BACON KENNETH J 4

What Happened

• Kenneth J. Bacon, a director of Arbor Realty Trust, received 419 fully vested Restricted Stock Units (RSUs) on March 24, 2026.
• The RSUs were valued at $7.46 each, for a total reported value of $3,126. This transaction is reported as a derivative award (code A), not an open-market purchase or sale.
• Mr. Bacon elected to defer receipt of the underlying common stock and dividend equivalents until January 1, 2027 (or sooner upon a change in control or if his director service ends).

Key Details

• Transaction date: 2026-03-24; Filing date (Form 4): 2026-03-25 (timely; within required reporting window).
• Type: Award/Grant of RSUs (derivative) — 419 RSUs at $7.46 per share; total value ~$3,126.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: The RSUs represent dividend equivalents paid in RSUs; Mr. Bacon elected to defer delivery of the common shares into which the RSUs convert until Jan 1, 2027 (or earlier on change in control or termination).
• Transaction code: A (award/grant); this is not a purchase (P) or sale (S).

Context

• RSUs are a deferred compensation award that convert into company shares (or cash) later; although these RSUs are fully vested, the director has deferred actual receipt of the shares until 2027, so no immediate increase in transferable shareholdings occurred.
• This is a routine compensation-related award for an insider/director and should be interpreted as an award receipt rather than a market trade.