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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Arbor Realty Trust, Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
038923108
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(CUSIP Number)
December 31, 2005
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(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|X| 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 the disclosures provided in a prior cover page.
The information required in 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).
1
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CUSIP No. 038923108 13G Page 2 of 10 Pages
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================================================================================
1 NAMES OF REPORTING PERSONS
Wesley Capital Management, LLC (f/k/a AW Asset Management, L.L.C.)
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
52-2280947
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ---------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 624,530 (See Item 4)
WITH ---------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------
8 SHARED DISPOSITIVE POWER
624,530 (See Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
624,530 (See Item 4)
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.67%
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12 TYPE OF REPORTING PERSON*
OO
================================================================================
* SEE INSTRUCTIONS BEFORE FILLING OUT.
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CUSIP No. 038923108 13G Page 3 of 10 Pages
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================================================================================
1 NAMES OF REPORTING PERSONS
Arthur Wrubel
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ---------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 624,530 (See Item 4)
WITH ---------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------
8 SHARED DISPOSITIVE POWER
624,530 (See Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
624,530 (See Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.67%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
* SEE INSTRUCTIONS BEFORE FILLING OUT.
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CUSIP No. 038923108 13G Page 4 of 10 Pages
------------------- ------------------
================================================================================
1 NAMES OF REPORTING PERSONS
John Khoury
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY):
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
--------------------------------------------------------------------------------
NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY ---------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 624,530 (See Item 4)
WITH ---------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
---------------------------------------
8 SHARED DISPOSITIVE POWER
624,530 (See Item 4)
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
624,530 (See Item 4)
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.67%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
================================================================================
* SEE INSTRUCTIONS BEFORE FILLING OUT.
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CUSIP No. 038923108 13G Page 5 of 10 Pages
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Item 1
(a) Name of Issuer:
The name of the issuer is Arbor Realty Trust, Inc. (the "Company").
(b) Address of Issuer's Principal Executive Offices:
The Company's principal executive office is located at 333 Earle
Ovington Blvd., Suite 900, Uniondale, NY 11553.
Item 2
(a) Name of Person Filing:
This Amendment No. 2 to Schedule 13G is being jointly filed by
Wesley Capital Management LLC, a Delaware limited liability company (the
"Management Company"), Mr. Arthur Wrubel and Mr. John Khoury with respect to the
ownership of the shares of Common Stock of the Issuer by three hedge funds and
two managed accounts (collectively, the "Funds") for which the Management
Company serves investment manager or advisor.(1) Mr. Wrubel, Mr. Khoury and the
Management Company are referred to in this Schedule 13G/A as the "Reporting
Persons."
The Reporting Persons have entered into a Joint Filing
Agreement, dated February 13, 2006, a copy of which is filed with this Schedule
13G as Exhibit A, pursuant to which the Reporting Persons have agreed to file
this statement jointly in accordance with the provisions of Rule 13d-1(k)(1)
under the Act.
(b) Address of Principal Business Office or, if none, Residence:
The address of the principal business office of each of the
Reporting Persons is 535 Madison Avenue, 26th Floor, New York, New York 10022.
(1) The Management Company serves as investment manager or advisor to Wesley
Capital L.P., a Delaware limited partnership, Wesley Capital Master Fund
Limited, a Cayman Islands corporation, Wesley Capital QP, L.P., a Delaware
limited partnership, and two managed accounts. Accordingly, the Management
Company may be deemed to be the beneficial owner of the shares of Common
Stock of the Issuer held by the Funds. Mr. Wrubel and Mr. Khoury are
Managing Members of the Management Company, and together they control its
business activities. Accordingly each of Mr. Wrubel and Mr. Khoury may be
deemed to be the beneficial owner of the shares of Common Stock of the
Issuer held by the Funds. The Management Company, Mr. Wrubel and Mr.
Khoury each disclaim beneficial ownership of the shares of Common Stock of
the Issuer held by the Funds, except to the extent of any pecuniary
interest, and this report shall not be deemed to be an admission that they
are the beneficial owners of such securities.
5
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CUSIP No. 038923108 13G Page 6 of 10 Pages
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(c) Citizenship:
The Management Company is organized as a limited liability company
under the laws of the State of Delaware. Mr. Wrubel is a United States citizen.
Mr. Khoury is a Canadian citizen.
(d) Title of Class of Securities:
Common Stock, par value $0.01 per share.
(e) CUSIP No.:
038923108
Item 3 If this statement is file pursuant to Rules 13d-1(b), or
13d-2(b),check whether the person filing is a:
Not Applicable.
Item 4 Ownership:
A. Wesley Capital Management, LLC (f/k/a AW Asset Management,
L.L.C.) (2)
(a) Amount beneficially owned: 624,530
(b) Percent of class: 3.67%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 624,530
(iii) Sole power to dispose or direct the disposition:
-0-
(iv) Shared power to dispose or direct the disposition:
624,530
B. Arthur Wrubel(2)
(a) Amount beneficially owned: 624,530
(b) Percent of class: 3.67%.
(c) Number of shares as to which such person has:
(2) See note 1.
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CUSIP No. 038923108 13G Page 7 of 10 Pages
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(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 624,530
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition:
624,530
C. John Khoury
(a) Amount beneficially owned: 624,530
(b) Percent of class: 3.67%.
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 624,530
(iii) Sole power to dispose or direct the disposition: 0
(iv) Shared power to dispose or direct the disposition:
624,530
Item 5 Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact that as of the
date hereof each of the Reporting Persons has ceased to be the beneficial owner
of more than five percent of the class of securities, check the following [X].
Item 6 Ownership of More Than Five Percent on Behalf of Another Person:
See response to Item 4.
Item 7 Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company:
Not applicable.
Item 8 Identification and Classification of Members of the Group:
Not applicable.
Item 9 Notice of Dissolution of Group:
Not applicable.
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CUSIP No. 038923108 13G Page 8 of 10 Pages
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Item 10 Certification:
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 or influencing 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.
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CUSIP No. 038923108 13G Page 9 of 10 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete and
correct.
Date: February 13, 2006
Wesley Capital Management, LLC
By: /s/ Arthur Wrubel
-----------------------------
Name: Arthur Wrubel
Its: Managing Member
Wesley Capital Management, LLC
By: /s/ John Khoury
-----------------------------
Name: John Khoury
Its: Managing Member
/s/ Arthur Wrubel
---------------------------------
Arthur Wrubel, individually
/s/ John Khoury
---------------------------------
John Khoury, individually
8
Exhibit A
AGREEMENT REGARDING THE JOINT FILING OF SCHEDULE 13G
The undersigned hereby agree as follows:
(i) Each of them is individually eligible to use the Schedule 13G to which
this Exhibit is attached, and such Schedule 13G is filed on behalf of each of
them; and
(ii) Each of them is responsible for the timely filing of such Schedule
13G and any amendments thereto, and for the completeness and accuracy of the
information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.
Date: February 13, 2006
Wesley Capital Management, LLC
By: /s/ Arthur Wrubel
-----------------------------
Name: Arthur Wrubel
Its: Managing Member
Wesley Capital Management, LLC
By: /s/ John Khoury
-----------------------------
Name: John Khoury
Its: Managing Member
/s/ Arthur Wrubel
---------------------------------
Arthur Wrubel, individually
/s/ John Khoury
---------------------------------
John Khoury, individually