC will serve as the lead manager.
Shares of Arbor Realty closed Thursday at $6.05, down 0.17%, on the NYSE. In after hours, the stock lost $0.30 or 4.96%.
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