For the quarter ended Sept. 30, Arbor reported net income of $7.6 million, compared to net income for the quarter ended June 30 of $5.8 million. For the nine months ended September 30, 2004, net income totaled $16.5 million.

Total revenues for the quarter were $16.9 million, of which $16.5 million was from the loan and investment portfolio. This is an increase of 41% from the previous quarter. The balance in the loan and investment portfolio increased to $791 million by quarter end, up from $664 million as of June 30.

"The growth of our portfolio illustrates the success we have had in deploying the funds from April's IPO," says Ivan Kaufman, Arbor's chairman and CEO. "During the quarter, we originated eight loans and investments totaling $165 million. We believe the level of originations this quarter reflects our goal of strategically enhancing shareholder value. Our pipeline remains strong and we continue to see significant opportunity to further augment the portfolio."