Arbor Realty Trust Inc. priced its public offering of 5.5 million common shares for gross proceeds of about $48.7 million before underwriting discounts and commissions and expenses.

The company also granted the underwriters an option to buy up to an additional 825,000 common shares. The offering is subject to customary closing conditions and is expected to close May 18.

The company intends to use the net proceeds to make business-related investments and for general corporate purposes.

JMP Securities is the sole book-running manager for the offering.