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Arbor Realty Trust, Inc.
ABR today announced that its manager, Arbor Commercial Mortgage, LLC, has repaid one half of the previously advanced incentive fee relating to the Prime Retail Outlets transaction, through the surrendering of 701,197 shares of common stock in the Company.
In August of 2008, under the terms of the then effective Management Agreement between the Company and the Manager, the Manager received an incentive fee of approximately $7.3 million related to the gain resulting from the Prime Retail Outlets Transaction.
At that time, 50% of the Prime Fee was paid in Company common shares and 50% in cash. Subsequently, the Prime Fee was determined to be an advance, subject to repayment, based on the Company's full year 2009 results.
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