Arbor Realty Trust Inc.'s board has declared a special dividend of 15 cents per common share.

The dividend will be paid Jan. 31, 2019, to shareholders of record as of Dec. 28.

Arbor Realty shareholders can receive the dividend either all in cash or all in common shares. The company plans to pay up to 20% of the special dividend in cash, with the balance to be paid in common shares. If the total amount of cash elected by shareholders exceeds 20%, the available cash will be prorated, and shareholders electing all cash will receive the rest of their dividends in common shares.