SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* HORN WALTER K (Last) (First) (Middle) 333 EARLE OVINGTON BOULEVARD SUITE 900 (Street) UNIONDALE NY 11553 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 04/06/2004	3. Issuer Name and Ticker or Trading Symbol ARBOR REALTY TRUST INC [ ABR ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner X Officer (give title below) Other (specify below) General Counsel, Secretary	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $.01 per share	8,000(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrants	(2)	07/01/2005	Common Stock, par value $.01 per share	1,400	15	D

Explanation of Responses:

1. 7,000 shares currently underlie 1,400 Units. Each Unit consists of five shares of Common Stock, and one warrant to purchase an additional share of Common Stock (the "Units").

2. The 1,400 warrants currently underlie 1,400 Units. The warrants do not become exercisable until after the shares of Common Stock underlying the Units are registered under the Securities Act and are either listed on a national securities exchange or The Nasdaq Stock Market, Inc.

	/s/ Walter Horn	04/06/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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