I'm going through my watchlist of mREITs to see how things have been going year to date, looking to see if there are any bright spots. First on there is Arbor Realty Trust (ABR). Arbor owns both physical holdings in real estate as well as mortgages and also deals in loan financing themselves. As reported in their most recent quarterly results, net income is down year over year, $17.2 million, all the way down from $65.3 million in the same quarter last year. This is mostly from the effects of decreased interest income and the effects of exiting out of swap contracts early. Impressively, dividends have increased slightly year over year, from 13 cents per share to 15 cents quarterly. It's still too soon to call this a buy, however, as there hasn't been a significant boost in the cash they are receiving to keep covering those payments. I'll call this a hold for now. Arbor closed down 12 cents to $6.48 on Friday, and has ranged as high as $7.42 in the last year.