On January 25, 2012, Kyle Permut, a class I director of Arbor Realty Trust Inc. informed the company that he was resigning his position as a director. The chairman of the company's board of directors accepted Mr. Permut's resignation, effective as of January 25, 2012. On January 27, 2012, John J. Bishar, a class I director of the company, informed the company that he was resigning his position as a director, effective immediately. Mr. Bishar will continue to serve as the general counsel of Arbor Commercial Mortgage LLC, the company's external manager.