UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

Arbor Realty Trust, Inc.
-------------------------------------------------------------------------------
(Name of Issuer)

Common Stock, Par Value $.01
-------------------------------------------------------------------------------
(Title of Class of Securities)

038923108
-------------------------------------------------------------------------------
(CUSIP Number)

December 31,2005
-------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Settlement)

Check the  appropriate  box to designate the rule pursuant to which
this Schedule is filed:

[x]  Rule 13d-1(b)
[ ]  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
disclosures provided in a prior cover page.

The information required on 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).

SCHEDULE 13G

CUSIP No. 038923108                                  Page  2  of  4  Pages      
-------------                                   ---    ---

--------------------------------------------------------------------------------
1       NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

Kensington Investment Group, Inc., IRS ID# 68-0309666
--------------------------------------------------------------------------------
2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*     (a)  [ ]
(b)  [x]
--------------------------------------------------------------------------------
3       SEC USE ONLY

--------------------------------------------------------------------------------
4       CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware, USA
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
5      SOLE VOTING POWER
Number of
Shares                             1,220,120
Beneficially              ---------------------------------------------
Owned by                6      SHARED VOTING POWER                
Each
Reporting                          -0-                      
Person                ---------------------------------------------
With                 7      SOLE DISPOSITIVE POWER             

1,220,120               
---------------------------------------------
8      SHARED DISPOSITIVE POWER           

-0-                    
-------------------------------------------------------------------------------
9       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,220,120
--------------------------------------------------------------------------------
10       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN 
SHARES*                                               [ ]      

--------------------------------------------------------------------------------
11       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

7.17%
--------------------------------------------------------------------------------
12       TYPE OF REPORTING PERSON*

IA
--------------------------------------------------------------------------------

SCHEDULE 13G

CUSIP No. 038923108                                  Page  3  of  4  Pages
---------------                                 ---    ---

Item 1.
(a)       Name of Issuer: Arbor Realty Trust, Inc.

(b)       Address of Issuer's Principal Executive Offices: 

333 Earle Ovington Blvd.
Suite 900 
Uniondale, New York 11553                              
Item 2.

(a)      Name of Person Filing: Kensington Investment Group, Inc.

(b)      Business Address: 4 Orinda Way, Suite 200C, Orinda, CA 94563

(c)      Citizenship: USA

(d)      Title of Class of Securities: Common Stock

(e)      CUSIP Number: 038923108

Item 3.  Not applicable

Item 4.  Ownership

(a) Amount beneficially owned:  1,220,120 shares of common stock.

(b) Percent of class:  7.17%

(c) Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote: 1,220,120 shares 

(ii) Shared power to vote or to direct the vote: 0

(iii) Sole power to dispose or to direct the disposition of: 1,220,120 shares

(iv) Shared power to dispose or to direct the disposition of: 0

Item 5.  Ownership of Five Percent or Less of a Class

Not applicable.

Item 6.  Ownership of More Than Five Percent on Behalf of Another Person

Shares are owned indirectly by Kensington Investment Group, Inc. in
their capacity as general partner and investment advisor to private
investment partnerships and as the investment advisor to The Kensington 
Funds, a  Registered Investment Company.

Item 7.  Identification  and Classification of the Subsidiary Which Acquired the
Security Being Reported On By the Parent Holding Company

Not applicable.

SCHEDULE 13G

CUSIP No. 038923108                                  Page  4  of  4  Pages
---------------                                 ---    ---

Item 8.  Identification and Classification of Members of the Group.

Not applicable.

Item 9.  Notice of Dissolution of Group

Not applicable.

Item 10.  Certification

(a)      Not applicable

(b)      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 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.

After reasonable  inquiry and to the best of my information and belief,
I certify that the  information  set forth in this statement is true,  complete,
and correct.

February 6, 2006           Kensington Investment Group, Inc.

By: /s/ John P. Kramer
John P. Kramer, President