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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Arbor Realty Trust, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
038923108
--------------------------------------------------------------------------------
(CUSIP Number)
December 31, 2004
--------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following pages)
Page 1 of 26 Pages
13G
====================
CUSIP No. 038923108
====================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Partners, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 535,600
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
535,600
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
535,600
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
3.3 %
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 2 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Institutional Partners, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 510,400
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
510,400
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
510,400
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
3.1%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 3 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Institutional Partners II, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
California
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 54,100
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
54,100
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
54,100
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 4 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Capital Institutional Partners III, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 66,400
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
66,400
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
66,400
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.4%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 5 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Tinicum Partners, L.P.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
New York
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 26,300
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
26,300
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
26,300
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.2%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
PN
------------====================================================================
Page 6 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Farallon Partners, L.L.C.
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
OO
------------====================================================================
Page 7 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
David I. Cohen [See Preliminary Note]
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY -0-
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
-0-
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
-0-
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
0.0%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 8 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Chun R. Ding
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 9 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Joseph F. Downes
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 10 of 26 Pages
13G
====================
CUSIP No. 038923108
====================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
William F. Duhamel
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 11 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Charles E. Ellwein
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 12 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Richard B. Fried
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 13 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Monica R. Landry
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 14 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
William F. Mellin
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 15 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Stephen L. Millham
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 16 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Rajiv A. Patel
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 17 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Derek C. Schrier
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 18 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Thomas F. Steyer
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 19 of 26 Pages
13G
===================
CUSIP No. 038923108
===================
------------====================================================================
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Mark C. Wehrly
------------====================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) [ ]
(b) [ X ]**
2
** The reporting persons making this filing hold an
aggregate of 1,192,800 Shares, which is 7.3% of the
class of securities. The reporting person on this
cover page, however, is a beneficial owner only of
the securities reported by it on this cover page.
------------====================================================================
3 SEC USE ONLY
------------====================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
4
United States
------------====================================================================
SOLE VOTING POWER
5
NUMBER OF -0-
------------===========================================
SHARES SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 1,192,800
------------===========================================
EACH SOLE DISPOSITIVE POWER
7
REPORTING -0-
PERSON WITH ------------===========================================
SHARED DISPOSITIVE POWER
8
1,192,800
------------====================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
1,192,800
------------====================================================================
CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES (See Instructions)
[ ]
------------====================================================================
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
7.3%
------------====================================================================
TYPE OF REPORTING PERSON (See Instructions)
12
IN
------------====================================================================
Page 20 of 26 Pages
This Amendment No. 1 to Schedule 13G amends the Schedule 13G initially
filed on April 21, 2004 (collectively, with all amendments thereto, the
"Schedule 13G").
Preliminary Note: Effective as of January 1, 2005, each of Noonday G.P.
(U.S.), L.L.C. (the "First Noonday Sub-adviser") and Noonday Asset Management,
L.P. (the "Second Noonday Sub-adviser") entered into an investment subadvisory
agreement with the General Partner, under which the First Noonday Sub-adviser
and the Second Noonday Sub-adviser are granted investment authority over certain
securities and instruments owned by the Partnerships. Noonday Capital, L.L.C.
(the "Noonday General Partner") serves as the general partner of the Second
Noonday Sub-adviser. David I. Cohen serves as the managing member of the First
Noonday Sub-adviser and the Noonday General Partner. Mr. Cohen resigned as a
managing member of the General Partner effective December 31, 2004. This
amendment to the Schedule 13G reports that Mr. Cohen is no longer the deemed
beneficial owner of any of the Shares reported herein.
Item 1. Issuer
------
(a) Name of Issuer:
--------------
Arbor Realty Trust, Inc. (the "Company")
(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
333 Earle Ovington Boulevard, Uniondale, New York 11553
Item 2. Identity And Background
-----------------------
Title Of Class Of Securities And CUSIP Number (Item 2(d) and (e))
----------------------------------------------------------------
This statement relates to shares of Common Stock, par value $0.01 per
share, of the Company. The CUSIP number of the Shares is 038923108.
Page 21 of 26 Pages
Name Of Persons Filing, Address Of Principal Business Office And
----------------------------------------------------------------
Citizenship (Item 2(a), (b) and (c))
------------------------------------
This statement is filed by the entities and persons listed below, all
of whom together are referred to herein as the "Reporting Persons."
The Partnerships
----------------
(i) Farallon Capital Partners, L.P., a California limited
partnership ("FCP"), with respect to the Shares held by
it;
(ii) Farallon Capital Institutional Partners, L.P., a
California limited partnership ("FCIP"), with respect
to the Shares held by it;
(iii) Farallon Capital Institutional Partners II, L.P., a
California limited partnership ("FCIP II"), with
respect to the Shares held by it;
(iv) Farallon Capital Institutional Partners III, L.P., a
Delaware limited partnership ("FCIP III"), with respect
to the Shares held by it; and
(v) Tinicum Partners, L.P., a New York limited partnership
("Tinicum"), with respect to the Shares held by it.
FCP, FCIP, FCIP II, FCIP III and Tinicum are together referred to
herein as the "Partnerships."
The General Partner Of The Partnerships
---------------------------------------
(vi) Farallon Partners, L.L.C., a Delaware limited liability
company which is the general partner of each of the
Partnerships (the "General Partner"), with respect to
the Shares held by each of the Partnerships.
The Managing Members Of the General Partner
-------------------------------------------
(vii) The following persons who are (or, solely with respect
to David I. Cohen, were) managing members of the
General Partner with respect to the Shares held by the
Partnerships: David I. Cohen ("Cohen"), Chun R. Ding
("Ding"), Joseph F. Downes ("Downes"), William F.
Duhamel ("Duhamel"), Charles E. Ellwein ("Ellwein"),
Richard B. Fried ("Fried"), Monica R. Landry
("Landry"), William F. Mellin ("Mellin"), Stephen L.
Millham ("Millham"), Rajiv A. Patel ("Patel"), Derek C.
Schrier ("Schrier"), Thomas F. Steyer ("Steyer") and
Mark C. Wehrly ("Wehrly").
Cohen, Ding, Downes, Duhamel, Ellwein, Fried, Landry, Mellin, Millham,
Patel, Schrier, Steyer and Wehrly are together referred to herein as the
"Individual Reporting Persons."
Page 22 of 26 Pages
The citizenship of each of the Partnerships and the General Partner is
set forth above. Each of the Individual Reporting Persons is a United States
citizen. The address of the principal business office of each of the Reporting
Persons other than Cohen is c/o Farallon Capital Management, L.L.C., One
Maritime Plaza, Suite 1325, San Francisco, California 94111. The address of the
principal business office of Cohen is c/o Noonday Asset Management, L.P., 227
West Trade Street, Suite 2140, Charlotte, North Carolina 28202.
Item 3. If This Statement Is Filed Pursuant To Sections 240.13d-1(b) or
---------------------------------------------------------------
240.13d-2(b) or (c), Check Whether The Person Filing Is An Entity
-----------------------------------------------------------------
Specified in (a) - (j):
-----------------------
Not Applicable.
If This Statement Is Filed Pursuant To Section 240.13d-1(c), Check This
-----------------------------------------------------------------------
Box. [X]
----
Item 4. Ownership
---------
The information required by Items 4(a) - (c) and set forth in Rows 5
through 11 of the cover page for each Reporting Person hereto is incorporated
herein by reference for each such Reporting Person.
The Shares reported hereby for the Partnerships are owned directly by
the Partnerships. The General Partner, as general partner to the Partnerships,
may be deemed to be the beneficial owner of all such Shares owned by the
Partnerships. The Individual Reporting Persons other than Cohen, as managing
members of the General Partner, may each be deemed to be the beneficial owner of
all such Shares held by the Partnerships. Each of the General Partner and the
Individual Reporting Persons hereby disclaims any beneficial ownership of any
such Shares.
Item 5. Ownership Of Five Percent Or Less Of A Class
--------------------------------------------
As of December 31, 2004, David I. Cohen may no longer be
deemed to be the beneficial owner of any Shares.
Item 6. Ownership Of More Than Five Percent On Behalf Of Another Person
---------------------------------------------------------------
Not Applicable.
Item 7. Identification And Classification Of The Subsidiary Which Acquired The
----------------------------------------------------------------------
Security Being Reported On By The Parent Holding Company
--------------------------------------------------------
Not Applicable.
Page 23 of 26 Pages
Item 8. Identification And Classification Of Members Of The Group
---------------------------------------------------------
The Reporting Persons are filing this Schedule 13G pursuant to
Rule 13d-1(c). Consistent with Item 2 of the cover page for each
Reporting Person above, the Reporting Persons neither disclaim nor
affirm the existence of a group among them.
Item 9. Notice Of Dissolution Of Group
------------------------------
Not Applicable.
Item 10. Certification
-------------
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not
acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
Page 24 of 26 Pages
SIGNATURES
----------
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: February 7, 2005
/s/ Joseph F. Downes
----------------------------------------
FARALLON PARTNERS, L.L.C.,
on its own behalf and as General Partner of
FARALLON CAPITAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.,
FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.,
And TINICUM PARTNERS, L.P.,
By Joseph F. Downes
Managing Member
/s/ Joseph F. Downes
----------------------------------------
Joseph F. Downes, individually and as attorney-in-fact for
each of David I. Cohen, Chun R. Ding, William F. Duhamel,
Charles E. Ellwein, Richard B. Fried, Monica R. Landry,
William F. Mellin, Stephen L. Millham, Rajiv A. Patel,
Derek C. Schrier, Thomas F. Steyer and Mark C. Wehrly.
The Powers of Attorney, each executed by Cohen, Mellin, Millham and
Steyer authorizing Downes to sign and file this Schedule 13G on each person's
behalf, which were filed with Amendment No. 1 to the Schedule 13D filed with the
Securities and Exchange Commission on January 20, 1998, by such Reporting
Persons with respect to the Units of Spiros Development Corporation II, Inc.,
are hereby incorporated by reference. The Powers of Attorney, each executed by
Duhamel and Fried authorizing Downes to sign and file this Schedule 13G on each
person's behalf, which were filed with Amendment No. 7 to the Schedule 13D filed
with the Securities and Exchange Commission on February 9, 1999 by such
Reporting Persons with respect to the Callable Class A Common Stock of Crescendo
Pharmaceuticals Corporation, are hereby incorporated by reference. The Power of
Attorney executed by Mark C. Wehrly authorizing Downes to sign and file this
Schedule 13G on his behalf, which was filed with Amendment No. 4 to the Schedule
13D filed with the Securities and Exchange Commission on January 18, 2000, by
such Reporting Person with respect to the Class A Common Stock of Momentum
Business Applications, Inc., is hereby incorporated by reference. The Power of
Attorney executed by Monica R. Landry authorizing Downes, as well as Steyer and
Cohen, to sign and file this Schedule 13G on her behalf, which was filed with
the Schedule 13G filed with
Page 25 of 26 Pages
the Securities and Exchange Commission on January 22, 2001, by such Reporting
Person with respect to the Common Stock of Korn/Ferry International is hereby
incorporated by reference. The Powers of Attorney executed by each of Chun R.
Ding and Derek C. Schrier authorizing Downes to sign and file this Schedule 13G
on his behalf, which was filed with Amendment No. 1 to the Schedule 13D filed
with the Securities and Exchange Commission on July 2, 2003, by such Reporting
Person with respect to the Common Stock of Salix Pharmaceuticals, Ltd., is
hereby incorporated by reference. The Powers of Attorney executed by each of
Charles E. Ellwein and Rajiv A. Patel authorizing Downes to sign and file this
Schedule 13G on his behalf, which was filed with Amendment No. 4 to the Schedule
13G filed with the Securities and Exchange Commission on January 8, 2004 by such
Reporting Person with respect to the Common Stock of Catalytica Energy Systems,
Inc., is hereby incorporated by reference.
Page 26 of 26 Pages