Arbor Realty Trust shareholders are up 18% for the year (even including dividends). But that return falls short of the market. On the bright side, the longer term returns (running at about 32% a year, over half a decade) look better. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. It's always interesting to track share price performance over the longer term. But to understand Arbor Realty Trust better, we need to consider many other factors. Case in point: We've spotted 3 warning signs for Arbor Realty Trust you should be aware of, and 2 of them don't sit too well with us.