NEW YORK (AP) -- Arbor Realty Trust Inc. said Thursday that it plans to sell 3.5 million shares of its stock.
The company invests in real estate loans and related assets. It said the underwriters of the sale will have an option to buy another 525,000 shares to cover any overallotments. Arbor Realty plans to use the proceeds to make investments, repurchase or pay liabilities and for general corporate purposes.
Arbor Realty had 27.7 million shares on the market as of Aug. 3. Its shares lost a penny to $6.05 Thursday and fell 25 cents, or 4.1 percent, to $5.80 in aftermarket trading.