Ten years of job growth were wiped out in one month, when 20.8 million jobs were lost in April 2020. In comparison, a total of 8.7 million jobs were lost during the Great Recession. The economy added back 1.8 million jobs in July 2020, marketing the third consecutive month of jobs gains, yet remained 12.8 million jobs below the pre-pandemic level.

1. U.S. Economic
Overview
Q2 2020
Arbor Realty Trust, Inc.

2. 1
U.S. Economic Overview Q2 2020
0%
2%
4%
6%
8%
10%
12%
14%
16%
Jul-70 Jul-75 Jul-80 Jul-85 Jul-90 Jul-95 Jul-00 Jul-05 Jul-10 Jul-15 Jul-20
U.S. Recession Unemployment Rate (%)
U.S. Recessions and Peak Unemployment Rates
United States, Seasonally Adjusted, Monthly
Source: U.S. Bureau of Labor Statistics; National Bureau of Economic Research; retrieved from FRED, Federal Reserve Bank of St. Louis and GitHub
Oil Crisis
9.0%
Rising Inflation;
Iranian Revolution
10.8%
Savings and Loan Crisis
7.8%
Dot-Com Bubble;
September 11th Attacks
6.3%
Financial Crisis
10.0%
COVID-19
14.7%

3. 2
U.S. Economic Overview Q2 2020
14
9
12
11
9
11
12
17
7
17
9 9
19
5
0
5
10
15
20
May-37to
Jun-38
Feb-45to
Oct-45
Nov-48to
Oct-49
Jul-53to
May-54
Aug-57to
Apr-58
Apr-60to
Feb-61
Dec-69to
Nov-70
Nov-73to
Mar-75
Jan-80to
Jul-80
Jul-81to
Nov-82
Jul-90to
Mar-91
Mar-01to
Nov-01
Dec-07to
Jun-09
Mar-20to
Jul-20
Duration of Recession (Months) Average
Duration of Recessions
NBER based Recession Indicators for the United States from the Peak through the Trough, Monthly, Not Seasonally Adjusted
Longest Recession (Dec-07 to Jun-09): 19 mo.
Average Recession: 12 mo.
Source: National Bureau of Economic Research

4. 3
U.S. Economic Overview Q2 2020
49
79
36
44
38
23
105
35
57
11
91
119
72
129
0
25
50
75
100
125
150
Apr-33to
Apr-37
Jul-38to
Jan-45
Nov-45to
Oct-48
Nov-49to
Jun-53
Jun-54to
Jul-57
May-58to
Mar-60
Mar-61to
Nov-69
Dec-70to
Oct-73
Apr-75to
Dec-79
Aug-80to
Jun-81
Dec-82to
Jun-90
Apr-91to
Feb-01
Dec-01to
Nov-07
Jul-09to
Feb-20
Time Between Recessions (Months) Average
Source: National Bureau of Economic Research
Durations of Expansions: Time Between Recessions
NBER-Based Recession Indicators for the U.S. from the Peak Through the Trough, Months
The economy grew for 129 consecutive months,
the longest economic expansion in U.S. history.

5. 4
U.S. Economic Overview Q2 2020
U.S. Recession
-33.0
-22.0
-11.0
0.0
11.0
22.0
33.0
Jul-70 Jul-75 Jul-80 Jul-85 Jul-90 Jul-95 Jul-00 Jul-05 Jul-10 Jul-15 Jul-20
Thousands
Jobs Lost/Gained
Downturns and Recoveries of Recessions
United States, All Employees, Total Nonfarm Employment, Seasonally Adjusted, Millions, Peak to Trough
Source: U.S. Bureau of Labor Statistics; National Bureau of Economic Research
Nov-70
-1.2M
Apr-75
-2.2M
May-91
-1.6M
Feb-10
-8.7M
Apr-20
-22.2M
Current: Jul-20
-12.9M
Jul-80
-1.1M
Dec-82
-2.8M
Aug-03
-2.6M
Jul-74
7.2M
Jul-90
18.2M
Jan-08
5.6M
Feb-20
14.1M
Mar-90
12.4M
Jul-81
0.6M
Feb-01
23.0M

6. 5
U.S. Economic Overview Q2 2020
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
-3 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 66 69 72 75 78
Job Losses During Recessions and Months to Recover to Previous Employment Levels
United States, All Employees, Total Nonfarm Employment, Seasonally Adjusted, From Start of Recession, Duration of Recession in Months
Source: U.S. Bureau of Labor Statistics; National Bureau of Economic Research
Duration of Recession (Months)
ChangeinTotalEmployment(Millions)
Other Post-WWII Recessions
Great Recession
Dec. 2007 through Jun. 2009
Trough in February 2010: -8.7 million
78 months to recovery
Current Recession
Mar. 2020 through Current
Trough in April 2020: -22.2 million
July 2020: -12.9 million

7. 6
U.S. Economic Overview Q2 2020
U.S. Recession
115.0
120.0
125.0
130.0
135.0
140.0
145.0
150.0
155.0
Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20
Total Nonfarm Payroll Emplyoment (Millions)
Employment
United States, All Employees, Total Nonfarm, Seasonally Adjusted, Monthly, Millions
July 2020: 1.8 million jobs gained
(remaining 12.9 million below pre-COVID peak)
COVID-19 Trough April 2020: -22.2 million
Great Recession Trough March 2009: -803,000
Ten years of job growth were wiped out in one month, when 20.8 million jobs were lost in April 2020. In comparison, a total of 8.7 million
jobs were lost during the Great Recession. The economy added back 1.8 million jobs in July 2020, marking the third consecutive month of
jobs gains, yet remained 12.8 million jobs below the pre-pandemic level.
Source: U.S. Bureau of Labor Statistics; National Bureau of Economic Research

8. 7
U.S. Economic Overview Q2 2020
Source: U.S. Bureau of Labor Statistics
Employment Change By Industry - COVID-19
United States, 12-Month % Change, February to July 2020
Mining and Logging
Construction
Manufacturing
Trade, Transportation, and Utilities
Information
Financial Activities
Professional and Business Services
Education and Health Services
Leisure and Hospitality
Other Services
Government
Total Nonfarm
-25.0% -15.0% -5.0% 5.0%
Employment Change By Industry - Month
United States, 1-Month % Change, July 2020
Mining and Logging
Construction
Manufacturing
Trade, Transportation, and Utilities
Information
Financial Activities
Professional and Business Services
Education and Health Services
Leisure and Hospitality
Other Services
Government
Total Nonfarm
-5.0% 0.0% 5.0% 10.0%

9. 8
U.S. Economic Overview Q2 2020
U.S. Recession
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Jul-05 Jan-07 Jul-08 Jan-10 Jul-11 Jan-13 Jul-14 Jan-16 Jul-17 Jan-19 Jul-20
Unemployment Rate (%)
Source: U.S. Bureau of Labor Statistics; National Bureau of Economic Research
Unemployment Rate
United States, Seasonally Adjusted, Monthly
In July, the unemployment rate declined by 0.9 percentage point to 10.2%, and the number of unemployed persons fell by 1.4 million to 16.3
million. Despite declines over the past 3 months, these measures were up by 6.7 percentage points and 10.6 million, respectively, since
February. The unemployment rate at the peak of the Great Recession was 10.0%.
July 2020: 10.2%
COVID-19 Peak April 2020: 14.7%
Great Recession Peak October 2009: 10.0%
Great Depression 1930s: 25% (estimate)
July 2020: 16.3 million
COVID-19 Peak April 2020: 23.1 million
Great Recession Peak October 2009: 15.4 million

10. 9
U.S. Economic Overview Q2 2020
Source: U.S. Bureau of Labor Statistics; The Wall Street Journal
Duration of Unemployment
United States, Seasonally Adjusted, Millions
An increasing number of workers were unemployed for more
than three months in July, a signal that the coronavirus pandemic
is likely to have a lasting economic impact on many people.
0.0
5.0
10.0
15.0
20.0
25.0
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20
Thousands
Temporary Layoff Permanent
Job Leavers Other
As people temporarily laid off have returned to work, those with
a permanent job loss and new workers have faced stable
unemployment.
Reasons for Unemployment
United States, Seasonally Adjusted, Millions
0.0
5.0
10.0
15.0
20.0
25.0
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20
Thousands
Less than 5 Weeks 5 to 14 Weeks
15 to 26 Weeks 27 Weeks and Over

11. 10
U.S. Economic Overview Q2 2020
Source: U.S. Bureau of Labor Statistics; The Wall Street Journal
Part-Time Workers by Reason
United States, Seasonally Adjusted, Millions
Those working part time has remained stable, though more
people are in such jobs for economic reasons.
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20
Thousands
Business Conditions Could Only Find Part-Time
Noneconomic Reasons
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Jan-20 Mar-20 May-20 Jul-20
U-1 (15+ Weeks) U-3 (Unemployment)
U-6 (Underemployment)
The U-3 unemployment rate represents the number of people
actively seeking a job. The U-6 rate includes discouraged,
underemployed, and unemployed workers.
Additional Measures of Unemployment
United States, Seasonally Adjusted, Percent of Labor Force

12. 11
U.S. Economic Overview Q2 2020
0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3
3.3
6.9
6.6
5.2
4.4
3.9
3.2
2.7
2.4
2.1
1.9
1.6 1.5 1.5 1.4 1.3 1.3 1.4 1.4
1.2
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
1/4
1/11
1/18
1/25
2/1
2/8
2/15
2/22
2/29
3/7
3/14
3/21
3/28
4/4
4/11
4/18
4/25
5/2
5/9
5/16
5/23
5/30
6/6
6/13
6/20
6/27
7/4
7/11
7/18
7/25
8/1
Millions
Initial Claims (Millions)
Source: U.S. Employment and Training Administration
Weekly Jobless Claims
United States, Seasonally Adjusted, Millions, Week Ending Saturday, Millions
A total of 1.186 million workers filed for unemployment insurance for the week ended August 1st. Economists in a Bloomberg survey had
forecast 1.4 million initial claims. Jobless claims have exceeded one million for 20 consecutive weeks, totaling more than 55 million workers.
There were 16.0 million workers filing for ongoing benefits in the week ended July 25th, higher than the 16.9 million forecasted.
Week Ending August 1, 2020: 1.186 million
Continued Claims: 16.1 million
COVID-19 Total: 55.3 million
COVID-19 Peak March 28, 2020: 6.9 million
Previous Peak October 2, 1982: 695,000

13. 12
U.S. Economic Overview Q2 2020
Source: U.S. Bureau of Labor Statistics
Employment Growth By Industry
United States, 12-Month % Change, July 2020
Mining and Logging
Construction
Manufacturing
Trade, Transportation, and Utilities
Information
Financial Activities
Professional and Business Services
Education and Health Services
Leisure and Hospitality
Other Services
Government
Total Nonfarm
-30.0% -20.0% -10.0% 0.0%
Mining and
Logging
0.5%
Construction
5.3%
Manufacturing
8.8%
Trade,
Transportation,
and Utilities
18.8%
Information
1.9%
Financial
Activities
6.3%
Professional
and Business
Services
14.4%
Education and
Health Services
16.3%
Leisure and
Hospitality
9.4%
Other Services
3.9%
Government
14.6%
Employment By Industry
United States, Thousands, July 2020

14. 13
U.S. Economic Overview Q2 2020
Employment Growth by Metropolitan Area
Total Nonfarm, Not Seasonally Adjusted, 12-Month % Change, June 2019 to June 2020
Source: U.S. Bureau of Labor Statistics
In June, 307 metropolitan areas had over-
the-year decreases in nonfarm payroll
employment and 82 were essentially
unchanged.
The largest over-the-year employment
decreases occurred in New York-Newark-
Jersey City, NY-NJ-PA (-1,549,100), Los
Angeles-Long Beach-Anaheim, CA
(-650,400), and Chicago-Naperville-Elgin, IL-
IN-WI (-466,800).
The largest over-the-year percentage losses
in employment occurred in Atlantic City-
Hammonton, NJ (-29.2 %), Ocean City, NJ
(-28.7 %), and Kahului-Wailuku-Lahaina, HI
(-26.5 %).
Over the year, nonfarm employment
declined in all of the 51 metropolitan areas
with a 2010 Census population of 1 million
or more.

15. 14
U.S. Economic Overview Q2 2020
0.0% 5.0% 10.0% 15.0% 20.0%
White
Black or
African American
Asian
Jul-19 Jun-20 Jul-20
Employment Status by Race and Educational Attainment
Household Data, Seasonally Adjusted
Source: U.S. Bureau of Labor Statistics
Unemployment by Race
0.0% 5.0% 10.0% 15.0% 20.0%
Less than a
high school diploma
High school graduates,
no college
Some college
or associate degree
Bachelor's degree
and higher
Jul-19 Jun-20 Jul-20
Unemployment by Educational Attainment

16. 15
U.S. Economic Overview Q2 2020
U.S. Recession
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Jun-05 Dec-06 Jun-08 Dec-09 Jun-11 Dec-12 Jun-14 Dec-15 Jun-17 Dec-18 Jun-20
Thousands
Job Openings
Source: U.S. Bureau of Labor Statistics
Job Openings
United States, Seasonally Adjusted, Monthly, End of Period, Millions
The number of job openings increased to 5.9 million on the last business day of June. Hires decreased to 6.7 million, but was still the second
highest level in series history, behind May 2020. These changes in the labor market reflected a limited resumption of economic activity that
had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it.
June 2020: 5.9 million
Peak in January 2019: 7.5 million

17. 16
U.S. Economic Overview Q2 2020
U.S. Recession
-35.0%
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2Q19 2Q20
Real Gross Domestic Product (%) 15-Year Average
Source: U.S. Bureau of Economic Analysis; National Bureau of Economic Research; Retrieved from FRED, Federal Reserve Bank of St. Louis
Gross Domestic Product
United States, Quarterly Change from Preceding Period, Seasonally Adjusted at Annual Rates, Based on Chained 2009 Dollars
GDP decreased at an annual rate of 32.9% in Q2 2020, bringing the 15-year average down to 1.1%, from 1.7%. The decline in second
quarter GDP reflected the response to COVID-19, as "stay-at-home" orders issued in March and April were partially lifted in some areas of
the country in May and June, and government pandemic assistance payments were distributed to households and businesses.

18. 17
U.S. Economic Overview Q2 2020
U.S. Recession
$12.0
$14.5
$17.0
$19.5
$22.0
2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2Q19 2Q20
Real Gross Domestic Product ($)
Gross Domestic Product - Total
United States, Trillions of Chained 2012 Dollars, Seasonally Adjusted Annual Rate, Quarterly
Source: U.S. Bureau of Economic Analysis; National Bureau of Economic Research; Retrieved from FRED, Federal Reserve Bank of St. Louis

19. 18
U.S. Economic Overview Q2 2020
U.S. Recession
-3.0%
-1.0%
1.0%
3.0%
5.0%
7.0%
Jul-05 Jan-07 Jul-08 Jan-10 Jul-11 Jan-13 Jul-14 Jan-16 Jul-17 Jan-19 Jul-20
CPI All Items Rent of Primary Residence
Consumer Price Index and Rent of Primary Residence
United States, All Items, Not Seasonally Adjusted, 12-Month % Change, 1982-84=100
The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.0% for the 12 months ending July, a larger increase than the 0.6%
rise for the period ending June. The index for all items less food and energy increased 1.6% over the last 12 months. Despite increasing in
July, the energy index fell 11.2% over the last 12 months.
Source: U.S. Bureau of Labor Statistics; National Bureau of Economic Research

20. 19
U.S. Economic Overview Q2 2020
U.S. Recession
0.0
200.0
400.0
600.0
800.0
1,000.0
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
Corporate Profits Compensation of Employees
Source: U.S. Bureau of Economic Analysis; National Bureau of Economic Research; Retrieved from FRED, Federal Reserve Bank of St. Louis
Corporate Profits and Compensation of Employees
Includes Gross Domestic Product: Implicit Price Deflator, Seasonally Adjusted Annual Rate, Quarterly, Index 1954=100
“The trends of the two series tend to track each other over several decades, reflecting the general growth of the economy. The past
decade and a half seems to be different, though. Never have corporate profits outgrown employee compensation so clearly and for so
long.” - Federal Reserve Bank of St. Louis, August 9, 2018

21. 20
U.S. Economic Overview Q2 2020
U.S. Recession
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20
S&P/Case-Shiller U.S. National Home Price Index
Home Price Growth
United States, Not Seasonally Adjusted
Source: S&P Dow Jones Indices LLC; National Bureau of Economic Research; Retrieved from FRED, Federal Reserve Bank of St. Louis
The novel coronavirus has finally put the brakes on home price growth. S&P CoreLogic Case-Shiller’s national home price index posted a
4.5% annual gain in May, down from 4.6% a month earlier. For the 12th consecutive month, Phoenix led the 20-City Composite posting a
9.0% annual gain. Seattle and Tampa followed reporting a 6.8% and 6.0% annual gain, respectively. - Yahoo Finance

22. 21
U.S. Economic Overview Q2 2020
U.S. Recession
60.0%
62.0%
64.0%
66.0%
68.0%
70.0%
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 YTD20
Homeownership Rate
Source: U.S. Census Bureau; National Bureau of Economic Research; Retrieved from FRED, Federal Reserve Bank of St. Louis
Homeownership Rate
United States, Not Seasonally Adjusted, Annual, End of Period
The homeownership rate of 67.9% was 3.8% higher than Q2 2019 (64.1%) and 2.6% higher than Q1 2020 (65.3%). The highest level since
2008. There was a large increase in the number of homeowners combined with a very large drop in the number of renters. One of the
largest changes in both numbers on record. Households under 35 jumped by 4.2% year-over-year, ages 35-44 were up by 4.9%.

23. 22
U.S. Economic Overview Q2 2020
22
Homeownership and Household Formation
United States, Not Seasonally Adjusted, Millions, Annual, End of Period
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18 2Q19 4Q19 2Q20
Thousands
Owner-Occupied Housing Units Renter-Occupied Housing Units
Source: U.S. Census Bureau; National Bureau of Economic Research; Retrieved from FRED, Federal Reserve Bank of St. Louis
There was a large increase in the number of homeowners combined with a very large drop in the number of renters. One of the largest
changes in both numbers on record. Owner-occupied housing units made up 61.2% of total housing units (+4,771 during the quarter),
while renter-occupied units made up 29.0% of the inventory (-2,381).

24. 23
U.S. Economic Overview Q2 2020
30.0%
42.0%
54.0%
66.0%
78.0%
90.0%
All ages Under 35 years 35 to 44 years 45 to 54 years 55 to 64 years 65 years and over
Previous Peak (2004) Q2 2020
Homeownership Rate by Age of Householder
United States, Not Seasonally Adjusted, Annual, End of Period
Source: U.S. Census Bureau
First-time home buyers continued to drive demand. The big gains during 2020 have come from young households. Households under 35
jumped by 4.2% year-over-year, while ages 35-44 were up by 4.9%. As millennials begin to make lifestyle decisions, such as getting married
and having children, this percentage will continue to increase.

25. 24
U.S. Economic Overview Q2 2020
30.0%
42.0%
54.0%
66.0%
78.0%
90.0%
U.S. Non-Hispanic White Black Alone All Other Races Hispanic (of any race)
Previous Peak (2004) Q2 2020
Homeownership Rate by Race and Ethnicity of Householder
United States, Not Seasonally Adjusted, Annual, End of Period
Source: U.S. Census Bureau
Although homeownership rates for other racial groups have largely recovered since the 2008 housing crisis, black homeownership
continues to decline. Last year marked the fifth consecutive annual increase in the Hispanic homeownership rate, the only demographic
with five consecutive years of gains.

26. 25
U.S. Economic Overview Q2 2020
U.S. Recession
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20
S&P 500 (^GSPC)
Source: S&P Dow Jones Indices; National Bureau of Economic Research
Stock Prices: S&P 500
Currency in USD, Adjusted Close, Monthly, Beginning of Period
At the end of July, the S&P 500 had nearly returned to levels seen prior to the February peak, when investors started dumping shares in
advance of the coronavirus pandemic. Stocks have been boosted by low interest rates, trillions of dollars in stimulus, and better-than-
expected corporate earnings.

27. 26
U.S. Economic Overview Q2 2020
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20
Excess Reserves Required Reserves U.S. Recession
Source: Federal Reserve Bank of St. Louis; National Bureau of Economic Research; Retrieved from FRED, Federal Reserve Bank of St. Louis
Excess Reserves of Depository Institutions
Monthly, Not Seasonally Adjusted, Trillions
“Analysts were caught off guard in April when the banks said they were setting aside billions of extra dollars for potential losses,
hammering their first-quarter earnings. Several banking executives said they expected to set aside more money for bad loans in the second
quarter than they did in the first.” - The Wall Street Journal

28. 27
U.S. Economic Overview Q2 2020
-2.00
0.00
2.00
4.00
6.00
8.00
Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20
U.S. Recession St. Louis Fed Financial Stress Index
Source: Federal Reserve Bank of St. Louis; National Bureau of Economic Research; Retrieved from FRED, Federal Reserve Bank of St. Louis
St. Louis Fed Financial Stress Index
United States, Not Seasonally Adjusted, Monthly, End of Period, Version 2.0
The St. Louis Fed Financial Stress Index attempts to measure financial market stress by combining many indicators into a single index
number. One type of risk prominent in the 2008-2009 financial crisis is once again present—in the current COVID-19 novel coronavirus
crisis. It is the inability of many financial institutions to secure funding to finance their short-term liabilities, known as liquidity risk.

29. 28
U.S. Economic Overview Q2 2020
U.S. Recession
$0.0
$25.0
$50.0
$75.0
$100.0
$125.0
$150.0
Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20
WTI Crude ($)
Source: U.S. Energy Information Administration; National Bureau of Economic Research; Retrieved from FRED, Federal Reserve Bank of St. Louis
Crude Oil Prices: West Texas Intermediate (WTI) - Cushing, Oklahoma
Dollars per Barrel, Not Seasonally Adjusted, Monthly, End of Period
“Global oil demand is being destroyed as the coronavirus forces people around the world to remain indoors and avoid all unnecessary
travel. U.S. oil demand has now fallen to 14.4 million barrels a day, the lowest in data going back to 1990 and a drop of more than 30%
from pre-crisis levels.” - Bloomberg, April 9, 2020

30. ARBOR.COM • 1.800.ARBOR.10
About Us
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan
origination and servicing for multifamily, single-family rental (SFR) portfolios, seniors housing, healthcare and other
diverse commercial real estate assets. Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar
servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a Fannie Mae DUS® lender and
Freddie Mac Optigo Seller/Servicer. Arbor’s product platform also includes CMBS, bridge, mezzanine and preferred
equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for
service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the
entire life of a loan.
The research contained in this report should not be construed as a solicitation to and/or trade. All opinions, news,
research, analyses, prices or other information is provided as general market commentary and not as investment advice;
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